# EDGAR Filing Document

**Accession Number:** 0001005942
**File Stem:** 0001133228-25-011449
**Filing Date:** 2025-10
**Character Count:** 175129
**Document Hash:** 1d201efd39cc47569325c183b5153245
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-011449.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001133228-25-011449

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**EFFECTIVENESS DATE**: 20251030

**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:** 251432077

**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 Floating Rate Income Fund (Series ID: S000000773)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000002279 | Class C shares  |  |
| C000002281 | Class R shares  |  |
| C000002282 | Class Y shares  |  |
| C000002283 | Class A shares  | PFLRX           |
| C000203062 | Class R6 Shares |  |

?xml version='1.0' encoding='ASCII'? 2025-09-1174200178200_PutnamFloatingRateIncomeFund_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: **February 28**

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

ITEM 1. REPORT TO STOCKHOLDERS.

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

---

| | |
|:---|:---|
| **Putnam Floating Rate Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PFLRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Floating Rate Income Fund for the period March 1, 2025, to August 31, 2025.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class A | $51 | 1.00% |

---

† Annualized.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $339348060 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 235 |
| **Portfolio Turnover Rate** | 14% |

---

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

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

![image](ts5021img003.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 Floating Rate Income Fund PAGE 1 38963-STSA-1025

23.619.114.59.69.46.85.33.10.80.80.36.7 ------

---

| | |
|:---|:---|
| **Putnam Floating Rate Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PFICX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Floating Rate Income Fund for the period March 1, 2025, to August 31, 2025.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class C | $89 | 1.75% |

---

† Annualized.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $339348060 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 235 |
| **Portfolio Turnover Rate** | 14% |

---

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

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

![image](ts5025img003.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 Floating Rate Income Fund PAGE 1 38963-STSC-1025

23.619.114.59.69.46.85.33.10.80.80.36.7 ------

---

| | |
|:---|:---|
| **Putnam Floating Rate Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PFLLX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Floating Rate Income Fund for the period March 1, 2025, to August 31, 2025.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class R | $64 | 1.25% |

---

† Annualized.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $339348060 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 235 |
| **Portfolio Turnover Rate** | 14% |

---

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

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

![image](ts5027img003.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 Floating Rate Income Fund PAGE 1 38963-STSR-1025

23.619.114.59.69.46.85.33.10.80.80.36.7 ------

---

| | |
|:---|:---|
| **Putnam Floating Rate Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PFRZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Floating Rate Income Fund for the period March 1, 2025, to August 31, 2025.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class R6 | $35 | 0.69% |

---

† Annualized.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $339348060 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 235 |
| **Portfolio Turnover Rate** | 14% |

---

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

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

![image](ts5031img003.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 Floating Rate Income Fund PAGE 1 38963-STSR6-1025

23.619.114.59.69.46.85.33.10.80.80.36.7 ------

---

| | |
|:---|:---|
| **Putnam Floating Rate Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PFRYX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Floating Rate Income Fund for the period March 1, 2025, to August 31, 2025.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class Y | $38 | 0.75% |

---

† Annualized.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $339348060 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 235 |
| **Portfolio Turnover Rate** | 14% |

---

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

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

![image](ts5034img003.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 Floating Rate Income Fund PAGE 1 38963-STSY-1025

23.619.114.59.69.46.85.33.10.80.80.36.7 ------

&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

#### Floating

#### Rate

#### Income

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

August

31,

2025

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 20
Notes

to

Financial

Statements

#### 24
Changes

In

and

Disagreements

with

Accountants

#### 35
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

#### Floating

#### Rate

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$7.96

$7.98

$7.89

$8.18

$8.27

$8.28

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.27 0.59 0.65 0.41 0.22 0.24 Net

realized

and

unrealized

gains

(losses)

(0.04)

(0.04)

0.16 (0.28)

(0.09)

(0.02)

Total

from

investment

operations

........

0.23 0.55 0.81 0.13 0.13 0.22 Less

distributions

from:

Net

investment

income

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

(0.27)

(0.57)

(0.69)

(0.42)

(0.22)

(0.23)

Tax

return

of

capital

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

—

—

(0.03)

—

—

—

Total

distributions

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

(0.27)

(0.57)

(0.72)

(0.42)

(0.22)

(0.23)

Net

asset

value,

end

of

period

..........

$7.92

$7.96

$7.98

$7.89

$8.18

$8.27

Total

return

d

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

2.90%

7.20%

10.74%

1.78%

1.63%

2.87%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

f

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

1.00%

1.00%

1.04%

1.03%

1.00%

1.04%

Net

investment

income

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

6.78%

7.43%

8.20%

5.14%

2.70%

2.96%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$215,453

$238,102

$227,247

$205,018

$268,621

$220,335

Portfolio

turnover

rate

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

14%

37%

31%

26%

42%

32%

a

For

the

year

ended

February

29. b

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.

c

Based

on

average

daily

shares

outstanding.

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Floating

#### Rate

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$7.95

$7.97

$7.89

$8.17

$8.27

$8.27

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.24 0.54 0.59 0.35 0.16 0.18 Net

realized

and

unrealized

gains

(losses)

(0.04)

(0.05)

0.15 (0.27)

(0.10)

(0.01)

Total

from

investment

operations

........

0.20 0.49 0.74 0.08 0.06 0.17 Less

distributions

from:

Net

investment

income

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

(0.24)

(0.51)

(0.63)

(0.36)

(0.16)

(0.17)

Tax

return

of

capital

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

—

—

(0.03)

—

—

—

Total

distributions

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

(0.24)

(0.51)

(0.66)

(0.36)

(0.16)

(0.17)

Net

asset

value,

end

of

period

..........

$7.91

$7.95

$7.97

$7.89

$8.17

$8.27

Total

return

d

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

2.51%

6.39%

9.77%

1.14%

0.74%

2.22%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

f

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

1.75%

1.75%

1.79%

1.78%

1.75%

1.79%

Net

investment

income

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

6.03%

6.71%

7.45%

4.45%

1.94%

2.24%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$16,243

$17,634

$20,659

$21,993

$24,485

$34,828

Portfolio

turnover

rate

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

14%

37%

31%

26%

42%

32%

a

For

the

year

ended

February

29. b

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.

c

Based

on

average

daily

shares

outstanding.

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Floating

#### Rate

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$7.96

$7.98

$7.89

$8.17

$8.27

$8.28

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.26 0.57 0.63 0.39 0.20 0.22 Net

realized

and

unrealized

gains

(losses)

(0.04)

(0.04)

0.16 (0.27)

(0.10)

(0.02)

Total

from

investment

operations

........

0.22 0.53 0.79 0.12 0.10 0.20 Less

distributions

from:

Net

investment

income

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

(0.26)

(0.55)

(0.67)

(0.40)

(0.20)

(0.21)

Tax

return

of

capital

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

—

—

(0.03)

—

—

—

Total

distributions

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

(0.26)

(0.55)

(0.70)

(0.40)

(0.20)

(0.21)

Net

asset

value,

end

of

period

..........

$7.92

$7.96

$7.98

$7.89

$8.17

$8.27

Total

return

d

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

2.77%

6.93%

10.46%

1.65%

1.25%

2.61%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

f

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

1.25%

1.25%

1.29%

1.28%

1.25%

1.29%

Net

investment

income

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

6.53%

7.17%

7.95%

4.95%

2.44%

2.70%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$350

$491

$495

$436

$554

$650

Portfolio

turnover

rate

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

14%

37%

31%

26%

42%

32%

a

For

the

year

ended

February

29. b

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.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Floating

#### Rate

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$7.97

$7.99

$7.90

$8.18

$8.28

$8.29

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.28 0.62 0.67 0.43 0.25 0.26 Net

realized

and

unrealized

gains

(losses)

(0.04)

(0.04)

0.16 (0.26)

(0.10)

(0.01)

Total

from

investment

operations

........

0.24 0.58 0.83 0.17 0.15 0.25 Less

distributions

from:

Net

investment

income

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

(0.28)

(0.60)

(0.71)

(0.45)

(0.25)

(0.26)

Tax

return

of

capital

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

—

—

(0.03)

—

—

—

Total

distributions

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

(0.28)

(0.60)

(0.74)

(0.45)

(0.25)

(0.26)

Net

asset

value,

end

of

period

..........

$7.93

$7.97

$7.99

$7.90

$8.18

$8.28

Total

return

d

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

3.06%

7.54%

11.10%

2.23%

1.83%

3.23%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

f

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

0.69%

0.69%

0.72%

0.70%

0.68%

0.70%

Net

investment

income

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

7.09%

7.82%

8.51%

5.49%

3.02%

3.30%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$3,382

$3,447

$6,825

$6,110

$7,021

$4,994

Portfolio

turnover

rate

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

14%

37%

31%

26%

42%

32%

a

For

the

year

ended

February

29. b

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.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Floating

#### Rate

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$7.97

$7.99

$7.90

$8.19

$8.28

$8.29

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.28 0.61 0.67 0.42 0.25 0.26 Net

realized

and

unrealized

gains

(losses)

(0.05)

(0.03)

0.15 (0.27)

(0.10)

(0.02)

Total

from

investment

operations

........

0.23 0.58 0.82 0.15 0.15 0.24 Less

distributions

from:

Net

investment

income

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

(0.27)

(0.60)

(0.70)

(0.44)

(0.24)

(0.25)

Tax

return

of

capital

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

—

—

(0.03)

—

—

—

Total

distributions

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

(0.27)

(0.60)

(0.73)

(0.44)

(0.24)

(0.25)

Net

asset

value,

end

of

period

..........

$7.93

$7.97

$7.99

$7.90

$8.19

$8.28

Total

return

d

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

3.03%

7.47%

11.01%

2.04%

1.88%

3.13%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

f

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

0.75%

0.75%

0.79%

0.78%

0.75%

0.79%

Net

investment

income

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

7.03%

7.68%

8.44%

5.32%

2.97%

3.23%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$103,921

$121,804

$111,051

$136,348

$193,541

$90,104

Portfolio

turnover

rate

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

14%

37%

31%

26%

42%

32%

a

For

the

year

ended

February

29. b

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.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited),

August

31,

2025

#### Putnam

#### Floating

#### Rate

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds

#### 8.1%

#### Broadline

#### Retail

#### 0.4%
a

Wayfair

LLC

,

Senior

Secured

Note

,

144A,

7.25 %

,

10/31/29

....

United

States

1,500,000

$

1,533,194

#### Building

#### Products

#### 0.6%
a

Smyrna

Ready

Mix

Concrete

LLC

,

Senior

Secured

Note

,

144A,

8.875 %

,

11/15/31

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

United

States

2,000,000

2,134,894

#### Construction

#### &

#### Engineering

#### 0.3%
a

Brand

Industrial

Services,

Inc.

,

Senior

Secured

Note

,

144A,

10.375 %

,

8/01/30

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

United

States

1,000,000

983,035

#### Consumer

#### Finance

#### 0.3%
a

Encore

Capital

Group,

Inc.

,

Senior

Secured

Note

,

144A,

9.25 %

,

4/01/29

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

United

States

900,000

951,425

#### Entertainment

#### 0.3%
a

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125 %

,

5/01/29

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

France

900,000

936,946

#### Financial

#### Services

#### 0.3%
a

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

9.5 %

,

2/15/29

United

States

900,000

956,835

#### Ground

#### Transportation

#### 0.2%
a

Beacon

Mobility

Corp.

,

Senior

Secured

Note

,

144A,

7.25 %

,

8/01/30

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

United

States

500,000

518,609

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.5%
a

Great

Canadian

Gaming

Corp.

/

Raptor

LLC

,

Senior

Secured

Note

,

144A,

8.75 %

,

11/15/29

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

Canada

395,000

377,298

a

Sabre

GLBL,

Inc.

,

Senior

Secured

Note

,

144A,

10.75 %

,

11/15/29

United

States

1,500,000

1,455,738

1,833,036

#### Household

#### Durables

#### 0.3%
a

Newell

Brands,

Inc.

,

Senior

Note

,

144A,

8.5 %

,

6/01/28

.......

United

States

1,000,000

1,058,225

#### Insurance

#### 0.3%
a

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

7.5 %

,

11/06/30

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

United

States

1,000,000

1,037,007

#### Media

#### 1.1%
a

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note

,

144A,

5.875 %

,

8/15/27

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

United

States

1,000,000

995,769

a

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125 %

,

2/15/33

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

United

States

1,215,000

1,245,831

a

Univision

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

7.375 %

,

6/30/30

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

United

States

1,500,000

1,509,383

3,750,983

#### Metals

#### &

#### Mining

#### 0.2%
a

Novelis

Corp.

,

Senior

Note

,

144A,

6.875 %

,

1/30/30

..........

United

States

587,000

609,455

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.6%
a

Starwood

Property

Trust,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

7/01/30

United

States

2,000,000

2,077,138

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.9%
a

Crescent

Energy

Finance

LLC

,

Senior

Note

,

144A,

8.375 %

,

1/15/34

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

United

States

2,000,000

2,031,000

a

Venture

Global

LNG,

Inc.

,

Senior

Secured

Note

,

144A,

8.125 %

,

6/01/28

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

United

States

1,000,000

1,036,828

3,067,828

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Floating

#### Rate

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Passenger

#### Airlines

#### 0.6%
a

OneSky

Flight

LLC

,

Senior

Note

,

144A,

8.875 %

,

12/15/29

.....

United

States

2,000,000

$

2,103,166

#### Pharmaceuticals

#### 0.3%
Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

6.75 %

,

3/01/28

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

Israel

1,000,000

1,038,498

#### Software

#### 0.5%
a

Central

Parent,

Inc.

/

CDK

Global,

Inc.

