# EDGAR Filing Document

**Accession Number:** 0001005942
**File Stem:** 0001133228-25-006846
**Filing Date:** 2025-6
**Character Count:** 190908
**Document Hash:** 378902df652f0d5c3952c68fe9ee2b5d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-006846.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001133228-25-006846

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**EFFECTIVENESS DATE**: 20250627

**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:** 251084534

**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 Duration Bond Fund (Series ID: S000024274)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000071705 | Class A      |  |
| C000071707 | Class C      |  |
| C000071709 | Class R      |  |
| C000071710 | Class Y      |  |
| C000118004 | Class R6     |  |

?xml version='1.0' encoding='ASCII'? 2025-05-2374200166200_PutnamShortDurationBondFund_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: **October 31**

Date of reporting period: **April 30, 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 Duration Bond Fund**  | ![image](i202405220716489.jpg) |
| Class A [PARTX] | ![image](i202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202405220716489.jpg) |
| ![image](i202408190904545.jpg) | ![image](i202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Short Duration Bond Fund for the period November 1, 2024, to April 30, 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 | 0.62% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1367238192 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 479 |
| **Portfolio Turnover Rate** | 19% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

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

![image](ts4108img003.jpg)

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

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](i202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Short Duration Bond Fund PAGE 1 39113-STSA-0625

48.78.77.43.02.81.50.30.20.027.4 ------

---

| | |
|:---|:---|
| **Putnam Short Duration Bond Fund**  | ![image](i202405220716489.jpg) |
| Class C [PARQX] | ![image](i202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202405220716489.jpg) |
| ![image](i202408190904545.jpg) | ![image](i202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Short Duration Bond Fund for the period November 1, 2024, to April 30, 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 | $69 | 1.37% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1367238192 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 479 |
| **Portfolio Turnover Rate** | 19% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

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

![image](ts4110img003.jpg)

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

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](i202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Short Duration Bond Fund PAGE 1 39113-STSC-0625

48.78.77.43.02.81.50.30.20.027.4 ------

---

| | |
|:---|:---|
| **Putnam Short Duration Bond Fund**  | ![image](i202405220716489.jpg) |
| Class R [PRARX] | ![image](i202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202405220716489.jpg) |
| ![image](i202408190904545.jpg) | ![image](i202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Short Duration Bond Fund for the period November 1, 2024, to April 30, 2025.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R | $44 | 0.87% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1367238192 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 479 |
| **Portfolio Turnover Rate** | 19% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

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

![image](ts4111img003.jpg)

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

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](i202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Short Duration Bond Fund PAGE 1 39113-STSR-0625

48.78.77.43.02.81.50.30.20.027.4 ------

---

| | |
|:---|:---|
| **Putnam Short Duration Bond Fund**  | ![image](i202405220716489.jpg) |
| Class R6 [PRREX] | ![image](i202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202405220716489.jpg) |
| ![image](i202408190904545.jpg) | ![image](i202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Short Duration Bond Fund for the period November 1, 2024, to April 30, 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 | $19 | 0.37% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1367238192 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 479 |
| **Portfolio Turnover Rate** | 19% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

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

![image](ts4113img003.jpg)

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

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](i202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Short Duration Bond Fund PAGE 1 39113-STSR6-0625

48.78.77.43.02.81.50.30.20.027.4 ------

---

| | |
|:---|:---|
| **Putnam Short Duration Bond Fund**  | ![image](i202405220716489.jpg) |
| Class Y [PARYX] | ![image](i202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202405220716489.jpg) |
| ![image](i202408190904545.jpg) | ![image](i202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Short Duration Bond Fund for the period November 1, 2024, to April 30, 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 | $19 | 0.37% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1367238192 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 479 |
| **Portfolio Turnover Rate** | 19% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

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

![image](ts4114img003.jpg)

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

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](i202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Short Duration Bond Fund PAGE 1 39113-STSY-0625

48.78.77.43.02.81.50.30.20.027.4 ------

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

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

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

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

April

30,

2025

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 27
Notes

to

Financial

Statements

#### 31
Changes

In

and

Disagreements

with

Accountants

#### 44
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

#### Duration

#### Bond

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

o

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.86

$9.55

$9.42

$10.18

$10.21

$10.15

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.18 0.34 0.28 0.17 0.16 0.20 Net

realized

and

unrealized

gains

(losses)

0.07 0.39 0.16 (0.76)

(0.03)

0.06 Total

from

investment

operations

........

