# EDGAR Filing Document

**Accession Number:** 0001005942
**File Stem:** 0001133228-26-002268
**Filing Date:** 2026-2
**Character Count:** 109278
**Document Hash:** 10406fdf05719b86ede9ca5fc4e88943
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-002268.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001133228-26-002268

**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:** 26683766

**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 Small Cap Growth Fund (Series ID: S000000777)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000002301 | Class C shares  |  |
| C000002302 | Class Y shares  |  |
| C000002303 | Class A shares  | PNSAX           |
| C000002306 | Class R shares  | PSGRX           |
| C000158897 | Class R6 Shares |  |

?xml version='1.0' encoding='ASCII'? 2026-01-1574200166000_PutnamSmallCapGrowthFund_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 Small Cap Growth Fund**  | **Putnam Small Cap Growth Fund**  |
| Class A [PNSAX] | 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 Small Cap Growth 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>  |
| Class A | $58 | 1.11% |

---

† Annualized.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $2820826156 |
| **Total Number of Portfolio Holdings** | 99 |
| **Portfolio Turnover Rate** | 29% |

---

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

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

![image](ts6317img004.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 Small Cap Growth Fund PAGE 1 38972-STSA-0226

28.821.720.29.98.32.31.40.50.46.5 ------

---

| | |
|:---|:---|
| ![image](img2199_202405220716489.jpg) | ![image](img333186_202505270927280.jpg) |
| **Putnam Small Cap Growth Fund**  | **Putnam Small Cap Growth Fund**  |
| Class C [PNSCX] | 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 Small Cap Growth 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>  |
| Class C | $97 | 1.87% |

---

† Annualized.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $2820826156 |
| **Total Number of Portfolio Holdings** | 99 |
| **Portfolio Turnover Rate** | 29% |

---

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

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

![image](ts6318img004.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 Small Cap Growth Fund PAGE 1 38972-STSC-0226

28.821.720.29.98.32.31.40.50.46.5 ------

---

| | |
|:---|:---|
| ![image](img2199_202405220716489.jpg) | ![image](img333186_202505270927280.jpg) |
| **Putnam Small Cap Growth Fund**  | **Putnam Small Cap Growth Fund**  |
| Class R [PSGRX] | 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 Small Cap Growth 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 | $71 | 1.37% |

---

\* 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** | $2820826156 |
| **Total Number of Portfolio Holdings** | 99 |
| **Portfolio Turnover Rate** | 29% |

---

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

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

![image](ts6319img004.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 Small Cap Growth Fund PAGE 1 38972-STSR-0226

28.821.720.29.98.32.31.40.50.46.5 ------

---

| | |
|:---|:---|
| ![image](img2199_202405220716489.jpg) | ![image](img333186_202505270927280.jpg) |
| **Putnam Small Cap Growth Fund**  | **Putnam Small Cap Growth Fund**  |
| Class R6 [PLKGX] | 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 Small Cap Growth 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 | $38 | 0.73% |

---

\* 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** | $2820826156 |
| **Total Number of Portfolio Holdings** | 99 |
| **Portfolio Turnover Rate** | 29% |

---

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

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

![image](ts6320img004.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 Small Cap Growth Fund PAGE 1 38972-STSR6-0226

28.821.720.29.98.32.31.40.50.46.5 ------

---

| | |
|:---|:---|
| ![image](img2199_202405220716489.jpg) | ![image](img333186_202505270927280.jpg) |
| **Putnam Small Cap Growth Fund**  | **Putnam Small Cap Growth Fund**  |
| Class Y [PSYGX] | 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 Small Cap Growth 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>  |
| Class Y | $45 | 0.86% |

---

† Annualized.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $2820826156 |
| **Total Number of Portfolio Holdings** | 99 |
| **Portfolio Turnover Rate** | 29% |

---

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

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

![image](ts6321img004.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 Small Cap Growth Fund PAGE 1 38972-STSY-0226

28.821.720.29.98.32.31.40.50.46.5 ------

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

ITEM 2. CODE OF ETHICS.

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

#### Small

#### Cap

#### Growth

#### 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

#### 12
Notes

to

Financial

Statements

#### 16
Changes

In

and

Disagreements

with

Accountants

#### 26
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

#### Small

#### Cap

#### Growth

#### 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

.....

$74.87

$68.85

$56.31

$46.89

$73.13

$53.07

Income

from

investment

operations

a

:

Net

investment

(loss)

b

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

(0.33)

(0.60)

(0.40)

(0.25)

(0.62)

(0.66)

Net

realized

and

unrealized

gains

(losses)

5.56 6.62 12.94 9.67 (15.28)

24.06 Total

from

investment

operations

........

