# EDGAR Filing Document

**Accession Number:** 0001005942
**File Stem:** 0001133228-26-007322
**Filing Date:** 2026-4
**Character Count:** 119507
**Document Hash:** ad7c0e6ac8ee543da5877dcb4e6cfa55
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-007322.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001133228-26-007322

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260430

**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:** 26919870

**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 Focused Equity Fund (Series ID: S000024246)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000071529 | Class A         |  |
| C000071531 | Class C         |  |
| C000071533 | Class R         |  |
| C000071534 | Class Y         |  |
| C000203064 | Class R6 Shares |  |

?xml version='1.0' encoding='ASCII'? 2026-03-1874300185500_PutnamFocusedEquityFund_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: **August 31**

Date of reporting period: **February 28, 2026**

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 Focused Equity Fund**  | **Putnam Focused Equity Fund**  |
| Class A [PGIAX] | Semi-Annual Shareholder Report \| February 28, 2026  |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Focused Equity Fund for the period September 1, 2025, to February 28, 2026.

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 | $53 | 1.04% |

---

† Annualized.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $715958546 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 44 |
| **Portfolio Turnover Rate** | 19% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6652img004.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 Focused Equity Fund PAGE 1 39115-STSA-0426

32.313.111.010.39.38.85.63.32.42.00.61.3 ------

---

| | |
|:---|:---|
| ![image](img2199_202405220716489.jpg) | ![image](img333186_202505270927280.jpg) |
| **Putnam Focused Equity Fund**  | **Putnam Focused Equity Fund**  |
| Class C [PGIEX] | Semi-Annual Shareholder Report \| February 28, 2026  |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Focused Equity Fund for the period September 1, 2025, to February 28, 2026.

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 | $92 | 1.79% |

---

† Annualized.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $715958546 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 44 |
| **Portfolio Turnover Rate** | 19% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6653img004.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 Focused Equity Fund PAGE 1 39115-STSC-0426

32.313.111.010.39.38.85.63.32.42.00.61.3 ------

---

| | |
|:---|:---|
| ![image](img2199_202405220716489.jpg) | ![image](img333186_202505270927280.jpg) |
| **Putnam Focused Equity Fund**  | **Putnam Focused Equity Fund**  |
| Class R [PGIOX] | Semi-Annual Shareholder Report \| February 28, 2026  |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Focused Equity Fund for the period September 1, 2025, to February 28, 2026.

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 R | $66 | 1.29% |

---

† Annualized.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $715958546 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 44 |
| **Portfolio Turnover Rate** | 19% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6654img004.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 Focused Equity Fund PAGE 1 39115-STSR-0426

32.313.111.010.39.38.85.63.32.42.00.61.3 ------

---

| | |
|:---|:---|
| ![image](img2199_202405220716489.jpg) | ![image](img333186_202505270927280.jpg) |
| **Putnam Focused Equity Fund**  | **Putnam Focused Equity Fund**  |
| Class R6 [PGWTX] | Semi-Annual Shareholder Report \| February 28, 2026  |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Focused Equity Fund for the period September 1, 2025, to February 28, 2026.

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 R6 | $36 | 0.70% |

---

† Annualized.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $715958546 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 44 |
| **Portfolio Turnover Rate** | 19% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6655img004.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 Focused Equity Fund PAGE 1 39115-STSR6-0426

32.313.111.010.39.38.85.63.32.42.00.61.3 ------

---

| | |
|:---|:---|
| ![image](img2199_202405220716489.jpg) | ![image](img333186_202505270927280.jpg) |
| **Putnam Focused Equity Fund**  | **Putnam Focused Equity Fund**  |
| Class Y [PGILX] | Semi-Annual Shareholder Report \| February 28, 2026  |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Focused Equity Fund for the period September 1, 2025, to February 28, 2026.

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 | $41 | 0.79% |

---

† Annualized.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $715958546 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 44 |
| **Portfolio Turnover Rate** | 19% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6656img004.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 Focused Equity Fund PAGE 1 39115-STSY-0426

32.313.111.010.39.38.85.63.32.42.00.61.3 ------

&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

#### Focused

#### Equity

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

February

28,

2026

#### If

#### you

#### need

#### assistance

#### accessing

#### this

#### content,

#### please

#### reach

#### out

#### to

#### your

#### sales

#### representative

#### or

#### send

#### an

#### email

#### to

#### accessibility@franklintempleton.com

#### .

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 11
Notes

to

Financial

Statements

#### 15
Changes

In

and

Disagreements

with

Accountants

#### 27
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

#### Focused

#### Equity

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$37.53

$35.28

$27.83

$25.93

$30.72

$24.12

Income

from

investment

operations

a

:

Net

investment

income

b

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

—

c

0.07 0.07 0.13 0.17 0.11 Net

realized

and

unrealized

gains

(losses)

2.56 5.78 7.64 3.36 (2.52)

6.49 Total

from

investment

operations

........

2.56 5.85 7.71 3.49 (2.35)

6.60 Less

distributions

from:

Net

investment

income

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

(0.08)

(0.04)

(0.15)

(0.54)

(0.01)

—

Net

realized

gains

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

(2.86)

(3.56)

(0.11)

(1.05)

(2.43)

—

Total

distributions

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

(2.94)

(3.60)

(0.26)

(1.59)

(2.44)

—

Net

asset

value,

end

of

period

..........