0.25 0.73 0.44 (0.59)

0.13 0.26 Less

distributions

from:

Net

investment

income

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

(0.16)

(0.42)

(0.31)

(0.16)

(0.16)

(0.20)

Net

realized

gains

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

—

—

—

(0.01)

—

—

Total

distributions

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

(0.16)

(0.42)

(0.31)

(0.17)

(0.16)

(0.20)

Net

asset

value,

end

of

period

..........

$9.95

$9.86

$9.55

$9.42

$10.18

$10.21

Total

return

c

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

3.00%

7.82%

4.66%

(5.79)%

1.27%

2.61%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

0.62%

f

0.62%

0.62%

0.62%

0.62%

0.62%

Net

investment

income

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

3.59%

3.51%

2.90%

1.70%

1.52%

1.89%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$465,477

$482,697

$485,453

$729,336

$1,383,392

$1,208,656

Portfolio

turnover

rate

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

19%

41%

20%

26%

24%

19%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.83

$9.52

$9.40

$10.16

$10.18

$10.12

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.14 0.27 0.21 0.10 0.08 0.12 Net

realized

and

unrealized

gains

(losses)

0.08 0.39 0.14 (0.76)

(0.02)

0.06 Total

from

investment

operations

........

0.22 0.66 0.35 (0.66)

0.06 0.18 Less

distributions

from:

Net

investment

income

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

(0.13)

(0.35)

(0.23)

(0.09)

(0.08)

(0.12)

Net

realized

gains

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

—

—

—

(0.01)

—

—

Total

distributions

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

(0.13)

(0.35)

(0.23)

(0.10)

(0.08)

(0.12)

Net

asset

value,

end

of

period

..........

$9.92

$9.83

$9.52

$9.40

$10.16

$10.18

Total

return

c

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

2.63%

7.03%

3.78%

(6.51)%

0.61%

1.85%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

1.37%

f

1.37%

1.37%

1.37%

1.37%

1.37%

Net

investment

income

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

2.84%

2.76%

2.16%

0.97%

0.77%

1.17%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$17,568

$17,306

$17,469

$20,267

$29,701

$30,751

Portfolio

turnover

rate

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

19%

41%

20%

26%

24%

19%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.91

$9.60

$9.47

$10.24

$10.26

$10.20

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.16 0.32 0.26 0.15 0.13 0.17 Net

realized

and

unrealized

gains

(losses)

0.08 0.39 0.15 (0.77)

(0.02)

0.07 Total

from

investment

operations

........

0.24 0.71 0.41 (0.62)

0.11 0.24 Less

distributions

from:

Net

investment

income

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

(0.15)

(0.40)

(0.28)

(0.14)

(0.13)

(0.18)

Net

realized

gains

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

—

—

—

(0.01)

—

—

Total

distributions

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

(0.15)

(0.40)

(0.28)

(0.15)

(0.13)

(0.18)

Net

asset

value,

end

of

period

..........

$10.00

$9.91

$9.60

$9.47

$10.24

$10.26

Total

return

c

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

2.87%

7.53%

4.39%

(6.08)%

1.12%

2.35%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

0.87%

f

0.87%

0.87%

0.87%

0.87%

0.87%

Net

investment

income

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

3.35%

3.36%

2.62%

1.47%

1.26%

1.63%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$995

$911

$301

$864

$1,265

$1,167

Portfolio

turnover

rate

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

19%

41%

20%

26%

24%

19%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.90

$9.59

$9.46

$10.22

$10.25

$10.19

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.19 0.37 0.31 0.20 0.18 0.22 Net

realized

and

unrealized

gains

(losses)

0.07 0.39 0.15 (0.76)

(0.02)

0.07 Total

from

investment

operations

........

0.26 0.76 0.46 (0.56)

0.16 0.29 Less

distributions

from:

Net

investment

income

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

(0.17)

(0.45)

(0.33)

(0.19)

(0.19)

(0.23)

Net

realized

gains

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

—

—

—

(0.01)

—

—

Total

distributions

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

(0.17)

(0.45)

(0.33)

(0.20)

(0.19)

(0.23)

Net

asset

value,

end

of

period

..........

