# EDGAR Filing Document

**Accession Number:** 0001005942
**File Stem:** 0001133228-26-002270
**Filing Date:** 2026-2
**Character Count:** 135440
**Document Hash:** 55254a1502268754e888579e6f847ccc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-002270.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001133228-26-002270

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**EFFECTIVENESS DATE**: 20260226

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07513
- **FILM NUMBER:** 26683809

**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 International Value Fund (Series ID: S000000775)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000002290 | Class Y shares |  |
| C000002291 | Class A shares | PNGAX           |
| C000002293 | Class C shares | PIGRX           |
| C000002295 | Class R shares | PIIRX           |
| C000136806 | Class R6       |  |

?xml version='1.0' encoding='ASCII'? 2026-01-1574200165900_PutnamInternationalValueFund_ClassA_TSRSemiAnnual

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, New York 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: **June 30**

Date of reporting period: **December 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

---

| | |
|:---|:---|
| ![image](img2199_202405220716489.jpg) | ![image](img333186_202505270927280.jpg) |
| **Putnam International Value Fund**  | **Putnam International Value Fund**  |
| Class A [PNGAX] | Semi-Annual Shareholder Report \| December 31, 2025  |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam International Value Fund for the period July 1, 2025, to December 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.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class A | $51 | 0.96% |

---

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

† Annualized.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $1073197227 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 70 |
| **Portfolio Turnover Rate** | 4% |

---

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

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

![image](ts6322img004.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam International Value Fund PAGE 1 38967-STSA-0226

18.618.410.810.19.17.96.42.92.32.21.91.61.41.00.90.63.9 ------

---

| | |
|:---|:---|
| ![image](img2199_202405220716489.jpg) | ![image](img333186_202505270927280.jpg) |
| **Putnam International Value Fund**  | **Putnam International Value Fund**  |
| Class C [PIGRX] | Semi-Annual Shareholder Report \| December 31, 2025  |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam International Value Fund for the period July 1, 2025, to December 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.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class C | $90 | 1.71% |

---

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

† Annualized.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $1073197227 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 70 |
| **Portfolio Turnover Rate** | 4% |

---

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

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

![image](ts6323img004.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam International Value Fund PAGE 1 38967-STSC-0226

18.618.410.810.19.17.96.42.92.32.21.91.61.41.00.90.63.9 ------

---

| | |
|:---|:---|
| ![image](img2199_202405220716489.jpg) | ![image](img333186_202505270927280.jpg) |
| **Putnam International Value Fund**  | **Putnam International Value Fund**  |
| Class R [PIIRX] | Semi-Annual Shareholder Report \| December 31, 2025  |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam International Value Fund for the period July 1, 2025, to December 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.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R | $64 | 1.21% |

---

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

† Annualized.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $1073197227 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 70 |
| **Portfolio Turnover Rate** | 4% |

---

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

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

![image](ts6324img004.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam International Value Fund PAGE 1 38967-STSR-0226

18.618.410.810.19.17.96.42.92.32.21.91.61.41.00.90.63.9 ------

---

| | |
|:---|:---|
| ![image](img2199_202405220716489.jpg) | ![image](img333186_202505270927280.jpg) |
| **Putnam International Value Fund**  | **Putnam International Value Fund**  |
| Class R6 [PIGWX] | Semi-Annual Shareholder Report \| December 31, 2025  |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam International Value Fund for the period July 1, 2025, to December 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.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R6 | $33 | 0.62% |

---

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

† Annualized.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $1073197227 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 70 |
| **Portfolio Turnover Rate** | 4% |

---

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

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

![image](ts6325img004.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam International Value Fund PAGE 1 38967-STSR6-0226

18.618.410.810.19.17.96.42.92.32.21.91.61.41.00.90.63.9 ------

---

| | |
|:---|:---|
| ![image](img2199_202405220716489.jpg) | ![image](img333186_202505270927280.jpg) |
| **Putnam International Value Fund**  | **Putnam International Value Fund**  |
| Class Y [PNGYX] | Semi-Annual Shareholder Report \| December 31, 2025  |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam International Value Fund for the period July 1, 2025, to December 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.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class Y | $38 | 0.71% |

---

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

† Annualized.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $1073197227 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 70 |
| **Portfolio Turnover Rate** | 4% |

---

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

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

![image](ts6326img004.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam International Value Fund PAGE 1 38967-STSY-0226

18.618.410.810.19.17.96.42.92.32.21.91.61.41.00.90.63.9 ------

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

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

#### International

#### Value

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

December 31, 2025

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 14
Notes

to

Financial

Statements

#### 18
Changes

In

and

Disagreements

with

Accountants

#### 31
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

#### International

#### Value

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### December

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### June

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$16.15

$13.60

$12.57

$10.44

$12.71

$9.39

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.10 0.40 0.40 0.31 0.30 0.22 Net

realized

and

unrealized

gains

(losses)

1.52 2.67 0.94 2.00 (1.88)

3.31 Total

from

investment

operations

........

1.62 3.07 1.34 2.31 (1.58)

3.53 Less

distributions

from:

Net

investment

income

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

(0.32)

(0.35)

(0.31)

(0.18)

(0.15)

(0.18)

Net

realized

gains

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

(0.19)

(0.17)

—

—

(0.54)

(0.03)

Total

distributions

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

(0.51)

(0.52)

(0.31)

(0.18)

(0.69)

(0.21)

Net

asset

value,

end

of

period

..........

$17.26

$16.15

$13.60

$12.57

$10.44

$12.71

Total

return

c

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

10.06%

23.38%

10.76%

22.39%

(13.12)%

37.87%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

1.08%

1.18%

1.26%

1.34%

1.39%

1.43%

Expenses

net

of

waiver

and

payments

by

affiliates

e

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

0.96%

1.02%

1.06%

1.11%

1.27%

f

1.43%

Net

investment

income

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

1.20%

2.77%

3.07%

2.75%

2.44%

1.93%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$175,837

$155,841

$121,487

$118,860

$96,655

$115,696

Portfolio

turnover

rate

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

4%

26%

21%

15%

6%

17%

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,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### International

#### Value

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### December

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### June

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$16.26

$13.65

$12.64

$10.49

$12.75

$9.41

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.04 0.30 0.31 0.24 0.23 0.13 Net

realized

and

unrealized

gains

(losses)

1.53 2.68 0.94 2.00 (1.91)

3.32 Total

from

investment

operations

........

1.57 2.98 1.25 2.24 (1.68)

3.45 Less

distributions

from:

Net

investment

income

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

(0.24)

(0.20)

(0.24)

(0.09)

(0.04)

(0.08)

Net

realized

gains

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

(0.19)

(0.17)

—

—

(0.54)

(0.03)

Total

distributions

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

(0.43)

(0.37)

(0.24)

(0.09)

(0.58)

(0.11)

Net

asset

value,

end

of

period

..........

$17.40

$16.26

$13.65

$12.64

$10.49

$12.75

Total

return

c

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

9.66%

22.40%

9.95%

21.41%

(13.74)%

36.79%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

1.83%

1.93%

2.01%

2.09%

2.14%

2.18%

Expenses

net

of

waiver

and

payments

by

affiliates

e

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

1.71%

1.76%

1.81%

1.86%

2.02%

f

2.18%

Net

investment

income

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

0.47%

2.02%

2.41%

2.14%

1.90%

1.13%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$3,909

$2,876

$1,705

$1,323

$1,070

$1,154

Portfolio

turnover

rate

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

4%

26%

21%

15%

6%

17%

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,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### International

#### Value

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### December

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### June

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$15.85

$13.38

$12.38

$10.30

$12.57

$9.29

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.08 0.36 0.48 0.28 0.32 0.19 Net

realized

and

unrealized

gains

(losses)

1.48 2.61 0.82 1.96 (1.91)

3.27 Total

from

investment

operations

........

