# EDGAR Filing Document

**Accession Number:** 0001005942
**File Stem:** 0001133228-25-007768
**Filing Date:** 2025-7
**Character Count:** 120637
**Document Hash:** 2129dac1c67c1d24341bf086eec1340d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-007768.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001133228-25-007768

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**EFFECTIVENESS DATE**: 20250730

**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:** 251166546

**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 Short-Term Municipal Income Fund (Series ID: S000039833)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000123516 | CLASS A         |  |
| C000123518 | CLASS C         |  |
| C000123520 | CLASS Y         |  |
| C000202822 | Class R6 Shares |  |

?xml version='1.0' encoding='ASCII'? 2025-06-1174200166600_PutnamShort-TermMunicipalIncomeFund_ClassA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-07513**

**Putnam Funds Trust**

(Exact name of registrant as specified in charter)

**100 Federal Street, Boston, Massachusetts 02110**

(Address of principal executive offices) (Zip code)

Stephen Tate, Vice President

100 Federal Street

Boston, Massachusetts 02110

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, New York 10036

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

Registrant's telephone number, including area code: **(617) 292-1000**

Date of fiscal year end: **November 30**

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

ITEM 1. REPORT TO STOCKHOLDERS.

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

---

| | |
|:---|:---|
| **Putnam Short-Term Municipal Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PSMEX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| May 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Short-Term Municipal Income Fund for the period December 1, 2024, to May 31, 2025.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $31 | 0.61% |

---

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

† Annualized.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $170458990 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 191 |
| **Portfolio Turnover Rate** | 9% |

---

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

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

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

![image](ts4194img003.jpg)

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

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Short-Term Municipal Income Fund PAGE 1 39211-STSA-0725

20.920.512.89.68.58.58.43.63.52.01.10.6 ------

---

| | |
|:---|:---|
| **Putnam Short-Term Municipal Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PSMTX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| May 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Short-Term Municipal Income Fund for the period December 1, 2024, to May 31, 2025.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $68 | 1.36% |

---

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

† Annualized.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $170458990 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 191 |
| **Portfolio Turnover Rate** | 9% |

---

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

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

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

![image](ts4192img003.jpg)

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

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Short-Term Municipal Income Fund PAGE 1 39211-STSC-0725

20.920.512.89.68.58.58.43.63.52.01.10.6 ------

---

| | |
|:---|:---|
| **Putnam Short-Term Municipal Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PYSTX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| May 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Short-Term Municipal Income Fund for the period December 1, 2024, to May 31, 2025.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $17 | 0.33% |

---

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

† Annualized.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $170458990 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 191 |
| **Portfolio Turnover Rate** | 9% |

---

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

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

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

![image](ts4196img003.jpg)

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

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Short-Term Municipal Income Fund PAGE 1 39211-STSR6-0725

20.920.512.89.68.58.58.43.63.52.01.10.6 ------

---

| | |
|:---|:---|
| **Putnam Short-Term Municipal Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PSMYX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| May 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Short-Term Municipal Income Fund for the period December 1, 2024, to May 31, 2025.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class Y | $18 | 0.36% |

---

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

† Annualized.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $170458990 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 191 |
| **Portfolio Turnover Rate** | 9% |

---

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

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

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

![image](ts4197img003.jpg)

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

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Short-Term Municipal Income Fund PAGE 1 39211-STSY-0725

20.920.512.89.68.58.58.43.63.52.01.10.6 ------

&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

#### Short-Term

#### Municipal

#### Income

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

May

31, 2025

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 15
Notes

to

Financial

Statements

#### 19
Changes

In

and

Disagreements

with

Accountants

#### 28
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

#### Short-Term

#### Municipal

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### May

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### November

#### 30,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.90

$9.82

$9.77

$10.17

$10.15

$10.08

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.16 0.31 0.25 0.10 0.07 0.12 Net

realized

and

unrealized

gains

(losses)

(0.06)

0.08 0.05 (0.36)

0.04 0.07 Total

from

investment

operations

........

0.10 0.39 0.30 (0.26)

0.11 0.19 Less

distributions

from:

Net

investment

income

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

(0.16)

(0.31)

(0.25)

(0.10)

(0.07)

(0.12)

Net

realized

gains

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

—

—

—

(0.04)

(0.02)

(—)

c

Total

distributions

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

(0.16)

(0.31)

(0.25)

(0.14)

(0.09)

(0.12)

Net

asset

value,

end

of

period

..........

$9.84

$9.90

$9.82

$9.77

$10.17

$10.15

Total

return

d

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

0.97%

4.01%

3.11%

(2.56)%

1.00%

1.95%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.72%

0.72%

0.82%

0.90%

0.91%

1.06%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

0.61%

0.61%

0.62%

0.60%

0.59%

0.59%

Net

investment

income

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

3.18%

3.16%

2.62%

1.09%

0.63%

1.19%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$24,452

$28,845

$33,561

$30,735

$27,661

$20,955

Portfolio

turnover

rate

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

9%

38%

38%

39%

54%

51%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.01

per

share.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Short-Term

#### Municipal

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

,2

a

#### Six

#### Months

#### Ended

#### May

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### November

#### 30,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.87

$9.78

$9.73

$10.15

$10.15

$10.08

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.12 0.24 0.18 0.05 0.01 0.04 Net

realized

and

unrealized

gains

(losses)

(0.07)

0.08 0.04 (0.39)

0.02 0.08 Total

from

investment

operations

........

0.05 0.32 0.22 (0.34)

0.03 0.12 Less

distributions

from:

Net

investment

income

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

(0.12)

(0.23)

(0.17)

(0.04)

(0.01)

(0.05)

Net

realized

gains

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

—

—

—

(0.04)

(0.02)

(—)

c

Total

distributions

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

(0.12)

(0.23)

(0.17)

(0.08)

(0.03)

(0.05)

Net

asset

value,

end

of

period

..........

$9.80

$9.87

$9.78

$9.73

$10.15

$10.15

Total

return

d

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

0.49%

3.33%

2.34%

(3.31)%

0.21%

1.22%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

1.47%

1.47%

1.57%

1.65%

1.66%

1.81%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

1.36%

1.36%

1.37%

1.35%

1.34%

1.34%

Net

investment

income

(loss)

..........

2.43%

2.41%

1.85%

0.34%

(0.07)%

0.37%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$165

$280

$340

$444

$374

$423

Portfolio

turnover

rate

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

9%

38%

38%

39%

54%

51%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.01

per

share.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Short-Term

#### Municipal

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### May

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### November

#### 30,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.89

$9.81

$9.76

$10.17

$10.15

$10.08

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.17 0.34 0.28 0.13 0.09 0.14 Net

realized

and

unrealized

gains

(losses)

(0.06)

0.07 0.05 (0.37)

0.04 0.08 Total

from

investment

operations

........

0.11 0.41 0.33 (0.24)

0.13 0.22 Less

distributions

from:

Net

investment

income

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

(0.17)

(0.33)

(0.28)

(0.13)

(0.09)

(0.15)

Net

realized

gains

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

—

—

—

(0.04)

(0.02)

(—)

c

Total

distributions

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

(0.17)

(0.33)

(0.28)

(0.17)

(0.11)

(0.15)

Net

asset

value,

end

of

period

..........

$9.83

$9.89

$9.81

$9.76

$10.17

$10.15

Total

return

d

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

1.11%

4.30%

3.40%

(2.36)%

1.27%

2.22%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.44%

0.44%

0.53%

0.63%

0.65%

0.80%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

0.33%

0.33%

0.33%

0.33%

0.33%

0.33%

Net

investment

income

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

3.47%

3.44%

2.90%

1.44%

0.91%

1.42%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$8,648

$5,025

$5,313

$4,940

$2,715

$2,313

Portfolio

turnover

rate

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

9%

38%

38%

39%

54%

51%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.01

per

share.

d

Total

return

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

#### Short-Term

#### Municipal

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### May

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### November

#### 30,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.90

$9.82

$9.76

$10.17

$10.15

$10.08

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.17 0.34 0.28 0.13 0.09 0.14 Net

realized

and

unrealized

gains

(losses)

(0.06)

0.07 0.05 (0.38)

0.04 0.08 Total

from

investment

operations

........

