# EDGAR Filing Document

**Accession Number:** 0001005942
**File Stem:** 0001133228-25-014252
**Filing Date:** 2025-12
**Character Count:** 294274
**Document Hash:** 5896f2113922de40e4f1c9463f00fcf8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-014252.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0001133228-25-014252

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 45

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**EFFECTIVENESS DATE**: 20251230

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001005942

**ORGANIZATION NAME:**
- **EIN:** 043299786
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07513
- **FILM NUMBER:** 251611597

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6177601000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

## Series and Classes Contracts Data

### Putnam Core Bond Fund (Series ID: S000024275)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000071712 | Class R      |  |
| C000071713 | Class Y      |  |
| C000071714 | Class A      |  |
| C000071716 | Class C      |  |
| C000118006 | Class R6     |  |

?xml version='1.0' encoding='ASCII'? 2025-11-1874200166300_PutnamCoreBondFund_ClassA_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-07513**

 **Putnam Funds Trust** 

(Exact name of registrant as specified in charter)

**100 Federal Street, Boston, Massachusetts 02110**

(Address of principal executive offices) (Zip code)

Stephen Tate, Vice President

100 Federal Street,

Boston, Massachusetts 02110

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, NY 10036

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

Registrant's telephone number, including area code: **(617) 292-1000**

Date of fiscal year end: **October 31**

Date of reporting period: **October 31, 2025**

ITEM 1. REPORT TO STOCKHOLDERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Putnam Core Bond Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PTRNX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Core Bond Fund for the period November 1, 2024, to October 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A | $66 | 0.64% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class A shares of Putnam Core Bond Fund returned 6.16%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index and the Putnam Core Bond Linked Benchmark†, which both returned 6.16%, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Corporate credit exposures across investment-grade and high-yield contributed to performance, as spreads tightened over the period. |
| ↑ | Commercial mortgage-backed securities (CMBS) contributed to performance. Availability of financing for commercial borrowers has improved as floating-rate private label CMBS (Single asset single borrower 'SASB') and private credit have helped fill the void left by regional banks, commercial real estate fundamentals have shown signs of improvement and rising transaction volumes are providing more price transparency. |
| ↑ | Residential mortgage-backed securities contributed to performance. U.S. homeowner balance sheets remain well positioned, supported by locked in home price appreciation, lower household leverage, strong underwriting standards, and a relatively healthy labor market. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The Fund's underweight exposure to emerging markets slightly detracted from relative returns. |

---

Putnam Core Bond Fund PAGE 1 39114-ATSA-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,600 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 10/31/2015 — 10/31/2025

![image](ts5856img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 6.16 | 2.20 | 2.53 |
| **Class A (with sales charge)**  | 1.92 | 1.37 | 2.11 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |
| **Putnam Core Bond Linked Benchmark**<sup>†</sup>  | 6.16 | 3.02 | 2.12 |

---

† The
 Putnam Core Bond Linked Benchmark represents the performance of the ICE BofA U.S. Treasury Bill Index through February 27, 2023, and the
 performance of the Bloomberg U.S. Aggregate Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Performance for periods prior to February 28, 2023, has been restated to reflect the current maximum sales charge, which is higher than the maximum sales charge prior to that date.

Effective February 28, 2025, the Fund adopted its current investment strategy.

The Fund had performance fee adjustments through May 2023 that may have had a positive or negative impact on returns.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1385902744 |
| **Total Number of Portfolio Holdings** | 847 |
| **Total Management Fee Paid** | $4325033 |
| **Portfolio Turnover Rate** | 389% |

---

Putnam Core Bond Fund PAGE 2 39114-ATSA-1225

------

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5856img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective February 28, 2025, the Fund instituted a 5% limit for investment in below-investment-grade securities. As a result, the Fund's prospectus was amended to include the following: "The Fund may invest up to 5% of its total assets in debt investments rated below BBB or its equivalent (also known as below-investment-grade securities) at the time of purchase by each rating agency rating such investments, or in unrated investments that the Investment Manager believes are of comparable quality."

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Core Bond Fund PAGE 3 39114-ATSA-1225

960096341023510501111241105010970105841042411607123221000010437105311031511502122141215510249102861137012071100001003310103102681052310628106341070110509116181233329.223.323.25.85.13.81.61.56.5 ------

---

| | |
|:---|:---|
| **Putnam Core Bond Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PTRGX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Core Bond Fund for the period November 1, 2024, to October 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C | $143 | 1.39% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class C shares of Putnam Core Bond Fund returned 5.27%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index and the Putnam Core Bond Linked Benchmark†, which both returned 6.16%, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Corporate credit exposures across investment-grade and high-yield contributed to performance, as spreads tightened over the period. |
| ↑ | Commercial mortgage-backed securities (CMBS) contributed to performance. Availability of financing for commercial borrowers has improved as floating-rate private label CMBS (Single asset single borrower 'SASB') and private credit have helped fill the void left by regional banks, commercial real estate fundamentals have shown signs of improvement and rising transaction volumes are providing more price transparency. |
| ↑ | Residential mortgage-backed securities contributed to performance. U.S. homeowner balance sheets remain well positioned, supported by locked in home price appreciation, lower household leverage, strong underwriting standards, and a relatively healthy labor market. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The Fund's underweight exposure to emerging markets slightly detracted from relative returns. |

---

Putnam Core Bond Fund PAGE 1 39114-ATSC-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 10/31/2015 — 10/31/2025

![image](ts5857img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 5.27 | 1.43 | 1.92 |
| **Class C (with sales charge)**  | 4.27 | 1.43 | 1.92 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |
| **Putnam Core Bond Linked Benchmark**<sup>†</sup>  | 6.16 | 3.02 | 2.12 |

---

† The
 Putnam Core Bond Linked Benchmark represents the performance of the ICE BofA U.S. Treasury Bill Index through February 27, 2023, and the
 performance of the Bloomberg U.S. Aggregate Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Class C share performance reflects conversion to class A shares after eight years.

Effective February 28, 2025, the Fund adopted its current investment strategy.

The Fund had performance fee adjustments through May 2023 that may have had a positive or negative impact on returns.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1385902744 |
| **Total Number of Portfolio Holdings** | 847 |
| **Total Management Fee Paid** | $4325033 |
| **Portfolio Turnover Rate** | 389% |

---

Putnam Core Bond Fund PAGE 2 39114-ATSC-1225

------

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5857img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective February 28, 2025, the Fund instituted a 5% limit for investment in below-investment-grade securities. As a result, the Fund's prospectus was amended to include the following: "The Fund may invest up to 5% of its total assets in debt investments rated below BBB or its equivalent (also known as below-investment-grade securities) at the time of purchase by each rating agency rating such investments, or in unrated investments that the Investment Manager believes are of comparable quality."

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Core Bond Fund PAGE 3 39114-ATSC-1225

1000099581049910701112401107810910104561023211394120961000010437105311031511502122141215510249102861137012071100001003310103102681052310628106341070110509116181233329.223.323.25.85.13.81.61.56.5 ------

---

| | |
|:---|:---|
| **Putnam Core Bond Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PTRKX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Core Bond Fund for the period November 1, 2024, to October 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R | $92 | 0.89% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class R shares of Putnam Core Bond Fund returned 5.84%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index and the Putnam Core Bond Linked Benchmark†, which both returned 6.16%, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Corporate credit exposures across investment-grade and high-yield contributed to performance, as spreads tightened over the period. |
| ↑ | Commercial mortgage-backed securities (CMBS) contributed to performance. Availability of financing for commercial borrowers has improved as floating-rate private label CMBS (Single asset single borrower 'SASB') and private credit have helped fill the void left by regional banks, commercial real estate fundamentals have shown signs of improvement and rising transaction volumes are providing more price transparency. |
| ↑ | Residential mortgage-backed securities contributed to performance. U.S. homeowner balance sheets remain well positioned, supported by locked in home price appreciation, lower household leverage, strong underwriting standards, and a relatively healthy labor market. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The Fund's underweight exposure to emerging markets slightly detracted from relative returns. |

---

Putnam Core Bond Fund PAGE 1 39114-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 10/31/2015 — 10/31/2025

![image](ts5858img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 5.84 | 1.94 | 2.27 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |
| **Putnam Core Bond Linked Benchmark**<sup>†</sup>  | 6.16 | 3.02 | 2.12 |

---

† The
 Putnam Core Bond Linked Benchmark represents the performance of the ICE BofA U.S. Treasury Bill Index through February 27, 2023, and the
 performance of the Bloomberg U.S. Aggregate Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective February 28, 2025, the Fund adopted its current investment strategy.

The Fund had performance fee adjustments through May 2023 that may have had a positive or negative impact on returns.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1385902744 |
| **Total Number of Portfolio Holdings** | 847 |
| **Total Management Fee Paid** | $4325033 |
| **Portfolio Turnover Rate** | 389% |

---

Putnam Core Bond Fund PAGE 2 39114-ATSR-1225

------

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5858img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective February 28, 2025, the Fund instituted a 5% limit for investment in below-investment-grade securities. As a result, the Fund's prospectus was amended to include the following: "The Fund may invest up to 5% of its total assets in debt investments rated below BBB or its equivalent (also known as below-investment-grade securities) at the time of purchase by each rating agency rating such investments, or in unrated investments that the Investment Manager believes are of comparable quality."

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Core Bond Fund PAGE 3 39114-ATSR-1225

10000100131060910860114731136811257108341065411823125141000010437105311031511502122141215510249102861137012071100001003310103102681052310628106341070110509116181233329.223.323.25.85.13.81.61.56.5 ------

---

| | |
|:---|:---|
| **Putnam Core Bond Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PTREX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Core Bond Fund for the period November 1, 2024, to October 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6 | $40 | 0.39% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class R6 shares of Putnam Core Bond Fund returned 6.43%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index and the Putnam Core Bond Linked Benchmark†, which both returned 6.16%, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Corporate credit exposures across investment-grade and high-yield contributed to performance, as spreads tightened over the period. |
| ↑ | Commercial mortgage-backed securities (CMBS) contributed to performance. Availability of financing for commercial borrowers has improved as floating-rate private label CMBS (Single asset single borrower 'SASB') and private credit have helped fill the void left by regional banks, commercial real estate fundamentals have shown signs of improvement and rising transaction volumes are providing more price transparency. |
| ↑ | Residential mortgage-backed securities contributed to performance. U.S. homeowner balance sheets remain well positioned, supported by locked in home price appreciation, lower household leverage, strong underwriting standards, and a relatively healthy labor market. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The Fund's underweight exposure to emerging markets slightly detracted from relative returns. |

---

Putnam Core Bond Fund PAGE 1 39114-ATSR6-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 10/31/2015 — 10/31/2025

![image](ts5859img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 6.43 | 2.45 | 2.78 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |
| **Putnam Core Bond Linked Benchmark**<sup>†</sup>  | 6.16 | 3.02 | 2.12 |

---

† The
 Putnam Core Bond Linked Benchmark represents the performance of the ICE BofA U.S. Treasury Bill Index through February 27, 2023, and the
 performance of the Bloomberg U.S. Aggregate Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective February 28, 2025, the Fund adopted its current investment strategy.

The Fund had performance fee adjustments through May 2023 that may have had a positive or negative impact on returns.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1385902744 |
| **Total Number of Portfolio Holdings** | 847 |
| **Total Management Fee Paid** | $4325033 |
| **Portfolio Turnover Rate** | 389% |

---

Putnam Core Bond Fund PAGE 2 39114-ATSR6-1225

------

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5859img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective February 28, 2025, the Fund instituted a 5% limit for investment in below-investment-grade securities. As a result, the Fund's prospectus was amended to include the following: "The Fund may invest up to 5% of its total assets in debt investments rated below BBB or its equivalent (also known as below-investment-grade securities) at the time of purchase by each rating agency rating such investments, or in unrated investments that the Investment Manager believes are of comparable quality."

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Core Bond Fund PAGE 3 39114-ATSR6-1225

10000100651071411022117031165411599112231108712361131561000010437105311031511502122141215510249102861137012071100001003310103102681052310628106341070110509116181233329.223.323.25.85.13.81.61.56.5 ------

---

| | |
|:---|:---|
| **Putnam Core Bond Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PYTRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Core Bond Fund for the period November 1, 2024, to October 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class Y | $40 | 0.39% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class Y shares of Putnam Core Bond Fund returned 6.33%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index and the Putnam Core Bond Linked Benchmark†, which both returned 6.16%, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Corporate credit exposures across investment-grade and high-yield contributed to performance, as spreads tightened over the period. |
| ↑ | Commercial mortgage-backed securities (CMBS) contributed to performance. Availability of financing for commercial borrowers has improved as floating-rate private label CMBS (Single asset single borrower 'SASB') and private credit have helped fill the void left by regional banks, commercial real estate fundamentals have shown signs of improvement and rising transaction volumes are providing more price transparency. |
| ↑ | Residential mortgage-backed securities contributed to performance. U.S. homeowner balance sheets remain well positioned, supported by locked in home price appreciation, lower household leverage, strong underwriting standards, and a relatively healthy labor market. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The Fund's underweight exposure to emerging markets slightly detracted from relative returns. |

---

Putnam Core Bond Fund PAGE 1 39114-ATSY-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class Y** 10/31/2015 — 10/31/2025

![image](ts5860img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class Y**  | 6.33 | 2.46 | 2.78 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |
| **Putnam Core Bond Linked Benchmark**<sup>†</sup>  | 6.16 | 3.02 | 2.12 |

---

† The
 Putnam Core Bond Linked Benchmark represents the performance of the ICE BofA U.S. Treasury Bill Index through February 27, 2023, and the
 performance of the Bloomberg U.S. Aggregate Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective February 28, 2025, the Fund adopted its current investment strategy.

The Fund had performance fee adjustments through May 2023 that may have had a positive or negative impact on returns.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1385902744 |
| **Total Number of Portfolio Holdings** | 847 |
| **Total Management Fee Paid** | $4325033 |
| **Portfolio Turnover Rate** | 389% |

---

Putnam Core Bond Fund PAGE 2 39114-ATSY-1225

------

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5860img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective February 28, 2025, the Fund instituted a 5% limit for investment in below-investment-grade securities. As a result, the Fund's prospectus was amended to include the following: "The Fund may invest up to 5% of its total assets in debt investments rated below BBB or its equivalent (also known as below-investment-grade securities) at the time of purchase by each rating agency rating such investments, or in unrated investments that the Investment Manager believes are of comparable quality."

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Core Bond Fund PAGE 3 39114-ATSY-1225

10000100551071611025116961164711591112151107712371131531000010437105311031511502122141215510249102861137012071100001003310103102681052310628106341070110509116181233329.223.323.25.85.13.81.61.56.5 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant has determined that Gregory G. McGreevey and Manoj P. Singh possess the technical attributes identified in Item 3 to Form N-CSR to qualify as "audit committee financial experts," and has designated Gregory G. McGreevey and Manoj P. Singh as the Audit Committee's financial experts. Gregory G. McGreevey and Manoj P. Singh are "independent" Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending October 31, 2024 and October 31, 2025 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $175,434 in October 31, 2024 and $152,824 in October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in October 31, 2024 and $0 in October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $25,322 in October 31, 2024 and $30,537 in October 31, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in October 31, 2024 and $0 in October 31, 2025.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

Pre-Approval Policies of the Audit, Compliance and Risk Committee. The Audit, Compliance and Risk Committee of the Putnam funds has determined that, as a matter of policy, all work performed for the funds by the funds' independent auditors will be pre-approved by the Committee itself and thus will generally not be subject to pre-approval procedures.

The Audit, Compliance and Risk Committee also has adopted a policy to pre-approve the engagement by the fund's investment manager and certain of its affiliates of the fund's independent auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by the fund's investment manager or certain of its affiliates are typically submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees, and why this work should be performed by that particular audit firm as opposed to another one. In reviewing such requests, the Committee considers, among other things, whether the provision of such services by the audit firm are compatible with the independence of the audit firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $1,744,072 in October 31, 2024 and $1,820,011 in October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial
 Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Putnam

#### Core

#### Bond

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Annual
\|

October

31,

2025

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Annual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 32
Notes

to

Financial

Statements

#### 36
Report

of

Independent

Registered

Public

Accounting

Firm

#### 45
Tax

Information

#### 46
Changes

In

and

Disagreements

with

Accountants

#### 47
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Core

#### Bond

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$8.17

$7.68

$8.30

$9.04

$9.40

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.35 0.38 0.39 0.37 0.32 Net

realized

and

unrealized

gains

(losses)

...........

0.14 0.48 (0.49)

(0.68)

(0.38)

Total

from

investment

operations

....................

0.49 0.86 (0.10)

(0.31)

(0.06)

Less

distributions

from:

Net

investment

income

..........................

(0.35)

(0.37)

(0.52)

(0.43)

(0.30)

Net

asset

value,

end

of

year

.......................

$8.31

$8.17

$7.68

$8.30

$9.04

Total

return

c

...................................

6.16%

11.35%

(1.51)%

(3.51)%

(0.73)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

d

....................................

0.64%

e

0.64%

0.66%

0.71%

0.77%

Net

investment

income

...........................

4.28%

4.63%

4.79%

4.30%

3.42%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$190,884

$158,169

$115,240

$105,223

$133,135

Portfolio

turnover

rate

............................

389%

372%

967%

997%

908%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Core

#### Bond

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$8.14

$7.66

$8.27

$9.00

$9.36

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.29 0.31 0.32 0.29 0.24 Net

realized

and

unrealized

gains

(losses)

...........

0.13 0.48 (0.48)

(0.65)

(0.37)

Total

from

investment

operations

....................

0.42 0.79 (0.16)

(0.36)

(0.13)

Less

distributions

from:

Net

investment

income

..........................

(0.29)

(0.31)

(0.45)

(0.37)

(0.23)

Net

asset

value,

end

of

year

.......................

$8.27

$8.14

$7.66

$8.27

$9.00

Total

return

c

...................................

5.27%

10.44%

(2.14)%

(4.16)%

(1.52)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

d

....................................

1.39%

e

1.39%

1.41%

1.46%

1.52%

Net

investment

income

...........................

3.53%

3.87%

3.90%

3.38%

2.53%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$9,568

$8,206

$4,580

$5,097

$9,014

Portfolio

turnover

rate

............................

389%

372%

967%

997%

908%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Core

#### Bond

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$8.23

$7.74

$8.35

$9.09

$9.45

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.33 0.34 0.37 0.36 0.30 Net

realized

and

unrealized

gains

(losses)

...........

0.14 0.50 (0.49)

(0.69)

(0.38)

Total

from

investment

operations

....................

0.47 0.84 (0.12)

(0.33)

(0.08)

Less

distributions

from:

Net

investment

income

..........................

(0.33)

(0.35)

(0.49)

(0.41)

(0.28)

Net

asset

value,

end

of

year

.......................

$8.37

$8.23

$7.74

$8.35

$9.09

Total

return

....................................

5.84%

10.97%

(1.66)%

(3.76)%

(0.97)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

c

.....................................

0.89%

d

0.88%

0.91%

0.96%

1.02%

Net

investment

income

...........................

4.03%

4.10%

4.52%

4.12%

3.15%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$8,345

$4,090

$607

$392

$334

Portfolio

turnover

rate

............................

389%

372%

967%

997%

908%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Core

#### Bond

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$8.19

$7.71

$8.33

$9.07

$9.43

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.37 0.39 0.41 0.40 0.35 Net

realized

and

unrealized

gains

(losses)

...........

0.14 0.49 (0.49)

(0.68)

(0.39)

Total

from

investment

operations

....................

0.51 0.88 (0.08)

(0.28)

(0.04)

Less

distributions

from:

Net

investment

income

..........................

(0.37)

(0.40)

(0.54)

(0.46)

(0.32)

Net

asset

value,

end

of

year

.......................

$8.33

$8.19

$7.71

$8.33

$9.07

Total

return

....................................

6.43%

11.50%

(1.22)%

(3.24)%

(0.47)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

c

.....................................

0.39%

d

0.39%

0.41%

0.46%

0.52%

Net

investment

income

...........................

4.53%

4.72%

5.01%

4.59%

3.66%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$59,431

$18,112

$2,896

$1,214

$1,509

Portfolio

turnover

rate

............................

389%

372%

967%

997%

908%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Core

#### Bond

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$8.17

$7.68

$8.30

$9.04

$9.40

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.37 0.39 0.41 0.40 0.35 Net

realized

and

unrealized

gains

(losses)

...........

0.13 0.50 (0.49)

(0.68)

(0.39)

Total

from

investment

operations

....................

0.50 0.89 (0.08)

(0.28)

(0.04)

Less

distributions

from:

Net

investment

income

..........................

(0.37)

(0.40)

(0.54)

(0.46)

(0.32)

Net

asset

value,

end

of

year

.......................

$8.30

$8.17

$7.68

$8.30

$9.04

Total

return

....................................

6.33%

11.68%

(1.22)%

(3.25)%

(0.48)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

c

.....................................

0.39%

d

0.39%

0.41%

0.46%

0.52%

Net

investment

income

...........................

4.53%

4.83%

5.01%

4.59%

3.70%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$1,117,675

$539,569

$218,629

$67,037

$101,933

Portfolio

turnover

rate

............................

389%

372%

967%

997%

908%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Schedule

of

Investments,

October

31,

2025

#### Putnam

#### Core

#### Bond

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Management

#### Investment

#### Companies

#### 2.0%

#### Capital

#### Markets

#### 2.0%
a

Franklin

Ultra

Short

Bond

ETF

..........................

United

States

1,113,980

$

27,938,618

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 27,720,882

####)
..................

#### 27,938,618

#### Principal

#### Amount

#### \*

#### Corporate

#### Bonds

#### 28.4%

#### Aerospace

#### &

#### Defense

#### 1.6%
b

BAE

Systems

plc

,

Senior

Bond

,

144A,

5.3 %

,

3/26/34

.....................

United

Kingdom

2,650,000

2,750,878

Senior

Bond

,

144A,

5.5 %

,

3/26/54

.....................

United

Kingdom

350,000

356,078

Senior

Note

,

144A,

5.125 %

,

3/26/29

...................

United

Kingdom

745,000

767,905

Boeing

Co.

(The)

,

Senior

Bond

,

2.95 %

,

2/01/30

.........................

United

States

1,633,000

1,542,464

Senior

Bond

,

6.125 %

,

2/15/33

........................

United

States

943,000

1,016,572

Senior

Bond

,

3.6 %

,

5/01/34

..........................

United

States

504,000

457,430

Senior

Bond

,

3.25 %

,

2/01/35

.........................

United

States

389,000

339,258

Senior

Bond

,

3.5 %

,

3/01/39

..........................

United

States

795,000

649,002

Senior

Bond

,

6.875 %

,

3/15/39

........................

United

States

870,000

989,344

Senior

Bond

,

3.9 %

,

5/01/49

..........................

United

States

862,000

653,716

Senior

Bond

,

6.858 %

,

5/01/54

........................

United

States

333,000

379,426

Senior

Bond

,

3.95 %

,

8/01/59

.........................

United

States

730,000

526,587

Senior

Note

,

2.196 %

,

2/04/26

........................

United

States

690,000

686,342

Senior

Note

,

2.7 %

,

2/01/27

..........................

United

States

1,183,000

1,161,039

Senior

Note

,

6.259 %

,

5/01/27

........................

United

States

39,000

40,088

Senior

Note

,

6.298 %

,

5/01/29

........................

United

States

60,000

63,670

Senior

Note

,

5.15 %

,

5/01/30

.........................

United

States

3,365,000

3,462,249

Howmet

Aerospace,

Inc.

,

Senior

Bond

,

6.75 %

,

1/15/28

.........................

United

States

500,000

528,224

Senior

Bond

,

5.95 %

,

2/01/37

.........................

