# EDGAR Filing Document

**Accession Number:** 0001005942
**File Stem:** 0001133228-26-004104
**Filing Date:** 2026-3
**Character Count:** 186499
**Document Hash:** 9e35cdeaeef558bd8a4195c3b716e8f9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-004104.hdr.sgml**: 20260326

**ACCESSION NUMBER**: 0001133228-26-004104

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260326

**DATE AS OF CHANGE**: 20260326

**EFFECTIVENESS DATE**: 20260326

**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:** 26797179

**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 Ultra Short Duration Income Fund (Series ID: S000034192)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000105375 | Class A        |  |
| C000105377 | Class C        |  |
| C000105379 | Class R        |  |
| C000105380 | Class Y        |  |
| C000118012 | Class R6       |  |
| C000207666 | Class N Shares |  |

?xml version='1.0' encoding='ASCII'? 2026-02-1874200175400_PutnamUltraShortDurationIncomeFund_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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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: **July 31**

Date of reporting period: **January 31, 2026**

ITEM 1. REPORT TO STOCKHOLDERS.

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

---

| | |
|:---|:---|
| **Putnam Ultra Short Duration Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PSDTX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Ultra Short Duration Income Fund for the period August 1, 2025, to January 31, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $21 | 0.41% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $12587329162 |
| **Total Number of Portfolio Holdings** | 593 |
| **Portfolio Turnover Rate** | 24% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6383img003.jpg)

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

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![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 Ultra Short Duration Income Fund PAGE 1 39200-STSA-0326

80.73.81.70.40.013.4 ------

---

| | |
|:---|:---|
| **Putnam Ultra Short Duration Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PSDLX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Ultra Short Duration Income Fund for the period August 1, 2025, to January 31, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $41 | 0.81% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $12587329162 |
| **Total Number of Portfolio Holdings** | 593 |
| **Portfolio Turnover Rate** | 24% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6384img003.jpg)

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

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![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 Ultra Short Duration Income Fund PAGE 1 39200-STSC-0326

80.73.81.70.40.013.4 ------

---

| | |
|:---|:---|
| **Putnam Ultra Short Duration Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class N [PSDNX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Ultra Short Duration Income Fund for the period August 1, 2025, to January 31, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class N | $29 | 0.56% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $12587329162 |
| **Total Number of Portfolio Holdings** | 593 |
| **Portfolio Turnover Rate** | 24% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6385img003.jpg)

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

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![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 Ultra Short Duration Income Fund PAGE 1 39200-STSN-0326

80.73.81.70.40.013.4 ------

---

| | |
|:---|:---|
| **Putnam Ultra Short Duration Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PSDRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Ultra Short Duration Income Fund for the period August 1, 2025, to January 31, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R | $41 | 0.81% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $12587329162 |
| **Total Number of Portfolio Holdings** | 593 |
| **Portfolio Turnover Rate** | 24% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6386img003.jpg)

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

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![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 Ultra Short Duration Income Fund PAGE 1 39200-STSR-0326

80.73.81.70.40.013.4 ------

---

| | |
|:---|:---|
| **Putnam Ultra Short Duration Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PSDQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Ultra Short Duration Income Fund for the period August 1, 2025, to January 31, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $15 | 0.29% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $12587329162 |
| **Total Number of Portfolio Holdings** | 593 |
| **Portfolio Turnover Rate** | 24% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6387img003.jpg)

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

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![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 Ultra Short Duration Income Fund PAGE 1 39200-STSR6-0326

80.73.81.70.40.013.4 ------

---

| | |
|:---|:---|
| **Putnam Ultra Short Duration Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PSDYX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Ultra Short Duration Income Fund for the period August 1, 2025, to January 31, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class Y | $16 | 0.31% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $12587329162 |
| **Total Number of Portfolio Holdings** | 593 |
| **Portfolio Turnover Rate** | 24% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6388img003.jpg)

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

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![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 Ultra Short Duration Income Fund PAGE 1 39200-STSY-0326

80.73.81.70.40.013.4 ------

&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

#### Ultra

#### Short

#### Duration

#### Income

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

January 31, 2026

#### If

#### you

#### need

#### assistance

#### accessing

#### this

#### content,

#### please

#### reach

#### out

#### to

#### your

#### sales

#### representative

#### or

#### send

#### an

#### email

#### to

#### accessibility@franklintempleton.com

#### .

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 28
Notes

to

Financial

Statements

#### 32
Changes

In

and

Disagreements

with

Accountants

#### 42
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

#### Ultra

#### Short

#### Duration

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.13

$10.11

$10.04

$9.98

$10.08

$10.08

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.22 0.48 0.52 0.39 0.05 0.04 Net

realized

and

unrealized

gains

(losses)

0.01 0.03 0.07 0.06 (0.10)

—

c

Total

from

investment

operations

........

0.23 0.51 0.59 0.45 (0.05)

0.04 Less

distributions

from:

Net

investment

income

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

(0.22)

(0.49)

(0.52)

(0.39)

(0.05)

(0.04)

Net

asset

value,

end

of

period

..........

$10.14

$10.13

$10.11

$10.04

$9.98

$10.08

Total

return

d

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

2.33%

5.12%

6.05%

4.61%

(0.49)%

0.36%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.42%

0.47%

0.48%

0.49%

0.46%

0.46%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

0.41%

0.41%

0.42%

0.42%

0.40%

0.40%

Net

investment

income

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

4.31%

4.78%

5.18%

3.80%

0.46%

0.37%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$3,661,030

$3,329,237

$2,917,381

$3,042,385

$4,297,725

$6,611,459

Portfolio

turnover

rate

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

24%

61%

59%

35%

48%

63%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.01

per

share.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Ultra

#### Short

#### Duration

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.12

$10.10

$10.02

$9.97

$10.07

$10.07

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.20 0.44 0.48 0.35 0.02 —

c

Net

realized

and

unrealized

gains

(losses)

0.01 0.02 0.08 0.05 (0.10)

—

c

Total

from

investment

operations

........

0.21 0.46 0.56 0.40 (0.08)

—

c

Less

distributions

from:

Net

investment

income

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

(0.20)

(0.44)

(0.48)

(0.35)

(0.02)

(—)

c

Net

asset

value,

end

of

period

..........

$10.13

$10.12

$10.10

$10.02

$9.97

$10.07

Total

return

d

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

2.13%

4.70%

5.73%

4.09%

(0.78)%

0.02%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.82%

0.87%

0.88%

0.89%

0.86%

0.86%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

0.81%

0.82%

0.82%

0.82%

0.68%

0.75%

Net

investment

income

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

3.90%

4.38%

4.78%

3.43%

0.20%

0.02%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$17,602

$13,672

$11,476

$11,341

$15,421

$22,031

Portfolio

turnover

rate

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

24%

61%

59%

35%

48%

63%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.01

per

share.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Ultra

#### Short

#### Duration

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### N

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.12

$10.10

$10.02

$9.97

$10.07

$10.07

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.21 0.47 0.51 0.38 0.04 0.02 Net

realized

and

unrealized

gains

(losses)

0.02 0.02 0.08 0.05 (0.10)

—

c

Total

from

investment

operations

........

0.23 0.49 0.59 0.43 (0.06)

0.02 Less

distributions

from:

Net

investment

income

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

(0.22)

(0.47)

(0.51)

(0.38)

(0.04)

(0.02)

Net

asset

value,

end

of

period

..........

$10.13

$10.12

$10.10

$10.02

$9.97

$10.07

Total

return

d

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

2.25%

4.96%

5.99%

4.34%

(0.64)%

0.21%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.58%

0.62%

0.63%

0.64%

0.61%

0.61%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

0.56%

0.57%

0.57%

0.57%

0.55%

0.55%

Net

investment

income

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

4.15%

4.63%

5.03%

3.84%

0.30%

0.22%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$15,604

$8,264

$8,916

$10,828

$7,791

$14,369

Portfolio

turnover

rate

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

24%

61%

59%

35%

48%

63%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.01

per

share.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Ultra

#### Short

#### Duration

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.11

$10.10

$10.02

$9.97

$10.07

$10.07

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.20 0.44 0.48 0.35 0.02 —

c

Net

realized

and

unrealized

gains

(losses)

0.02 0.01 0.08 0.05 (0.10)

—

c

Total

from

investment

operations

........

0.22 0.45 0.56 0.40 (0.08)

—

c

Less

distributions

from:

Net

investment

income

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

(0.20)

(0.44)

(0.48)

(0.35)

(0.02)

(—)

c

Net

asset

value,

end

of

period

..........

$10.13

$10.11

$10.10

$10.02

$9.97

$10.07

Total

return

d

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

2.23%

4.60%

5.73%

4.09%

(0.78)%

0.02%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.82%

0.87%

0.88%

0.89%

0.86%

0.86%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

0.81%

0.82%

0.82%

0.82%

0.69%

0.75%

Net

investment

income

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

3.89%

4.38%

4.77%

3.46%

0.24%

0.02%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$3,920

$3,805

$3,381

$4,509

$5,240

$4,207

Portfolio

turnover

rate

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

24%

61%

59%

35%

48%

63%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.01

per

share.

d

Toal

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

#### Ultra

#### Short

#### Duration

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.14

$10.13

$10.05

$10.00

$10.10

$10.09

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.22 0.50 0.54 0.40 0.06 0.05 Net

realized

and

unrealized

gains

(losses)

0.03 0.01 0.08 0.05 (0.10)

0.01 Total

from

investment

operations

........

0.25 0.51 0.62 0.45 (0.04)

0.06 Less

distributions

from:

Net

investment

income

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

(0.23)

(0.50)

(0.54)

(0.40)

(0.06)

(0.05)

Net

asset

value,

end

of

period

..........

$10.16

$10.14

$10.13

$10.05

$10.00

$10.10

Total

return

c

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

2.49%

5.15%

6.29%

4.64%

(0.37)%

0.57%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

0.30%

0.33%

0.35%

0.36%

0.35%

0.35%

Expenses

net

of

waiver

and

payments

by

affiliates

e

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

0.29%

0.29%

0.29%

0.29%

0.29%

0.29%

Net

investment

income

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

4.39%

4.91%

5.31%

4.25%

0.69%

0.46%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$2,279,090

$1,028,506

$484,884

$513,428

$177,358

$121,669

Portfolio

turnover

rate

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

24%

61%

59%

35%

48%

63%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Toal

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Ultra

#### Short

#### Duration

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.14

$10.12

$10.05

$9.99

$10.09

$10.09

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.23 0.49 0.53 0.40 0.06 0.05 Net

realized

and

unrealized

gains

(losses)

0.01 0.03 0.07 0.06 (0.10)

—

c

Total

from

investment

operations

........

0.24 0.52 0.60 0.46 (0.04)

0.05 Less

distributions

from:

Net

investment

income

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

(0.23)

(0.50)

(0.53)

(0.40)

(0.06)

(0.05)

Net

asset

value,

end

of

period

..........

$10.15

$10.14

$10.12

$10.05

$9.99

$10.09

Total

return

d

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

2.38%

5.22%

6.15%

4.71%

(0.39)%

0.46%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.32%

0.37%

0.38%

0.39%

0.36%

0.36%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

0.31%

0.31%

0.32%

0.32%

0.30%

0.30%

Net

investment

income

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

4.40%

4.88%

5.27%

3.97%

0.60%

0.46%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$6,610,084

$6,552,848

$6,214,408

$7,097,143

$8,130,742

$8,944,133

Portfolio

turnover

rate

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

24%

61%

59%

35%

48%

63%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.01

per

share.

d

Toal

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),

January

31,

2026

#### Putnam

#### Ultra

#### Short

#### Duration

#### Income

#### Fund
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

#### 81.0%

#### Aerospace

#### &

#### Defense

#### 1.4%
a

BAE

Systems

plc

,

Senior

Note

,

144A,

%

,

3/26/27

..........

United

Kingdom

13,395,000

$

13,554,931

Boeing

Co.

(The)

,

Senior

Bond,

2.25%,

6/15/26

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

United

States

16,003,000

15,892,446

Senior

Note,

2.196%,

2/04/26

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

United

States

61,036,000

61,025,639

Senior

Note,

3.1%,

5/01/26

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

United

States

33,572,000

33,492,694

Senior

Note,

2.7%,

2/01/27

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

United

States

19,741,000

19,508,385

Senior

Note,

5.04%,

5/01/27

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

United

States

18,502,000

18,701,610

RTX

Corp.

,

Senior

Note

,

%

,

2/27/26

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

United

States

14,820,000

14,823,364

176,999,069

#### Automobiles

#### 3.8%
a

BMW

US

Capital

LLC

,

b

Senior

Note,

144A,

FRN,

4.471%,

(SOFR

Index

+

0.8%),

8/13/26

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

Germany

14,079,000

14,122,628

Senior

Note,

144A,

4.65%,

3/19/27

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

Germany

27,726,000

27,951,260

b

Senior

Note,

144A,

FRN,

4.591%,

(SOFR

Index

+

0.92%),

8/13/27

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

Germany

36,601,000

36,828,078

b

Senior

Note,

144A,

FRN,

4.595%,

(SOFR

Index

+

0.92%),

3/21/28

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

Germany

46,685,000

47,034,291

a

Hyundai

Capital

America

,

Senior

Note,

144A,

1.65%,

9/17/26

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

United

States

13,546,000

13,358,031

b

Senior

Note,

144A,

FRN,

4.706%,

(SOFR

+

1.04%),

3/19/27

.

United

States

30,094,000

30,214,865

Senior

Note,

144A,

5.3%,

3/19/27

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

United

States

32,399,000

32,853,885

Senior

Note,

144A,

4.85%,

3/25/27

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

United

States

9,811,000

9,900,591

b

Senior

Note,

144A,

FRN,

4.704%,

(SOFR

+

1.04%),

6/24/27

.

United

States

37,824,000

38,037,275

b

Senior

Note,

144A,

FRN,

4.694%,

(SOFR

+

1.03%),

9/24/27

.

United

States

23,376,000

23,486,152

a

Mercedes-Benz

Finance

North

America

LLC

,

Senior

Note,

144A,

4.8%,

11/13/26

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

Germany

36,948,000

37,221,177

b

Senior

Note,

144A,

FRN,

4.431%,

(SOFR

+

0.78%),

4/01/27

.

Germany

22,730,000

22,823,549

Senior

Note,

144A,

4.75%,

8/01/27

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

Germany

14,112,000

14,293,673

Senior

Note,

144A,

4.75%,

3/31/28

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

Germany

22,730,000

23,084,364

a

Volkswagen

Group

of

America

Finance

LLC

,

b

Senior

Note,

144A,

FRN,

4.505%,

(SOFR

+

0.83%),

3/20/26

.