1.56 2.97 1.30 2.24 (1.59)

3.46 Less

distributions

from:

Net

investment

income

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

(0.28)

(0.33)

(0.30)

(0.16)

(0.14)

(0.15)

Net

realized

gains

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

(0.19)

(0.17)

—

—

(0.54)

(0.03)

Total

distributions

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

(0.47)

(0.50)

(0.30)

(0.16)

(0.68)

(0.18)

Net

asset

value,

end

of

period

..........

$16.94

$15.85

$13.38

$12.38

$10.30

$12.57

Total

return

c

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

9.90%

22.99%

10.61%

21.97%

(13.32)%

37.52%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

1.33%

1.43%

1.51%

1.59%

1.64%

1.68%

Expenses

net

of

waiver

and

payments

by

affiliates

e

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

1.21%

1.27%

1.31%

1.36%

1.52%

f

1.68%

Net

investment

income

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

0.93%

2.52%

3.69%

2.52%

2.64%

1.67%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$10,737

$9,318

$7,106

$2,303

$1,725

$869

Portfolio

turnover

rate

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

4%

26%

21%

15%

6%

17%

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

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### International

#### Value

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### December

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### June

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$16.20

$13.65

$12.61

$10.48

$12.76

$9.43

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.13 0.46 0.48 0.39 0.37 0.28 Net

realized

and

unrealized

gains

(losses)

1.52 2.66 0.92 1.97 (1.90)

3.31 Total

from

investment

operations

........

1.65 3.12 1.40 2.36 (1.53)

3.59 Less

distributions

from:

Net

investment

income

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

(0.37)

(0.40)

(0.36)

(0.23)

(0.21)

(0.23)

Net

realized

gains

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

(0.19)

(0.17)

—

—

(0.54)

(0.03)

Total

distributions

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

(0.56)

(0.57)

(0.36)

(0.23)

(0.75)

(0.26)

Net

asset

value,

end

of

period

..........

$17.29

$16.20

$13.65

$12.61

$10.48

$12.76

Total

return

c

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

10.24%

23.81%

11.27%

22.84%

(12.75)%

38.42%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

0.75%

0.80%

0.85%

0.92%

0.98%

0.99%

Expenses

net

of

waiver

and

payments

by

affiliates

e

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

0.62%

0.64%

0.65%

0.69%

0.86%

f

0.99%

Net

investment

income

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

1.51%

3.15%

3.66%

3.39%

3.03%

2.42%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$350,045

$165,089

$65,378

$37,985

$20,253

$15,053

Portfolio

turnover

rate

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

4%

26%

21%

15%

6%

17%

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

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### International

#### Value

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### December

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### June

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$16.12

$13.58

$12.55

$10.43

$12.71

$9.40

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.12 0.44 0.45 0.37 0.37 0.28 Net

realized

and

unrealized

gains

(losses)

1.51 2.65 0.92 1.97 (1.91)

3.27 Total

from

investment

operations

........

1.63 3.09 1.37 2.34 (1.54)

3.55 Less

distributions

from:

Net

investment

income

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

(0.36)

(0.38)

(0.34)

(0.22)

(0.20)

(0.21)

Net

realized

gains

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

(0.19)

(0.17)

—

—

(0.54)

(0.03)

Total

distributions

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

(0.55)

(0.55)

(0.34)

(0.22)

(0.74)

(0.24)

Net

asset

value,

end

of

period

..........

$17.20

$16.12

$13.58

$12.55

$10.43

$12.71

Total

return

c

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

10.13%

23.68%

11.08%

22.69%

(12.89)%

38.13%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

0.83%

0.93%

1.01%

1.09%

1.14%

1.18%

Expenses

net

of

waiver

and

payments

by

affiliates

e

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

0.71%

0.77%

0.81%

0.86%

1.02%

f

1.18%

Net

investment

income

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

1.45%

3.02%

3.46%

3.21%

3.08%

2.36%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$532,668

$434,387

$245,771

$192,881

$94,542

$32,909

Portfolio

turnover

rate

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

4%

26%

21%

15%

6%

17%

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

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited),

December

31,

2025

#### Putnam

#### International

#### Value

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 95.9%

#### Aerospace

#### &

#### Defense

#### 2.4%
Airbus

SE

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

France

60,216

$

13,983,600

Thales

SA

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

France

42,516

11,469,363

25,452,963

#### Air

#### Freight

#### &

#### Logistics

#### 1.0%
Deutsche

Post

AG

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

Germany

199,122

10,857,268

#### Automobiles

#### 0.5%
Stellantis

NV

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

United

States

482,443

5,283,092

#### Banks

#### 25.8%
AIB

Group

plc

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

Ireland

2,053,106

21,948,419

ANZ

Group

Holdings

Ltd.

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

Australia

620,619

15,005,085

Barclays

plc

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

United

Kingdom

5,872,485

37,590,535

BNP

Paribas

SA

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

France

315,930

29,889,203

CaixaBank

SA

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

Spain

1,945,291

23,783,372

HSBC

Holdings

plc

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

United

Kingdom

2,515,205

39,579,118

ING

Groep

NV

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

Netherlands

1,401,788

39,401,786

Mitsubishi

UFJ

Financial

Group,

Inc.

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

Japan

2,154,100

34,187,880

Resona

Holdings,

Inc.

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

Japan

1,121,500

10,674,124

Sumitomo

Mitsui

Financial

Group,

Inc.

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

Japan

763,000

24,539,160

276,598,682

#### Beverages

#### 2.2%
Asahi

Group

Holdings

Ltd.

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

Japan

784,300

8,220,880

Coca-Cola

Europacific

Partners

plc

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

United

Kingdom

174,318

15,810,643

24,031,523

#### Biotechnology

#### 0.8%
a

Argenx

SE

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

Netherlands

10,588

8,931,442

#### Broadline

#### Retail

#### 0.4%
Pan

Pacific

International

Holdings

Corp.

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

Japan

685,200

4,081,671

#### Building

#### Products

#### 1.3%
Cie

de

Saint-Gobain

SA

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

France

135,802

13,809,964

#### Capital

#### Markets

#### 2.1%
London

Stock

Exchange

Group

plc

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

United

Kingdom

79,775

9,596,016

Partners

Group

Holding

AG

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

Switzerland

10,263

12,592,512

22,188,528

#### Chemicals

#### 0.5%
LANXESS

AG

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

Germany

247,865

5,079,105

#### Construction

#### Materials

#### 2.2%
CRH

plc

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

United

States

193,134

23,999,120

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 2.4%
MatsukiyoCocokara

&

Co.

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

Japan

545,100

9,437,635

Tesco

plc

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

United

Kingdom

2,721,450

16,183,999

25,621,634

#### Diversified

#### REITs

#### 0.6%
Mirvac

Group

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

Australia

4,839,549

6,596,702

#### Diversified

#### Telecommunication

#### Services

#### 2.7%
Deutsche

Telekom

AG

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

Germany

483,366

15,734,074

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### International

#### Value

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Diversified

#### Telecommunication

#### Services
(continued)

Telstra

Group

Ltd.

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

Australia

3,995,636

$

12,964,093

28,698,167

#### Electric

#### Utilities

#### 1.9%
Enel

SpA

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

Italy

1,945,651

20,229,585

#### Electrical

#### Equipment

#### 1.1%
ABB

Ltd.

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

Switzerland

160,334

11,819,430

#### Food

#### Products

#### 1.0%
a

Magnum

Ice

Cream

Co.

NV

(The)

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

Netherlands

56,741

907,942

Yamazaki

Baking

Co.

Ltd.

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

Japan

454,600

9,538,411

10,446,353

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 1.7%
Hoya

Corp.

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

Japan

120,800

18,321,687

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.6%
Compass

Group

plc

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

United

Kingdom

213,420

6,762,224

#### Household

#### Durables

#### 2.0%
Cairn

Homes

plc

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

Ireland

3,772,814

9,178,505

Sony

Group

Corp.