0.11 0.41 0.33 (0.25)

0.13 0.22 Less

distributions

from:

Net

investment

income

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

(0.17)

(0.33)

(0.27)

(0.12)

(0.09)

(0.15)

Net

realized

gains

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

—

—

—

(0.04)

(0.02)

(—)

c

Total

distributions

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

(0.17)

(0.33)

(0.27)

(0.16)

(0.11)

(0.15)

Net

asset

value,

end

of

period

..........

$9.84

$9.90

$9.82

$9.76

$10.17

$10.15

Total

return

d

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

1.10%

4.27%

3.47%

(2.39)%

1.26%

2.21%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.47%

0.47%

0.57%

0.65%

0.66%

0.81%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

0.36%

0.36%

0.37%

0.35%

0.34%

0.34%

Net

investment

income

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

3.43%

3.40%

2.98%

1.44%

0.91%

1.38%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$137,194

$121,496

$116,180

$44,906

$21,666

$22,819

Portfolio

turnover

rate

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

9%

38%

38%

39%

54%

51%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.01

per

share.

d

Total

return

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),

May

31,

2025

#### Putnam

#### Short-Term

#### Municipal

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds

#### 96.4%

#### Alabama

#### 4.0%
a

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue,

2021

B,

Mandatory

Put,

4%,

12/01/31

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

$

2,000,000

$

1,956,780

Revenue,

2022

A-1,

Mandatory

Put,

5.5%,

12/01/29

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

500,000

527,615

Revenue,

2025

B,

Mandatory

Put,

5.25%,

1/01/33

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

1,750,000

1,806,952

b

Water

Works

Board

of

the

City

of

Birmingham

(The)

,

Revenue

,

144A,

2024

,

3.75 %

,

9/01/26

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

2,500,000

2,489,435

6,780,782

#### Alaska

#### 0.9%
Alaska

Industrial

Development

&

Export

Authority

,

Dena'

Nena'

Henash

,

Revenue

,

2019

A

,

%

,

10/01/28

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

1,530,000

1,603,883

#### Arizona

#### 3.0%
Arizona

Board

of

Regents

,

University

of

Arizona

(The)

,

Revenue

,

2016

B

,

Refunding

,

%

,

6/01/46

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

3,265,000

3,302,112

a

Coconino

County

Pollution

Control

Corp.

,

Nevada

Power

Co.

,

Revenue

,

2017

B

,

Refunding

,

Mandatory

Put

,

3.75 %

,

3/31/26

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

750,000

748,869

Salt

Verde

Financial

Corp.

,

Revenue

,

2007-1

,

5.25 %

,

12/01/25

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

1,000,000

1,007,008

5,057,989

#### California

#### 10.7%
a

California

Community

Choice

Financing

Authority

,

Revenue

,

2024

G

,

Mandatory

Put

,

%

,

8/01/32

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

2,000,000

2,057,651

California

Enterprise

Development

Authority

,

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

%

,

8/01/26

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

100,000

101,446

California

Health

Facilities

Financing

Authority

,

Adventist

Health

System/West

Obligated

Group,

Revenue,

2013

A,

4%,

3/01/43

...

230,000

194,369

Episcopal

Communities

&

Services

for

Seniors

Obligated

Group,

Revenue,

2024

A,

3.85%,

11/15/27

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

1,500,000

1,503,150

a

California

Housing

Finance

Agency

,

Revenue

,

2023

,

FHA

Insured

,

Mandatory

Put

,

3.6 %

,

8/01/26

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

2,500,000

2,504,952

California

Municipal

Finance

Authority

,

California

Lutheran

University,

Revenue,

2018,

Refunding,

5%,

10/01/26

........

570,000

580,613

HumanGood

California

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

10/01/30

165,000

165,648

Palomar

Health

Obligated

Group,

COP,

2022

A,

Refunding,

AGMC

Insured,

5%,

11/01/27

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

100,000

103,515

Palomar

Health

Obligated

Group,

COP,

2022

A,

Refunding,

AGMC

Insured,

5%,

11/01/28

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

115,000

120,101

b

California

School

Finance

Authority

,

Alliance

for

College

Ready

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2015

A

,

%

,

7/01/25

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

1,345,000

1,344,510

a

California

State

University

,

Revenue

,

2016

,

Refunding

,

Mandatory

Put

,

0.55 %

,

11/01/26

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

2,000,000

1,910,682

City

of

Fontana

,

Community

Facilities

District

No.

109,

Special

Tax,

2024,

5%,

9/01/30

..........

235,000

248,198

Community

Facilities

District

No.

109,

Special

Tax,

2024,

5%,

9/01/31

..........

245,000

259,742

Community

Facilities

District

No.

109,

Special

Tax,

2024,

5%,

9/01/32

..........

260,000

276,097

Community

Facilities

District

No.

109,

Special

Tax,

2024,

5%,

9/01/34

..........

400,000

424,397

a

City

of

San

Jose

,

Allied

1510

Parkmoor

LP

,

Revenue

,

2023

,

Mandatory

Put

,

%

,

6/01/26

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

2,000,000

2,029,006

FHLMC,

Multi-family

ML

Pass-Through

Certificates

,

2019-ML05,

ACA,

3.35%,

11/25/33

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

455,395

426,737

2019-ML06,

A-US,

2.543%,

6/25/37

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

928,630

803,436

Los

Angeles

Department

of

Water

&

Power

,

Power

System,

Revenue,

2018

A,

Refunding,

5%,

7/01/33

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

1,240,000

1,271,772

Power

System,

Revenue,

2025

A,

Refunding,

5%,

7/01/28

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

1,000,000

1,037,537

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short-Term

#### Municipal

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

c

Mountain

View

School

District

,

School

Facilities

Improvement

District

No.

,

GO

,

2024

,

3.87 %,

7/01/29

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

$

1,000,000

$

856,463

18,220,022

#### Colorado

#### 0.9%
a

Colorado

Health

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Mandatory

Put

,

%

,

8/01/26

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

1,000,000

1,008,077

b

Southern

Ute

Indian

Tribe

of

the

Southern

Ute

Reservation

of

Colorado

,

GO

,

144A,

2025

A

,

%

,

4/01/35

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

525,000

553,491

1,561,568

#### Connecticut

#### 0.6%
a

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Yale

University

,

Revenue

,

2014

A

,

Mandatory

Put

,

2.8 %

,

2/10/26

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

1,000,000

992,216

#### Florida

#### 7.8%
a

Broward

County

Housing

Finance

Authority

,

Pinnacle

Phase

LLC,

Revenue,

2023,

Mandatory

Put,

4.05%,

3/01/26

......

1,000,000

1,005,091

St.

Joseph

Manor

II

LLLP,

Revenue,

2023,

Mandatory

Put,

3.5%,

4/01/26

........

1,000,000

999,855

County

of

Miami-Dade

,

Aviation

,

Revenue

,

2024

A

,

Refunding

,

%

,

10/01/30

.......

1,250,000

1,327,779

Florida

Housing

Finance

Corp.

,

Revenue,

2022-1,

GNMA

Insured,

3.5%,

7/01/52

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

1,760,000

1,749,948

a

Northside

Property

III

Ltd.,

Revenue,

2023

B,

GNMA

Insured,

Mandatory

Put,

5%,

2/01/26

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

2,295,000

2,319,268

Lakewood

Ranch

Stewardship

District

,

Assessments

,

Special

Assessment

,

2023

,

5.4 %

,

5/01/28

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

145,000

147,507

a

Miami-Dade

County

Housing

Finance

Authority

,

Fairfield

Miami

Gardens

LP,

Revenue,

2023

B,

Mandatory

Put,

4.05%,

9/01/25

....