United

States

915,000

996,684

Senior

Note

,

%

,

1/15/29

...........................

United

States

4,584,000

4,430,930

21,797,886

#### Automobiles

#### 0.3%
b

Hyundai

Capital

America

,

Senior

Bond

,

144A,

6.375 %

,

4/08/30

...................

United

States

60,000

64,150

Senior

Note

,

144A,

4.875 %

,

11/01/27

..................

United

States

1,565,000

1,582,641

Senior

Note

,

144A,

6.5 %

,

1/16/29

.....................

United

States

1,530,000

1,623,557

Senior

Note

,

144A,

5.35 %

,

3/19/29

....................

United

States

959,000

985,577

Senior

Note

,

144A,

5.4 %

,

1/08/31

.....................

United

States

158,000

162,933

4,418,858

#### Banks

#### 3.4%
b

Australia

&

New

Zealand

Banking

Group

Ltd.

,

Sub.

Bond

,

144A,

2.57%

to

11/24/30,

FRN

thereafter

,

11/25/35

..............

Australia

200,000

179,274

Banco

Santander

SA

,

Sub.

Bond

,

6.921 %

,

8/08/33

..........

Spain

1,200,000

1,331,517

Bank

of

America

Corp.

,

Senior

Bond

,

2.496%

to

2/12/30,

FRN

thereafter

,

2/13/31

...

United

States

1,880,000

1,746,012

Senior

Bond

,

5.468%

to

1/22/34,

FRN

thereafter

,

1/23/35

...

United

States

90,000

94,050

Senior

Bond

,

5.511%

to

1/23/35,

FRN

thereafter

,

1/24/36

...

United

States

1,549,000

1,622,342

Senior

Note

,

6.204%

to

11/09/27,

FRN

thereafter

,

11/10/28

..

United

States

1,020,000

1,060,969

Senior

Note

,

5.162%

to

1/23/30,

FRN

thereafter

,

1/24/31

....

United

States

1,551,000

1,601,813

Sub.

Bond

,

5.425%

to

8/14/34,

FRN

thereafter

,

8/15/35

.....

United

States

1,945,000

1,989,446

Sub.

Bond

,

3.846%

to

3/07/32,

FRN

thereafter

,

3/08/37

.....

United

States

1,729,000

1,622,871

L

,

Sub.

Bond

,

4.183 %

,

11/25/27

......................

United

States

450,000

450,332

Bank

of

Nova

Scotia

(The)

,

Junior

Sub.

Bond

,

7.35%

to

4/26/30,

FRN

thereafter

,

4/27/85

.............................

Canada

1,665,000

1,741,908

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Banks
(continued)

Barclays

plc

,

Senior

Note

,

5.367%

to

2/24/30,

FRN

thereafter

,

2/25/31

.........................................

United

Kingdom

1,250,000

$

1,289,605

b

CaixaBank

SA

,

Senior

Non-Preferred

Note

,

144A,

4.634%

to

7/02/28,

FRN

thereafter

,

7/03/29

.................................

Spain

1,140,000

1,148,410

Senior

Non-Preferred

Note

,

144A,

5.673%

to

3/14/29,

FRN

thereafter

,

3/15/30

.................................

Spain

950,000

987,836

Citigroup,

Inc.

,

c

CC

,

Junior

Sub.

Bond

,

7.125%

to

8/14/29,

FRN

thereafter

,

Perpetual

.......................................

United

States

567,000

585,676

c

GG

,

Junior

Sub.

Bond

,

6.875%

to

8/14/30,

FRN

thereafter

,

Perpetual

.......................................

United

States

2,231,000

2,301,152

Senior

Note

,

4.503%

to

9/10/30,

FRN

thereafter

,

9/11/31

....

United

States

3,120,000

3,124,464

Sub.

Bond

,

4.45 %

,

9/29/27

..........................

United

States

918,000

921,100

Sub.

Bond

,

6.174%

to

5/24/33,

FRN

thereafter

,

5/25/34

.....

United

States

923,000

980,522

Sub.

Bond

,

4.75 %

,

5/18/46

..........................

United

States

90,000

80,195

b

Commonwealth

Bank

of

Australia

,

Sub.

Bond

,

144A,

2.688 %

,

3/11/31

....................

Australia

1,790,000

1,628,291

Sub.

Bond

,

144A,

5.837 %

,

3/13/34

....................

Australia

960,000

1,016,553

b

Credit

Agricole

SA

,

Sub.

Bond

,

144A,

4%

to

1/09/28,

FRN

thereafter

,

1/10/33

.................................

France

250,000

246,091

Fifth

Third

Bancorp

,

Senior

Note

,

6.339%

to

7/26/28,

FRN

thereafter

,

7/27/29

....

United

States

930,000

977,931

Senior

Note

,

4.895%

to

9/05/29,

FRN

thereafter

,

9/06/30

....

United

States

360,000

365,156

ING

Groep

NV

,

Senior

Note

,

6.083%

to

9/10/26,

FRN

thereafter

,

9/11/27

.........................................

Netherlands

505,000

512,682

JPMorgan

Chase

&

Co.

,

Senior

Bond

,

4.946%

to

10/21/34,

FRN

thereafter

,

10/22/35

.

United

States

2,790,000

2,822,260

Senior

Bond

,

5.502%

to

1/23/35,

FRN

thereafter

,

1/24/36

...

United

States

650,000

682,353

Senior

Note

,

4.323%

to

4/25/27,

FRN

thereafter

,

4/26/28

....

United

States

445,000

446,499

Senior

Note

,

4.603%

to

10/21/29,

FRN

thereafter

,

10/22/30

..

United

States

2,790,000

2,827,845

Senior

Note

,

5.14%

to

1/23/30,

FRN

thereafter

,

1/24/31

.....

United

States

1,655,000

1,710,389

Sub.

Bond

,

2.956%

to

5/12/30,

FRN

thereafter

,

5/13/31

.....

United

States

2,695,000

2,534,537

Sub.

Bond

,

5.717%

to

9/13/32,

FRN

thereafter

,

9/14/33

.....

United

States

1,471,000

1,562,809

Sub.

Bond

,

5.576%

to

7/22/35,

FRN

thereafter

,

7/23/36

.....

United

States

500,000

518,755

NatWest

Group

plc

,

Senior

Note

,

5.847%

to

3/01/26,

FRN

thereafter

,

3/02/27

.................................

United

Kingdom

230,000

231,089

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond

,

5.373%

to

7/20/35,

FRN

thereafter

,

7/21/36

...

United

States

340,000

349,398

Sub.

Bond

,

4.626%

to

6/05/32,

FRN

thereafter

,

6/06/33

.....

United

States

2,530,000

2,513,156

Toronto-Dominion

Bank

(The)

,

Junior

Sub.

Bond

,

8.125%

to

10/30/27,

FRN

thereafter

,

10/31/82

.....................

Canada

465,000

491,730

d

Truist

Bank

,

Sub.

Bond

,

FRN

,

4.632 %

,

(5-year

CMT

T-Note

+

1.15 %),

9/17/29

...................................

United

States

420,000

421,548

Truist

Financial

Corp.

,

Senior

Bond

,

5.711%

to

1/23/34,

FRN

thereafter

,

1/24/35

.................................

United

States

576,000

603,923

US

Bancorp

,

Sub.

Bond

,

2.491%

to

11/02/31,

FRN

thereafter

,

11/03/36

........................................

United

States

324,000

280,101

Wells

Fargo

&

Co.

,

Senior

Note

,

5.574%

to

7/24/28,

FRN

thereafter

,

7/25/29

.................................

United

States

1,380,000

1,428,514

Wells

Fargo

Bank

NA

,

Sub.

Bond

,

6.6 %

,

1/15/38

............

United

States

330,000

371,580

Westpac

Banking

Corp.

,

Sub.

Bond

,

4.421 %

,

7/24/39

.........................

Australia

108,000

100,767

Sub.

Bond

,

2.963 %

,

11/16/40

........................

Australia

131,000

101,116

49,604,567

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Biotechnology

#### 0.6%
Amgen,

Inc.

,

Senior

Bond

,

4.2 %

,

3/01/33

..........................

United

States

900,000

$

877,997

Senior

Bond

,

5.65 %

,

3/02/53

.........................

United

States

659,000

658,129

Senior

Bond

,

5.75 %

,

3/02/63

.........................

United

States

450,000

449,804

Senior

Note

,

5.25 %

,

3/02/30

.........................

United

States

1,886,000

1,957,874

Biogen,

Inc.

,

Senior

Bond

,

2.25 %

,

5/01/30

.................

United

States

2,084,000

1,906,927

Regeneron

Pharmaceuticals,

Inc.

,

Senior

Bond

,

1.75 %

,

9/15/30

United

States

3,365,000

2,986,043

8,836,774

#### Building

#### Products

#### 0.0%

#### †
Carlisle

Cos.,

Inc.

,

Senior

Bond

,

5.25 %

,

9/15/35

............

United

States

580,000

590,375

#### Capital

#### Markets

#### 2.0%
Ares

Capital

Corp.

,

Senior

Note

,

3.875 %

,

1/15/26

........................

United

States

2,465,000

2,462,663

Senior

Note

,

%

,

1/15/27

...........................

United

States

605,000

621,525

Blackstone

Private

Credit

Fund

,

Senior

Note

,

3.25 %

,

3/15/27

..

United

States

1,525,000

1,496,867

Deutsche

Bank

AG

,

Senior

Non-Preferred

Note

,

2.311%

to

11/15/26,

FRN

thereafter

,

11/16/27

.....................

Germany

584,000

572,330

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond

,

4.223%

to

4/30/28,

FRN

thereafter

,

5/01/29

...

United

States

665,000

665,377

Senior

Note

,

4.153%

to

10/20/28,

FRN

thereafter

,

10/21/29

..

United

States

1,501,000

1,496,798

Intercontinental

Exchange,

Inc.

,

Senior

Bond

,

1.85 %

,

9/15/32

.........................

United

States

103,000

87,616

Senior

Note

,

4.35 %

,

6/15/29

.........................

United

States

146,000

147,304

b

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

5/01/33

...............................

United

States

1,410,000

1,471,955

Jefferies

Financial

Group,

Inc.

,

Senior

Note

,

4.5 %

,

9/15/26

..........................

United

States

1,730,000

1,738,117

Senior

Note

,

6.2 %

,

4/14/34

..........................

United

States

342,000

359,035

b

KKR

Group

Finance

Co.

VI

LLC

,

Senior

Bond

,

144A,

3.75 %

,

7/01/29

.........................................

United

States

1,022,000

1,003,846

LPL

Holdings,

Inc.

,

Senior

Note

,

6.75 %

,

11/17/28

........................

United

States

300,000

320,060

Senior

Note

,

5.2 %

,

3/15/30

..........................

United

States

1,461,000

1,493,159

Morgan

Stanley

,

Senior

Note

,

2.475%

to

1/20/27,

FRN

thereafter

,

1/21/28

....

United

States

3,000,000

2,940,848

Senior

Note

,

5.123%

to

1/31/28,

FRN

thereafter

,

2/01/29

....

United

States

2,085,000

2,128,437

Senior

Note

,

4.994%

to

4/11/28,

FRN

thereafter

,

4/12/29

....

United

States

1,530,000

1,558,695

Senior

Note

,

5.23%

to

1/14/30,

FRN

thereafter

,

1/15/31

.....

United

States

820,000

846,773

Sub.

Bond

,

4.35 %

,

9/08/26

..........................

United

States

1,270,000

1,272,522

Sub.

Bond

,

5.948%

to

1/18/33,

FRN

thereafter

,

1/19/38

.....

United

States

214,000

224,538

Sub.

Bond

,

5.942%

to

2/06/34,

FRN

thereafter

,

2/07/39

.....

United

States

459,000

481,933

b

MSCI,

Inc.

,

Senior

Bond

,

144A,

3.625 %

,

9/01/30

............

United

States

1,980,000

1,884,580

Nasdaq,

Inc.

,

Senior

Bond

,

5.55 %

,

2/15/34

................

United

States

58,000

60,895

S&P

Global,

Inc.

,

Senior

Bond

,

2.5 %

,

12/01/29

.............

United

States

1,880,000

1,769,340

b

UBS

Group

AG

,

Senior

Note

,

144A,

1.305%

to

2/01/26,

FRN

thereafter

,

2/02/27

Switzerland

250,000

248,125

Senior

Note

,

144A,

5.428%

to

2/07/29,

FRN

thereafter

,

2/08/30

Switzerland

815,000

843,484

28,196,822

#### Chemicals

#### 0.1%
Celanese

US

Holdings

LLC

,

Senior

Note

,

6.665 %

,

7/15/27

....

United

States

138,000

141,749

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Chemicals
(continued)

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

........................................

United

States

1,715,000

$

1,666,031

Huntsman

International

LLC

,

Senior

Bond

,

4.5 %

,

5/01/29

.....

United

States

185,000

171,090

1,978,870

#### Commercial

#### Services

#### &

#### Supplies

#### 0.2%
Republic

Services,

Inc.

,

Senior

Note

,

%

,

11/15/29

..........

United

States

1,095,000

1,133,944

Waste

Connections,

Inc.

,

Senior

Bond

,

%

,

3/01/34

..........

United

States

1,948,000

1,993,201

Waste

Management,

Inc.

,

Senior

Note

,

4.875 %

,

2/15/29

......

United

States

397,000

407,310

3,534,455

#### Communications

#### Equipment

#### 0.1%
Motorola

Solutions,

Inc.

,

Senior

Bond

,

2.3 %

,

11/15/30

.........................

United

States

290,000

262,588

Senior

Note

,

4.85 %

,

8/15/30

.........................

United

States

333,000

339,746

Senior

Note

,

5.2 %

,

8/15/32

..........................

United

States

1,134,000

1,167,665

1,769,999

#### Construction

#### &

#### Engineering

#### 0.1%
MasTec,

Inc.

,

Senior

Note

,

5.9 %

,

6/15/29

.................

United

States

765,000

799,882

#### Consumer

#### Finance

#### 1.2%
AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

3.3 %

,

1/30/32

..........................

Ireland

2,195,000

2,026,371

Senior

Note

,

5.1 %

,

1/19/29

..........................

Ireland

1,435,000

1,468,284

b

Aircastle

Ltd.

/

Aircastle

Ireland

DAC

,

Senior

Note

,

144A,

5.25 %

,

3/15/30

.........................................

United

States

695,000

709,776

Ally

Financial,

Inc.

,

Senior

Bond

,

%

,

11/01/31

.............

United

States

486,000

553,501

American

Express

Co.

,

Senior

Note

,

5.098%

to

2/15/27,

FRN

thereafter

,

2/16/28

.................................

United

States

1,000,000

1,012,595

b

Avolon

Holdings

Funding

Ltd.

,

Senior

Note

,

144A,

5.75 %

,

11/15/29

...................

Ireland

1,437,000

1,490,616

Senior

Note

,

144A,

4.9 %

,

10/10/30

....................

Ireland

1,465,000

1,472,486

Capital

One

Financial

Corp.

,

Senior

Note

,

4.493%

to

9/10/30,

FRN

thereafter

,

9/11/31

....

United

States

1,095,000

1,087,265

Senior

Note

,

7.624%

to

10/29/30,

FRN

thereafter

,

10/30/31

..

United

States

465,000

524,577

Sub.

Bond

,

2.359%

to

7/28/31,

FRN

thereafter

,

7/29/32

.....

United

States

211,000

183,395

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

5.8 %

,

3/05/27

..........................

United

States

720,000

728,280

Senior

Note

,

4.125 %

,

8/17/27

........................

United

States

290,000

286,451

General

Motors

Financial

Co.,

Inc.

,

Senior

Bond

,

5.45 %

,

9/06/34

.........................

United

States

630,000

637,954

Senior

Note

,

4.2 %

,

10/27/28

.........................

United

States

450,000

448,992

Senior

Note

,

5.8 %

,

1/07/29

..........................

United

States

465,000

484,542

Senior

Note

,

4.9 %

,

10/06/29

.........................

United

States

380,000

385,629

b

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note

,

144A,

6.4 %

,

3/26/29

.....................

United

Kingdom

2,345,000

2,467,355

Senior

Note

,

144A,

5.15 %

,

3/17/30

....................

United

Kingdom

49,000

49,603

Senior

Note

,

144A,

6.5 %

,

3/26/31

.....................

United

Kingdom

38,000

40,573

16,058,245

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.2%
b

7-Eleven,

Inc.

,

Senior

Bond

,

144A,

1.8 %

,

2/10/31

.....................

United

States

296,000

257,846

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail
(continued)

b

7-Eleven,

Inc.,

(continued)

Senior

Note

,

144A,

1.3 %

,

2/10/28

.....................

United

States

2,322,000

$

2,177,223

b

Alimentation

Couche-Tard,

Inc.

,

Senior

Bond

,

144A,

3.55 %

,

7/26/27

.........................................

Canada

150,000

148,787

2,583,856

#### Containers

#### &

#### Packaging

#### 0.0%

#### †
WestRock

MWV

LLC

,

Senior

Bond

,

8.2 %

,

1/15/30

...........

United

States

103,000

117,469

#### Diversified

#### Consumer

#### Services

#### 0.0%

#### †
Service

Corp.

International

,

Senior

Bond

,

3.375 %

,

8/15/30

....

United

States

140,000

130,216

#### Diversified

#### REITs

#### 0.4%
GLP

Capital

LP

/

GLP

Financing

II,

Inc.

,

Senior

Bond

,

6.75 %

,

12/01/33

........................................

United

States

414,000

449,445

VICI

Properties

LP

,

Senior

Note

,

4.75 %

,

2/15/28

.........................

United

States

140,000

141,249

Senior

Note

,

5.125 %

,

11/15/31

.......................

United

States

815,000

825,819

b

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

3.75 %

,

2/15/27

....................

United

States

1,607,000

1,591,746

Senior

Note

,

144A,

4.5 %

,

1/15/28

.....................

United

States

1,485,000

1,485,378

Senior

Note

,

144A,

3.875 %

,

2/15/29

...................

United

States

640,000

625,581

5,119,218

#### Diversified

#### Telecommunication

#### Services

#### 0.2%
AT&T,

Inc.

,

Senior

Bond

,

4.35 %

,

3/01/29

.........................

United

States

430,000

431,439

Senior

Bond

,

2.55 %

,

12/01/33

........................

United

States

2,361,000

2,005,975

Senior

Note

,

4.1 %

,

2/15/28

..........................

United

States

430,000

429,308

Sprint

Capital

Corp.

,

Senior

Bond

,

6.875 %

,

11/15/28

.........

United

States

265,000

284,763

3,151,485

#### Electric

#### Utilities

#### 2.9%
American

Electric

Power

Co.,

Inc.

,

C

,

Junior

Sub.

Bond

,

5.8%

to

3/14/31,

FRN

thereafter

,

3/15/56

United

States

1,675,000

1,679,566

D

,

Junior

Sub.

Bond

,

6.05%

to

3/14/36,

FRN

thereafter

,

3/15/56

.........................................

United

States

560,000

567,574

J

,

Senior

Bond

,

4.3 %

,

12/01/28

.......................

United

States

305,000

306,724

b

American

Transmission

Systems,

Inc.

,

Senior

Bond

,

144A,

2.65 %

,

1/15/32

...................................

United

States

1,694,000

1,529,370

DTE

Electric

Co.

,

Senior

Bond

,

5.25 %

,

5/15/35

.............

United

States

980,000

1,012,648

Duke

Energy

Corp.

,

Senior

Bond

,

5.45 %

,

6/15/34

.........................

United

States

157,000

163,811

Senior

Bond

,

5.8 %

,

6/15/54

..........................

United

States

113,000

114,300

Senior

Note

,

4.85 %

,

1/05/29

.........................

United

States

400,000

407,671

Duke

Energy

Ohio,

Inc.

,

Senior

Bond

,

3.65 %

,

2/01/29

.........................

United

States

89,000

88,064

Senior

Bond

,

5.25 %

,

4/01/33

.........................

United

States

900,000

935,314

b

Enel

Finance

International

NV

,

Senior

Bond

,

144A,

7.5 %

,

10/14/32

....................

Italy

600,000

692,464

Senior

Note

,

144A,

4.375 %

,

9/30/30

...................

Italy

1,105,000

1,098,432

b

Evergy

Missouri

West,

Inc.

,

Senior

Note

,

144A,

5.15 %

,

12/15/27

United

States

290,000

295,274

Eversource

Energy

,

Senior

Note

,

5.45 %

,

3/01/28

............

United

States

874,000

896,686

Exelon

Corp.

,

Senior

Bond

,

5.625 %

,

6/15/35

........................

United

States

1,427,000

1,495,763

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Electric

#### Utilities
(continued)

Exelon

Corp.,

(continued)

Senior

Note

,

5.15 %

,

3/15/29

.........................

United

States

1,090,000

$

1,121,421

FirstEnergy

Transmission

LLC

,

Senior

Note

,

4.55 %

,

1/15/30

...

United

States

215,000

216,484

Georgia

Power

Co.

,

Senior

Bond

,

4.95 %

,

5/17/33

.........................

United

States

252,000

257,392

Senior

Bond

,

5.25 %

,

3/15/34

.........................

United

States

653,000

674,467

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond

,

3.55 %

,

5/01/27

.........................

United

States

1,194,000

1,185,225

Senior

Bond

,

5.9 %

,

3/15/55

..........................

United

States

445,000

460,747

Senior

Note

,

5.3 %

,

3/15/32

..........................

United

States

1,390,000

1,450,623

Northern

States

Power

Co.

,

Senior

Bond

,

5.05 %

,

5/15/35

.....

United

States

700,000

718,446

b

NRG

Energy,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

12/02/25

...............

United

States

695,000

692,795

Senior

Secured

Note

,

144A,

2.45 %

,

12/02/27

............

United

States

3,400,000

3,261,876

Oncor

Electric

Delivery

Co.

LLC

,

Senior

Secured

Bond

,

4.95 %

,

9/15/52

..................

United

States

383,000

351,221

Senior

Secured

Note

,

3.7 %

,

11/15/28

..................

United

States

300,000

297,538

Pacific

Gas

and

Electric

Co.

,

Senior

Bond

,

5.9 %

,

6/15/32

..........................

United

States

1,227,000

1,284,906

Senior

Bond

,

4.95 %

,

7/01/50

.........................

United

States

162,000

139,574

Senior

Bond

,

6.75 %

,

1/15/53

.........................

United

States

1,915,000

2,071,573

Senior

Note

,

6.1 %

,

1/15/29

..........................

United

States

450,000

469,598

PacifiCorp

,

Senior

Bond

,

2.7 %

,

9/15/30

...................

United

States

188,000

173,885

Southern

Co.

(The)

,

Senior

Bond

,

5.7 %

,

3/15/34

..........................

United

States

594,000

627,356

Senior

Note

,

5.5 %

,

3/15/29

..........................

United

States

70,000

72,809

Virginia

Electric

and

Power

Co.

,

Senior

Bond

,

5.05 %

,

8/15/34

.........................

United

States

1,460,000

1,482,469

C

,

Senior

Bond

,

4.9 %

,

9/15/35

.......................

United

States

1,310,000

1,306,757

b

Vistra

Operations

Co.

LLC

,

Senior

Secured

Bond

,

144A,

4.3 %

,

7/15/29

..............

United

States

1,015,000

1,005,425

Senior

Secured

Bond

,

144A,

6.95 %

,

10/15/33

............

United

States

604,000

672,364

Senior

Secured

Bond

,

144A,

%

,

4/15/34

...............

United

States

517,000

542,755

Senior

Secured

Bond

,

144A,

5.7 %

,

12/30/34

.............