,

Senior

Secured

Note

,

144A,

7.25 %

,

6/15/29

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

United

States

2,000,000

1,691,933

#### Trading

#### Companies

#### &

#### Distributors

#### 0.4%
a

EquipmentShare.com,

Inc.

,

Secured

Note

,

144A,

%

,

5/15/28

..

United

States

1,180,000

1,251,208

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $27,174,435)
....................................

#### 27,533,415
b

#### Senior

#### Floating

#### Rate

#### Interests

#### 82.9%
c

#### Aerospace

#### &

#### Defense

#### 1.3%
Bleriot

US

Bidco,

Inc.,

First

Lien,

2023

CME

Term

Loan,

6.808%,

(3-month

SOFR

+

2.5%),

10/31/30

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

United

States

490,059

491,591

Goat

Holdco

LLC,

First

Lien,

CME

Term

Loan,

B,

7.316%,

(1-month

SOFR

+

3%),

1/27/32

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

United

States

1,471,313

1,474,682

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

J,

6.796%,

(3-month

SOFR

+

2.5%),

2/28/31

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

United

States

2,292,765

2,297,190

Vertex

Aerospace

Services

Corp.,

First

Lien,

2024

CME

Term

Loan,

6.566%,

(1-month

SOFR

+

2.25%),

12/06/30

........

United

States

497,500

499,211

4,762,674

a

a

a

a

a

a

#### Air

#### Freight

#### &

#### Logistics

#### 0.5%
c

Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

B,

7.296%,

(3-month

SOFR

+

3%),

3/18/30

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

United

States

1,794,661

1,790,498

c

#### Automobile

#### Components

#### 2.5%
Clarios

Global

LP,

First

Lien,

2024

Dollar

CME

Term

Loan,

6.816%,

(1-month

SOFR

+

2.5%),

5/06/30

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

United

States

2,559,863

2,563,703

d

DexKo

Global,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan,

8.566%,

(1-month

SOFR

+

4.25%),

10/04/28

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

United

States

2,115,625

2,085,647

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan,

8.221%,

(1-month

SOFR

+

3.75%),

10/04/28

........

United

States

979,747

960,877

First

Brands

Group

LLC,

Second

Lien,

2021

CME

Term

Loan,

13.07%,

(3-month

SOFR

+

8.5%),

3/30/28

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

United

States

2,000,000

1,820,000

Lippert

Components,

Inc.,

First

Lien,

CME

Term

Loan,

6.816%,

(1-month

SOFR

+

2.5%),

3/25/32

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

United

States

997,500

1,005,605

8,435,832

a

a

a

a

a

a

#### Automobiles

#### 0.5%
c

American

Trailer

World

Corp.,

First

Lien,

CME

Term

Loan,

B,

8.166%,

(1-month

SOFR

+

3.75%),

3/03/28

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

United

States

2,110,850

1,795,172

c

#### Beverages

#### 0.2%
Naked

Juice

LLC,

First

Lien,

2nd

Out

CME

Term

Loan,

7.646%,

(3-month

SOFR

+

3.25%),

1/24/29

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

United

States

69,825

50,274

e

Naked

Juice

LLC,

First

Lien,

3rd

Out

CME

Term

Loan,

PIK,

5.396%,

(3-month

SOFR

+

1%),

1/24/30

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

United

States

282,722

119,026

Sazerac

Co.,

Inc.,

First

Lien,

Incremental

CME

Term

Loan,

B1,

6.86%,

(1-month

SOFR

+

2.5%),

6/25/32

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

United

States

574,713

578,511

747,811

a

a

a

a

a

a

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Floating

#### Rate

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

b

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

#### Broadline

#### Retail

#### 0.4%
c

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B5B,

6.796%,

(3-month

SOFR

+

2.5%),

7/01/31

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

Netherlands

1,243,750

$

1,247,792

c

#### Building

#### Products

#### 3.2%
Chariot

Buyer

LLC,

First

Lien,

Initial

CME

Term

Loan,

7.666%,

(1-month

SOFR

+

3.25%),

11/03/28

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

United

States

2,895,000

2,898,416

Cornerstone

Building

Brands,

Inc.,

First

Lien,

New

CME

Term

Loan,

B,

7.713%,

(1-month

SOFR

+

3.25%),

4/12/28

.......

United

States

1,318,476

1,254,477

Janus

International

Group

LLC,

First

Lien,

CME

Term

Loan,

B,

6.699%,

(3-month

SOFR

+

2.5%),

8/05/30

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

United

States

1,772,800

1,778,127

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

6.566%,

(1-month

SOFR

+

2.25%),

4/14/31

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

United

States

1,481,923

1,483,316

TAMKO

Building

Products

LLC,

First

Lien,

2024

CME

Term

Loan,

6.967%,

(3-month

SOFR

+

2.75%;

6-month

SOFR

+

2.75%),

9/20/30

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

United

States

1,985,401

1,993,461

Watlow

Electric

Manufacturing

Co.,

First

Lien,

Initial

CME

Term

Loan,

7.308%,

(3-month

SOFR

+

3%),

3/02/28

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

United

States

1,310,821

1,314,098

10,721,895

a

a

a

a

a

a

c

#### Capital

#### Markets

#### 2.9%
Aretec

Group,

Inc.,

First

Lien,

CME

Term

Loan,

B3,

7.856%,

(1-month

SOFR

+

3.5%),

8/09/30

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

United

States

2,206,562

2,210,699

Celestial-Saturn

Parent,

Inc.,

Second

Lien,

Initial

CME

Term

Loan,

10.93%,

(1-month

SOFR

+

6.5%),

6/04/29

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

United

States

2,500,000

2,481,775

Dragon

Buyer,

Inc.,

First

Lien,

CME

Term

Loan,

7.046%,

(3-month

SOFR

+

2.75%),

9/30/31

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

United

States

1,501,887

1,505,529

Jane

Street

Group

LLC,

First

Lien,

Extended

CME

Term

Loan,

6.333%,

(3-month

SOFR

+

2%),

12/15/31

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

United

States

3,580,040

3,571,788

9,769,791

a

a

a

a

a

a

c

#### Chemicals

#### 5.9%
A-AP

Buyer,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.066%,

(1-month

SOFR

+

2.75%),

9/09/31

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

United

States

995,000

998,114

ARC

Falcon

I,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.916%,

(1-month

SOFR

+

3.5%),

10/02/28

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

United

States

1,974,458

1,979,276

Geon

Performance

Solutions

LLC,

First

Lien,

Initial

CME

Term

Loan,

8.807%,

(3-month

SOFR

+

4.25%),

8/18/28

.........

United

States

963,422

902,004

Hexion

Holdings

Corp.,

Second

Lien,

Initial

CME

Term

Loan,

11.853%,

(1-month

SOFR

+

7.438%),

3/15/30

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

United

States

1,751,765

1,735,342

Minerals

Technologies,

Inc.,

First

Lien,

CME

Term

Loan,

B,

6.356%,

(1-month

SOFR

+

2%),

11/26/31

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

United

States

1,105,445

1,108,557

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B1,

7.601%,

(1-month

SOFR

+

3.25%),

4/03/28

..

Netherlands

1,424,951

1,431,186

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B2,

7.611%,

(1-month

SOFR

+

3.25%),

4/03/28

..

Netherlands

738,801

742,034

Olympus

Water

US

Holding

Corp.,

First

Lien,

Dollar

CME

Term

Loan,

B6,

7.296%,

(3-month

SOFR

+

3%),

6/23/31

.........

United

States

2,256,224

2,250,583

Plastipak

Packaging,

Inc.,

First

Lien,

CME

Term

Loan,

B,

6.566%,

(1-month

SOFR

+

2.25%),

12/01/28

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

United

States

400,000

401,208

d

Qnity

Electronics,

Inc.,

First

Lien,

CME

Term

Loan,

B,

5.983%,

(12-month

SOFR

+

2%),

8/12/32

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

United

States

2,000,000

1,998,130

SCIH

Salt

Holdings,

Inc.,

First

Lien,

Incremental

CME

Term

Loan,

B1,

7.197%,

(6-month

SOFR

+

3%),

1/31/29

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

United

States

2,076,240

2,082,905

Tronox

Finance

LLC,

First

Lien,

2024-B2

CME

Term

Loan,

6.549%,

(3-month

SOFR

+

2.25%),

4/04/29

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

United

States

1,972,556

1,805,086

Vibrantz

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

8.728%,

(3-month

SOFR

+

4.25%),

4/23/29

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

United

States

2,700,939

2,154,282

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Floating

#### Rate

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

b

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

c

#### Chemicals
(continued)

W.R.

Grace

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B1,

7.195%,

(3-month

SOFR

+

3%),

8/19/32

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

United

States

746,175

$

747,108

20,335,815

a

a

a

a

a

a

c

#### Commercial

#### Services

#### &

#### Supplies

#### 3.8%
d

Allied

Universal

Holdco

LLC,

First

Lien,

Amendment

No.

Replacement

USD

CME

Term

Loan,

7.134%,

(12-month

SOFR

+

3.25%),

8/20/32

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

United

States

1,005,930

1,010,557

Anticimex

Global

AB,

First

Lien,

CME

Term

Loan,

B6,

7.76%,

(1-

day

SOFR

+

3.4%),

11/16/28

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

Sweden

493,753

495,913

Aramark

Services,

Inc.,

First

Lien,

CME

Term

Loan,

B8,

6.24%,

(1-month

SOFR

+

2%;

3-month

SOFR

+

2%),

6/24/30

......

United

States

710,625

712,991

BIFM

CA

Buyer,

Inc.,

First

Lien,

CME

Term

Loan,

8.066%,

(1-month

SOFR

+

3.75%),

5/31/28

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

United

States

1,352,179

1,359,156

Cimpress

USA,

Inc.,

First

Lien,

2024-2

Refinancing

CME

Term

Loan,

B1,

6.816%,

(1-month

SOFR

+

2.5%),

5/17/28

.......

Ireland

306,148

306,148

Enviri

Corp.,

First

Lien,

CME

Term

Loan,

B3,

6.68%,

(1-month

SOFR

+

2.25%),

6/09/28

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

United

States

1,920,000

1,912,502

Kingpin

Intermediate

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B,

7.816%,

(1-month

SOFR

+

3.5%),

2/08/28

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

United

States

330,801

330,112

Latham

Pool

Products,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

8.349%,

(3-month

SOFR

+

4%),

2/23/29

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

United

States

494,391

492,537

Madison

IAQ

LLC,

First

Lien,

Initial

CME

Term

Loan,

6.702%,

(6-month

SOFR

+

2.5%),

6/21/28

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

United

States

2,765,266

2,772,650

MillerKnoll,

Inc.,

First

Lien,

2025

CME

Term

Loan,

B,

6.566%,

(1-month

SOFR

+

2.25%),

8/09/32

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

United

States

900,000

900,562

Prometric

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

8.066%,

(1-month

SOFR

+

3.75%),

6/25/32

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

United

States

625,000

629,297

TRC

Cos.,

Inc.,

First

Lien,

2025

Refinancing

CME

Term

Loan,

7.316%,

(1-month

SOFR

+

3%),

12/08/28

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

United

States

1,969,746

1,974,670

12,897,095

a

a

a

a

a

a

c

#### Communications

#### Equipment

#### 0.5%
Viasat,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

8.93%,

(1-month

SOFR

+

4.5%),

3/02/29

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

United

States

972,431

968,444

d

Viavi

Solutions,

Inc.,

First

Lien,

CME

Term

Loan,

B,

6.325%,

(12-month

SOFR

+

2.5%),

6/11/32

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

United

States

519,031

520,817

1,489,261

a

a

a

a

a

a

c

#### Construction

#### &

#### Engineering

#### 1.0%
Brand

Industrial

Services,

Inc.,

First

Lien,

CME

Term

Loan,

C,

8.796%,

(3-month

SOFR

+

4.5%),

8/01/30

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

United

States

874,375

772,073

Chromalloy

Corp.,

First

Lien,

CME

Term

Loan,

7.542%,

(3-month

SOFR

+

3.25%),

3/27/31

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

United

States

742,500

743,495

Construction

Partners,

Inc.,

First

Lien,

Closing

Date

CME

Term

Loan,

6.816%,

(1-month

SOFR

+

2.5%),

11/03/31

.........

United

States

286,529

287,604

Kodiak

Building

Partners,

Inc.,

First

Lien,

CME

Term

Loan,

B,

8.041%,

(3-month

SOFR

+

3.75%),

12/04/31

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

United

States

1,827,790

1,821,128

3,624,300

a

a

a

a

a

a

#### Consumer

#### Finance

#### 0.6%
Neon

Maple

US

Debt

Mergersub,

Inc.,

First

Lien,

Term

Loan,

B1,

7.108%,

11/17/31

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

United

States

1,995,000

1,998,362

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Floating

#### Rate

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

b

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

c

#### Containers

#### &

#### Packaging

#### 1.6%
Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

2025

Incremental

Closing

Date

CME

Term

Loan,

B,

7.566%,

(1-month

SOFR

+

3.25%),

4/01/32

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

United

States

1,549,270

$

1,549,480

d,f

Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

2025

Incremental

Delayed

Draw

CME

Term

Loan,

B,

7.566%,

(1-month

SOFR

+

3.25%),

4/01/32

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

United

States

813

813

Klockner

Pentaplast

of

America,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B,

9.019%,

(6-month

SOFR

+

4.725%),

2/12/26

......

Luxembourg

1,947,548

1,194,500

Mauser

Packaging

Solutions

Holding

Co.,

First

Lien,

Initial

CME

Term

Loan,

7.354%,

(1-month

SOFR

+

3%),

4/15/27

.......