5.23 6.02 12.54 9.42 (15.90)

23.40 Less

distributions

from:

Net

realized

gains

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

(0.34)

—

—

—

(10.34)

(3.34)

Net

asset

value,

end

of

period

..........

$79.76

$74.87

$68.85

$56.31

$46.89

$73.13

Total

return

c

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

6.97%

8.74%

22.27%

20.09%

(25.78)%

44.93%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

1.11%

1.17%

1.21%

1.25%

1.24%

f

1.21%

Net

investment

(loss)

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

(0.81)%

(0.83)%

(0.66)%

(0.48)%

(0.97)%

(1.00)%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$554,800

$552,856

$501,770

$422,911

$383,000

$549,842

Portfolio

turnover

rate

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

29%

51%

40%

48%

39%

70%

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

#### Small

#### Cap

#### Growth

#### 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

.....

$59.75

$55.36

$45.62

$38.28

$61.94

$45.68

Income

from

investment

operations

a

:

Net

investment

(loss)

b

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

(0.50)

(0.92)

(0.69)

(0.51)

(0.92)

(0.99)

Net

realized

and

unrealized

gains

(losses)

4.44 5.31 10.43 7.85 (12.40)

20.59 Total

from

investment

operations

........

3.94 4.39 9.74 7.34 (13.32)

19.60 Less

distributions

from:

Net

realized

gains

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

(0.34)

—

—

—

(10.34)

(3.34)

Net

asset

value,

end

of

period

..........

$63.35

$59.75

$55.36

$45.62

$38.28

$61.94

Total

return

c

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

6.58%

7.93%

21.35%

19.17%

(26.32)%

43.84%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

1.87%

1.93%

1.96%

2.00%

1.99%

f

1.96%

Net

investment

(loss)

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

(1.56)%

(1.58)%

(1.41)%

(1.23)%

(1.72)%

(1.74)%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$29,061

$31,486

$22,177

$13,906

$11,761

$17,120

Portfolio

turnover

rate

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

29%

51%

40%

48%

39%

70%

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

#### Small

#### Cap

#### Growth

#### 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

.....

$70.20

$64.72

$53.06

$44.30

$69.79

$50.89

Income

from

investment

operations

a

:

Net

investment

(loss)

b

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

(0.40)

(0.74)

(0.51)

(0.35)

(0.74)

(0.81)

Net

realized

and

unrealized

gains

(losses)

5.22 6.22 12.17 9.11 (14.41)

23.05 Total

from

investment

operations

........

4.82 5.48 11.66 8.76 (15.15)

22.24 Less

distributions

from:

Net

realized

gains

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

(0.34)

—

—

—

(10.34)

(3.34)

Net

asset

value,

end

of

period

..........

$74.68

$70.20

$64.72

$53.06

$44.30

$69.79

Total

return

c

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

6.85%

8.47%

21.98%

19.77%

(25.96)%

44.56%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

1.37%

1.42%

1.46%

1.50%

1.49%

f

1.46%

Net

investment

(loss)

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

(1.06)%

(1.08)%

(0.91)%

(0.73)%

(1.22)%

(1.26)%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$18,204

$19,272

$20,938

$16,874

$15,995

$23,571

Portfolio

turnover

rate

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

29%

51%

40%

48%

39%

70%

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

#### Small

#### Cap

#### Growth

#### 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

.....

$80.91

$74.10

$60.36

$50.07

$77.13

$55.62

Income

from

investment

operations

a

:

Net

investment

(loss)

b

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

(0.19)

(0.33)

(0.17)

(0.04)

(0.39)

(0.46)

Net

realized

and

unrealized

gains

(losses)

6.01 7.14 13.91 10.33 (16.33)

25.31 Total

from

investment

operations

........

5.82 6.81 13.74 10.29 (16.72)

24.85 Less

distributions

from:

Net

realized

gains

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

(0.34)

—

—

—

(10.34)

(3.34)

Net

asset

value,

end

of

period

..........

$86.39

$80.91

$74.10

$60.36

$50.07

$77.13

Total

return

c

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

7.18%

9.19%

22.76%

20.55%

(25.49)%

45.49%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

0.73%

0.76%

0.81%

0.85%

0.85%

f

0.83%

Net

investment

(loss)

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

(0.43)%

(0.42)%

(0.26)%

(0.08)%

(0.58)%

(0.64)%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$848,724

$841,517

$422,360

$161,550

$58,592

$59,840

Portfolio

turnover

rate

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

29%

51%

40%

48%

39%

70%

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

#### Small

#### Cap

#### Growth

#### 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

.....