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

Japan

455,800

11,691,721

20,870,226

#### Industrial

#### Conglomerates

#### 1.7%
Siemens

AG

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

Germany

65,573

18,365,462

#### Industrial

#### REITs

#### 0.9%
Segro

plc

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

United

Kingdom

1,015,322

9,836,573

#### Insurance

#### 9.2%
ASR

Nederland

NV

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

Netherlands

270,970

19,279,731

AXA

SA

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

France

524,284

25,155,694

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

Germany

31,549

20,761,969

Prudential

plc

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

Hong

Kong

940,705

14,470,938

QBE

Insurance

Group

Ltd.

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

Australia

1,436,876

19,023,441

98,691,773

#### Machinery

#### 2.8%
a

Alstom

SA

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

France

731,642

21,584,840

Minebea

Mitsumi,

Inc.

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

Japan

459,500

9,245,866

30,830,706

#### Metals

#### &

#### Mining

#### 2.1%
Anglo

American

plc

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

South

Africa

128,858

5,329,891

Glencore

plc

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

Australia

2,889,986

15,798,576

Valterra

Platinum

Ltd.

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

South

Africa

12,344

1,030,200

22,158,667

#### Multi-Utilities

#### 1.3%
E.ON

SE

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

Germany

718,377

13,602,412

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 6.1%
Cenovus

Energy,

Inc.

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

Canada

1,038,243

17,564,389

Shell

plc

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

United

States

1,311,883

48,345,841

65,910,230

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### International

#### Value

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Passenger

#### Airlines

#### 1.4%
Qantas

Airways

Ltd.

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

Australia

2,220,674

$

15,341,942

#### Personal

#### Care

#### Products

#### 1.6%
Unilever

plc

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

United

Kingdom

259,473

16,977,232

#### Pharmaceuticals

#### 5.0%
AstraZeneca

plc

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

United

Kingdom

59,904

11,085,795

Bayer

AG

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

Germany

300,529

13,035,674

Novo

Nordisk

A/S

,

B

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

Denmark

221,046

11,211,117

Sanofi

SA

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

United

States

203,878

19,726,262

55,058,848

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 1.0%
STMicroelectronics

NV

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

Singapore

388,566

10,155,217

#### Specialty

#### Retail

#### 0.4%
JD

Sports

Fashion

plc

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

United

Kingdom

4,190,629

4,750,025

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 1.2%
Asics

Corp.

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

Japan

559,100

13,422,017

#### Tobacco

#### 1.4%
Imperial

Brands

plc

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

United

Kingdom

349,192

14,662,635

#### Trading

#### Companies

#### &

#### Distributors

#### 4.8%
Ashtead

Group

plc

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

United

Kingdom

91,949

6,269,009

Ferguson

Enterprises,

Inc.

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

United

States

46,635

10,339,512

ITOCHU

Corp.

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

Japan

1,012,500

12,794,773

Mitsubishi

Corp.

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

Japan

924,800

21,152,661

50,555,955

#### Wireless

#### Telecommunication

#### Services

#### 1.8%
KDDI

Corp.

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

Japan

540,300

9,351,353

Vodafone

Group

plc

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

United

Kingdom

7,282,564

9,707,727

19,059,080

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 796,545,812

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

#### 1,029,058,140

#### Short

#### Term

#### Investments

#### 3.9%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 0.4%
b

,c

U.S.

Treasury

Bills

,

3.18 %,

1/20/26

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

United

States

3,500,000

3,493,824

3.49 %,

4/23/26

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

United

States

600,000

593,489

4,087,313

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 4,086,199

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

#### 4,087,313
Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### International

#### Value

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

December

31,

2025,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

1(c).

#### Short

#### Term

#### Investments
(continued)

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Management

#### Investment

#### Companies

#### 3.5%
d,e

Putnam

Short

Term

Investment

Fund

,

Class

P

,

3.967 %

.......

United

States

37,721,760

$

37,721,760

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 37,721,760

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

#### 37,721,760

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 41,807,959

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

#### 41,809,073

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 838,353,771

####)
99.8 #### %
.................................

#### $1,070,867,213

#### Other

#### Assets,

#### less

#### Liabilities
0.2 #### %
...........................................

#### 2,330,014

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $1,073,197,227

#### a
\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Non-income

producing.

b

The

rate

shown

represents

the

yield

at

period

end.

c

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

December

31,

2025,

the

aggregate

value

of

these

securities

pledged

amounted

to

$1,990,946,

representing

0.2%

of

net

assets.

d

See

Note

(g)

regarding

investments

in

affiliated

management

investment

companies.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

#### Futures

#### Contracts

#### Description

#### Type

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### \*

#### Expiration

#### Date

#### Value/

#### Unrealized

#### Appreciation
(Depreciation)

#### Equity

#### contracts
MSCI

EAFE

Index

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

Long

$

8,416,090

3/20/26

$

44,304

Total

Futures

Contracts

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

$44,304

\*

As

of

period

end.

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### International

#### Value

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

At

December

31,

2025

,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

(c).

#### Forward

#### Exchange

#### Contracts

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount

#### \*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
Australian

Dollar

....

BOFA

Sell

1,558,400

1,013,062

1/14/26

$

—

$

(27,007)

Australian

Dollar

....

CITI

Buy

6,209,500

4,082,752

1/14/26

61,442

—

Australian

Dollar

....

GSCO

Sell

8,534,500

5,563,346

1/14/26

—

(132,542)

Australian

Dollar

....

HSBK

Buy

7,012,700

4,556,362

1/14/26

123,884

—

Australian

Dollar

....

HSBK

Sell

2,217,000

1,472,260

1/14/26

—

(7,356)

Australian

Dollar

....

JPHQ

Buy

5,070,700

3,305,741

1/14/26

78,422

—

Australian

Dollar

....

MSCO

Sell

15,940,800

10,400,961

1/14/26

—

(237,860)

Australian

Dollar

....

SSBT

Buy

7,776,300

5,089,595

1/14/26

100,274

—

Australian

Dollar

....

TDOM

Buy

1,944,300

1,269,161

1/14/26

28,456

—

Australian

Dollar

....

UBSW

Sell

3,834,900

2,520,714

1/14/26

—

(38,682)

Australian

Dollar

....

WPAC

Buy

3,103,900

2,027,263

1/14/26

44,267

—

Canadian

Dollar

....

BOFA

Sell

2,805,000

2,011,711

1/14/26

—

(32,793)

Canadian

Dollar

....

BZWS

Sell

4,091,500

2,933,374

1/14/26

—

(48,832)

Canadian

Dollar

....

CITI

Sell

293,600

210,468

1/14/26

—

(3,531)

Canadian

Dollar

....

GSCO

Sell

1,031,400

738,191

1/14/26

—

(13,574)

Canadian

Dollar

....

HSBK

Sell

1,645,900

1,180,652

1/14/26

—

(19,009)

Canadian

Dollar

....

JPHQ

Sell

1,745,300

1,249,114

1/14/26

—

(22,997)

Canadian

Dollar

....

MSCO

Sell

3,710,600

2,668,659

1/14/26

—

(35,918)

Canadian

Dollar

....

SSBT

Sell

2,521,800

1,809,130

1/14/26

—

(28,956)

Canadian

Dollar

....

TDOM

Sell

1,478,500

1,058,218

1/14/26

—

(19,429)

Canadian

Dollar

....

UBSW

Sell

2,329,200

1,670,416

1/14/26

—

(27,287)

Canadian

Dollar

....

WPAC

Sell

2,681,800

1,919,699

1/14/26

—

(35,007)

Israeli

New

Shekel

..

BOFA

Buy

3,445,400

1,048,122

1/14/26

33,720

—

Israeli

New

Shekel

..

CITI

Buy

7,396,300

2,290,868

1/14/26

31,541

—

Israeli

New

Shekel

..

GSCO

Buy

3,763,700

1,147,400

1/14/26

34,387

—

Israeli

New

Shekel

..

HSBK

Buy

1,644,100

499,628

1/14/26

16,613

—

Israeli

New

Shekel

..