Germany

47,860,000

47,883,066

Senior

Note,

144A,

4.9%,

8/14/26

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

Germany

26,980,000

27,103,911

Senior

Note,

144A,

4.45%,

9/11/27

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

Germany

19,210,000

19,278,225

465,475,021

#### Banks

#### 36.9%
a

ABN

AMRO

Bank

NV

,

b

Senior

Non-Preferred

Note,

144A,

FRN,

5.446%,

(SOFR

Index

+

1.78%),

9/18/27

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

Netherlands

9,300,000

9,377,380

Senior

Non-Preferred

Note,

144A,

6.339%

to

9/17/26,

FRN

thereafter,

9/18/27

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

Netherlands

44,220,000

44,836,338

Senior

Non-Preferred

Note,

144A,

4.988%

to

12/02/27,

FRN

thereafter,

12/03/28

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

Netherlands

42,189,000

42,902,179

b

Senior

Preferred

Note,

144A,

FRN,

4.409%,

(SOFR

Index

+

0.75%),

7/07/28

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

Netherlands

22,340,000

22,449,424

a,b

ANZ

New

Zealand

Int'l

Ltd.

,

Senior

Note

,

144A,

FRN

,

4.263 %

,

(SOFR

+

0.61 %),

1/22/29

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

New

Zealand

25,885,000

25,919,687

a

Australia

&

New

Zealand

Banking

Group

Ltd.

,

b

Senior

Note,

144A,

FRN,

4.336%,

(SOFR

+

0.68%),

7/16/27

.

Australia

36,314,000

36,511,114

b

Senior

Note,

144A,

FRN,

4.322%,

(SOFR

+

0.65%),

9/30/27

.

Australia

29,090,000

29,209,956

b

Senior

Note,

144A,

FRN,

4.286%,

(SOFR

+

0.62%),

6/18/28

.

Australia

28,125,000

28,255,973

b

Senior

Note,

144A,

FRN,

4.27%,

(SOFR

+

0.59%),

12/08/28

.

Australia

10,430,000

10,465,324

Sub.

Bond,

144A,

4.4%,

5/19/26

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

Australia

34,697,000

34,742,690

Banco

Bilbao

Vizcaya

Argentaria

SA

,

Senior

Non-Preferred

Note

,

6.138%

to

9/13/27,

FRN

thereafter

,

9/14/28

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

Spain

28,638,000

29,627,267

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Ultra

#### Short

#### Duration

#### 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

#### Corporate

#### Bonds
(continued)

#### Banks
(continued)

Banco

Santander

SA

,

Senior

Non-Preferred

Note,

5.552%

to

3/13/27,

FRN

thereafter,

3/14/28

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

Spain

23,850,000

$

24,234,925

Senior

Preferred

Note,

6.527%

to

11/06/26,

FRN

thereafter,

11/07/27

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

Spain

25,668,000

26,148,815

b

Senior

Preferred

Note,

FRN,

4.776%,

(SOFR

+

1.12%),

7/15/28

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

Spain

37,800,000

38,027,501

Bank

of

America

Corp.

,

b

Senior

Note,

FRN,

4.744%,

(SOFR

+

1.05%),

2/04/28

......

United

States

14,431,000

14,513,390

b

Senior

Note,

FRN,

4.481%,

(SOFR

+

0.83%),

1/24/29

......

United

States

47,787,000

47,980,207

b

Senior

Note,

FRN,

4.791%,

(SOFR

+

1.11%),

5/09/29

......

United

States

27,300,000

27,557,982

Sub.

Bond,

4.25%,

10/22/26

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

United

States

8,735,000

8,756,306

Bank

of

America

NA

,

Senior

Note

,

5.526 %

,

8/18/26

..........

United

States

11,626,000

11,717,595

Bank

of

Montreal

,

b

Senior

Note,

FRN,

4.55%,

(SOFR

Index

+

0.88%),

9/10/27

..

Canada

52,226,000

52,363,953

b

Senior

Note,

FRN,

4.425%,

(SOFR

Index

+

0.75%),

9/22/28

.

Canada

49,550,000

49,645,510

b

Senior

Note,

FRN,

4.521%,

(SOFR

+

1.72%),

1/27/29

......

Canada

42,179,000

42,333,083

J,

Senior

Note,

4.1%

to

12/14/26,

FRN

thereafter,

12/15/27

..

Canada

21,775,000

21,806,133

b

Bank

of

Nova

Scotia

(The)

,

Senior

Note,

FRN,

4.452%,

(SOFR

Index

+

0.78%),

6/04/27

.

Canada

37,930,000

38,110,961

Senior

Note,

FRN,

4.68%,

(SOFR

+

1%),

9/08/28

.........

Canada

37,442,000

37,644,609

Senior

Note,

FRN,

4.57%,

(SOFR

+

0.89%),

2/14/29

.......

Canada

27,545,000

27,601,343

c

Senior

Note,

FRN,

4.397%,

(SOFR

+

0.73%),

2/02/30

......

Canada

26,030,000

26,045,412

I,

Senior

Note,

FRN,

4.438%,

(SOFR

+

0.76%),

9/15/28

....

Canada

26,540,000

26,567,991

a

Banque

Federative

du

Credit

Mutuel

SA

,

Senior

Preferred

Note,

144A,

5.896%,

7/13/26

...........

France

23,865,000

24,079,772

Senior

Preferred

Note,

144A,

5.088%,

1/23/27

...........

France

6,705,000

6,785,453

b

Senior

Preferred

Note,

144A,

FRN,

4.759%,

(SOFR

Index

+

1.07%),

2/16/28

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

France

43,971,000

44,269,567

Senior

Preferred

Note,

144A,

4.591%,

10/16/28

...........

France

20,026,000

20,258,528

b

Senior

Preferred

Note,

144A,

FRN,

4.646%,

(SOFR

+

0.99%),

10/16/28

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

France

26,682,000

26,837,429

Barclays

plc

,

Senior

Note,

5.829%

to

5/08/26,

FRN

thereafter,

5/09/27

....

United

Kingdom

34,275,000

34,431,680

Senior

Note,

6.496%

to

9/12/26,

FRN

thereafter,

9/13/27

....

United

Kingdom

30,870,000

31,316,449

b

Senior

Note,

FRN,

5.159%,

(SOFR

+

2.98%),

3/12/28

......

United

Kingdom

15,749,000

15,902,380

Senior

Note,

5.501%

to

8/08/27,

FRN

thereafter,

8/09/28

....

United

Kingdom

31,151,000

31,811,560

a

BNP

Paribas

SA

,

Senior

Non-Preferred

Bond,

144A,

3.5%,

11/16/27

........

France

53,803,000

53,278,447

Senior

Non-Preferred

Bond,

144A,

4.4%,

8/14/28

.........

France

5,735,000

5,764,167

b

Senior

Non-Preferred

Note,

144A,

FRN,

5.122%,

(SOFR

+

1.43%),

5/09/29

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

France

44,985,000

45,466,220

Senior

Preferred

Note,

144A,

5.125%

to

1/12/28,

FRN

thereafter,

1/13/29

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

France

13,800,000

14,054,839

a

BPCE

SA

,

Senior

Non-Preferred

Bond,

144A,

3.5%,

10/23/27

........

France

42,433,000

42,026,439

b

Senior

Non-Preferred

Note,

144A,

FRN,

5.644%,

(SOFR

Index

+

1.98%),

10/19/27

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

France

11,255,000

11,363,730

Senior

Non-Preferred

Note,

144A,

6.612%

to

10/18/26,

FRN

thereafter,

10/19/27

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

France

28,110,000

28,606,825

Senior

Non-Preferred

Note,

144A,

6.714%

to

10/18/28,

FRN

thereafter,

10/19/29

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

France

3,863,000

4,095,110

a

CaixaBank

SA

,

Senior

Non-Preferred

Note,

144A,

6.684%

to

9/12/26,

FRN

thereafter,

9/13/27

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

Spain

59,860,000

60,805,577

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Ultra

#### Short

#### Duration

#### 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)

#### Banks
(continued)

a

CaixaBank

SA,

(continued)

Senior

Non-Preferred

Note,

144A,

6.208%

to

1/17/28,

FRN

thereafter,

1/18/29

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

Spain

44,427,000

$

46,142,576

Senior

Non-Preferred

Note,

144A,

4.634%

to

7/02/28,

FRN

thereafter,

7/03/29

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

Spain

57,915,000

58,537,647

Canadian

Imperial

Bank

of

Commerce

,

Senior

Note,

5.926%,

10/02/26

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

Canada

31,583,000

32,022,826

b

Senior

Note,

FRN,

4.612%,

(SOFR

+

0.94%),

6/28/27

......

Canada

32,980,000

33,250,665

Senior

Note,

4.508%

to

9/10/26,

FRN

thereafter,

9/11/27

....

Canada

11,700,000

11,737,538

b

Senior

Note,

FRN,

4.599%,

(SOFR

Index

+

0.93%),

9/11/27

.

Canada

37,442,000

37,555,623

b

Senior

Note,

FRN,

4.702%,

(SOFR

+

1.03%),

3/30/29

......

Canada

36,270,000

36,488,125

Citibank

NA

,

Senior

Note

,

4.876%

to

11/18/26,

FRN

thereafter

,

11/19/27

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

United

States

33,962,000

34,204,984

b

Citigroup,

Inc.

,

Senior

Note,

FRN,

4.448%,

(SOFR

+

0.77%),

6/09/27

......

United

States

26,360,000

26,391,008

Senior

Note,

FRN,

4.825%,

(SOFR

+

1.143%),

5/07/28

.....

United

States

28,535,000

28,725,784

Senior

Note,

FRN,

4.541%,

(SOFR

+

0.87%),

3/04/29

......

United

States

58,488,000

58,628,125

a,b

Commonwealth

Bank

of

Australia

,

Senior

Note,

144A,

FRN,

4.124%,

(SOFR

+

0.46%),

11/27/26

Australia

36,945,000

37,072,721

Senior

Note,

144A,

FRN,

4.318%,

(SOFR

+

0.64%),

3/14/28

.

Australia

24,908,000

25,032,881

Cooperatieve

Rabobank

UA

,

Senior

Bond,

3.75%,

7/21/26

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

Netherlands

43,023,000

42,962,511

a

Senior

Non-Preferred

Note,

144A,

3.649%

to

4/05/27,

FRN

thereafter,

4/06/28

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

Netherlands

33,817,000

33,683,803

b

Senior

Preferred

Note,

FRN,

4.284%,

(SOFR

Index

+

0.62%),

8/28/26

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

Netherlands

18,730,000

18,771,155

b

Senior

Preferred

Note,

FRN,

4.254%,

(SOFR

+

0.59%),

5/27/27

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

Netherlands

18,025,000

18,096,259

b

Senior

Preferred

Note,

FRN,

4.066%,

(SOFR

+

0.41%),

1/14/28

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

Netherlands

17,385,000

17,400,182

Senior

Preferred

Note,

4.883%,

1/21/28

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

Netherlands

18,165,000

18,575,962

a

Credit

Agricole

SA

,

Senior

Non-Preferred

Note,

144A,

4.631%

to

9/10/27,

FRN

thereafter,

9/11/28

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

France

47,688,000

48,059,281

b

Senior

Non-Preferred

Note,

144A,

FRN,

4.879%,

(SOFR

+

1.21%),

9/11/28

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

France

17,672,000

17,800,052

Senior

Preferred

Note,

144A,

5.589%,

7/05/26

...........

France

33,415,000

33,654,080

b

Senior

Preferred

Note,

144A,

FRN,

4.539%,

(SOFR

+

0.87%),

3/11/27

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

France

2,750,000

2,762,405

Senior

Preferred

Note,

144A,

5.134%,

3/11/27

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

France

33,674,000

34,122,322

a

Danske

Bank

A/S

,

Senior

Non-Preferred

Bond,

144A,

4.375%,

6/12/28

.......

Denmark

25,156,000

25,318,729

Senior

Non-Preferred

Note,

144A,

4.298%

to

3/31/27,

FRN

thereafter,

4/01/28

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

Denmark

44,240,000

44,376,419

Senior

Preferred

Note,

144A,

5.427%

to

2/28/27,

FRN

thereafter,

3/01/28

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

Denmark

45,505,000

46,172,386

Fifth

Third

Bancorp

,

Senior

Note

,

6.361%

to

10/26/27,

FRN

thereafter

,

10/27/28

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

United

States

8,607,000

8,937,555

Fifth

Third

Bank

NA

,

b

Senior

Note,

FRN,

4.461%,

(SOFR

+

0.81%),

1/28/28

......

United

States

20,900,000

20,944,904

Senior

Note,

4.967%

to

1/27/27,

FRN

thereafter,

1/28/28

....

United

States

17,664,000

17,820,023

Huntington

Bancshares,

Inc.

,

Senior

Note

,

4.443%

to

8/03/27,

FRN

thereafter

,

8/04/28

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

United

States

7,315,000

7,358,916

Huntington

National

Bank

(The)

,

b

Senior

Note,

FRN,

4.387%,

(SOFR

+

0.72%),

4/12/28

......

United

States

45,485,000

45,525,981

Senior

Note,

4.871%

to

4/11/27,

FRN

thereafter,

4/12/28

....

United

States

11,275,000

11,374,864

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Ultra

#### Short

#### Duration

#### 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

#### Corporate

#### Bonds
(continued)

#### Banks
(continued)

ING

Groep

NV

,

Senior

Bond,

3.95%,

3/29/27

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

Netherlands

5,000,000

$

5,003,852

b

Senior

Note,

FRN,

4.661%,

(SOFR

Index

+

2.02%),

4/01/27

.

Netherlands

10,454,000

10,465,266

b

Senior

Note,

FRN,

5.229%,

(SOFR

Index

+

1.56%),

9/11/27

.

Netherlands

41,064,000

41,348,373

Senior

Note,

6.083%

to

9/10/26,

FRN

thereafter,

9/11/27

....

Netherlands

22,169,000

22,442,506

b

Senior

Note,

FRN,

4.663%,

(SOFR

Index

+

2.02%),

3/25/29

.

Netherlands

46,805,000

46,964,420

Senior

Note,

4.858%

to

3/24/28,

FRN

thereafter,

3/25/29

....

Netherlands

10,000,000

10,161,694

a

Intesa

Sanpaolo

SpA

,

Senior

Preferred

Bond

,

144A,

3.875 %

,

1/12/28

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

Italy

8,705,000

8,661,339

JPMorgan

Chase

&

Co.

,

b

Senior

Note,

FRN,

4.573%,

(SOFR

+

0.92%),

4/22/28

......

United

States

19,779,000

19,894,243

Senior

Note,

5.571%

to

4/21/27,

FRN

thereafter,

4/22/28

....

United

States

35,522,000

36,198,247

Senior

Note,

4.505%

to

10/21/27,

FRN

thereafter,

10/22/28

..

United

States

35,384,000

35,722,494

b

Senior

Note,

FRN,

4.513%,

(SOFR

+

0.86%),

10/22/28

.....

United

States

25,379,000

25,486,139

b

Senior

Note,

FRN,

4.462%,

(SOFR

+

0.8%),

1/24/29

.......

United

States

39,824,000

39,961,572

Lloyds

Banking

Group

plc

,

b

Senior

Note,

FRN,

5.243%,

(SOFR

Index

+

1.56%),

8/07/27

.

United

Kingdom

17,173,000

17,280,103

Senior

Note,

5.985%

to

8/06/26,

FRN

thereafter,

8/07/27

....

United

Kingdom

29,107,000

29,397,329

Senior

Note,

5.462%

to

1/04/27,

FRN

thereafter,

1/05/28

....