$79.68

$73.09

$59.63

$49.54

$76.51

$55.27

Income

from

investment

operations

a

:

Net

investment

(loss)

b

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

(0.24)

(0.45)

(0.26)

(0.12)

(0.47)

(0.54)

Net

realized

and

unrealized

gains

(losses)

5.92 7.04 13.72 10.21 (16.16)

25.12 Total

from

investment

operations

........

5.68 6.59 13.46 10.09 (16.63)

24.58 Less

distributions

from:

Net

realized

gains

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

(0.34)

—

—

—

(10.34)

(3.34)

Net

asset

value,

end

of

period

..........

$85.02

$79.68

$73.09

$59.63

$49.54

$76.51

Total

return

c

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

7.12%

9.02%

22.57%

20.37%

(25.58)%

45.29%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

0.86%

0.92%

0.96%

1.00%

0.99%

f

0.96%

Net

investment

(loss)

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

(0.56)%

(0.58)%

(0.41)%

(0.23)%

(0.70)%

(0.77)%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$1,370,037

$1,446,991

$1,052,476

$473,914

$221,055

$181,762

Portfolio

turnover

rate

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

29%

51%

40%

48%

39%

70%

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

#### Small

#### Cap

#### Growth

#### 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

#### 99.8%

#### Aerospace

#### &

#### Defense

#### 7.4%
a,b

AeroVironment,

Inc.

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

United

States

74,224

$

17,954,043

Carpenter

Technology

Corp.

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

United

States

224,489

70,678,117

a

Kratos

Defense

&

Security

Solutions,

Inc.

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

United

States

590,467

44,822,350

a

Mercury

Systems,

Inc.

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

United

States

122,864

8,970,301

a

Rocket

Lab

Corp.

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

United

States

283,102

19,749,196

VSE

Corp.

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

United

States

285,558

49,335,856

211,509,863

#### Automobile

#### Components

#### 1.3%
Patrick

Industries,

Inc.

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

United

States

324,939

35,233,136

#### Banks

#### 2.0%
a

Axos

Financial,

Inc.

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

United

States

208,306

17,947,645

a

Bancorp,

Inc.

(The)

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

United

States

565,518

38,183,775

56,131,420

#### Biotechnology

#### 9.7%
a

ADMA

Biologics,

Inc.

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

United

States

1,774,386

32,364,801

a

Arcus

Biosciences,

Inc.

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

United

States

279,963

6,671,518

a,b

Ascendis

Pharma

A/S

,

ADR

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

Denmark

104,056

22,188,901

a

Bridgebio

Pharma,

Inc.

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

United

States

430,723

32,946,002

a,b

CG

oncology,

Inc.

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

United

States

116,371

4,831,724

a

Halozyme

Therapeutics,

Inc.

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

United

States

577,541

38,868,509

a

Insmed,

Inc.

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

United

States

163,149

28,394,452

a

Kymera

Therapeutics,

Inc.

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

United

States

216,994

16,884,303

a,b

Madrigal

Pharmaceuticals,

Inc.

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

United

States

51,019

29,710,404

a

Nuvalent,

Inc.

,

A

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

United

States

132,352

13,313,288

a

Rhythm

Pharmaceuticals,

Inc.

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

United

States

282,279

30,215,144

a

Xenon

Pharmaceuticals,

Inc.

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

Canada

322,634

14,460,456

270,849,502

#### Broadline

#### Retail

#### 0.8%
a

Ollie's

Bargain

Outlet

Holdings,

Inc.

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

United

States

205,844

22,562,561

#### Capital

#### Markets

#### 3.2%
Perella

Weinberg

Partners

,

A

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

United

States

867,311

15,004,480

Piper

Sandler

Cos.

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

United

States

78,582

26,695,091

StepStone

Group,

Inc.

,

A

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

United

States

795,919

51,074,122

92,773,693

#### Commercial

#### Services

#### &

#### Supplies

#### 0.6%
a

Casella

Waste

Systems,

Inc.

,

A

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

United

States

171,751

16,821,293

#### Construction

#### &

#### Engineering

#### 8.0%
Comfort

Systems

USA,

Inc.

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

United

States

79,523

74,218,021

a,b

Construction

Partners,

Inc.