MSCO

Buy

6,248,300

1,903,693

1/14/26

58,248

—

Israeli

New

Shekel

..

SSBT

Buy

4,251,300

1,292,135

1/14/26

42,756

—

Israeli

New

Shekel

..

UBSW

Buy

13,792,500

4,190,059

1/14/26

140,731

—

New

Zealand

Dollar

.

JPHQ

Buy

485,900

279,278

1/14/26

584

—

New

Zealand

Dollar

.

WPAC

Buy

1,251,800

720,811

1/14/26

—

Chinese

Yuan

......

BOFA

Buy

7,927,500

1,122,839

2/11/26

16,209

—

Chinese

Yuan

......

GSCO

Sell

41,797,900

5,940,133

2/11/26

—

(65,517)

Chinese

Yuan

......

HSBK

Buy

35,685,700

5,054,576

2/11/26

72,854

—

Hong

Kong

Dollar

...

BOFA

Buy

5,074,500

653,939

2/11/26

—

(1,049)

Hong

Kong

Dollar

...

BZWS

Buy

11,922,300

1,536,464

2/11/26

—

(2,530)

Hong

Kong

Dollar

...

CITI

Buy

5,113,200

658,951

2/11/26

—

(1,082)

Hong

Kong

Dollar

...

GSCO

Buy

27,196,700

3,504,797

2/11/26

—

(5,646)

Hong

Kong

Dollar

...

HSBK

Buy

25,377,500

3,270,140

2/11/26

—

(5,049)

Hong

Kong

Dollar

...

SSBT

Buy

60,318,000

7,773,639

2/11/26

—

(13,072)

Hong

Kong

Dollar

...

TDOM

Buy

25,912,600

3,339,532

2/11/26

—

(5,594)

Singapore

Dollar

....

BOFA

Buy

1,203,600

932,741

2/11/26

5,961

—

Singapore

Dollar

....

CITI

Buy

553,500

428,949

2/11/26

2,732

—

Singapore

Dollar

....

GSCO

Buy

13,145,900

10,189,578

2/11/26

63,063

—

Singapore

Dollar

....

HSBK

Buy

1,457,700

1,129,655

2/11/26

7,222

—

Singapore

Dollar

....

JPHQ

Buy

389,900

302,186

2/11/26

1,902

—

Singapore

Dollar

....

MSCO

Buy

2,385,500

1,842,984

2/11/26

17,495

—

Singapore

Dollar

....

SSBT

Buy

3,159,000

2,440,632

2/11/26

23,110

—

Singapore

Dollar

....

TDOM

Buy

589,200

455,174

2/11/26

4,350

—

South

Korean

Won

..

GSCO

Sell

2,751,961,900

1,902,300

2/11/26

—

(5,922)

South

Korean

Won

..

JPHQ

Sell

2,113,870,600

1,460,360

2/11/26

—

(5,407)

South

Korean

Won

..

MSCO

Buy

4,857,415,500

3,356,432

2/11/26

11,719

—

Japanese

Yen

......

BOFA

Buy

645,205,900

4,213,947

2/12/26

—

(80,865)

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### International

#### Value

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Forward

#### Exchange

#### Contracts
(continued)

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount\*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
(continued)

Japanese

Yen

......

BZWS

Buy

703,474,800

4,566,411

2/12/26

$

—

$

(60,069)

Japanese

Yen

......

CITI

Buy

1,035,101,900

6,759,995

2/12/26

—

(129,304)

Japanese

Yen

......

GSCO

Buy

3,123,139,700

20,284,887

2/12/26

—

(278,572)

Japanese

Yen

......

HSBK

Buy

1,158,178,100

7,516,486

2/12/26

—

(97,389)

Japanese

Yen

......

JPHQ

Buy

2,288,908,800

14,949,163

2/12/26

—

(286,793)

Japanese

Yen

......

MSCO

Sell

900,714,100

5,853,449

2/12/26

83,624

—

Japanese

Yen

......

SSBT

Sell

914,710,700

5,944,022

2/12/26

84,537

—

Japanese

Yen

......

TDOM

Buy

748,497,600

4,864,133

2/12/26

—

(69,381)

Japanese

Yen

......

UBSW

Sell

1,909,519,900

12,394,729

2/12/26

162,662

—

Japanese

Yen

......

WPAC

Buy

204,734,200

1,330,436

2/12/26

—

(18,943)

British

Pound

......

BOFA

Sell

11,277,300

15,147,354

3/17/26

—

(51,150)

British

Pound

......

BZWS

Sell

3,766,100

5,058,456

3/17/26

—

(17,145)

British

Pound

......

CITI

Buy

8,581,600

11,526,389

3/17/26

39,099

—

British

Pound

......

CITI

Sell

2,681,800

3,606,903

3/17/26

—

(7,380)

British

Pound

......

GSCO

Sell

11,727,200

15,751,506

3/17/26

—

(53,331)

British

Pound

......

HSBK

Sell

15,488,300

20,777,231

3/17/26

—

(96,470)

British

Pound

......

JPHQ

Sell

1,460,400

1,961,430

3/17/26

—

(6,762)

British

Pound

......

MSCO

Sell

34,704,900

46,333,540

3/17/26

—

(438,520)

British

Pound

......

SSBT

Sell

4,287,300

5,723,871

3/17/26

—

(54,156)

British

Pound

......

TDOM

Sell

1,754,600

2,342,566

3/17/26

—

(22,121)

British

Pound

......

UBSW

Sell

3,362,900

4,489,740

3/17/26

—

(42,466)

British

Pound

......

WPAC

Buy

10,690,600

14,281,004

3/17/26

126,800

—

Czech

Koruna

......

BOFA

Buy

19,303,700

940,025

3/17/26

—

Czech

Koruna

......

MSCO

Buy

26,622,600

1,288,879

3/17/26

7,579

—

Danish

Krone

......

BOFA

Buy

6,195,100

980,494

3/17/26

—

(1,705)

Danish

Krone

......

CITI

Buy

20,283,800

3,210,773

3/17/26

—

(6,052)

Danish

Krone

......

GSCO

Sell

3,402,100

538,432

3/17/26

920

—

Danish

Krone

......

JPHQ

Buy

2,899,200

458,901

3/17/26

—

(844)

Danish

Krone

......

MSCO

Sell

67,896,600

10,728,719

3/17/26

1,455

—

Danish

Krone

......

SSBT

Buy

14,037,700

2,218,105

3/17/26

—

(231)

Euro

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

BOFA

Sell

3,678,300

4,344,222

3/17/26

7,082

—

Euro

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

BZWS

Sell

1,408,500

1,663,479

3/17/26

2,695

—

Euro

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

CITI

Sell

5,324,100

6,287,971

3/17/26

10,243

—

Euro

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

GSCO

Buy

18,469,100

21,813,762

3/17/26

—

(36,563)

Euro

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

HSBK

Buy

12,865,900

15,194,564

3/17/26

—

(24,184)

Euro

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

JPHQ

Buy

5,411,400

6,390,601

3/17/26

—

(9,936)

Euro

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

MSCO

Sell

53,297,700

62,856,806

3/17/26

13,160

(488)

Euro

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

SSBT

Buy

22,759,400

26,853,717

3/17/26

(18,175)

Euro

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

TDOM

Sell

6,834,400

8,057,963

3/17/26

—

(583)

Euro

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

UBSW

Sell

4,619,200

5,446,406

3/17/26

—

(163)

Euro

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

WPAC

Sell

993,600

1,171,565

3/17/26

—

(4)

Norwegian

Krone

...

BOFA

Sell

1,210,400

120,076

3/17/26

—

Norwegian

Krone

...

BZWS

Sell

14,012,200

1,389,950

3/17/26

—

Norwegian

Krone

...

CITI

Buy

8,047,700

798,343

3/17/26

—

(144)

Norwegian

Krone

...

GSCO

Buy

13,069,000

1,296,532

3/17/26

—

(304)

Norwegian

Krone

...