United

Kingdom

30,443,000

30,842,224

b

Senior

Note,

FRN,

4.735%,

(SOFR

Index

+

1.06%),

11/26/28

United

Kingdom

8,775,000

8,831,414

Senior

Note,

5.087%

to

11/25/27,

FRN

thereafter,

11/26/28

..

United

Kingdom

19,928,000

20,294,599

b

Senior

Note,

FRN,

4.728%,

(SOFR

Index

+

1.06%),

6/13/29

.

United

Kingdom

18,045,000

18,158,799

Senior

Note,

4.818%

to

6/12/28,

FRN

thereafter,

6/13/29

....

United

Kingdom

13,085,000

13,300,959

Mitsubishi

UFJ

Financial

Group,

Inc.

,

Senior

Note,

4.08%

to

4/18/27,

FRN

thereafter,

4/19/28

.....

Japan

9,185,000

9,196,229

Senior

Note,

5.017%

to

7/19/27,

FRN

thereafter,

7/20/28

....

Japan

32,970,000

33,468,796

b

Morgan

Stanley

Bank

NA

,

Senior

Note,

FRN,

4.596%,

(SOFR

+

0.94%),

7/14/28

......

United

States

37,728,000

38,000,881

Senior

Note,

FRN,

4.567%,

(SOFR

+

0.9%),

1/12/29

.......

United

States

13,738,000

13,801,517

National

Australia

Bank

Ltd.

,

Senior

Note,

3.85%,

12/13/28

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

Australia

26,045,000

26,060,510

a,b

Senior

Note,

144A,

FRN,

4.289%,

(SOFR

+

0.62%),

6/11/27

.

Australia

18,673,000

18,750,377

a,b

Senior

Note,

144A,

FRN,

4.261%,

(SOFR

+

0.6%),

10/26/27

.

Australia

22,921,000

23,031,133

a,b

Senior

Note,

144A,

FRN,

4.18%,

(SOFR

+

0.5%),

3/06/28

...

Australia

13,000,000

13,022,145

a,b

Senior

Note,

144A,

FRN,

4.328%,

(SOFR

+

0.65%),

6/13/28

.

Australia

27,030,000

27,180,124

a,b

Senior

Note,

144A,

FRN,

4.197%,

(SOFR

+

0.53%),

12/13/28

Australia

25,825,000

25,851,144

National

Bank

of

Canada

,

Senior

Note,

4.702%

to

3/04/26,

FRN

thereafter,

3/05/27

....

Canada

27,300,000

27,316,635

b

Senior

Note,

FRN,

4.681%,

(SOFR

Index

+

1.03%),

7/02/27

.

Canada

18,800,000

18,842,440

Senior

Note,

5.6%

to

7/01/26,

FRN

thereafter,

7/02/27

......

Canada

29,674,000

29,866,638

Senior

Note,

4.166%

to

1/19/28,

FRN

thereafter,

1/20/29

....

Canada

30,405,000

30,480,207

b

Senior

Note,

FRN,

4.434%,

(SOFR

+

0.77%),

1/20/29

......

Canada

21,715,000

21,757,569

NatWest

Group

plc

,

Senior

Note,

5.847%

to

3/01/26,

FRN

thereafter,

3/02/27

....

United

Kingdom

33,439,000

33,485,246

b

Senior

Note,

FRN,

4.903%,

(SOFR

+

1.25%),

3/01/28

......

United

Kingdom

44,560,000

44,707,439

Senior

Note,

5.583%

to

2/28/27,

FRN

thereafter,

3/01/28

....

United

Kingdom

20,520,000

20,871,533

b

Senior

Note,

FRN,

4.786%,

(SOFR

+

1.1%),

5/23/29

.......

United

Kingdom

13,505,000

13,599,230

a,b

Nordea

Bank

Abp

,

Senior

Preferred

Note,

144A,

FRN,

4.406%,

(SOFR

+

0.74%),

3/19/27

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

Finland

14,242,000

14,298,085

Senior

Preferred

Note,

144A,

FRN,

4.367%,

(SOFR

+

0.7%),

3/17/28

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

Finland

22,760,000

22,883,493

PNC

Bank

NA

,

b

Senior

Note,

FRN,

4.394%,

(SOFR

+

0.73%),

7/21/28

......

United

States

10,295,000

10,322,732

Senior

Note,

4.429%

to

7/20/27,

FRN

thereafter,

7/21/28

....

United

States

11,865,000

11,948,981

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Ultra

#### Short

#### Duration

#### 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)

#### Banks
(continued)

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Note,

5.102%

to

7/22/26,

FRN

thereafter,

7/23/27

....

United

States

19,988,000

$

20,096,192

Senior

Note,

4.075%

to

1/25/28,

FRN

thereafter,

1/26/29

....

United

States

30,340,000

30,389,889

b

Senior

Note,

FRN,

4.282%,

(SOFR

+

0.62%),

1/26/29

......

United

States

26,005,000

26,051,365

b

Royal

Bank

of

Canada

,

Senior

Note,

FRN,

4.443%,

(SOFR

Index

+

0.79%),

7/23/27

.

Canada

42,037,000

42,095,172

Senior

Note,

FRN,

4.384%,

(SOFR

Index

+

1.44%),

10/18/27

Canada

26,740,000

26,828,079

Senior

Note,

FRN,

4.492%,

(SOFR

Index

+

0.83%),

1/24/29

.

Canada

36,742,000

36,829,203

1,

Senior

Note,

FRN,

4.395%,

(SOFR

+

0.7%),

11/03/28

....

Canada

34,742,000

34,782,813

Santander

UK

Group

Holdings

plc

,

Senior

Note

,

6.534%

to

1/09/28,

FRN

thereafter

,

1/10/29

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

United

Kingdom

42,000,000

43,855,796

a

Skandinaviska

Enskilda

Banken

AB

,

b

Senior

Preferred

Note,

144A,

FRN,

4.562%,

(SOFR

+

1.78%),

3/05/27

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

Sweden

12,268,000

12,339,558

Senior

Preferred

Note,

144A,

5.125%,

3/05/27

...........

Sweden

23,865,000

24,206,896

b

Senior

Preferred

Note,

144A,

FRN,

4.433%,

(SOFR

+

0.75%),

6/02/28

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

Sweden

36,045,000

36,226,454

a

Societe

Generale

SA

,

Senior

Non-Preferred

Bond,

144A,

4%,

1/12/27

...........

France

19,733,000

19,724,204

b

Senior

Non-Preferred

Note,

144A,

FRN,

4.778%,

(SOFR

+

1.1%),

2/19/27

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

France

21,460,000

21,565,014

Senior

Non-Preferred

Note,

144A,

5.25%,

2/19/27

.........

France

51,030,000

51,640,435

Sumitomo

Mitsui

Financial

Group,

Inc.

,

Senior

Note,

1.402%,

9/17/26

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

Japan

15,987,000

15,754,457

Senior

Note,

5.52%,

1/13/28

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

Japan

37,249,000

38,379,312

Senior

Note,

4.108%,

1/15/29

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

Japan

13,055,000

13,060,414

b

Senior

Note,

FRN,

4.416%,

(SOFR

+

0.76%),

1/15/29

......

Japan

17,480,000

17,502,156

a

Sumitomo

Mitsui

Trust

Bank

Ltd.

,

Senior

Note,

144A,

5.65%,

9/14/26

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

Japan

9,670,000

9,770,712

Senior

Note,

144A,

5.2%,

3/07/27

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

Japan

14,741,000

14,953,193

b

Senior

Note,

144A,

FRN,

4.65%,

(SOFR

+

0.98%),

9/10/27

..

Japan

37,899,000

38,263,429

b

Senior

Note,

144A,

FRN,

4.419%,

(SOFR

+

0.75%),

9/11/28

.

Japan

27,750,000

27,864,438

a,b

Svenska

Handelsbanken

AB

,

Senior

Preferred

Note,

144A,

FRN,

4.324%,

(SOFR

+

1.32%),

5/28/27

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

Sweden

23,375,000

23,467,435

Senior

Preferred

Note,

144A,

FRN,

4.426%,

(SOFR

+

0.74%),

5/23/28

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

Sweden

31,545,000

31,727,498

a

Swedbank

AB

,

Senior

Non-Preferred

Note,

144A,

6.136%,

9/12/26

........

Sweden

26,255,000

26,601,954

Senior

Non-Preferred

Note,

144A,

5.337%,

9/20/27

........

Sweden

34,707,000

35,481,405

Toronto-Dominion

Bank

(The)

,

Senior

Note,

5.532%,

7/17/26

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

Canada

19,115,000

19,261,558

Senior

Note,

5.264%,

12/11/26

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

Canada

5,030,000

5,092,360

b

Senior

Note,

FRN,

4.287%,

(SOFR

+

0.62%),

12/17/26

.....

Canada

32,380,000

32,481,174

b

Senior

Note,

FRN,

4.47%,

(SOFR

+

0.82%),

1/31/28

.......

Canada

34,032,000

34,224,631

Senior

Note,

5.523%,

7/17/28

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

Canada

17,710,000

18,352,741

b

Senior

Note,

FRN,

4.417%,

(SOFR

+

0.75%),

10/13/28

.....

Canada

35,041,000

35,136,455

b

F,

Senior

Note,

FRN,

4.247%,

(SOFR

+

0.58%),

1/13/28

....

Canada

22,285,000

22,321,762

Truist

Bank

,

Senior

Note,

4.671%

to

5/19/26,

FRN

thereafter,

5/20/27

....

United

States

45,853,000

45,930,533

Senior

Note,

4.42%

to

7/23/27,

FRN

thereafter,

7/24/28

.....

United

States

27,707,000

27,866,320

b

Senior

Note,

FRN,

4.432%,

(SOFR

+

0.77%),

7/24/28

......

United

States

33,354,000

33,467,217

Truist

Financial

Corp.

,

Senior

Note

,

6.047%

to

6/07/26,

FRN

thereafter

,

6/08/27

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

United

States

29,472,000

29,676,753

US

Bank

NA

,

b

Senior

Note,

FRN,

4.343%,

(SOFR

+

0.69%),

10/22/27

.....

United

States

10,550,000

10,558,757

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Ultra

#### Short

#### Duration

#### 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

#### Corporate

#### Bonds
(continued)

#### Banks
(continued)

US

Bank

NA,

(continued)

Senior

Note,

4.507%

to

10/21/26,

FRN

thereafter,

10/22/27

..

United

States

47,828,000

$

48,032,130

b

Senior

Note,

FRN,

4.599%,

(SOFR

+

0.91%),

5/15/28

......

United

States

22,440,000

22,557,333

Senior

Note,

4.73%

to

5/14/27,

FRN

thereafter,

5/15/28

.....

United

States

27,850,000

28,122,887

Wells

Fargo

&

Co.

,

Senior

Note,

3.196%

to

6/16/26,

FRN

thereafter,

6/17/27

....

United

States

12,349,000

12,312,512

b

Senior

Note,

FRN,

4.442%,

(SOFR

+

0.78%),

1/24/28

......

United

States

39,394,000

39,505,757

b

Senior

Note,

FRN,

4.723%,

(SOFR

+

1.07%),

4/22/28

......

United

States

29,439,000

29,604,676

Senior

Note,

5.707%

to

4/21/27,

FRN

thereafter,

4/22/28

....

United

States

17,462,000

17,815,014

b

Senior

Note,

FRN,

5.023%,

(SOFR

+

1.37%),

4/23/29

......

United

States

54,365,000

55,285,079

Westpac

Banking

Corp.

,

b

Senior

Note,

FRN,

4.124%,

(SOFR

+

0.92%),

10/20/26

.....

Australia

46,301,000

46,392,972

4,618,630,262

#### Building

#### Products

#### 0.4%
Owens

Corning

,

Senior

Bond,

3.4%,

8/15/26

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

United

States

31,196,000

31,083,556

Senior

Note,

5.5%,

6/15/27

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

United

States

15,428,000

15,731,296

46,814,852

#### Capital

#### Markets

#### 8.1%
Bank

of

New

York

Mellon

(The)

,

Senior

Note

,

4.587%

to

4/19/26,

FRN

thereafter

,

4/20/27

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

United

States

13,430,000

13,449,274

Bank

of

New

York

Mellon

Corp.

(The)

,

b

Senior

Note,

FRN,

4.36%,

(SOFR

Index

+

0.68%),

6/09/28

..

United

States

22,475,000

22,547,846

Senior

Note,

4.441%

to

6/08/27,

FRN

thereafter,

6/09/28

....

United

States

13,485,000

13,588,898

b

Senior

Note,

FRN,

4.494%,

(SOFR

Index

+

0.83%),

7/21/28

.

United

States

9,714,000

9,769,311

b

Senior

Note,

FRN,

4.283%,

(SOFR

+

0.63%),

1/22/30

......

United

States

56,335,000

56,331,050

Deutsche

Bank

AG

,

Senior

Non-Preferred

Note,

7.146%

to

7/12/26,

FRN

thereafter,

7/13/27

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

Germany

51,919,000

52,626,981

Senior

Non-Preferred

Note,

2.552%

to

1/06/27,

FRN

thereafter,

1/07/28

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

Germany

22,200,000

21,890,228

b

Senior

Non-Preferred

Note,

FRN,

4.877%,

(SOFR

+

1.21%),

1/10/29

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

Germany

39,085,000

39,365,696

Senior

Non-Preferred

Note,

5.373%

to

1/09/28,

FRN

thereafter,

1/10/29

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

Germany

13,120,000

13,400,801

Goldman

Sachs

Bank

USA

,

b

Senior

Note,

FRN,

4.427%,

(SOFR

+

0.75%),

5/21/27

......

United

States

59,372,000

59,445,898

Senior

Note,

5.414%

to

5/20/26,

FRN

thereafter,

5/21/27

....

United

States

21,870,000

21,965,563

Goldman

Sachs

Group,

Inc.

(The)

,

b

Senior

Bond,

FRN,

5.683%,

(3-month

SOFR

+

2.012%),

10/28/27

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

United

States

1,029,000

1,040,155

b

Senior

Note,

FRN,

4.943%,

(SOFR

+

1.29%),

4/23/28

......

United

States

22,575,000

22,770,526

Senior

Note,

4.148%

to

1/20/28,

FRN

thereafter,

1/21/29

....

United

States

12,970,000

12,982,081

b

Senior

Note,

FRN,

4.374%,

(SOFR

+

0.71%),

1/21/29

......

United

States

25,940,000

25,951,204

b

Senior

Note,

FRN,

4.584%,

(SOFR

+

0.92%),

10/21/29

.....

United

States

30,490,000

30,574,507

Intercontinental

Exchange,

Inc.

,

Senior

Note

,

3.95 %

,

12/01/28

..

United

States

11,530,000

11,542,195

Jefferies

Financial

Group,

Inc.

,

Senior

Note,

4.75%,

8/11/26

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

United

States

51,580,000

51,580,617

Senior

Note,

4.5%,

9/15/26

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

United

States

48,535,000

48,675,809

a

Macquarie

Bank

Ltd.

,

Senior

Note,

144A,

5.391%,

12/07/26

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

Australia

14,358,000

14,551,088

b,c

Senior

Note,

144A,

FRN,

4.136%,

(SOFR

+

0.48%),

2/03/28

.