United

States

1,895,000

1,948,138

Senior

Secured

Note

,

144A,

3.7 %

,

1/30/27

..............

United

States

650,000

645,101

Senior

Secured

Note

,

144A,

4.6 %

,

10/15/30

.............

United

States

545,000

541,831

Wisconsin

Electric

Power

Co.

,

Senior

Bond

,

4.6 %

,

10/01/34

...

United

States

813,000

812,065

Xcel

Energy,

Inc.

,

Senior

Bond

,

5.6 %

,

4/15/35

..............

United

States

1,700,000

1,764,843

37,533,345

#### Electrical

#### Equipment

#### 0.5%
Regal

Rexnord

Corp.

,

Senior

Note

,

6.05 %

,

4/15/28

..........

United

States

2,580,000

2,669,447

b

Vertiv

Group

Corp.

,

Senior

Secured

Note

,

144A,

4.125 %

,

11/15/28

........................................

United

States

4,050,000

3,993,764

6,663,211

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.1%
e

Amphenol

Corp.

,

Senior

Note

,

4.4 %

,

2/15/33

...............

United

States

1,425,000

1,409,541

#### Entertainment

#### 0.1%
b

Netflix,

Inc.

,

Senior

Bond

,

144A,

5.375 %

,

11/15/29

..........

United

States

1,230,000

1,284,640

#### Financial

#### Services

#### 0.0%

#### †
Corebridge

Financial,

Inc.

,

Senior

Note

,

3.85 %

,

4/05/29

.......

United

States

615,000

606,652

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Food

#### Products

#### 0.7%
JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

%

,

2/02/29

...........................

United

States

1,583,000

$

1,518,144

Senior

Note

,

5.75 %

,

4/01/33

.........................

United

States

106,000

110,490

Senior

Note

,

6.75 %

,

3/15/34

.........................

United

States

1,346,000

1,485,820

b

JBS

USA

LUX

SARL

/

JBS

USA

Food

Co.

/

JBS

USA

Foods

Group,

Inc.

,

Senior

Bond

,

144A,

5.95 %

,

4/20/35

...........

United

States

315,000

329,985

Kellanova

,

Senior

Bond

,

4.5 %

,

4/01/46

..........................

United

States

159,000

140,575

B

,

Senior

Bond

,

7.45 %

,

4/01/31

.......................

United

States

1,627,000

1,873,480

Kraft

Heinz

Foods

Co.

,

Senior

Bond

,

6.875 %

,

1/26/39

........................

United

States

420,000

468,573

Senior

Bond

,

4.625 %

,

10/01/39

.......................

United

States

420,000

382,577

b

Mars,

Inc.

,

Senior

Bond

,

144A,

5.65 %

,

5/01/45

....................

United

States

630,000

642,516

Senior

Bond

,

144A,

5.7 %

,

5/01/55

.....................

United

States

1,415,000

1,440,786

Senior

Bond

,

144A,

5.8 %

,

5/01/65

.....................

United

States

325,000

334,595

Senior

Note

,

144A,

4.65 %

,

4/20/31

....................

United

States

854,000

870,917

Senior

Note

,

144A,

%

,

3/01/32

......................

United

States

525,000

539,685

Senior

Note

,

144A,

5.2 %

,

3/01/35

.....................

United

States

700,000

718,733

Pilgrim's

Pride

Corp.

,

Senior

Note

,

3.5 %

,

3/01/32

...........

United

States

609,000

558,656

11,415,532

#### Gas

#### Utilities

#### 0.0%

#### †
CenterPoint

Energy

Resources

Corp.

,

Senior

Bond

,

5.4 %

,

7/01/34

.........................................

United

States

342,000

354,708

#### Ground

#### Transportation

#### 0.3%
b

Ashtead

Capital,

Inc.

,

Senior

Bond

,

144A,

4.375 %

,

8/15/27

...................

United

Kingdom

305,000

304,645

Senior

Bond

,

144A,

5.95 %

,

10/15/33

...................

United

Kingdom

1,890,000

1,999,331

Senior

Bond

,

144A,

5.8 %

,

4/15/34

.....................

United

Kingdom

375,000

393,297

b

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

,

Senior

Note

,

144A,

4.4 %

,

7/01/27

...............................

United

States

150,000

150,390

Ryder

System,

Inc.

,

Senior

Note

,

4.95 %

,

9/01/29

............

United

States

700,000

716,190

b

SMBC

Aviation

Capital

Finance

DAC

,

Senior

Note

,

144A,

5.3 %

,

4/03/29

.........................................

Ireland

575,000

591,179

4,155,032

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.0%

#### †
GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

5.65 %

,

11/15/27

........................

United

States

155,000

159,644

Senior

Note

,

4.8 %

,

8/14/29

..........................

United

States

240,000

244,943

404,587

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.8%
Centene

Corp.

,

Senior

Note

,

2.625 %

,

8/01/31

..............

United

States

2,300,000

1,975,091

CVS

Health

Corp.

,

Senior

Bond

,

4.78 %

,

3/25/38

.........................

United

States

1,726,000

1,622,605

Senior

Note

,

5.4 %

,

6/01/29

..........................

United

States

3,000,000

3,105,284

Senior

Note

,

%

,

9/15/32

...........................

United

States

604,000

613,757

HCA,

Inc.

,

Senior

Bond

,

4.5 %

,

2/15/27

..........................

United

States

150,000

150,240

Senior

Bond

,

5.6 %

,

4/01/34

..........................

United

States

527,000

548,837

Senior

Bond

,

%

,

4/01/54

...........................

United

States

692,000

701,975

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Health

#### Care

#### Providers

#### &

#### Services
(continued)

HCA,

Inc.,

(continued)

Senior

Note

,

3.625 %

,

3/15/32

........................

United

States

77,000

$

72,492

Senior

Note

,

4.6 %

,

11/15/32

.........................

United

States

690,000

685,919

Humana,

Inc.

,

Senior

Note

,

5.75 %

,

3/01/28

................

United

States

285,000

294,040

Icon

Investments

Six

DAC

,

Senior

Secured

Note

,

5.809 %

,

5/08/27

.................

United

States

300,000

306,354

Senior

Secured

Note

,

5.849 %

,

5/08/29

.................

United

States

200,000

209,010

UnitedHealth

Group,

Inc.

,

Senior

Bond

,

4.625 %

,

7/15/35

........................

United

States

270,000

267,118

Senior

Bond

,

5.875 %

,

2/15/53

........................

United

States

574,000

589,836

11,142,558

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.8%
b

Carnival

Corp.

,

Senior

Note

,

144A,

5.125 %

,

5/01/29

...................

United

States

1,725,000

1,747,404

Senior

Note

,

144A,

5.75 %

,

3/15/30

....................

United

States

1,815,000

1,870,630

Senior

Note

,

144A,

5.75 %

,

8/01/32

....................

United

States

1,270,000

1,306,236

Senior

Secured

Note

,

144A,

%

,

8/01/28

................

United

States

3,374,000

3,321,232

Hyatt

Hotels

Corp.

,

Senior

Note

,

5.75 %

,

1/30/27

.........................

United

States

664,000

675,622

Senior

Note

,

5.25 %

,

6/30/29

.........................

United

States

495,000

509,255

Senior

Note

,

5.375 %

,

12/15/31

.......................

United

States

335,000

343,266

Las

Vegas

Sands

Corp.

,

Senior

Note

,

3.5 %

,

8/18/26

.........

United

States

635,000

630,255

Royal

Caribbean

Cruises

Ltd.

,

Senior

Bond

,

5.375 %

,

1/15/36

..

United

States

880,000

886,421

11,290,321

#### Household

#### Durables

#### 0.5%
DR

Horton,

Inc.

,

Senior

Bond

,

%

,

10/15/34

..........................

United

States

2,120,000

2,145,334

Senior

Bond

,

5.5 %

,

10/15/35

.........................

United

States

2,125,000

2,207,775

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

4.35 %

,

2/15/28

.........................

United

States

987,000

990,218

Senior

Bond

,

3.8 %

,

11/01/29

.........................

United

States

1,355,000

1,329,057

6,672,384

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.5%
b

Alexander

Funding

Trust

II

,

Senior

Secured

Note

,

144A,

7.467 %

,

7/31/28

.........................................

United

States

1,060,000

1,132,477

Constellation

Energy

Generation

LLC

,

Senior

Bond

,

6.125 %

,

1/15/34

........................

United

States

229,000

249,279

Senior

Bond

,

6.5 %

,

10/01/53

.........................

United

States

558,000

618,089

Senior

Bond

,

5.75 %

,

3/15/54

.........................

United

States

450,000

457,100

Senior

Note

,

5.6 %

,

3/01/28

..........................

United

States

1,005,000

1,038,965

Southern

Power

Co.

,

B

,

Senior

Bond

,

4.9 %

,

10/01/35

.......................

United

States

760,000

752,449

A

,

Senior

Note

,

4.25 %

,

10/01/30

......................

United

States

2,100,000

2,088,770

6,337,129

#### Insurance

#### 1.0%
Arthur

J

Gallagher

&

Co.

,

Senior

Note

,

4.85 %

,

12/15/29

......

United

States

695,000

709,867

b

Athene

Global

Funding

,

Secured

Note

,

144A,

5.526 %

,

7/11/31

..................

United

States

810,000

833,789

Secured

Note

,

144A,

5.322 %

,

11/13/31

.................

United

States

935,000

955,247

Senior

Secured

Bond

,

144A,

5.543 %

,

8/22/35

............

United

States

1,285,000

1,300,709

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Insurance
(continued)

Athene

Holding

Ltd.

,

Senior

Bond

,

5.875 %

,

1/15/34

........................

United

States

505,000

$

524,587

Senior

Bond

,

6.25 %

,

4/01/54

.........................

United

States

306,000

305,094

Brown

&

Brown,

Inc.

,

Senior

Bond

,

5.55 %

,

6/23/35

.........................

United

States

630,000

648,832

Senior

Note

,

4.9 %

,

6/23/30

..........................

United

States

1,310,000

1,328,566

Senior

Note

,

5.25 %

,

6/23/32

.........................

United

States

471,000

483,088

CNA

Financial

Corp.

,

Senior

Bond

,

5.125 %

,

2/15/34

.........

United

States

368,000

370,729

b

CNO

Global

Funding

,

Secured

Note

,

144A,

2.65 %

,

1/06/29

...................

United

States

642,000

609,324

Secured

Note

,

144A,

4.95 %

,

9/09/29

...................

United

States

797,000

811,857

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

6.5 %

,

6/04/29

.......

United

States

950,000

992,487

Fairfax

Financial

Holdings

Ltd.

,

Senior

Note

,

4.85 %

,

4/17/28

...

Canada

220,000

222,923

b

Metropolitan

Life

Global

Funding

I

,

Senior

Secured

Bond

,

144A,

2.95 %

,

4/09/30

...................................

United

States

360,000

340,883

b

Mutual

of

Omaha

Cos.

Global

Funding

,

Secured

Note

,

144A,

5.8 %

,

7/27/26

....................................

United

States

250,000

253,127

b

Nippon

Life

Insurance

Co.

,

Sub.

Bond

,

144A,

6.5%

to

4/29/35,

FRN

thereafter

,

4/30/55

.............................

Japan

1,870,000

2,028,067

b

Protective

Life

Global

Funding

,

Secured

Note

,

144A,

5.467 %

,

12/08/28

........................................

United

States

595,000

616,896

13,336,072

#### Interactive

#### Media

#### &

#### Services

#### 0.3%
Meta

Platforms,

Inc.

,

Senior

Bond

,

5.625 %

,

11/15/55

.......................

United

States

2,200,000

2,185,287

Senior

Bond

,

5.75 %

,

5/15/63

.........................

United

States

607,000

605,630

Senior

Bond

,

5.55 %

,

8/15/64

.........................

United

States

939,000

910,003

Senior

Note

,

4.6 %

,

11/15/32

.........................

United

States

1,060,000

1,065,639

4,766,559

#### IT

#### Services

#### 0.2%
b

Gartner,

Inc.

,

Senior

Bond

,

144A,

3.75 %

,

10/01/30

...................

United

States

2,621,000

2,480,565

Senior

Note

,

144A,

3.625 %

,

6/15/29

...................

United

States

44,000

42,253

2,522,818

#### Leisure

#### Products

#### 0.2%
Brunswick

Corp.

,

Senior

Bond

,

2.4 %

,

8/18/31

..........................

United

States

1,232,000

1,072,344

Senior

Bond

,

5.1 %

,

4/01/52

..........................

United

States

1,160,000

936,830

Senior

Note

,

5.85 %

,

3/18/29

.........................

United

States

375,000

387,548

2,396,722

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.0%

#### †
Illumina,

Inc.

,

Senior

Note

,

4.65 %

,

9/09/26

................

United

States

431,000

432,234

#### Media

#### 0.5%
Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Bond

,

5.85 %

,

12/01/35

.................

United

States

630,000

628,534

Senior

Secured

Bond

,

4.8 %

,

3/01/50

...................

United

States

59,000

46,201

Interpublic

Group

of

Cos.,

Inc.

(The)

,

Senior

Bond

,

2.4 %

,

3/01/31

United

States

98,000

87,801

Paramount

Global

,

Senior

Bond

,

4.2 %

,

6/01/29

..........................

United

States

435,000

426,155

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Media
(continued)

Paramount

Global,

(continued)

Senior

Bond

,

4.375 %

,

3/15/43

........................

United

States

1,280,000

$

969,952

Senior

Note

,

3.7 %

,

6/01/28

..........................

United

States

507,000

497,256

Time

Warner

Cable

Enterprises

LLC

,

Senior

Secured

Bond

,

8.375 %

,

7/15/33

...................................

United

States

3,560,000

4,130,571

6,786,470

#### Metals

#### &

#### Mining

#### 0.2%
b

Glencore

Funding

LLC

,

Senior

Bond

,

144A,

2.5 %

,

9/01/30

.....................

Australia

396,000

362,468

Senior

Bond

,

144A,

5.634 %

,

4/04/34

...................

Australia

936,000

976,506

Senior

Note

,

144A,

6.375 %

,

10/06/30

..................

Australia

422,000

455,316

1,794,290

#### Multi-Utilities

#### 0.5%
Ameren

Corp.

,

Senior

Note

,

%

,

1/15/29

..................

United

States

565,000

579,278

Dominion

Energy,

Inc.

,

Junior

Sub.

Bond

,

6.2%

to

2/14/36,

FRN

thereafter

,

2/15/56

.................................

United

States

820,000

829,703

DTE

Energy

Co.

,

Senior

Bond

,

5.85 %

,

6/01/34

.........................

United

States

160,000

170,180

Senior

Note

,

4.95 %

,

7/01/27

.........................

United

States

2,190,000

2,217,102

NiSource,

Inc.

,

Senior

Note

,

5.2 %

,

7/01/29

................

United

States

755,000

779,439

Puget

Sound

Energy,

Inc.

,

Senior

Bond

,

5.448 %

,

6/01/53

.....

United

States

170,000

166,952

Sempra,

Inc.

,

Senior

Bond

,

5.5 %

,

8/01/33

.................

United

States

301,000

314,937

Southern

Co.

Gas

Capital

Corp.

,

Senior

Bond

,

4.95 %

,

9/15/34

.

United

States

810,000

815,267

5,872,858

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 2.1%
b

Aker

BP

ASA

,

Senior

Bond

,

144A,

5.8 %

,

10/01/54

...........

Norway

1,520,000

1,409,129

Canadian

Natural

Resources

Ltd.

,

Senior

Bond

,

7.2 %

,

1/15/32

..........................

Canada

621,000

698,757

b

Senior

Note

,

144A,

%

,

12/15/29

.....................

Canada

1,144,000

1,168,923

Cheniere

Energy

Partners

LP

,

Senior

Bond

,

3.25 %

,

1/31/32

.........................

United

States

2,767,000

2,529,233

Senior

Note

,

4.5 %

,

10/01/29

.........................

United

States

910,000

910,530

b

Columbia

Pipelines

Operating

Co.

LLC

,

Senior

Note

,

144A,

5.927 %

,

8/15/30

...................................

United

States

229,000

242,488

b

DT

Midstream,

Inc.

,

Senior

Secured

Bond

,

144A,

5.8 %

,

12/15/34

United

States

1,485,000

1,537,348

Eastern

Energy

Gas

Holdings

LLC

,

Senior

Bond

,

5.8 %

,

1/15/35

..........................

United

States

989,000

1,043,747

Senior

Bond

,

5.65 %

,

10/15/54

........................

United

States

376,000

370,326

Energy

Transfer

LP

,

c

B

,

Junior

Sub.

Bond

,

6.625%

to

2/14/28,

FRN

thereafter

,

Perpetual

.......................................

United

States

1,471,000

1,470,834

Senior

Note

,

5.25 %

,

7/01/29

.........................

United

States

1,190,000

1,224,828

Senior

Note

,

5.2 %

,

4/01/30

..........................

United

States

1,389,000

1,432,839

Kinder

Morgan,

Inc.

,

Senior

Bond

,

7.75 %

,

1/15/32

.........................

United

States

1,683,000

1,948,863

Senior

Note

,

%

,

2/01/29

...........................

United

States

205,000

209,662

Occidental

Petroleum

Corp.

,

Senior

Bond

,

7.5 %

,

5/01/31

..........................

United

States

486,000

544,463

Senior

Note

,

5.2 %

,

8/01/29

..........................

United

States

310,000

316,747

ONEOK,

Inc.

,

Senior

Note

,

4.75 %

,

10/15/31

...............

United

States

1,115,000

1,115,582

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Note

,

5.026 %

,

10/01/29

.......................

Canada

1,475,000

$

1,490,813

Senior

Note

,

5.584 %

,

10/01/34

.......................

Canada

975,000

979,094

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

,

Senior

Bond

,

%

,

1/15/28

...........................

United

States

840,000

840,843

Senior

Bond

,

4.875 %

,

2/01/31

........................

United

States

221,000

221,577

b

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Note

,

144A,

6.25 %

,

1/15/30

...................................

United

States

2,360,000

2,409,364

Viper

Energy

Partners

LLC

,

Senior

Bond

,

5.7 %

,

8/01/35

..........................

United

States

706,000

720,409

Senior

Note

,

4.9 %

,

8/01/30

..........................

United

States

740,000

747,012

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.6 %

,

3/15/35

........

United

States

992,000

1,029,913

26,613,324

#### Paper

#### &

#### Forest

#### Products

#### 0.1%
b

Georgia-Pacific

LLC

,

Senior

Note

,

144A,

4.95 %

,

6/30/32

......

United

States

1,440,000

1,477,017

#### Passenger

#### Airlines

#### 0.2%
b

AS

Mileage

Plan

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.021 %

,

10/20/29

........................................

United

States

2,500,000

2,493,922

#### Personal

#### Care

#### Products

#### 0.3%
Haleon

US

Capital

LLC

,

Senior

Note

,

3.375 %

,

3/24/27

.......

United

States

1,315,000

1,303,730

Kenvue,

Inc.

,

Senior

Note

,

4.85 %

,

5/22/32

.........................

United

States

1,475,000

1,494,838

Senior

Note

,

4.9 %

,

3/22/33

..........................

United

States

1,034,000

1,045,275

3,843,843

#### Pharmaceuticals

#### 0.9%
Bristol-Myers

Squibb

Co.

,

Senior

Bond

,

4.125 %

,

6/15/39

......

United

States

2,180,000

1,981,675

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond

,

4.75 %

,

5/19/33

.........................

United

States

1,230,000

1,245,266

Senior

Bond

,

5.3 %

,

5/19/53

..........................

United

States

1,474,000

1,426,808

Senior

Note

,

4.45 %

,

5/19/28

.........................

United

States

234,000

236,480

Pharmacia

LLC

,

Senior

Bond

,

6.6 %

,

12/01/28

..............

United

States

295,000

316,757

Royalty

Pharma

plc

,

Senior

Bond

,

5.4 %

,

9/02/34

..........................

United

States

974,000

996,146

Senior

Bond

,

5.2 %

,

9/25/35

..........................

United

States

845,000

846,874

Senior

Note

,

5.15 %

,

9/02/29

.........................

United

States

967,000

992,047

Zoetis,

Inc.

,

Senior

Bond

,

%

,

5/15/30

...........................

United

States

2,646,000

2,410,861

Senior

Bond

,

%

,

8/17/35

...........................

United

States

2,910,000

2,941,050

13,393,964

#### Professional

#### Services

#### 0.1%
Paychex,

Inc.

,

Senior

Note

,

5.1 %

,

4/15/30

.................

United

States

1,650,000

1,697,038

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.9%
Broadcom,

Inc.

,

Senior

Bond

,

4.15 %

,

11/15/30

........................

United

States

288,000

286,629

b

Senior

Bond

,

144A,

4.926 %

,

5/15/37

...................

United

States

2,606,000

2,596,181

Senior

Note

,

5.05 %

,

7/12/29

.........................

United

States

2,275,000

2,343,298

b

Foundry

JV

Holdco

LLC

,

Senior

Secured

Note

,

144A,

5.5 %

,

1/25/31

..............

United

States

380,000

394,369

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Semiconductors

#### &

#### Semiconductor

#### Equipment
(continued)

b

Foundry

JV

Holdco

LLC,

(continued)

Senior

Secured

Note

,

144A,

6.15 %

,

1/25/32

.............

United

States

2,424,000

$

2,586,284

Senior

Secured

Note

,

144A,

5.9 %

,

1/25/33

..............

United

States

575,000

605,772

Intel

Corp.

,

Senior

Bond

,

4.15 %

,

8/05/32

..................

United

States

2,075,000

2,005,165

Marvell

Technology,

Inc.

,

Senior

Note

,

5.75 %

,

2/15/29

.........................

United

States

400,000

417,782

Senior

Note

,

4.75 %

,

7/15/30

.........................

United

States

265,000

268,287

Senior

Note

,

5.95 %

,

9/15/33

.........................

United

States

368,000

393,502

11,897,269

#### Software

#### 0.5%
Oracle

Corp.

,

Senior

Bond

,

2.875 %

,

3/25/31

........................

United

States

2,090,000

1,905,698

Senior

Bond

,

4.3 %

,

7/08/34

..........................

United

States

923,000

865,395

Senior

Bond

,

3.65 %

,

3/25/41

.........................

United

States

517,000

401,730

Senior

Bond

,

%

,

11/15/47

..........................

United

States

41,000

30,639

Senior

Note

,

4.45 %

,

9/26/30

.........................

United

States

745,000

739,020

Senior

Note

,

4.8 %

,

9/26/32

..........................

United

States

1,000,000

989,992

Synopsys,

Inc.

,

Senior

Bond

,

5.15 %

,

4/01/35

.........................

United

States

1,265,000

1,285,541

Senior

Bond

,

5.7 %

,

4/01/55

..........................

United

States

90,000

90,994

6,309,009

#### Specialized

#### REITs

#### 0.7%
American

Tower

Corp.

,

Senior

Bond

,

3.95 %

,

3/15/29

.........................

United

States

925,000

916,279

Senior

Bond

,

3.8 %

,

8/15/29

..........................

United

States

600,000

589,215

Senior

Bond

,

2.9 %

,

1/15/30

..........................

United

States

481,000

454,264

Senior

Bond

,

2.7 %

,

4/15/31

..........................

United

States

1,670,000

1,524,938

Senior

Note

,

5.5 %

,

3/15/28

..........................

United

States

225,000

231,508

Crown

Castle,

Inc.

,

Senior

Bond

,

3.65 %

,

9/01/27

.........................

United

States

505,000

499,942

Senior

Bond

,

3.8 %

,

2/15/28

..........................

United

States

125,000

123,694

Senior

Note

,

4.9 %

,

9/01/29

..........................