$9.99

$9.90

$9.59

$9.46

$10.22

$10.25

Total

return

c

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

3.12%

8.06%

4.91%

(5.52)%

1.52%

2.86%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

0.37%

f

0.37%

0.37%

0.37%

0.37%

0.37%

Net

investment

income

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

3.84%

3.78%

3.20%

2.00%

1.78%

2.14%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$11,414

$15,158

$7,702

$5,403

$6,941

$8,496

Portfolio

turnover

rate

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

19%

41%

20%

26%

24%

19%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.88

$9.56

$9.44

$10.20

$10.23

$10.16

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.19 0.37 0.31 0.20 0.18 0.22 Net

realized

and

unrealized

gains

(losses)

0.07 0.40 0.14 (0.76)

(0.02)

0.08 Total

from

investment

operations

........

0.26 0.77 0.45 (0.56)

0.16 0.30 Less

distributions

from:

Net

investment

income

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

(0.17)

(0.45)

(0.33)

(0.19)

(0.19)

(0.23)

Net

investment

income

and

net

foreign

currency

gains

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

—

—

—

(0.01)

—

—

Total

distributions

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

(0.17)

(0.45)

(0.33)

(0.20)

(0.19)

(0.23)

Net

asset

value,

end

of

period

..........

$9.97

$9.88

$9.56

$9.44

$10.20

$10.23

Total

return

c

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

3.03%

8.19%

4.81%

(5.53)%

1.52%

2.97%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

0.37%

f

0.37%

0.37%

0.37%

0.37%

0.37%

Net

investment

income

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

3.84%

3.76%

3.16%

2.01%

1.76%

2.11%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$871,784

$742,260

$711,012

$1,000,635

$1,077,719

$768,824

Portfolio

turnover

rate

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

19%

41%

20%

26%

24%

19%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Funds

trust

Schedule

of

Investments

(unaudited),

April

30,

2025

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Management

#### Investment

#### Companies

#### 1.5%

#### Capital

#### Markets

#### 1.5%
a

Franklin

Ultra

Short

Bond

ETF

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

United

States

836,780

$

20,906,949

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $20,815,523)

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

#### 20,906,949

#### Principal

#### Amount

#### \*

#### Corporate

#### Bonds

#### 48.4%

#### Aerospace

#### &

#### Defense

#### 1.4%
b

BAE

Systems

plc

,

Senior

Note

,

144A,

5.125 %

,

3/26/29

.......

United

Kingdom

3,760,000

3,840,296

Boeing

Co.

(The)

,

Senior

Bond,

2.95%,

2/01/30

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

United

States

448,000

411,380

Senior

Note,

2.75%,

2/01/26

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

United

States

10,330,000

10,156,217

Senior

Note,

6.259%,

5/01/27

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

United

States

858,000

884,104

Senior

Note,

6.298%,

5/01/29

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

United

States

1,304,000

1,372,068

Howmet

Aerospace,

Inc.

,

Senior

Note

,

%

,

1/15/29

..........

United

States

2,599,000

2,471,916

19,135,981

#### Automobiles

#### 0.9%
b

Hyundai

Capital

America

,

Senior

Note,

144A,

5.3%,

1/08/29

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

United

States

8,255,000

8,336,188

Senior

Note,

144A,

6.5%,

1/16/29

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

United

States

2,590,000

2,705,997

Senior

Note,

144A,

5.35%,

3/19/29

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

United

States

1,288,000

1,298,539

Senior

Note,

144A,

4.55%,

9/26/29

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

United

States

170,000

166,586

12,507,310

#### Banks

#### 7.6%
b

ABN

AMRO

Bank

NV

,

Senior

Non-Preferred

Note

,

144A,

6.339%

to

9/17/26,

FRN

thereafter

,

9/18/27

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

Netherlands

4,100,000

4,191,839

b

AIB

Group

plc

,

Senior

Note

,

144A,

7.583%

to

10/13/25,

FRN

thereafter

,

10/14/26

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

Ireland

1,458,000

1,475,449

Banco

Bilbao

Vizcaya

Argentaria

SA

,

Senior

Preferred

Note

,

5.381 %

,

3/13/29

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

Spain

3,800,000

3,901,927

Banco

Santander

SA

,

Senior

Non-Preferred

Note

,

1.722%

to

9/13/26,

FRN

thereafter

,

9/14/27

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

Spain

19,600,000

18,825,647

Bank

of

America

Corp.