$37.15

$37.53

$35.28

$27.83

$25.93

$30.72

Total

return

d

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

6.73%

17.27%

27.94%

14.45%

(8.42)%

27.36%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

1.04%

1.08%

1.11%

1.15%

1.14%

f

1.16%

g

Expenses

net

of

waiver

and

payments

by

affiliates

h

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

1.04%

1.08%

1.11%

1.15%

1.14%

f

1.15%

g

Net

investment

income

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

—%

i

0.21%

0.23%

0.52%

0.60%

0.41%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$550,021

$544,201

$512,150

$442,601

$411,469

$456,675

Portfolio

turnover

rate

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

19%

31%

30%

20%

19%

77%

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

Amount

rounds

to

less

than

$0.01

per

share.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Includes

one-time

proxy

cost

of

0.01%.

g

Includes

one-time

merger

costs

which

amounted

to

less

than

0.01%

as

a

percentage

of

average

net

assets.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

i

Rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Focused

#### Equity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$33.01

$31.62

$25.15

$23.48

$28.24

$22.34

Income

from

investment

operations

a

:

Net

investment

(loss)

b

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

(0.13)

(0.17)

(0.15)

(0.06)

(0.06)

(0.10)

Net

realized

and

unrealized

gains

(losses)

2.27 5.12 6.88 3.04 (2.26)

6.00 Total

from

investment

operations

........

2.14 4.95 6.73 2.98 (2.32)

5.90 Less

distributions

from:

Net

investment

income

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

—

—

(0.15)

(0.26)

(0.01)

—

Net

realized

gains

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

(2.86)

(3.56)

(0.11)

(1.05)

(2.43)

—

Total

distributions

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

(2.86)

(3.56)

(0.26)

(1.31)

(2.44)

—

Net

asset

value,

end

of

period

..........

$32.29

$33.01

$31.62

$25.15

$23.48

$28.24

Total

return

c

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

6.36%

16.36%

27.01%

13.57%

(9.09)%

26.41%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

1.79%

1.83%

1.86%

1.90%

1.89%

e

1.91%

f

Expenses

net

of

waiver

and

payments

by

affiliates

g

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

1.79%

1.83%

1.86%

1.90%

1.89%

e

1.90%

f

Net

investment

(loss)

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

(0.75)%

(0.54)%

(0.54)%

(0.27)%

(0.22)%

(0.39)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$16,107

$17,932

$25,507

$29,605

$51,468

$110,048

Portfolio

turnover

rate

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

19%

31%

30%

20%

19%

77%

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

Includes

one-time

proxy

cost

of

0.01%.

f

Includes

one-time

merger

costs

which

amounted

to

less

than

0.01%

as

a

percentage

of

average

net

assets.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Focused

#### Equity

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$36.40

$34.36

$27.18

$25.37

$30.17

$23.75

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

(0.05)

(0.01)

(0.01)

0.06 0.10 0.04 Net

realized

and

unrealized

gains

(losses)

2.49 5.61 7.45 3.28 (2.46)

6.38 Total

from

investment

operations

........

2.44 5.60 7.44 3.34 (2.36)

6.42 Less

distributions

from:

Net

investment

income

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

(0.01)

—

(0.15)

(0.48)

(0.01)

—

Net

realized

gains

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

(2.86)

(3.56)

(0.11)

(1.05)

(2.43)

—

Total

distributions

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

(2.87)

(3.56)

(0.26)

(1.53)

(2.44)

—

Net

asset

value,

end

of

period

..........

$35.97

$36.40

$34.36

$27.18

$25.37

$30.17

Total

return

c

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

6.59%

16.99%

27.61%

14.13%

(8.62)%

27.03%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

1.29%

1.33%

1.36%

1.40%

1.39%

e

1.41%

f

Expenses

net

of

waiver

and

payments

by

affiliates

g

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

1.29%

1.33%

1.36%

1.40%

1.39%

e

1.40%

f

Net

investment

income

(loss)

..........

(0.25)%

(0.03)%

(0.04)%

0.26%

0.35%

0.14%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$7,872

$7,375

$6,925

$7,391

$7,174

$8,030

Portfolio

turnover

rate

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

19%

31%

30%

20%

19%

77%

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

Includes

one-time

proxy

cost

of

0.01%.

f

Includes

one-time

merger

costs

which

amounted

to

less

than

0.01%

as

a

percentage

of

average

net

assets.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Focused

#### Equity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$39.11

$36.62

$28.76

$26.76

$31.50

$24.64

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.07 0.21 0.18 0.24 0.29 0.22 Net

realized

and

unrealized

gains

(losses)

2.68 6.00 7.94 3.46 (2.59)

6.64 Total

from

investment

operations

........

2.75 6.21 8.12 3.70 (2.30)

6.86 Less

distributions

from:

Net

investment

income

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

(0.22)

(0.16)

(0.15)

(0.65)

(0.01)

—

Net

realized

gains

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

(2.86)

(3.56)

(0.11)

(1.05)

(2.43)

—

Total

distributions

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

(3.08)

(3.72)

(0.26)

(1.70)

(2.44)

—

Net

asset

value,

end

of

period

..........

$38.78

$39.11

$36.62

$28.76

$26.76

$31.50

Total

return

c

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

6.92%

17.70%

28.46%

14.87%

(8.03)%

27.84%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

0.70%

0.71%

0.73%

0.74%

0.74%

e

0.76%

f

Expenses

net

of

waiver

and

payments

by

affiliates

g

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

0.70%

0.71%

0.73%

0.74%

0.74%

e

0.75%

f

Net

investment

income

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

0.35%

0.59%

0.57%

0.92%

1.00%

0.80%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$4,146

$3,622

$14,198

$20,877

$17,415

$20,768

Portfolio

turnover

rate

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

19%

31%

30%

20%

19%

77%

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

Includes

one-time

proxy

cost

of

0.01%.

f

Includes

one-time

merger

costs

which

amounted

to

less

than

0.01%

as

a

percentage

of

average

net

assets.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Focused

#### Equity

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$38.69

$36.27

$28.53

$26.55

$31.32

$24.53

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.05 0.17 0.15 0.20 0.24 0.17 Net

realized

and

unrealized

gains

(losses)

2.65 5.93 7.85 3.44 (2.57)

6.62 Total

from

investment

operations

........