,

A

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

United

States

365,735

39,700,534

a

Dycom

Industries,

Inc.

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

United

States

113,667

38,408,079

a

IES

Holdings,

Inc.

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

United

States

99,851

38,844,036

a,b

Legence

Corp.

,

A

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

United

States

463,915

19,966,902

a,b

Sterling

Infrastructure,

Inc.

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

United

States

49,425

15,135,418

226,272,990

#### Consumer

#### Finance

#### 2.3%
a

Dave,

Inc.

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

United

States

77,436

17,145,105

a

Enova

International,

Inc.

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

United

States

300,619

47,257,307

64,402,412

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Small

#### Cap

#### Growth

#### 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

#### Consumer

#### Services

#### 1.3%
a

Adtalem

Global

Education,

Inc.

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

United

States

366,303

$

37,901,371

#### Electrical

#### Equipment

#### 1.5%
a

Bloom

Energy

Corp.

,

A

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

United

States

484,889

42,132,005

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 5.2%
b

Advanced

Energy

Industries,

Inc.

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

United

States

305,967

64,060,311

a

Fabrinet

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

Thailand

104,013

47,355,039

a,b

Itron,

Inc.

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

United

States

189,064

17,556,483

a,b

Mirion

Technologies,

Inc.

,

A

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

United

States

708,109

16,583,913

145,555,746

#### Energy

#### Equipment

#### &

#### Services

#### 1.7%
Archrock,

Inc.

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

United

States

1,069,981

27,840,906

CES

Energy

Solutions

Corp.

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

Canada

2,012,647

17,992,189

45,833,095

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 1.9%
a

Establishment

Labs

Holdings,

Inc.

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

Costa

Rica

94,662

6,898,967

a

iRhythm

Technologies,

Inc.

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

United

States

67,205

11,924,855

a

Merit

Medical

Systems,

Inc.

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

United

States

268,377

23,654,749

a,b

UFP

Technologies,

Inc.

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

United

States

64,697

14,364,675

56,843,246

#### Health

#### Care

#### Providers

#### &

#### Services

#### 7.5%
Encompass

Health

Corp.

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

United

States

530,811

56,340,280

Ensign

Group,

Inc.

(The)

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

United

States

339,994

59,226,955

a

GeneDx

Holdings

Corp.

,

A

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

United

States

217,039

28,228,092

a

Guardant

Health,

Inc.

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

United

States

275,830

28,173,276

a,b

Hims

&

Hers

Health,

Inc.

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

United

States

405,900

13,179,573

a,b

RadNet,

Inc.

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

United

States

341,597

24,372,946

209,521,122

#### Health

#### Care

#### Technology

#### 1.1%
a

Doximity,

Inc.

,

A

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

United

States

492,542

21,809,760

a

Waystar

Holding

Corp.

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

United

States

282,333

9,246,406

31,056,166

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.7%
a

Planet

Fitness,

Inc.

,

A

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

United

States

265,490

28,797,700

Texas

Roadhouse,

Inc.

,

A

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

United

States

119,717

19,873,022

48,670,722

#### Household

#### Durables

#### 2.1%
a,b

Cavco

Industries,

Inc.

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

United

States

25,829

15,258,223

Installed

Building

Products,

Inc.

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

United

States

170,670

44,270,091

59,528,314

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.5%
a

Talen

Energy

Corp.

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

United

States

38,058

14,265,661

#### Insurance

#### 1.3%
Kinsale

Capital

Group,

Inc.

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

United

States

40,485

15,834,493

a

Skyward

Specialty

Insurance

Group,

Inc.

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

United

States

397,092

20,295,372

36,129,865

#### IT

#### Services

#### 1.0%
a,b

Applied

Digital

Corp.

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

United

States

544,185

13,343,416

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Small

#### Cap

#### Growth

#### 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)

#### IT

#### Services
(continued)

a

DigitalOcean

Holdings,

Inc.

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

United

States

291,545

$

14,029,145

27,372,561

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 1.6%
a

Medpace

Holdings,

Inc.

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

United

States

81,101

45,550,377

#### Machinery

#### 7.6%
a

CECO

Environmental

Corp.

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

United

States

150,855

9,028,672

Crane

Co.

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

United

States

187,656

34,609,396

Federal

Signal

Corp.

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

United

States

367,274

39,882,284

JBT

Marel

Corp.

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

United

States

103,026

15,522,927

a

RBC

Bearings,

Inc.

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

United

States

146,116

65,522,798

a

SPX

Technologies,

Inc.