1,500,000

1,501,731

Quail

Roost

Transit

Village

I

Ltd.,

Revenue,

2023,

Mandatory

Put,

5%,

9/01/25

....

500,000

501,967

Pinellas

County

Industrial

Development

Authority

,

Drs

Kiran

&

Pallavi

Patel

2017

Foundation

for

Global

Understanding,

Inc.

,

Revenue

,

2019

,

%

,

7/01/29

.........

455,000

459,534

a

Polk

County

Housing

Finance

Authority

,

Episcopal

Catholic

Apartments

Owner

LLLP

,

Revenue

,

2023

,

Mandatory

Put

,

4.15 %

,

6/01/26

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

3,000,000

3,024,893

St.

Johns

County

Industrial

Development

Authority

,

Life

Care

Ponte

Vedra

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

12/15/28

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

200,000

193,797

13,231,370

#### Georgia

#### 2.5%
DeKalb

County

Housing

Authority

,

HADC

Park

at

500

LLC

,

Revenue

,

2024

,

%

,

3/01/34

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

780,000

761,544

a

Development

Authority

of

Burke

County

(The)

,

Georgia

Power

Co.

,

Revenue,

First

Series

,

2012-1

,

Refunding

,

Mandatory

Put

,

2.875 %

,

8/19/25

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

500,000

498,857

a

Development

Authority

of

Monroe

County

(The)

,

Georgia

Power

Co.

,

Revenue,

Second

Series

,

2009-2

,

Mandatory

Put

,

3.875 %

,

3/06/26

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

500,000

500,907

a

Main

Street

Natural

Gas,

Inc.

,

Revenue,

2021

A,

Mandatory

Put,

4%,

9/01/27

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

1,000,000

999,766

Revenue,

2021

C,

Mandatory

Put,

4%,

12/01/28

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

1,000,000

1,001,337

Revenue,

2024

D,

Mandatory

Put,

5%,

4/01/31

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

500,000

523,307

4,285,718

#### Hawaii

#### 0.3%
a

City

&

County

of

Honolulu

,

Komohale

Maunakea

Venture

LP

,

Revenue

,

2023

,

Mandatory

Put

,

%

,

6/01/26

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

535,000

543,865

#### Idaho

#### 0.2%
Idaho

Housing

&

Finance

Association

,

Revenue

,

2016

H

,

GNMA

Insured

,

%

,

9/21/46

387,445

334,822

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short-Term

#### Municipal

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Illinois

#### 1.3%
Cook

&

DuPage

Counties

Combined

School

District

No.

113A

Lemont

Bromberek

,

GO

,

2021

,

%

,

1/01/35

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

$

725,000

$

652,599

a

Illinois

Finance

Authority

,

University

of

Chicago

Medical

Center

Obligated

Group

,

Revenue

,

2022

,

Mandatory

Put

,

%

,

8/15/25

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

500,000

500,319

a

Illinois

Housing

Development

Authority

,

South

Shore

IL

Preservation

LP

,

Revenue

,

2023

,

FHA

Insured

,

Mandatory

Put

,

%

,

6/01/25

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

1,000,000

1,000,000

2,152,918

#### Indiana

#### 1.8%
City

of

Rockport

,

AEP

Generating

Co.

,

Revenue

,

1995

B

,

Refunding

,

3.125 %

,

7/01/25

500,000

499,729

a

City

of

Whiting

,

BP

Products

North

America,

Inc.

,

Revenue

,

2019

A

,

Refunding

,

Mandatory

Put

,

%

,

6/05/26

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

1,000,000

1,008,920

Indiana

Finance

Authority

,

Indiana

Masonic

Home,

Inc.

Obligated

Group,

Revenue,

2025

B,

5%,

5/01/28

....

755,000

775,276

Indiana

Masonic

Home,

Inc.

Obligated

Group,

Revenue,

2025

B,

5%,

5/01/29

....

795,000

821,398

3,105,323

#### Kentucky

#### 4.5%
a

County

of

Owen

,

American

Water/Kentucky-American

Water

Co.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

Mandatory

Put

,

3.875 %

,

9/01/28

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

2,250,000

2,212,749

a

County

of

Trimble

,

Louisville

Gas

and

Electric

Co.

,

Revenue

,

2023

A

,

Mandatory

Put

,

4.7 %

,

6/01/27

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

1,000,000

1,006,490

Kentucky

Public

Energy

Authority

,

a

Revenue,

2020

A,

Mandatory

Put,

4%,

6/01/26

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

1,040,000

1,042,724

Revenue,

2024

A,

5%,

7/01/27

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

525,000

538,627

Revenue,

2024

A,

5%,

7/01/28

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

1,000,000

1,037,030

a

Revenue,

2024

B,

Refunding,

Mandatory

Put,

5%,

8/01/32

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

750,000

788,955

a

Revenue,

2025

A,

Refunding,

Mandatory

Put,

5.25%,

12/01/29

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

1,000,000

1,049,162

7,675,737

#### Louisiana

#### 3.2%
a

Louisiana

Offshore

Terminal

Authority

,

Loop

LLC

,

Revenue

,

2013

C

,

Refunding

,

Mandatory

Put

,

4.2 %

,

9/01/28

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

1,500,000

1,497,370

Louisiana

Public

Facilities

Authority

,

a,b

ElementUS

Minerals

LLC,

Revenue,

144A,

2023,

Mandatory

Put,

5%,

11/01/25

...

1,000,000

1,003,495

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2025

B,

Refunding,

5%,

5/15/30

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

1,000,000

1,068,463

a

Parish

of

St.

John

the

Baptist

,

Marathon

Oil

Corp.

,

Revenue

,

2017

C

,

Refunding

,

Mandatory

Put

,

3.3 %

,

7/03/28

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

2,000,000

1,960,776

5,530,104

#### Maryland

#### 0.1%
Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

6/01/29

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

200,000

207,675

#### Massachusetts

#### 0.9%
Massachusetts

Development

Finance

Agency

,

b

CHF

Merrimack,

Inc.,

Revenue,

144A,

2024

A,

4.25%,

7/01/34

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

450,000

440,364

Emerson

College,

Revenue,

2025,

Refunding,

5%,

1/01/27

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

1,010,000

1,035,238

1,475,602

#### Michigan

#### 1.0%
City

of

Detroit

,

GO

,

2023

B

,

6.844 %

,

5/01/28

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

295,000

304,700

Detroit

Downtown

Development

Authority

,

Catalyst

Development

Area

,

Tax

Allocation

,

2024

,

Refunding

,

%

,

7/01/48

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

1,000,000

1,007,866

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short-Term

#### Municipal

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Michigan
(continued)

Flint

Hospital

Building

Authority

,

Hurley

Medical

Center

,

Revenue

,

2013

B

,

4.75 %

,

7/01/28

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

$

425,000

$

419,417

Michigan

Finance

Authority

,

Tobacco

Settlement

,

Revenue,

Senior

Lien

,

2020

,

Refunding

,

2.326 %

,

6/01/30

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

17,107

17,107

1,749,090

#### Minnesota

#### 1.0%
City

of

Minneapolis

,

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

11/15/36

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

825,000

838,095

City

of

Wadena

,

Astera

Health,

Revenue,

2024

A,

5%,

12/01/26

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

195,000

199,695

Astera

Health,

Revenue,

2024

A,

5%,

12/01/30

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

375,000

402,518

Northern

Municipal

Power

Agency

,

Revenue

,

2023

,

%

,

1/01/26

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

255,000

257,647

1,697,955

#### Missouri

#### 2.5%
Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

CoxHealth

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

11/15/39

........

725,000

725,316

University

of

Health

Sciences

&

Pharmacy

in

St.