2.70 6.10 8.00 3.64 (2.33)

6.79 Less

distributions

from:

Net

investment

income

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

(0.18)

(0.12)

(0.15)

(0.61)

(0.01)

—

Net

realized

gains

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

(2.86)

(3.56)

(0.11)

(1.05)

(2.43)

—

Total

distributions

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

(3.04)

(3.68)

(0.26)

(1.66)

(2.44)

—

Net

asset

value,

end

of

period

..........

$38.35

$38.69

$36.27

$28.53

$26.55

$31.32

Total

return

c

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

6.88%

17.54%

28.27%

14.73%

(8.18)%

27.68%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

0.79%

0.83%

0.86%

0.90%

0.89%

e

0.91%

f

Expenses

net

of

waiver

and

payments

by

affiliates

g

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

0.79%

0.83%

0.86%

0.90%

0.89%

e

0.90%

f

Net

investment

income

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

0.26%

0.46%

0.48%

0.76%

0.85%

0.64%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$137,813

$125,339

$119,263

$107,108

$113,376

$134,722

Portfolio

turnover

rate

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

19%

31%

30%

20%

19%

77%

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

Includes

one-time

proxy

cost

of

0.01%.

f

Includes

one-time

merger

costs

which

amounted

to

less

than

0.01%

as

a

percentage

of

average

net

assets.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited),

February

28,

2026

#### Putnam

#### Focused

#### Equity

#### 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

#### 99.1%

#### Aerospace

#### &

#### Defense

#### 1.2%
Northrop

Grumman

Corp.

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

United

States

12,240

$

8,866,411

#### Automobiles

#### 2.5%
a

Tesla,

Inc.

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

United

States

43,936

17,684,679

#### Banks

#### 2.3%
Citigroup,

Inc.

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

United

States

149,067

16,425,693

#### Beverages

#### 2.8%
Coca-Cola

Co.

(The)

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

United

States

248,421

20,261,217

#### Biotechnology

#### 1.8%
AbbVie,

Inc.

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

United

States

54,400

12,625,152

#### Broadline

#### Retail

#### 4.8%
a

Amazon.com,

Inc.

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

United

States

163,459

34,326,390

#### Building

#### Products

#### 1.5%
Trane

Technologies

plc

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

United

States

23,740

10,975,477

#### Capital

#### Markets

#### 3.0%
Charles

Schwab

Corp.

(The)

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

United

States

227,142

21,623,918

#### Chemicals

#### 2.0%
Corteva,

Inc.

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

United

States

177,800

14,245,336

#### Communications

#### Equipment

#### 1.7%
Cisco

Systems,

Inc.

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

United

States

152,335

12,104,539

#### Consumer

#### Finance

#### 2.3%
Capital

One

Financial

Corp.

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

United

States

83,267

16,290,356

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 2.8%
Walmart,

Inc.

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

United

States

157,145

20,106,703

#### Electric

#### Utilities

#### 2.3%
NextEra

Energy,

Inc.

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

United

States

103,000

9,658,310

NRG

Energy,

Inc.

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

United

States

41,600

7,444,736

17,103,046

#### Entertainment

#### 1.4%
a

Netflix,

Inc.

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

United

States

108,120

10,405,469

#### Financial

#### Services

#### 3.9%
Apollo

Global

Management,

Inc.

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

United

States

154,959

16,208,711

Visa,

Inc.,

A

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

United

States

35,094

11,234,993

27,443,704

#### Ground

#### Transportation

#### 0.9%
Union

Pacific

Corp.

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

United

States

25,500

6,756,990

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 1.5%
a

Boston

Scientific

Corp.

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

United

States

142,400

10,943,440

#### Health

#### Care

#### Providers

#### &

#### Services

#### 1.1%
UnitedHealth

Group,

Inc.

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

United

States

27,000

7,918,290

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.5%
Hilton

Worldwide

Holdings,

Inc.

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

United

States

13,338

4,158,522

a

Viking

Holdings

Ltd.

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

United

States

82,500

6,436,650

10,595,172

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Focused

#### Equity

#### 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)

#### Industrial

#### Conglomerates

#### 2.6%
Honeywell

International,

Inc.

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

United

States

76,100

$

18,537,199

#### Insurance

#### 1.7%
American

International

Group,

Inc.

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

United

States

151,936

12,229,329

#### Interactive

#### Media

#### &

#### Services

#### 9.6%
Alphabet,

Inc.,

A

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

United

States

135,476

42,235,998

Meta

Platforms,

Inc.,

A

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

United

States

40,733

26,402,316

68,638,314

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 1.8%
Thermo

Fisher

Scientific,

Inc.

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

United

States

24,140

12,579,595

#### Machinery

#### 1.2%
Ingersoll

Rand,

Inc.

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

United

States

92,600

8,717,364

#### Office

#### REITs

#### 0.6%
Vornado

Realty

Trust

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

United

States

150,807

4,159,257

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 3.3%
Cenovus

Energy,

Inc.

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

Canada

305,100

6,806,781

Exxon

Mobil

Corp.

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

United

States

112,700

17,186,750

23,993,531

#### Pharmaceuticals

#### 3.2%
Eli

Lilly

&

Co.

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

United

States

21,820

22,954,422

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 17.4%
a

Advanced

Micro

Devices,

Inc.

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

United

States

19,300

3,864,053

Analog

Devices,

Inc.