MSCO

Buy

63,926,200

6,301,056

3/17/26

39,365

—

Norwegian

Krone

...

SSBT

Sell

3,013,200

296,991

3/17/26

—

(1,868)

Swedish

Krona

.....

BOFA

Buy

48,271,700

5,247,861

3/17/26

15,006

—

Swedish

Krona

.....

BZWS

Buy

13,568,600

1,475,056

3/17/26

4,273

—

Swedish

Krona

.....

CITI

Buy

36,621,300

3,981,269

3/17/26

11,402

—

Swedish

Krona

.....

GSCO

Buy

80,580,700

8,760,738

3/17/26

24,647

—

Swedish

Krona

.....

HSBK

Buy

25,298,900

2,750,419

3/17/26

7,817

—

Swedish

Krona

.....

SSBT

Buy

37,930,900

4,105,022

3/17/26

30,429

—

Swedish

Krona

.....

TDOM

Buy

37,762,900

4,086,562

3/17/26

30,573

—

Swedish

Krona

.....

UBSW

Buy

9,559,100

1,034,560

3/17/26

7,630

—

Swedish

Krona

.....

WPAC

Buy

7,265,200

786,247

3/17/26

5,848

—

Swiss

Franc

.......

BOFA

Buy

2,436,400

3,101,527

3/17/26

—

(2,316)

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### International

#### Value

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Forward

#### Exchange

#### Contracts
(continued)

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount\*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
(continued)

Swiss

Franc

.......

BZWS

Buy

2,897,400

3,688,703

3/17/26

$

—

$

(3,079)

Swiss

Franc

.......

CITI

Buy

4,172,300

5,311,358

3/17/26

—

(4,004)

Swiss

Franc

.......

GSCO

Buy

6,840,700

8,709,719

3/17/26

—

(8,039)

Swiss

Franc

.......

HSBK

Buy

10,118,800

12,882,478

3/17/26

—

(10,907)

Swiss

Franc

.......

HSBK

Sell

538,700

683,376

3/17/26

—

(1,875)

Swiss

Franc

.......

JPHQ

Buy

7,195,400

9,161,305

3/17/26

—

(8,431)

Swiss

Franc

.......

MSCO

Buy

7,008,600

8,894,569

3/17/26

20,687

—

Swiss

Franc

.......

SSBT

Buy

12,949,300

16,433,393

3/17/26

38,702

—

Swiss

Franc

.......

TDOM

Buy

1,497,000

1,899,626

3/17/26

4,626

—

Swiss

Franc

.......

UBSW

Sell

2,191,500

2,781,233

3/17/26

—

(6,455)

Swiss

Franc

.......

WPAC

Buy

4,347,000

5,525,039

3/17/26

7,417

(2,875)

Total

Forward

Exchange

Contracts

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

$1,811,034

$(2,801,690)

Net

unrealized

appreciation

(depreciation)

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

$(990,656)

\*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

See

Note

regarding

other

derivative

information.

See

A

bbreviations

on

.

Putnam

Funds

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

December

31,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### International

#### Value

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$800,632,011

Cost

-

Non-controlled

affiliates

(Note

g)

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

37,721,760

Value

-

Unaffiliated

issuers

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

$1,033,145,453

Value

-

Non-controlled

affiliates

(Note

g)

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

37,721,760

Cash

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

616,891

Receivables:

Capital

shares

sold

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

1,882,921

Dividends

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

1,501,810

European

Union

tax

reclaims

(Note

d)

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

1,143,585

Unrealized

appreciation

on

OTC

forward

exchange

contracts

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

1,811,034

Prepaid

expenses

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

126,015

Total

assets

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

1,077,949,469

Liabilities:

Payables:

Capital

shares

redeemed

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

680,306

Management

fees

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

444,698

Administrative

fees

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

Distribution

fees

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

44,607

Transfer

agent

fees

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

108,440

Trustees'

fees

and

expenses

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

85,337

Variation

margin

on

futures

contracts

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

42,117

Deposits

from

brokers

for:

OTC

derivative

contracts

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

440,000

Unrealized

depreciation

on

OTC

forward

exchange

contracts

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

2,801,690

Accrued

expenses

and

other

liabilities

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

104,617

Total

liabilities

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

4,752,242

Net

assets,

at

value

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

$1,073,197,227

Net

assets

consist

of:

Paid-in

capital

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

$843,627,112

Total

distributable

earnings

(losses)

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

229,570,115

Net

assets,

at

value

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

$1,073,197,227

Putnam

Funds

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

December

31,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### International

#### Value

#### Fund

#### Class

#### A:
Net

assets,

at

value

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

$175,837,343

Shares

outstanding

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

10,189,729

Net

asset

value

per

share

a

,b

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

$17.26

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

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

$18.31

#### Class

#### C:
Net

assets,

at

value

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

$3,909,214

Shares

outstanding

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

224,689

Net

asset

value

and

maximum

offering

price

per

share

a

,b

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

$17.40

#### Class

#### R:
Net

assets,

at

value

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

$10,737,310

Shares

outstanding

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

633,776

Net

asset

value

and

maximum

offering

price

per

share

b

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

$16.94

#### Class

#### R6:
Net

assets,

at

value

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

$350,044,917

Shares

outstanding

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

20,242,849

Net

asset

value

and

maximum

offering

price

per

share

b

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

$17.29

#### Class

#### Y:
Net

assets,

at

value

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

$532,668,443

Shares

outstanding

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

30,961,757

Net

asset

value

and

maximum

offering

price

per

share

b

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

$17.20

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

six

months

ended

December

31,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### International

#### Value

#### Fund
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$465,224)

Unaffiliated

issuers

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

$9,324,373

Non-controlled

affiliates

(Note

g)

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

720,838

Interest:

Unaffiliated

issuers

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

57,382

Other

income

(Note

d)

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

8,611

Total

investment

income

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

10,111,204

Expenses:

Management

fees

(Note

a)

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

3,080,680

Administrative

fees

(Note

b)

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

4,260

Distribution

fees:

(Note

3c)

Class

A

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

210,459

Class

C

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

18,366

Class

R

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

25,381

Transfer

agent

fees:

(Note

3e)

Class

A

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

109,950

Class

C

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

2,390

Class

R

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

6,622

Class

R6

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

64,298

Class

Y

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

326,392

Custodian

fees

(Note

4)

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

11,786

Reports

to

shareholders

fees

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

35,479

Registration

and

filing

fees

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

56,918

Professional

fees

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

70,591

Trustees'

fees

and

expenses

(Note

f)

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

13,609

Other

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

22,276

Total

expenses

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

4,059,457

Expense

reductions

(Note

4)

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

(2,269)

Expenses

waived/paid

by

affiliates

(Note

g

and

h)

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

(585,874)

Net

expenses

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

3,471,314

Net

investment

income

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

6,639,890

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

2,998,804

Foreign

currency

transactions

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

(36,796)

Forward

exchange

contracts

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

(30,889)

Futures

contracts

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

558,425

Net

realized

gain

(loss)

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

3,489,544

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

83,419,880

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

(6,659)

Forward

exchange

contracts

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

(1,920,432)

Futures

contracts

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

44,304

Net

change

in

unrealized

appreciation

(depreciation)

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

81,537,093

Net

realized

and

unrealized

gain

(loss)

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

85,026,637

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$91,666,527

Putnam

Funds

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### International

#### Value

#### Fund

#### Six

#### Months

#### Ended

#### December

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### June

#### 30,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$6,639,890

$15,702,591

Net

realized

gain

(loss)

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

3,489,544

13,108,258

Net

change

in

unrealized

appreciation

(depreciation)

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

81,537,093

91,538,016

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

91,666,527

120,348,865

Distributions

to

shareholders:

Class

A

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

(5,081,164)

(4,494,846)

Class

C

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

(92,856)

(35,802)

Class

R

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

(292,948)

(273,574)

Class

R6

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

(10,976,699)

(3,201,063)

Class

Y

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

(16,573,259)

(10,281,955)

Total

distributions

to

shareholders

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

(33,016,926)

(18,287,240)

Capital

share

transactions:

(Note

2)

Class

A

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

9,049,170

10,811,256

Class

B

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

—

(80,425)

Class

C

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

792,548

785,260

Class

R

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

769,370

778,690

Class

R6

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

169,546,604

79,668,952

Class

Y

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

66,878,854

131,962,861

Total

capital

share

transactions

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

247,036,546

223,926,594

Net

increase

(decrease)

in

net

assets

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

305,686,147

325,988,219

Net

assets:

Beginning

of

period

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

767,511,080

441,522,861

End

of

period

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

$1,073,197,227

$767,511,080

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

#### Putnam

#### International

#### Value

#### Fund

franklintempleton.com

Semiannual

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

International

Value

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

each business

day as

of

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Trust'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

derivative

financial instruments 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. Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

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.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

Certain

derivative

financial

instruments

trade

in

the

OTC

market.