United

States

1,450,608

1,452,269

Pregis

TopCo

LLC,

First

Lien,

Tenth

Amendment

CME

Term

Loan,

8.316%,

(1-month

SOFR

+

4%),

2/01/29

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

United

States

945,131

954,701

5,151,763

a

a

a

a

a

a

c

#### Distributors

#### 2.4%
Core

&

Main

LP,

First

Lien,

CME

Term

Loan,

D,

6.331%,

(1-month

SOFR

+

2%),

7/27/28

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

United

States

1,239,479

1,240,644

Fastlane

Parent

Co.,

Inc.,

Second

Lien,

Initial

CME

Term

Loan,

13.307%,

(3-month

SOFR

+

8.75%),

12/21/26

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

United

States

2,000,000

1,967,510

Gloves

Buyer,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

8.316%,

(1-month

SOFR

+

4%),

5/21/32

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

United

States

2,000,000

1,974,250

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan,

8.296%,

(3-month

SOFR

+

4%),

11/30/30

...........

United

States

1,738,835

1,721,925

Windsor

Holdings

III

LLC,

First

Lien,

2025

Refinancing

CME

Term

Loan,

B,

7.073%,

(1-month

SOFR

+

2.75%),

8/01/30

.......

United

States

982,612

985,275

7,889,604

a

a

a

a

a

a

c

#### Diversified

#### Consumer

#### Services

#### 2.5%
Ascend

Learning

LLC,

First

Lien,

Initial

CME

Term

Loan,

7.356%,

(1-month

SOFR

+

3%),

12/11/28

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

United

States

1,956,975

1,958,404

Ascend

Learning

LLC,

Second

Lien,

Initial

CME

Term

Loan,

10.166%,

(1-month

SOFR

+

5.75%),

12/10/29

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

United

States

573,642

575,076

Garda

World

Security

Corp.,

First

Lien,

Twelfth

Additional

CME

Term

Loan,

7.362%,

(1-month

SOFR

+

3%),

2/01/29

.......

Canada

3,067,883

3,072,868

HomeServe

USA

Corp.,

First

Lien,

Amendment

No.

Refinancing

CME

Term

Loan,

6.34%,

(1-month

SOFR

+

2%),

10/21/30

...

United

Kingdom

987,500

987,327

KUEHG

Corp.,

First

Lien,

CME

Term

Loan,

7.041%,

(3-month

SOFR

+

2.75%),

6/12/30

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

United

States

308,646

309,418

d

Lernen

Bidco

Ltd.,

First

Lien,

CME

Term

Loan,

7.84%,

(1-day

SOFR

+

3.5%),

10/27/31

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

United

Kingdom

230,192

231,199

Mavis

Tire

Express

Services

Topco

Corp.,

First

Lien,

2025

Incremental

CME

Term

Loan,

7.199%,

(3-month

SOFR

+

3%),

5/04/28

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

United

States

882,744

885,873

8,020,165

a

a

a

a

a

a

#### Diversified

#### Telecommunication

#### Services

#### 0.4%
c

Frontier

Communications

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan,

6.866%,

(1-month

SOFR

+

2.5%),

7/01/31

......

United

States

1,492,509

1,495,927

c

#### Electric

#### Utilities

#### 0.0%

#### †
Invenergy

Thermal

Operating

I

LLC,

First

Lien,

CME

Term

Loan,

B,

7.79%,

(1-day

SOFR

+

3.5%),

5/17/32

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

United

States

90,144

91,215

Invenergy

Thermal

Operating

I

LLC,

First

Lien,

CME

Term

Loan,

C,

7.79%,

(1-day

SOFR

+

3.5%),

5/17/32

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

United

States

6,010

6,081

97,296

a

a

a

a

a

a

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Floating

#### Rate

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

b

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

c

#### Electrical

#### Equipment

#### 0.6%
Indicor

LLC,

First

Lien,

Dollar

CME

Term

Loan,

D,

7.046%,

(3-month

SOFR

+

2.75%),

11/22/29

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

United

States

980,150

$

982,600

WEC

US

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.604%,

(1-month

SOFR

+

2.25%),

1/27/31

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

United

States

990,000

991,173

1,973,773

a

a

a

a

a

a

c

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.3%
Ingram

Micro,

Inc.,

First

Lien,

CME

Term

Loan,

B2,

6.56%,

(3-month

SOFR

+

2.25%),

9/22/31

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

United

States

799,898

806,149

MX

Holdings

US,

Inc.,

First

Lien,

Senior

USD

CME

Term

Loan,

B,

6.566%,

(1-month

SOFR

+

2.25%),

3/17/32

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

United

States

181,370

181,994

988,143

a

a

a

a

a

a

#### Entertainment

#### 0.1%
c,d

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1,

7.18%,

(1-month

SOFR

+

2.75%),

3/13/28

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

United

States

500,000

493,583

c

#### Financial

#### Services

#### 2.6%
Boost

Newco

Borrower

LLC,

First

Lien,

CME

Term

Loan,

B2,

6.296%,

(3-month

SOFR

+

2%),

1/31/31

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

United

States

1,326,675

1,329,660

Colossus

Acquireco

LLC,

First

Lien,

Initial

CME

Term

Loan,

6.05%,

(1-day

SOFR

+

1.75%),

7/30/32

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

United

States

3,000,000

2,985,270

Greystone

Select

Financial

LLC,

First

Lien,

Initial

CME

Term

Loan,

9.594%,

(3-month

SOFR

+

5%),

6/16/28

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

United

States

1,421,539

1,417,985

Red

Planet

Borrower

LLC,

First

Lien,

CME

Term

Loan,

B,

8.166%,

(1-month

SOFR

+

3.75%),

10/02/28

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

United

States

1,925,000

1,923,807

d

7.885%,

(12-month

SOFR

+

4%),

8/09/32

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

United

States

1,295,011

1,280,578

8,937,300

a

a

a

a

a

a

#### Food

#### Products

#### 0.1%
c

Saratoga

Food

Specialties

LLC,

First

Lien,

Additional

CME

Term

Loan,

7,

7.574%,

(3-month

SOFR

+

3.25%),

3/12/29

.......

United

States

332,500

335,306

c

#### Ground

#### Transportation

#### 0.4%
Genesee

&

Wyoming,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.046%,

(3-month

SOFR

+

1.75%),

4/10/31

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

United

States

625,275

623,058

e

LaserShip,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

PIK,

6.057%,

(3-month

SOFR

+

1.5%),

8/10/29

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

United

States

500,508

304,935

e

LaserShip,

Inc.,

First

Lien,

CME

Term

Loan,

D,

PIK,

6.057%,

(3-month

SOFR

+

1.5%),

8/10/29

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

United

States

362,437

110,424

Savage

Enterprises

LLC,

First

Lien,

Amendment

No.

CME

Term

Loan,

6.851%,

(1-month

SOFR

+

2.5%),

8/05/32

..........

United

States

426,087

427,197

1,465,614

a

a

a

a

a

a

c

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 1.7%
Bausch

+

Lomb

Corp.,

First

Lien,

New

CME

Term

Loan,

8.316%,

(1-month

SOFR

+

4%),

9/29/28

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

United

States

592,947

594,430

Bausch

+

Lomb

Corp.,

First

Lien,

Third

Amendment

CME

Term

Loan,

8.566%,

(1-month

SOFR

+

4.25%),

1/15/31

.........

United

States

2,533,006

2,539,795

Medline

Borrower

LP,

First

Lien,

2030

Refinancing

CME

Term

Loan,

6.316%,

(1-month

SOFR

+

2%),

10/23/30

...........

United

States

2,644,615

2,647,101

5,781,326

a

a

a

a

a

a

c

#### Health

#### Care

#### Providers

#### &

#### Services

#### 2.9%
Charlotte

Buyer,

Inc.,

First

Lien,

Second

Refinancing

CME

Term

Loan,

8.607%,

(1-month

SOFR

+

4.25%),

2/11/28

.........

United

States

985,012

985,731

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Floating

#### Rate

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

b

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

c

#### Health

#### Care

#### Providers

#### &

#### Services
(continued)

Concentra

Health

Services,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

6.316%,

(1-month

SOFR

+

2%),

7/28/31

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

United

States

995,006

$

1,000,917

Covetrus,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

9.296%,

(3-month

SOFR

+

5%),

10/15/29

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

United

States

975,038

856,814

LifePoint

Health,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

8.068%,

(3-month

SOFR

+

3.75%),

5/19/31

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

United

States

1,490,484

1,482,242

Phoenix

Guarantor,

Inc.,

First

Lien,

CME

Term

Loan,

B5,

6.816%,

(1-month

SOFR

+

2.5%),

2/21/31

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

United

States

1,975,075

1,979,351

Phoenix

Newco,

Inc.,

First

Lien,

Sixth

Amendment

CME

Term

Loan,

6.856%,

(1-month

SOFR

+

2.5%),

11/15/28

.........

United

States

1,294,305

1,297,003

Surgery

Center

Holdings,

Inc.,

First

Lien,

2025

Refinancing

CME

Term

Loan,

6.816%,

(1-month

SOFR

+

2.5%),

12/19/30

.....

United

States

1,975,000

1,979,710

9,581,768

a

a

a

a

a

a

#### Health

#### Care

#### Technology

#### 0.7%
c

AthenaHealth

Group,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.066%,

(1-month

SOFR

+

2.75%),

2/15/29

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

United

States

2,218,402

2,219,556

c

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 4.2%
Caesars

Entertainment,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan,

B,

6.566%,

(1-month

SOFR

+

2.25%),

2/06/30

...

United

States

1,635,000

1,633,365

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

7.566%,

(1-month

SOFR

+

3.25%),

1/29/29

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

United

States

930,493

931,135

Flutter

Financing

BV,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

6.046%,

(3-month

SOFR

+

1.75%),

12/02/30

......

Ireland

396,977

395,737

Flynn

Restaurant

Group

LP,

First

Lien,

2025

CME

Term

Loan,

8.066%,

(1-month

SOFR

+

3.75%),

1/28/32

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

United

States

1,712,660

1,718,551

Golden

State

Foods

LLC,

First

Lien,

Initial

CME

Term

Loan,

8.357%,

(1-month

SOFR

+

4%),

12/04/31

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

United

States

560,749

564,822

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

B,

9.074%,

(3-month

SOFR

+

4.75%),

11/01/29

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

Canada

1,360,030

1,309,369

IRB

Holding

Corp.,

First

Lien,

2024

Second

Replacement

CME

Term

Loan,

B,

6.816%,

(1-month

SOFR

+

2.5%),

12/15/27

...

United

States

960,104

960,407

Light

&

Wonder

International,

Inc.,

First

Lien,

CME

Term

Loan,

B2,

6.61%,

(1-month

SOFR

+

2.25%),

4/16/29

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

United

States

2,437,921

2,447,063

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan,

7.286%,

(3-month

SOFR

+

3%),

4/04/29

...

United

States

2,932,838

2,906,559

SeaWorld

Parks

&

Entertainment,

Inc.,

First

Lien,

CME

Term

Loan,

B3,

6.316%,

(1-month

SOFR

+

2%),

12/04/31

........

United

States

987,525

988,350

13,855,358

a

a

a

a

a

a

c

#### Household

#### Durables

#### 1.2%
Hunter

Douglas,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

7.546%,

(3-month

SOFR

+

3.25%),

1/16/32

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

Netherlands

2,652,386

2,658,738

TGP

Holdings

III

LLC,

First

Lien,

Closing

Date

CME

Term

Loan,

7.666%,

(1-month

SOFR

+

3.25%),

6/29/28

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

United

States

1,498,781

1,367,638

4,026,376

a

a

a

a

a

a

c

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.8%
Calpine

Construction

Finance

Co.

LP,

First

Lien,

Refinancing

CME

Term

Loan,

6.316%,

(1-month

SOFR

+

2%),

7/19/30

...

United

States

2,014,258

2,016,111

Talen

Energy

Supply

LLC,

First

Lien,

2024-1

Incremental

CME

Term

Loan,

B,

6.733%,

(3-month

SOFR

+

2.5%),

12/11/31

...

United

States

356,951

358,639

Talen

Energy

Supply

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

6.733%,

(3-month

SOFR

+

2.5%),

5/17/30

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

United

States

298,126

299,399

2,674,149

a

a

a

a

a

a

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Floating

#### Rate

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

b

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

c

#### Insurance

#### 1.6%
Acrisure

LLC,

First

Lien,

CME

Term

Loan,

B6,

7.356%,

(1-month

SOFR

+

3%),

11/06/30

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

United

States

1,488,769

$

1,489,937

Alliant

Holdings

Intermediate

LLC,

First

Lien,

Initial

CME

Term

Loan,

6.823%,

(1-month

SOFR

+

2.5%),

9/19/31

..........

United

States

2,723,138

2,720,238

HUB

International

Ltd.,

First

Lien,

2025

Incremental

CME

Term

Loan,

6.825%,

(3-month

SOFR

+

2.5%),

6/20/30

..........

United

States

1,364,730

1,368,968

d

OneDigital

Borrower

LLC,

First

Lien,

CME

Term

Loan,

6.884%,

(12-month

SOFR

+

3%),

7/02/31

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

United

States

135,379

135,606

5,714,749

a

a

a

a

a

a

c

#### IT

#### Services

#### 2.7%
Ahead

DB

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B3,

7.046%,

(3-month

SOFR

+

2.75%),

2/03/31

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

United

States

2,702,232

2,707,961

Fortress

Intermediate

3,

Inc.,

First

Lien,

CME

Term

Loan,

B,

7.351%,

(1-month

SOFR

+

3%),

6/27/31

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

United

States

570,688

573,184

Genuine

Financial

Holdings

LLC,

First

Lien,

2025

Replacement

CME

Term

Loan,

7.566%,

(1-month

SOFR

+

3.25%),

9/27/30

.