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

United

States

49,380

17,568,910

Broadcom,

Inc.

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

United

States

97,986

31,311,426

Lam

Research

Corp.

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

United

States

61,000

14,267,290

NVIDIA

Corp.

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

United

States

322,687

57,176,910

124,188,589

#### Software

#### 7.0%
Microsoft

Corp.

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

United

States

127,280

49,987,947

#### Specialty

#### Retail

#### 1.7%
Home

Depot,

Inc.

(The)

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

United

States

31,277

11,907,779

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 6.4%
Apple,

Inc.

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

United

States

172,898

45,676,194

#### Trading

#### Companies

#### &

#### Distributors

#### 1.3%
United

Rentals,

Inc.

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

United

States

11,380

9,559,200

#### Total

#### Common

#### Stocks

#### (Cost

#### $463,458,495)

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

#### 709,830,702

#### Short

#### Term

#### Investments

#### 1.3%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 0.1%
b,c

U.S.

Treasury

Bills

,

3.49%,

4/23/26

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

United

States

200,000

198,959

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Focused

#### Equity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Short

#### Term

#### Investments
(continued)

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities
(continued)

b,c

U.S.

Treasury

Bills,

(continued)

3.53%,

7/16/26

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

United

States

300,000

$

295,991

494,950

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $494,905)
..................

#### 494,950

#### Shares

#### Management

#### Investment

#### Companies

#### 1.2%
d,e

Putnam

Short

Term

Investment

Fund,

Class

P,

3.852%

.......

United

States

8,749,504

8,749,504

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $8,749,504)

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

#### 8,749,504

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $9,244,409

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

#### 9,244,454

#### a

#### Total

#### Investments

#### (Cost

#### $472,702,904)

#### 100.4%

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

#### $719,075,156

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.4)%

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

#### (3,116,610)

#### Net

#### Assets

#### 100.0%

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

#### $715,958,546

#### a
\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Non-income

producing.

b

The

rate

shown

represents

the

yield

at

period

end.

c

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

February

28,

2026,

the

aggregate

value

of

these

securities

pledged

amounted

to

$323,845,

representing

less

than

0.1%

of

net

assets.

d

See

Note

(g)

regarding

investments

in

affiliated

management

investment

companies.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Focused

#### Equity

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

February

28,

2026,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

1(c).

#### Forward

#### Exchange

#### Contracts

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount

#### \*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
British

Pound

......

CITI

Buy

2,306,800

3,098,382

3/17/26

$

10,463

$

—

British

Pound

......

GSCO

Sell

2,323,600

3,120,967

3/17/26

—

(10,520)

British

Pound

......

MSCO

Sell

704,500

940,558

3/17/26

—

(8,887)

British

Pound

......

SSBT

Sell

3,912,800

5,223,885

3/17/26

—

(49,345)

British

Pound

......

TDOM

Buy

5,367,500

7,166,149

3/17/26

67,562

—

British

Pound

......

WPAC

Sell

733,000

978,637

3/17/26

—

(9,218)

Euro

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

BOFA

Buy

12,682,400

15,078,581

3/17/26

—

(81,832)

Euro

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

CITI

Sell

7,948,800

9,387,844

3/17/26

—

(11,493)

Euro

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

JPHQ

Sell

2,021,300

2,387,057

3/17/26

—

(3,100)

Euro

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

MSCO

Buy

5,183,900

6,112,357

3/17/26

17,527

—

Euro

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

SSBT

Sell

6,292,700

7,419,660

3/17/26

—

(21,365)

Euro

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

WPAC

Sell

982,600

1,158,595

3/17/26

—

(3,315)

Canadian

Dollar

....

BOFA

Sell

859,600

621,341

4/15/26

—

(10,035)

Canadian

Dollar

....

CITI

Sell

471,600

340,879

4/15/26

—

(5,511)

Canadian

Dollar

....

GSCO

Sell

459,400

332,060

4/15/26

—

(5,369)

Canadian

Dollar

....

MSCO

Buy

4,790,300

3,466,336

4/15/26

52,138

—

Canadian

Dollar

....

SSBT

Buy

592,300

428,587

4/15/26

6,457

—

Canadian

Dollar

....

UBSW

Sell

8,133,000

5,884,966

4/15/26

—

(88,720)

Canadian

Dollar

....

WPAC

Sell

3,171,800

2,292,666

4/15/26

—

(37,021)

Hong

Kong

Dollar

...

BOFA

Sell

21,592,500

2,771,602

5/13/26

3,410

—

Hong

Kong

Dollar

...

CITI

Sell

52,817,000

6,777,581

5/13/26

6,359

—

Hong

Kong

Dollar

...

GSCO

Buy

22,639,000

2,905,523

5/13/26

—

(3,167)

Hong

Kong

Dollar

...

HSBK

Buy

22,855,900

2,934,305

5/13/26

—

(4,143)

Hong

Kong

Dollar

...

JPHQ

Sell

13,820,600

1,773,617

5/13/26

1,794

—

Hong

Kong

Dollar

...

MSCO

Sell

16,141,300

2,071,452

5/13/26

2,112

—

Hong

Kong

Dollar

...

SSBT

Buy

84,402,800

10,825,528

5/13/26

—

(4,956)

Hong

Kong

Dollar

...

SSBT

Sell

19,292,400

2,476,105

5/13/26

2,789

—

Hong

Kong

Dollar

...

WPAC

Sell

12,290,200

1,577,357

5/13/26

1,734

—

Total

Forward

Exchange

Contracts

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

$172,345

$(357,997)

Net

unrealized

appreciation

(depreciation)

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

$(185,652)

\*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

See

Note

regarding

other

derivative

information.