The

Fund's

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Fund's

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets.

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

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### International

#### Value

#### Fund
(continued)

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.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund's

business

day. Events

can occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund's

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

p.m.

Eastern

time. In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at

p.m.

Eastern

time.

At

December

31,

2025,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund's

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund's

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund

for

financial

reporting

purposes.

b. #### Foreign

#### Currency

#### Translation
Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c. #### Derivative

#### Financial

#### Instruments
The

Fund invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Statement

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Statement

of

Operations.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### International

#### Value

#### Fund
(continued)

Derivative

counterparty

credit

risk

is

managed

through

a

formal

evaluation

of

the

creditworthiness

of

all

potential

counterparties.

The

Fund

attempts

to

reduce

its

exposure

to

counterparty

credit

risk

on

OTC

derivatives,

whenever

possible,

by

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

to

collateral

requirements,

events

of

default,

or

early

termination.

Termination

events

applicable

to

the

counterparty

include

certain

deteriorations

in

the

credit

quality

of

the

counterparty.

Termination

events

applicable

to

the

Fund

include

failure

of

the

Fund

to

maintain

certain

net

asset

levels

and/or

limit

the

decline

in

net

assets

over

various

periods

of

time.

In

the

event

of

default

or

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

to

net

and

close-out

all

transactions

traded,

whether

or

not

arising

under

the

ISDA

agreement,

to

one

net

amount

payable

by

one

counterparty

to

the

other.

However,

absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statement

of

Assets

and

Liabilities.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Fund

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement.

At

December

31,

2025,

the

Fund

had

OTC

derivatives

in

a

net

liability

position

of

$1,523,040

and

the

aggregate

value

of

collateral

pledged

for

such

contracts

was

$1,299,989.

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

or

at

the

broker and

can

be

in

the

form

of

cash

and/or

securities.

For

OTC

derivatives

traded

under

an

ISDA

master

agreement,

posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund

for

OTC

derivatives,

if

any,

is

held

in

segregated

accounts

with

the

Fund's

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Fund's

investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

The

Fund entered

into

exchange

traded

futures

contracts

primarily

to

manage

and/or

gain

exposure

to equity

price

risk.

A

futures

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

Required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

Futures

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund entered

into

OTC

forward

exchange

contracts

primarily

to

manage

and/or

gain exposure

to

certain

foreign

currencies.

A

forward

exchange

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

foreign

currency at

a

specific

exchange

rate

on

a

future

date.

Forward

exchange

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

See

Note

regarding

other

derivative

information.

d. #### Income

#### and

#### Deferred

#### 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

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

c. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### International

#### Value

#### Fund
(continued)

As

a

result

of

several

court

cases,

in

certain

countries

across

the

European

Union, the

Fund

filed

additional

tax

reclaims

for

previously

withheld

taxes

on

dividends

earned

in

those

countries

(EU

reclaims). Income

recognized,

if

any,

for

EU

reclaims

is

reflected

as

other

income

in

the

Statement

of

Operations

and

any

related

receivable,

if

any,

is

reflected

as

European

Union

tax

reclaims

in

the

Statement

of

Assets

and

Liabilities.

Any

fees

associated

with

these

filings

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

When

uncertainty

exists

as

to

the

ultimate

resolution

of

these

proceedings,

the

likelihood

of

receipt

of

these

EU

reclaims,

and

the

potential

timing

of

payment,

no

amounts

are

reflected

in

the

financial

statements.

For

U.S.

income

tax

purposes,

EU

reclaims

received

by

the

Fund,

if

any,

reduce

the

amount

of

foreign

taxes

Fund

shareholders

can

use

as

tax

deductions

or credits

on

their

income

tax

returns.

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

December

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).

The

Fund's

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

to

examination

by

the

Internal

Revenue

Service

and

state

departments

of

revenue.

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.

Dividend

income

and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Fund.

Distributions

to

shareholders

are

recorded

on

the ex-dividend

date.

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 Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Fund, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

d. #### Income

#### and

#### Deferred

#### Taxes
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### International

#### Value

#### Fund
(continued)

2. #### Shares

#### of

#### Beneficial

#### Interest
At

December

31,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Six

#### Months

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### June

#### 30,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

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

894,469

$14,992,167

1,576,737

$23,512,420

Shares

issued

in

reinvestment

of

distributions

..........

285,833

4,913,477

330,566

4,353,558

Shares

redeemed

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

(640,491)

(10,856,474)

(1,189,631)

(17,054,722)

Net

increase

(decrease)

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

539,811

$9,049,170

717,672

$10,811,256

#### Class

#### B

#### Shares:

#### \*
Shares

redeemed

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

—

$—

(5,494)

$(80,425)

Net

increase

(decrease)

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

—

$—

(5,494)

$(80,425)

#### Class

#### C

#### Shares:
Shares

sold

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

82,359

$1,373,538

105,959

$1,568,572

Shares

issued

in

reinvestment

of

distributions

..........

5,355

92,856

2,688

35,802

Shares

redeemed

a

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

(39,855)

(673,846)

(56,702)

(819,114)

Net

increase

(decrease)

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

47,859

$792,548

51,945

$785,260

#### Class

#### R

#### Shares:
Shares

sold

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

117,631

$1,947,869

202,548

$2,886,389

Shares

issued

in

reinvestment

of

distributions

..........

17,355

292,948

21,125

273,564

Shares

redeemed

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

(89,028)

(1,471,447)

(167,049)

(2,381,263)

Net

increase

(decrease)

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

45,958

$769,370

56,624

$778,690

#### Class

#### R6

#### Shares:
Shares

sold

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

11,559,960

$194,990,192

7,332,543

$108,002,146

Shares

issued

in

reinvestment

of

distributions

..........

636,759

10,971,346

241,957

3,191,415

Shares

redeemed

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

(2,142,236)

(36,414,934)

(2,174,641)

(31,524,609)

Net

increase

(decrease)

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

10,054,483

$169,546,604

5,399,859

$79,668,952

#### Class

#### Y

#### Shares:
Shares

sold

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

6,207,052

$103,794,150

15,230,731

$223,807,696

Shares

issued

in

reinvestment

of

distributions

..........

962,533

16,497,806

780,664

10,250,123

Shares

redeemed

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

(3,160,063)

(53,413,102)

(7,157,354)

(102,094,958)

Net

increase

(decrease)

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

4,009,522

$66,878,854

8,854,041

$131,962,861

\*

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. Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### International

#### Value

#### 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

Putnam

Management

a

management

fee

(based

on

the

Fund's

average

net

assets

and

computed

and

paid

monthly)

at

annual

rates

that

may

vary

based

on

the

average

of

the

aggregate

net

assets

of

all

open-end

mutual

funds

sponsored

by

Putnam

Management

(including

open-end

funds

managed

by

affiliates

of

Putnam

Management

that

have

been

deemed

to

be

sponsored

by

Putnam

Management

for

this

purpose)

(excluding

net

assets

of

such

funds

that

are

invested

in,

or

that

are

invested

in

by,

other

such

funds

to

the

extent

necessary

to

avoid

"double

counting"

of

those

assets).