United

States

1,484,981

1,400,122

Hoya

Midco

LLC,

First

Lien,

2025

Refinancing

CME

Term

Loan,

6.558%,

(1-month

SOFR

+

2.25%),

2/05/29

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

United

States

299,250

217,612

MH

Sub

I

LLC

(Micro

Holding

Corp.),

First

Lien,

CME

Term

Loan,

8.566%,

(1-month

SOFR

+

4.25%),

5/03/28

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

United

States

1,638,803

1,525,004

MH

Sub

I

LLC,

First

Lien,

2024

December

New

CME

Term

Loan,

8.566%,

(1-month

SOFR

+

4.25%),

12/31/31

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

United

States

1,109,169

961,971

Tempo

Acquisition

LLC,

First

Lien,

Seventh

Incremental

CME

Term

Loan,

6.066%,

(1-month

SOFR

+

1.75%),

8/31/28

.....

United

States

1,091,956

1,087,091

Tenable,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.18%,

(1-month

SOFR

+

2.75%),

7/07/28

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

United

States

482,500

484,613

8,957,558

a

a

a

a

a

a

c

#### Leisure

#### Products

#### 2.1%
Fender

Musical

Instruments

Corp.,

First

Lien,

Initial

CME

Term

Loan,

8.416%,

(1-month

SOFR

+

4%),

12/01/28

...........

United

States

1,857,909

1,676,187

GBT

US

III

LLC,

First

Lien,

CME

Term

Loan,

B1,

6.814%,

(3-month

SOFR

+

2.5%),

7/25/31

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

United

States

995,000

998,109

Horizon

US

Finco

LP,

First

Lien,

CME

Term

Loan,

B,

9.058%,

(3-month

SOFR

+

4.75%),

10/31/31

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

United

States

1,788,280

1,768,162

Motion

Finco

SARL,

First

Lien,

CME

Term

Loan,

B3,

7.796%,

(3-month

SOFR

+

3.5%),

11/13/29

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

Luxembourg

1,975,125

1,721,706

Topgolf

Callaway

Brands

Corp.,

First

Lien,

Initial

CME

Term

Loan,

7.356%,

(1-month

SOFR

+

3%),

3/18/30

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

United

States

1,171,875

1,155,211

7,319,375

a

a

a

a

a

a

c

#### Machinery

#### 2.0%
CPM

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

8.854%,

(1-month

SOFR

+

4.5%),

9/28/28

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

United

States

1,339,748

1,311,419

Filtration

Group

Corp.,

First

Lien,

2025

Incremental

Dollar

CME

Term

Loan,

B,

7.066%,

(1-month

SOFR

+

2.75%),

10/23/28

..

United

States

2,419,774

2,433,385

Oregon

Tool

Lux

LP,

Second

Lien,

CME

Term

Loan,

B2,

8.447%,

(3-month

SOFR

+

4%),

10/15/29

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

United

States

817,993

649,078

Pro

Mach

Group,

Inc.,

First

Lien,

Amendment

No.

Refinancing

CME

Term

Loan,

7.104%,

(1-month

SOFR

+

2.75%),

8/31/28

.

United

States

1,418,837

1,424,434

Terex

Corp.,

First

Lien,

U.S.

CME

Term

Loan,

6.308%,

(3-month

SOFR

+

2%),

10/08/31

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

United

States

920,769

923,407

6,741,723

a

a

a

a

a

a

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Floating

#### Rate

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

b

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

#### Media

#### 2.2%
c

Advantage

Sales

&

Marketing,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

8.797%,

(3-month

SOFR

+

4.25%),

10/28/27

..........

United

States

578,297

$

495,372

c

Cengage

Learning,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

7.76%,

(1-month

SOFR

+

3.5%;

3-month

SOFR

+

3.5%),

3/24/31

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

United

States

1,683,043

1,687,923

c

Clear

Channel

Outdoor

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

8.43%,

(1-month

SOFR

+

4%),

8/23/28

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

United

States

722,888

724,695

c

Cogeco

Financing

LP,

First

Lien,

CME

Term

Loan,

B,

6.93%,

(1-month

SOFR

+

2.5%),

9/01/28

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

United

States

1,720,796

1,710,041

c

CSC

Holdings

LLC,

First

Lien,

Term

Loan,

B5,

9%,

(PRIME

+

1.5%),

4/15/27

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

United

States

1,224,093

1,200,058

c

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

9.82%,

(3-month

SOFR

+

5.25%),

8/02/29

........

United

States

749,899

746,622

Virgin

Media

Bristol

LLC,

First

Lien,

Term

Loan,

Y3,

7.577%,

3/31/31

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

United

States

1,000,000

982,565

7,547,276

a

a

a

a

a

a

c

#### Metals

#### &

#### Mining

#### 0.9%
AMG

Critical

Materials

NV,

First

Lien,

Initial

CME

Term

Loan,

7.93%,

(1-month

SOFR

+

3.5%),

11/30/28

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

Netherlands

493,606

492,989

Arsenal

AIC

Parent

LLC,

First

Lien,

2025

Refinancing

CME

Term

Loan,

B,

7.066%,

(1-month

SOFR

+

2.75%),

8/19/30

.......

United

States

982,612

984,764

TMS

International

Corp.,

First

Lien,

New

CME

Term

Loan,

B7,

7.81%,

(1-month

SOFR

+

3.5%;

3-month

SOFR

+

3.5%),

3/04/30

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

United

States

1,470,215

1,472,972

2,950,725

a

a

a

a

a

a

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.1%
c

Apollo

Commercial

Real

Estate

Finance,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.616%,

(1-month

SOFR

+

3.25%),

6/13/30

.

United

States

439,000

443,392

c

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 2.2%
BCP

Renaissance

Parent

LLC,

First

Lien,

Initial

CME

Term

Loan,

B6,

6.796%,

(3-month

SOFR

+

2.5%),

10/31/28

...........

United

States

1,526,831

1,529,282

CQP

Holdco

LP,

First

Lien,

Initial

CME

Term

Loan,

6.296%,

(3-month

SOFR

+

2%),

12/31/30

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

United

States

1,730,919

1,731,638

GIP

Pilot

Acquisition

Partners

LP,

First

Lien,

Initial

CME

Term

Loan,

6.286%,

(3-month

SOFR

+

2%),

10/04/30

...........

United

States

1,230,004

1,230,004

Hilcorp

Energy

I

LP,

First

Lien,

Initial

CME

Term

Loan,

6.366%,

(1-month

SOFR

+

2%),

2/06/30

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

United

States

684,000

686,281

Oryx

Midstream

Services

Permian

Basin

LLC,

First

Lien,

Initial

CME

Term

Loan,

6.573%,

(1-month

SOFR

+

2.25%),

10/05/28

United

States

1,902,369

1,904,157

7,081,362

a

a

a

a

a

a

#### Paper

#### &

#### Forest

#### Products

#### 0.6%
c

Glatfelter

Corp.,

First

Lien,

CME

Term

Loan,

8.449%,

(3-month

SOFR

+

4.25%),

11/04/31

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

United

States

1,990,000

1,985,861

c

#### Passenger

#### Airlines

#### 1.8%
AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan,

6.575%,

(3-month

SOFR

+

2.25%),

4/20/28

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

United

States

1,488,021

1,485,469

American

Airlines,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.507%,

(6-month

SOFR

+

2.25%),

6/04/29

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

United

States

2,913,571

2,907,380

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Floating

#### Rate

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

b

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

c

#### Passenger

#### Airlines
(continued)

SkyMiles

IP

Ltd.,

First

Lien,

Initial

CME

Term

Loan,

8.075%,

(3-month

SOFR

+

3.75%),

10/20/27

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

United

States

1,775,963

$

1,784,425

6,177,274

a

a

a

a

a

a

#### Personal

#### Care

#### Products

#### 0.4%
c

Opal

LLC,

First

Lien,

CME

Term

Loan,

B2,

7.435%,

(6-month

SOFR

+

3.25%),

4/23/32

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

United

States

1,500,000

1,510,545

c

#### Pharmaceuticals

#### 1.1%
Grifols

Worldwide

Operations

USA,

Inc.,

First

Lien,

CME

Term

Loan,

B,

6.416%,

(1-month

SOFR

+

2%),

11/15/27

.........

Spain

1,414,912

1,413,391

Jazz

Financing

Lux

SARL,

First

Lien,

Dollar

CME

Term

Loan,

B2,

6.566%,

(1-month

SOFR

+

2.25%),

5/05/28

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

United

States

2,567

2,576

Organon

&

Co.,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan,

6.573%,

(1-month

SOFR

+

2.25%),

5/19/31

.........

United

States

1,079,750

1,056,357

Perrigo

Investments

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

6.316%,

(1-month

SOFR

+

2%),

4/20/29

..........

United

States

696,209

697,803

Southern

Veterinary

Partners

LLC,

First

Lien,

2025

New

CME

Term

Loan,

6.819%,

(3-month

SOFR

+

2.5%),

12/04/31

.....

United

States

687,931

688,395

3,858,522

a

a

a

a

a

a

c

#### Professional

#### Services

#### 1.3%
d

Creative

Artists

Agency

LLC,

First

Lien,

CME

Term

Loan,

6.816%,

(1-month

SOFR

+

2.5%),

10/01/31

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

United

States

498,747

500,350

Grant

Thornton

Advisors

LLC,

First

Lien,

2025

Incremental

CME

Term

Loan,

6.856%,

(1-month

SOFR

+

2.5%),

6/02/31

......

United

States

1,985,025

1,983,169

d

Ingenovis

Health,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

8.697%,

(3-month

SOFR

+

4.25%),

3/06/28

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

United

States

1,000,000

342,500

Soliant

Lower

Intermediate

LLC,

First

Lien,

Initial

CME

Term

Loan,

8.002%,

(3-month

SOFR

+

3.75%),

7/18/31

.........

United

States

479,370

477,275

WestJet

Loyalty

LP,

First

Lien,

Initial

CME

Term

Loan,

7.546%,

(3-month

SOFR

+

3.25%),

2/14/31

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

Canada

1,382,500

1,388,362

4,691,656

a

a

a

a

a

a

c

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.2%
Cushman

&

Wakefield

US

Borrower

LLC,

First

Lien,

2025-2

Term

Loan,

7.106%,

(1-month

SOFR

+

2.75%),

1/31/30

.........

United

States

379,000

380,105

Greystar

Real

Estate

Partners

LLC,

First

Lien,

CME

Term

Loan,

B3,

6.814%,

(3-month

SOFR

+

2.5%),

8/21/30

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

United

States

495,000

496,237

876,342

a

a

a

a

a

a

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.8%
c

Altar

Bidco,

Inc.,

Second

Lien,

Initial

CME

Term

Loan,

9.578%,

(12-month

SOFR

+

5.6%),

2/01/30

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

United

States

2,872,500

2,743,237

c

#### Software

#### 9.6%
Adeia,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B6,

6.816%,

(1-month

SOFR

+

2.5%),

6/08/28

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

United

States

1,133,098

1,140,888

d

Boxer

Parent

Co.,

Inc.,

Second

Lien,

Initial

CME

Term

Loan,

10.083%,

(3-month

SOFR

+

5.75%),

7/30/32

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

United

States

2,000,000

1,965,940

Central

Parent

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

7.546%,

(3-month

SOFR

+

3.25%),

7/06/29

.........

United

States

1,977,556

1,659,288

Cloud

Software

Group,

Inc.,

First

Lien,

Incremental

CME

Term

Loan,

B,

8.046%,

(3-month

SOFR

+

3.75%),

3/21/31

.......

United

States

970,125

973,831

Cloud

Software

Group,

Inc.,

First

Lien,

Initial

Dollar

CME

Term

Loan,

B,

7.483%,

(3-month

SOFR

+

3.25%),

8/16/32

.......

United

States

1,189,374

1,192,830

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Floating

#### Rate

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

b

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

c

#### Software
(continued)

Cloudera,

Inc.,

Second

Lien,

Initial

CME

Term

Loan,

10.416%,

(1-month

SOFR

+

6%),

10/10/29

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

United

States

2,000,000

$

1,768,750

ConnectWise

LLC,

First

Lien,

Initial

CME

Term

Loan,

8.057%,

(3-month

SOFR

+

3.5%),

9/29/28

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

United

States

1,339,903

1,346,368

Gen

Digital,

Inc.,

First

Lien,

Second

Amendment

Incremental

CME

Term

Loan,

B,

6.066%,

(1-month

SOFR

+

1.75%),

4/16/32

United

States

1,300,000

1,295,938

Genesys

Cloud

Services,

Inc.,

First

Lien,

2025

Dollar

CME

Term

Loan,

6.816%,

(1-month

SOFR

+

2.5%),

1/30/32

..........

United

States

2,370,214

2,374,659

IGT

Holding

IV

AB,

First

Lien,

CME

Term

Loan,

B5,

7.546%,

(3-month

SOFR

+

3.25%),

8/29/31

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

Sweden

2,928,000

2,955,465

McAfee

Corp.,

First

Lien,

CME

Term

Loan,

B1,

7.349%,

(1-month

SOFR

+

3%),

3/01/29

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

United

States

2,978,241

2,852,901

e

Physician

Partners

LLC,

First

Lien,

CME

Term

Loan,

C,

PIK,

9.946%,

(3-month

SOFR

+

5.5%),

12/31/30

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

United

States

173,322

37,554

e

Physician

Partners

LLC,

First

Lien,

Initial

CME

Term

Loan,

B1,

PIK,

5.946%,

(3-month

SOFR

+

1.5%),

12/31/29

..........