See

A

bbreviations

on

.

Putnam

Funds

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

February

28,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### Focused

#### Equity

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$463,953,400

Cost

-

Non-controlled

affiliates

(Note

g)

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

8,749,504

Value

-

Unaffiliated

issuers

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

$710,325,652

Value

-

Non-controlled

affiliates

(Note

g)

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

8,749,504

Foreign

currency,

at

value

(cost

$

17,836)

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

17,851

Receivables:

Capital

shares

sold

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

149,466

Dividends

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

666,087

European

Union

tax

reclaims

(Note

e)

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

163,417

Unrealized

appreciation

on

OTC

forward

exchange

contracts

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

172,345

Prepaid

expenses

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

354,208

Total

assets

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

720,598,530

Liabilities:

Payables:

Capital

shares

redeemed

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

421,666

Management

fees

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

333,916

Administrative

fees

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

Distribution

fees

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

123,279

Transfer

agent

fees

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

250,001

Trustees'

fees

and

expenses

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

440,391

Deposits

from

brokers

for:

OTC

derivative

contracts

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

170,000

Funds

advanced

by

custodian

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

2,424,097

Unrealized

depreciation

on

OTC

forward

exchange

contracts

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

357,997

Accrued

expenses

and

other

liabilities

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

118,625

Total

liabilities

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

4,639,984

Net

assets,

at

value

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

$715,958,546

Net

assets

consist

of:

Paid-in

capital

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

$547,388,237

Total

distributable

earnings

(losses)

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

168,570,309

Net

assets,

at

value

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

$715,958,546

Putnam

Funds

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

February

28,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Focused

#### Equity

#### Fund

#### Class

#### A:
Net

assets,

at

value

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

$550,020,652

Shares

outstanding

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

14,805,689

Net

asset

value

per

share

a

,b

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

$37.15

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

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

$39.42

#### Class

#### C:
Net

assets,

at

value

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

$16,106,911

Shares

outstanding

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

498,825

Net

asset

value

and

maximum

offering

price

per

share

a

,b

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

$32.29

#### Class

#### R:
Net

assets,

at

value

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

$7,871,875

Shares

outstanding

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

218,820

Net

asset

value

and

maximum

offering

price

per

share

b

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

$35.97

#### Class

#### R6:
Net

assets,

at

value

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

$4,145,788

Shares

outstanding

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

106,906

Net

asset

value

and

maximum

offering

price

per

share

b

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

$38.78

#### Class

#### Y:
Net

assets,

at

value

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

$137,813,320

Shares

outstanding

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

3,593,704

Net

asset

value

and

maximum

offering

price

per

share

b

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

$38.35

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

February

28,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### Focused

#### Equity

#### Fund
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$13,794)

Unaffiliated

issuers

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

$3,607,841

Non-controlled

affiliates

(Note

g)

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

134,674

Interest:

Unaffiliated

issuers

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

13,875

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

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

(38,197)

Non-controlled

affiliates

(Note

g)

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

40,663

Other

income

(Note

e)

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

24,353

Total

investment

income

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

3,783,209

Expenses:

Management

fees

(Note

a)

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

2,159,970

Administrative

fees

(Note

b)

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

4,416

Distribution

fees:

(Note

3c)

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

A

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

698,546

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

C

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

86,698

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

R

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

19,448

Transfer

agent

fees:

(Note

3e)

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

A

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

399,637

Class

C

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

12,451

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

R

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

5,557

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

R6

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

959

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

Y

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

95,938

Custodian

fees

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

1,382

Reports

to

shareholders

fees

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

52,753

Registration

and

filing

fees

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

30,699

Professional

fees

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

65,837

Trustees'

fees

and

expenses

(Note

f)

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

13,325

Other

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

31,808

Total

expenses

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

3,679,424

Expense

reductions

(Note

4)

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

(16,342)

Net

expenses

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

3,663,082

Net

investment

income

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

120,127

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

45,736,575

Foreign

currency

transactions

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

(118) Forward

exchange

contracts

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

109,843

Net

realized

gain

(loss)

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

45,846,300

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

763,041

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

Forward

exchange

contracts

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

268,894

Net

change

in

unrealized

appreciation

(depreciation)

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

1,032,093

Net

realized

and

unrealized

gain

(loss)

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

46,878,393

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$46,998,520

Putnam

Funds

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Focused

#### Equity

#### Fund

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$120,127

$1,566,970

Net

realized

gain

(loss)

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

45,846,300

59,788,210

Net

change

in

unrealized

appreciation

(depreciation)

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

1,032,093

47,137,120

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

46,998,520

108,492,300

Distributions

to

shareholders:

Class

A

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

(41,295,590)

(50,874,898)

Class

C

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

(1,403,850)

(2,686,897)

Class

R

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

(586,342)

(680,180)

Class

R6

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

(297,682)

(1,390,447)

Class

Y

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

(10,354,347)

(11,893,566)

Total

distributions

to

shareholders

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

(53,937,811)

(67,525,988)

Capital

share

transactions:

(Note

2)

Class

A

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

10,612,384

38,398

Class

B

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

—

(1,393,471)

Class

C

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

(1,549,324)

(8,367,227)

Class

R

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

597,397

16,053

Class

R6

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

583,378

(10,586,643)

Class

Y

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

14,186,249

(1,682,946)

Total

capital

share

transactions

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

24,430,084

(21,975,836)

Net

increase

(decrease)

in

net

assets

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

17,490,793

18,990,476

Net

assets:

Beginning

of

period

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

698,467,753

679,477,277

End

of

period

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

$715,958,546

$698,467,753

Putnam

Funds

Trust

franklintempleton.com

Semiannual

Report

Notes

to

Financial

Statements

(unaudited)

#### Putnam

#### Focused

#### Equity

#### Fund
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

Focused

Equity

Fund

(Fund)

is

included

in

this

report.