Such

annual

rates

may

vary

as

follows:

In

addition,

the

monthly

management

fee

consists

of

the

monthly

base

fee

plus

or

minus

a

performance

adjustment

for

the

month.

The

performance

adjustment

is

determined

based

on

performance

over

the

thirty-six

month

period

then

ended.

Each

month,

the

performance

adjustment

is

calculated

by

multiplying

the

performance

adjustment

rate

and

the

Fund's

average

net

assets

over

the

performance

period

and

dividing

the

result

by

twelve.

The

resulting

dollar

amount

is

added

to,

or

subtracted

from

the

base

fee

for

that

month.

The

performance

adjustment

rate

is

equal

to

0.03 multiplied

by

the

difference

between

the

Fund's

annualized

performance

(measured

by

the

Fund's

class

A

shares)

and

the

annualized

performance

of

the

MSCI

EAFE

Value

Index

(Net

Returns) each

measured

over

the

performance

period.

The

maximum

annualized

performance

adjustment

rate

is

+/-

0.15%.

The

monthly

base

fee

is

determined

based

on

the

Fund's

average

net

assets

for

the

month,

while

the

performance

adjustment

is

determined

based

on

the

Fund's

average

net

assets

over

the

thirty-six

month

performance

period.

This

means

it

is

possible

that,

if

the

Fund

underperforms

significantly

over

the

performance

period,

and

the

Fund's

assets

have

declined

significantly

over

that

period,

the

negative

performance

adjustment

may

exceed

the

base

fee.

In

this

event,

Putnam

Management

would

make

a

payment

to

the

Fund.

#### Subsidiary

#### Affiliation
Putnam

Investment

Management,

LLC

(Putnam

Management)

Investment

manager

Franklin

Advisers,

Inc.

(Advisers)

Subadvisor

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Putnam

Advisory

Company,

LLC

(PAC)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.850%

of

the

first

$5

billion,

0.800%

of

the

next

$5

billion,

0.750%

of

the

next

$10

billion,

0.700%

of

the

next

$10

billion,

0.650%

of

the

next

$50

billion,

0.630%

of

the

next

$50

billion,

0.620%

of

the

next

$100

billion

and

0.615%

of

any

excess

thereafter.

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### International

#### Value

#### Fund
(continued)

Because

the

performance

adjustment

is

based

on

the

Fund's

performance

relative

to

its

applicable

benchmark

index,

and

not

its

absolute

performance,

the

performance

adjustment

could

increase

Putnam

Management's

fee

even

if

the

Fund's

shares

lose

value

during

the

performance

period

provided

that

the

Fund

outperformed

its

benchmark

index,

and

could

decrease

Putnam

Management's

fee

even

if

the

Fund's

shares

increase

in

value

during

the

performance

period

provided

that

the

Fund

underperformed

its

benchmark

index.

For

the

reporting

period,

the

management

fee

represented

an

effective

rate

(excluding

the

impact

of

any

expense

waiver

in

effect)

of

0.655%

of

the

Fund's

average

net

assets,

which

included

an

effective

base

fee

of

0.670%

and

a

decrease

of

(0.015)%

($72,391)

based

on

performance.

Putnam

Management

retained

Advisers

as

subadvisor

for

the

Fund.

Pursuant

to

the

agreement,

Advisers

provides

certain

advisory

and

related

services

to

the

Fund.

Putnam

Management

pays

a

monthly

fee

to

Advisers

based

on

the

costs

of

Advisers

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 Putnam

Management

based

on

the

average

net

assets

managed

by

FTIML,

and

is

not

an

additional

expense

of

the

Fund.

Under

a

subadvisory

agreement,

PAC

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid by

Putnam

Management based

on

the

average

net

assets

managed

by

PAC,

and

is

not

an

additional

expense

of

the

Fund.

b. #### Administrative

#### Fees
Under

an

agreement

with

Putnam

Management,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by Putnam

Management

based

on

the Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

The

Fund

reimburses

Putnam

Management

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.

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,

or

for

periods

prior

to

August

2,

2024,

Putnam

Retail

Management,

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Fund.

The

Plans

provide

payments

by

the

Fund

to

Distributors

and

to

Putnam

Retail

Management

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

period:

#### Maximum

#### %

#### Approved

#### %
Class

A

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

0.35%

0.25%

Class

C

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

1.00%

1.00%

Class

R

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

1.00%

0.50%

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### Fees
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### International

#### Value

#### Fund
(continued)

e. #### Transfer

#### Agent

#### Fees
PSERV,

an

affiliate

of

Putnam

Management,

provides

investor

servicing

agent

functions

to

the

Fund.

PSERV

received

fees

for

investor

servicing

for

Class

A,

Class

B,

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.

Class R6

shares

paid

a

monthly

fee

based

on

the

average

net

assets

of

Class R6

shares

at

an

annual

rate

of

0.05%.

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. 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

period

ended

December

31,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$9,903

CDSC

retained

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

$956

3. #### Transactions

#### with

#### Affiliates
(continued)

d. #### Sales

#### Charges/Underwriting

#### Agreements
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### International

#### Value

#### Fund
(continued)

h. #### Waiver

#### and

#### Expense

#### Reimbursements
Putnam

Management has

contractually

agreed,

through

October

30,

2026,

to

waive

fees

and/or

reimburse

the

Fund's

expenses

to

the

extent

necessary

to

limit

the

cumulative

expenses

of

the

Fund,

exclusive

of

brokerage,

interest,

taxes,

investment-related

expenses,

extraordinary

expenses,

acquired

fund

fees

and

expenses

and

payments

under

the

Fund's

investor

servicing

contract,

investment

management

contract

and

distribution

plans,

on

a

fiscal

year-to-date

basis

to

an

annual

rate

of

0.20%

of

the

Fund's

average

net

assets

over

such

fiscal

year-to-date

period.

Putnam

Management has

also

contractually

agreed

to

waive

fees

(and,

to

the

extent

necessary,

bear

other

expenses)

of

the

Fund

through

October

30,

2026,

to

the

extent

that

total

expenses

of

the

Fund

(excluding

brokerage,

interest,

taxes,

investment-related

expenses,

payments

under

distribution

plans,

extraordinary

expenses,

payments

under

the

Fund's

investor

servicing

contract

and

acquired

fund

fees

and

expenses,

but

including

payments

under

the

Fund's

investment

management

contract)

would

exceed

an

annual

rate

of

0.59%

of

the

Fund's

average

net

assets.

4. #### Expense

#### Offset

#### Arrangement
The Fund has entered

into arrangements

with PSERV

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

transfer

agent

fees.

During

the

period

ended

December

31,

2025,

the

fees

were

reduced

as

noted

in

the

Statement

of

Operations.

5. #### Income

#### Taxes
At

December

31,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

foreign

currency

transactions,

wash

sales,

EU

reclaims

and

corporate

actions.

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Putnam

#### International

#### Value

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

3.967%

......

$36,640,630

$217,512,916

$(216,431,786)

$—

$—

$37,721,760

37,721,760

$720,838

#### Total

#### Affiliated

#### Securities

#### ...
$36,640,630

$217,512,916

$(216,431,786)

$—

$—

$37,721,760

$720,838

Cost

of

investments

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

$842,929,424

Unrealized

appreciation

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

$251,099,435

Unrealized

depreciation

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

(24,107,998)

Net

unrealized

appreciation

(depreciation)

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

$226,991,437

3. #### Transactions

#### with

#### Affiliates
(continued)

g. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### International

#### Value

#### Fund
(continued)

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

period

ended

December

31,

2025,

aggregated

$248,864,714 and

$36,498,323,

respectively.

7. #### Concentration

#### of

#### Risk
Investing

in

foreign

securities

may

include

certain

risks

and

considerations

not

typically

associated

with

investing

in

U.S.

securities,

such

as

fluctuating

currency

values

and

changing

local,

regional

and

global

economic,

political

and

social

conditions,

which

may

result

in

greater

market

volatility.