United

States

172,143

82,898

Proofpoint,

Inc.,

First

Lien,

CME

Term

Loan,

7.316%,

(1-month

SOFR

+

3%),

8/31/28

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

United

States

1,950,063

1,964,279

RealPage,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.557%,

(3-month

SOFR

+

3%),

4/24/28

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

United

States

2,909,320

2,908,825

Rocket

Software,

Inc.,

First

Lien,

CME

Term

Loan,

8.106%,

(1-month

SOFR

+

3.75%),

11/28/28

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

United

States

2,528,809

2,538,292

Skopima

Consilio

Parent

LLC,

First

Lien,

Amendment

No.

CME

Term

Loan,

8.066%,

(1-month

SOFR

+

3.75%),

5/12/28

.....

United

States

987,538

933,751

UKG,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.81%,

(3-month

SOFR

+

2.5%),

2/10/31

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

United

States

2,602,358

2,604,102

Vision

Solutions,

Inc.,

First

Lien,

New

CME

Term

Loan,

B,

8.57%,

(3-month

SOFR

+

4%),

4/24/28

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

United

States

1,818,056

1,703,291

32,299,850

a

a

a

a

a

a

c

#### Specialty

#### Retail

#### 5.1%
AIP

RD

Buyer

Corp.,

First

Lien,

CME

Term

Loan,

7.856%,

(1-month

SOFR

+

3.5%),

12/23/30

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

United

States

493,769

495,885

Great

Outdoors

Group

LLC,

First

Lien,

CME

Term

Loan,

B,

7.566%,

(1-month

SOFR

+

3.25%),

1/23/32

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

United

States

2,874,800

2,886,658

Harbor

Freight

Tools

USA,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.606%,

(1-month

SOFR

+

2.25%),

6/11/31

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

United

States

994,975

984,592

Johnstone

Supply

LLC,

First

Lien,

CME

Term

Loan,

6.841%,

(1-month

SOFR

+

2.5%),

6/09/31

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

United

States

992,494

994,176

LBM

Acquisition

LLC,

First

Lien,

Amendment

No.

Incremental

CME

Term

Loan,

8.21%,

(1-month

SOFR

+

3.75%),

6/06/31

..

United

States

2,724,994

2,655,888

Petco

Health

&

Wellness

Co.,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.807%,

(3-month

SOFR

+

3.25%),

3/03/28

.........

United

States

1,876,765

1,817,731

PetSmart

LLC,

First

Lien,

Initial

CME

Term

Loan,

8.206%,

(1-month

SOFR

+

3.75%),

2/11/28

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

United

States

1,548,339

1,546,404

QXO

Building

Products,

Inc.,

First

Lien,

CME

Term

Loan,

B,

7.296%,

(3-month

SOFR

+

3%),

4/30/32

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

United

States

119,929

121,135

Restoration

Hardware,

Inc.,

First

Lien,

2022

Incremental

CME

Term

Loan,

7.666%,

(1-month

SOFR

+

3.25%),

10/20/28

....

United

States

1,984,694

1,929,758

d

Upbound

Group,

Inc.,

First

Lien,

2025

CME

Term

Loan,

7.103%,

(1-month

SOFR

+

2.75%),

8/19/32

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

United

States

1,250,000

1,253,650

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C,

7.566%,

(1-month

SOFR

+

3.25%),

10/19/29

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

United

States

2,303,618

2,307,557

16,993,434

a

a

a

a

a

a

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Floating

#### Rate

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

b

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

c

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 1.1%
d

Beach

Acquisition

Bidco

LLC,

First

Lien,

CME

Term

Loan,

B,

7.316%,

(12-month

SOFR

+

3.25%),

6/25/32

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

United

States

101,095

$

101,853

Canada

Goose,

Inc.,

First

Lien,

2025

Refinancing

CME

Term

Loan,

7.715%,

(3-month

SOFR

+

3.5%),

8/23/32

..........

Canada

745,402

750,061

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2,

7.796%,

(3-month

SOFR

+

3.5%),

3/02/28

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

United

States

1,979,969

1,843,846

Hanesbrands,

Inc.,

First

Lien,

CME

Term

Loan,

B,

7.066%,

(1-month

SOFR

+

2.75%),

3/08/32

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

United

States

1,250,328

1,256,779

3,952,539

a

a

a

a

a

a

#### Trading

#### Companies

#### &

#### Distributors

#### 0.4%
c

DXP

Enterprises,

Inc.,

First

Lien,

2024

Incremental

CME

Term

Loan,

8.066%,

(1-month

SOFR

+

3.75%),

10/11/30

........

United

States

1,473,863

1,483,310

c

#### Wireless

#### Telecommunication

#### Services

#### 0.9%
Connect

Finco

SARL,

First

Lien,

Amendment

No.

CME

Term

Loan,

8.816%,

(1-month

SOFR

+

4.5%),

9/13/29

..........

United

Kingdom

1,863,368

1,843,141

Crown

Subsea

Communications

Holding,

Inc.,

First

Lien,

2025

CME

Term

Loan,

7.818%,

(3-month

SOFR

+

3.5%),

1/30/31

..

United

States

1,485,000

1,499,390

3,342,531

a

a

a

a

a

a

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $285,774,593)
.......................

#### 281,274,566

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $312,949,028)

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

#### 308,807,981

#### a

#### Short

#### Term

#### Investments

#### 6.5%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Management

#### Investment

#### Companies

#### 6.5%
g,h

Putnam

Short

Term

Investment

Fund,

Class

P,

4.566%

.......

United

States

22,095,610

22,095,610

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $22,095,610)
..................

#### 22,095,610

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $22,095,610

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

#### 22,095,610

#### a

#### Total

#### Investments

#### (Cost

#### $335,044,638)

#### 97.5%

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

#### $330,903,591

#### Other

#### Assets,

#### less

#### Liabilities

#### 2.5%

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

#### 8,444,469

#### Net

#### Assets

#### 100.0%

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

#### $339,348,060

#### a
\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2025,

the

aggregate

value

of

these

securities

was

$26,494,917,

representing

7.8%

of

net

assets.

b

See

Note

1(d)

regarding

senior

floating

rate

interests.

c

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

d

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(b).

e

Income

may

be

received

in

additional

securities

and/or

cash.

f

See

Note

regarding

unfunded

loan

commitments.

g

See

Note

3(g)

regarding

investments

in

affiliated

management

investment

companies.

h

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Floating

#### Rate

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

At

August

31,

2025,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

See

Note

1(c).

#### Credit

#### Default

#### Swap

#### Contracts

#### Description

#### Periodic

#### Payment

#### Rate

#### Received
(Paid)

#### Payment

#### Frequency

#### Maturity

#### Date

#### Notional

#### Amount
(a) #### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

#### Rating
(b) #### Centrally

#### Cleared

#### Swap

#### Contracts

#### to

#### Sell

#### Protection

#### (c)(d)

#### Traded

#### Index
CDX.NA.HY.44

.

5.00%

Quarterly

6/20/30

14,375,000

$

1,177,252

$

693,249

$

484,003

Non-

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

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

$1,177,252

$693,249

$484,003

Total

Credit

Default

Swap

Contracts

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

$1,177,252

$

693,249

$484,003

(a) In

U.S.

dollars

unless

otherwise

indicated.

For

contracts

to

sell

protection,

the

notional

amount

is

equal

to

the

maximum

potential

amount

of

the

future

payments

and

no

recourse

provisions

have

been

entered

into

in

association

with

the

contracts.

(b) Based

on

Standard

and

Poor's

(S&P)

Rating

for

single

name

swaps

and

internal

ratings

for

index

swaps.

Internal

ratings

based

on

mapping

into

equivalent

ratings

from

external

vendors.

(c) Performance

triggers

for

settlement

of

contract

include

default,

bankruptcy

or

restructuring

for

single

name

swaps,

and

failure

to

pay

or

bankruptcy

of

the

underlying

securities

for

traded

index

swaps.

(d) The

fund

enters

contracts

to

sell

protection

to

create

a

long

credit

position.

See

Note

regarding

other

derivative

information.

See

A

bbreviations

on

.

Putnam

Funds

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

August

31,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Floating

#### Rate

#### Income

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$312,949,028

Cost

-

Non-controlled

affiliates

(Note

g)

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

22,095,610

Value

-

Unaffiliated

issuers

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

$308,807,981

Value

-

Non-controlled

affiliates

(Note

g)

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

22,095,610

Cash

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

467,315

Receivables:

Investment

securities

sold

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

15,072,851

Capital

shares

sold

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

114,281

Dividends

and

interest

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

2,192,539

Deposits

with

brokers

for:

Centrally

cleared

swap

contracts

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

1,609,664

Prepaid

expenses

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

105,485

Total

assets

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

350,465,726

Liabilities:

Payables:

Investment

securities

purchased

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

9,699,635

Capital

shares

redeemed

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

820,846

Management

fees

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

157,301

Administrative

fees

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

970

Distribution

fees

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

59,794

Transfer

agent

fees

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

97,504

Trustees'

fees

and

expenses

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

85,775

Distributions

to

shareholders

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

78,631

Variation

margin

on

centrally

cleared

swap

contracts

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

27,446

Accrued

expenses

and

other

liabilities

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

89,764

Total

liabilities

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

11,117,666

Net

assets,

at

value

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

$339,348,060

Net

assets

consist

of:

Paid-in

capital

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

$427,568,003

Total

distributable

earnings

(losses)

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

(88,219,943)

Net

assets,

at

value

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

$339,348,060

Putnam

Funds

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

August

31,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### Floating

#### Rate

#### Income

#### Fund

#### Class

#### A:
Net

assets,

at

value

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

$215,453,009

Shares

outstanding

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

27,208,003

Net

asset

value

per

share

a

,b

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

$7.92

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.75

%)

b

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

$8.10

#### Class

#### C:
Net

assets,

at

value

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

$16,242,599

Shares

outstanding

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

2,053,077

Net

asset

value

and

maximum

offering

price

per

share

a

,b

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

$7.91

#### Class

#### R:
Net

assets,

at

value

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

$349,587

Shares

outstanding

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

44,149

Net

asset

value

and

maximum

offering

price

per

share

b

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

$7.92

#### Class

#### R6:
Net

assets,

at

value

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

$3,381,544

Shares

outstanding

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

426,673

Net

asset

value

and

maximum

offering

price

per

share

b

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

$7.93

#### Class

#### Y:
Net

assets,

at

value

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

$103,921,321

Shares

outstanding

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

13,110,807

Net

asset

value

and

maximum

offering

price

per

share

b

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

$7.93

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

August

31,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Floating

#### Rate

#### Income

#### Fund
Investment

income:

Dividends:

Non-controlled

affiliates

(Note

g)

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

$482,630

Interest:

Unaffiliated

issuers

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

13,245,530

Total

investment

income

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

13,728,160

Expenses:

Management

fees

(Note

a)

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

960,460

Administrative

fees

(Note

b)

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

2,163

Distribution

fees:

(Note

3c)

Class

A

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

279,150

Class

C

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

84,479

Class

R

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

957

Transfer

agent

fees:

(Note

3e)

Class

A

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

125,822

Class

C

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

9,520

Class

R

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

Class

R6

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

846

Class

Y

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

61,501

Custodian

fees

(Note

4)

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

4,917

Reports

to

shareholders

fees

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

20,685

Registration

and

filing

fees

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

57,602

Professional

fees

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

64,338

Trustees'

fees

and

expenses

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

6,978

Other

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

7,425

Total

expenses

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

1,687,059

Expense

reductions

(Note

4)

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

(3,100)

Net

expenses

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

1,683,959

Net

investment

income

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

12,044,201

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

(1,594,577)

Swap

contracts

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

59,921

Net

realized

gain

(loss)

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

(1,534,656)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

(1,392,009)

Swap

contracts

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

290,299

Net

change

in

unrealized

appreciation

(depreciation)

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

(1,101,710)

Net

realized

and

unrealized

gain

(loss)

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

(2,636,366)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$9,407,835

Putnam

Funds

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### Floating

#### Rate

#### Income

#### Fund

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$12,044,201

$28,213,390

Net

realized

gain

(loss)

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

(1,534,656)

(1,455,534)

Net

change

in

unrealized

appreciation

(depreciation)

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

(1,101,710)

(509,025)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

9,407,835

26,248,831

Distributions

to

shareholders:

Class

A

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

(7,457,722)

(16,907,734)

Class

B

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

—

(13,357)

Class

C

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

(501,071)

(1,259,062)

Class

R

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

(12,267)

(35,749)

Class

R6

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

(117,698)

(499,565)

Class

Y

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

(3,779,781)

(8,523,758)

Total

distributions

to

shareholders

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

(11,868,539)

(27,239,225)

Capital

share

transactions:

(Note

2)

Class

A

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

(21,174,098)

11,475,330

Class

B

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

—

(415,251)

Class

C

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

(1,291,819)

(2,981,398)

Class

R

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

(136,874)

(2,297)

Class

R6

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

(46,082)

(3,372,976)

Class

Y

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

(17,020,903)

11,072,239

Total

capital

share

transactions

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

(39,669,776)

15,775,647

Net

increase

(decrease)

in

net

assets

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

(42,130,480)

14,785,253

Net

assets:

Beginning

of

period

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

381,478,540

366,693,287

End

of

period

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

$339,348,060

$381,478,540

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

#### Putnam

#### Floating

#### Rate

#### Income

#### Fund

franklintempleton.com

Semiannual

Report

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Putnam

Funds

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-

end

management

investment

company,

consisting

of fifteen

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

Floating

Rate

Income

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.