Louis,

Revenue,

2023

A,

Refunding,

5%,

5/01/28

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

500,000

500,073

Kansas

City

Industrial

Development

Authority

,

City

of

Kansas

City

Airport,

Revenue,

2019

B,

5%,

3/01/27

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

1,000,000

1,023,985

City

of

Kansas

City

Airport,

Revenue,

2019

B,

5%,

3/01/30

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

1,000,000

1,044,690

City

of

Kansas

City

Airport,

Revenue,

2020

A,

5%,

3/01/26

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

500,000

505,832

Poplar

Bluff

Regional

Transportation

Development

District

,

Sales

Tax

,

Revenue

,

2023

B

,

Refunding

,

3.375 %

,

12/01/31

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

435,000

414,072

4,213,968

#### Montana

#### 0.8%
City

of

Forsyth

,

NorthWestern

Corp.

,

Revenue

,

2023

,

Refunding

,

3.875 %

,

7/01/28

...

1,300,000

1,312,995

Montana

Board

of

Housing

,

Revenue

,

2014

,

%

,

12/01/43

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

5,000

4,966

1,317,961

#### Nebraska

#### 1.8%
Central

Plains

Energy

Project

,

Revenue,

2017

A,

Refunding,

5%,

9/01/30

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

1,000,000

1,051,302

a

Revenue,

2019,

Refunding,

Mandatory

Put,

4%,

8/01/25

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

2,000,000

2,000,567

3,051,869

#### Nevada

#### 0.9%
County

of

Clark

Department

of

Aviation

,

Jet

Aviation

Fuel

Tax

,

Revenue

,

2022

A

,

Refunding

,

%

,

7/01/26

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

500,000

508,559

County

of

Humboldt

,

Sierra

Pacific

Power

Co.

,

Revenue

,

2016

B

,

Refunding

,

3.55 %

,

10/01/29

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

1,000,000

1,002,803

1,511,362

#### New

#### Jersey

#### 2.6%
City

of

Newark

,

GO

,

2025

B

,

4.5 %

,

5/07/26

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

1,000,000

1,009,316

Jersey

City

Municipal

Utilities

Authority

,

Water

Fund

,

Revenue

,

2025

A

,

%

,

5/01/26

.

2,000,000

2,031,574

a

New

Jersey

Economic

Development

Authority

,

New

Jersey-American

Water

Co.,

Inc.

,

Revenue

,

2019

A

,

Refunding

,

Mandatory

Put

,

2.2 %

,

12/03/29

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

500,000

433,803

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue,

Senior

Lien

,

2018

B

,

Refunding

,

%

,

12/01/26

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

1,015,000

1,033,185

4,507,878

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short-Term

#### Municipal

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### Mexico

#### 2.5%
City

of

Farmington

,

a

Public

Service

Co.

of

New

Mexico,

Revenue,

2010

B,

Refunding,

Mandatory

Put,

3.875%,

6/01/29

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

$

1,000,000

$

1,002,660

Public

Service

Co.

of

New

Mexico,

Revenue,

2016

B,

Refunding,

2.15%,

4/01/33

..

250,000

207,761

a

New

Mexico

Mortgage

Finance

Authority

,

JLG

NM

ABQ

2023

LLLP,

Revenue,

2023,

Mandatory

Put,

5%,

9/01/25

.........

2,000,000

2,006,794

d

JLG

NM

SAF

2023

LLLP,

Revenue,

2023,

Mandatory

Put,

3.73%,

12/01/25

......

1,000,000

1,000,275

4,217,490

#### New

#### York

#### 3.2%
a

Long

Island

Power

Authority

,

Revenue,

2020

B,

Refunding,

Mandatory

Put,

0.85%,

9/01/25

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

500,000

495,935

Revenue,

2021

B,

Refunding,

Mandatory

Put,

1.5%,

9/01/26

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

200,000

194,782

b

Monroe

County

Industrial

Development

Corp.

,

Eugenio

Maria

de

Hostos

Charter

School

,

Revenue

,

144A,

2024

A

,

%

,

7/01/34

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

825,000

824,960

New

York

State

Dormitory

Authority

,

Pace

University,

Revenue,

2024

A,

5.25%,

5/01/27

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

175,000

181,124

Pace

University,

Revenue,

2024

A,

5.25%,

5/01/28

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

300,000

313,326

Pace

University,

Revenue,

2024

A,

5.25%,

5/01/29

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

225,000

237,362

St.

Joseph's

University,

Revenue,

2021,

5%,

7/01/26

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

200,000

200,762

St.

Joseph's

University,

Revenue,

2021,

5%,

7/01/28

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

75,000

75,474

St.

Joseph's

University,

Revenue,

2021,

5%,

7/01/29

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

75,000

75,387

St.

Joseph's

University,

Revenue,

2021,

5%,

7/01/30

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

75,000

75,131

New

York

Transportation

Development

Corp.

,

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/25

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

225,000

226,214

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

207th

,

Refunding

,

%

,

9/15/25

..

960,000

963,831

Triborough

Bridge

&

Tunnel

Authority

,

Metropolitan

Transportation

Authority

Payroll

Mobility

Tax

,

Revenue

,

2025

,

%

,

3/15/27

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

1,500,000

1,553,443

5,417,731

#### North

#### Carolina

#### 3.4%
a

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group

,

Revenue

,

2018

E

,

Mandatory

Put

,

0.8 %

,

8/01/25

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

2,000,000

1,974,295

a

Cumberland

County

Industrial

Facilities

&

Pollution

Control

Financing

Authority

,

American

Titanium

Metal

LLC

,

Revenue

,

2024

,

Mandatory

Put

,

3.75 %

,

11/01/25

...

3,000,000

3,000,985

North

Carolina

Medical

Care

Commission

,

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2024

B-1,

4.25%,

10/01/28

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

250,000

250,032

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2024

B-2,

3.75%,

10/01/28

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

500,000

499,494

5,724,806

#### North

#### Dakota

#### 0.9%
Cass

County

Joint

Water

Resource

District

,

Revenue

,

2024

A

,

Refunding

,

3.45 %

,

4/01/27

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

1,000,000

998,175

City

of

Horace

,

GO

,

2024

B

,

Refunding

,

4.85 %

,

8/01/26

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

500,000

500,330

1,498,505

#### Ohio

#### 4.1%
Akron

Bath

Copley

Joint

Township

Hospital

District

,

Summa

Health

System

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

11/15/25

255,000

256,428

Summa

Health

System

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

11/15/27

180,000

185,782

Dayton-Montgomery

County

Port

Authority

,

Dayton

Regional

STEM

Schools,

Inc.

,

Revenue

,

2024

,

%

,

12/01/32

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

375,000

397,296

a

Lancaster

Port

Authority

,

Revenue

,

2024

A

,

Refunding

,

Mandatory

Put

,

%

,

8/01/30

.

1,250,000

1,306,343

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short-Term

#### Municipal

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Ohio
(continued)

a

Ohio

Air

Quality

Development

Authority

,

Duke

Energy

Corp.

,

Revenue

,

2022

B

,

Refunding

,

Mandatory

Put

,

%

,

6/01/27

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

$

500,000

$

503,829

Ohio

Higher

Educational

Facility

Commission

,

Ashtabula

County

Medical

Center

Obligated

Group,

Revenue,

2022,

5%,

1/01/26

..

100,000

100,469

Cleveland

Institute

of

Music

(The),

Revenue,

2022,

5%,

12/01/27

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

435,000

441,780

a

Ohio

Housing

Finance

Agency

,

At

Main

LLC

,

Revenue

,

2025

,

Mandatory

Put

,

3.7 %

,

5/01/28

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

500,000

502,811

State

of

Ohio

,

Department

of

Transportation

,

Revenue

,

2015

,

%

,

12/31/25

........

1,820,000

1,821,556

Youngstown

State

University

,

Revenue

,

2016

,

Refunding

,

%

,

12/15/30

...........

1,535,000

1,566,140

7,082,434

#### Pennsylvania

#### 2.8%
Chester

County

Industrial

Development

Authority

,

Avon

Grove

Charter

School

,

Revenue

,

2024

,

%

,

3/01/27

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

800,000

810,969

Pennsylvania

Economic

Development

Financing

Authority

,

Commonwealth

of

Pennsylvania

Motor

License

Fund

,

Revenue

,

2022

,

%

,

12/31/29

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

270,000

284,897

Pennsylvania

Housing

Finance

Agency

,

Revenue

,

2021-135

A

,

%

,

10/01/51

......