United

States

3,825,000

3,881,593

EPR

Properties

,

Senior

Bond

,

4.5 %

,

6/01/27

...............

United

States

144,000

144,049

Equinix,

Inc.

,

Senior

Bond

,

3.2 %

,

11/18/29

................

United

States

760,000

729,458

9,094,940

#### Specialty

#### Retail

#### 0.1%
Dick's

Sporting

Goods,

Inc.

,

Senior

Bond

,

3.15 %

,

1/15/32

.........................

United

States

325,000

298,501

Senior

Bond

,

4.1 %

,

1/15/52

..........................

United

States

1,960,000

1,463,655

1,762,156

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.1%
Hewlett

Packard

Enterprise

Co.

,

Senior

Note

,

4.55 %

,

10/15/29

........................

United

States

435,000

437,609

Senior

Note

,

4.85 %

,

10/15/31

........................

United

States

1,506,000

1,522,086

1,959,695

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.1%
PVH

Corp.

,

Senior

Note

,

5.5 %

,

6/13/30

...................

United

States

104,000

105,973

Tapestry,

Inc.

,

Senior

Bond

,

3.05 %

,

3/15/32

.........................

United

States

319,000

288,457

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods
(continued)

Tapestry,

Inc.,

(continued)

Senior

Bond

,

5.5 %

,

3/11/35

..........................

United

States

824,000

$

839,559

Senior

Note

,

5.1 %

,

3/11/30

..........................

United

States

691,000

708,073

1,942,062

#### Tobacco

#### 0.4%
BAT

Capital

Corp.

,

Senior

Note

,

4.625 %

,

3/22/33

...........

United

Kingdom

1,540,000

1,521,883

Philip

Morris

International,

Inc.

,

Senior

Note

,

5.125 %

,

2/15/30

........................

United

States

2,013,000

2,078,617

Senior

Note

,

4.75 %

,

11/01/31

........................

United

States

2,460,000

2,503,896

6,104,396

#### Trading

#### Companies

#### &

#### Distributors

#### 0.6%
Air

Lease

Corp.

,

Senior

Note

,

5.85 %

,

12/15/27

.............

United

States

805,000

827,626

b

Aircastle

Ltd.

,

Senior

Note

,

144A,

6.5 %

,

7/18/28

............

United

States

3,265,000

3,430,978

b

Aviation

Capital

Group

LLC

,

Senior

Note

,

144A,

5.375 %

,

7/15/29

...................

United

States

1,920,000

1,965,537

Senior

Note

,

144A,

5.125 %

,

4/10/30

...................

United

States

770,000

781,939

7,006,080

#### Wireless

#### Telecommunication

#### Services

#### 0.8%
Rogers

Communications,

Inc.

,

Senior

Note

,

%

,

2/15/29

...........................

Canada

740,000

753,694

Senior

Note

,

3.8 %

,

3/15/32

..........................

Canada

2,653,000

2,501,380

Sub.

Bond

,

7.125%

to

4/14/35,

FRN

thereafter

,

4/15/55

.....

Canada

790,000

845,921

NC5

,

Sub.

Bond

,

7%

to

4/14/30,

FRN

thereafter

,

4/15/55

....

Canada

1,570,000

1,643,560

T-Mobile

USA,

Inc.

,

Senior

Bond

,

5.05 %

,

7/15/33

.........................

United

States

497,000

505,588

Senior

Bond

,

4.95 %

,

11/15/35

........................

United

States

1,940,000

1,927,323

Senior

Note

,

2.05 %

,

2/15/28

.........................

United

States

595,000

568,443

Senior

Note

,

3.375 %

,

4/15/29

........................

United

States

460,000

447,213

Senior

Note

,

5.125 %

,

5/15/32

........................

United

States

1,410,000

1,449,883

Senior

Note

,

6.7 %

,

12/15/33

.........................

United

States

1,050,000

1,174,909

11,817,914

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 384,473,874

####)
...................................

#### 393,279,269

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 35.6%
U.S.

Treasury

Bonds

,

4.375 %,

11/15/39

.................................

United

States

91,910,000

91,716,127

4.25 %,

11/15/40

..................................

United

States

690,000

674,475

2.375 %,

2/15/42

..................................

United

States

4,520,000

3,380,730

3.375 %,

8/15/42

..................................

United

States

16,480,000

14,166,363

3.375 %,

11/15/48

.................................

United

States

690,000

559,924

2.875 %,

5/15/52

..................................

United

States

66,010,000

47,622,605

%,

8/15/52

.....................................

United

States

11,530,000

8,525,444

U.S.

Treasury

Notes

,

0.5 %,

2/28/26

....................................

United

States

4,410,000

4,362,085

4.125 %,

2/28/27

..................................

United

States

170,000

170,993

3.875 %,

5/31/27

..................................

United

States

12,180,000

12,223,772

1.875 %,

2/28/29

..................................

United

States

90,630,000

85,710,845

2.375 %,

3/31/29

..................................

United

States

20,870,000

20,039,684

4.125 %,

2/29/32

..................................

United

States

5,290,000

5,375,239

%,

2/15/34

.....................................

United

States

34,280,000

34,310,798

4.25 %,

11/15/34

..................................

United

States

64,320,000

65,308,668

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities
(continued)

U.S.

Treasury

Notes,

(continued)

4.625 %,

2/15/35

..................................

United

States

69,140,000

$

72,137,868

4.25 %,

8/15/35

...................................

United

States

27,250,000

27,592,754

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 493,443,687

####)
..............

#### 493,878,374

#### Asset-Backed

#### Securities

#### 7.1%

#### Automobiles

#### 0.1%
Volkswagen

Auto

Loan

Enhanced

Trust

,

2025-1

,

A2A

,

4.51 %

,

1/20/28

.

.........................................

United

States

1,132,846

1,135,074

#### Banks

#### 0.0%

#### †
Capital

One

Multi-Asset

Execution

Trust

,

2023-A1

,

A

,

4.42 %

,

5/15/28

.

.........................................

United

States

500,000

501,008

#### Capital

#### Markets

#### 0.2%
b

,f

Magnetite

XL

Ltd.

,

2024-40A

,

A1

,

144A,

FRN

,

5.355 %

,

(3-month

SOFR

+

1.45 %),

7/15/37

.

............................

United

States

3,200,000

3,214,547

#### Consumer

#### Finance

#### 1.1%
Capital

One

Prime

Auto

Receivables

Trust

,

2024-1

,

A2A

,

4.61 %

,

10/15/27

........................

United

States

713,650

714,639

e

2025-1

,

A3

,

3.85 %

,

7/15/30

..........................

United

States

2,013,000

2,016,032

GM

Financial

Consumer

Automobile

Receivables

Trust

,

2023-3

,

A3

,

5.45 %

,

6/16/28

.

................................

United

States

1,330,162

1,339,752

Harley-Davidson

Motorcycle

Trust

,

2023-B

,

A3

,

5.69 %

,

8/15/28

.

United

States

657,074

662,188

Hyundai

Auto

Receivables

Trust

,

2023-B

,

A3

,

5.48 %

,

4/17/28

..........................

United

States

1,322,951

1,332,548

f

2025-C

,

A2B

,

FRN

,

4.584 %

,

(30-day

SOFR

Average

+

0.35 %),

7/17/28

.........................................

United

States

4,908,000

4,911,598

Toyota

Auto

Receivables

Owner

Trust

,

2023-B

,

A3

,

4.71 %

,

2/15/28

..........................

United

States

173,916

174,519

2023-C

,

A3

,

5.16 %

,

4/17/28

..........................

United

States

402,022

404,383

f

2025-D

,

A2B

,

FRN

,

4.497 %

,

(30-day

SOFR

Average

+

0.32 %),

8/15/28

.........................................

United

States

1,848,000

1,848,568

World

Omni

Auto

Receivables

Trust

,

2024-A

,

A3

,

4.86 %

,

3/15/29

.

United

States

481,083

483,532

13,887,759

a

a

a

a

a

a

#### Financial

#### Services

#### 5.7%
b

,f

Allegro

CLO

XII

Ltd.

,

2020-1A

,

A1R

,

144A,

FRN

,

5.31 %

,

(3-month

SOFR

+

1.44 %),

7/21/37

.

............................

United

States

450,000

451,115

b

,f

Angel

Oak

Mortgage

Trust

,

2025-HB1

,

A1

,

144A,

FRN

,

5.983 %

,

(30-day

SOFR

Average

+

1.8 %),

2/25/55

.

................

United

States

645,363

650,076

b

,f

Apex

Credit

CLO

LLC

,

2021-2A

,

A1AR

,

144A,

FRN

,

5.064 %

,

(3-month

SOFR

+

1.18 %),

10/20/34

.

...................

United

States

5,650,000

5,648,587

b

,f

Apidos

CLO

XXXIV

,

2020-34A

,

A1R

,

144A,

FRN

,

5.296 %

,

(3-month

SOFR

+

1.412 %),

1/20/35

.

...................

United

States

2,310,000

2,312,861

b

,f

Bain

Capital

Credit

CLO

Ltd.

,

2022-2A

,

A1R

,

144A,

FRN

,

5.007 %

,

(3-month

SOFR

+

1.15 %),

4/22/35

.

....................

United

States

500,000

500,473

b

Bank

of

America

Auto

Trust

,

2023-2A

,

A4

,

144A,

5.66 %

,

11/15/29

.

United

States

1,075,000

1,094,398

b

Bayview

Opportunity

Master

Fund

VII

Trust

,

2023-1A

,

A

,

144A,

6.93 %

,

10/28/60

.

..................................

United

States

295,139

303,569

b

,f

BDS

Ltd.

,

2021-FL10

,

A

,

144A,

FRN

,

5.488 %

,

(1-month

SOFR

+

1.464 %),

12/16/36

.

.................................

United

States

117,362

117,471

b

,f

Beechwood

Park

CLO

Ltd.

,

2019-1A

,

A2RR

,

144A,

FRN

,

Zero

Cpn.,

(3-month

SOFR

+

1.33 %),

1/17/35

.

................

Jersey

2,750,000

2,750,000

b

,f

Birch

Grove

CLO

Ltd.

,

2021-2A

,

A1R

,

144A,

FRN

,

5.284 %

,

(3-month

SOFR

+

1.4 %),

10/19/37

.

....................

United

States

700,000

702,297

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b

,f

Birch

Grove

CLO

Ltd.

,

2024-8A

,

A1

,

144A,

FRN

,

5.514 %

,

(3-month

SOFR

+

1.63 %),

4/20/37

.

....................

Jersey

750,000

$

753,604

b

,f

Black

Diamond

CLO

Ltd.

,

2021-1A

,

A1AR

,

144A,

FRN

,

5.107 %

,

(3-month

SOFR

+

1.25 %),

11/22/34

.

....................

United

States

250,000

250,296

BMW

Vehicle

Owner

Trust

,

2023-A

,

A3

,

5.47 %

,

2/25/28

.

......

United

States

262,023

263,711

b

BRAVO

Residential

Funding

Trust

,

2024-CES1

,

A1A

,

144A,

6.377 %

,

4/25/54

................

United

States

1,865,511

1,890,912

f

2025-HE1

,

A1

,

144A,

FRN

,

5.533 %

,

(30-day

SOFR

Average

+

1.35 %),

9/25/72

...................................

United

States

1,534,245

1,535,392

b

,f

Cathedral

Lake

VIII

Ltd.

,

2021-8A

,

A1

,

144A,

FRN

,

5.366 %

,

(3-month

SOFR

+

1.482 %),

1/20/35

.

...................

United

States

1,540,000

1,541,867

b

Chase

Auto

Owner

Trust

,

2022-AA

,

A4

,

144A,

3.99 %

,

3/27/28

....................

United

States

180,000

179,966

2025-1A

,

A3

,

144A,

4.29 %

,

6/25/30

....................

United

States

1,352,000

1,361,806

b

,f

CIFC

Funding

Ltd.

,

2020-1A

,

A1R

,

144A,

FRN

,

5.316 %

,

(3-month

SOFR

+

1.412 %),

7/15/36

..................................

United

States

2,720,000

2,723,385

2021-4A

,

AR

,

144A,

FRN

,

5.22 %

,

(3-month

SOFR

+

1.36 %),

7/23/37

.........................................

United

States

500,000

501,387

b

Citizens

Auto

Receivables

Trust

,

2024-1

,

A3

,

144A,

5.11 %

,

4/17/28

.

.........................................

United

States

3,425,167

3,442,769

b

Compass

Datacenters

Issuer

II

LLC

,

2024-2A

,

A1

,

144A,

5.022 %

,

8/25/49

...................

United

States

2,072,000

2,083,360

e

2025-2A

,

A1

,

144A,

4.926 %

,

11/25/50

..................

United

States

2,972,000

2,982,233

b

,f

Crown

Point

CLO

Ltd.

,

2021-10A

,

A

,

144A,

FRN

,

5.316 %

,

(3-month

SOFR

+

1.432 %),

7/20/34

.

...................

United

States

500,000

500,553

b

,f

Danby

Park

CLO

Ltd.

,

2022-1A

,

AR

,

144A,

FRN

,

5.23 %

,

(3-month

SOFR

+

1.36 %),

10/21/37

.

...........................

Jersey

2,510,000

2,517,167

b

,f

Diameter

Capital

CLO

Ltd.

,

2024-7A

,

A1A

,

144A,

FRN

,

5.364 %

,

(3-month

SOFR

+

1.48 %),

7/20/37

.

....................

United

States

500,000

502,287

b

,f

Elevation

CLO

Ltd.

,

2018-10A

,

AR

,

144A,

FRN

,

4.804 %

,

(3-month

SOFR

+

0.92 %),

10/20/31

........................................

United

States

247,410

247,680

2021-13A

,

A1R

,

144A,

FRN

,

4.965 %

,

(3-month

SOFR

+

1.06 %),

7/15/34

...................................

United

States

500,000

500,294

b

,f

Elmwood

CLO

Ltd.

,

2024-9RA

,

AR

,

144A,

FRN

,

5.25 %

,

(3-month

SOFR

+

1.38 %),

10/21/37

.

...................

United

States

750,000

752,132

b

,f

Elmwood

CLO

I

Ltd.

,

2019-1A

,

A1RR

,

144A,

FRN

,

5.404 %

,

(3-month

SOFR

+

1.52 %),

4/20/37

.

....................

United

States

1,000,000

1,003,976

b

,f

Elmwood

CLO

III

Ltd.

,

2019-3A

,

A1RR

,

144A,

FRN

,

5.264 %

,

(3-month

SOFR

+

1.38 %),

7/18/37

.

....................

United

States

850,000

852,430

b

FIGRE

Trust

,

2025-FL1

,

A1

,

144A,

5.265 %

,

7/25/55

..................

United

States

890,575

892,519

g

2025-HE3

,

A

,

144A,

FRN

,

5.56 %

,

5/25/55

...............

United

States

329,907

332,979

g

2025-HE4

,

A

,

144A,

FRN

,

5.408 %

,

7/25/55

..............

United

States

336,583

338,507

f

Ford

Credit

Auto

Owner

Trust

,

2025-B

,

A2B

,

FRN

,

4.534 %

,

(30-

day

SOFR

Average

+

0.3 %),

6/15/28

.

...................

United

States

531,000

530,935

b

GM

Financial

Revolving

Receivables

Trust

,

2024-1

,

A

,

144A,

4.98 %

,

12/11/36

.

..................................

United

States

1,868,000

1,921,087

b

,f

GoldenTree

Loan

Management

US

CLO

Ltd.

,

2021-9A

,

AR

,

144A,

FRN

,

5.384 %

,

(3-month

SOFR

+

1.5 %),

4/20/37

.

.....

United

States

800,000

803,880

b

,f

HalseyPoint

CLO

Ltd.

,

2020-3A

,

A1R

,

144A,

FRN

,

5.318 %

,

(3-month

SOFR

+

1.48 %),

7/30/37

.

....................

United

States

3,152,000

3,166,428

Honda

Auto

Receivables

Owner

Trust

,

2023-3

,

A3

,

5.41 %

,

2/18/28

.

.........................................

United

States

1,088,008

1,096,165

b

,f

ICG

US

CLO

Ltd.

,

2017-1A

,

ARR

,

144A,

FRN

,

5.291 %

,

(3-month

SOFR

+

1.432 %),

7/28/34

.

...........................

United

States

1,000,000

1,000,489

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b

,f

J.P.

Morgan

Mortgage

Trust

,

2023-HE1

,

A1

,

144A,

FRN

,

5.934 %

,

(30-day

SOFR

Average

+

1.75 %),

11/25/53

..................................

United

States

139,884

$

140,588

2024-HE3

,

A1

,

144A,

FRN

,

5.384 %

,

(30-day

SOFR

Average

+

1.2 %),

2/25/55

....................................

United

States

586,268

586,705

b

,f

Kings

Park

CLO

Ltd.

,

2021-1A

,

A

,

144A,

FRN

,

5.262 %

,

(3-month

SOFR

+

1.392 %),

1/21/35

.

...........................

United

States

2,383,819

2,386,195

b

,f

KKR

CLO

Ltd.

,

2022-43A

,

A1R

,

144A,

FRN

,

5.655 %

,

(3-month

SOFR

+

1.75 %),

1/15/36

.

............................

Jersey

750,000

752,506

b

,f

KKR

CLO

Ltd.

,

2024-54A

,

A

,

144A,

FRN

,

5.225 %

,

(3-month

SOFR

+

1.32 %),

1/15/38

.

............................

United

States

2,275,000

2,284,978

b

Lendbuzz

Securitization

Trust

,

2024-3A

,

A2

,

144A,

4.97 %

,

10/15/29

.

........................................

United

States

1,290,487

1,288,370

b

,f

Madison

Park

Funding

XXX

Ltd.

,

2018-30A

,

A1R

,

144A,

FRN

,

5.254 %

,

(3-month

SOFR

+

1.36 %),

7/16/37

.

..............

United

States

1,180,000

1,184,425

b

,f

MF1

Ltd.

,

2021-FL6

,

A

,

144A,

FRN

,

5.246 %

,

(1-month

SOFR

+

1.214 %),

7/16/36

.

.................................

United

States

5,178

5,186

b

,f

Nassau

Ltd.

,

2020-1A

,

A1R

,

144A,

FRN

,

5.456 %

,

(3-month

SOFR

+

1.552 %),

1/15/35

.

................................

United

States

246,669

246,972

b

,f

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

,

2022-48A

,

A2R

,

144A,

FRN

,

5.308 %

,

(3-month

SOFR

+

1.45 %),

4/25/36

.

....

United

States

400,000

400,839

b

,f

Oaktree

CLO

Ltd.

,

2019-4A

,

ARR

,

144A,

FRN

,

5.394 %

,

(3-month

SOFR

+

1.51 %),

7/20/37

.........................................

United

States

500,000

501,603

2021-1A

,

A1R

,

144A,

FRN

,

5.255 %

,

(3-month

SOFR

+

1.35 %),

1/15/38

.........................................

United

States

938,000

939,861

b

OCCU

Auto

Receivables

Trust

,

2025-1A

,

A3

,

144A,

4.81 %

,

11/15/29

.

........................................

United

States

561,000

564,657

b

,f

OHA

Loan

Funding

Ltd.

,

2016-1A

,

A1R2

,

144A,

FRN

,

5.344 %

,

(3-month

SOFR

+

1.46 %),

7/20/37

.

....................

United

States

2,043,000

2,052,324

b

PK

Alift

Loan

Funding

LP

,

2025-2

,

A

,

144A,

4.75 %

,

3/15/43

.

..

United

States

618,000

620,148

b

,f

PRMI

Securitization

Trust

,

2024-CMG1

,

A1

,

144A,

FRN

,

5.765 %

,

(30-day

SOFR

Average

+

1.45 %),

7/25/54

.

...............

United

States

612,452

614,167

b

,f

RR

Ltd.

,

2021-14A

,

A1

,

144A,

FRN

,

5.286 %

,

(3-month

SOFR

+

1.382 %),

4/15/36

.

................................

United

States

1,000,000

1,001,650

b

,f

Signal

Peak

CLO

Ltd.

,

2018-5A

,

A1R

,

144A,

FRN

,

5.408 %

,

(3-month

SOFR

+

1.55 %),

4/25/37

.

....................

United

States

600,000

602,905

b

,f

Sound

Point

CLO

XXXII

Ltd.

,

2021-4A

,

A

,

144A,

FRN

,

5.27 %

,

(3-month

SOFR

+

1.412 %),

10/25/34

.

..................

United

States

500,000

500,598

b

,f

Symphony

CLO

XXIII

Ltd.

,

2020-23A

,

AR2

,

144A,

FRN

,

4.805 %

,

(3-month

SOFR

+

0.9 %),

1/15/34

.

.....................

United

States

1,517,718

1,518,558

b

Towd

Point

Mortgage

Trust

,

2024-CES4

,

A1

,

144A,

5.122 %

,

9/25/64

.................

United

States

326,646

326,924

f

2025-HE1

,

A1A

,

144A,

FRN

,

5.533 %

,

(30-day

SOFR

Average

+

1.35 %),

7/25/65

...................................

United

States

797,185

797,902

b

,f

Trinitas

CLO

XV

Ltd.

,

2021-15A

,

A1R

,

144A,

FRN

,

4.977 %

,

(3-month

SOFR

+

1.12 %),

4/22/34

.

....................

United

States

2,900,000

2,902,999

b

,f

Trinitas

CLO

XVII

Ltd.

,

2021-17A

,

B1R

,

144A,

FRN

,

5.534 %

,

(3-month

SOFR

+

1.65 %),

10/20/34

.

...................

United

States

3,000,000

3,006,906

b

,f

Venture

XV

CLO

Ltd.

,

2013-15A

,

AR3

,

144A,

FRN

,

5.346 %

,

(3-month

SOFR

+

1.442 %),

7/15/32

.

...................

United

States

247,785

247,979

b

,f

Venture

XXVII

CLO

Ltd.

,

2017-27A

,

BR

,

144A,

FRN

,

5.746 %

,

(3-month

SOFR

+

1.862 %),

7/20/30

.

...................

United

States

350,000

350,584

b

,f

Warwick

Capital

CLO

Ltd.

,

2024-3A

,

A1

,

144A,

FRN

,

5.534 %

,

(3-month

SOFR

+

1.65 %),

4/20/37

.

....................

Jersey

800,000

803,598

b

,f

Wise

CLO

Ltd.

,

2023-2A

,

A

,

144A,

FRN

,

5.705 %

,

(3-month

SOFR

+

1.8 %),

1/15/37

.........................................

United

States

1,000,000

1,005,401

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,f

Wise

CLO

Ltd.,

(continued)

2024-2A

,

A

,

144A,

FRN

,

5.365 %

,

(3-month

SOFR

+

1.46 %),

7/15/37

.........................................

United

States

750,000

$

751,312

79,387,883

a

a

a

a

a

a

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $

#### 97,944,804

####)
.............................

#### 98,126,271

#### Commercial

#### Mortgage-Backed

#### Securities

#### 4.7%

#### Financial

#### Services

#### 4.7%
b

,f

AREIT

Trust

,

2022-CRE6

,

A

,

144A,

FRN

,

5.431 %

,

(30-day

SOFR

Average

+

1.25 %),

1/20/37

...........................

United

States

310,364

310,631

g

Banc

of

America

Commercial

Mortgage

Trust

,

2015-UBS7

,

B

,

FRN

,

4.273 %

,

9/15/48

..............................

United

States

2,908,000

2,810,811

BANK

,

g,h

2017-BNK9

,

XA

,

IO,

FRN

,

0.751 %

,

11/15/54

.............

United

States

35,279,162

455,394

g,h

2018-BN10

,

XA

,

IO,

FRN

,

0.684 %

,

2/15/61

..............