Australia

44,005,000

44,043,031

b

Senior

Note,

144A,

FRN,

4.409%,

(SOFR

+

0.74%),

6/12/28

.

Australia

36,035,000

36,239,909

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Ultra

#### Short

#### Duration

#### 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)

#### Capital

#### Markets
(continued)

a,b

Mizuho

Markets

Cayman

LP

,

Senior

Note,

144A,

FRN,

4.16%,

(SOFR

+

0.5%),

5/01/26

...

Japan

27,200,000

$

27,210,763

Senior

Note,

144A,

FRN,

4.189%,

(SOFR

+

0.52%),

10/09/26

Japan

35,215,000

35,261,666

Senior

Note,

144A,

FRN,

4.176%,

(SOFR

+

0.52%),

11/16/26

Japan

36,585,000

36,639,288

Morgan

Stanley

,

Senior

Bond,

3.125%,

7/27/26

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

United

States

9,596,000

9,561,966

b

Senior

Note,

FRN,

4.676%,

(SOFR

+

1.02%),

4/13/28

......

United

States

19,140,000

19,244,258

b

Senior

Note,

FRN,

5.036%,

(SOFR

+

1.38%),

4/12/29

......

United

States

36,625,000

37,145,757

b

I,

Senior

Note,

FRN,

4.584%,

(SOFR

+

0.92%),

10/18/29

....

United

States

34,870,000

35,062,046

b

State

Street

Bank

&

Trust

Co.

,

Senior

Note

,

FRN

,

4.146 %

,

(SOFR

+

0.46 %),

11/25/26

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

United

States

13,804,000

13,834,663

b

State

Street

Corp.

,

Senior

Note,

FRN,

4.529%,

(SOFR

+

0.845%),

8/03/26

.....

United

States

19,120,000

19,169,052

Senior

Note,

FRN,

4.293%,

(SOFR

+

0.64%),

10/22/27

.....

United

States

15,722,000

15,802,746

Senior

Note,

FRN,

4.612%,

(SOFR

+

0.95%),

4/24/28

......

United

States

13,530,000

13,613,144

UBS

AG

,

Senior

Note

,

4.864%

to

1/09/27,

FRN

thereafter

,

1/10/28

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

Switzerland

17,235,000

17,388,309

a

UBS

Group

AG

,

Senior

Bond,

144A,

4.282%,

1/09/28

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

Switzerland

55,035,000

55,162,333

Senior

Bond,

144A,

3.869%

to

1/11/28,

FRN

thereafter,

1/12/29

Switzerland

27,853,000

27,719,374

Senior

Note,

144A,

1.305%

to

2/01/26,

FRN

thereafter,

2/02/27

Switzerland

9,833,000

9,833,000

Senior

Note,

144A,

6.327%

to

12/21/26,

FRN

thereafter,

12/22/27

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

Switzerland

18,300,000

18,663,052

Senior

Note,

144A,

6.442%

to

8/10/27,

FRN

thereafter,

8/11/28

Switzerland

26,042,000

26,942,119

1,042,586,204

#### Commercial

#### Services

#### &

#### Supplies

#### 0.2%
Veralto

Corp.

,

Senior

Note

,

5.5 %

,

9/18/26

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

United

States

25,729,000

25,964,946

#### Consumer

#### Finance

#### 7.3%
AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Note,

2.45%,

10/29/26

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

Ireland

37,466,000

37,050,684

Senior

Note,

4.875%,

4/01/28

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

Ireland

34,746,000

35,314,753

Senior

Note,

3%,

10/29/28

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

Ireland

44,898,000

43,565,989

Senior

Note,

4.125%,

2/28/29

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

Ireland

20,035,000

19,969,593

American

Express

Co.

,

b

Senior

Note,

FRN,

4.621%,

(SOFR

Index

+

0.97%),

7/28/27

.

United

States

15,063,000

15,105,270

b

Senior

Note,

FRN,

4.689%,

(SOFR

Index

+

1%),

2/16/28

....

United

States

28,255,000

28,339,876

b

Senior

Note,

FRN,

4.592%,

(SOFR

+

0.93%),

7/26/28

......

United

States

18,958,000

19,055,482

b

Senior

Note,

FRN,

4.922%,

(SOFR

+

1.26%),

4/25/29

......

United

States

25,343,000

25,672,763

Senior

Note,

4.351%

to

7/19/28,

FRN

thereafter,

7/20/29

....

United

States

34,727,000

34,947,025

b

American

Honda

Finance

Corp.

,

Senior

Note,

FRN,

4.279%,

(SOFR

+

0.62%),

12/11/26

.....

United

States

18,335,000

18,374,566

Senior

Note,

FRN,

4.401%,

(SOFR

+

0.73%),

8/13/27

......

United

States

26,500,000

26,627,918

Senior

Note,

FRN,

4.373%,

(SOFR

+

0.72%),

10/22/27

.....

United

States

24,840,000

24,946,650

Senior

Note,

FRN,

4.492%,

(SOFR

+

0.82%),

3/03/28

......

United

States

36,865,000

36,955,309

A,

Senior

Note,

FRN,

4.318%,

(SOFR

+

0.65%),

5/20/26

....

United

States

31,945,000

31,989,802

Capital

One

Financial

Corp.

,

Senior

Bond,

3.75%,

3/09/27

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

United

States

23,725,000

23,682,852

Senior

Note,

7.149%

to

10/28/26,

FRN

thereafter,

10/29/27

..

United

States

46,765,000

47,776,071

Senior

Note,

4.927%

to

5/09/27,

FRN

thereafter,

5/10/28

....

United

States

32,804,000

33,150,974

Senior

Note,

6.312%

to

6/07/28,

FRN

thereafter,

6/08/29

....

United

States

26,958,000

28,222,112

b

Caterpillar

Financial

Services

Corp.

,

Senior

Note,

FRN,

4.346%,

(SOFR

+

0.69%),

10/16/26

.....

United

States

14,073,000

14,127,628

Senior

Note,

FRN,

4.249%,

(SOFR

+

0.56%),

11/15/27

.....

United

States

36,989,000

37,185,442

Senior

Note,

FRN,

4.26%,

(SOFR

+

0.58%),

11/14/28

......

United

States

34,856,000

35,018,400

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Ultra

#### Short

#### Duration

#### 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

#### Corporate

#### Bonds
(continued)

#### Consumer

#### Finance
(continued)

General

Motors

Financial

Co.,

Inc.

,

Senior

Note,

5.4%,

4/06/26

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

United

States

21,955,000

$

22,012,988

Senior

Note,

1.5%,

6/10/26

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

United

States

12,966,000

12,855,048

b

Senior

Note,

FRN,

5.042%,

(SOFR

Index

+

1.35%),

5/08/27

.

United

States

1,850,000

1,862,775

b

Senior

Note,

FRN,

4.706%,

(SOFR

Index

+

1.05%),

7/15/27

.

United

States

21,495,000

21,545,417

b

John

Deere

Capital

Corp.

,

Senior

Note,

FRN,

4.269%,

(SOFR

+

0.6%),

6/11/27

.......

United

States

41,230,000

41,425,291

Senior

Note,

FRN,

4.171%,

(SOFR

+

0.5%),

3/06/28

.......

United

States

37,895,000

38,067,549

Senior

Note,

FRN,

4.249%,

(SOFR

+

0.58%),

9/11/28

......

United

States

26,565,000

26,680,177

Toyota

Motor

Credit

Corp.

,

b

Senior

Note,

FRN,

4.117%,

(SOFR

Index

+

0.45%),

4/10/26

.

United

States

16,141,000

16,150,649

b

Senior

Note,

FRN,

4.453%,

(SOFR

+

0.77%),

8/07/26

......

United

States

9,386,000

9,413,907

Senior

Note,

4.15%

to

2/17/26,

FRN

thereafter,

11/18/27

....

United

States

35,000,000

35,213,135

b

Senior

Note,

FRN,

4.392%,

(SOFR

+

0.72%),

9/05/28

......

United

States

44,422,000

44,742,408

b

B,

Senior

Note,

FRN,

4.117%,

(SOFR

+

0.45%),

1/12/28

....

United

States

17,400,000

17,425,206

904,473,709

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.6%
a

Alimentation

Couche-Tard,

Inc.

,

Senior

Note

,

144A,

4.148 %

,

9/29/28

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

Canada

30,740,000

30,783,821

Kroger

Co.

(The)

,

Senior

Bond

,

2.65 %

,

10/15/26

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

United

States

11,223,000

11,124,711

Target

Corp.

,

Senior

Note

,

4.35 %

,

6/15/28

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

United

States

18,850,000

19,117,107

61,025,639

#### Diversified

#### Telecommunication

#### Services

#### 0.7%
AT&T,

Inc.

,

Senior

Bond,

4.25%,

3/01/27

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

United

States

37,606,000

37,722,109

Senior

Note,

3.8%,

2/15/27

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

United

States

23,776,000

23,745,236

Senior

Note,

2.3%,

6/01/27

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

United

States

23,573,000

23,098,255

84,565,600

#### Electric

#### Utilities

#### 1.0%
Duke

Energy

Corp.

,

Senior

Note

,

4.85 %

,

1/05/27

...........

United

States

23,835,000

24,063,764

a

Enel

Finance

International

NV

,

Senior

Note

,

144A,

4.125 %

,

9/30/28

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

Italy

6,555,000

6,556,433

Eversource

Energy

,

Senior

Note

,

4.75 %

,

5/15/26

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

United

States

33,260,000

33,334,138

b

Georgia

Power

Co.

,

Senior

Note

,

FRN

,

3.958 %

,

(SOFR

Index

+

0.28 %),

9/15/26

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

United

States

13,615,000

13,618,836

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond,

3.55%,

5/01/27

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

United

States

7,304,000

7,270,674

Senior

Note,

4.685%,

9/01/27

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

United

States

6,105,000

6,176,678

b

Senior

Note,

FRN,

4.494%,

(SOFR

Index

+

0.8%),

2/04/28

..

United

States

18,145,000

18,255,907

Senior

Note,

4.85%,

2/04/28

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

United

States

6,350,000

6,464,537

Wisconsin

Electric

Power

Co.

,

Senior

Note

,

3.95 %

,

3/01/29

....

United

States

10,460,000

10,454,309

126,195,276

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.4%
Amphenol

Corp.

,

Senior

Note,

3.8%,

11/15/27

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

United

States

17,405,000

17,400,995

b

Senior

Note,

FRN,

4.222%,

(SOFR

+

0.53%),

11/15/27

.....

United

States

6,110,000

6,126,545

Senior

Note,

4.375%,

6/12/28

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

United

States

31,515,000

31,854,275

55,381,815

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Ultra

#### Short

#### Duration

#### 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)

#### Entertainment

#### 0.2%
Netflix,

Inc.

,

Senior

Bond,

4.375%,

11/15/26

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

United

States

5,155,000

$

5,174,205

Senior

Bond,

5.875%,

11/15/28

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

United

States

14,540,000

15,254,555

20,428,760

#### Financial

#### Services

#### 1.2%
a

Nationwide

Building

Society

,

Senior

Non-Preferred

Note,

144A,

6.557%

to

10/17/26,

FRN

thereafter,

10/18/27

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

United

Kingdom

52,821,000

53,736,929

b

Senior

Non-Preferred

Note,

144A,

FRN,

4.979%,

(SOFR

+

2.58%),

2/16/28

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

United

Kingdom

29,615,000

29,859,656

Senior

Non-Preferred

Note,

144A,

4.649%

to

7/13/28,

FRN

thereafter,

7/14/29

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

United

Kingdom

14,858,000

15,018,190

b

Senior

Non-Preferred

Note,

144A,

FRN,

4.726%,

(SOFR

+

1.07%),

7/14/29

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

United

Kingdom

27,025,000

27,173,871

b

PayPal

Holdings,

Inc.

,

Senior

Note

,

FRN

,

4.35 %

,

(SOFR

+

0.67 %),

3/06/28

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

United

States

22,690,000

22,765,505

148,554,151

#### Food

#### Products

#### 0.9%
a,b

Cargill,

Inc.

,

Senior

Note

,

144A,

FRN

,

4.301 %

,

(SOFR

+

0.61 %),

2/11/28

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

United

States

31,820,000

31,897,871

a

Mars,

Inc.

,

Senior

Note

,

144A,

4.45 %

,

3/01/27

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

United

States

31,738,000

31,976,842

Mondelez

International,

Inc.

,

Senior

Note

,

4.25 %

,

5/06/28

.....

United

States

39,570,000

39,780,582

103,655,295

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.0%

#### †
GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

4.15 %

,

12/15/28

United

States

6,100,000

6,119,982

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.7%
CVS

Health

Corp.

,

Senior

Bond,

2.875%,

6/01/26

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

United

States

28,549,000

28,445,311

Senior

Note,

5%,

2/20/26

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

United

States

11,793,602

11,796,281

Senior

Note,

3%,

8/15/26

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

United

States

40,000,000

39,786,212

b

UnitedHealth

Group,

Inc.

,

Senior

Note

,

FRN

,

4.156 %

,

(SOFR

+

0.5 %),

7/15/26

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

United

States

18,789,000

18,820,090

98,847,894

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.3%
Hyatt

Hotels

Corp.

,

Senior

Note

,

5.75 %

,

1/30/27

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

United

States

42,761,000

43,436,709

Marriott

International,

Inc.

,

R,

Senior

Bond,

3.125%,

6/15/26

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

United

States

15,266,000

15,222,598

X,

Senior

Bond,

4%,

4/15/28

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

United

States

13,174,000

13,166,971

Senior

Note,

5.45%,

9/15/26

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

United

States

2,202,000

2,219,970

Senior

Note,

4.2%,

7/15/27

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

United

States

24,299,000

24,387,796

a

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note,

144A,

4.25%,

7/01/26

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

United

States

25,193,000

25,185,518

Senior

Note,

144A,

5.5%,

8/31/26

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

United

States

20,568,000

20,589,973

Starbucks

Corp.

,

Senior

Note

,

4.75 %

,

2/15/26

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

United

States

20,161,000

20,164,883

164,374,418

#### Household

#### Durables

#### 0.2%
Lennar

Corp.

,

Senior

Note

,

5.25 %

,

6/01/26

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

United

States

21,737,000

21,761,920

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Ultra

#### Short

#### Duration

#### 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

#### Corporate

#### Bonds
(continued)

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.2%
Constellation

Energy

Generation

LLC

,

Senior

Note,

3.9%,

1/08/28

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

United

States

12,400,000

$

12,389,733

b

Senior

Note,

FRN,

4.259%,

(SOFR

+

0.6%),

1/08/28

.......

United

States

13,020,000

13,045,790

25,435,523

#### Industrial

#### Conglomerates

#### 0.1%
a,b

Siemens

Funding

BV

,

Senior

Note

,

144A,

FRN

,

4.315 %

,

(SOFR

+

0.64 %),

5/26/28

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

Germany

13,320,000

13,392,490

#### Insurance

#### 6.8%
a

AEGON

Funding

Co.

LLC

,

Senior

Note

,

144A,

5.5 %

,

4/16/27

..

Netherlands

52,996,000

53,784,894

Arthur

J

Gallagher

&

Co.

,

Senior

Note

,

4.6 %

,

12/15/27

.......