The

Fund

offers five

classes

of

shares:

Class

A,

Class

C,

Class

R,

Class

R6

and

Class

Y. Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

Effective

September

5,

2024,

all

Class B

shares

were

converted

to

Class

A. The

following

summarizes

the Fund's

significant

accounting

policies.

a. #### Financial

#### Instrument

#### Valuation
The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Trust's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Debt

securities

generally

trade

in

the OTC

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

Certain

derivative

financial

instruments

trade

in

the

OTC

market.

The

Fund's

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Fund's

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Focused

#### Equity

#### Fund
(continued)

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund's

business

day. Events

can occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund's

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

p.m.

Eastern

time. In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at

p.m.

Eastern

time.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund's

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund's

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund

for

financial

reporting

purposes.

b. #### Foreign

#### Currency

#### Translation
Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c. #### Derivative

#### Financial

#### Instruments
The

Fund invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Statement

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Statement

of

Operations.

Derivative

counterparty

credit

risk

is

managed

through

a

formal

evaluation

of

the

creditworthiness

of

all

potential

counterparties.

The

Fund

attempts

to

reduce

its

exposure

to

counterparty

credit

risk

on

OTC

derivatives,

whenever

possible,

by

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

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

#### Focused

#### Equity

#### Fund
(continued)

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

to

collateral

requirements,

events

of

default,

or

early

termination.

Termination

events

applicable

to

the

counterparty

include

certain

deteriorations

in

the

credit

quality

of

the

counterparty.

Termination

events

applicable

to

the

Fund

include

failure

of

the

Fund

to

maintain

certain

net

asset

levels

and/or

limit

the

decline

in

net

assets

over

various

periods

of

time.

In

the

event

of

default

or

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

to

net

and

close-out

all

transactions

traded,

whether

or

not

arising

under

the

ISDA

agreement,

to

one

net

amount

payable

by

one

counterparty

to

the

other.

However,

absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statement

of

Assets

and

Liabilities.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Fund

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement.

At

February

28,

2026,

the

Fund

had

OTC

derivatives

in

a

net

liability

position

of

$316,104

and

the

aggregate

value

of

collateral

pledged

for

such

contracts

was

$323,845.

Collateral

requirements

differ

by

type

of

derivative.

Collateral

terms

are

contract

specific

for

OTC

derivatives.

For

OTC

derivatives

traded

under

an

ISDA

master

agreement,

posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of

agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund,

if

any,

is

held

in

segregated

accounts

with

the

Fund's

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Fund's

investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

The

Fund entered

into

OTC

forward

exchange

contracts

primarily

to

manage

and/or

gain exposure

to

certain

foreign

currencies.

A

forward

exchange

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

foreign

currency at

a

specific

exchange

rate

on

a

future

date.

Forward

exchange

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

See

Note

regarding

other

derivative

information.

d. #### 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.

e. #### Income

#### and

#### Deferred

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

c. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Focused

#### Equity

#### Fund
(continued)

The

Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

In

some

cases,

the

Fund

may

be

entitled

to

reclaim

all

or

a

portion

of

such

taxes,

and

such

reclaim

amounts,

if

any,

are

reflected

as

a

dividend

receivable

in

the

Statement

of

Assets

and

Liabilities

and

dividend

income

in

the

Statement

of

Operations.

In

many

cases,

however,

the

Fund

may

not

receive

such

amounts

for

an

extended

period

of

time,

depending

on

the

country

of

investment.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

As

a

result

of

several

court

cases,

in

certain

countries

across

the

European

Union, the

Fund

filed

additional

tax

reclaims

for

previously

withheld

taxes

on

dividends

earned

in

those

countries

(EU

reclaims). Income

recognized,

if

any,

for

EU

reclaims

is

reflected

as

other

income

in

the

Statement

of

Operations

and

any

related

receivable,

if

any,

is

reflected

as

European

Union

tax

reclaims

in

the

Statement

of

Assets

and

Liabilities.

Any

fees

associated

with

these

filings

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

When

uncertainty

exists

as

to

the

ultimate

resolution

of

these

proceedings,

the

likelihood

of

receipt

of

these

EU

reclaims,

and

the

potential

timing

of

payment,

no

amounts

are

reflected

in

the

financial

statements.

For

U.S.

income

tax

purposes,

EU

reclaims

received

by

the

Fund,

if

any,

reduce

the

amount

of

foreign

taxes

Fund

shareholders

can

use

as

tax

deductions

or credits

on

their

income

tax

returns.

In

the

event

that

EU

reclaims

received

by

the Fund

during a

fiscal

year

exceed

foreign

withholding

taxes

paid

by

the

Fund,

and

the

Fund previously

passed

through to

its

shareholders

foreign

taxes

incurred

by

the

Fund

to

be

used

as

a

credit

or

deduction

on

a

shareholder's

income

tax

return,

the Fund

will enter

into

a

closing

agreement

with

the

Internal

Revenue

Service

(IRS)

in

order

to

pay

the

associated

tax

liability

on

behalf

of

the Fund's

shareholders.

During

the

fiscal

year

ended

February

28,

2026,

the Fund

received

EU

reclaims

in

excess

of

the

foreign

taxes

paid

during

the

year.

The

Fund

determined

to

enter

into

a

closing

agreement

with

the

IRS

and

recorded

the

estimated payments

as

a

reduction

to

income,

as

reflected

in

the

Statement

of

Operations.