,

Senior

Note

,

6.204%

to

11/09/27,

FRN

thereafter

,

11/10/28

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

United

States

8,601,000

8,954,621

b

Banque

Federative

du

Credit

Mutuel

SA

,

Senior

Preferred

Note

,

144A,

1.604 %

,

10/04/26

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

France

5,000,000

4,809,045

Barclays

plc

,

Senior

Note,

6.496%

to

9/12/26,

FRN

thereafter,

9/13/27

....

United

Kingdom

2,300,000

2,352,414

Senior

Note,

5.367%

to

2/24/30,

FRN

thereafter,

2/25/31

....

United

Kingdom

1,550,000

1,571,280

b

BPCE

SA

,

Senior

Non-Preferred

Note

,

144A,

5.975%

to

1/17/26,

FRN

thereafter

,

1/18/27

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

France

1,415,000

1,426,589

b

CaixaBank

SA

,

Senior

Non-Preferred

Note

,

144A,

5.673%

to

3/14/29,

FRN

thereafter

,

3/15/30

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

Spain

1,295,000

1,336,055

Citigroup,

Inc.

,

Sub.

Bond

,

4.45 %

,

9/29/27

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

United

States

10,945,000

10,913,968

b

Credit

Agricole

SA

,

Senior

Non-Preferred

Note

,

144A,

5.335%

to

1/09/29,

FRN

thereafter

,

1/10/30

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

France

1,880,000

1,917,881

b

Danske

Bank

A/S

,

Senior

Preferred

Note

,

144A,

1.549%

to

9/09/26,

FRN

thereafter

,

9/10/27

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

Denmark

2,111,000

2,029,517

Fifth

Third

Bancorp

,

Senior

Note,

6.339%

to

7/26/28,

FRN

thereafter,

7/27/29

....

United

States

880,000

923,048

Senior

Note,

4.895%

to

9/05/29,

FRN

thereafter,

9/06/30

....

United

States

2,000,000

1,995,856

First-Citizens

Bank

&

Trust

Co.

,

Sub.

Bond

,

6.125 %

,

3/09/28

...

United

States

6,917,000

7,140,976

ING

Groep

NV

,

Senior

Note,

6.083%

to

9/10/26,

FRN

thereafter,

9/11/27

....

Netherlands

4,000,000

4,081,804

Putnam

Funds

trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Banks
(continued)

ING

Groep

NV,

(continued)

Senior

Note,

4.858%

to

3/24/28,

FRN

thereafter,

3/25/29

....

Netherlands

1,900,000

$

1,913,671

b

Intesa

Sanpaolo

SpA

,

Sub.

Bond

,

144A,

5.71 %

,

1/15/26

......

Italy

3,750,000

3,748,595

JPMorgan

Chase

&

Co.

,

Senior

Bond,

3.54%

to

4/30/27,

FRN

thereafter,

5/01/28

....

United

States

6,250,000

6,141,784

Senior

Note,

1.47%

to

9/21/26,

FRN

thereafter,

9/22/27

.....

United

States

3,250,000

3,120,269

NatWest

Group

plc

,

Senior

Note

,

5.847%

to

3/01/26,

FRN

thereafter

,

3/02/27

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

United

Kingdom

1,765,000

1,781,887

PNC

Bank

NA

,

Sub.

Bond

,

4.05 %

,

7/26/28

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

United

States

6,300,000

6,203,488

Santander

Holdings

USA,

Inc.

,

Senior

Note

,

2.49%

to

1/05/27,

FRN

thereafter

,

1/06/28

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

United

States

4,000,000

3,840,585

104,598,195

#### Biotechnology

#### 0.4%
Amgen,

Inc.

,

Senior

Note

,

5.15 %

,

3/02/28

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

United

States

4,720,000

4,825,447

#### Capital

#### Markets

#### 7.1%
Ares

Capital

Corp.