Debt

securities

generally

trade

in

the over-the-counter

(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

are

centrally

cleared

or

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

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Floating

#### Rate

#### Income

#### Fund
(continued)

b. #### Securities

#### Purchased

#### on

#### a

#### When-Issued,

#### Forward

#### Commitment or

#### Delayed

#### Delivery

#### Basis
The

Fund

may

purchase

securities

on

a when-issued,

forward

commitment

or

delayed

delivery basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, it

may

sell

the

securities

before

the

settlement

date.

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.

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

and

can

be

in

the

form

of

cash

and/or

securities.

The

Fund

entered

into

credit

default

swap

contracts

primarily

to

manage

and/or

gain

exposure

to

credit

risk.

A

credit

default

swap

is

an

agreement

between

the

Fund

and

a

counterparty

whereby

the

buyer

of

the

contract

receives

credit

protection

and

the

seller

of

the

contract

guarantees

the

credit

worthiness

of

a

referenced

debt

obligation.

These

agreements

may

be

privately

negotiated

in

the

over-the-

counter

market

(OTC

credit

default

swaps)

or

may

be

executed

in

a

multilateral

trade

facility

platform,

such

as

a

registered

exchange

(centrally

cleared

credit

default

swaps).

The

underlying

referenced

debt

obligation

may

be

a

single

issuer

of

corporate

or

sovereign

debt,

a

credit

index,

a

basket

of

issuers

or

indices,

or

a

tranche

of

a

credit

index

or

basket

of

issuers

or

indices.

In

the

event

of

a

default

of

the

underlying

referenced

debt

obligation,

the

buyer

is

entitled

to

receive

the

notional

amount

of

the

credit

default

swap

contract

from

the

seller

in

exchange

for

the

referenced

debt

obligation,

a

net

settlement

amount

equal

to

the

notional

amount

of

the

credit

default

swap

less

the

recovery

value

of

the

referenced

debt

obligation,

or

other

agreed

upon

amount.

For

centrally

cleared

credit

default

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

the

buyer

pays

the

seller

a

periodic

stream

of

payments,

provided

that

no

event

of

default

has

occurred.

Such

periodic

payments

are

accrued

daily

as

an

unrealized

appreciation or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Upfront

payments

and

receipts

are

reflected

in

the Statement

of

Assets

and

Liabilities

and

represent

compensating

factors

between

stated

terms

of

the

credit

default

swap

agreement

and

prevailing

market

conditions

(credit

spreads

and

other

relevant

factors).

These

upfront

payments

and

receipts

are

amortized

over

the

term

of

the

contract

as

a

realized

gain

or

loss

in

the Statement

of

Operations.

Credit

default

swap

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

See

Note

9 regarding

other

derivative

information.

d. #### Senior

#### Floating

#### Rate

#### Interests
The

Fund

invests

in

senior

secured

corporate

loans

that

pay

interest

at

rates

which

are

periodically

reset

by

reference

to

a

base

lending

rate

plus

a

spread.

These

base

lending

rates

are

generally

the

prime

rate

offered

by

a

designated

U.S.

bank

or

the

Secured

Overnight

Financing

Rate

(SOFR).

Senior

secured

corporate

loans

often

require

prepayment

of

principal

from

excess

cash

flows

or

at

the

discretion

of

the

borrower.

As

a

result,

actual

maturity

may

be

substantially

less

than

the

stated

maturity.

Senior

secured

corporate

loans

in

which

the Fund

invests

are

generally

readily

marketable,

but

may

be

subject

to

certain

restrictions

on

resale.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Floating

#### Rate

#### Income

#### Fund
(continued)

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.

The

Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

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

August

31,

2025, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the Fund

invests.

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.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income. The

Fund

may

receive

other

income

from

investments

in

senior

secured

corporate

loans

or

unfunded

commitments,

including

amendment

fees,

consent

fees

or

commitment

fees.

These

fees

are

recorded

as

income

when

received

by

the

Fund.

Dividends from

net

investment

income

are

normally

declared

daily;

these

dividends

may

be

reinvested

or

paid

monthly

to

shareholders.

Distributions

from realized

capital

gains

and

other

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

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.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Floating

#### Rate

#### Income

#### Fund
(continued)

2. #### Shares

#### of

#### Beneficial

#### Interest
At

August

31,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

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

2,272,010

$17,938,094

8,476,381

$67,697,560

Shares

issued

in

reinvestment

of

distributions

..........

869,971

6,868,695

1,974,309

15,759,509

Shares

redeemed

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

(5,839,075)

(45,980,887)

(9,018,346)

(71,981,739)

Net

increase

(decrease)

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

(2,697,094)

$(21,174,098)

1,432,344

$11,475,330

#### Class

#### B

#### Shares:

#### \*
Shares

issued

in

reinvestment

of

distributions

..........

—

$—

1,645

$13,122

Shares

redeemed

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

—

—

(53,783)

(428,373)

Net

increase

(decrease)

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

—

$—

(52,138)

$(415,251)

#### Class

#### C

#### Shares:
Shares

sold

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

230,083

$1,812,527

374,803

$2,991,699

Shares

issued

in

reinvestment

of

distributions

..........

58,298

459,860

145,213

1,158,623

Shares

redeemed

a

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

(451,982)

(3,564,206)

(894,151)

(7,131,720)

Net

increase

(decrease)

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

(163,601)

$(1,291,819)

(374,135)

$(2,981,398)

#### Class

#### R

#### Shares:
Shares

sold

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

717

$5,640

24,123

$192,463

Shares

issued

in

reinvestment

of

distributions

..........

1,534

12,114

4,440

35,428

Shares

redeemed

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

(19,838)

(154,628)

(28,832)

(230,188)

Net

increase

(decrease)

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

(17,587)

$(136,874)

(269) $(2,297)

#### Class

#### R6

#### Shares:
Shares

sold

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

24,222

$191,728

148,047

$1,184,285

Shares

issued

in

reinvestment

of

distributions

..........

14,475

114,390

60,808

485,760

Shares

redeemed

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

(44,727)

(352,200)

(630,863)

(5,043,021)

Net

increase

(decrease)

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

(6,030)

$(46,082)

(422,008)

$(3,372,976)

#### Class

#### Y

#### Shares:
Shares

sold

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

1,390,541

$10,970,345

6,141,661

$49,102,349

Shares

issued

in

reinvestment

of

distributions

..........

452,898

3,578,794

978,246

7,815,960

Shares

redeemed

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

(4,015,859)

(31,570,042)

(5,736,689)

(45,846,070)

Net

increase

(decrease)

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

(2,172,420)

$(17,020,903)

1,383,218

$11,072,239

\*

Effective

September

5,

2024,

the

Fund

has

terminated

its

Class

B

shares.

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Floating

#### Rate

#### Income

#### 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

trustees of

the

following

subsidiaries:

a. #### Management

#### Fees
The

Fund

pays Advisers

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

August

31,

2025,

the

annualized

gross

effective

investment

management

fee

rate

was 0.544%

of

the

Fund's

average daily

net

assets.

Advisers

retained

Putnam

Management

as

subadvisor

for

the

Fund.

Pursuant

to

the

agreement,

Putnam

Management

provides

certain

advisory

and

related

services

to

the

Fund.

Advisers

pays

a

monthly

fee

to

Putnam

Management

based

on

the

costs

of

Putnam

Management

in

providing

these

services

to

the

Fund,

which

may

include

a

mark-up

not

to

exceed

15%

over

such

costs.

Under

a

subadvisory

agreement,

FTIML

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid by Advisers

based

on

the

average

net

assets

managed

by

FTIML,

and

is

not

an

additional

expense

of

the

Fund.

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by Advisers

based

on

the Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

#### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Putnam

Investment

Management,

LLC

(Putnam

Management)

Subadvisor

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.720%

of

the

first

$5

billion,

0.670%

of

the

next

$5

billion,

0.620%

of

the

next

$10

billion,

0.570%

of

the

next

$10

billion,

0.520%

of

the

next

$50

billion,

0.500%

of

the

next

$50

billion,

0.490%

of

the

next

$100

billion

and

0.485%

of

any

excess

thereafter.

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Floating

#### Rate

#### Income

#### Fund
(continued)

The

Fund

reimburses

Advisers

an

allocated

amount

for

the

compensation

and

related

expenses

of

certain

officers

of

the

Fund

and

their

staff

who

provide

administrative

services

to

the

Fund.

The

aggregate

amount

of

all

such

reimbursements

is

determined

annually

by

the

Trustees.

c. #### Distribution

#### Fees
The

Fund

has

adopted

distribution

plans

(the

Plans)

with

respect

to

the

following

share

classes

pursuant

to

Rule

12b–1

under

the

1940

Act.

The

purpose

of

the

Plans

is

to

compensate

Distributors

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Fund.

The

Plans

provide

payments

by

the

Fund

to

Distributors

at

an

annual

rate

of

up

to

the

following

amounts

(Maximum

%)

of

the

average

net

assets

attributable

to

each

class.

The

Trustees

have

approved

payment

by

the

Fund

at

the

following

annual

rate

(Approved

%)

of

the

average

net

assets

attributable

to

each

class.

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

Fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

period:

e. #### Transfer

#### Agent

#### Fees
PSERV,

an

affiliate

of

Advisers,

provides

investor

servicing

agent

functions

to

the

Fund.

PSERV

received

fees

for

investor

servicing

for

Class

A,

Class

C,

Class

R

and

Class

Y shares

that

included

(1) a

per

account

fee

for

each

direct

and

underlying

non-defined

contribution

account

(retail

account)

of

the

Fund;

(2) a

specified

rate

of

the

Fund's

assets

attributable

to

defined

contribution

plan

accounts;

and

(3) a

specified

rate

based

on

the

average

net

assets

in

retail

accounts.

PSERV

has

agreed

that

the

aggregate

investor

servicing

fees

for

each

Fund's

retail

and

defined

contribution

accounts

for

these

share

classes

will

not

exceed

an

annual

rate

of

0.25%

of

the

Fund's

average

assets

attributable

to

such

accounts.

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

#### 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

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

$7,565

CDSC

retained

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

$2,607

3. #### Transactions

#### with

#### Affiliates
(continued)

b. #### Administrative

#### Fees
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Floating

#### Rate

#### Income

#### Fund
(continued)

years

of

service

through

December

31,

2006. Pension

expense

for

the

Fund

is

included

in

the

Trustees' fees

and

expenses

in

the

Statement

of

Operations.

Accrued

pension

liability

is

included

in

Payable

for

Trustees' fees

and

expenses

in

the

Statement

of

Assets

and

Liabilities.

The

Trustees

have

terminated

the

Pension

Plan

with

respect

to

any

Trustee

first

elected

after

2003. g. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

August

31,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

h. #### Waiver

#### and

#### Expense

#### Reimbursements
Advisers has

contractually

agreed,

through

June

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

and its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

transfer

agent

and

custodian

fees,

respectively.

During

the

period

ended

August

31,

2025,

the

fees

were

reduced

as

noted

in

the

Statement

of

Operations.

Effective May

19, 2025,

earned

credits

on

custodian

fees,

if

any,

are

recognized

as

income.

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

#### Value

#### at

#### Beginning

#### of

#### 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

#### Floating

#### Rate

#### Income

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.566%

......

$34,157,610

$66,597,113

$(78,659,113)

$—

$—

$22,095,610

22,095,610

$482,630

#### Total

#### Affiliated

#### Securities

#### ...
$34,157,610

$66,597,113

$(78,659,113)

$—

$—

$22,095,610

$482,630

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Trustee

#### Fees
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Floating

#### Rate

#### Income

#### Fund
(continued)

5. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

February

28,

2025,

the

capital

loss

carryforwards

were

as

follows:

At

August

31,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

period

ended

August

31,

2025,

aggregated

$46,465,411 and

$87,474,839,

respectively.

7. #### Credit

#### Risk
At

August

31,

2025,

the

Fund

had 89.9% of

its

portfolio

invested

in

high

yield

securities,

senior

secured

floating

rate

loans,

or

other

securities rated

below

investment

grade

and

unrated

securities.

These

securities

may

be

more

sensitive

to

economic

conditions

causing

greater

price

volatility

and

are

potentially

subject

to

a

greater

risk

of

loss

due

to

default

than

higher

rated

securities.

8. #### Unfunded

#### Loan

#### Commitments
The

Fund

enters

into

certain

credit

agreements,

all

or

a

portion

of

which

may

be

unfunded.

The Fund

is

obligated

to

fund

these

loan

commitments

at

the

borrowers'

discretion.

Unfunded

loan

commitments

and

funded

portions

of

credit

agreements

are

marked

to

market

daily

and

any

unrealized

appreciation

or

depreciation

is

included

in

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations.

Funded

portions

of

credit

agreements

are

presented

in

the

Schedule

of

Investments.

At

August

31,

2025,

unfunded

commitments

were

as

follows:

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$

10,251,288

Long

term

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

73,622,991

Total

capital

loss

carryforwards

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

$83,874,279

Cost

of

investments

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

$336,286,495

Unrealized

appreciation

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

$2,094,995

Unrealized

depreciation

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

(7,477,899)

Net

unrealized

appreciation

(depreciation)

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

$(5,382,904)

#### Borrower

#### Unfunded

#### Commitment

#### Putnam

#### Floating

#### Rate

#### Income

#### Fund
Clydesdale

Acquisition

Holdings,

Inc.

$

26,273

$

26,273

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Floating

#### Rate

#### Income

#### Fund
(continued)

9. #### Other

#### Derivative

#### Information
At

August

31,

2025,

investments

in

derivative

contracts

are

reflected

in

the Statement of

Assets

and

Liabilities

as

follows:

For

the

period

ended

August

31,

2025,

the

effect

of

derivative

contracts

in

the Statement

of

Operations

was

as

follows:

For

the

period

ended

August

31,

2025,

the

average

month

end

notional

amount

of

swap

contracts

represented

$14,375,000.