United

States

37,382,869

477,712

2019-BN18

,

A2

,

3.474 %

,

5/15/62

......................

United

States

1,209,000

1,179,398

g

,h

BANK5

Trust

,

2024-5YR10

,

XA

,

IO,

FRN

,

1.189 %

,

10/15/57

.............

United

States

17,514,436

706,909

2024-5YR12

,

XA

,

IO,

FRN

,

0.497 %

,

12/15/57

.............

United

States

113,280,718

2,102,666

Barclays

Commercial

Mortgage

Trust

,

2019-C3

,

A2

,

3.438 %

,

5/15/52

........................

United

States

1,468,740

1,447,872

2019-C5

,

C

,

3.71 %

,

11/15/52

.........................

United

States

3,072,000

2,720,316

BBCMS

Mortgage

Trust

,

g

2023-C21

,

A3

,

FRN

,

6.296 %

,

9/15/56

...................

United

States

1,014,000

1,086,432

g,h

2024-5C29

,

XA

,

IO,

FRN

,

1.599 %

,

9/15/57

...............

United

States

28,233,488

1,506,962

g,h

2024-5C31

,

XA

,

IO,

FRN

,

1.061 %

,

12/15/57

..............

United

States

15,165,331

580,021

2025-5C37

,

AS

,

5.382 %

,

9/15/58

......................

United

States

1,752,000

1,791,325

Benchmark

Mortgage

Trust

,

2019-B13

,

A2

,

2.889 %

,

8/15/57

.......................

United

States

3,053,609

2,944,642

2019-B14

,

A2

,

2.915 %

,

12/15/62

......................

United

States

984,204

951,872

2020-B17

,

A2

,

2.211 %

,

3/15/53

.......................

United

States

2,693,160

2,547,970

g

,h

BMO

Mortgage

Trust

,

2024-5C8

,

XA

,

IO,

FRN

,

1.021 %

,

12/15/57

United

States

18,567,652

681,843

g

,h

Cantor

Commercial

Real

Estate

Lending

LP

,

2019-CF3

,

XA

,

IO,

FRN

,

0.685 %

,

1/15/53

..............................

United

States

8,381,070

195,508

CD

Mortgage

Trust

,

2016-CD1

,

A4

,

2.724 %

,

8/10/49

.........

United

States

1,350,000

1,322,924

CFCRE

Commercial

Mortgage

Trust

,

2016-C3

,

A3

,

3.865 %

,

1/10/48

........................

United

States

70,871

70,773

g,h

2016-C4

,

XA

,

IO,

FRN

,

1.498 %

,

5/10/58

.................

United

States

4,063,865

9,459

Citigroup

Commercial

Mortgage

Trust

,

g

2016-P6

,

A5

,

FRN

,

3.72 %

,

12/10/49

....................

United

States

423,000

413,968

2020-GC46

,

A2

,

2.708 %

,

2/15/53

......................

United

States

993,911

953,932

COMM

Mortgage

Trust

,

g

2014-CR14

,

B

,

FRN

,

3.554 %

,

2/10/47

..................

United

States

307,934

301,198

g

2014-CR17

,

C

,

FRN

,

4.781 %

,

5/10/47

..................

United

States

989,000

914,350

2014-UBS4

,

AM

,

3.968 %

,

8/10/47

.....................

United

States

1,075,702

1,028,059

g,h

2014-UBS4

,

XA

,

IO,

FRN

,

0.744 %

,

8/10/47

..............

United

States

1,173,898

3,955

2015-DC1

,

AM

,

3.724 %

,

2/10/48

......................

United

States

1,846,302

1,817,075

g

2015-LC19

,

C

,

FRN

,

4.064 %

,

2/10/48

..................

United

States

341,777

330,138

CSAIL

Commercial

Mortgage

Trust

,

g

2015-C1

,

AS

,

FRN

,

3.791 %

,

4/15/50

...................

United

States

669,642

665,786

g,h

2015-C1

,

XA

,

IO,

FRN

,

0.039 %

,

4/15/50

.................

United

States

1,167,839

g

2015-C2

,

B

,

FRN

,

4.208 %

,

6/15/57

....................

United

States

755,777

730,041

2016-C6

,

AS

,

3.346 %

,

1/15/49

........................

United

States

458,000

450,739

2017-CX10

,

A3

,

3.398 %

,

11/15/50

.....................

United

States

973,667

971,942

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

CSAIL

Commercial

Mortgage

Trust,

(continued)

g

2019-C17

,

C

,

FRN

,

3.934 %

,

9/15/52

...................

United

States

213,000

$

173,168

2019-C18

,

A2

,

2.845 %

,

12/15/52

......................

United

States

1,219,115

1,186,607

g

CSMC

Trust

,

2016-NXSR

,

AS

,

FRN

,

4.049 %

,

12/15/49

.......

United

States

651,000

636,994

b

,e

,g

CSTL

Commercial

Mortgage

Trust

,

2025-GATE2

,

A

,

144A,

FRN

,

4.59 %

,

11/10/42

...................................

United

States

2,083,000

2,085,604

b

,g

DBUBS

Mortgage

Trust

,

2011-LC3A

,

D

,

144A,

FRN

,

5.351 %

,

8/10/44

.........................................

United

States

1,085,549

1,050,912

GS

Mortgage

Securities

Trust

,

g

2014-GC24

,

AS

,

FRN

,

4.162 %

,

9/10/47

.................

United

States

344,235

335,453

g

2016-GS2

,

B

,

FRN

,

3.759 %

,

5/10/49

...................

United

States

544,000

538,982

g,h

2019-GC38

,

XA

,

IO,

FRN

,

1.006 %

,

2/10/52

..............

United

States

34,224,603

946,457

2019-GC42

,

A2

,

2.933 %

,

9/10/52

......................

United

States

1,924,864

1,873,787

b

,g

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

2007-CB20

,

E

,

144A,

FRN

,

8.284 %

,

2/12/51

.............

United

States

10,607

14,673

2012-LC9

,

D

,

144A,

FRN

,

3.57 %

,

12/15/47

..............

United

States

327,000

311,401

g

JPMBB

Commercial

Mortgage

Securities

Trust

,

2014-C23

,

B

,

FRN

,

4.537 %

,

9/15/47

...................

United

States

1,245,000

1,208,832

h

2014-C24

,

XA

,

IO,

FRN

,

0.705 %

,

11/15/47

...............

United

States

4,658,270

JPMCC

Commercial

Mortgage

Securities

Trust

,

2019-COR5

,

A2

,

3.15 %

,

6/13/52

...................................

United

States

1,155,862

1,143,239

g

JPMDB

Commercial

Mortgage

Securities

Trust

,

2018-C8

,

C

,

FRN

,

4.756 %

,

6/15/51

...................................

United

States

358,000

323,960

b

LSTAR

Commercial

Mortgage

Trust

,

2017-5

,

A5

,

144A,

3.549 %

,

3/10/50

.........................................

United

States

1,537,000

1,511,329

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

b,g

2012-C5

,

E

,

144A,

FRN

,

4.638 %

,

8/15/45

...............

United

States

272,552

267,602

g

2013-C10

,

B

,

FRN

,

3.953 %

,

7/15/46

...................

United

States

1,302,816

1,237,688

b,g

2013-C10

,

F

,

144A,

FRN

,

3.953 %

,

7/15/46

...............

United

States

1,661,000

181,612

g

2015-C22

,

B

,

FRN

,

3.883 %

,

4/15/48

...................

United

States

506,000

477,067

g

2015-C22

,

C

,

FRN

,

3.97 %

,

4/15/48

....................

United

States

910,000

806,295

g

2015-C26

,

AS

,

FRN

,

3.885 %

,

10/15/48

.................

United

States

120,232

119,885

2015-C27

,

AS

,

4.068 %

,

12/15/47

......................

United

States

703,138

698,904

g

2016-C32

,

AS

,

FRN

,

3.994 %

,

12/15/49

.................

United

States

983,000

971,350

Morgan

Stanley

Capital

I

Trust

,

2016-BNK2

,

A4

,

3.049 %

,

11/15/49

.....................

United

States

875,000

854,440

g,h

2016-UB12

,

XA

,

IO,

FRN

,

0.624 %

,

12/15/49

.............

United

States

19,125,890

66,598

g

2018-L1

,

C

,

FRN

,

4.794 %

,

10/15/51

....................

United

States

1,050,056

972,305

b

,f

SHRN

Trust

,

2025-MF18

,

A

,

144A,

FRN

,

5.3 %

,

(1-month

SOFR

+

1.2 %),

10/15/40

...................................

United

States

1,900,000

1,902,468

UBS

Commercial

Mortgage

Trust

,

2017-C1

,

AS

,

3.724 %

,

6/15/50

........................

United

States

472,000

461,339

g,h

2017-C7

,

XA

,

IO,

FRN

,

0.97 %

,

12/15/50

.................

United

States

12,075,146

206,792

2018-C10

,

A4

,

4.313 %

,

5/15/51

.......................

United

States

366,000

363,955

2018-C14

,

A4

,

4.448 %

,

12/15/51

......................

United

States

681,000

680,920

g,h

2018-C8

,

XA

,

IO,

FRN

,

0.807 %

,

2/15/51

.................

United

States

25,369,796

388,904

g

2019-C16

,

B

,

FRN

,

4.32 %

,

4/15/52

....................

United

States

727,000

674,863

g

,h

Wachovia

Bank

Commercial

Mortgage

Trust

,

2006-C29

,

IO,

FRN

,

0.293 %

,

11/15/48

..................................

United

States

37,697

Wells

Fargo

Commercial

Mortgage

Trust

,

2015-C31

,

AS

,

4.049 %

,

11/15/48

......................

United

States

203,714

203,139

g

2016-C33

,

B

,

FRN

,

4.506 %

,

3/15/59

...................

United

States

1,187,000

1,177,725

2017-C39

,

B

,

4.025 %

,

9/15/50

........................

United

States

1,077,000

1,019,050

2017-RC1

,

AS

,

3.844 %

,

1/15/60

.......................

United

States

762,000

749,262

g,h

2018-C43

,

XA

,

IO,

FRN

,

0.568 %

,

3/15/51

................

United

States

26,882,895

318,863

2019-C50

,

AS

,

4.021 %

,

5/15/52

.......................

United

States

427,000

412,985

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

Wells

Fargo

Commercial

Mortgage

Trust,

(continued)

2019-C52

,

A5

,

2.892 %

,

8/15/52

.......................

United

States

261,000

$

246,257

g,h

2024-5C2

,

XA

,

IO,

FRN

,

0.543 %

,

11/15/57

...............

United

States

40,448,146

792,860

g,h

2025-5C3

,

XA

,

IO,

FRN

,

0.818 %

,

1/15/58

................

United

States

15,429,890

472,425

b

,g

WFRBS

Commercial

Mortgage

Trust

,

2011-C4

,

D

,

144A,

FRN

,

4.984 %

,

6/15/44

...................................

United

States

238,482

231,528

64,781,218

a

a

a

a

a

a

#### Total

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 65,598,074

####)
..............

#### 64,781,218

#### Mortgage-Backed

#### Securities

#### 29.0%

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate

#### 1.8%
FHLMC

Pool,

Year

,

%,

9/01/35

......................

United

States

563,360

522,008

FHLMC

Pool,

Year

,

%,

3/01/51

-

1/01/52

...............

United

States

3,750,526

3,066,267

FHLMC

Pool,

Year

,

2.5 %,

10/01/50

-

4/01/52

............

United

States

6,112,290

5,306,751

FHLMC

Pool,

Year

,

%,

8/01/50

-

3/01/52

...............

United

States

2,300,057

2,077,901

FHLMC

Pool,

Year

,

3.5 %,

7/01/52

.....................

United

States

8,498,889

7,859,234

FHLMC

Pool,

Year

,

%,

4/01/52

......................

United

States

775,459

739,883

FHLMC

Pool,

Year

,

4.5 %,

2/01/53

.....................

United

States

280,179

275,330

FHLMC

Pool,

Year

,

5.5 %,

7/01/49

-

11/01/53

............

United

States

3,849,308

3,936,286

FHLMC

Pool,

Year

,

%,

5/01/53

......................

United

States

997,115

1,034,092

FHLMC

Pool,

Year

,

6.5 %,

5/01/53

.....................

United

States

35,052

36,357

24,854,109

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 21.4%
FNMA,

Year

,

%,

3/01/37

...........................

United

States

2,303,532

2,138,512

FNMA,

Year

,

%,

9/01/50

-

3/01/52

....................

United

States

9,454,266

7,755,095

FNMA,

Year

,

2.5 %,

3/01/51

-

3/01/52

..................

United

States

2,188,907

1,900,724

FNMA,

Year

,

%,

9/01/50

-

4/01/51

....................

United

States

1,637,388

1,469,418

FNMA,

Year

,

3.5 %,

7/01/50

-

4/01/52

..................

United

States

4,694,918

4,370,433

FNMA,

Year

,

%,

5/01/52

-

5/01/53

....................

United

States

2,507,304

2,402,267

FNMA,

Year

,

4.5 %,

1/01/53

-

5/01/53

..................

United

States

2,414,057

2,379,446

FNMA,

Year

,

%,

1/01/49

-

8/01/49

....................

United

States

61,197

61,986

FNMA,

Year

,

5.5 %,

4/01/50

-

9/01/53

..................

United

States

1,635,060

1,677,801

FNMA,

Year

,

5.5 %,

11/01/53

.........................

United

States

6,649,282

6,784,361

FNMA,

Year

,

%,

4/01/53

-

10/01/53

...................

United

States

2,565,419

2,669,487

FNMA,

Year

,

6.5 %,

4/01/53

-

7/01/54

..................

United

States

1,356,701

1,412,251

i

Uniform

Mortgage-Backed

Securities

,

1.5 %

,

TBA,

11/25/40

....

United

States

5,500,000

4,928,850

i

Uniform

Mortgage-Backed

Securities

,

%

,

TBA,

11/25/40

.....

United

States

7,500,000

6,905,144

i

Uniform

Mortgage-Backed

Securities

,

%

,

TBA,

11/25/55

.....

United

States

51,500,000

41,777,635

i

Uniform

Mortgage-Backed

Securities

,

2.5 %

,

TBA,

11/25/40

....

United

States

2,500,000

2,352,483

i

Uniform

Mortgage-Backed

Securities

,

2.5 %

,

TBA,

11/25/55

....

United

States

43,000,000

36,514,695

i

Uniform

Mortgage-Backed

Securities

,

%

,

TBA,

11/25/55

.....

United

States

17,500,000

15,509,375

i

Uniform

Mortgage-Backed

Securities

,

3.5 %

,

TBA,

11/25/55

....

United

States

4,000,000

3,688,382

i

Uniform

Mortgage-Backed

Securities

,

%

,

TBA,

11/25/55

.....

United

States

10,500,000

9,963,889

i

Uniform

Mortgage-Backed

Securities

,

4.5 %

,

TBA,

11/25/40

....

United

States

500,000

499,160

i

Uniform

Mortgage-Backed

Securities

,

4.5 %

,

TBA,

11/25/55

....

United

States

9,500,000

9,261,131

i

Uniform

Mortgage-Backed

Securities

,

%

,

TBA,

11/25/40

.....

United

States

3,500,000

3,534,563

i

Uniform

Mortgage-Backed

Securities

,

%

,

TBA,

11/25/55

.....

United

States

22,960,000

22,847,987

i

Uniform

Mortgage-Backed

Securities

,

5.5 %

,

TBA,

11/25/55

....

United

States

15,840,000

16,005,574

i

Uniform

Mortgage-Backed

Securities

,

%

,

TBA,

11/25/55

.....

United

States

36,000,000

36,817,676

i

Uniform

Mortgage-Backed

Securities

,

6.5 %

,

TBA,

11/25/55

....

United

States

49,000,000

50,746,409

296,374,734

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### 5.8%
GNMA

II,

Year

,

%,

6/20/50

-

4/20/52

..................

United

States

861,320

772,913

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Mortgage-Backed

#### Securities
(continued)

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate
(continued)

GNMA

II,

Year

,

5.5 %,

7/20/53

........................

United

States

815,156

$

835,743

i

GNMA

II,

Single-family,

Year

,

%,

11/15/55

..............

United

States

12,500,000

10,399,968

i

GNMA

II,

Single-family,

Year

,

2.5 %,

11/15/55

............

United

States

12,500,000

10,821,768

GNMA

II,

Single-family,

Year

,

%,

7/20/50

-

11/15/55

.......

United

States

8,072,558

7,266,517

GNMA

II,

Single-family,

Year

,

3.5 %,

10/20/49

-

11/20/49

....

United

States

67,865

61,430

i

GNMA

II,

Single-family,

Year

,

3.5 %,

11/15/55

............

United

States

6,960,000

6,372,108

GNMA

II,

Single-family,

Year

,

%,

6/20/49

-

11/15/55

.......

United

States

4,916,546

4,699,604

GNMA

II,

Single-family,

Year

,

4.5 %,

11/20/54

............

United

States

1,920,726

1,876,656

GNMA

II,

Single-family,

Year

,

4.5 %,

12/20/54

............

United

States

3,877,500

3,788,534

GNMA

II,

Single-family,

Year

,

%,

5/20/49

-

8/20/53

.......

United

States

818,974

822,086

i

GNMA

II,

Single-family,

Year

,

%,

11/15/55

..............

United

States

8,500,000

8,475,159

GNMA

II,

Single-family,

Year

,

5.5 %,

5/20/49

-

7/20/53

......

United

States

1,385,805

1,410,906

i

GNMA

II,

Single-family,

Year

,

5.5 %,

11/15/55

............

United

States

13,420,000

13,532,767

GNMA

II,

Single-family,

Year

,

%,

2/20/53

-

7/20/54

.......

United

States

4,036,422

4,176,298

GNMA

II,

Single-family,

Year

,

6.5 %,

9/20/53

-

11/15/55

.....

United

States

5,340,091

5,542,157

80,854,614

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 399,986,983

####)
.........................

#### 402,083,457

#### Residential

#### Mortgage-Backed

#### Securities

#### 6.3%

#### Financial

#### Services

#### 6.3%
b

A&D

Mortgage

Trust

,

2023-NQM2

,

A1

,

144A,

6.132 %

,

5/25/68

................

United

States

872,914

875,956

2023-NQM3

,

A1

,

144A,

6.733 %

,

7/25/68

................

United

States

1,244,270

1,254,584

2023-NQM5

,

A1

,

144A,

7.049 %

,

11/25/68

...............

United

States

3,562,017

3,612,884

2024-NQM3

,

A1

,

144A,

6.451 %

,

7/25/69

................

United

States

3,139,458

3,180,056

g

Alternative

Loan

Trust

,

2006-OA7

,

1A1

,

FRN

,

3.133 %

,

6/25/46

.

United

States

322,665

300,077

b

Angel

Oak

Mortgage

Trust

,

2024-9

,

A1

,

144A,

5.138 %

,

9/25/69

.

United

States

720,820

720,109

b

,g

Arroyo

Mortgage

Trust

,

2019-1

,

A3

,

144A,

FRN

,

4.208 %

,

1/25/49

United

States

98,082

96,190

b

BRAVO

Residential

Funding

Trust

,

2023-NQM5

,

A1

,

144A,

6.505 %

,

6/25/63

................

United

States

571,616

575,773

2023-NQM6

,

A1

,

144A,

6.602 %

,

9/25/63

................

United

States

634,702

640,556

2024-NQM2

,

A1

,

144A,

6.285 %

,

2/25/64

................

United

States

1,544,516

1,557,902

2024-NQM3

,

A1

,

144A,

6.191 %

,

3/25/64

................

United

States

1,956,729

1,977,789

2024-NQM5

,

A1

,

144A,

5.803 %

,

6/25/64

................

United

States

733,720

739,975

b

CAFL

Issuer

LP

,

2025-RRTL1

,

A1

,

144A,

5.684 %

,

5/28/40

.....

United

States

425,000

428,652

b

,f

Chase

Home

Lending

Mortgage

Trust

,

2024-10

,

A11

,

144A,

FRN

,

5.433 %

,

(30-day

SOFR

Average

+

1.25 %),

10/25/55

..................................

United

States

3,882,120

3,880,164

2025-10

,

A11

,

144A,

FRN

,

5.483 %

,

(30-day

SOFR

Average

+

1.3 %),

7/25/56

....................................

United

States

595,155

595,783

2025-3

,

A11

,

144A,

FRN

,

5.483 %

,

(30-day

SOFR

Average

+

1.3 %),

2/25/56

....................................

United

States

844,126

845,053

2025-7

,

A11

,

144A,

FRN

,

5.583 %

,

(30-day

SOFR

Average

+

1.4 %),

5/25/56

....................................

United

States

552,181

554,109

b

,g

CIM

Trust

,

2023-R4

,

A1

,

144A,

FRN

,

%

,

5/25/62

...........

United

States

385,118

384,407

b

,f

Citigroup

Mortgage

Loan

Trust

,

2025-4

,

A28

,

144A,

FRN

,

5.483 %

,

(30-day

SOFR

Average

+

1.3 %),

10/25/55

...............

United

States

925,346

925,896

b

Cross

Mortgage

Trust

,

2024-H1

,

A1

,

144A,

6.085 %

,

12/25/68

..................

United

States

3,421,464

3,451,582

2024-H4

,

A1

,

144A,

6.147 %

,

7/25/69

...................

United

States

2,951,380

2,986,591

2024-H5

,

A1

,

144A,

5.854 %

,

8/26/69

...................

United

States

807,345

813,980

b

,f

EFMT

,

2025-NQM4

,

A1F

,

144A,

FRN

,

5.383 %

,

(30-day

SOFR

Average

+

1.2 %),

9/25/70

............................

United

States

1,364,128

1,366,581

f

FHLMC

STACR

Debt

Notes

,

2017-DNA3

,

M2B

,

FRN

,

6.797 %

,

(30-day

SOFR

Average

+

2.614 %),

3/25/30

..............

United

States

306,845

313,401

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b

,f

FHLMC

STACR

REMIC

Trust

,

2021-DNA5

,

M2

,

144A,

FRN

,

5.833 %

,

(30-day

SOFR

Average

+

1.65 %),

1/25/34

.................................

United

States

101,968

$

102,207

2021-DNA6

,

M2

,

144A,

FRN

,

5.683 %

,

(30-day

SOFR

Average

+

1.5 %),

10/25/41

.................................

United

States

622,606

625,331

2021-DNA7

,

M1

,

144A,

FRN

,

5.033 %

,

(30-day

SOFR

Average

+

0.85 %),

11/25/41

.................................

United

States

83,456

83,413

2021-DNA7

,

M2

,

144A,

FRN

,

5.983 %

,

(30-day

SOFR

Average

+

1.8 %),

11/25/41

..................................

United

States

4,286,351

4,324,863

2022-DNA2

,

M1A

,

144A,

FRN

,

5.483 %

,

(30-day

SOFR

Average

+

1.3 %),

2/25/42

..................................

United

States

43,809

43,882

2022-DNA3

,

M1B

,

144A,

FRN

,

7.083 %

,

(30-day

SOFR

Average

+

2.9 %),

4/25/42

..................................

United

States

16,000

16,624

2022-DNA5

,

M1A

,

144A,

FRN

,

7.133 %

,

(30-day

SOFR

Average

+

2.95 %),

6/25/42

.................................

United

States

207,137

211,054

2022-DNA6

,

M1A

,

144A,

FRN

,

6.333 %

,

(30-day

SOFR

Average

+

2.15 %),

9/25/42

.................................

United

States

309,057

310,835

2022-DNA6

,

M1B

,

144A,

FRN

,

7.883 %

,

(30-day

SOFR

Average

+

3.7 %),

9/25/42

..................................