,

Senior

Note,

2.15%,

7/15/26

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

United

States

4,299,000

4,147,057

Senior

Note,

7%,

1/15/27

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

United

States

765,000

786,437

Senior

Note,

2.875%,

6/15/27

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

United

States

4,581,000

4,373,623

Bank

of

New

York

Mellon

(The)

,

Senior

Note

,

4.729%

to

4/19/28,

FRN

thereafter

,

4/20/29

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

United

States

1,615,000

1,638,160

Blackstone

Private

Credit

Fund

,

Senior

Note

,

3.25 %

,

3/15/27

..

United

States

1,482,000

1,428,152

Deutsche

Bank

AG

,

Senior

Non-Preferred

Note,

2.129%

to

11/23/25,

FRN

thereafter,

11/24/26

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

Germany

5,270,000

5,186,878

Senior

Non-Preferred

Note,

2.311%

to

11/15/26,

FRN

thereafter,

11/16/27

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

Germany

5,145,000

4,955,188

Senior

Non-Preferred

Note,

6.819%

to

11/19/28,

FRN

thereafter,

11/20/29

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

Germany

2,000,000

2,125,565

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Note,

1.431%

to

3/08/26,

FRN

thereafter,

3/09/27

....

United

States

4,000,000

3,893,841

Senior

Note,

1.948%

to

10/20/26,

FRN

thereafter,

10/21/27

..

United

States

15,000,000

14,451,969

Jefferies

Financial

Group,

Inc.

,

Senior

Note

,

5.03 %

,

3/16/26

...

United

States

2,730,000

2,737,095

LPL

Holdings,

Inc.

,

Senior

Note,

6.75%,

11/17/28

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

United

States

399,000

424,263

Senior

Note,

5.2%,

3/15/30

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

United

States

358,000

361,588

b

Senior

Note,

144A,

4.625%,

11/15/27

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

United

States

2,000,000

1,991,536

Morgan

Stanley

,

Senior

Note,

4.21%

to

4/19/27,

FRN

thereafter,

4/20/28

.....

United

States

6,435,000

6,402,452

Senior

Note,

5.123%

to

1/31/28,

FRN

thereafter,

2/01/29

....

United

States

2,445,000

2,484,188

Senior

Note,

4.994%

to

4/11/28,

FRN

thereafter,

4/12/29

....

United

States

1,672,000

1,695,096

Sub.

Bond,

3.95%,

4/23/27

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

United

States

10,000,000

9,923,024

b

MSCI,

Inc.

,

Senior

Bond

,

144A,

%

,

11/15/29

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

United

States

3,200,000

3,064,770

UBS

AG

,

Senior

Note,

1.25%,

8/07/26

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

Switzerland

887,000

854,183

Senior

Note,

7.5%,

2/15/28

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

Switzerland

3,164,000

3,424,909

UBS

Group

AG

,

Senior

Note,

4.55%,

4/17/26

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

Switzerland

5,586,000

5,591,854

b

Senior

Note,

144A,

1.305%

to

2/01/26,

FRN

thereafter,

2/02/27

Switzerland

10,500,000

10,231,564

b

Senior

Note,

144A,

5.428%

to

2/07/29,

FRN

thereafter,

2/08/30

Switzerland

5,750,000

5,890,422

98,063,814

Putnam

Funds

trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Chemicals

#### 1.5%
Celanese

US

Holdings

LLC

,

Senior

Note,

1.4%,

8/05/26

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

United

States

10,693,000

$

10,209,323

Senior

Note,

6.415%,

7/15/27

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

United

States

871,000

878,842

Senior

Note,

6.58%,

7/15/29

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

United

States

265,000

267,602

b

CF

Industries,

Inc.

,

Senior

Bond

,

144A,

4.5 %

,

12/01/26

.......

United

States

5,369,000

5,362,119

b

International

Flavors

&

Fragrances,

Inc.

,

Senior

Note

,

144A,

1.23 %

,

10/01/25

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

United

States

4,600,000

4,517,751

21,235,637

#### Commercial

#### Services

#### &

#### Supplies

#### 0.1%
Republic

Services,

Inc.

,

Senior

Note

,

%

,

11/15/29

..........

United

States

900,000

921,570

#### Consumer

#### Finance

#### 3.7%
AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Note,

2.45%,

10/29/26

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

Ireland

2,900,000

2,806,316

Senior

Note,

6.1%,

1/15/27

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

Ireland

10,000,000

10,217,296

Ally

Financial,

Inc.