See

Note

1(c) regarding

derivative

financial

instruments.

10. #### 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

30,

2026. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

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

August

31,

2025,

the Fund

did

not

use

the

Global

Credit

Facility.

#### 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

#### Floating

#### Rate

#### Income

#### Fund
Credit

contracts

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

Variation

margin

on

centrally

cleared

swap

contracts

$

484,003

a

Variation

margin

on

centrally

cleared

swap

contracts

$

—

Total

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

$484,003

$—

a

This

amount

reflects

the

cumulative

appreciation

(depreciation)

of

centrally

cleared

swap

contracts

as

reported

in

the

Schedule

of

Investments.

Only

the

variation

margin

receivable/payable

at

period

end

is

separately

reported

within

the

Statement

of

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

to

cash

upon

receipt

or

payment.

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Period

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Period

#### Putnam

#### Floating

#### Rate

#### Income

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

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

(depreciation)

on:

Credit

contracts

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

Swap

contracts

$59,921

Swap

contracts

$290,299

Total

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

$59,921

$290,299

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Floating

#### Rate

#### Income

#### Fund
(continued)

11. #### 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

August

31,

2025,

in

valuing

the

Fund's assets carried

at

fair

value,

is

as

follows:

12. #### Operating

#### Segments
The

Fund has adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

*Segment* 

*Reporting* 

*(Topic* 

*280)* 

*-* 

*Improvements* 

*to* 

*Reportable* 

*Segment* 

*Disclosures.*

The

update

is

limited

to

disclosure

requirements

and

does

not

impact

the Fund's

financial

position

or

results

of

operations.

The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers assigned

to

the

Fund

within the

Fund's

Investment

manager

serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and

are

responsible

for

evaluating

the

Fund's

operating

results

and

allocating

resources

in

accordance

with

the

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Financial

Highlights.

13. #### 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.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Floating

#### Rate

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

Corporate

Bonds

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

$

—

$

27,533,415

$

—

$

27,533,415

Senior

Floating

Rate

Interests

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

—

281,274,566

—

281,274,566

Short

Term

Investments

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

22,095,610

—

—

22,095,610

Total

Investments

in

Securities

...........

$22,095,610

$308,807,981

$—

$330,903,591

Other

Financial

Instruments:

Swap

Contracts

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

$—

$484,003

$—

$484,003

Total

Other

Financial

Instruments

.........

$—

$484,003

$—

$484,003

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Floating

#### Rate

#### Income

#### Fund
(continued)

#### Abbreviations

#### Currency

#### USD
United

States

Dollar

#### Index

#### CDX.NA.HY.

#### Series

#### number
CDX

North

America

High

Yield

Index

#### Selected

#### Portfolio

#### CME
Chicago

Mercantile

Exchange

#### PIK
Payment-In-Kind

#### REIT
Real

Estate

Investment

Trust

#### SOFR
Secured

Overnight

Financing

Rate

Putnam

Funds

Trust

franklintempleton.com

Semiannual

Report

#### Putnam

#### Floating

#### Rate

#### Income

#### Fund

#### Trustee

#### approval

#### of

#### management

#### contracts
(unaudited)

*Consideration* 

*of* 

*your* 

*fund's* 

*management* 

*and* 

*sub-advisory* 

*contracts*

At

their

meeting

on

June

27,

2025,

the

Board

of

Trustees

("Board")

of

your

fund,

including

all

of

the

Trustees

who

are

not

"interested

persons"

(as

this

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"))

of

the

Putnam

mutual

funds

and

exchange-traded

funds

(collectively,

the

"funds")

(the

"Independent

Trustees")

approved

the

continuance

of

a

management

contract

with

Franklin

Advisers,

Inc.

(the

"Advisor"),

a

subadvisory

agreement

between

the

Advisor

and

Franklin

Templeton

Investment

Management

Limited

("FTIML"),

and

a

subadvisory

agreement

between

the

Advisor

and

Putnam

Investment

Management,

LLC

("Putnam

Management"

and

together

with

FTIML,

the

"Subadvisors")

(collectively,

the

"Management

Contracts").

The

Advisor,

FTIML,

and

Putnam

Management

are

each

direct

or

indirect,

wholly-

owned

subsidiaries

of

Franklin

Resources,

Inc.

(together

with

its

subsidiaries,

"Franklin

Templeton").

*General* 

*conclusions*

The

Board

oversees

the

management

of

each

fund

and,

as

required

by

law,

determines

annually

whether

to

approve

the

continuance

of

your

fund's

management

contract

with

the

Advisor

and

the

sub-advisory

contract

with

respect

to

your

fund

between

the

Advisor

and

each

Subadvisor.

Because

the

Subadvisors

are

affiliates

of

the

Advisor

and

the

Advisor

remains

fully

responsible

for

all

services

provided

by

the

Subadvisors,

the

Trustees

did

not

attempt

to

evaluate

the

Subadvisors

as

separate

entities.

All

references

to

the

Advisor

describing

the

Board's

considerations

should

be

deemed

to

include

references

to

the

applicable

Subadvisor

as

necessary

or

appropriate

in

the

context.

The

Board,

with

the

assistance

of

its

Contract

Committee,

requests

and

evaluates

all

information

it

deems

reasonably

necessary

under

the

circumstances

in

connection

with

its

annual

contract

review.

The

Contract

Committee

consists

solely

of

Independent

Trustees.

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

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

Putnam

Funds

Trust

franklintempleton.com

Semiannual

Report

At

the

outset

of

the

review

process,

the

Board's

independent

staff

and

independent

legal

counsel,

as

defined

in

Rule

0-1(a)

(6) under

the

1940

Act

(their

"independent

legal

counsel"),

considered

any

possible

changes

to

the

annual

contract

review

materials

furnished

to

the

Contract

Committee

in

prior

years

and,

as

applicable,

identified

those

changes

to

the

Advisor.

Following

these

discussions

and

in

consultation

with

the

Contract

Committee,

the

Independent

Trustees'

independent

legal

counsel

submitted

an

initial

request

that

the

Advisor

and

its

affiliates

furnish

specified

information,

together

with

any

additional

information

the

Advisor

considered

relevant,

to

the

Contract

Committee.

Over

the

course

of

several

months

ending

in

June

2025,

the

Contract

Committee

met

on

a

number

of

occasions

with

representatives

of

the

Advisor,

and

separately

in

executive

session,

to

consider

the

information

that

the

Advisor

provided,

including

information

provided

in

response

to

supplemental

requests

submitted

by

independent

legal

counsel.

Throughout

this

process,

the

Contract

Committee

was

assisted

by

the

Board's

independent

staff

and

by

independent

legal

counsel.

At

the

Board's

June

2025

meeting,

the

Contract

Committee

met

in

executive

session

to

discuss

and

consider

its

recommendations

with

respect

to

the

continuance

of

the

Management

Contracts.

At

that

meeting,

the

Contract

Committee

also

met

in

executive

session

with

the

other

Independent

Trustees

to

review

a

summary

of

the

process

undertaken

by

the

Contract

Committee

and

key

information

that

the

Contract

Committee

considered

in

the

course

of

its

review.

The

Contract

Committee

then

presented

its

written

report,

which

summarized

the

key

factors

that

the

Committee

had

considered

and

set

forth

its

recommendations.

The

Contract

Committee

recommended,

and

the

Independent

Trustees

approved,

the

continuance

of

your

fund's

Management

Contracts,

effective

July

1,

2025. In

considering

the

continuance

of

the

Management

Contracts,

the

Board

took

into

account

a

number

of

factors,

including:

1. That

the

fee

schedule

in

effect

for

your

fund

represented

reasonable

compensation

in

light

of

the

nature

and

quality

of

the

services

being

provided

to

the

fund,

the

fees

paid

by

competitive

funds,

the

costs

incurred

by

the

Advisor

in

providing

services

to

the

fund

and

the

application

of

certain

reductions

and

waivers

noted

below;

2. That

the

fee

schedule

in

effect

for

your

fund

represented

an

appropriate

sharing

between

fund

shareholders

and

the

Advisor

of

any

economies

of

scale

that

may

exist

in

the

management

of

the

fund

at

current

asset

levels;

3. That

the

funds

benefited,

and

were

expected

to

continue

to

benefit,

from

Franklin

Templeton's

large

retail

and

institutional

global

distribution

capabilities

and

significant

network

of

intermediary

relationships,

which

may

provide

additional

opportunities

for

the

funds

to

increase

assets

and

reduce

the

impact

of

expenses

by

spreading

them

over

a

larger

asset

base;

4. Potential

benefits

to

shareholders

of

the

funds

that

could

result

from

the

alignment

of

certain

fund

features

and

shareholder

benefits

with

those

of

other

funds

sponsored

by

the

Advisor

and

its

affiliates

and

access

to

a

broader

array

of

investment

opportunities;

and

5. The

financial

strength,

reputation,

experience

and

resources

of

Franklin

Templeton

and

its

investment

advisory

subsidiaries.

These

conclusions

were

based

on

a

comprehensive

consideration

of

all

information

provided

to

the

Trustees

and

were

not

the

result

of

any

single

factor.

Some

of

the

factors

that

figured

particularly

in

the

Trustees'

deliberations

and

how

the

Trustees

considered

these

factors

are

described

below,

although

individual

Trustees

may

have

evaluated

the

information

presented

differently,

giving

different

weights

to

various

factors.

It

is

also

important

to

recognize

that

the

management

arrangements

for

your

fund

and

the

other

funds

are

the

result

of

many

years

of

review

and

discussion

between

the

Independent

Trustees

and

management,

occurring

both

in

connection

with

formal

contract

reviews

as

well

as

throughout

the

year

and

that

the

Trustees'

conclusions

may

be

based,

in

part,

on

their

consideration

of

fee

arrangements

in

previous

years.

For

example,

with

certain

exceptions

primarily

involving

newer

funds

(including

the

exchange-traded

funds)

or

repositioned

funds,

the

current

fee

arrangements

under

the

vast

majority

of

the

funds'

management

contracts

were

first

implemented

at

the

beginning

of

2010

following

extensive

review

by

the

Contract

Committee

and

discussions

with

management,

as

well

as

approval

by

shareholders.

Putnam

Funds

Trust

franklintempleton.com

Semiannual

Report

*Management* 

*fee* 

*schedules* 

*and* 

*total* 

*expenses*

The

Trustees

reviewed

the

management

fee

schedules

in

effect

for

all

funds,

including

fee

levels

and

any

breakpoints.

Under

its

management

contract,

your

fund

has

the

benefit

of

breakpoints

in

its

management

fee

schedule

that

provide

shareholders

with

reduced

fee

levels

as

assets

under

management

of

other

mutual

funds

sponsored

by

the

applicable

Advisor

(or

that

have

been

deemed

to

be

sponsored

by

the

Advisor

for

the

purpose

of

the

management

fee

calculation)

increase.

The

Trustees

also

reviewed

the

total

expenses

of

each

fund,

recognizing

that

in

most

cases

management

fees

represented

the

major,

but

not

the

sole,

determinant

of

total

costs

to

fund

shareholders.

(Two

mutual

funds

and

each

of

the

exchange-traded

funds,

have

implemented

(or,

in

the

case

of

ten

municipal

income

funds

that

are

converting

into

exchange-traded

funds,

will

implement)

so-

called

"all-in"

or

unitary

management

fees

covering

substantially

all

routine

fund

operating

costs.)

In

reviewing

fees

and

expenses,

the

Trustees

generally

focus

their

attention

on

material

changes

in

circumstances

—

for

example,

changes

in

assets

under

management,

changes

in

a

fund's

investment

strategy,

changes

in

the

Advisor's

operating

costs

or

profitability,

or

changes

in

competitive

practices

in

the

fund

industry

—

that

suggest

that

consideration

of

fee

changes

might

be

warranted.

The

Trustees

concluded

that

the

circumstances

did

not

indicate

that

changes

to

the

management

fee

schedule

for

your

fund

would

be

appropriate

at

this

time.

As

in

the

past,

the

Trustees

also

focused

on

the

competitiveness

of

each

fund's

total

expense

ratio.

The

Trustees,

the

Advisor

and

the

funds'

investor

servicing

agent,

Putnam

Investor

Services,

Inc.

("PSERV"),

have

implemented

expense

limitations

that

were

in

effect

during

your

fund's

fiscal

year

ending

in

2024. These

expense

limitations

were:

(i) a

contractual

expense

limitation

applicable

to

specified

mutual

funds

(including

your

fund)

of

basis

points

on

investor

servicing

fees

and

expenses

and

(ii) a

contractual

expense

limitation

applicable

to

specified

mutual

funds

(including

your

fund)

of

basis

points

on

so-called

"other

expenses"

(i.e.,

all

expenses

exclusive

of

management

fees,

distribution

fees,

investor

servicing

fees,

investment-related

expenses,

interest,

taxes,

brokerage

commissions,

acquired

fund

fees

and

expenses

and

extraordinary

expenses).

These

expense

limitations

attempt

to

maintain

competitive

expense

levels

for

the

funds.

Most

funds

(including

your

fund)

had

sufficiently

low

expenses

that

these

expense

limitations

were

not

operative

during

their

fiscal

years

ending

in

2024. The

Advisor

and

PSERV

have

agreed

to

maintain

these

expense

limitations

until

at

least

June

30,

2027. The

Advisor

and

PSERV's

commitment

to

these

expense

limitation

arrangements,

which

were

intended

to

support

an

effort

to

have

the

mutual

fund

expenses

meet

competitive

standards,

was

an

important

factor

in

the

Trustees'

decision

to

approve

the

continuance

of

your

fund's

Management

Contracts.