United

States

42,000

44,055

2022-HQA1

,

M1A

,

144A,

FRN

,

6.283 %

,

(30-day

SOFR

Average

+

2.1 %),

3/25/42

..................................

United

States

3,288

3,299

2023-DNA1

,

M1A

,

144A,

FRN

,

6.287 %

,

(30-day

SOFR

Average

+

2.1 %),

3/25/43

..................................

United

States

319,097

323,849

2023-HQA2

,

M1A

,

144A,

FRN

,

6.183 %

,

(30-day

SOFR

Average

+

%),

6/25/43

....................................

United

States

76,999

77,184

2023-HQA3

,

A1

,

144A,

FRN

,

6.033 %

,

(30-day

SOFR

Average

+

1.85 %),

11/25/43

..................................

United

States

181,445

183,280

2023-HQA3

,

M1

,

144A,

FRN

,

6.033 %

,

(30-day

SOFR

Average

+

1.85 %),

11/25/43

.................................

United

States

26,650

26,805

2024-DNA1

,

A1

,

144A,

FRN

,

5.533 %

,

(30-day

SOFR

Average

+

1.35 %),

2/25/44

...................................

United

States

203,756

204,877

2024-DNA2

,

A1

,

144A,

FRN

,

5.433 %

,

(30-day

SOFR

Average

+

1.25 %),

5/25/44

...................................

United

States

183,487

184,454

2024-DNA2

,

M2

,

144A,

FRN

,

5.883 %

,

(30-day

SOFR

Average

+

1.7 %),

5/25/44

..................................

United

States

38,000

38,263

2025-DNA1

,

A1

,

144A,

FRN

,

5.133 %

,

(30-day

SOFR

Average

+

0.95 %),

1/25/45

...................................

United

States

425,000

425,622

2025-DNA2

,

A1

,

144A,

FRN

,

5.283 %

,

(30-day

SOFR

Average

+

1.1 %),

5/25/45

....................................

United

States

376,188

377,570

2025-DNA3

,

M1

,

144A,

FRN

,

5.283 %

,

(30-day

SOFR

Average

+

1.1 %),

9/25/45

..................................

United

States

2,117,985

2,120,674

2025-DNA4

,

M1

,

144A,

FRN

,

5.287 %

,

(30-day

SOFR

Average

+

1.1 %),

10/25/45

.................................

United

States

1,181,000

1,184,691

b

,f

FHLMC

STACR

Trust

,

2019-HQA2

,

M2

,

144A,

FRN

,

6.347 %

,

(30-

day

SOFR

Average

+

2.164 %),

4/25/49

.................

United

States

3,369

3,425

f

FNMA

Connecticut

Avenue

Securities

Trust

,

2016-C01

,

1M2

,

FRN

,

11.047 %

,

(30-day

SOFR

Average

+

6.864 %),

8/25/28

..................................

United

States

1,728

1,758

2016-C01

,

2M2

,

FRN

,

11.247 %

,

(30-day

SOFR

Average

+

7.064 %),

8/25/28

..................................

United

States

4,892

4,976

2016-C02

,

1M2

,

FRN

,

10.297 %

,

(30-day

SOFR

Average

+

6.114 %),

9/25/28

..................................

United

States

8,189

8,271

2016-C03

,

2M2

,

FRN

,

10.197 %

,

(30-day

SOFR

Average

+

6.014 %),

10/25/28

.................................

United

States

19,169

19,387

2016-C07

,

2M2

,

FRN

,

8.647 %

,

(30-day

SOFR

Average

+

4.464 %),

5/25/29

..................................

United

States

267,804

274,915

2017-C02

,

2M2C

,

FRN

,

7.947 %

,

(30-day

SOFR

Average

+

3.764 %),

9/25/29

..................................

United

States

121,763

123,289

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

f

FNMA

Connecticut

Avenue

Securities

Trust,

(continued)

2017-C06

,

2M2C

,

FRN

,

7.097 %

,

(30-day

SOFR

Average

+

2.914 %),

2/25/30

..................................

United

States

47,697

$

48,495

2017-C07

,

2M2

,

FRN

,

6.797 %

,

(30-day

SOFR

Average

+

2.614 %),

5/25/30

..................................

United

States

12,377

12,552

2018-C02

,

2M2

,

FRN

,

6.497 %

,

(30-day

SOFR

Average

+

2.314 %),

8/25/30

..................................

United

States

32,131

32,623

b

2021-R01

,

1M2

,

144A,

FRN

,

5.733 %

,

(30-day

SOFR

Average

+

1.55 %),

10/25/41

..................................

United

States

44,075

44,209

b

2021-R03

,

1M2

,

144A,

FRN

,

5.833 %

,

(30-day

SOFR

Average

+

1.65 %),

12/25/41

..................................

United

States

590,000

593,203

b

2022-R02

,

2M1

,

144A,

FRN

,

5.383 %

,

(30-day

SOFR

Average

+

1.2 %),

1/25/42

....................................

United

States

41,134

41,136

b

2022-R03

,

1M2

,

144A,

FRN

,

7.683 %

,

(30-day

SOFR

Average

+

3.5 %),

3/25/42

....................................

United

States

390,000

403,166

b

2022-R04

,

1M2

,

144A,

FRN

,

7.283 %

,

(30-day

SOFR

Average

+

3.1 %),

3/25/42

....................................

United

States

390,000

401,127

b

2022-R05

,

2M1

,

144A,

FRN

,

6.083 %

,

(30-day

SOFR

Average

+

1.9 %),

4/25/42

....................................

United

States

309,519

310,319

b

2022-R09

,

2M1

,

144A,

FRN

,

6.683 %

,

(30-day

SOFR

Average

+

2.5 %),

9/25/42

....................................

United

States

45,468

46,074

b

2023-R01

,

1M1

,

144A,

FRN

,

6.583 %

,

(30-day

SOFR

Average

+

2.4 %),

12/25/42

...................................

United

States

129,063

131,902

b

2023-R02

,

1M1

,

144A,

FRN

,

6.483 %

,

(30-day

SOFR

Average

+

2.3 %),

1/25/43

....................................

United

States

268,721

274,397

b

2023-R06

,

1M1

,

144A,

FRN

,

5.883 %

,

(30-day

SOFR

Average

+

1.7 %),

7/25/43

....................................

United

States

238,854

239,803

b

2023-R07

,

2M1

,

144A,

FRN

,

6.133 %

,

(30-day

SOFR

Average

+

1.95 %),

9/25/43

...................................

United

States

43,200

43,492

b

2024-R02

,

1M1

,

144A,

FRN

,

5.283 %

,

(30-day

SOFR

Average

+

1.1 %),

2/25/44

....................................

United

States

9,620

9,629

b

2024-R03

,

2M1

,

144A,

FRN

,

5.333 %

,

(30-day

SOFR

Average

+

1.15 %),

3/25/44

...................................

United

States

53,596

53,612

b

2024-R04

,

1M1

,

144A,

FRN

,

5.283 %

,

(30-day

SOFR

Average

+

1.1 %),

5/25/44

....................................

United

States

148,802

148,892

b

2024-R05

,

2M1

,

144A,

FRN

,

5.183 %

,

(30-day

SOFR

Average

+

%),

7/25/44

.....................................

United

States

36,370

36,366

b

2024-R06

,

1A1

,

144A,

FRN

,

5.333 %

,

(30-day

SOFR

Average

+

1.15 %),

9/25/44

...................................

United

States

155,965

156,579

b

2024-R06

,

1M1

,

144A,

FRN

,

5.233 %

,

(30-day

SOFR

Average

+

1.05 %),

9/25/44

...................................

United

States

17,214

17,218

b

2025-R01

,

1A1

,

144A,

FRN

,

5.133 %

,

(30-day

SOFR

Average

+

0.95 %),

1/25/45

...................................

United

States

361,848

362,261

b

2025-R01

,

1M1

,

144A,

FRN

,

5.283 %

,

(30-day

SOFR

Average

+

1.1 %),

1/25/45

....................................

United

States

330,949

331,451

b

2025-R02

,

1A1

,

144A,

FRN

,

5.183 %

,

(30-day

SOFR

Average

+

%),

2/25/45

.....................................

United

States

516,669

517,918

b

2025-R02

,

1M1

,

144A,

FRN

,

5.333 %

,

(30-day

SOFR

Average

+

1.15 %),

2/25/45

...................................

United

States

1,299,380

1,301,720

b

2025-R03

,

2A1

,

144A,

FRN

,

5.633 %

,

(30-day

SOFR

Average

+

1.45 %),

3/25/45

...................................

United

States

901,575

907,904

b

2025-R04

,

1A1

,

144A,

FRN

,

5.183 %

,

(30-day

SOFR

Average

+

%),

5/25/45

.....................................

United

States

523,355

524,472

b

2025-R04

,

1M1

,

144A,

FRN

,

5.383 %

,

(30-day

SOFR

Average

+

1.2 %),

5/25/45

....................................

United

States

1,392,459

1,395,726

b

2025-R06

,

1A1

,

144A,

FRN

,

5.083 %

,

(30-day

SOFR

Average

+

0.9 %),

9/25/45

....................................

United

States

1,564,335

1,565,799

b

GCAT

Trust

,

2020-NQM2

,

A3

,

144A,

3.935 %

,

4/25/65

........

United

States

265,870

259,947

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b

HOMES

Trust

,

2024-NQM1

,

A1

,

144A,

5.915 %

,

7/25/69

......

United

States

2,514,175

$

2,537,415

b

,g

Homeward

Opportunities

Fund

I

Trust

,

2020-2

,

A3

,

144A,

FRN

,

3.196 %

,

5/25/65

...................................

United

States

342,719

340,395

b

J.P.

Morgan

Mortgage

Trust

,

f

2024-10

,

A11

,

144A,

FRN

,

5.433 %

,

(30-day

SOFR

Average

+

1.25 %),

3/25/55

...................................

United

States

1,896,309

1,893,592

2024-CES1

,

A1A

,

144A,

5.919 %

,

6/25/54

................

United

States

520,356

524,160

2024-VIS2

,

A1

,

144A,

5.853 %

,

11/25/64

.................

United

States

365,695

369,129

f

2025-1

,

A11

,

144A,

FRN

,

5.433 %

,

(30-day

SOFR

Average

+

1.25 %),

6/25/55

...................................

United

States

1,014,516

1,013,886

b

,g

LHOME

Mortgage

Trust

,

2025-RTL2

,

A1

,

144A,

FRN

,

5.612 %

,

4/25/40

.........................................

United

States

670,000

674,884

b

MFA

Trust

,

2023-INV2

,

A1

,

144A,

6.775 %

,

10/25/58

.........

United

States

936,506

945,322

b

Mill

City

Mortgage

Loan

Trust

,

2023-NQM1

,

A1

,

144A,

6.05 %

,

10/25/67

................

United

States

311,775

312,002

2023-NQM2

,

A1

,

144A,

6.24 %

,

12/25/67

................

United

States

481,077

481,795

b

,f

Morgan

Stanley

Residential

Mortgage

Loan

Trust

,

2024-3

,

AF

,

144A,

FRN

,

5.533 %

,

(30-day

SOFR

Average

+

1.35 %),

7/25/54

United

States

2,571,541

2,569,355

b

OBX

Trust

,

2023-NQM7

,

A1

,

144A,

6.844 %

,

4/25/63

................

United

States

361,517

366,324

f

2025-J2

,

AF

,

144A,

FRN

,

5.483 %

,

(30-day

SOFR

Average

+

1.3 %),

9/25/55

....................................

United

States

822,403

822,854

f

2025-NQM14

,

A1F

,

144A,

FRN

,

5.383 %

,

(30-day

SOFR

Average

+

1.2 %),

7/25/65

............................

United

States

1,021,965

1,023,810

b

,g

Onity

Loan

Investment

Trust

,

2025-HB1

,

A

,

144A,

FRN

,

%

,

6/25/38

.........................................

United

States

178,325

174,436

b

,g

PRKCM

Trust

,

2023-AFC2

,

A1

,

144A,

FRN

,

6.482 %

,

6/25/58

...

United

States

1,129,825

1,132,872

b

PRPM

Trust

,

2024-NQM2

,

A1

,

144A,

6.327 %

,

6/25/69

........

United

States

331,929

339,127

b

,f

Radian

Mortgage

Capital

Trust

,

2025-J3

,

A25

,

144A,

FRN

,

5.683 %

,

(30-day

SOFR

Average

+

1.5 %),

12/25/55

........

United

States

1,148,650

1,152,214

f

RALI

Trust

,

2006-QO5

,

1A1

,

FRN

,

4.536 %

,

(1-month

SOFR

+

0.544 %),

5/25/46

..................................

United

States

548,526

499,484

b

,g

Residential

Mortgage

Loan

Trust

,

2020-2

,

A3

,

144A,

FRN

,

2.911 %

,

5/25/60

...................................

United

States

381,000

372,366

b

,f

Station

Place

Securitization

Trust

,

2025-1

,

A

,

144A,

FRN

,

4.915 %

,

(1-month

SOFR

+

0.9 %),

7/23/26

.........................................

United

States

3,921,000

3,980,984

2025-3

,

A

,

144A,

FRN

,

4.915 %

,

(1-month

SOFR

+

0.9 %),

9/23/26

.........................................

United

States

4,030,000

4,043,292

2025-7

,

A

,

144A,

FRN

,

4.891 %

,

(1-month

SOFR

+

0.9 %),

11/24/26

........................................

United

States

4,495,000

4,505,918

b

Verus

Securitization

Trust

,

2023-6

,

A1

,

144A,

6.665 %

,

9/25/68

....................

United

States

613,710

620,515

2023-INV2

,

A1

,

144A,

6.443 %

,

8/25/68

.................

United

States

1,835,208

1,848,632

2024-2

,

A1

,

144A,

6.095 %

,

2/25/69

....................

United

States

225,924

228,110

2024-5

,

A1

,

144A,

6.192 %

,

6/25/69

....................

United

States

502,825

509,804

86,921,572

a

a

a

a

a

a

#### Total

#### Residential

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 86,496,796

####)
...............

#### 86,921,572

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### 1.8%

#### Financial

#### Services

#### 1.8%
f

FHLMC

,

,

F23

,

FRN

,

5.233 %

,

(30-day

SOFR

Average

+

1.05 %),

5/25/54

.........................................

United

States

2,966,364

2,971,290

5391

,

FC

,

FRN

,

5.283 %

,

(30-day

SOFR

Average

+

1.1 %),

3/25/54

.........................................

United

States

1,052,956

1,058,424

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

f

FHLMC,

(continued)

5471

,

FD

,

FRN

,

5.033 %

,

(30-day

SOFR

Average

+

0.85 %),

11/25/54

........................................

United

States

1,281,988

$

1,281,463

g

,h

FHLMC,

Multi-family

Structured

Pass-Through

Certificates

,

K743

,

X1

,

IO,

FRN

,

0.907 %

,

5/25/28

........................

United

States

10,073,218

206,612

f

FNMA

,

2024-89

,

FA

,

FRN

,

5.383 %

,

(30-day

SOFR

Average

+

1.2 %),

12/25/54

........................................

United

States

4,695,311

4,715,005

2024-93

,

FD

,

FRN

,

5.233 %

,

(30-day

SOFR

Average

+

1.05 %),

12/25/54

........................................

United

States

3,623,934

3,630,009

2024-98

,

FA

,

FRN

,

5.333 %

,

(30-day

SOFR

Average

+

1.15 %),

12/25/53

........................................

United

States

2,851,796

2,861,469

2025-41

,

FA

,

FRN

,

5.333 %

,

(30-day

SOFR

Average

+

1.15 %),

6/25/54

.........................................

United

States

3,178,892

3,191,588

GNMA

,

g,h

2020-190

,

IO,

FRN

,

1.06 %

,

11/16/62

...................

United

States

5,285,727

410,208

g,h

2021-17

,

IO,

FRN

,

1.053 %

,

1/16/61

....................

United

States

5,649,524

450,939

f

2024-78

,

QF

,

FRN

,

5.284 %

,

(30-day

SOFR

Average

+

1.1 %),

5/20/54

.........................................

United

States

4,377,030

4,390,355

25,167,362

a

a

a

a

a

a

#### Total

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 24,915,862

####)
.......

#### 25,167,362

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 1,580,580,962

####)
...........................

#### 1,592,176,141

#### a

#### Short

#### Term

#### Investments

#### 8.0%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Commercial

#### Papers

#### 2.7%
b

,j

AutoNation,

Inc.

,

144A,

.252

%

,

11/03/25

.................

United

States

13,625,000

13,619,891

b

,j

Bell

Canada

Holdings,

Inc.

,

144A,

.207

%

,

11/20/25

.........

Canada

1,875,000

1,870,813

b

,j

Boston

Properties

LP

,

144A,

.285

%

,

11/06/25

.............

United

States

2,785,000

2,783,089

b

,j

Energy

Transfer

LP

,

144A,

.031

%

,

11/03/25

...............

United

States

4,755,000

4,753,388

b

,j

FMC

Corp.

,

144A,

.502

%

,

11/03/25

.....................

United

States

5,690,000

5,687,767

b

,j

Mid-America

Apartments

LP

,

144A,

.247

%

,

11/10/25

........

United

States

3,215,000

3,211,349

b

,j

Nutrien

Ltd.

,

144A,

.209

%

,

11/28/25

....................

Canada

2,990,000

2,980,367

b

,j

Phillips

,

144A,

.224

%

,

11/26/25

......................

United

States

3,130,000

3,120,677

#### Total

#### Commercial

#### Papers

#### (Cost

#### $

#### 38,031,543

####)
.................................

#### 38,027,341

#### Shares

#### Management

#### Investment

#### Companies

#### 5.3%
a,k

Putnam

Short

Term

Investment

Fund

,

Class

P

,

4.371 %

.......

United

States

72,763,644

72,763,644

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 72,763,644

####)
..................

#### 72,763,644

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 110,795,187

####)
.............................

#### 110,790,985

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 1,691,376,149

####)
122.9 #### %
..............................

#### $1,702,967,126

#### TBA

#### Sale

#### Commitments

#### (0.8 ####)

#### %
..............................................

#### (#### 11,262,841

####)

#### Other

#### Assets,

#### less

#### Liabilities

#### (22.1 ####)

#### %
........................................

#### (305,801,541)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $1,385,902,744

#### a
Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

See

Abbreviations

on

.

#### a
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
l

#### TBA

#### Sale

#### Commitments

#### (0.8)%

#### Mortgage-Backed

#### Securities

#### (0.8)%

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### (0.8)%
GNMA

II,

Single-family,

Year

,

%

,

11/15/55

.....................................

United

States

(6,000,000)

$

(6,107,147)

6.5 %

,

11/15/55

....................................

United

States

(5,000,000)

(5,155,694)

(11,262,841)

#### Total

#### TBA

#### Sale

#### Commitments

#### (Proceeds

#### $

#### (#### 11,257,969

####)
........................

#### $(11,262,841)
\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

(g)

regarding

investments

in

affiliated

management

investment

companies.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

October

31,

2025,

the

aggregate

value

of

these

securities

was

$314,422,723,

representing

22.7%

of

net

assets.

c

Perpetual

security

with

no

stated

maturity

date.

d

The

coupon

rate

shown

represents

the

rate

at

period

end.

e

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

(c).

f

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

g

Adjustable

rate

security

with

an

interest

rate

that

is

not

based

on

a

published

reference

index

and

spread.

The

rate

is

based

on

the

structure

of

the

agreement

and

current

market

conditions.

The

coupon

rate

shown

represents

the

rate

at

period

end.

h

Investment

in

an

interest-only

security

entitles

holders

to

receive

only

the

interest

payment

on

the

underlying

instruments.

The

principal

amount

shown

is

the

notional

amount

of

the

underlying

instruments.

i

Security

purchased

on

a

to-be-announced

(TBA)

basis.

See

Note

(c).

j

The

rate

shown

represents

the

yield

at

period

end.

k

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

l

Security

sold

on

a

to-be-announced

(TBA)

basis

resulting

in

a

short

position.

As

such,

the

Fund

is

not

subject

to

fees

and

expenses

associated

with

short

sale

transactions.

See

Note

(c).

Putnam

Funds

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

October

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Core

#### Bond

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$1,590,891,623

Cost

-

Non-controlled

affiliates

(Note

g)

........................................................

100,484,526

Value

-

Unaffiliated

issuers

..................................................................

$1,602,264,864

Value

-

Non-controlled

affiliates

(Note

g)

.......................................................

100,702,262

Cash

....................................................................................

688,065

Receivables:

Investment

securities

sold

...................................................................

481,613

Receivable

for

sales

of

TBA

securities

(Note

c)

..................................................

11,257,969

Capital

shares

sold

........................................................................

3,856,648

Dividends

and

interest

.....................................................................

11,815,736

Prepaid

expenses

..........................................................................

59,630

Total

assets

..........................................................................

1,731,126,787

Liabilities:

Payables:

Investment

securities

purchased

..............................................................

14,496,864

Payable

for

purchases

of

TBA

securities

(Note

c)

.................................................

317,514,250

Capital

shares

redeemed

...................................................................

671,606

Management

fees

.........................................................................

436,609

Distribution

fees

..........................................................................

51,698

Transfer

agent

fees

........................................................................

11,657

Trustees'

fees

and

expenses

.................................................................

93,518

Deposits

from

brokers

for:

TBA

transactions

........................................................................

685,000

TBA

sale

commitments,

at

value

(proceeds

$11,257,969)

(Note

1c)

....................................

11,262,841

Total

liabilities

.........................................................................

345,224,043

Net

assets,

at

value

.................................................................

$1,385,902,744

Net

assets

consist

of:

Paid-in

capital

.............................................................................

$1,560,578,736

Total

distributable

earnings

(losses)

.............................................................

(174,675,992)

Net

assets,

at

value

.................................................................

$1,385,902,744

Putnam

Funds

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

October

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### Core

#### Bond

#### Fund

#### Class

#### A:
Net

assets,

at

value

.......................................................................

$190,883,584

Shares

outstanding

........................................................................

22,980,250

Net

asset

value

per

share

a,b

..................................................................

$8.31

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.00%)

b

................................

$8.66

#### Class

#### C:
Net

assets,

at

value

.......................................................................

$9,567,776

Shares

outstanding

........................................................................

1,156,493

Net

asset

value

and

maximum

offering

price

per

share

a,b

............................................

$8.27

#### Class

#### R:
Net

assets,

at

value

.......................................................................

$8,344,532

Shares

outstanding

........................................................................

996,774

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$8.37

#### Class

#### R6:
Net

assets,

at

value

.......................................................................

$59,431,492

Shares

outstanding

........................................................................

7,134,257

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$8.33

#### Class

#### Y:
Net

assets,

at

value

.......................................................................

$1,117,675,360

Shares

outstanding

........................................................................

134,636,334

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$8.30

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Putnam

Funds

Trust

Financial

Statements

Statement

of

Operations

for

the

year

ended

October

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Core

#### Bond

#### Fund
Investment

income:

Dividends:

Non-controlled

affiliates

(Note

g)

.............................................................

$2,732,251

Interest:

Unaffiliated

issuers

........................................................................

52,242,134

Total

investment

income

...................................................................

54,974,385

Expenses:

Management

fees

(Note

a)

...................................................................

4,343,736

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

................................................................................

431,442

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

................................................................................

87,591

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

................................................................................

32,362

Interest

expense

...........................................................................

2,491

Other

....................................................................................

3,817

Total

expenses

.........................................................................

4,901,439

Expense

reductions

(Note

4)

...............................................................

(5,634)

Expenses

waived/paid

by

affiliates

(Note

3g)

...................................................

(18,703)

Net

expenses

.........................................................................