1,185,000

1,169,693

Pennsylvania

Turnpike

Commission

,

Revenue,

Third

Series,

2016

A-3,

Refunding,

5%,

12/01/36

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

1,000,000

1,015,662

Oil

Franchise

Tax,

Revenue,

2018

A,

5%,

12/01/48

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

1,215,000

1,220,091

Philadelphia

Authority

for

Industrial

Development

,

Independence

Charter

School

West

,

Revenue

,

2019

,

%

,

6/15/29

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

305,000

294,868

4,796,180

#### South

#### Carolina

#### 0.3%
South

Carolina

Public

Service

Authority

,

Revenue,

2022

C,

Refunding,

5%,

12/01/25

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

355,000

358,156

Revenue,

2022

E,

5%,

12/01/25

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

150,000

151,333

509,489

#### Tennessee

#### 3.7%
a

Knoxville's

Community

Development

Corp.

,

DGA

Grosvenor

Square

LP,

Revenue,

2022,

Mandatory

Put,

4%,

6/01/26

........

3,000,000

3,008,227

DGA

Holston

LP,

Revenue,

2022,

Mandatory

Put,

3.75%,

6/01/26

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

1,750,000

1,757,709

Metropolitan

Nashville

Airport

Authority

(The)

,

Revenue

,

2022

B

,

%

,

7/01/26

......

50,000

50,909

a

Tennergy

Corp.

,

Revenue

,

2021

A

,

Mandatory

Put

,

%

,

9/01/28

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

1,500,000

1,498,305

6,315,150

#### Texas

#### 10.4%
a

City

of

Dallas

Housing

Finance

Corp.

,

Ash

Creek

Housing

LLC

,

Revenue

,

2023

,

FHA

Insured

,

Mandatory

Put

,

%

,

12/01/25

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

2,750,000

2,771,192

City

of

Galveston

,

Wharves

&

Terminal,

Revenue,

First

Lien,

2024

A,

5%,

8/01/28

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

500,000

514,982

Wharves

&

Terminal,

Revenue,

First

Lien,

2024

A,

5%,

8/01/29

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

350,000

362,562

Wharves

&

Terminal,

Revenue,

First

Lien,

2024

A,

5%,

8/01/30

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

500,000

520,634

Wharves

&

Terminal,

Revenue,

First

Lien,

2024

A,

5%,

8/01/31

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

1,000,000

1,042,019

City

of

Houston

,

Airport

System

,

Revenue,

Sub.

Lien

,

2023

A

,

Refunding

,

AGMC

Insured

,

%

,

7/01/26

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

1,000,000

1,017,652

City

of

Pflugerville

,

GO,

2025,

5%,

8/01/25

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

1,000,000

1,003,543

GO,

2025,

5%,

8/01/26

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

1,000,000

1,022,736

a

Clear

Creek

Independent

School

District

,

GO

,

2013

B

,

PSF

Guaranty

,

Mandatory

Put

,

3.6 %

,

8/15/25

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

300,000

300,134

Clifton

Higher

Education

Finance

Corp.

,

International

Leadership

of

Texas,

Inc.

,

Revenue

,

2018

D

,

5.25 %

,

8/15/27

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

500,000

500,966

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short-Term

#### Municipal

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

County

of

Harris

,

Toll

Road

,

Revenue,

Senior

Lien

,

2015

B

,

Refunding

,

%

,

8/15/36

.

$

1,100,000

$

1,102,334

a

El

Paso

Independent

School

District

,

GO

,

2020

,

Mandatory

Put

,

%

,

8/01/26

.......

2,500,000

2,526,953

Fort

Bend

Independent

School

District

,

a

GO,

2021

B,

Refunding,

PSF

Guaranty,

Mandatory

Put,

0.72%,

8/01/26

.........

820,000

789,395

GO,

2025

A,

Refunding,

PSF

Guaranty,

5%,

8/15/26

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

1,000,000

1,024,353

a

Houston

Housing

Finance

Corp.

,

Summerdale

Apartments

LP

,

Revenue

,

2023

,

Mandatory

Put

,

%

,

8/01/26

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

600,000

608,928

a

Prosper

Independent

School

District

,

GO

,

2019

B

,

PSF

Guaranty

,

Mandatory

Put

,

%

,

8/15/26

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

1,000,000

1,006,020

SA

Energy

Acquisition

Public

Facility

Corp.

,

Revenue

,

2007

,

5.5 %

,

8/01/25

........

75,000

75,191

a

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

,

Baylor

Scott

&

White

Health

Obligated

Group

,

Revenue

,

2022

E

,

Mandatory

Put

,

%

,

5/15/26

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

650,000

658,141

Texas

State

Affordable

Housing

Corp.

,

Revenue

,

2011

A

,

GNMA

Insured

,

5.25 %

,

9/01/28

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

30,000

30,521

Town

of

Trophy

Club

,

Public

Improvement

District

No.

,

Special

Assessment

,

2025

,

Refunding

,

%

,

9/01/28

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

110,000

113,530

University

of

North

Texas

System

,

Revenue

,

2025

A

,

Refunding

,

%

,

4/15/28

......

785,000

830,099

17,821,885

#### Utah

#### 1.0%
City

of

Salt

Lake

City

,

Airport

,

Revenue

,

2017

A

,

%

,

7/01/29

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

500,000

511,498

Utah

Infrastructure

Agency

,

Revenue,

2019,

5%,

10/15/27

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

455,000

468,245

Revenue,

2019,

5%,

10/15/29

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

500,000

522,670

Revenue,

2021,

3%,

10/15/26

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

250,000

247,425

1,749,838

#### Virgin

#### Islands

#### 0.9%
Matching

Fund

Special

Purpose

Securitization

Corp.

,

United

States

Virgin

Islands

Federal

Excise

Tax,

Revenue,

2022

A,

Refunding,

5%,

10/01/25

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

125,000

125,475

United

States

Virgin

Islands

Federal

Excise

Tax,

Revenue,

2022

A,

Refunding,

5%,

10/01/30

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

1,000,000

1,021,399

e

Virgin

Islands

Transportation

&

Infrastructure

Corp.

,

Revenue,

2025,

Refunding,

5%,

9/01/26

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

200,000

203,968

Revenue,

2025,

Refunding,

5%,

9/01/27

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

160,000

165,765

1,516,607

#### Virginia

#### 1.9%
James

City

County

Economic

Development

Authority

,

Williamsburg

Landing,

Inc.

Obligated

Group

,

Revenue

,

2024

,

5.5 %

,

12/01/28

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

170,000

170,056

Virginia

Public

School

Authority

,

Revenue

,

2014

B

,

Refunding

,

%

,

8/01/26

........

2,000,000

1,998,493

a

Virginia

Small

Business

Financing

Authority

,

Pure

Salmon

Virginia

LLC

,

Revenue

,

2022

,

Mandatory

Put

,

%

,

11/20/25

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

1,000,000

1,000,239

3,168,788

#### Washington

#### 5.0%
a

City

of

Seattle

,

Municipal

Light

&

Power

,

Revenue

,

2021

B

,

Refunding

,

Mandatory

Put

,

2.22 %

,

(SIFMA

Municipal

Swap

Index

+

0.25 %),

11/01/26

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

1,500,000

1,482,882

Grays

Harbor

County

Public

Hospital

District

No.