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

United

States

257,154

51,446,229

216,012,306

#### Metals

#### &

#### Mining

#### 0.4%
a,b

Coeur

Mining,

Inc.

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

United

States

691,352

12,326,806

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.8%
a,b

Centrus

Energy

Corp.

,

A

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

United

States

58,438

14,186,409

a

Energy

Fuels,

Inc.

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

United

States

569,695

8,283,365

22,469,774

#### Pharmaceuticals

#### 1.4%
a

Axsome

Therapeutics,

Inc.

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

United

States

192,200

35,103,408

a

Tarsus

Pharmaceuticals,

Inc.

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

United

States

66,685

5,460,168

40,563,576

#### Professional

#### Services

#### 3.0%
a,b

Huron

Consulting

Group,

Inc.

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

United

States

400,159

69,191,493

a

Parsons

Corp.

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

United

States

229,385

14,175,993

83,367,486

#### Real

#### Estate

#### Management

#### &

#### Development

#### 1.5%
Colliers

International

Group,

Inc.

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

Canada

291,689

42,873,002

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 7.4%
a,b

Camtek

Ltd.

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

Israel

274,630

29,205,527

a

Credo

Technology

Group

Holding

Ltd.

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

United

States

326,957

47,045,843

a

FormFactor,

Inc.

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

United

States

180,372

10,061,150

a,b

Nova

Ltd.

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

Israel

225,684

74,112,369

a

Rambus,

Inc.

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

United

States

259,122

23,810,721

a

SiTime

Corp.

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

United

States

71,388

25,213,528

209,449,138

#### Software

#### 7.4%
a

ACI

Worldwide,

Inc.

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

United

States

1,032,972

49,386,391

a

Agilysys,

Inc.

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

United

States

274,058

32,569,053

a

Commvault

Systems,

Inc.

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

United

States

149,963

18,799,362

a

Descartes

Systems

Group,

Inc.

(The)

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

Canada

484,934

42,509,314

InterDigital,

Inc.

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

United

States

50,237

15,994,456

Pegasystems,

Inc.

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

United

States

653,792

39,044,458

a

Vertex,

Inc.

,

A

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

United

States

309,621

6,183,131

204,486,165

#### Specialty

#### Retail

#### 3.3%
a

Aritzia,

Inc.

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

Canada

595,029

50,873,668

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Small

#### Cap

#### Growth

#### 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)

#### Specialty

#### Retail
(continued)

a,b

Boot

Barn

Holdings,

Inc.

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

United

States

246,786

$

43,550,325

94,423,993

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.8%
a,b

IonQ,

Inc.

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

United

States

504,506

22,637,184

#### Trading

#### Companies

#### &

#### Distributors

#### 2.5%
Applied

Industrial

Technologies,

Inc.

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

United

States

174,265

44,746,024

FTAI

Aviation

Ltd.

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

United

States

130,820

25,751,917

70,497,941

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 1,940,631,773

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

#### 2,816,024,492

#### Rights

#### 0.0%

#### †

#### Biotechnology

#### 0.0%

#### †
a,c

Blueprint

Medicines

Corp.,

CVR

,

12/31/28

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

United

States

78,498

36,109

#### Total

#### Rights

#### (Cost

#### $

#### 36,109

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

#### 36,109

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 1,940,667,882

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

#### 2,816,060,601

#### a

#### Short

#### Term

#### Investments

#### 6.9%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Management

#### Investment

#### Companies

#### 0.3%
d,e

Putnam

Short

Term

Investment

Fund

,

Class

P

,

3.967 %

.......

United

States

9,497,303

9,497,303

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 9,497,303

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

#### 9,497,303
f

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### 6.6%

#### Money

#### Market

#### Funds

#### 6.6%
d,e

Putnam

Cash

Collateral

Pool,

LLC

,

4.044 %

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

United

States

184,685,582

184,685,582

#### Total

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### (Cost

#### $

#### 184,685,582

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

#### 184,685,582

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 194,182,885

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

#### 194,182,885

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 2,134,850,767

####)
106.7 #### %
..............................

#### $3,010,243,486

#### Other

#### Assets,

#### less

#### Liabilities

#### (6.7 ####)

#### %
.........................................

#### (189,417,330)

#### Net

#### Assets

#### 100.0%

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

#### $2,820,826,156

#### a
Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Small

#### Cap

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

See

Abbreviations

on

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

A

portion

or

all

of

the

security

is

on

loan

at

December

31,

2025. See

Note

1(c).