4,877,102

Net

investment

income

................................................................

50,097,283

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

......................................................................

1,865,103

TBA

sale

commitments

.....................................................................

(319,047)

Net

realized

gain

(loss)

..................................................................

1,546,056

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

......................................................................

19,692,920

Non-controlled

affiliates

(Note

g)

...........................................................

217,736

TBA

sale

commitments

.....................................................................

(144,547)

Net

change

in

unrealized

appreciation

(depreciation)

............................................

19,766,109

Net

realized

and

unrealized

gain

(loss)

............................................................

21,312,165

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........................................

$71,409,448

Putnam

Funds

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### Core

#### Bond

#### Fund

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Year

#### Ended

#### October

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$50,097,283

$22,923,806

Net

realized

gain

(loss)

.................................................

1,546,056

4,157,784

Net

change

in

unrealized

appreciation

(depreciation)

...........................

19,766,109

12,994,354

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

71,409,448

40,075,944

Distributions

to

shareholders:

Class

A

.............................................................

(7,378,526)

(6,053,305)

Class

B

.............................................................

—

(4,244)

Class

C

.............................................................

(310,309)

(239,201)

Class

R

.............................................................

(258,237)

(85,736)

Class

R6

............................................................

(2,167,459)

(231,813)

Class

Y

.............................................................

(40,593,174)

(16,037,883)

Total

distributions

to

shareholders

..........................................

(50,707,705)

(22,652,182)

Capital

share

transactions:

(Note

2)

Class

A

.............................................................

29,715,115

36,228,632

Class

B

.............................................................

—

(166,357)

Class

C

.............................................................

1,223,443

3,351,345

Class

R

.............................................................

4,076,464

3,544,042

Class

R6

............................................................

40,150,197

15,260,260

Class

Y

.............................................................

561,889,043

310,396,233

Total

capital

share

transactions

............................................

637,054,262

368,614,155

Net

increase

(decrease)

in

net

assets

...................................

657,756,005

386,037,917

Net

assets:

Beginning

of

year

.......................................................

728,146,739

342,108,822

End

of

year

...........................................................

$1,385,902,744

$728,146,739

Putnam

Funds

Trust

Notes

to

Financial

Statements

#### Putnam

#### Core

#### Bond

#### Fund

franklintempleton.com

Annual

Report

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Putnam

Funds

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of fourteen

separate

funds.

The

Trust

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. Putnam

Core

Bond

Fund

(Fund)

is

included

in

this

report.

The

Fund

offers five

classes

of

shares:

Class

A,

Class

C,

Class

R,

Class

R6

and

Class

Y. Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

Effective

September

5,

2024,

all

Class

B

shares

were

converted

to

Class

A. The

following

summarizes

the Fund's

significant

accounting

policies.

a. #### Financial

#### Instrument

#### Valuation
The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

as

of

p.m.

Eastern

time

each

day

the

New

York

Stock

Exchange

(NYSE)

is

open

for

trading.

Under

compliance

policies

and

procedures

approved

by

the

Fund's Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's

administrator

in

performing

this

responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).The Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities

and

exchange

traded

funds listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Debt

securities

generally

trade

in

the OTC

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Putnam

Funds

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

b. #### Stripped

#### Securities
The

Fund

may

invest

in

stripped

securities

which

represent

a

participation

in

securities

that

may

be

structured

in

classes

with

rights

to

receive

different

portions

of

the

interest

and

principal.

Interest-only

securities

receive

all

of

the

interest

and

principal-only

securities

receive

all

of

the

principal.

If

the

interest

only

securities

experience

greater

than

anticipated

prepayments

of

principal,

the

Fund

may

fail

to

recoup

fully

its

initial

investment

in

these

securities.

Conversely,

principal-

only

securities

increase

in

value

if

prepayments

are

greater

than

anticipated

and

decline

if

prepayments

are

slower

than

anticipated.

The

fair

value

of

these

securities

is

highly

sensitive

to

changes

in

interest

rates.

c. #### Purchased

#### on

#### a

#### When-Issued,

#### Forward Commitment or

#### Delayed

#### Delivery

#### Basis

#### and

#### TBA

#### Basis
The

Fund

may

purchase

securities

on

a when

issued,

forward

commitment

or

delayed

delivery

and

to-be-

announced

(TBA)

basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Collateral

has

been

pledged

and/or

received

for

open

TBA

trades.

The

Fund

may

also

enter

into

TBA

sale

commitments

to

hedge

its

portfolio

positions,

to

sell

mortgage-backed

securities

it

owns

under

delayed

delivery

arrangements

or

to

take

a

short

position

in

mortgage-backed

securities.

Proceeds

of

TBA

sale

commitments

are

not

received

until

the

contractual

settlement

date.

During

the

time

a

TBA

sale

commitment

is

outstanding,

either

equivalent

deliverable

securities

or

an

offsetting

TBA

purchase

commitment

deliverable

on

or

before

the

sale

commitment

date

are

held

as

"cover"

for

the

transaction,

or

other

liquid

assets

in

an

amount

equal

to

the

notional

value

of

the

TBA

sale

commitment

are

segregated.

If

the

TBA

sale

commitment

is

closed

through

the

acquisition

of

an

offsetting

TBA

purchase

commitment,

the

Fund

realizes

a

gain

or

loss.

If

the

Fund

delivers

securities

under

the

commitment,

the

Fund

realizes

a

gain

or

a

loss

from

the

sale

of

the

securities

based

upon

the

unit

price

established

at

the

date

the

commitment

was

entered

into.

TBA

commitments,

which

are

accounted

for

as

purchase

and

sale

transactions,

may

be

considered

securities

themselves,

and

involve

a

risk

of

loss

due

to

changes

in

the

value

of

the

security

prior

to

the

settlement

date

as

well

as

the

risk

that

the

counterparty

to

the

transaction

will

not

perform

its

obligations.

Counterparty

risk

is

mitigated

by

having

a

master

agreement

between

the

Fund

and

the

counterparty.

Unsettled

TBA

commitments

are

valued

at

their

fair

value

according

to

the

procedures

described

in

the

Financial

Instrument

Valuation

note.

The

contract

is

marked

to

market

daily

and

the

change

in

fair

value

is

recorded

by

the

Fund

as

an

unrealized

gain

or

loss.

Based

on

market

circumstances,

the

investment

manager

will

determine

whether

to

take

delivery

of

the

underlying

securities

or

to

dispose

of

the

TBA

commitments

prior

to

settlement.

d. #### Income

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

October

31,

2025, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the Fund

invests.

e. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

f. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

g. #### Guarantees

#### and

#### Indemnifications
Under

the Fund's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the

Fund against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

Additionally,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Fund's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Fund

that

have

not

yet

occurred.

Currently,

the Fund

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

October

31,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

...................................

10,614,126

$86,799,845

12,146,706

$99,551,592

Shares

issued

in

reinvestment

of

distributions

..........

884,544

7,206,051

722,056

5,877,274

Shares

redeemed

...............................

(7,880,446)

(64,290,781)

(8,508,145)

(69,200,234)

Net

increase

(decrease)

..........................

3,618,224

$29,715,115

4,360,617

$36,228,632

#### Class

#### B

#### Shares:

#### \*
Shares

issued

in

reinvestment

of

distributions

..........

—

$—

526

$4,244

Shares

redeemed

...............................

—

—

(20,912)

(170,601)

Net

increase

(decrease)

..........................

—

$—

(20,386)

$(166,357)

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

e. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the Fund are

also

officers

and/or

directors of

the

following

subsidiaries:

a. #### Management

#### Fees
The

Fund

pays

Advisers

a

monthly

base

fee

equal

to

0.39%

of

the

monthly

average

of

the

Fund's

net

asset

value.

In

return

for

this

fee,

Advisers

provides

investment

management

and

investor

servicing

and

bears

the

Fund's

organizational

and

operating

expenses,

excluding

performance

fee

adjustments,

payments

under

the

Fund's

distribution

plan,

brokerage,

interest,

taxes,

investment

related

expenses,

extraordinary

expenses

and

acquired

fund

fees

and

expenses.

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### C

#### Shares:
Shares

sold

...................................

554,108

$4,519,780

620,351

$5,058,344

Shares

issued

in

reinvestment

of

distributions

..........

37,988

308,289

29,232

237,234

Shares

redeemed

a

..............................

(443,900)

(3,604,626)

(239,581)

(1,944,233)

Net

increase

(decrease)

..........................

148,196

$1,223,443

410,002

$3,351,345

#### Class

#### R

#### Shares:
Shares

sold

...................................

908,004

$7,448,467

753,843

$6,333,373

Shares

issued

in

reinvestment

of

distributions

..........

31,415

258,237

10,303

85,736

Shares

redeemed

...............................

(439,669)

(3,630,240)

(345,634)

(2,875,067)

Net

increase

(decrease)

..........................

499,750

$4,076,464

418,512

$3,544,042

#### Class

#### R6

#### Shares:
Shares

sold

...................................

7,783,686

$63,807,148

2,194,233

$18,188,916

Shares

issued

in

reinvestment

of

distributions

..........

262,084

2,143,082

26,924

221,261

Shares

redeemed

...............................

(3,122,245)

(25,800,033)

(385,979)

(3,149,917)

Net

increase

(decrease)

..........................

4,923,525

$40,150,197

1,835,178

$15,260,260

#### Class

#### Y

#### Shares:
Shares

sold

...................................

102,446,958

$837,503,697

49,715,419

$408,701,238

Shares

issued

in

reinvestment

of

distributions

..........

4,976,245

40,522,902

1,963,462

16,015,743

Shares

redeemed

...............................

(38,850,640)

(316,137,556)

(14,068,659)

(114,320,748)

Net

increase

(decrease)

..........................

68,572,563

$561,889,043

37,610,222

$310,396,233

\*

Effective

September

5,

2024,

the

Fund

has

terminated

its

Class

B

shares.

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. #### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Putnam

Investment

Management,

LLC

(Putnam

Management)

Subadvisor

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

Advisers

retained

Putnam

Management

as

subadvisor

for

the

Fund.

Pursuant

to

the

agreement,

Putnam

Management

provides

certain

advisory

and

related

services

to

the

Fund.

Advisers

pays

a

monthly

fee

to

Putnam

Management

based

on

the

costs

of

Putnam

Management

in

providing

these

services

to

the

Fund,

which

may

include

a

mark-up

not

to

exceed

15%

over

such

costs.

Under

a

subadvisory

agreement,

FTIML

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid by Advisers

based

on

the

average

net

assets

managed

by

FTIML,

and

is

not

an

additional

expense

of

the

Fund.

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by Advisers

based

on

the Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

The

Fund

reimburses

Advisers

an

allocated

amount

for

the

compensation

and

related

expenses

of

certain

officers

of

the

Fund

and

their

staff

who

provide

administrative

services

to

the

Fund.

The

aggregate

amount

of

all

such

reimbursements

is

determined

annually

by

the

Trustees.

These

fees

are

paid

by

Advisors

as

part

of

the

management

contract.

c. #### Distribution

#### Fees
The

Fund

has

adopted

distribution

plans

(the

Plans)

with

respect

to

the

following

share

classes

pursuant

to

Rule

12b–1

under

the

1940

Act.

The

purpose

of

the

Plans

is

to

compensate

Distributors

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Fund.

The

Plans

provide

payments

by

the

Fund

to

Distributors

at

an

annual

rate

of

up

to

the

following

amounts

(Maximum

%)

of

the

average

net

assets

attributable

to

each

class.

The

Trustees

have

approved

payment

by

the

Fund

at

the

following

annual

rate

(Approved

%)

of

the

average

net

assets

attributable

to

each

class.

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

year:

e. #### Transfer

#### Agent

#### Fees
PSERV,

an

affiliate

of

Advisers,

provides

investor

servicing

agent

functions

to

the

Fund.

PSERV

received

fees

for

investor

servicing

for

Class

A,

Class

C,

Class

R and

Class

Y

shares

that

included

(1) a

per

account

fee

for

each

direct

and

underlying

non-defined

contribution

account

(retail

account)

of

the

Fund;

(2) a

specified

rate

of

the

Fund's

assets

attributable

to

defined

contribution

plan

accounts;

and

(3) a

specified

rate

based

on

the

average

net

assets

in

retail

accounts.

PSERV

has

agreed

that

the

aggregate

investor

servicing

fees

for

each

Fund's

retail

and

defined

contribution

accounts

for

these

share

classes

will

not

exceed

an

annual

rate

of

0.25%

of

the

Fund's

average

assets

attributable

to

such

accounts.

#### Maximum

#### %

#### Approved

#### %
Class

A

...................................................................

0.35%

0.25%

Class

C

...................................................................

1.00%

1.00%

Class

R

...................................................................

1.00%

0.50%

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..............................

$27,309

CDSC

retained

..............................................................................

$4,579

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### Fees
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

Class R6

shares

paid

a

monthly

fee

based

on

the

average

net

assets

of

Class R6

shares

at

an

annual

rate

of

0.05%.

These

fees

are

being

paid

by

Advisers

as

part

of

the

management

contract.

f. #### Trustee

#### Fees
The

Fund

has

adopted

a

Trustee

Fee

Deferral

Plan

(the

Deferral

Plan)

which

allows

the

Trustees to

defer

the

receipt

of

all

or

a

portion

of

Trustees'

fees

payable

from

July

1,

1995

through

December

31,

2023. The

deferred

fees

remain

invested

in

certain

Putnam

funds

until

distribution

in

accordance

with

the

Deferral

Plan.

The

Fund

has

adopted

an

unfunded

noncontributory

defined

benefit

pension

plan

(the

Pension

Plan)

covering

all

Trustees

of

the

Fund

who

have

served

as

a

Trustee

for

at

least

five

years

and

were

first

elected

prior

to

2004. Benefits

under

the

Pension

Plan

are

equal

to

50%

of

the

Trustee's

average

annual

attendance

and

retainer

fees

for

the

three

years

ended

December

31,

2005. The

retirement

benefit

is

payable

during

a

Trustee's

lifetime,

beginning

the

year

following

retirement,

for

the

number

of

years

of

service

through

December

31,

2006. Pension

expense

for

the

Fund

is

included

in

the

Trustees' fees

and

expenses

in

the

Statement

of

Operations.

Accrued

pension

liability

is

included

in

Payable

for

Trustees' fees

and

expenses

in

the

Statement

of

Assets

and

Liabilities.

The

Trustees

have

terminated

the

Pension

Plan

with

respect

to

any

Trustee

first

elected

after

2003. These

fees

are

being

paid

by

Advisers

as

part

of

the

management

contract.

g. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

year

ended

October

31,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

4. #### Expense

#### Offset

#### Arrangement
The Fund has entered

into

arrangements

with PSERV

and its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

transfer

agent

and

custodian

fees,

respectively.

During

the

year

ended

October

31,

2025,

the

fees

were

reduced

as

noted

in

the

Statement

of

Operations.

Effective May

19, 2025,

earned

credits

on

custodian

fees,

if

any,

are

recognized

as

income.

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Putnam

#### Core

#### Bond

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Ultra

Short

Bond

ETF

.

$—

$27,720,882

$—

$—

$217,736

$27,938,618

1,113,980

$771,745

Putnam

Short

Term

Investment

Fund,

Class

P,

4.371%

......

63,715,306

1,007,680,664

(998,632,326)

—

—

72,763,644

72,763,644

1,960,506

#### Total

#### Affiliated

#### Securities

#### ...
$63,715,306

$1,035,401,546

$(998,632,326)

$—

$217,736

$100,702,262

$2,732,251

3. #### Transactions

#### with

#### Affiliates
(continued)

e. #### Transfer

#### Agent

#### Fees
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

5. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

October

31,

2025,

the

capital

loss

carryforwards

were

as

follows:

During

the

year

ended

October

31,

2025,

the

Fund

utilized

$4,059,630

of

capital

loss

carryforwards.

The

tax

character

of

distributions

paid

during

the

years

ended

October

31,

2025

and

2024,

was

as

follows:

At

October

31,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation)

and

undistributed

ordinary

income for

income

tax

purposes

were

as

follows:

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

year

ended

October

31,

2025,

aggregated

$5,881,233,209 and

$4,912,942,912,

respectively.

7. #### Credit

#### Facility
Effective

January

31,

2025,

the

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers)

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

30,

2026. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

shall,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

During

the

reporting

period,

the

Fund

did

not

use

the

Global

Credit

Facility.

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

................................................................................

$

86,512,857

Long

term

................................................................................

100,275,677

Total

capital

loss

carryforwards

...............................................................

$186,788,534

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

..........................................................

$50,707,705

$22,652,182

Cost

of

investments

..........................................................................

$1,680,185,639

Unrealized

appreciation

........................................................................

$16,492,521

Unrealized

depreciation

........................................................................

(4,973,875)

Net

unrealized

appreciation

(depreciation)

..........................................................

$11,518,646

Distributable

earnings:

Undistributed

ordinary

income

...................................................................

$593,896

Putnam

Funds

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

Prior

to

January

31,

2025,

the

Fund

participated,

along

with

other

Putnam

funds,

in

a

$320

million

syndicated

unsecured

committed

line

of

credit,

provided

by

State

Street

($160

million)

and

JPMorgan

($160

million),

and

a

$235.5

million

unsecured

uncommitted

line

of

credit,

provided

by

State

Street.

Borrowings

may

have

been

made

for

temporary

or

emergency

purposes,

including

the

funding

of

shareholder

redemption

requests

and

trade

settlements.

Interest

was

charged

to

the

Fund

based

on

the

Fund's

borrowings.

A

closing

fee

equal

to

0.04%

of

the

committed

line

of

credit

and

0.04%

of

the

uncommitted

line

of

credit

was

paid

by

the

participating

funds

and

a

$75,000

fee

was

paid

by

the

participating

funds

to

State

Street

as

agent

of

the

syndicated

committed

line

of

credit.

In

addition,

a

commitment

fee

of

0.21%

per

annum

on

any

unutilized

portion

of

the

committed

line

of

credit

was

allocated

to

the

participating

funds

based

on

their

relative

net

assets

and

paid

quarterly.

During

the

reporting

period,

the

Fund

had

no

borrowings

against

these

arrangements.

8. #### Fair

#### Value

#### Measurements
The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

October

31,

2025,

in

valuing

the

Fund's assets

and

liabilities carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Core

#### Bond

#### Fund

#### Assets:
Investments

in

Securities:

a

Management

Investment

Companies

.........

$

27,938,618

$

—

$

—

$

27,938,618

Corporate

Bonds

........................

—

393,279,269

—

393,279,269

U.S.

Government

and

Agency

Securities

.......

—

493,878,374

—

493,878,374

Asset-Backed

Securities

...................

—

98,126,271

—

98,126,271

Commercial

Mortgage-Backed

Securities

......

—

64,781,218

—

64,781,218

Mortgage-Backed

Securities

................

—

402,083,457

—

402,083,457

Residential

Mortgage-Backed

Securities

.......

—

86,921,572

—

86,921,572

Agency

Commercial

Mortgage-Backed

Securities

—

25,167,362

—

25,167,362

Short

Term

Investments

...................

72,763,644

38,027,341

—

110,790,985

Total

Investments

in

Securities

...........

$100,702,262

$1,602,264,864

$—

$1,702,967,126

#### Liabilities:
Other

Financial

Instruments:

TBA

Sale

Commitments

...................

$

—

$

11,262,841

$

—

$

11,262,841

Total

Other

Financial

Instruments

.........

$—

$11,262,841

$—

$11,262,841

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

7. #### Credit

#### Facility
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

9. #### Operating

#### Segments
The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within

the

Fund's

Investment

manager serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and

are

responsible

for

evaluating

the

Fund's

operating

results

and

allocating

resources

in

accordance

with

the

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Financial

Highlights.

10. #### Subsequent

#### Events
The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

#### Abbreviations

#### Selected

#### Portfolio

#### CLO
Collateralized

Loan

Obligation

#### CMT
Constant

Monthly

U.S.

Treasury

Securities

Yield

Curve

Rate

Index

#### ETF
Exchange-Traded

Fund

#### FHLMC
Federal

Home

Loan

Mortgage

Corp.

#### FNMA
Federal

National

Mortgage

Association

#### FRN
Floating

Rate

Note

#### GNMA
Government

National

Mortgage

Association

#### IO
Interest

Only

#### REIT
Real

Estate

Investment

Trust

#### REMIC
Real

Estate

Mortgage

Investment

Conduit

#### SOFR
Secured

Overnight

Financing

Rate

#### STACR
Structured

Agency

Credit

Risk

#### T-Note
Treasury

Note

Putnam

Funds

Trust

Report

of

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

of

Putnam

Funds

Trust

and

Shareholders

of

Putnam

Core

Bond

Fund

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Putnam

Core

Bond

Fund

(one

of

the

funds

constituting

Putnam

Funds

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2025,

the

related

statement

of

operations

for

the

year

ended

October

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2025

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

Boston,

Massachusetts

December

18,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Putnam

Funds

family

of

funds

since

at

least

1957. We

have

not

been

able

to

determine

the

specific

year

we

began

serving

as

auditor.

Putnam

Funds

Trust

Tax

Information

(unaudited)

franklintempleton.com

Annual

Report

#### Putnam

#### Core

#### Bond

#### Fund
By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Fund

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during

its

fiscal

year.

The

Fund

hereby

reports

the

following

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

October

31,

2025:

#### Pursuant

#### to:

#### Amount

#### Reported
Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$196,029

Section

163(j)

Interest

Earned

§163(j)

$46,891,022

Putnam

Funds

Trust

franklintempleton.com

Annual

Report

#### Putnam

#### Core

#### Bond

#### Fund

#### Trustee

#### approval

#### of

#### management

#### contracts
(unaudited)

*Consideration* 

*of* 

*your* 

*fund's* 

*management* 

*and* 

*sub-advisory* 

*contracts*

At

their

meeting

on

June

27,

2025,

the

Board

of

Trustees

("Board"

or

the

"Trustees")

of

your

fund,

including

all

of

the

Trustees

who

are

not

"interested

persons"

(as

this

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"))

of

the

Putnam

mutual

funds

and

exchange-traded

funds

(collectively,

the

"funds")

(the

"Independent

Trustees")

approved

the

continuance

of

a

management

contract

with

Franklin

Advisers,

Inc.

(the

"Advisor"),

a

subadvisory

agreement

between

the

Advisor

and

Franklin

Templeton

Investment

Management

Limited

("FTIML"),

and

a

subadvisory

agreement

between

the

Advisor

and

Putnam

Investment

Management,

LLC

("Putnam

Management"

and

together

with

FTIML,

the

"Subadvisors

(collectively,

the

"Management

Contracts").

The

Advisor,

FTIML,

and

Putnam

Management

are

each

direct

or

indirect,

wholly-

owned

subsidiaries

of

Franklin

Resources,

Inc.

(together

with

its

subsidiaries,

"Franklin

Templeton").

*General* 

*conclusions*

The

Board

oversees

the

management

of

each

fund

and,

as

required

by

law,

determines

annually

whether

to

approve

the

continuance

of

your

fund's

management

contract

with

the

Advisor

and

the

sub-advisory

contract

with

respect

to

your

fund

between

the

Advisor

and

each

Subadvisor.

Because

the

Subadvisors

are

affiliates

of

the

Advisor

and

the

Advisor

remains

fully

responsible

for

all

services

provided

by

the

Subadvisors,

the

Trustees

did

not

attempt

to

evaluate

the

Subadvisors

as

separate

entities.

All

references

to

the

Advisor

describing

the

Board's

considerations

should

be

deemed

to

include

references

to

the

applicable

Subadvisor

as

necessary

or

appropriate

in

the

context.

The

Board,

with

the

assistance

of

its

Contract

Committee,

requests

and

evaluates

all

information

it

deems

reasonably

necessary

under

the

circumstances

in

connection

with

its

annual

contract

review.