The

Trustees

reviewed

comparative

fee

and

expense

information

for

a

custom

group

of

competitive

funds

selected

by

Broadridge

Financial

Solutions,

Inc.

("Broadridge").

This

comparative

information

included

your

fund's

percentile

ranking

for

effective

management

fees

and

total

expenses

(excluding

any

applicable

12b-1

fees),

which

provides

a

general

indication

of

your

fund's

relative

standing.

In

the

custom

peer

group,

your

fund

ranked

in

the

first

quintile

in

effective

management

fees

(determined

for

your

fund

and

the

other

funds

in

the

custom

peer

group

assuming

the

same

fund

asset

size

for

your

fund

and

the

other

funds

in

the

custom

peer

group

and

the

applicable

contractual

management

fee

schedule)

and

in

the

fourth

quintile

in

total

expenses

(excluding

any

applicable

12b-1

fees)

as

of

December

31,

2024. The

first

quintile

represents

the

least

expensive

funds

and

the

fifth

quintile

the

most

expensive

funds.

The

fee

and

expense

data

reported

by

Broadridge

as

of

December

31,

2024

reflected

the

most

recent

fiscal

year-end

data

available

in

Broadridge's

database

at

that

time.

In

connection

with

their

review

of

fund

management

fees

and

total

expenses,

the

Trustees

also

reviewed

the

costs

of

the

services

provided

and

the

profits

realized

by

the

Advisor

and

its

affiliates

from

their

contractual

relationships

with

the

funds.

This

information

included

trends

in

revenues,

expenses

and

profitability

of

the

Advisor

and

its

affiliates

relating

to

the

investment

management,

investor

servicing

and

distribution

services

provided

to

the

funds,

as

applicable.

In

this

regard,

the

Trustees

also

reviewed

an

analysis

of

the

revenues,

expenses

and

profitability

of

the

Advisor

and

its

affiliates,

allocated

on

a

fund-by-fund

basis,

with

respect

to

(as

applicable)

the

funds'

management,

distribution

and

investor

servicing

contracts.

For

each

fund,

the

analysis

presented

information

about

revenues,

expenses

and

profitability

in

2024

for

each

of

the

applicable

Putnam

Funds

Trust

franklintempleton.com

Semiannual

Report

agreements

separately

and

for

the

agreements

taken

together

on

a

combined

basis.

The

Trustees

concluded

that,

at

current

asset

levels,

the

fee

schedules

in

place

for

each

of

the

funds,

including

the

fee

schedule

for

your

fund,

represented

reasonable

compensation

for

the

services

being

provided

and

represented

an

appropriate

sharing

between

fund

shareholders

and

the

Advisor

of

any

economies

of

scale

as

may

exist

in

the

management

of

the

funds

at

that

time.

The

information

examined

by

the

Trustees

in

connection

with

their

annual

contract

review

for

the

funds

included

information

regarding

services

provided

and

fees

charged

by

the

Advisor

and

certain

affiliates

to

other

clients

in

similar

asset

categories,

including

other

1940

Act

funds

advised

by

the

Advisor

but

overseen

by

a

board

of

trustees

other

than

the

Board,

sub-advised

U.S.

mutual

funds,

exchange-traded

funds,

other

U.S.

products

(such

as

collective

investment

trusts,

private

funds,

and

separately

managed

and

institutional

accounts),

non-U.S.

funds,

and

other

non-U.S.

products.

This

information

included,

for

products

that

are

managed

by

the

same

portfolio

team

in

a

similar

asset

category

to

those

of

the

funds,

comparisons

of

the

fees

charged

to

other

clients,

by

category,

with

fees

charged

to

the

funds,

as

well

as

a

detailed

assessment

of

the

differences

in

the

services

provided

to

these

clients

as

compared

to

the

services

provided

to

the

funds.

The

Trustees

observed

that

the

differences

in

fee

rates

between

these

clients

and

the

funds

are

by

no

means

uniform

when

examined

by

individual

asset

classes,

suggesting

that

differences

in

the

pricing

of

investment

management

services

to

these

types

of

clients

may

reflect,

among

other

things,

historical

competitive

forces

operating

in

separate

marketplaces,

the

characteristics

of

different

clients,

the

particulars

of

different

fee

structures,

factors

unique

to

specific

market

segments,

and

the

distinct

risks

and

costs

associated

with

providing

services

to

different

clients.

The

Trustees

considered

the

fact

that

in

many

cases

fee

rates

across

different

asset

classes

are

higher

on

average

for

1940

Act-registered

funds

than

for

other

clients,

and

the

Trustees

also

considered

the

differences

between

the

services

that

the

Advisor

provides

to

the

funds

and

those

that

it

provides

to

its

other

clients.

The

Trustees

did

not

rely

on

these

fee

comparisons

to

any

significant

extent

in

concluding

that

the

management

fees

paid

by

your

fund

are

reasonable.

*Investment* 

*performance*

The

quality

of

the

investment

process

provided

by

the

Advisor

represented

a

major

factor

in

the

Trustees'

evaluation

of

the

quality

of

services

provided

by

the

Advisor

under

your

fund's

Management

Contracts.

The

Trustees

were

assisted

in

their

review

of

the

Advisor's

investment

process

and

performance

by

the

work

of

the

investment

oversight

committees

of

the

Trustees

and

the

full

Board,

which

meet

on

a

regular

basis

with

individual

portfolio

managers

and

with

senior

investment

management

of

the

Advisor

throughout

the

year.

The

Trustees

concluded

that

the

Advisor

generally

provides

a

high-quality

investment

process

—

based

on

the

experience

and

skills

of

the

individuals

assigned

to

the

management

of

fund

portfolios,

the

resources

made

available

to

them

and

in

general

the

Advisor's

ability

to

attract

and

retain

high-quality

personnel

—

but

also

recognized

that

this

does

not

guarantee

favorable

investment

results

for

every

fund

in

every

time

period.

The

Trustees

considered

that,

in

the

aggregate,

peer-relative

and

benchmark-relative

fund

performance

was

strong

in

2024

against

a

constructive

yet

complex

investing

environment.

The

S&P

500

was

up

25%

in

2024,

but

significant

concentration

of

returns

among

large

cap

and

technology

stocks

and

periods

of

volatility

posed

challenges

in

the

market.

The

Bloomberg

Aggregate

fixed

income

index

was

up

slightly

over

1%

amidst

many

moving

pieces,

with

the

Federal

Reserve

cutting

the

Effective

Federal

Funds

rate

from

5.25%

at

year-end

2023

to

4.25%

at

year-end

2024,

with

three

cuts

in

the

latter

part

of

the

year,

while

also

trying

to

manage

inflation

concerns.

Ten-year

Treasury

yields

ended

2024

at

4.6%

up

from

3.9%

at

year-end

2023. Corporate

earnings

and

employment

figures

continued

to

generally

show

strength

during

the

year,

while

geopolitical

tensions

were

closely

watched.

For

the

one-year

period

ended

December

31,

2024,

the

Trustees

noted

that

the

funds,

on

an

asset-weighted

basis,

ranked

in

the

27th

percentile

of

their

peers

as

determined

by

Lipper

Inc.

("Lipper")

and,

on

an

asset-weighted

basis,

outperformed

their

benchmarks

by

3.0%

gross

of

fees

over

the

one-year

period.

The

Committee

also

noted

that

the

funds'

aggregate

performance

over

longer-term

periods

continued

to

be

strong,

with

the

funds,

on

an

asset-weighted

basis,

ranking

in

the

20th,

22nd

and

20th

percentiles

of

their

Lipper

peers

over

the

three-year,

five-year

and

ten-year

periods

ended

December

31,

2024,

respectively.

The

Trustees

further

noted

that

the

funds,

in

the

aggregate,

outperformed

their

benchmarks

on

a

gross

basis

for

Putnam

Funds

Trust

franklintempleton.com

Semiannual

Report

each

of

the

three-year,

five-year

and

ten-year

periods.

The

Trustees

also

considered

the

Morningstar

Inc.

ratings

assigned

to

the

funds

and

that

funds

were

rated

four

or

five

stars

at

the

end

of

2024,

which

represented

an

increase

of

seven

funds

year-over-year.

The

Trustees

also

considered

that

funds

were

five-star

rated

at

the

end

of

2024,

which

was

also

a

year-

over-year

increase

of

seven

funds.

The

Board

noted,

however,

the

disappointing

investment

performance

of

some

funds

for

periods

ended

December

31,

2024

and

considered

information

provided

by

the

Advisor

regarding

the

factors

contributing

to

the

underperformance

and,

where

relevant,

actions

being

taken

to

improve

the

performance

of

these

particular

funds.

The

Trustees

indicated

their

intention

to

continue

to

monitor

the

performance

of

those

funds.

For

purposes

of

the

Trustees'

evaluation

of

the

funds'

investment

performance,

the

Trustees

generally

focus

on

a

competitive

industry

ranking

of

each

fund's

total

net

return

over

a

one-year,

three-year

and

five-year

period.

For

a

number

of

funds

with

relatively

unique

investment

mandates

for

which

the

Advisor

informed

the

Trustees

that

meaningful

competitive

performance

rankings

are

not

considered

to

be

available,

the

Trustees

evaluated

performance

based

on

their

total

gross

and

net

returns

and

comparisons

of

those

returns

to

the

returns

of

selected

investment

benchmarks.

In

the

case

of

your

fund,

the

Trustees

considered

that

its

class

A

share

cumulative

total

return

performance

at

net

asset

value

was

in

the

following

quartiles

of

its

Lipper

peer

group

(Lipper

Loan

Participation

Funds)

for

the

one-year,

three-year

and

five-year

periods

ended

December

31,

2024

(the

first

quartile

representing

the

best-performing

funds

and

the

fourth

quartile

the

worst-performing

funds):

Over

the

one-year,

three-year

and

five-year

periods

ended

December

31,

2024,

there

were

235,

and

funds,

respectively,

in

your

fund's

Lipper

peer

group.

(When

considering

performance

information,

shareholders

should

be

mindful

that

past

performance

is

not

a

guarantee

of

future

results.)

The

Trustees

noted

that

the

Advisor

had

made

internal

promotions

and

other

portfolio

management

assignment

changes

in

2024

to

strengthen

its

investment

teams

providing

services

to

the

funds.

*Brokerage* 

*and* 

*soft-dollar* 

*allocations;* 

*distribution* 

*and* 

*investor* 

*servicing*

The

Trustees

considered

various

potential

benefits

that

the

Advisor

may

receive

in

connection

with

the

services

it

provides

under

the

management

contract

with

your

fund.

These

include

benefits

related

to

brokerage

allocation

and

the

use

of

soft

dollars,

whereby

a

portion

of

the

commissions

paid

by

a

fund

for

brokerage

may

be

used

to

acquire

research

services

that

are

expected

to

be

useful

to

the

Advisor

in

managing

the

assets

of

the

fund

and

of

other

clients.

Subject

to

policies

approved

by

the

Trustees,

soft

dollars

generated

by

these

means

may

be

used

to

acquire

brokerage

and

research

services

(including

proprietary

executing

broker

research,

third-party

research

and

market

data)

that

enhance

the

Advisor's

investment

capabilities

and

supplement

the

Advisor's

internal

research

efforts.

The

Trustees

indicated

their

continued

intent

to

monitor

regulatory

and

industry

developments

in

this

area

with

the

assistance

of

their

Contract

Committee.

In

addition,

with

the

assistance

of

their

Contract

Committee,

the

Trustees

indicated

their

continued

intent

to

monitor

the

allocation

of

the

funds'

brokerage

in

order

to

ensure

that

the

principle

of

seeking

best

price

and

execution

remains

paramount

in

the

portfolio

trading

process.

The

Advisor

may

also

receive

benefits

from

payments

that

funds

make

to

the

Advisor

for

distribution

services

and

investor

services.

In

conjunction

with

the

annual

review

of

your

fund's

management

and

sub-advisory

contracts,

the

Trustees

reviewed

your

fund's

investor

servicing

agreement

with

PSERV

and

its

distributor's

contract

and

distribution

plans

with

Franklin

Distributors,

LLC

("Franklin

Distributors"),

both

of

which

are

affiliates

of

the

Advisor.

The

Trustees

concluded

that

the

fees

payable

by

the

mutual

funds

to

PSERV

and

Franklin

Distributors

for

such

services

were

fair

and

reasonable

in

relation

to

the

nature

and

quality

of

such

services,

the

fees

paid

by

competitive

funds

and

the

costs

incurred

by

PSERV

and

Franklin

Distributors

in

providing

such

services.

Furthermore,

the

Trustees

were

of

the

view

that

the

investor

services

provided

by

PSERV

were

required

for

the

operation

of

the

mutual

funds,

and

that

they

were

of

a

quality

at

least

equal

to

those

provided

by

other

providers.

One-year

period

Three-year

period

Five-year

period

3rd

2nd

3rd

38963-SFSOI

10/25©

2025

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF 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.](pfrif-efp18087_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.](pfrif-efp18087_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

**Putnam Funds Trust**

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | October 29, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | October 29, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | October 29, 2025 |

---

## 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: October 29, 2025 |
| /s/ Jonathan S. Horwitz |
| Jonathan S. Horwitz |
| 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: October 29, 2025 |
| /s/ Jeffrey White |
| Jeffrey White |
| Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Jonathan S. Horwitz,** Principal Executive Officer, and **Jeffrey White,** Principal Financial Officer of **Putnam Funds Trust** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **August 31, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Principal Executive Officer** | **Principal Financial Officer** |
| Putnam Funds Trust | Putnam Funds Trust |
| /s/ Jonathan S. Horwitz | /s/ Jeffrey White |
| Jonathan S. Horwitz | Jeffrey White |
| Date: October 29, 2025 | Date: October 29, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.