,

Revenue

,

2023

,

Refunding

,

5.75 %

,

12/01/26

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

660,000

674,329

King

County

Housing

Authority

,

Revenue

,

2008

,

5.5 %

,

5/01/38

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

2,500,000

2,502,986

Port

of

Seattle

,

Revenue,

2018

B,

5%,

5/01/27

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

1,000,000

1,029,275

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short-Term

#### Municipal

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

See

Abbreviations

on

.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Washington
(continued)

Port

of

Seattle,

(continued)

Revenue,

2024

B,

Refunding,

5%,

7/01/28

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

$

1,500,000

$

1,563,981

Washington

State

Housing

Finance

Commission

,

Eastside

Retirement

Association

Obligated

Group,

Revenue,

2023

A,

Refunding,

5%,

7/01/25

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

350,000

350,145

b

Provident

Group

-

SH

II

Properties

LLC,

Revenue,

144A,

2025

A,

BAM

Insured,

5%,

7/01/29

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

630,000

661,032

b

Provident

Group

-

SH

II

Properties

LLC,

Revenue,

144A,

2025

A,

BAM

Insured,

5%,

7/01/30

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

300,000

318,051

8,582,681

#### Wisconsin

#### 0.3%
Public

Finance

Authority

,

Northwest

Nazarene

University,

Inc.

,

Revenue

,

2018

,

Refunding

,

%

,

10/01/25

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

500,000

501,125

#### U.S.

#### Territories

#### 2.7%

#### District

#### of

#### Columbia

#### 1.4%
District

of

Columbia

,

International

School

Obligated

Group,

Revenue,

2019,

5%,

7/01/27

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

300,000

307,847

Plenary

Infrastructure

DC

LLC,

Revenue,

2022

A,

5%,

8/31/25

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

500,000

501,358

Metropolitan

Washington

Airports

Authority

,

Aviation,

Revenue,

2015

B,

Refunding,

5%,

10/01/34

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

1,070,000

1,071,063

Aviation,

Revenue,

2018

A,

Refunding,

5%,

10/01/33

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

500,000

513,724

2,393,992

#### Puerto

#### Rico

#### 1.3%
Commonwealth

of

Puerto

Rico

,

c,f

FRN,

2.27%,

11/01/51

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

12,329

6,365

GO,

2022

A-1,

5.375%,

7/01/25

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

199,724

199,866

GO,

2022

A-1,

5.625%,

7/01/27

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

1,000,000

1,026,524

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

SS

,

Refunding

,

NATL

Insured

,

%

,

7/01/25

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

1,000,000

1,000,005

2,232,760

#### Total

#### U.S.

#### Territories

#### ....................................................................
4,626,752

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $164,469,336)

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

#### 164,339,138
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 3.1%

#### Shares
a

#### Money

#### Market

#### Funds

#### 3.1%
g,h

Putnam

Short

Term

Investment

Fund,

Class

P,

4.555%

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

5,277,659

5,277,659

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $5,277,659)

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

#### 5,277,659

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $5,277,659)

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

#### 5,277,659

#### a

#### Total

#### Investments

#### (Cost

#### $169,746,995)

#### 99.5%

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

#### $169,616,797

#### Other

#### Assets,

#### less

#### Liabilities

#### 0.5%

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

#### 842,193

#### Net

#### Assets

#### 100.0%

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

#### $170,458,990
Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short-Term

#### Municipal

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

The

maturity

date

shown

represents

the

mandatory

put

date.

b

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

May

31,

2025,

the

aggregate

value

of

these

securities

was

$7,635,338,

representing

4.5%

of

net

assets.

c

The

rate

shown

represents

the

yield

at

period

end.

d

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

(b).

e

Security

purchased

on

a

when-issued

basis.

See

Note

(b).

f

The

coupon

rate

shown

represents

the

rate

at

period

end.

g

See

Note

(g)

regarding

investments

in

affiliated

management

investment

companies.

h

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Funds

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

May

31,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### Short-

#### Term

#### Municipal

#### Income

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$164,469,336

Cost

-

Non-controlled

affiliates

(Note

g)

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

5,277,659

Value

-

Unaffiliated

issuers

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

$164,339,138

Value

-

Non-controlled

affiliates

(Note

g)

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

5,277,659

Receivables:

Capital

shares

sold

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

814,360

Dividends

and

interest

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

2,215,054

Prepaid

expenses

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

63,349

Total

assets

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

172,709,560

Liabilities:

Payables:

Investment

securities

purchased

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

1,369,126

Capital

shares

redeemed

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

767,436

Management

fees

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

20,841

Administrative

fees

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

Distribution

fees

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

5,207

Transfer

agent

fees

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

34,441

Trustees'

fees

and

expenses

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

2,905

Accrued

expenses

and

other

liabilities

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

50,131

Total

liabilities

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

2,250,570

Net

assets,

at

value

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

$170,458,990

Net

assets

consist

of:

Paid-in

capital

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

$170,437,983

Total

distributable

earnings

(losses)

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

21,007

Net

assets,

at

value

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

$170,458,990

Putnam

Funds

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

May

31,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Short-

#### Term

#### Municipal

#### Income

#### Fund

#### Class

#### A:
Net

assets,

at

value

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

$24,452,427

Shares

outstanding

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

2,484,778

Net

asset

value

per

share

a

,b

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

$9.84

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.75

%)

b

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

$10.07

#### Class

#### C:
Net

assets,

at

value

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

$165,012

Shares

outstanding

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

16,831

Net

asset

value

and

maximum

offering

price

per

share

a

,b

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

$9.80

#### Class

#### R6:
Net

assets,

at

value

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

$8,647,580

Shares

outstanding

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

879,564

Net

asset

value

and

maximum

offering

price

per

share

b

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

$9.83

#### Class

#### Y:
Net

assets,

at

value

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

$137,193,971

Shares

outstanding

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

13,946,144

Net

asset

value

and

maximum

offering

price

per

share

b

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

$9.84

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

May

31,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### Short-

#### Term

#### Municipal

#### Income

#### Fund
Investment

income:

Dividends:

Non-controlled

affiliates

(Note

g)

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

$130,358

Interest:

Unaffiliated

issuers

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

2,925,406

Total

investment

income

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

3,055,764

Expenses:

Management

fees

(Note

a)

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

212,661

Administrative

fees

(Note

b)

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

1,770

Distribution

fees:

(Note

3c)

Class

A

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

34,359

Class

C

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

1,024

Transfer

agent

fees:

(Note

3e)

Class

A

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

11,675

Class

C

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

Class

R6

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

1,517

Class

Y

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

54,058

Custodian

fees

(Note

4)

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

3,107

Reports

to

shareholders

fees

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

10,437

Registration

and

filing

fees

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

42,269

Professional

fees

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

36,808

Trustees'

fees

and

expenses

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

2,597

Other

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

1,451

Total

expenses

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

413,820

Expense

reductions

(Note

4)

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

(78) Expenses

waived/paid

by

affiliates

(Note

g

and

h)

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

(87,962)

Net

expenses

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

325,780

Net

investment

income

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

2,729,984

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

4,758

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

(1,029,266)

Net

realized

and

unrealized

gain

(loss)

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

(1,024,508)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$1,705,476

Putnam

Funds

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Short-Term

#### Municipal

#### Income

#### Fund

#### Six

#### Months

#### Ended

#### May

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### November

#### 30,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$2,729,984

$5,612,034

Net

realized

gain

(loss)

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

4,758

256,816

Net

change

in

unrealized

appreciation

(depreciation)

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

(1,029,266)

1,013,370

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

1,705,476

6,882,220

Distributions

to

shareholders:

Class

A

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

(433,612)

(1,058,999)

Class

C

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

(2,464)

(6,840)

Class

R6

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

(104,218)

(169,125)

Class

Y

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

(2,169,681)

(4,296,088)

Total

distributions

to

shareholders

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

(2,709,975)

(5,531,052)

Capital

share

transactions:

(Note

2)

Class

A

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

(4,186,489)

(4,979,394)

Class

C

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

(113,928)

(62,334)

Class

R6

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

3,650,899

(332,600)

Class

Y

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

16,466,546

4,275,661

Total

capital

share

transactions

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

15,817,028

(1,098,667)

Net

increase

(decrease)

in

net

assets

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

14,812,529

252,501

Net

assets:

Beginning

of

period

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

155,646,461

155,393,960

End

of

period

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

$170,458,990

$155,646,461

Putnam

Funds

Trust

franklintempleton.com

Semiannual

Report

Notes

to

Financial

Statements

(unaudited)

#### Putnam

#### Short-Term

#### Municipal

#### Income

#### Fund
1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Putnam

Funds

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of sixteen

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

Short-Term

Municipal

Income

Fund

(Fund)

is

included

in

this

report.