United

States

25,981,000

26,285,535

a

Athene

Global

Funding

,

Secured

Note,

144A,

4.95%,

1/07/27

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

United

States

35,576,000

35,876,445

Secured

Note,

144A,

5.349%,

7/09/27

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

United

States

26,457,000

26,911,877

b

Secured

Note,

144A,

FRN,

4.63%,

(SOFR

Index

+

0.95%),

3/06/28

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

United

States

38,701,000

38,891,699

b

Secured

Note,

144A,

FRN,

4.666%,

(SOFR

Index

+

1%),

9/18/28

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

United

States

22,450,000

22,514,446

Senior

Secured

Note,

144A,

4.86%,

8/27/26

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

United

States

28,083,000

28,219,603

Brown

&

Brown,

Inc.

,

Senior

Note

,

4.6 %

,

12/23/26

...........

United

States

26,610,000

26,771,878

a

CNO

Global

Funding

,

Secured

Note,

144A,

1.75%,

10/07/26

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

United

States

49,857,000

49,107,268

Secured

Note,

144A,

4.875%,

12/10/27

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

United

States

11,296,000

11,442,495

a

Corebridge

Global

Funding

,

Secured

Note,

144A,

5.35%,

6/24/26

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

United

States

23,645,000

23,777,905

b

Senior

Secured

Note,

144A,

FRN,

4.953%,

(SOFR

+

1.3%),

9/25/26

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

United

States

42,912,000

43,196,244

a

GA

Global

Funding

Trust

,

Secured

Note

,

144A,

4.4 %

,

9/23/27

..

United

States

30,700,000

30,816,262

b

Marsh

&

McLennan

Cos.,

Inc.

,

Senior

Note

,

FRN

,

4.392 %

,

(SOFR

Index

+

0.7 %),

11/08/27

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

United

States

16,405,000

16,485,805

a,b

MassMutual

Global

Funding

II

,

Secured

Note

,

144A,

FRN

,

4.398 %

,

(SOFR

+

0.74 %),

4/09/27

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

United

States

33,620,000

33,798,656

a

Met

Tower

Global

Funding

,

Senior

Secured

Note,

144A,

4%,

10/01/27

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

United

States

9,469,000

9,493,743

Senior

Secured

Note,

144A,

4%,

1/14/29

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

United

States

21,755,000

21,723,741

a

Metropolitan

Life

Global

Funding

I

,

b

Secured

Note,

144A,

FRN,

4.369%,

(SOFR

Index

+

0.7%),

6/11/27

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

United

States

30,442,000

30,565,441

Secured

Note,

144A,

4.15%,

8/25/28

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

United

States

17,750,000

17,840,065

b

Secured

Note,

144A,

FRN,

4.386%,

(SOFR

+

0.7%),

8/25/28

United

States

37,858,000

37,964,558

a

Mutual

of

Omaha

Cos.

Global

Funding

,

Secured

Note

,

144A,

5.8 %

,

7/27/26

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

United

States

21,220,000

21,396,310

a,b

New

York

Life

Global

Funding

,

Secured

Note,

144A,

FRN,

4.322%,

(SOFR

+

0.66%),

7/25/28

United

States

26,585,000

26,721,730

Senior

Secured

Note,

144A,

FRN,

4.321%,

(SOFR

+

0.67%),

4/02/27

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

United

States

47,790,000

47,990,453

Senior

Secured

Note,

144A,

FRN,

4.542%,

(SOFR

+

0.88%),

4/25/28

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

United

States

22,555,000

22,767,546

a

Northwestern

Mutual

Global

Funding

,

Secured

Note,

144A,

5.07%,

3/25/27

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

United

States

14,344,000

14,536,958

b

Secured

Note,

144A,

FRN,

4.346%,

(SOFR

+

0.66%),

8/25/28

United

States

26,580,000

26,655,492

a,b

Pacific

Life

Global

Funding

II

,

Secured

Note

,

144A,

FRN

,

4.534 %

,

(SOFR

+

0.85 %),

2/05/27

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

United

States

2,634,000

2,647,009

a

Principal

Life

Global

Funding

II

,

Secured

Note,

144A,

4.6%,

8/19/27

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

United

States

9,381,000

9,475,286

b

Secured

Note,

144A,

FRN,

4.499%,

(SOFR

+

0.81%),

8/18/28

United

States

22,125,000

22,154,961

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Ultra

#### Short

#### Duration

#### 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)

#### Insurance
(continued)

a

Protective

Life

Global

Funding

,

b

Secured

Note,

144A,

FRN,

4.367%,

(SOFR

+

0.7%),

4/10/26

United

States

28,438,000

$

28,464,125

Secured

Note,

144A,

4.992%,

1/12/27

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

United

States

14,470,000

14,640,238

Secured

Note,

144A,

4.335%,

9/13/27

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

United

States

28,010,000

28,216,096

Secured

Note,

144A,

4.161%,

1/15/29

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

United

States

30,500,000

30,511,047

881,645,811

#### Interactive

#### Media

#### &

#### Services

#### 0.1%
Meta

Platforms,

Inc.

,

Senior

Note

,

3.5 %

,

8/15/27

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

United

States

6,865,000

6,853,470

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.1%
Illumina,

Inc.

,

Senior

Note

,

4.65 %

,

9/09/26

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

United

States

18,540,000

18,589,342

#### Machinery

#### 0.6%
a

Daimler

Truck

Finance

North

America

LLC

,

Senior

Note,

144A,

5%,

1/15/27

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

Germany

15,725,000

15,903,896

Senior

Note,

144A,

4.3%,

8/12/27

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

Germany

14,575,000

14,649,900

b

Senior

Note,

144A,

FRN,

4.623%,

(SOFR

+

0.96%),

9/25/27

.

Germany

24,088,000

24,190,093

b

Senior

Note,

144A,

FRN,

4.507%,

(SOFR

+

0.84%),

1/13/28

.

Germany

13,552,000

13,571,083

Senior

Note,

144A,

4.15%,

1/12/29

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

Germany

8,670,000

8,670,756

76,985,728

#### Metals

#### &

#### Mining

#### 0.2%
a,b

Glencore

Funding

LLC

,

Senior

Note

,

144A,

FRN

,

4.401 %

,

(SOFR

Index

+

0.75 %),

10/01/26

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

Australia

18,325,000

18,364,249

b

Rio

Tinto

Finance

USA

plc

,

Senior

Note

,

FRN

,

4.518 %

,

(SOFR

Index

+

0.84 %),

3/14/28

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

Australia

13,620,000

13,735,429

32,099,678

#### Multi-Utilities

#### 0.8%
Ameren

Corp.

,

Senior

Note

,

5.7 %

,

12/01/26

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

United

States

26,006,000

26,349,666

Dominion

Energy,

Inc.

,

Senior

Note

,

4.6 %

,

5/15/28

..........

United

States

11,190,000

11,334,793

DTE

Energy

Co.

,

Senior

Note,

4.95%,

7/01/27

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

United

States

32,598,000

33,015,016

Senior

Note,

4.875%,

6/01/28

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

United

States

11,905,000

12,111,677

Southern

Co.

Gas

Capital

Corp.

,

A

,

Senior

Note

,

4.05 %

,

9/15/28

United

States

5,710,000

5,716,544

WEC

Energy

Group,

Inc.

,

Senior

Note

,

5.6 %

,

9/12/26

........

United

States

13,357,000

13,474,115

102,001,811

#### Office

#### REITs

#### 0.6%
Boston

Properties

LP

,

Senior

Bond,

3.65%,

2/01/26

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

United

States

47,243,000

47,243,000

Senior

Bond,

2.75%,

10/01/26

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

United

States

32,334,000

32,049,782

79,292,782

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.9%
b

Chevron

USA,

Inc.

,

Senior

Note,

FRN,

4.145%,

(SOFR

Index

+

0.47%),

2/26/28

.

United

States

18,155,000

18,232,006

Senior

Note,

FRN,

4.241%,

(SOFR

+

0.57%),

8/13/28

......

United

States

22,140,000

22,303,972

Energy

Transfer

LP

,

Senior

Bond

,

3.9 %

,

7/15/26

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

United

States

15,140,000

15,138,120

Enterprise

Products

Operating

LLC

,

Senior

Note

,

4.3 %

,

6/20/28

United

States

10,893,000

10,989,394

ONEOK,

Inc.

,

Senior

Note,

5.55%,

11/01/26

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

United

States

31,282,000

31,611,360

Senior

Note,

5.65%,

11/01/28

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

United

States

2,243,000

2,330,066

Phillips

Co.

,

Senior

Note

,

3.55 %

,

10/01/26

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

United

States

10,623,000

10,599,411

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Ultra

#### Short

#### Duration

#### 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

#### Corporate

#### Bonds
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

Sabine

Pass

Liquefaction

LLC

,

Senior

Secured

Note

,

5.875 %

,

6/30/26

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

United

States

458,000

$

458,504

111,662,833

#### Paper

#### &

#### Forest

#### Products

#### 0.1%
a

Georgia-Pacific

LLC

,

Senior

Note,

144A,

0.95%,

5/15/26

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

United

States

7,773,000

7,710,595

Senior

Note,

144A,

4.4%,

6/30/28

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

United

States

7,815,000

7,899,898

15,610,493

#### Personal

#### Care

#### Products

#### 0.2%
Haleon

US

Capital

LLC

,

Senior

Note

,

3.375 %

,

3/24/27

.......

United

States

13,389,000

13,306,389

Kenvue,

Inc.

,

Senior

Note

,

5.35 %

,

3/22/26

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

United

States

18,000,000

18,011,920

31,318,309

#### Pharmaceuticals

#### 1.0%
Eli

Lilly

&

Co.

,

Senior

Note,

4%,

10/15/28

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

United

States

17,690,000

17,825,585

b

Senior

Note,

FRN,

4.186%,

(SOFR

+

0.53%),

10/15/28

.....

United

States

44,240,000

44,555,485

b

Merck

&

Co.,

Inc.

,

Senior

Note

,

FRN

,

4.242 %

,

(SOFR

+

0.57 %),

3/15/29

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

United

States

26,235,000

26,324,017

b

Novartis

Capital

Corp.

,

Senior

Note

,

FRN

,

4.204 %

,

(SOFR

+

0.52 %),

11/05/28

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

United

States

21,785,000

21,910,053

b

Pfizer,

Inc.

,

Senior

Note

,

FRN

,

4.177 %

,

(SOFR

+

0.5 %),

11/15/27

United

States

13,175,000

13,230,798

123,845,938

#### Residential

#### REITs

#### 0.4%
Camden

Property

Trust

,

Senior

Note

,

5.85 %

,

11/03/26

........

United

States

41,027,000

41,556,056

Essex

Portfolio

LP

,

Senior

Bond

,

3.375 %

,

4/15/26

...........

United

States

10,138,000

10,124,871

51,680,927

#### Retail

#### REITs

#### 0.5%
Realty

Income

Corp.

,

Senior

Note,

0.75%,

3/15/26

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

United

States

24,297,000

24,209,695

Senior

Note,

4.875%,

6/01/26

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

United

States

40,050,000

40,088,264

64,297,959

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.2%
Broadcom,

Inc.

,

Senior

Note,

5.05%,

7/12/27

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

United

States

8,157,000

8,304,203

Senior

Note,

4.8%,

4/15/28

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

United

States

13,762,000

14,031,787

22,335,990

#### Software

#### 0.4%
Oracle

Corp.

,

Senior

Note,

1.65%,

3/25/26

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

United

States

22,760,000

22,680,292

b

Senior

Note,

FRN,

4.455%,

(SOFR

+

0.76%),

8/03/28

......

United

States

27,827,000

27,375,696

Synopsys,

Inc.

,

Senior

Note

,

4.55 %

,

4/01/27

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

United

States

6,350,000

6,396,532

56,452,520

#### Specialized

#### REITs

#### 0.6%
American

Tower

Corp.

,

Senior

Bond,

3.375%,

10/15/26

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

United

States

9,406,000

9,368,754

Senior

Note,

2.75%,

1/15/27

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

United

States

10,000,000

9,892,920

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Ultra

#### Short

#### Duration

#### 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)

#### Specialized

#### REITs
(continued)

American

Tower

Corp.,

(continued)

Senior

Note,

3.65%,

3/15/27

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

United

States

14,852,000

$

14,801,878

b

Public

Storage

Operating

Co.

,

Senior

Note

,

FRN

,

4.356 %

,

(SOFR

Index

+

0.7 %),

4/16/27

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

United

States

36,921,000

37,054,931

71,118,483

#### Specialty

#### Retail

#### 0.5%
Home

Depot,

Inc.

(The)

,

Senior

Note

,

3.75 %

,

9/15/28

........

United

States

8,840,000

8,848,203

Lowe's

Cos.,

Inc.

,

Senior

Note,

3.95%,

10/15/27

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

United

States

24,226,000

24,294,811

Senior

Note,

4%,

10/15/28

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

United

States

30,403,000

30,445,396

63,588,410

#### Tobacco

#### 1.1%
BAT

Capital

Corp.

,

Senior

Note

,

3.215 %

,

9/06/26

...........

United

Kingdom

21,935,000

21,848,448

BAT

International

Finance

plc

,

Senior

Note

,

1.668 %

,

3/25/26

...

United

Kingdom

15,263,000

15,212,578

Philip

Morris

International,

Inc.

,

Senior

Note,

4.375%,

11/01/27

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

United

States

24,295,000

24,537,390

b

Senior

Note,

FRN,

4.481%,

(SOFR

+

0.83%),

4/28/28

......

United

States

45,700,000

45,995,895

b

Senior

Note,

FRN,

4.321%,

(SOFR

+

0.66%),

10/27/28

.....

United

States

29,984,000

30,098,192

137,692,503

#### Trading

#### Companies

#### &

#### Distributors

#### 0.3%
Air

Lease

Corp.

,

Senior

Note

,

5.3 %

,

6/25/26

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

United

States

36,850,000

37,023,613

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $10,147,726,692)
................................

#### 10,194,779,426

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 0.4%
U.S.

Treasury

Notes

,

4.875 %,

4/30/26

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

United

States

48,372,000

48,506,436

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $48,360,294)
...............

#### 48,506,436

#### Asset-Backed

#### Securities

#### 3.8%

#### Automobiles

#### 0.3%
Volkswagen

Auto

Loan

Enhanced

Trust

,

2023-1,

A3,

5.02%,

6/20/28

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

United

States

3,517,649

3,538,134

2024-1,

A2A,

4.65%,

11/22/27

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

United

States

6,702,032

6,717,691

d

2025-1,

A2B,

FRN,

4.143%,

(30-day

SOFR

Average

+

0.44%),

1/20/28

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

United

States

9,086,869

9,093,584

d

2025-2,

A2B,

FRN,

4.073%,

(30-day

SOFR

Average

+

0.37%),

8/21/28

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

United

States

24,148,000

24,176,876

43,526,285

a

a

a

a

a

a

#### Banks

#### 0.2%
Capital

One

Multi-Asset

Execution

Trust

,

2019-A3

,

A3

,

2.06 %

,

8/15/28

.

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

United

States

28,683,000

28,417,570

#### Consumer

#### Finance

#### 2.4%
American

Express

Credit

Account

Master

Trust

,

2023-3

,

A

,

5.23 %

,

9/15/28

.