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

d

See

Note

3(g)

regarding

investments

in

affiliated

management

investment

companies.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

f

See

Note

1(c)

regarding

securities

on

loan.

Putnam

Funds

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

Decemebr

31,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Small

#### Cap

#### Growth

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$1,940,667,882

Cost

-

Non-controlled

affiliates

(Note

g)

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

194,182,885

Value

-

Unaffiliated

issuers

(Includes

securities

loaned

of

$178,693,807)

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

$2,816,060,601

Value

-

Non-controlled

affiliates

(Note

g)

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

194,182,885

Cash

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

59,783

Receivables:

Capital

shares

sold

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

2,246,793

Dividends

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

288,946

Prepaid

expenses

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

151,823

Total

assets

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

3,012,990,831

Liabilities:

Payables:

Capital

shares

redeemed

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

4,704,838

Management

fees

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

1,597,427

Administrative

fees

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

9,228

Distribution

fees

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

154,707

Transfer

agent

fees

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

752,186

Trustees'

fees

and

expenses

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

144,910

Payable

upon

return

of

securities

loaned

(Note

c)

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

184,685,582

Accrued

expenses

and

other

liabilities

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

115,797

Total

liabilities

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

192,164,675

Net

assets,

at

value

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

$2,820,826,156

Net

assets

consist

of:

Paid-in

capital

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

$1,951,676,808

Total

distributable

earnings

(losses)

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

869,149,348

Net

assets,

at

value

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

$2,820,826,156

Putnam

Funds

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

Decemebr

31,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### Small

#### Cap

#### Growth

#### Fund

#### Class

#### A:
Net

assets,

at

value

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

$554,800,389

Shares

outstanding

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

6,955,490

Net

asset

value

per

share

a,b

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

$79.76

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.25%)

b

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

$84.63

#### Class

#### C:
Net

assets,

at

value

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

$29,060,705

Shares

outstanding

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

458,749

Net

asset

value

and

maximum

offering

price

per

share

a,b

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

$63.35

#### Class

#### R:
Net

assets,

at

value

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

$18,203,564

Shares

outstanding

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

243,770

Net

asset

value

and

maximum

offering

price

per

share

b

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

$74.68

#### Class

#### R6:
Net

assets,

at

value

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

$848,724,340

Shares

outstanding

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

9,824,233

Net

asset

value

and

maximum

offering

price

per

share

b

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

$86.39

#### Class

#### Y:
Net

assets,

at

value

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

$1,370,037,158

Shares

outstanding

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

16,114,080

Net

asset

value

and

maximum

offering

price

per

share

b

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

$85.02

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

#### Small

#### Cap

#### Growth

#### Fund
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$37,266)

Unaffiliated

issuers

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

$3,330,063

Non-controlled

affiliates

(Note

g)

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

534,864

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

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

(3,687,195)

Non-controlled

affiliates

(Note

g)

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

4,369,486

Total

investment

income

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

4,547,218

Expenses:

Management

fees

(Note

a)

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

9,878,187

Administrative

fees

(Note

b)

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

20,067

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

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

722,181

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

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

154,705

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

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

46,744

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

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

521,654

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

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

28,024

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

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

16,904

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

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

220,473

&nbsp;&nbsp;&nbsp;&nbsp;Class

Y

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

1,337,244

Custodian

fees

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

11,759

Reports

to

shareholders

fees

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

98,423

Registration

and

filing

fees

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

(53,976)

Professional

fees

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

140,433

Trustees'

fees

and

expenses

(Note

f)

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

50,959

Interest

expense

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

4,217

Other

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

46,533

Total

expenses

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

13,244,531

Expense

reductions

(Note

4)

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

(7,115)

Net

expenses

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

13,237,416

Net

investment

income

(loss)

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

(8,690,198)

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

85,086,585

Foreign

currency

transactions

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

4,683

Net

realized

gain

(loss)

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

85,091,268

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

126,816,660

Net

realized

and

unrealized

gain

(loss)

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

211,907,928

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$203,217,730

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

#### Small

#### Cap

#### Growth

#### Fund

#### Six

#### Months

#### Ended

#### December

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### June

#### 30,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

(loss)

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

$(8,690,198)

$(16,511,538)

Net

realized

gain

(loss)

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

85,091,268

15,835,862

Net

change

in

unrealized

appreciation

(depreciation)

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

126,816,660

176,337,231

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

203,217,730

175,661,555

Distributions

to

shareholders:

Class

A

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

(2,354,335)

—

Class

C

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

(154,493)