The

Fund

offers four

classes

of

shares:

Class

A,

Class

C,

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 Fund'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.

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.

b. #### Securities

#### Purchased

#### on

#### a

#### When-Issued,

#### Forward

#### Commitment or

#### Delayed

#### Delivery

#### Basis
The

Fund

may

purchase

securities

on

a when-issued,

forward

commitment

or

delayed

delivery basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, it

may

sell

the

securities

before

the

settlement

date.

c. #### 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

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Short-Term

#### Municipal

#### Income

#### Fund
(continued)

its 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

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

May

31,

2025, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the Fund

invests.

d. #### 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

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.

e. #### Insurance
The

scheduled

payments

of

interest

and

principal

for

each

insured

municipal

security

in

the

Fund are

insured

by

either

a

new

issue

insurance

policy

or

a

secondary

insurance

policy.

Some

municipal

securities

in

the

Fund

are

secured

by

collateral

guaranteed

by

an

agency

of

the

U.S.

government.

Depending

on

the

type

of

coverage,

premiums

for

insurance

are

either

added

to

the

cost

basis

of

the

security

or

paid

by

a

third

party.

Insurance

companies

typically

insure

municipal

bonds

that

tend

to

be

of

very

high

quality,

with

the

majority

of

underlying

municipal

bonds

rated

A

or

better.

However,

an

event

involving

an

insurer

could

have

an

adverse

effect

on

the

value

of

the

securities

insured

by

that

insurance

company.

There

can

be

no

assurance

the

insurer

will

be

able

to

fulfill

its

obligations

under

the

terms

of

the

policy.

f. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

c. #### Income

#### Taxes
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Short-Term

#### Municipal

#### Income

#### Fund
(continued)

g. #### Guarantees

#### and

#### Indemnifications
Under

the Fund's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the

Fund against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

Additionally,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Fund's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Fund

that

have

not

yet

occurred.

Currently,

the Fund

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

May

31,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Six

#### Months

#### Ended

#### May

#### 31,

#### 2025

#### Year

#### Ended

#### November

#### 30,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

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

921,241

$9,078,778

2,942,881

$28,996,534

Shares

issued

in

reinvestment

of

distributions

..........

43,420

428,316

106,826

1,053,292

Shares

redeemed

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

(1,392,754)

(13,693,583)

(3,554,877)

(35,029,220)

Net

increase

(decrease)

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

(428,093)

$(4,186,489)

(505,170)

$(4,979,394)

#### Class

#### C

#### Shares:
Shares

issued

in

reinvestment

of

distributions

..........

$2,461

697

$6,840

Shares

redeemed

a

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

(11,820)

(116,389)

(7,054)

(69,174)

Net

increase

(decrease)

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

(11,569)

$(113,928)

(6,357)

$(62,334)

#### Class

#### R6

#### Shares:
Shares

sold

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

414,646

$4,074,053

160,201

$1,579,210

Shares

issued

in

reinvestment

of

distributions

..........

10,617

104,607

17,208

169,125

Shares

redeemed

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

(53,549)

(527,761)

(211,174)

(2,080,935)

Net

increase

(decrease)

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

371,714

$3,650,899

(33,765)

$(332,600)

#### Class

#### Y

#### Shares:
Shares

sold

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

4,602,539

$45,331,247

5,250,280

$51,780,775

Shares

issued

in

reinvestment

of

distributions

..........

220,289

2,172,333

436,856

4,296,019

Shares

redeemed

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

(3,149,816)

(31,037,034)

(5,250,793)

(51,801,133)

Net

increase

(decrease)

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

1,673,012

$16,466,546

436,343

$4,275,661

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. 1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Short-Term

#### Municipal

#### Income

#### Fund
(continued)

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the Fund are

also

officers

and/or

trustees of

the

following

subsidiaries:

a. #### Management

#### Fees
The

Fund

pays Advisers

a

management

fee

(based

on

the

Fund's

average

net

assets

and

computed

and

paid

monthly)

at

annual

rates

that

may

vary

based

on

the

average

of

the

aggregate

net

assets

of

all

open-end

mutual

funds

sponsored

by

Putnam

Management

(including

open-end

funds

managed

by

affiliates

of

Putnam

Management

that

have

been

deemed

to

be

sponsored

by

Putnam

Management

for

this

purpose)

(excluding

net

assets

of

such

funds

that

are

invested

in,

or

that

are

invested

in

by,

other

such

funds

to

the

extent

necessary

to

avoid

"double

counting"

of

those

assets).

Such

annual

rates

may

vary

as

follows:

For

the

period

ended

May

31,

2025,

the

annualized

gross

effective

investment

management

fee

rate

was 0.264%

of

the

Fund's

average daily

net

assets.

Advisers

retained

Putnam

Management

as

subadvisor

for

the

Fund

pursuant

to

a

new

subadvisory

agreement.

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

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Putnam

Investment

Management,

LLC

(Putnam

Management)

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

#### Short-Term

#### Municipal

#### 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

and

Class

Y

shares

that

included

(1) a

per

account

fee

for

each

direct

and

underlying

non-

defined

contribution

account

(retail

account)

of

the

Fund;

(2) a

specified

rate

of

the

Fund's

assets

attributable

to

defined

contribution

plan

accounts;

and

(3) a

specified

rate

based

on

the

average

net

assets

in

retail

accounts.

PSERV

has

agreed

that

the

aggregate

investor

servicing

fees

for

each

Fund's

retail

and

defined

contribution

accounts

for

these

share

classes

will

not

exceed

an

annual

rate

of

0.25%

of

the

Fund's

average

assets

attributable

to

such

accounts.

Class R6

shares

paid

a

monthly

fee

based

on

the

average

net

assets

of

Class R6

shares

at

an

annual

rate

of

0.05%.

f. #### Trustee

#### Fees
The

Fund

has

adopted

a

Trustee

Fee

Deferral

Plan

(the

Deferral

Plan)

which

allows

the

Trustees to

defer

the

receipt

of

all

or

a

portion

of

Trustees'

fees

payable

from

July

1,

1995

through

December

31,

2023. The

deferred

fees

remain

invested

in

certain

Putnam

funds

until

distribution

in

accordance

with

the

Deferral

Plan.

The

Fund

has

adopted

an

unfunded

noncontributory

defined

benefit

pension

plan

(the

Pension

Plan)

covering

all

Trustees

of

the

Fund

who

have

served

as

a

Trustee

for

at

least

five

years

and

were

first

elected

prior

to

2004. Benefits

under

the

Pension

Plan

are

equal

to

50%

of

the

Trustee's

average

annual

attendance

and

retainer

fees

for

the

three

years

ended

December

31,

2005. The

retirement

benefit

is

payable

during

a

Trustee's

lifetime,

beginning

the

year

following

retirement,

for

the

number

of

#### Maximum

#### %

#### Approved

#### %
Class

A

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

0.35%

0.25%

Class

C

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

1.00%

1.00%

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$1,331

CDSC

retained

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

$27

3. #### Transactions

#### with

#### Affiliates
(continued)

b. #### Administrative

#### Fees
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Short-Term

#### Municipal

#### Income

#### Fund
(continued)

years

of

service

through

December

31,

2006. Pension

expense

for

the

Fund

is

included

in

the

Trustees' fees

and

expenses

in

the

Statement

of

Operations.

Accrued

pension

liability

is

included

in

Payable

for

Trustees' fees

and

expenses

in

the

Statement

of

Assets

and

Liabilities.

The

Trustees

have

terminated

the

Pension

Plan

with

respect

to

any

Trustee

first

elected

after

2003. g. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

May

31,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

h. #### Waiver

#### and

#### Expense

#### Reimbursements
Advisers has

contractually

agreed,

through

March

30,

2027,

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

March

30,

2027,

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

0.28%

of

the

Fund's

average

net

assets.