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

United

States

30,741,000

31,016,818

Capital

One

Prime

Auto

Receivables

Trust

,

2022-1,

A3,

3.17%,

4/15/27

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

United

States

226,418

226,346

2023-1,

A3,

4.87%,

2/15/28

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

United

States

3,302,951

3,315,639

2024-1,

A2A,

4.61%,

10/15/27

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

United

States

2,627,050

2,630,158

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Ultra

#### Short

#### Duration

#### 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

#### Asset-Backed

#### Securities
(continued)

#### Consumer

#### Finance
(continued)

Capital

One

Prime

Auto

Receivables

Trust,

(continued)

d

2025-1,

A2B,

FRN,

4.037%,

(30-day

SOFR

Average

+

0.33%),

1/16/29

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

United

States

57,653,000

$

57,688,941

GM

Financial

Consumer

Automobile

Receivables

Trust

,

2023-2,

A3,

4.47%,

2/16/28

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

United

States

7,857,605

7,871,454

2024-1,

A3

,

4.85%,

12/18/28

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

United

States

8,313,092

8,368,627

d

2024-4,

A2B,

FRN,

4.107%,

(30-day

SOFR

Average

+

0.4%),

10/18/27

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

United

States

2,254,474

2,255,023

d

Harley-Davidson

Motorcycle

Trust

,

2025-A

,

A2B

,

FRN

,

4.367 %

,

(30-day

SOFR

Average

+

0.66 %),

7/17/28

.

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

United

States

12,048,439

12,067,403

Hyundai

Auto

Receivables

Trust

,

2023-A,

A3,

4.58%,

4/15/27

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

United

States

1,944,046

1,945,290

2023-B,

A3,

5.48%,

4/17/28

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

United

States

18,341,367

18,465,371

d

2024-C,

A2B,

FRN,

4.107%,

(30-day

SOFR

Average

+

0.4%),

9/15/27

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

United

States

3,140,400

3,141,661

2025-B,

A2A,

4.45%,

8/15/28

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

United

States

2,662,128

2,670,134

d

2025-B,

A2B,

FRN,

4.087%,

(30-day

SOFR

Average

+

0.38%),

8/15/28

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

United

States

12,100,580

12,110,652

Nissan

Auto

Receivables

Owner

Trust

,

2022-B,

A3,

4.46%,

5/17/27

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

United

States

1,384,767

1,386,116

d

2025-A,

A2B,

FRN,

4.157%,

(30-day

SOFR

Average

+

0.45%),

2/15/28

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

United

States

18,632,773

18,653,769

2025-B,

A2A,

4%,

7/17/28

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

United

States

33,989,000

34,059,840

Toyota

Auto

Receivables

Owner

Trust

,

2022-C,

A3,

3.76%,

4/15/27

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

United

States

511,726

511,385

2023-B,

A3,

4.71%,

2/15/28

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

United

States

5,411,667

5,432,487

d

2024-D,

A2B,

FRN,

4.097%,

(30-day

SOFR

Average

+

0.39%),

8/16/27

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

United

States

1,658,409

1,659,123

d

2025-D,

A2B,

FRN,

4.027%,

(30-day

SOFR

Average

+

0.32%),

8/15/28

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

United

States

34,777,000

34,800,673

2026-A,

A2A,

3.8%,

12/15/28

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

United

States

25,153,000

25,170,265

World

Omni

Auto

Receivables

Trust

,

2024-A

,

A3

,

4.86 %

,

3/15/29

.

United

States

10,186,947

10,251,474

295,698,649

a

a

a

a

a

a

#### Financial

#### Services

#### 0.9%
d

Ameriquest

Mortgage

Securities,

Inc.

,

2004-R5,

M1,

FRN,

4.657%,

(1-month

SOFR

+

0.984%),

7/25/34

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

United

States

16,736

16,733

2005-R9,

M1,

FRN,

4.492%,

(1-month

SOFR

+

0.819%),

11/25/35

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

United

States

1,461,533

1,453,566

a,d

BofA

Auto

Trust

,

2025-1A

,

A2B

,

144A,

FRN

,

4.253 %

,

(30-day

SOFR

Average

+

0.55 %),

11/22/27

.

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

United

States

2,522,654

2,524,476

d

Carrington

Mortgage

Loan

Trust

,

2007-HE1

,

A3

,

FRN

,

3.977 %

,

(1-month

SOFR

+

0.494 %),

6/25/37

.

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

United

States

748,843

745,162

d

First

Franklin

Mortgage

Loan

Trust

,

2006-FF7

,

1A

,

FRN

,

4.067 %

,

(1-month

SOFR

+

0.394 %),

5/25/36

.

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

United

States

280,901

280,516

d

Ford

Credit

Auto

Owner

Trust

,

2025-B

,

A2B

,

FRN

,

4.007 %

,

(30-

day

SOFR

Average

+

0.3 %),

6/15/28

.

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

United

States

22,783,000

22,791,649

Honda

Auto

Receivables

Owner

Trust

,

2023-1,

A3,

5.04%,

4/21/27

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

United

States

1,473,250

1,476,244

2024-1,

A3,

5.21%,

8/15/28

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

United

States

5,673,265

5,722,067

2024-4,

A2,

4.56%,

3/15/27

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

United

States

2,319,616

2,321,444

2025-4,

A2A,

4.04%,

6/15/28

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

United

States

50,983,000

51,121,450

d

Long

Beach

Mortgage

Loan

Trust

,

2004-1,

M1,

FRN,

4.537%,

(1-month

SOFR

+

0.864%),

2/25/34

United

States

159,335

157,929

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Ultra

#### Short

#### Duration

#### 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

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

d

Long

Beach

Mortgage

Loan

Trust,

(continued)

2005-2,

M5,

FRN,

4.762%,

(1-month

SOFR

+

1.089%),

4/25/35

United

States

99,309

$

99,254

d

Nationstar

Home

Equity

Loan

Trust

,

2007-B

,

2AV4

,

FRN

,

4.427 %

,

(1-month

SOFR

+

0.754 %),

4/25/37

.

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

United

States

1,924,446

1,918,049

d

RAMP

Trust

,

2006-EFC2

,

A4

,

FRN

,

4.227 %

,

(1-month

SOFR

+

0.554 %),

12/25/36

.

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

United

States

61,671

61,573

d

RASC

Trust

,

2005-KS1,

M2,

FRN,

4.912%,

(1-month

SOFR

+

0.864%),

2/25/35

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

United

States

335,062

333,947

2006-KS3,

M1,

FRN,

4.282%,

(1-month

SOFR

+

0.444%),

4/25/36

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

United

States

213,457

212,851

d

Soundview

Home

Loan

Trust

,

2005-OPT3

,

M1

,

FRN

,

4.492 %

,

(1-month

SOFR

+

0.819 %),

11/25/35

.

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

United

States

4,895

4,896

d

Structured

Asset

Securities

Corp.

Mortgage

Loan

Trust

,

2005-

NC2

,

M5

,

FRN

,

4.717 %

,

(1-month

SOFR

+

1.044 %),

5/25/35

.

United

States

167,888

217,213

a

Toyota

Auto

Loan

Extended

Note

Trust

,

2021-1A

,

A

,

144A,

1.07 %

,

2/27/34

.

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

United

States

9,021,000

9,004,601

a

USB

Auto

Owner

Trust

,

2025-1A

,

A2

,

144A,

4.51 %

,

6/15/28

.

...

United

States

10,612,605

10,634,509

111,098,129

a

a

a

a

a

a

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $477,870,474)
............................

#### 478,740,633

#### Residential

#### Mortgage-Backed

#### Securities

#### 1.7%

#### Financial

#### Services

#### 1.7%
a,e

Angel

Oak

Mortgage

Trust

,

2019-5,

A1,

144A,

FRN,

2.593%,

10/25/49

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

United

States

162,101

160,777

2020-3,

A1,

144A,

FRN,

1.691%,

4/25/65

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

United

States

5,129,134

4,947,222

a,e

Arroyo

Mortgage

Trust

,

2019-2,

A1,

144A,

FRN,

3.347%,

4/25/49

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

United

States

1,685,342

1,651,373

2019-3,

A1,

144A,

FRN,

2.962%,

10/25/48

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

United

States

2,540,419

2,451,507

a

BRAVO

Residential

Funding

Trust

,

e

2020-NQM1,

A1,

144A,

FRN,

1.449%,

5/25/60

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

United

States

1,027,058

1,011,435

e

2021-NQM1,

A1,

144A,

FRN,

0.941%,

2/25/49

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

United

States

1,776,010

1,647,375

e

2021-NQM2,

A1,

144A,

FRN,

0.97%,

3/25/60

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

United

States

983,015

968,055

2023-NQM4,

A1,

144A,

6.435%,

5/25/63

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

United

States

9,250,995

9,288,224

2024-NQM5,

A1,

144A,

5.803%,

6/25/64

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

United

States

7,335,957

7,432,039

a,e

COLT

Funding

LLC

,

2021-3R

,

A1

,

144A,

FRN

,

1.051 %

,

12/25/64

United

States

1,303,570

1,217,497

a

CSMC

Trust

,

2019-NQM1,

A1,

144A,

3.656%,

10/25/59

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

United

States

763,816

759,527

e

2020-AFC1,

A1,

144A,

FRN,

3.24%,

2/25/50

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

United

States

5,005,226

4,830,997

a

Ellington

Financial

Mortgage

Trust

,

e

2019-2,

A1,

144A,

FRN,

2.739%,

11/25/59

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

United

States

1,080,825

1,055,660

e

2020-2,

A1,

144A,

FRN,

1.178%,

10/25/65

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

United

States

692,769

661,341

2024-INV1,

A1A,

144A,

6.557%,

3/25/69

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

United

States

2,509,824

2,554,367

a,d

FHLMC

STACR

REMIC

Trust

,

2025-DNA3

,

A1

,

144A,

FRN

,

4.647 %

,

(30-day

SOFR

Average

+

0.95 %),

9/25/45

........

United

States

11,998,600

12,019,959

a,d

FNMA

Connecticut

Avenue

Securities

Trust

,

2025-R04

,

1A1

,

144A,

FRN

,

4.697 %

,

(30-day

SOFR

Average

+

%),

5/25/45

.

United

States

2,128,868

2,131,881

a,e

Galton

Funding

Mortgage

Trust

,

2019-2

,

A22

,

144A,

FRN

,

3.5 %

,

6/25/59

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

United

States

1,376,791

1,265,515

a,e

GCAT

Trust

,

2019-NQM3

,

A1

,

144A,

FRN

,

3.686 %

,

11/25/59

...

United

States

877,197

865,804

a,e

GS

Mortgage-Backed

Securities

Trust

,

2020-NQM1

,

A1

,

144A,

FRN

,

1.382 %

,

9/27/60

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

United

States

672,453

644,551

a

Imperial

Fund

Mortgage

Trust

,

2022-NQM2,

A1,

144A,

3.638%,

3/25/67

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

United

States

6,253,606

6,043,037

2023-NQM1,

A1,

144A,

5.941%,

2/25/68

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

United

States

7,412,024

7,394,180

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Ultra

#### Short

#### Duration

#### 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

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

a,e

MFA

Trust

,

2020-NQM1,

A1,

144A,

FRN,

2.479%,

3/25/65

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

United

States

470,333

$

460,193

2021-NQM1,

A1,

144A,

FRN,

1.153%,

4/25/65

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

United

States

3,018,587

2,852,992

a

New

Residential

Mortgage

Loan

Trust

,

d

2018-4A,

A1S,

144A,

FRN,

4.537%,

(1-month

SOFR

+

0.864%),

1/25/48

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

United

States

1,946,771

1,920,956

e

2019-NQM4,

A1,

144A,

FRN,

2.492%,

9/25/59

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

United

States

1,061,765

1,027,694

e

2020-NQM1,

A1,

144A,

FRN,

2.464%,

1/26/60

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

United

States

820,088

777,746

a

OBX

Trust

,

e

2020-EXP2,

A8,

144A,

FRN,

3%,

5/25/60

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

United

States

803,348

717,499

d

2020-EXP3,

2A1,

144A,

FRN,

4.687%,

(1-month

SOFR

+

1.014%),

1/25/60

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

United

States

150,742

150,718

a,e

SG

Residential

Mortgage

Trust

,

2022-1

,

A1

,

144A,

FRN

,

3.166 %

,

3/27/62

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

United

States

2,230,205

2,120,255

a,e

STAR

Trust

,

2021-1

,

A1

,

144A,

FRN

,

1.219 %

,

5/25/65

........

United

States

2,630,976

2,491,314

a,e

Starwood

Mortgage

Residential

Trust

,

2021-4,

A1,

144A,

FRN,

1.162%,

8/25/56

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

United

States

5,948,177

5,381,442

2022-2,

A1,

144A,

FRN,

3.169%,

2/25/67

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

United

States

5,931,917

5,747,800

a,d

Station

Place

Securitization

Trust

,

2025-1,

A,

144A,

FRN,

4.573%,

(1-month

SOFR

+

0.9%),

7/23/26

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

United

States

37,853,000

38,315,071

2025-3,

A,

144A,

FRN,

4.573%,

(1-month

SOFR

+

0.9%),

9/23/26

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

United

States

37,820,000

37,949,114

2025-7,

A,

144A,

FRN,

4.573%,

(1-month

SOFR

+

0.9%),

11/24/26

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

United

States

41,468,000

41,570,343

a

Towd

Point

Mortgage

Trust

,

e

2018-1,

A1,

144A,

FRN,

3%,

1/25/58

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

United

States

509,195

506,769

d

2019-HY1,

A1,

144A,

FRN,

4.787%,

(1-month

SOFR

+

1.114%),

10/25/48

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

United

States

1,766,287

1,772,057

d

2019-HY2,

A1,

144A,

FRN,

4.787%,

(1-month

SOFR

+

1.114%),

5/25/58

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

United

States

251,035

257,049

e

2022-SJ1,

A1B,

144A,

FRN,

3.612%,

3/25/62

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

United

States

2,158,250

2,127,006

217,148,341

a

a

a

a

a

a

#### Total

#### Residential

#### Mortgage-Backed

#### Securities

#### (Cost

#### $219,086,522)
..............

#### 217,148,341

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### 0.0%

#### †

#### Financial

#### Services

#### 0.0%

#### †
FHLMC

,

3316,

CD,

5.5%,

5/15/37

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

United

States

15,653

16,308

3539,

PM,

4.5%,

5/15/37

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

United

States

3,571

3,428

3611,

Strip,

7/15/34

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

United

States

11,014

9,880

3724,

CM,

5.5%,

6/15/37

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

United

States

39,853

41,997

FNMA

,

d

2005-63,

FC,

FRN,

4.062%,

(30-day

SOFR

Average

+

0.364%),

10/25/31

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

United

States

124,673

123,931

d

2006-74,

FL,

FRN,

4.162%,

(30-day

SOFR

Average

+

0.464%),

8/25/36

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

United

States

50,298

49,959

2010-81,

AP,

2.5%,

7/25/40

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

United

States

8,405

8,121

d

2010-90,

GF,

FRN,

4.312%,

(30-day

SOFR

Average

+

0.614%),

8/25/40

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

United

States

136,188

135,715

2011-60,

PA,

4%,

10/25/39

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

United

States

2,861

2,708

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Ultra

#### Short

#### Duration

#### 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

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

GNMA

,

2009-32

,

AB

,

%

,

5/16/39

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

United

States

2,776

$

2,759

394,806

a

a

a

a

a

a

#### Total

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $399,964)
.........