The

Contract

Committee

consists

solely

of

Independent

Trustees.

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Remuneration

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Putnam

Funds

Trust

franklintempleton.com

Annual

Report

At

the

outset

of

the

review

process,

the

Board's

independent

staff

and

independent

legal

counsel,

as

defined

in

Rule

0-1(a)

(6) under

the

1940

Act

(their

"independent

legal

counsel"),

considered

any

possible

changes

to

the

annual

contract

review

materials

furnished

to

the

Contract

Committee

in

prior

years

and,

as

applicable,

identified

those

changes

to

the

Advisor.

Following

these

discussions

and

in

consultation

with

the

Contract

Committee,

the

Independent

Trustees'

independent

legal

counsel

submitted

an

initial

request

that

the

Advisor

and

its

affiliates

furnish

specified

information,

together

with

any

additional

information

the

Advisor

considered

relevant,

to

the

Contract

Committee.

Over

the

course

of

several

months

ending

in

June

2025,

the

Contract

Committee

met

on

a

number

of

occasions

with

representatives

of

the

Advisor,

and

separately

in

executive

session,

to

consider

the

information

that

the

Advisor

provided,

including

information

provided

in

response

to

supplemental

requests

submitted

by

independent

legal

counsel.

Throughout

this

process,

the

Contract

Committee

was

assisted

by

the

Board's

independent

staff

and

by

independent

legal

counsel.

At

the

Board's

June

2025

meeting,

the

Contract

Committee

met

in

executive

session

to

discuss

and

consider

its

recommendations

with

respect

to

the

continuance

of

the

Management

Contracts.

At

that

meeting,

the

Contract

Committee

also

met

in

executive

session

with

the

other

Independent

Trustees

to

review

a

summary

of

the

process

undertaken

by

the

Contract

Committee

and

key

information

that

the

Contract

Committee

considered

in

the

course

of

its

review.

The

Contract

Committee

then

presented

its

written

report,

which

summarized

the

key

factors

that

the

Committee

had

considered

and

set

forth

its

recommendations.

The

Contract

Committee

recommended,

and

the

Independent

Trustees

approved,

the

continuance

of

your

fund's

Management

Contracts,

effective

July

1,

2025. In

considering

the

continuance

of

the

Management

Contracts,

the

Board

took

into

account

a

number

of

factors,

including:

1. That

the

fee

schedule

in

effect

for

your

fund

represented

reasonable

compensation

in

light

of

the

nature

and

quality

of

the

services

being

provided

to

the

fund,

the

fees

paid

by

competitive

funds,

the

costs

incurred

by

the

Advisor

in

providing

services

to

the

fund

and

the

application

of

certain

reductions

and

waivers

noted

below;

2. That

the

fee

schedule

in

effect

for

your

fund

represented

an

appropriate

sharing

between

fund

shareholders

and

the

Advisor

of

any

economies

of

scale

that

may

exist

in

the

management

of

the

fund

at

current

asset

levels;

3. That

the

funds

benefited,

and

were

expected

to

continue

to

benefit,

from

Franklin

Templeton's

large

retail

and

institutional

global

distribution

capabilities

and

significant

network

of

intermediary

relationships,

which

may

provide

additional

opportunities

for

the

funds

to

increase

assets

and

reduce

the

impact

of

expenses

by

spreading

them

over

a

larger

asset

base;

4. Potential

benefits

to

shareholders

of

the

funds

that

could

result

from

the

alignment

of

certain

fund

features

and

shareholder

benefits

with

those

of

other

funds

sponsored

by

the

Advisor

and

its

affiliates

and

access

to

a

broader

array

of

investment

opportunities;

and

5. The

financial

strength,

reputation,

experience

and

resources

of

Franklin

Templeton

and

its

investment

advisory

subsidiaries.

These

conclusions

were

based

on

a

comprehensive

consideration

of

all

information

provided

to

the

Trustees

and

were

not

the

result

of

any

single

factor.

Some

of

the

factors

that

figured

particularly

in

the

Trustees'

deliberations

and

how

the

Trustees

considered

these

factors

are

described

below,

although

individual

Trustees

may

have

evaluated

the

information

presented

differently,

giving

different

weights

to

various

factors.

It

is

also

important

to

recognize

that

the

management

arrangements

for

your

fund

and

the

other

funds

are

the

result

of

many

years

of

review

and

discussion

between

the

Independent

Trustees

and

management,

occurring

both

in

connection

with

formal

contract

reviews

as

well

as

throughout

the

year

and

that

the

Trustees'

conclusions

may

be

based,

in

part,

on

their

consideration

of

fee

arrangements

in

previous

years.

For

example,

with

certain

exceptions

primarily

involving

newer

funds

(including

the

exchange-traded

funds)

or

repositioned

funds,

the

current

fee

arrangements

under

the

vast

majority

of

the

funds'

management

contracts

were

first

implemented

at

the

beginning

of

2010

following

extensive

review

by

the

Contract

Committee

and

discussions

with

management,

as

well

as

approval

by

shareholders.

Putnam

Funds

Trust

franklintempleton.com

Annual

Report

*Management* 

*fee* 

*schedules* 

*and* 

*total* 

*expenses*

The

Trustees

reviewed

the

management

fee

schedules

in

effect

for

all

funds,

including

fee

levels

and

any

breakpoints.

The

Trustees

also

reviewed

the

total

expenses

of

each

fund,

recognizing

that

in

most

cases

management

fees

represented

the

major,

but

not

the

sole,

determinant

of

total

costs

to

fund

shareholders.

(Two

mutual

funds

(one

of

which

is

your

fund)

and

each

of

the

exchange-traded

funds

have

implemented

(or,

in

the

case

of

ten

municipal

income

funds

that

are

converting

into

exchange-traded

funds,

will

implement)

so-called

"all-in"

or

unitary

management

fees

covering

substantially

all

routine

fund

operating

costs.)

In

reviewing

fees

and

expenses,

the

Trustees

generally

focus

their

attention

on

material

changes

in

circumstances

—

for

example,

changes

in

assets

under

management,

changes

in

a

fund's

investment

strategy,

changes

in

the

Advisor's

operating

costs

or

profitability,

or

changes

in

competitive

practices

in

the

fund

industry

—

that

suggest

that

consideration

of

fee

changes

might

be

warranted.

The

Trustees

concluded

that

the

circumstances

did

not

indicate

that

changes

to

the

management

fee

schedule

for

your

fund

would

be

appropriate

at

this

time.

Under

its

management

contract,

your

fund

pays

a

management

fee

at

a

fixed

rate

of

basis

points

to

the

Advisor.

The

Advisor

is

obligated

to

pay,

out

of

the

management

fee,

all

of

the

fund's

organizational

and

other

operating

expenses

with

limited

exceptions,

which

include

fees,

if

any

payable

under

the

fund's

distribution

plan,

interest,

taxes,

brokerage

commissions

and

other

transaction

costs,

fund

proxy

expenses,

litigation

expenses,

extraordinary

expenses

and

acquired

fund

fees

and

expenses.

In

addition,

your

fund's

Management

Contract

provides

that

its

management

fees

will

be

adjusted

up

or

down

depending

upon

whether

your

fund's

performance

is

better

or

worse

than

the

performance

of

an

appropriate

index

of

securities

prices

specified

in

the

Management

Contract.

In

the

course

of

reviewing

investment

performance,

the

Trustees

examined

the

operation

of

your

fund's

performance

fees

and

concluded

that

these

fees

were

operating

effectively

to

align

further

the

Advisor's

economic

interests

with

those

of

the

fund's

shareholders.

As

in

the

past,

the

Trustees

also

focused

on

the

competitiveness

of

each

fund's

total

expense

ratio.

The

Trustees,

the

Advisor

and

the

funds'

investor

servicing

agent,

Putnam

Investor

Services,

Inc.

("PSERV"),

have

implemented

expense

limitations

that

were

in

effect

during

your

fund's

fiscal

year

ending

in

2024. These

expense

limitations

were:

(i) a

contractual

expense

limitation

applicable

to

specified

mutual

funds

(including

your

fund)

of

basis

points

on

investor

servicing

fees

and

expenses

and

(ii) a

contractual

expense

limitation

applicable

to

specified

mutual

funds

(including

your

fund)

of

basis

points

on

so-called

"other

expenses"

(i.e.,

all

expenses

exclusive

of

management

fees,

distribution

fees,

investor

servicing

fees,

investment-related

expenses,

interest,

taxes,

brokerage

commissions,

acquired

fund

fees

and

expenses

and

extraordinary

expenses).

These

expense

limitations

attempt

to

maintain

competitive

expense

levels

for

the

funds.

Most

funds

(including

your

fund)

had

sufficiently

low

expenses

that

these

expense

limitations

were

not

operative

during

their

fiscal

years

ending

in

2024. (In

light

of

the

fact

that,

under

your

fund's

management

contract,

the

Advisor

bears

many

of

the

fund's

organizational

and

operating

expenses,

as

a

practical

matter

it

is

unlikely

that

these

expense

limitations

would

become

operative

with

respect

to

your

fund.)

The

Advisor

and

PSERV

have

agreed

to

maintain

these

expense

limitations

until

at

least

February

28,

2027. The

Advisor

and

PSERV's

commitment

to

these

expense

limitation

arrangements,

which

were

intended

to

support

an

effort

to

have

the

mutual

fund

expenses

meet

competitive

standards,

was

an

important

factor

in

the

Trustees'

decision

to

approve

the

continuance

of

your

fund's

Management

Contracts.

The

Trustees

reviewed

comparative

fee

and

expense

information

for

a

custom

group

of

competitive

funds

selected

by

Broadridge

Financial

Solutions,

Inc.

("Broadridge").

This

comparative

information

included

your

fund's

percentile

ranking

for

effective

management

fees

and

total

expenses

(excluding

any

applicable

12b-1

fees),

which

provides

a

general

indication

of

your

fund's

relative

standing.

In

the

custom

peer

group,

your

fund

ranked

in

the

second

quintile

in

effective

management

fees

(determined

for

your

fund

and

the

other

funds

in

the

custom

peer

group

assuming

the

same

fund

asset

size

for

your

Putnam

Funds

Trust

franklintempleton.com

Annual

Report

fund

and

the

other

funds

in

the

custom

peer

group

and

the

applicable

contractual

management

fee

schedule)

and

in

the

first

quintile

in

total

expenses

(excluding

any

applicable

12b-1

fees)

as

of

December

31,

2024. The

first

quintile

represents

the

least

expensive

funds

and

the

fifth

quintile

the

most

expensive

funds.

The

fee

and

expense

data

reported

by

Broadridge

as

of

December

31,

2024

reflected

the

most

recent

fiscal

year-end

data

available

in

Broadridge's

database

at

that

time.

In

connection

with

their

review

of

fund

management

fees

and

total

expenses,

the

Trustees

also

reviewed

the

costs

of

the

services

provided

and

the

profits

realized

by

the

Advisor

and

its

affiliates

from

their

contractual

relationships

with

the

funds.

This

information

included

trends

in

revenues,

expenses

and

profitability

of

the

Advisor

and

its

affiliates

relating

to

the

investment

management,

investor

servicing

and

distribution

services

provided

to

the

funds,

as

applicable.

In

this

regard,

the

Trustees

also

reviewed

an

analysis

of

the

revenues,

expenses

and

profitability

of

the

Advisor

and

its

affiliates,

allocated

on

a

fund-by-fund

basis,

with

respect

to

(as

applicable)

the

funds'

management,

distribution

and

investor

servicing

contracts.

For

each

fund,

the

analysis

presented

information

about

revenues,

expenses

and

profitability

in

2024

for

each

of

the

applicable

agreements

separately

and

for

the

agreements

taken

together

on

a

combined

basis.

The

Trustees

concluded

that,

at

current

asset

levels,

the

fee

schedules

in

place

for

each

of

the

funds,

including

the

fee

schedule

for

your

fund,

represented

reasonable

compensation

for

the

services

being

provided

and

represented

an

appropriate

sharing

between

fund

shareholders

and

the

Advisor

of

any

economies

of

scale

as

may

exist

in

the

management

of

the

funds

at

that

time.

The

information

examined

by

the

Trustees

in

connection

with

their

annual

contract

review

for

the

funds

included

information

regarding

services

provided

and

fees

charged

by

the

Advisor

and

certain

affiliates

to

other

clients

in

similar

asset

categories,

including

other

1940

Act

funds

advised

by

the

Advisor

but

overseen

by

a

board

of

trustees

other

than

the

Board,

sub-advised

U.S.

mutual

funds,

exchange-traded

funds,

other

U.S.

products

(such

as

collective

investment

trusts,

private

funds,

and

separately

managed

and

institutional

accounts),

non-U.S.

funds,

and

other

non-U.S.

products.

This

information

included,

for

products

that

are

managed

by

the

same

portfolio

team

in

a

similar

asset

category

to

those

of

the

funds,

comparisons

of

the

fees

charged

to

other

clients,

by

category,

with

fees

charged

to

the

funds,

as

well

as

a

detailed

assessment

of

the

differences

in

the

services

provided

to

these

clients

as

compared

to

the

services

provided

to

the

funds.

The

Trustees

observed

that

the

differences

in

fee

rates

between

these

clients

and

the

funds

are

by

no

means

uniform

when

examined

by

individual

asset

classes,

suggesting

that

differences

in

the

pricing

of

investment

management

services

to

these

types

of

clients

may

reflect,

among

other

things,

historical

competitive

forces

operating

in

separate

marketplaces,

the

characteristics

of

different

clients,

the

particulars

of

different

fee

structures,

factors

unique

to

specific

market

segments,

and

the

distinct

risks

and

costs

associated

with

providing

services

to

different

clients.

The

Trustees

considered

the

fact

that

in

many

cases

fee

rates

across

different

asset

classes

are

higher

on

average

for

1940

Act-registered

funds

than

for

other

clients,

and

the

Trustees

also

considered

the

differences

between

the

services

that

the

Advisor

provides

to

the

funds

and

those

that

it

provides

to

its

other

clients.

The

Trustees

did

not

rely

on

these

fee

comparisons

to

any

significant

extent

in

concluding

that

the

management

fees

paid

by

your

fund

are

reasonable.

*Investment* 

*performance*

The

quality

of

the

investment

process

provided

by

the

Advisor

represented

a

major

factor

in

the

Trustees'

evaluation

of

the

quality

of

services

provided

by

the

Advisor

under

your

fund's

Management

Contracts.

The

Trustees

were

assisted

in

their

review

of

the

Advisor's

investment

process

and

performance

by

the

work

of

the

investment

oversight

committees

of

the

Trustees

and

the

full

Board,

which

meet

on

a

regular

basis

with

individual

portfolio

managers

and

with

senior

investment

management

of

the

Advisor

throughout

the

year.

The

Trustees

concluded

that

the

Advisor

generally

provides

a

high-quality

investment

process

—

based

on

the

experience

and

skills

of

the

individuals

assigned

to

the

management

of

fund

portfolios,

the

resources

made

available

to

them

and

in

general

the

Advisor's

ability

to

attract

and

retain

high-quality

personnel

—

but

also

recognized

that

this

does

not

guarantee

favorable

investment

results

for

every

fund

in

every

time

period.

The

Trustees

considered

that,

in

the

aggregate,

peer-relative

and

benchmark-relative

fund

performance

was

strong

in

2024

against

a

constructive

yet

complex

investing

environment.

The

S&P

500

was

up

25%

in

2024,

but

significant

concentration

of

returns

among

large

cap

and

technology

stocks

and

periods

of

volatility

posed

challenges

in

the

market.

The

Bloomberg

Aggregate

fixed

income

index

was

up

slightly

over

1%

amidst

many

moving

pieces,

with

the

Federal

Reserve

cutting

the

Putnam

Funds

Trust

franklintempleton.com

Annual

Report

Effective

Federal

Funds

rate

from

5.25%

at

year-end

2023

to

4.25%

at

year-end

2024,

with

three

cuts

in

the

latter

part

of

the

year,

while

also

trying

to

manage

inflation

concerns.

Ten-year

Treasury

yields

ended

2024

at

4.6%

up

from

3.9%

at

year-end

2023. Corporate

earnings

and

employment

figures

continued

to

generally

show

strength

during

the

year,

while

geopolitical

tensions

were

closely

watched.

For

the

one-year

period

ended

December

31,

2024,

the

Trustees

noted

that

the

funds,

on

an

asset-weighted

basis,

ranked

in

the

27th

percentile

of

their

peers

as

determined

by

Lipper

Inc.

("Lipper")

and,

on

an

asset-weighted

basis,

outperformed

their

benchmarks

by

3.0%

gross

of

fees

over

the

one-year

period.

The

Committee

also

noted

that

the

funds'

aggregate

performance

over

longer-term

periods

continued

to

be

strong,

with

the

funds,

on

an

asset-weighted

basis,

ranking

in

the

20th,

22nd

and

20th

percentiles

of

their

Lipper

peers

over

the

three-year,

five-year

and

ten-year

periods

ended

December

31,

2024,

respectively.

The

Trustees

further

noted

that

the

funds,

in

the

aggregate,

outperformed

their

benchmarks

on

a

gross

basis

for

each

of

the

three-year,

five-year

and

ten-year

periods.

The

Trustees

also

considered

the

Morningstar

Inc.

ratings

assigned

to

the

funds

and

that

funds

were

rated

four

or

five

stars

at

the

end

of

2024,

which

represented

an

increase

of

seven

funds

year-over-year.

The

Trustees

also

considered

that

funds

were

five-star

rated

at

the

end

of

2024,

which

was

also

a

year-

over-year

increase

of

seven

funds.

The

Board

noted,

however,

the

disappointing

investment

performance

of

some

funds

for

periods

ended

December

31,

2024

and

considered

information

provided

by

the

Advisor

regarding

the

factors

contributing

to

the

underperformance

and,

where

relevant,

actions

being

taken

to

improve

the

performance

of

these

particular

funds.

The

Trustees

indicated

their

intention

to

continue

to

monitor

the

performance

of

those

funds.

For

purposes

of

the

Trustees'

evaluation

of

the

funds'

investment

performance,

the

Trustees

generally

focus

on

a

competitive

industry

ranking

of

each

fund's

total

net

return

over

a

one-year,

three-year

and

five-year

period.

For

a

number

of

funds

with

relatively

unique

investment

mandates

for

which

the

Advisor

informed

the

Trustees

that

meaningful

competitive

performance

rankings

are

not

considered

to

be

available,

the

Trustees

evaluated

performance

based

on

their

total

gross

and

net

returns

and

comparisons

of

those

returns

to

the

returns

of

selected

investment

benchmarks.

In

the

case

of

your

fund,

the

Trustees

considered

information

about

your

fund's

total

return

and

its

performance

relative

to

its

benchmark

over

the

one-year,

three-year

and

five-year

periods

ended

December

31,

2024. Your

fund's

return,

net

of

fees

and

expenses,

was

positive

and

exceeded

the

return

of

its

benchmark

over

the

one-year

period

ended

December

31,

2024,

and

was

positive

but

trailed

the

return

of

its

benchmark

over

the

three-year

and

five-year

periods

ended

December

31,

2024. (When

considering

performance

information,

shareholders

should

be

mindful

that

past

performance

is

not

a

guarantee

of

future

results.)

The

Trustees

noted

that

the

Advisor

had

made

internal

promotions

and

other

portfolio

management

assignment

changes

in

2024

to

strengthen

its

investment

teams

providing

services

to

the

funds.

*Brokerage* 

*and* 

*soft-dollar* 

*allocations;* 

*distribution* 

*and* 

*investor* 

*servicing*

The

Trustees

considered

various

potential

benefits

that

the

Advisor

may

receive

in

connection

with

the

services

it

provides

under

the

management

contract

with

your

fund.

These

include

benefits

related

to

brokerage

allocation

and

the

use

of

soft

dollars,

whereby

a

portion

of

the

commissions

paid

by

a

fund

for

brokerage

may

be

used

to

acquire

research

services

that

are

expected

to

be

useful

to

the

Advisor

in

managing

the

assets

of

the

fund

and

of

other

clients.

Subject

to

policies

approved

by

the

Trustees,

soft

dollars

generated

by

these

means

may

be

used

to

acquire

brokerage

and

research

services

(including

proprietary

executing

broker

research,

third-party

research

and

market

data)

that

enhance

the

Advisor's

investment

capabilities

and

supplement

the

Advisor's

internal

research

efforts.

The

Trustees

indicated

their

continued

intent

to

monitor

regulatory

and

industry

developments

in

this

area

with

the

assistance

of

their

Contract

Committee.

In

addition,

with

the

assistance

of

their

Contract

Committee,

the

Trustees

indicated

their

continued

intent

to

monitor

the

allocation

of

the

funds'

brokerage

in

order

to

ensure

that

the

principle

of

seeking

best

price

and

execution

remains

paramount

in

the

portfolio

trading

process.

Putnam

Funds

Trust

franklintempleton.com

Annual

Report

The

Advisor

may

also

receive

benefits

from

payments

that

funds

make

to

the

Advisor

for

distribution

services

and

investor

services.

In

conjunction

with

the

review

of

your

fund's

management

and

sub-advisory

contracts,

the

Trustees

reviewed

your

fund's

investor

servicing

agreement

with

PSERV

and

its

distributor's

contract

and

distribution

plans

with

Franklin

Distributors,

LLC

("Franklin

Distributors"),

both

of

which

are

affiliates

of

the

Advisor.

The

Trustees

concluded

that

the

fees

payable

by

the

mutual

funds

to

PSERV

and

Franklin

Distributors

for

such

services

were

fair

and

reasonable

in

relation

to

the

nature

and

quality

of

such

services,

the

fees

paid

by

competitive

funds

and

the

costs

incurred

by

PSERV

and

Franklin

Distributors

in

providing

such

services.

Furthermore,

the

Trustees

were

of

the

view

that

the

investor

services

provided

by

PSERV

were

required

for

the

operation

of

the

mutual

funds,

and

that

they

were

of

a

quality

at

least

equal

to

those

provided

by

other

providers.

39114-AFSOI

12/25©

2025

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer have
 concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act
 of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes
 the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b)
 under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period covered by this report, the Registrant transitioned to a new third-party
 service provider who performs certain accounting and administrative services for the Registrant that are subject to Franklin Templeton's
 oversight.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (1) Code of Ethics attached hereto.](pcbf-efp20803_ex99code.htm)

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](pcbf-efp20803_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](pcbf-efp20803_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

**Putnam Funds Trust**

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |

---

Jonathan S. Horwitz

Principal Executive Officer

Date: December 29, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |

---

Jonathan S. Horwitz

Principal Executive Officer

Date: December 29, 2025

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |

---

Jeffrey White

Principal Financial Officer

Date: December 29, 2025

## Ex-99.Codeeth

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self- regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N- CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Jonathan S. Horwitz, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Funds Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | December 29, 2025 |
| /s/ Jonathan S. Horwitz | /s/ Jonathan S. Horwitz |
| Jonathan S. Horwitz | Jonathan S. Horwitz |
| Principal Executive Officer | Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Funds Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 29, 2025 <br>

---

| |
|:---|
| /s/ Jeffrey White |
| Jeffrey White |
| Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Jonathan S. Horwitz,** Principal Executive Officer, and **Jeffrey White,** Principal Financial Officer of **Putnam Funds Trust** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **October 31, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Principal Executive Officer** <br> Putnam Funds Trust  | **Principal Financial Office**r<br> Putnam Funds Trust |
| /s/ Jonathan S. Horwitz | /s/ Jeffrey White |
| Jonathan S. Horwitz | Jeffrey White |

---

Date: December 29, 2025 Date: December 29, 2025

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.