4. #### Expense

#### Offset

#### Arrangement
The Fund has

entered

into

arrangements

with

PSERV

and

its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

transfer

agent

and

custodian

fees,

respectively.

During

the

period

ended

May

31,

2025,

the

fees

were

reduced

as

noted

in

the

Statement

of

Operations.

Effective

March

10,

2025,

earned

credits

on

custodian

fees,

if

any,

are

recognized

as

income.

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

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Investment

#### Income

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

#### a

#### Putnam

#### Short-Term

#### Municipal

#### Income

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.555%

......

$2,600,107

$46,162,281

$(43,484,729)

$—

$—

$5,277,659

5,277,659

$130,358

#### Total

#### Affiliated

#### Securities

#### ...
$2,600,107

$46,162,281

$(43,484,729)

$—

$—

$5,277,659

$130,358

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Trustee

#### Fees
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Short-Term

#### Municipal

#### Income

#### Fund
(continued)

5. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

November

30,

2024,

the

capital

loss

carryforwards

were

as

follows:

At

May

31,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

period

ended

May

31,

2025,

aggregated

$34,674,150 and

$14,332,553,

respectively.

7. #### Concentration

#### of

#### Risk
The

Fund

invests

a

large

percentage

of

its total

assets

in

obligations

of

issuers

within

its respective

state

and

U.S.

territories.

Such

concentration

may

subject

the

Fund

to

risks

associated

with

industrial

or

regional

matters,

and

economic,

political

or

legal

developments

occurring

within

those

states

and

U.S.

territories.

Investments

in

these

securities

are

sensitive

to

interest

rate

changes

and

credit

risk

of

the

issuer

and

may

subject

the

Fund

to

increased

market

volatility.

The

market

for

these

investments

may

be

limited,

which

may

make

them

difficult

to

buy

or

sell.

8. #### Upcoming

#### Reorganization
On

May

16,

2025,

the

Board

approved

a

proposal

to

reorganize

the

Fund

with

and

into

a

newly-organized

exchange

traded

fund

(ETF).

Upon

completion

of

the

reorganization,

and

subject

to

certain

conditions,

on

or

around

the

fourth

quarter

of

2025

or

the

first

quarter

of

2026,

substantially

all

net

assets

in

the

Fund

will

be

transferred

into

the

ETF

and

ETF

shares

will

be

distributed

to

the

Fund's

shareholders

in

complete

liquidation

of

the

Fund.

9. #### Credit

#### Facility
Effective

January

31,

2025,

the

Fund,

together

with

other

U.S.

registered

and

foreign

investment

Funds

(collectively,

Borrowers)

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

30,

2026. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

shall,

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,

Capital

loss

carryforwards

not

subject

to

expiration:

Long

term

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

$

46,726

Cost

of

investments

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

$169,676,629

Unrealized

appreciation

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

$942,121

Unrealized

depreciation

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

(1,001,953)

Net

unrealized

appreciation

(depreciation)

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

$(59,832)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Short-Term

#### Municipal

#### Income

#### Fund
(continued)

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

reporting

period,

the

Fund

did

not

use

the

Global

Credit

Facility.

Prior

to

January

31,

2025,

the

Fund

participated,

along

with

other

Putnam

Funds,

in

a

$320

million

syndicated

unsecured

committed

line

of

credit,

provided

by

State

Street

($160

million)

and

JPMorgan

($160

million),

and

a

$235.5

million

unsecured

uncommitted

line

of

credit,

provided

by

State

Street.

Borrowings

may

have

been

made

for

temporary

or

emergency

purposes,

including

the

funding

of

shareholder

redemption

requests

and

trade

settlements.

Interest

was

charged

to

the

Fund

based

on

the

Fund's

borrowings.

A

closing

fee

equal

to

0.04%

of

the

committed

line

of

credit

and

0.04%

of

the

uncommitted

line

of

credit

was

paid

by

the

participating

Funds

and

a

$75,000

fee

was

paid

by

the

participating

Funds

to

State

Street

as

agent

of

the

syndicated

committed

line

of

credit.

In

addition,

a

commitment

fee

of

0.21%

per

annum

on

any

unutilized

portion

of

the

committed

line

of

credit

was

allocated

to

the

participating

Funds

based

on

their

relative

net

assets

and

paid

quarterly.

During

the

reporting

period,

the

Fund

had

no

borrowings

against

these

arrangements.

10. #### Fair

#### Value

#### Measurements
The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of May

31,

2025,

in

valuing

the

Fund's

assets

carried

at

fair

value,

is

as

follows:

11. #### Operating

#### Segments
The

Fund has adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

*Segment* 

*Reporting* 

*(Topic* 

*280)* 

*-* 

*Improvements* 

*to* 

*Reportable* 

*Segment* 

*Disclosures.*

The

update

is

limited

to

disclosure

requirements

and

does

not

impact

the Fund's

financial

position

or

results

of

operations.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Short-Term

#### Municipal

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

a

Municipal

Bonds

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

$

—

$

164,339,138

$

—

$

164,339,138

Short

Term

Investments

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

5,277,659

—

—

5,277,659

Total

Investments

in

Securities

...........

$5,277,659

$164,339,138

$—

$169,616,797

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

9. #### Credit

#### Facility
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Short-Term

#### Municipal

#### Income

#### Fund
(continued)

The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

Fund's Investment

manager

serves

as

the

Chief

Operating

Decision

Maker

(CODM),

evaluating

fund-wide

results

and

performance

under

a

unified

investment

strategy.

The

CODM

uses

these

measures

to

assess

fund

performance

and

allocate

resources

effectively.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's

investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Financial

Highlights.

12. #### Subsequent

#### Events
The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

in

addition

to

those

events

previously

disclosed,

the

following

subsequent

event

requires

disclosure:

Effective

July

21,

2025,

any

front-end

sales

charges

applicable

to

the

purchase

of

Fund

shares

or

contingent

deferred

sales

charges

applicable

to

the

redemption

of

Fund

shares

will

be

waived.

#### Abbreviations

#### Selected

#### Portfolio

#### AGMC
Assured

Guaranty

Municipal

Corp.

#### BAM
Build

America

Mutual

Assurance

Co.

#### COP
Certificate

of

Participation

#### FHA
Federal

Housing

Administration

#### FHLMC
Federal

Home

Loan

Mortgage

Corp.

#### GNMA
Government

National

Mortgage

Association

#### GO
General

Obligation

#### NATL
National

Reinsurance

Corp.

#### PSF
Permanent

School

Fund

#### SIFMA
Securities

Industry

and

Financial

Markets

Association

11. #### Operating

#### Segments
(continued)

Putnam

Funds

Trust

franklintempleton.com

Semiannual

Report

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Not

applicable

39211-SFSOI

07/25©

2025

Franklin

Templeton.

All

rights

reserved.

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

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

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

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

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

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

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

---

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

---

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

ITEM 16. CONTROLS AND PROCEDURES.

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

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

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

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

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

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

ITEM 19. EXHIBITS.

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

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](pstmif-efp16649_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.](pstmif-efp16649_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: | July 28, 2025 |

---

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

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | July 28, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | July 28, 2025 |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

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

I, Jonathan S. Horwitz, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| |
|:---|
| Date: July 28, 2025 |
| /s/ Jonathan S. Horwitz |
| Jonathan S. Horwitz |
| Principal Executive Officer |

---

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

I, Jeffrey White, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| |
|:---|
| Date: July 28, 2025 |
| /s/ Jeffrey White |
| Jeffrey White |
| Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

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

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

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

---

| | |
|:---|:---|
| **Principal Executive Officer** | **Principal Financial Officer** |
| Putnam Funds Trust | Putnam Funds Trust |
| /s/ Jonathan S. Horwitz | /s/ Jeffrey White |
| Jonathan S. Horwitz | Jeffrey White |
| Date: July 28, 2025 | Date: July 28, 2025 |

---

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