#### 394,806

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $10,893,443,946)

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

#### 10,939,569,642

#### a

#### Short

#### Term

#### Investments

#### 13.4%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Certificates

#### of

#### Deposit

#### 0.9%
Intesa

Sanpaolo

SpA

,

4.4%,

8/19/26

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

Italy

44,205,000

44,272,921

4.06%,

10/09/26

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

Italy

23,500,000

23,495,037

4.05%,

1/14/27

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

Italy

46,645,000

46,656,376

114,424,334

#### Total

#### Certificates

#### of

#### Deposit

#### (Cost

#### $114,350,000)

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

#### 114,424,334
a

#### a

#### Commercial

#### Papers

#### 12.3%
a,f

AES

Corp.

(The)

,

144A,

5.92%

,

2/02/26

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

United

States

55,330,000

55,311,802

a,f

Agree

LP

,

144A,

4.84%

,

2/05/26

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

United

States

40,650,000

40,622,667

a,f

Air

Lease

Corp.

,

144A,

5.99%,

2/02/26

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

United

States

25,170,000

25,161,628

144A,

8.154%,

2/17/26

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

United

States

17,455,000

17,419,411

42,581,039

a,f

Alimentation

Couche-Tard,

Inc.

,

144A,

5.77%

,

2/02/26

........

Canada

23,100,000

23,092,594

a,f

Arrow

Electronics,

Inc.

,

144A,

4.98%,

2/04/26

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

United

States

33,115,000

33,096,701

144A,

4.66%,

2/06/26

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

United

States

33,240,000

33,214,212

66,310,913

a,f

AutoNation,

Inc.

,

144A,

6.03%

,

2/02/26

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

United

States

71,400,000

71,376,081

a,f

AvalonBay

Communities,

Inc.

,

144A,

5.67%,

2/02/26

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

United

States

35,015,000

35,003,977

144A,

4.19%,

2/10/26

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

United

States

29,130,000

29,096,116

144A,

4.13%,

2/12/26

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

United

States

15,820,000

15,798,232

79,898,325

a,f

Bayer

Corp.

,

144A,

3.89%,

7/20/26

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

United

States

53,930,000

52,956,051

144A,

3.89%,

12/09/26

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

United

States

25,140,000

24,319,136

77,275,187

a,f

Boston

Properties

LP

,

144A,

4.23%,

2/11/26

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

United

States

8,930,000

8,918,484

144A,

4.1%,

2/19/26

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

United

States

17,545,000

17,507,156

144A,

4.03%,

3/04/26

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

United

States

22,745,000

22,663,875

49,089,515

a,f

Bunge

Ltd.

Finance

Corp.

,

144A,

5.06%,

2/03/26

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

United

States

29,185,000

29,172,704

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Ultra

#### Short

#### Duration

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Short

#### Term

#### Investments
(continued)

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Commercial

#### Papers
(continued)

a,f

Bunge

Ltd.

Finance

Corp.,

(continued)

144A,

4.24%,

2/09/26

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

United

States

41,895,000

$

41,850,642

71,023,346

a,f

Conagra

Brands,

Inc.

,

144A,

5.89%

,

2/02/26

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

United

States

70,615,000

70,591,888

a,f

Enbridge

US,

Inc.

,

144A,

5.64%

,

2/02/26

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

United

States

21,080,000

21,073,398

a,f

Enel

Finance

America

LLC

,

144A,

3.91%

,

4/27/26

...........

Italy

14,305,000

14,172,630

a,f

Energy

Transfer

LP

,

144A,

5.72%

,

2/02/26

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

United

States

23,485,000

23,477,546

a,f

ERAC

USA

Finance

LLC

,

144A,

4.13%,

2/17/26

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

United

States

42,525,000

42,442,225

144A,

4.13%,

2/18/26

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

United

States

28,440,000

28,381,456

70,823,681

a,f

Extra

Space

Storage

LP

,

144A,

5.02%,

2/03/26

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

United

States

16,690,000

16,683,025

144A,

4.18%,

2/10/26

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

United

States

29,515,000

29,480,769

144A,

4.02%,

2/26/26

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

United

States

20,725,000

20,664,976

144A,

3.97%,

3/12/26

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

United

States

21,440,000

21,345,771

88,174,541

a,f

General

Motors

Financial

Co.,

Inc.

,

144A,

5.65%,

2/02/26

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

United

States

11,770,000

11,766,304

144A,

4.54%,

2/05/26

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

United

States

2,000,000

1,998,741

144A,

4.01%,

3/06/26

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

United

States

9,045,000

9,010,836

144A,

4.04%,

5/05/26

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

United

States

7,925,000

7,842,323

144A,

4.12%,

6/03/26

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

United

States

21,950,000

21,645,512

144A,

4.09%,

7/17/26

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

United

States

9,020,000

8,852,217

61,115,933

a,f

Intercontinental

Exchange,

Inc.

,

144A,

4.59%,

2/05/26

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

United

States

20,000,000

19,987,270

144A,

4.31%,

2/09/26

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

United

States

27,825,000

27,795,036

144A,

4.12%,

2/13/26

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

United

States

25,650,000

25,611,910

73,394,216

a,f

Jackson

National

Life

Short

Term

Funding

LLC

,

144A,

3.99%

,

2/13/26

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

United

States

13,690,000

13,670,328

a,b

Macquarie

Bank

Ltd.

,

144A,

4.01%,

5/14/26

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

Australia

15,730,000

15,741,448

144A,

3.99%,

5/20/26

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

Australia

13,267,000

13,275,592

29,017,040

f

Macquarie

Group

Ltd.

,

3.97%,

3/19/26

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

Australia

9,745,000

9,694,794

3.95%,

4/06/26

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

Australia

18,005,000

17,877,618

27,572,412

a,f

Mid-America

Apartments

LP

,

144A,

5.05%,

2/03/26

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

United

States

15,205,000

15,198,609

144A,

4.03%,

2/19/26

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

United

States

20,520,000

20,476,422

35,675,031

a,f

ONEOK,

Inc.

,

144A,

4.23%

,

2/09/26

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

United

States

22,590,000

22,566,129

a,f

Ovintiv,

Inc.

,

144A,

4.38%

,

2/20/26

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

United

States

3,575,000

3,566,318

f

Penske

Truck

Leasing

Co.

LP

,

4.16%,

2/19/26

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

United

States

20,000,000

19,956,194

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Ultra

#### Short

#### Duration

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

See

Abbreviations

on

.

#### Short

#### Term

#### Investments
(continued)

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Commercial

#### Papers
(continued)

f

Penske

Truck

Leasing

Co.

LP,

(continued)

4.15%,

2/20/26

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

United

States

23,550,000

$

23,495,814

4.13%,

3/24/26

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

United

States

16,720,000

16,620,874

60,072,882

a,f

Phillips

,

144A,

4.17%

,

2/12/26

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

United

States

19,425,000

19,398,061

a,f

Plains

All

American

Pipeline

LP

,

144A,

4.4%,

2/06/26

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

United

States

36,700,000

36,673,095

144A,

4.21%,

2/09/26

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

United

States

29,570,000

29,538,937

144A,

4.17%,

2/10/26

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

United

States

29,680,000

29,645,669

95,857,701

a,b

Sumitomo

Mitsui

Banking

Corp.

,

144A,

4.05 %

,

12/11/26

......

Japan

35,650,000

35,652,872

a,f

Sumitomo

Mitsui

Trust

Bank

Ltd.

,

144A,

3.84%

,

3/09/26

......

Japan

38,420,000

38,269,117

a,f

Targa

Resources

Corp.

,

144A,

5.77%,

2/02/26

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

United

States

58,490,000

58,471,242

144A,

4.51%,

2/06/26

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

United

States

32,330,000

32,305,733

144A,

4.21%,

2/11/26

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

United

States

22,340,000

22,311,295

144A,

4.18%,

2/12/26

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

United

States

12,530,000

12,512,565

125,600,835

a,f

UDR,

Inc.

,

144A,

5.02%,

2/03/26

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

United

States

20,170,000

20,161,571

144A,

4.14%,

2/11/26

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

United

States

20,000,000

19,974,736

40,136,307

#### Total

#### Commercial

#### Papers

#### (Cost

#### $1,546,533,055)

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

#### 1,546,460,335

#### Shares

#### Management

#### Investment

#### Companies

#### 0.0%

#### †
g,h

Putnam

Short

Term

Investment

Fund,

Class

P,

3.863%

.......

United

States

14,687

14,687

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $14,687)

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

#### 14,687

#### Principal

#### Amount

#### \*

#### Repurchase

#### Agreements

#### 0.2%
i

Tri-party

repurchase

agreement,

3.85%,

2/02/26

(Maturity

Value

$25,008,021)

RBC

Capital

Markets

LLC

(perpetual

maturity)

Collateralized

by

Corporate

Bonds,

1.75%

-

6.75%,

3/3/28

-

3/15/55,

and

Commercial

Paper,

3.65%,

4/29/26

(valued

at

$26,258,422)

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

25,000,000

25,000,000

#### Total

#### Repurchase

#### Agreements

#### (Cost

#### $25,000,000)

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

#### 25,000,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $1,685,897,742

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

#### 1,685,899,356

#### a

#### Total

#### Investments

#### (Cost

#### $12,579,341,688)

#### 100.3%

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

#### $12,625,468,998

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.3)%

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

#### (38,139,836)

#### Net

#### Assets

#### 100.0%

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

#### $12,587,329,162

#### a
Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Ultra

#### Short

#### Duration

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

\*

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

January

31,

2026,

the

aggregate

value

of

these

securities

was

$5,371,265,135,

representing

42.7%

of

net

assets.

b

The

coupon

rate

shown

represents

the

rate

at

period

end.

c

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(d).

d

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

e

Adjustable

rate

security

with

an

interest

rate

that

is

not

based

on

a

published

reference

index

and

spread.

The

rate

is

based

on

the

structure

of

the

agreement

and

current

market

conditions.

The

coupon

rate

shown

represents

the

rate

at

period

end.

f

The

rate

shown

represents

the

yield

at

period

end.

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.

i

See

Note

1(b)

regarding

repurchase

agreement.

Putnam

Funds

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

January

31,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Ultra

#### Short

#### Duration

#### Income

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$12,554,327,001

Cost

-

Non-controlled

affiliates

(Note

g)

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

14,687

Cost

-

Unaffiliated

repurchase

agreements

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

25,000,000

Value

-

Unaffiliated

issuers

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

$12,600,454,311

Value

-

Non-controlled

affiliates

(Note

g)

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

14,687

Value

-

Unaffiliated

repurchase

agreements

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

25,000,000

Cash

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

2,089,578

Receivables:

Capital

shares

sold

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

32,338,250

Dividends

and

interest

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

89,681,439

Prepaid

expenses

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

596,409

Total

assets

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

12,750,174,674

Liabilities:

Payables:

Investment

securities

purchased

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

93,124,282

Capital

shares

redeemed

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

63,063,832

Management

fees

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

2,176,248

Administrative

fees

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

30,375

Distribution

fees

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

319,846

Transfer

agent

fees

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

1,264,789

Trustees'

fees

and

expenses

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

451,523

Distributions

to

shareholders

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

1,829,184

Accrued

expenses

and

other

liabilities

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

585,433

Total

liabilities

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

162,845,512

Net

assets,

at

value

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

$12,587,329,162

Net

assets

consist

of:

Paid-in

capital

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

$12,562,167,427

Total

distributable

earnings

(losses)

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

25,161,735

Net

assets,

at

value

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

$12,587,329,162

Putnam

Funds

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

January

31,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### Ultra

#### Short

#### Duration

#### Income

#### Fund

#### Class

#### A:
Net

assets,

at

value

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

$3,661,030,283

Shares

outstanding

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

360,928,020

Net

asset

value

per

share

a

,b

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

$10.14

#### Class

#### C:
Net

assets,

at

value

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

$17,601,637

Shares

outstanding

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

1,737,171

Net

asset

value

and

maximum

offering

price

per

share

a

,b

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

$10.13

#### Class

#### N:
Net

assets,

at

value

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

$15,603,624

Shares

outstanding

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

1,540,049

Net

asset

value

and

maximum

offering

price

per

share

b

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

$10.13

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.00

%)

b

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

$10.34

#### Class

#### R:
Net

assets,

at

value

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

$3,919,938

Shares

outstanding

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

387,059

Net

asset

value

and

maximum

offering

price

per

share

b

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

$10.13

#### Class

#### R6:
Net

assets,

at

value

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

$2,279,089,565

Shares

outstanding

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

224,411,884

Net

asset

value

and

maximum

offering

price

per

share

b

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

$10.16

#### Class

#### Y:
Net

assets,

at

value

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

$6,610,084,115

Shares

outstanding

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

650,980,583

Net

asset

value

and

maximum

offering

price

per

share

b

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

$10.15

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

January

31,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Ultra

#### Short

#### Duration

#### Income

#### Fund
Investment

income:

Dividends:

Unaffiliated

issuers

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

$45,458

Non-controlled

affiliates

(Note

g)

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

169,592

Interest:

Unaffiliated

issuers

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

284,056,876

Total

investment

income

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

284,271,926

Expenses:

Management

fees

(Note

a)

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

13,642,566

Administrative

fees

(Note

b)

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

146,641

Distribution

fees:

(Note

3c)

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

A

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

1,745,838

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

C

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

39,348

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

N

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

15,428

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

R

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

10,689

Transfer

agent

fees:

(Note

3e)

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

A

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

1,220,387

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

C

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

5,484

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

N

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

4,535

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

R

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

1,494

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

R6

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

461,955

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

Y

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

2,343,555

Custodian

fee

s

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

26,228

Reports

to

shareholders

fees

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

120,271

Registration

and

filing

fees

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

274,572

Professional

fees

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

435,586

Trustees'

fees

and

expenses

(Note

f)

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

227,491

Other

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

126,959

Total

expenses

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

20,849,027

Expense

reductions

(Note

4)

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

(23,286)

Expenses

waived/paid

by

affiliates

(Note

g

and

h)

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

(509,881)

Net

expenses

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

20,315,860

Net

investment

income

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

263,956,066

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

2,215,853

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

17,512,943

Net

realized

and

unrealized

gain

(loss)

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

19,728,796

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$283,684,862

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

#### Ultra

#### Short

#### Duration

#### Income

#### Fund

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$263,956,066

$485,674,672

Net

realized

gain

(loss)

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

2,215,853

8,554,428

Net

change

in

unrealized

appreciation

(depreciation)

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

17,512,943

7,099,214

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

283,684,862

501,328,314

Distributions

to

shareholders:

Class

A

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

(75,922,585)

(150,196,941)

Class

C

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

(310,356)

(527,956)

Class

N

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

(257,489)

(327,759)

Class

R

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

(84,392)

(161,842)

Class

R6

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

(41,025,708)

(27,582,211)

Class

Y

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

(148,973,785)

(307,421,257)

Total

distributions

to

shareholders

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

(266,574,315)

(486,217,966)

Capital

share

transactions:

(Note

2)

Class

A

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

326,656,509

407,570,037

Class

C

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

3,908,193

2,178,224

Class

N

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

7,326,121

(667,895)

Class

R

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

109,584

417,550

Class

R6

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

1,248,680,997

541,813,497

Class

Y

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

47,205,673

329,462,996

Total

capital

share

transactions

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

1,633,887,077

1,280,774,409

Net

increase

(decrease)

in

net

assets

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

1,650,997,624

1,295,884,757

Net

assets:

Beginning

of

period

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

10,936,331,538

9,640,446,781

End

of

period

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

$12,587,329,162

$10,936,331,538

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

#### Putnam

#### Ultra

#### Short

#### Duration

#### 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 fourteen

separate

funds.