—

Class

R

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

(82,187)

—

Class

R6

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

(3,318,846)

—

Class

Y

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

(5,468,015)

—

Total

distributions

to

shareholders

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

(11,377,876)

—

Capital

share

transactions:

(Note

2)

Class

A

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

(34,008,809)

8,423,238

Class

B

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

—

(645,689)

Class

C

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

(4,282,038)

8,340,228

Class

R

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

(2,198,231)

(3,123,093)

Class

R6

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

(49,695,832)

373,534,293

Class

Y

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

(172,951,544)

309,583,223

Total

capital

share

transactions

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

(263,136,454)

696,112,200

Net

increase

(decrease)

in

net

assets

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

(71,296,600)

871,773,755

Net

assets:

Beginning

of

period

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

2,892,122,756

2,020,349,001

End

of

period

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

$2,820,826,156

$2,892,122,756

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

#### Putnam

#### Small

#### Cap

#### Growth

#### 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

Small

Cap

Growth

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.

The

Fund

was

closed

to

new

investors

with

limited

exceptions

effective

January

15,

2025. 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

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.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

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

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Small

#### Cap

#### Growth

#### Fund
(continued)

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.

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. #### Securities

#### Lending
The

Fund

participates

in

an

agency

based

securities

lending

program

to

earn

additional

income.

The

Fund

receives

collateral

in

the

form

of

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

in

an

amount

equal

to

at

least

102%

of

the

fair

value

of

the

loaned

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

100%

of

the

fair

value

of

loaned

securities,

as

determined

at

the

close

of

Fund

business

each

day;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

Fund

on

the

next

business

day.

Any

cash

collateral

received

is

deposited

into

a

joint

cash

account

with

other

funds

and

is

used

to

invest

in

the

Putnam

Cash

Collateral

Pool,

LLC,

a

limited

liability

company,

an

affiliate

of

Putnam

Management. The

Fund

may

receive

income

from

the

investment

of

cash

collateral,

in

addition

to

lending

fees paid

by

the

borrower.

Income

from

securities

loaned,

net

of

fees

paid

to

the

securities

lending

agent

and/or

third-party

vendor,

is

reported

separately

in

the Statement of

Operations.

The

Fund

bears

the

market

risk

with

respect

to

any

cash

collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

on

its

obligations

to

the

Fund.

If

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned,

the

Fund

has

the

right

to

repurchase

the

securities

in

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

to

indemnify

the

Fund

in

the

event

of

default

by

a

third

party

borrower.

Securities

on

loan

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

d. #### Income

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and if

applicable,

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

December

31,

2025, the Fund

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

#### Small

#### Cap

#### Growth

#### Fund
(continued)

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.

Dividend

income

is

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

#### Taxes
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Small

#### Cap

#### Growth

#### 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

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

170,655

$13,556,058

1,180,538

$86,972,693

Shares

issued

in

reinvestment

of

distributions

..........

28,015

2,299,788

—

—

Shares

redeemed

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

(627,263)

(49,864,655)

(1,084,066)

(78,549,455)

Net

increase

(decrease)

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

(428,593)

$(34,008,809)

96,472

$8,423,238

#### Class

#### B

#### Shares:

#### \*
Shares

sold

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

—

$—

$356

Shares

redeemed

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

—

—

(11,284)

(646,045)

Net

increase

(decrease)

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

—

$—

(11,278)

$(645,689)

#### Class

#### C

#### Shares:
Shares

sold

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

14,503

$918,970

277,903

$16,789,649

Shares

issued

in

reinvestment

of

distributions

..........

2,365

154,158

—

—

Shares

redeemed

a

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

(85,084)

(5,355,166)

(151,532)

(8,449,421)

Net

increase

(decrease)

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

(68,216)

$(4,282,038)

126,371

$8,340,228

#### Class

#### R

#### Shares:
Shares

sold

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

23,864

$1,766,626

115,893

$8,019,330

Shares

issued

in

reinvestment

of

distributions

..........

1,067

82,007

—

—

Shares

redeemed

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

(55,684)

(4,046,864)

(164,890)

(11,142,423)

Net

increase

(decrease)

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

(30,753)

$(2,198,231)

(48,997)

$(3,123,093)

#### Class

#### R6

#### Shares:
Shares

sold

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

958,671

$82,734,191

7,162,908

$566,286,045

Shares

issued

in

reinvestment

of

distributions

..........