,

Senior

Note,

4.75%,

6/09/27

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

United

States

2,715,000

2,703,452

Sub.

Bond,

5.75%,

11/20/25

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

United

States

10,200,000

10,214,756

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

5.8 %

,

3/05/27

.......

United

States

8,280,000

8,235,573

General

Motors

Financial

Co.,

Inc.

,

Senior

Note,

2.75%,

6/20/25

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

United

States

4,070,000

4,057,531

Senior

Note,

1.5%,

6/10/26

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

United

States

11,250,000

10,839,286

b

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note

,

144A,

5.15 %

,

3/17/30

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

United

Kingdom

932,000

915,532

49,989,742

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.4%
b

7-Eleven,

Inc.

,

Senior

Note

,

144A,

1.3 %

,

2/10/28

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

United

States

4,302,000

3,934,122

Walmart,

Inc.

,

Senior

Note

,

4.35 %

,

4/28/30

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

United

States

1,285,000

1,300,651

5,234,773

#### Containers

#### &

#### Packaging

#### 1.3%
Berry

Global,

Inc.

,

Senior

Secured

Note,

1.65%,

1/15/27

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

United

States

10,380,000

9,852,612

Senior

Secured

Note,

5.5%,

4/15/28

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

United

States

870,000

889,867

b

Senior

Secured

Note,

144A,

4.875%,

7/15/26

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

United

States

3,000

2,996

b

Graphic

Packaging

International

LLC

,

Senior

Secured

Note

,

144A,

1.512 %

,

4/15/26

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

United

States

7,461,000

7,208,295

17,953,770

#### Diversified

#### REITs

#### 0.7%
VICI

Properties

LP

,

Senior

Note

,

4.75 %

,

2/15/28

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

United

States

2,339,000

2,341,631

b

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note,

144A,

4.5%,

9/01/26

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

United

States

1,410,000

1,404,563

Senior

Note,

144A,

3.75%,

2/15/27

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

United

States

876,000

860,621

Senior

Note,

144A,

4.5%,

1/15/28

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

United

States

2,935,000

2,890,700

Senior

Note,

144A,

3.875%,

2/15/29

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

United

States

1,365,000

1,308,531

8,806,046

#### Diversified

#### Telecommunication

#### Services

#### 0.1%
Sprint

Capital

Corp.

,

Senior

Bond

,

6.875 %

,

11/15/28

.........

United

States

1,484,000

1,587,678

#### Electric

#### Utilities

#### 2.5%
American

Electric

Power

Co.,

Inc.

,

N

,

Senior

Note

,

%

,

11/01/25

United

States

4,000,000

3,929,737

Putnam

Funds

trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Electric

#### Utilities
(continued)

Eversource

Energy

,

Senior

Note,

5.45%,

3/01/28

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

United

States

1,000,000

$

1,024,822

Q,

Senior

Note,

0.8%,

8/15/25

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

United

States

1,000,000

987,809

FirstEnergy

Corp.

,

B

,

Senior

Bond

,

3.9 %

,

7/15/27

...........

United

States

3,500,000

3,460,547

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Note

,

5.05 %

,

3/15/30

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

United

States

2,540,000

2,581,537

b

NRG

Energy,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

12/02/25

..

United

States

2,000,000

1,963,343

Pacific

Gas

and

Electric

Co.

,

Senior

Note,

3%,

6/15/28

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

United

States

8,686,000

8,225,564

Senior

Note,

6.1%,

1/15/29

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

United

States

785,000

811,676

Southern

Co.

(The)

,

Senior

Bond,

3.25%,

7/01/26

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

United

States

4,950,000

4,885,751

Senior

Note,

5.5%,

3/15/29

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

United

States

1,960,000

2,034,952

b

Vistra

Operations

Co.

LLC

,

Senior

Secured

Note

,

144A,

5.05 %

,

12/30/26

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

United

States

4,250,000

4,271,888

34,177,626

#### Electrical

#### Equipment

#### 0.3%
Regal

Rexnord

Corp.

,

Senior

Note

,

6.05 %

,

4/15/28

..........

United

States

2,460,000

2,524,473

b

Vertiv

Group

Corp.