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

February

28,

2026, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

The

Fund's

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

to

examination

by

the

Internal

Revenue

Service

and

state

departments

of

revenue.

f. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Dividend

income

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.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

e. #### Income

#### and

#### Deferred

#### Taxes
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Focused

#### Equity

#### Fund
(continued)

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.

g. #### 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.

h. #### 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.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

February

28,

2026,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

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

504,829

$19,387,282

827,296

$29,060,004

Shares

issued

in

reinvestment

of

distributions

..........

1,067,861

40,151,566

1,405,043

49,274,853

Shares

redeemed

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

(1,268,892)

(48,926,464)

(2,247,475)

(78,296,459)

Net

increase

(decrease)

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

303,798

$10,612,384

(15,136)

$38,398

#### Class

#### B

#### Shares:

#### \*
Shares

redeemed

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

—

$—

(45,422)

$(1,393,471)

Net

increase

(decrease)

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

—

$—

(45,422)

$(1,393,471)

#### Class

#### C

#### Shares:
Shares

sold

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

18,767

$632,480

76,688

$2,356,844

Shares

issued

in

reinvestment

of

distributions

..........

42,836

1,402,032

86,417

2,681,507

Shares

redeemed

a

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

(105,940)

(3,583,836)

(426,699)

(13,405,578)

Net

increase

(decrease)

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

(44,337)

$(1,549,324)

(263,594)

$(8,367,227)

#### Class

#### R

#### Shares:
Shares

sold

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

15,796

$596,366

47,834

$1,594,778

Shares

issued

in

reinvestment

of

distributions

..........

15,844

577,187

19,655

669,853

Shares

redeemed

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

(15,439)

(576,156)

(66,379)

(2,248,578)

Net

increase

(decrease)

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

16,201

$597,397

1,110

$16,053

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

f. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Focused

#### Equity

#### 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:

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R6

#### Shares:
Shares

sold

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

17,332

$709,406

54,071

$1,977,910

Shares

issued

in

reinvestment

of

distributions

..........

7,229

283,599

37,554

1,368,859

Shares

redeemed

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

(10,256)

(409,627)

(386,744)

(13,933,412)

Net

increase

(decrease)

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

14,305

$583,378

(295,119)

$(10,586,643)

#### Class

#### Y

#### Shares:
Shares

sold

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

457,797

$18,504,155

346,209

$12,428,419

Shares

issued

in

reinvestment

of

distributions

..........

254,459

9,873,025

315,890

11,403,618

Shares

redeemed

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

(357,854)

(14,190,931)

(711,201)

(25,514,983)

Net

increase

(decrease)

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

354,402

$14,186,249

(49,102)

$(1,682,946)

\*

Effective

September

5,

2024,

the

Fund

has

terminated

its

Class

B

shares.

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. #### Subsidiary

#### Affiliation
Putnam

Investment

Management,

LLC

(Putnam

Management)

Investment

manager

Franklin

Advisers,

Inc.

(Advisers)

Subadvisor

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Putnam

Advisory

Company,

LLC

(PAC)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Focused

#### Equity

#### Fund
(continued)

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:

For

the

period

ended

February

28,

2026,

the

annualized

gross

effective

investment

management

fee

rate

was 0.599%

of

the

Fund's

average daily

net

assets.

Putnam

Management

retained

Advisers

as

subadvisor

for

the

Fund.

Pursuant

to

the

agreement,

Advisers

provides

certain

advisory

and

related

services

to

the

Fund.

Putnam

Management

pays

a

monthly

fee

to

Advisers

based

on

the

costs

of

Advisers

in

providing

these

services

to

the

Fund,

which

may

include

a

mark-up

not

to

exceed

15%

over

such

costs.

Under

a

subadvisory

agreement,

FTIML

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid by Putnam

Management

based

on

the

average

net

assets

managed

by

FTIML,

and

is

not

an

additional

expense

of

the

Fund.

Under

a

subadvisory

agreement,

PAC

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid by

Putnam

Management based

on

the

average

net

assets

managed

by

PAC,

and

is

not

an

additional

expense

of

the

Fund.

b. #### Administrative

#### Fees
Under

an

agreement

with

Putnam

Management,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by Putnam

Management

based

on

the Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

The

Fund

reimburses

Putnam

Management

an

allocated

amount

for

the

compensation

and

related

expenses

of

certain

officers

of

the

Fund

and

their

staff

who

provide

administrative

services

to

the

Fund.

The

aggregate

amount

of

all

such

reimbursements

is

determined

annually

by

the

Trustees.

c. #### Distribution

#### Fees
The

Fund

has

adopted

distribution

plans

(the

Plans)

with

respect

to

the

following

share

classes

pursuant

to

Rule

12b–1

under

the

1940

Act.

The

purpose

of

the

Plans

is

to

compensate

Distributors

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Fund.

The

Plans

provide

payments

by

the

Fund

to

Distributors

at

an

annual

rate

of

up

to

the

following

amounts

(Maximum

%)

of

the

average

net

assets

attributable

to

each

class.

The

Trustees

have

approved

payment

by

the

Fund

at

the

following

annual

rate

(Approved

%)

of

the

average

net

assets

attributable

to

each

class.

#### 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.

3. #### Transactions

#### with

#### Affiliates
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Focused

#### Equity

#### Fund
(continued)

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:

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,

Class

R6

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,

#### Maximum

#### %

#### Approved

#### %
Class

A

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

0.35%

0.25%

Class

C

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

1.00%

1.00%

Class

R

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

1.00%

0.50%

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$18,515

CDSC

retained

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

$962

3. #### Transactions

#### with

#### Affiliates
(continued)

c. #### Distribution

#### Fees
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Focused

#### Equity

#### Fund
(continued)

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

February

28,

2026,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

h. #### Waiver

#### and

#### Expense

#### Reimbursements
Putnam

Management has

contractually

agreed,

through

December

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

February

28,

2026,

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

August

31,

2025,

the

capital

loss

carryforwards

were

as

follows:

#### &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

#### Focused

#### Equity

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

3.852%

......