The

Trust

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. Putnam

Ultra

Short

Duration

Income

Fund

(Fund)

is

included

in

this

report.

The

Fund

offers six

classes

of

shares:

Class

A,

Class

C,

Class

N,

Class

R,

Class

R6

and

Class

Y. Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

The

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.

Investments

in

repurchase

agreements

are

valued

at

cost,

which

approximates

fair

value.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund's

business

day. Events

can occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund's

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

p.m.

Eastern

time. In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at

p.m.

Eastern

time.

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Ultra

#### Short

#### Duration

#### Income

#### Fund
(continued)

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund's

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund's

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund

for

financial

reporting

purposes.

b. #### Joint

#### Repurchase

#### Agreement
The

Fund

enters

into

a

joint

repurchase

agreement

whereby

its

uninvested

cash

balance

is

deposited

into

a

joint

cash

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager

and

is

used

to

invest

in

one

or

more

repurchase

agreements.

The

value

and

face

amount

of

the

joint

repurchase

agreement

are

allocated

to

the

funds

based

on

their

pro-rata

interest.

A

repurchase

agreement

is

accounted

for

as

a

loan

by

the

Fund

to

the

seller,

collateralized

by

securities

which

are

delivered

to

the

Fund's

custodian.

The

fair

value,

including

accrued

interest,

of

the

initial

collateralization

is

required

to

be

at

least

102%

of

the

dollar

amount

invested

by

the

funds,

with

the

value

of

the

underlying

securities

marked

to

market

daily

to

maintain

coverage

of

at

least

100%.

Repurchase

agreements

are

subject

to

the

terms

of

Master

Repurchase

Agreements

(MRAs)

with

approved

counterparties

(sellers).

The

MRAs

contain

various

provisions,

including

but

not

limited

to

events

of

default

and

maintenance

of

collateral

for

repurchase

agreements.

In

the

event

of

default

by

either

the

seller

or

the

Fund,

certain

MRAs

may

permit

the

non-

defaulting

party

to

net

and

close-out

all

transactions,

if

any,

traded

under

such

agreements.

The

Fund

may

sell

securities

it

holds

as

collateral

and

apply

the

proceeds

towards

the

repurchase

price

and

any

other

amounts

owed

by

the

seller

to

the

Fund

in

the

event

of

default

by

the

seller.

This

could

involve

costs

or

delays

in

addition

to

a

loss

on

the

securities

if

their

value

falls

below

the

repurchase

price

owed

by

the

seller.

The

joint

repurchase

agreement

held

by

the Fund

at

period

end,

as

indicated

in

the

Schedule

of

Investments,

had

been

entered

into

on January

30,

2026. c. #### Stripped

#### Securities
The

Fund

may

invest

in

stripped

securities

which

represent

a

participation

in

securities

that

may

be

structured

in

classes

with

rights

to

receive

different

portions

of

the

interest

and

principal.

Interest-only

securities

receive

all

of

the

interest

and

principal-only

securities

receive

all

of

the

principal.

If

the

interest

only

securities

experience

greater

than

anticipated

prepayments

of

principal,

the

Fund

may

fail

to

recoup

fully

its

initial

investment

in

these

securities.

Conversely,

principal-

only

securities

increase

in

value

if

prepayments

are

greater

than

anticipated

and

decline

if

prepayments

are

slower

than

anticipated.

The

fair

value

of

these

securities

is

highly

sensitive

to

changes

in

interest

rates.

d. #### 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.

e. #### Income

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

In

some

cases,

the

Fund

may

be

entitled

to

reclaim

all

or

a

portion

of

such

taxes,

and

such

reclaim

amounts,

if

any,

are

reflected

as

a

dividend

receivable

in

the

Statement

of

Assets

and

Liabilities

and

dividend

income

in

the

Statement

of

Operations.

In

many

cases,

however,

the

Fund

may

not

receive

such

amounts

for

an

extended

period

of

time,

depending

on

the

country

of

investment.

When

a

capital

gain

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Ultra

#### Short

#### Duration

#### Income

#### Fund
(continued)

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

January

31,

2026, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

The

Fund's

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

to

examination

by

the

Internal

Revenue

Service

and

state

departments

of

revenue.

f. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

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.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Dividends

from

net

investment

income

are

normally

declared

daily;

these

dividends

may

be

reinvested

or

paid

monthly

to

shareholders.

Distributions

from

net

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)

e. #### Income

#### Taxes
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Ultra

#### Short

#### Duration

#### Income

#### Fund
(continued)

2. #### Shares

#### of

#### Beneficial

#### Interest
At

January

31,

2026,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

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

102,213,931

$1,036,606,827

169,221,123

$1,712,881,390

Shares

issued

in

reinvestment

of

distributions

..........

7,431,710

75,357,542

14,646,367

148,291,399

Shares

redeemed

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

(77,435,557)

(785,307,860)

(143,618,484)

(1,453,602,752)

Net

increase

(decrease)

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

32,210,084

$326,656,509

40,249,006

$407,570,037

#### Class

#### C

#### Shares:
Shares

sold

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

871,546

$8,829,063

802,791

$8,116,065

Shares

issued

in

reinvestment

of

distributions

..........

30,644

310,356

51,779

523,700

Shares

redeemed

a

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

(516,413)

(5,231,226)

(639,101)

(6,461,541)

Net

increase

(decrease)

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

385,777

$3,908,193

215,469

$2,178,224

#### Class

#### N

#### Shares:
Shares

sold

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

735,295

$7,450,243

507,591

$5,130,947

Shares

issued

in

reinvestment

of

distributions

..........

25,577

257,489

32,472

328,452

Shares

redeemed

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

(37,671)

(381,611)

(605,954)

(6,127,294)

Net

increase

(decrease)

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

723,201

$7,326,121

(65,891)

$(667,895)

#### Class

#### R

#### Shares:
Shares

sold

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

109,635

$1,110,916

203,922

$2,059,391

Shares

issued

in

reinvestment

of

distributions

..........

8,368

84,392

16,013

161,842

Shares

redeemed

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

(107,205)

(1,085,724)

(178,487)

(1,803,683)

Net

increase

(decrease)

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

10,798

$109,584

41,448

$417,550

#### Class

#### R6

#### Shares:
Shares

sold

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

170,329,159

$1,729,362,684

79,819,988

$808,165,223

Shares

issued

in

reinvestment

of

distributions

..........

3,689,620

37,461,837

1,793,333

18,178,857

Shares

redeemed

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

(51,031,498)

(518,143,524)

(28,066,877)

(284,530,583)

Net

increase

(decrease)

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

122,987,281

$1,248,680,997

53,546,444

$541,813,497

#### Class

#### Y

#### Shares:
Shares

sold

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

170,708,676

$1,733,002,478

376,810,817

$3,817,782,649

Shares

issued

in

reinvestment

of

distributions

..........

13,186,608

133,844,070

26,934,189

272,972,817

Shares

redeemed

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

(179,247,439)

(1,819,640,875)

(371,239,903)

(3,761,292,470)

Net

increase

(decrease)

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

4,647,845

$47,205,673

32,505,103

$329,462,996

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

#### Ultra

#### Short

#### Duration

#### 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 directors

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

January

31,

2026,

the

annualized

gross

effective

investment

management

fee

rate

was 0.226%

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
0.440%

of

the

first

$5

billion,

0.390%

of

the

next

$5

billion,

0.340%

of

the

next

$10

billion,

0.290%

of

the

next

$10

billion,

0.240%

of

the

next

$50

billion,

0.220%

of

the

next

$50

billion,

0.210%

of

the

next

$100

billion

and

0.205%

of

any

excess

thereafter.

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Ultra

#### Short

#### Duration

#### 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,

Class

N

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,

#### Maximum

#### %

#### Approved

#### %
Class

A

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

0.35%

0.10%

Class

C

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

1.00%

0.50%

Class

N

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

0.25%

0.25%

Class

R

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

1.00%

0.50%

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$50

3. #### Transactions

#### with

#### Affiliates
(continued)

b. #### Administrative

#### Fees
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Ultra

#### Short

#### Duration

#### Income

#### Fund
(continued)

2005. The

retirement

benefit

is

payable

during

a

Trustee's

lifetime,

beginning

the

year

following

retirement,

for

the

number

of

years

of

service

through

December

31,

2006. Pension

expense

for

the

Fund

is

included

in

the

Trustees' fees

and

expenses

in

the

Statement

of

Operations.

Accrued

pension

liability

is

included

in

Payable

for

Trustees' fees

and

expenses

in

the

Statement

of

Assets

and

Liabilities.

The

Trustees

have

terminated

the

Pension

Plan

with

respect

to

any

Trustee

first

elected

after

2003. g. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

January

31,

2026,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

h. #### Waiver

#### and

#### Expense

#### Reimbursements
Advisers has

contractually

agreed,

through

November

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.

Advisers has

also

contractually

agreed

to

waive

fees

(and,

to

the

extent

necessary,

bear

other

expenses)

of

the

Fund

through

November

30,

2026,

to

the

extent

that

total

expenses

of

the

Fund

(excluding

brokerage,

interest,

taxes,

investment-related

expenses,

payments

under

distribution

plans,

extraordinary

expenses,

payments

under

the

Fund's

investor

servicing

contract

and

acquired

fund

fees

and

expenses,

but

including

payments

under

the

Fund's

investment

management

contract)

would

exceed

an

annual

rate

of

0.24%

of

the

Fund's

average

net

assets.

4. #### Expense

#### Offset

#### Arrangement
The Fund has entered

into arrangements

with PSERV

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

transfer

agent

fees.

During

the

period

ended

January

31,

2026,

the

fees

were

reduced

as

noted

in

the

Statement

of

Operations.

#### &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

#### Ultra

#### Short

#### Duration

#### Income

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

3.863%

......

$3,928

$705,385,336

$(705,374,577)

$—

$—

$14,687

14,687

$169,592

#### Total

#### Affiliated

#### Securities

#### ...
$3,928

$705,385,336

$(705,374,577)

$—

$—

$14,687

$169,592

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Trustee

#### Fees
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Ultra

#### Short

#### Duration

#### Income

#### Fund
(continued)

5. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

July

31,

2025,

the

capital

loss

carryforwards

were

as

follows:

At

January

31,

2026,

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

January

31,

2026,

aggregated

$3,859,453,651 and

$2,260,094,737,

respectively.

7. #### Concentration

#### of

#### Risk
Investing

in

foreign

securities

may

include

certain

risks

and

considerations

not

typically

associated

with

investing

in

U.S.

securities,

such

as

fluctuating

currency

values

and

changing

local,

regional

and

global

economic,

political

and

social

conditions,

which

may

result

in

greater

market

volatility.

Political

and

financial

uncertainty

in

many

foreign

regions

may

increase

market

volatility

and

the

economic

risk

of

investing

in

foreign

securities.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities.

8. #### Credit

#### Facility
The

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

29,

2027. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

may,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay

its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

During

the

period

ended

January

31,

2026,

the Fund

did

not

use

the

Global

Credit

Facility.

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$

12,790,008

Long

term

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

7,419,191

Total

capital

loss

carryforwards

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

$20,209,199

Cost

of

investments

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

$12,579,341,688

Unrealized

appreciation

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

$51,465,716

Unrealized

depreciation

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

(5,338,406)

Net

unrealized

appreciation

(depreciation)

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

$46,127,310

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Ultra

#### Short

#### Duration

#### Income

#### Fund
(continued)

9. #### 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

January

31,

2026,

in

valuing

the

Fund's assets carried

at

fair

value,

is

as

follows:

10. #### Operating

#### Segments
The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within

the

Fund's

Investment

manager serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and

are

responsible

for

evaluating

the

Fund's

operating

results

and

allocating

resources

in

accordance

with

the

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Financial

Highlights.

11. #### 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

#### Ultra

#### Short

#### Duration

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

a

Corporate

Bonds

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

$

—

$

10,194,779,426

$

—

$

10,194,779,426

U.S.

Government

and

Agency

Securities

.......

—

48,506,436

—

48,506,436

Asset-Backed

Securities

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

—

478,740,633

—

478,740,633

Residential

Mortgage-Backed

Securities

.......

—

217,148,341

—

217,148,341

Agency

Commercial

Mortgage-Backed

Securities

—

394,806

—

394,806

Short

Term

Investments

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

14,687

1,685,884,669

—

1,685,899,356

Total

Investments

in

Securities

...........

$14,687

$12,625,454,311

$—

$12,625,468,998

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Ultra

#### Short

#### Duration

#### Income

#### Fund
(continued)

#### Abbreviations

#### Selected

#### Portfolio

#### FHLMC
Federal

Home

Loan

Mortgage

Corp.

#### FNMA
Federal

National

Mortgage

Association

#### FRN
Floating

Rate

Note

#### GNMA
Government

National

Mortgage

Association

#### REIT
Real

Estate

Investment

Trust

#### REMIC
Real

Estate

Mortgage

Investment

Conduit

#### SOFR
Secured

Overnight

Financing

Rate

#### STACR
Structured

Agency

Credit

Risk

Putnam

Funds

Trust

franklintempleton.com

Semiannual

Report

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Not

applicable.

39200-SFSOI

03/26©

2026

Franklin

Templeton.

All

rights

reserved.

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

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

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

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

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

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

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

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

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

Not applicable.

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

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure
 controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act"))
 are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based
 on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities
 Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period covered by this report, the Registrant transitioned to a new third-party service provider who performs certain accounting
 and administrative services for the Registrant that are subject to Franklin Templeton's oversight.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

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

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

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable.

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](pusdif-efp23280_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.](pusdif-efp23280_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: | March 26, 2026 |

---

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

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | March 26, 2026 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | March 26, 2026 |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Jonathan S. Horwitz, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Funds Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Date: March 26, 2026 <br>

---

| |
|:---|
| /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: March 26, 2026 <br>

---

| |
|:---|
| /s/ Jeffrey White |
| Jeffrey White |
| Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

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

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **January 31, 2026** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

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

---

| | |
|:---|:---|
| **Principal Executive Officer** | **Principal Financial Officer** |
| Putnam Funds Trust | Putnam Funds Trust |
| /s/ Jonathan S. Horwitz | /s/ Jeffrey White |
| Jonathan S. Horwitz | Jeffrey White |
| Date: March 26, 2026 | Date: March 26, 2026 |

---

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