35,925

3,193,769

—

—

Shares

redeemed

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

(1,571,134)

(135,623,792)

(2,462,031)

(192,751,752)

Net

increase

(decrease)

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

(576,538)

$(49,695,832)

4,700,877

$373,534,293

#### Class

#### Y

#### Shares:
Shares

sold

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

1,350,283

$113,739,529

12,199,198

$955,891,188

Shares

issued

in

reinvestment

of

distributions

..........

61,882

5,414,116

—

—

Shares

redeemed

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

(3,457,242)

(292,105,189)

(8,438,863)

(646,307,965)

Net

increase

(decrease)

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

(2,045,077)

$(172,951,544)

3,760,335

$309,583,223

\*

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

#### Small

#### Cap

#### Growth

#### 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 Russell

2000

Growth

Index each

measured

over

the

performance

period.

The

maximum

annualized

performance

adjustment

rate

is

+/-

0.18%.

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

Putnam

Investments

Limited

(PIL)

Subadvisor

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Retail

Management

Limited

Partnership

(Putnam

Retail

Management)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.780%

of

the

first

$5

billion,

0.730%

of

the

next

$5

billion,

0.680%

of

the

next

$10

billion,

0.630%

of

the

next

$10

billion,

0.580%

of

the

next

$50

billion,

0.560%

of

the

next

$50

billion,

0.550%

of

the

next

$100

billion

and

0.545%

of

any

excess

thereafter.

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Small

#### Cap

#### Growth

#### 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

0.662%

of

the

Fund's

average

net

assets,

which

included

an

effective

base

fee

of

0.599%

and

an increase

of

0.063%

($933,193)

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.

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

#### Small

#### Cap

#### Growth

#### 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

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

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

$14,716

CDSC

retained

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

$12,633

#### &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

#### Small

#### Cap

#### Growth

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

3.967%

......

$47,086,907

$270,755,805

$(308,345,409)

$—

$—

$9,497,303

9,497,303

$534,864

3. #### Transactions

#### with

#### Affiliates
(continued)

d. #### Sales

#### Charges/Underwriting

#### Agreements
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Small

#### Cap

#### Growth

#### 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.

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
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

June

30,

2025,

the

capital

loss

carryforwards

were

as

follows:

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

wash

sales

and

passive

foreign

investment

company

shares.

#### &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

#### Small

#### Cap

#### Growth

#### Fund
(continued)

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

4.044%

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

$164,675,548

$681,045,018

$(661,034,984)

$—

$—

$184,685,582

184,685,582

$4,369,486

#### Total

#### Affiliated

#### Securities

#### ...
$211,762,455

$951,800,823

$(969,380,393)

$—

$—

$194,182,885

$4,904,350

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$

39,987,372

Cost

of

investments

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

$2,145,057,645

Unrealized

appreciation

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

$939,007,257

Unrealized

depreciation

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

(73,821,416)

Net

unrealized

appreciation

(depreciation)

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

$865,185,841

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

#### Small

#### Cap

#### Growth

#### Fund
(continued)

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

period

ended

December

31,

2025,

aggregated

$838,571,363 and

$1,087,455,562,

respectively.

At

December

31,

2025,

in

connection

with

securities

lending

transactions,

the

Fund

loaned

equity

investments

and

received

$184,685,582

of

cash

collateral.

The

gross

amount

of

recognized

liability

for

such

transactions

is

included

in

payable

upon

return

of

securities

loaned

in

the

Statement

of

Assets

and

Liabilities.

The

agreements

can

be

terminated

at

any

time.

7. #### 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.

8. #### Fair

#### Value

#### Measurements
The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

December

31,

2025,

in

valuing

the

Fund's assets carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Small

#### Cap

#### Growth

#### Fund

#### Assets:
Investments

in

Securities:

a

Common

Stocks

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

$

2,816,024,492

$

—

$

—

$

2,816,024,492

Rights

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

—

—

36,109

36,109

Short

Term

Investments

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

9,497,303

184,685,582

—

194,182,885

Total

Investments

in

Securities

...........

$2,825,521,795

$184,685,582

$36,109

$3,010,243,486

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Small

#### Cap

#### Growth

#### Fund
(continued)

9. #### 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.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Financial

Highlights.

10. #### Subsequent

#### Events
The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

#### Abbreviations
a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

#### Selected

#### Portfolio

#### ADR
American

Depositary

Receipt

#### CVR
Contingent

Voting

Rights

8. #### Fair

#### Value

#### Measurements
(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.

38972-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.](pscgf-efp22344_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.](pscgf-efp22344_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.