$477,117

$75,786,725

$(67,514,338)

$—

$—

$8,749,504

8,749,504

$134,674

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

3.897%

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

$3,305,750

$33,581,535

$(36,887,285)

$—

$—

$—

—

$40,663

#### Total

#### Affiliated

#### Securities

#### ...
$3,782,867

$109,368,260

$(104,401,623)

$—

$—

$8,749,504

$175,337

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$

52,900,312

Long

term

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

70,312,259

Total

capital

loss

carryforwards

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

$123,212,571

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

#### Focused

#### Equity

#### Fund
(continued)

At

February

28,

2026,

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

treatment

of

foreign

currency

transactions.

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

period

ended

February

28,

2026,

aggregated

$138,067,683 and

$169,750,367,

respectively.

7. #### Other

#### Derivative

#### Information
At

February

28,

2026,

investments

in

derivative

contracts

are

reflected

in

the Statement of

Assets

and

Liabilities

as

follows:

For

the

period

ended

February

28,

2026,

the

effect

of

derivative

contracts

in

the Statement

of

Operations

was

as

follows:

For

the

period

ended

February

28,

2026,

the

average

month

end contract

value

of

forward

exchange

contracts

was

$89,553,684.

Cost

of

investments

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

$472,425,582

Unrealized

appreciation

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

$254,481,197

Unrealized

depreciation

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

(8,017,275)

Net

unrealized

appreciation

(depreciation)

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

$246,463,922

#### Asset

#### Derivatives

#### Liability

#### Derivatives

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Putnam

#### Focused

#### Equity

#### Fund
Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

$

172,345

Unrealized

depreciation

on

OTC

forward

exchange

contracts

$

357,997

Total

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

$172,345

$357,997

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Period

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Period

#### Putnam

#### Focused

#### Equity

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

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

(depreciation)

on:

Foreign

exchange

contracts

.....

Forward

exchange

contracts

$109,843

Forward

exchange

contracts

$268,894

Total

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

$109,843

$268,894

5. #### Income

#### Taxes
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Focused

#### Equity

#### Fund
(continued)

See

Note

1(c) regarding

derivative

financial

instruments.

8. #### Upcoming

#### Reorganization
On

March

27,

2026,

the

Board

approved

a

proposal

to

reorganize

the

Fund

with

and

into

a

newly-organized

exchange

traded

fund

(ETF).

Upon

completion

of

the

reorganization,

and

subject

to

certain

conditions,

on

or

around

the

fourth

quarter

of

2026,

substantially

all

net

assets

in

the

Fund

will

be

transferred

into

the

ETF

and

ETF

shares

will

be

distributed

to

the

Fund's

shareholders

in

complete

liquidation

of

the

Fund.

9. #### Credit

#### Facility
The

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

29,

2027. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

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

February

28,

2026,

the Fund

did

not

use

the

Global

Credit

Facility.

10. #### Fair

#### Value

#### Measurements
The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

February

28,

2026,

in

valuing

the

Fund's assets

and

liabilities carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Focused

#### Equity

#### Fund

#### Assets:
Investments

in

Securities:

a

Common

Stocks

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

$

709,830,702

$

—

$

—

$

709,830,702

Short

Term

Investments

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

8,749,504

494,950

—

9,244,454

Total

Investments

in

Securities

...........

$718,580,206

$494,950

$—

$719,075,156

7. #### Other

#### Derivative

#### Information
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Focused

#### Equity

#### Fund
(continued)

11. #### Operating

#### Segments
The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

A

management

group

of

the

Fund's

investment

manager serves

as

the

Chief

Operating

Decision

Maker

("CODM")

and

is

responsible

for

evaluating

the

Fund's

operating

results

and

allocating

resources

in

accordance

with

the

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Financial

Highlights.

12. #### Subsequent

#### Events
The Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure

other

than

those

already

disclosed

in

the

financial

statements.

#### Abbreviations

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Focused

#### Equity

#### Fund
(continued)

#### Assets:
(continued)

Other

Financial

Instruments:

Forward

Exchange

Contracts

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

$—

$172,345

$—

$172,345

Total

Other

Financial

Instruments

.........

$—

$172,345

$—

$172,345

#### Liabilities:
Other

Financial

Instruments:

Forward

Exchange

Contracts

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

$

—

$

357,997

$

—

$

357,997

Total

Other

Financial

Instruments

.........

$—

$357,997

$—

$357,997

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

#### Counterparty

#### BOFA
Bank

of

America

NA

#### CITI
Citibank

NA

#### GSCO
Goldman

Sachs

Group,

Inc.

#### HSBK
HSBC

Bank

plc

#### JPHQ
JPMorgan

Chase

Bank

NA

#### MSCO
Morgan

Stanley

#### SSBT
State

Street

Bank

and

Trust

Co.

#### TDOM
Toronto

Dominion

Bank

#### UBSW
UBS

AG

#### WPAC
Westpac

Banking

Corp.

#### Selected

#### Portfolio

#### REIT
Real

Estate

Investment

Trust

10. #### 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.

39115-SFSOI

04/26©

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.](pfef-efp23832_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.](pfef-efp23832_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** | **Putnam Funds Trust** |
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | April 29, 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: | April 29, 2026 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | April 29, 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: | April 29, 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: | April 29, 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 **February 28, 2026** (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: April 29, 2026 | Date: April 29, 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.