Political

and

financial

uncertainty

in

many

foreign

regions

may

increase

market

volatility

and

the

economic

risk

of

investing

in

foreign

securities.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities.

8. #### Other

#### Derivative

#### Information
At

December

31,

2025,

investments

in

derivative

contracts

are

reflected

in

the Statement of

Assets

and

Liabilities

as

follows:

For

the

period

ended

December

31,

2025,

the

effect

of

derivative

contracts

in

the Statement

of

Operations

was

as

follows:

#### Asset

#### Derivatives

#### Liability

#### Derivatives

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Putnam

#### International

#### Value

#### Fund
Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

$

1,811,034

Unrealized

depreciation

on

OTC

forward

exchange

contracts

$

2,801,690

Equity

contracts

...........

Variation

margin

on

futures

contracts

44,304

a

Variation

margin

on

futures

contracts

—

Total

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

$1,855,338

$2,801,690

a

This

amount

reflects

the

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

the

variation

margin

receivable/payable

at

period

end

is

separately

reported

within

the

Statement

of

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

to

cash

upon

receipt

or

payment.

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Period

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Period

#### Putnam

#### International

#### Value

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Foreign

exchange

contracts

.....

Forward

exchange

contracts

$(30,889)

Forward

exchange

contracts

$(1,920,432)

Equity

contracts

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

Futures

contracts

558,425

Futures

contracts

44,304

Total

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

$527,536

$(1,876,128)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### International

#### Value

#### Fund
(continued)

For

the

period

ended

December

31,

2025

,

the

average

month

end

notional

amount

of

futures

contracts

represented

$3,454,047

. The

average

month

end

contract

value

of

forward

exchange

contracts

was

$580,341,150

.

See

Note

1(c) regarding

derivative

financial

instruments.

9. #### Credit

#### Facility
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

matured

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.

Effective

January

30,

2026,

the

Borrowers

renewed

the

Global

Credit

Facility

for

a

one-year

term,

maturing

January

29,

2027,

for

a

total

of

$2.995

billion.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

may,

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

period

ended

December

31,

2025,

the Fund

did

not

use

the

Global

Credit

Facility.

10. #### 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

December

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

#### International

#### Value

#### Fund

#### Assets:
Investments

in

Securities:

a

Common

Stocks

:

Aerospace

&

Defense

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

$

—

$

25,452,963

$

—

$

25,452,963

Air

Freight

&

Logistics

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

—

10,857,268

—

10,857,268

Automobiles

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

—

5,283,092

—

5,283,092

Banks

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

—

276,598,682

—

276,598,682

Beverages

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

15,810,643

8,220,880

—

24,031,523

Biotechnology

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

—

8,931,442

—

8,931,442

8. #### Other

#### Derivative

#### Information
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### International

#### Value

#### Fund
(continued)

11. #### Operating

#### Segments
The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

A

management

group

of

the

Fund's

Investment

manager serves

as

the

Chief

Operating

Decision

Maker

("CODM")

and

is

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.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### International

#### Value

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

a

(continued)

Common

Stocks:

(continued)

Broadline

Retail

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

$

—

$

4,081,671

$

—

$

4,081,671

Building

Products

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

—

13,809,964

—

13,809,964

Capital

Markets

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

—

22,188,528

—

22,188,528

Chemicals

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

—

5,079,105

—

5,079,105

Construction

Materials

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

—

23,999,120

—

23,999,120

Consumer

Staples

Distribution

&

Retail

......

9,437,635

16,183,999

—

25,621,634

Diversified

REITs

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

—

6,596,702

—

6,596,702

Diversified

Telecommunication

Services

.....

—

28,698,167

—

28,698,167

Electric

Utilities

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

—

20,229,585

—

20,229,585

Electrical

Equipment

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

—

11,819,430

—

11,819,430

Food

Products

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

907,942

9,538,411

—

10,446,353

Health

Care

Equipment

&

Supplies

.........

—

18,321,687

—

18,321,687

Hotels,

Restaurants

&

Leisure

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

—

6,762,224

—

6,762,224

Household

Durables

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

—

20,870,226

—

20,870,226

Industrial

Conglomerates

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

—

18,365,462

—

18,365,462

Industrial

REITs

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

—

9,836,573

—

9,836,573

Insurance

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

—

98,691,773

—

98,691,773

Machinery

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

—

30,830,706

—

30,830,706

Metals

&

Mining

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

—

22,158,667

—

22,158,667

Multi-Utilities

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

—

13,602,412

—

13,602,412

Oil,

Gas

&

Consumable

Fuels

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

17,564,389

48,345,841

—

65,910,230

Passenger

Airlines

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

—

15,341,942

—

15,341,942

Personal

Care

Products

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

—

16,977,232

—

16,977,232

Pharmaceuticals

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

—

55,058,848

—

55,058,848

Semiconductors

&

Semiconductor

Equipment

.

—

10,155,217

—

10,155,217

Specialty

Retail

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

—

4,750,025

—

4,750,025

Textiles,

Apparel

&

Luxury

Goods

..........

—

13,422,017

—

13,422,017

Tobacco

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

—

14,662,635

—

14,662,635

Trading

Companies

&

Distributors

..........

—

50,555,955

—

50,555,955

Wireless

Telecommunication

Services

.......

—

19,059,080

—

19,059,080

Short

Term

Investments

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

37,721,760

4,087,313

—

41,809,073

Total

Investments

in

Securities

...........

$81,442,369

$989,424,844

b

$—

$1,070,867,213

Other

Financial

Instruments:

Forward

Exchange

Contracts

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

$—

$1,811,034

$—

$1,811,034

Futures

Contracts

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

44,304

—

—

44,304

Total

Other

Financial

Instruments

.........

$44,304

$1,811,034

$—

$1,855,338

#### Liabilities:
Other

Financial

Instruments:

Forward

Exchange

Contracts

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

$—

$2,801,690

$—

$2,801,690

Total

Other

Financial

Instruments

.........

$—

$2,801,690

$—

$2,801,690

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

foreign

securities

valued

at

$985,337,531,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

10. #### Fair

#### Value

#### Measurements
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### International

#### Value

#### Fund
(continued)

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.

12. #### 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

other

than

those

already

disclosed

in

the

financial

statements.

#### Abbreviations

#### Counterparty

#### BOFA
Bank

of

America

NA

#### BZWS
Barclays

Bank

plc

#### CITI
Citibank

NA

#### GSCO
Goldman

Sachs

Group,

Inc.

#### HSBK
HSBC

Bank

plc

#### JPHQ
JPMorgan

Chase

Bank

NA

#### MSCO
Morgan

Stanley

#### SSBT
State

Street

Bank

and

Trust

Co.

#### TDOM
Toronto

Dominion

Bank

#### UBSW
UBS

AG

#### WPAC
Westpac

Banking

Corp.

#### Selected

#### Portfolio

#### REIT
Real

Estate

Investment

Trust

11. #### Operating

#### Segments
(continued)

Putnam

Funds

Trust

franklintempleton.com

Semiannual

Report

#### 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

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

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

Not

applicable.

38967-SFSOI

02/26©

2026

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 EQUITY 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) Not applicable.

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.](pivf-efp22338_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.](pivf-efp22338_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: | February 26, 2026 |

---

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: | February 26, 2026 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | February 26, 2026 |

---

## 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: | February 26, 2026 |
| /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: | February 26, 2026 |
| /s/ Jeffrey White | /s/ Jeffrey White |
| Jeffrey White | Jeffrey White |
| Principal Financial Officer | 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 **December 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** | **Principal Financial Officer** |
| Putnam Funds Trust | Putnam Funds Trust |
| /s/ Jonathan S. Horwitz | /s/ Jeffrey White |
| Jonathan S. Horwitz | Jeffrey White |
| Date: February 26, 2026 | Date: February 26, 2026 |

---

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.