,

Senior

Secured

Note

,

144A,

4.125 %

,

11/15/28

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

United

States

2,049,000

1,981,282

4,505,755

#### Entertainment

#### 1.0%
b

Netflix,

Inc.

,

Senior

Bond

,

144A,

5.375 %

,

11/15/29

..........

United

States

5,659,000

5,895,635

Warnermedia

Holdings,

Inc.

,

Senior

Note

,

3.755 %

,

3/15/27

....

United

States

8,828,000

8,593,604

14,489,239

#### Financial

#### Services

#### 1.1%
Block,

Inc.

,

Senior

Note

,

2.75 %

,

6/01/26

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

United

States

10,575,000

10,330,564

Corebridge

Financial,

Inc.

,

Senior

Note

,

3.65 %

,

4/05/27

.......

United

States

4,715,000

4,646,932

14,977,496

#### Food

#### Products

#### 1.2%
JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

%

,

2/02/29

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

United

States

1,660,000

1,561,646

b

JDE

Peet's

NV

,

Senior

Note

,

144A,

1.375 %

,

1/15/27

.........

Netherlands

680,000

639,791

b

Mars,

Inc.

,

Senior

Note,

144A,

4.6%,

3/01/28

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

United

States

1,620,000

1,637,911

Senior

Note,

144A,

4.8%,

3/01/30

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

United

States

1,820,000

1,842,888

Senior

Note,

144A,

4.65%,

4/20/31

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

United

States

453,000

456,754

b

Mondelez

International

Holdings

Netherlands

BV

,

Senior

Note

,

144A,

1.25 %

,

9/24/26

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

United

States

10,000,000

9,574,393

15,713,383

#### Ground

#### Transportation

#### 0.9%
b

Ashtead

Capital,

Inc.

,

Senior

Note

,

144A,

1.5 %

,

8/12/26

......

United

Kingdom

9,275,000

8,930,194

b

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

,

Senior

Note

,

144A,

1.2 %

,

11/15/25

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

United

States

1,385,000

1,357,185

b

SMBC

Aviation

Capital

Finance

DAC

,

Senior

Note

,

144A,

5.3 %

,

4/03/29

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

Ireland

3,195,000

3,237,603

13,524,982

Putnam

Funds

trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.0%

#### †
GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

4.8 %

,

8/14/29

.

United

States

610,000

$

614,599

#### Health

#### Care

#### Providers

#### &

#### Services

#### 1.1%
Centene

Corp.

,

Senior

Note

,

3.375 %

,

2/15/30

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

United

States

230,000

209,685

CVS

Health

Corp.

,

Senior

Note

,

5.4 %

,

6/01/29

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

United

States

7,750,000

7,952,595

HCA,

Inc.

,

Senior

Note

,

5.2 %

,

6/01/28

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

United

States

4,800,000

4,878,357

Icon

Investments

Six

DAC

,

Senior

Secured

Note,

5.809%,

5/08/27

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

United

States

1,267,000

1,292,668

Senior

Secured

Note,

5.849%,

5/08/29

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

United

States

543,000

556,291

14,889,596

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.8%
b

Carnival

Corp.

,

Senior

Note,

144A,

5.75%,

3/15/30

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

United

States

184,000

182,836

Senior

Secured

Note,

144A,

4%,

8/01/28

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

United

States

3,379,000

3,225,070

Hyatt

Hotels

Corp.

,

Senior

Note,

5.75%,

1/30/27

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

United

States

3,362,000

3,420,811

Senior

Note,

5.05%,

3/30/28

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

United

States

2,055,000

2,065,340

Las

Vegas

Sands

Corp.

,

Senior

Note

,

3.5 %

,

8/18/26

.........

United

States

1,763,000

1,724,955

10,619,012

#### Household

#### Durables

#### 0.6%
DR

Horton,

Inc.

,

Senior

Note

,

1.3 %

,

10/15/26

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

United

States

5,320,000

5,094,983

Toll

Brothers

Finance

Corp.

,

Senior

Bond,

4.35%,

2/15/28

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

United

States

287,000

284,452

Senior

Bond,

3.8%,

11/01/29

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

United

States

2,140,000

2,051,273

7,430,708

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.7%
AES

Corp.

(The)

,

Senior

Note

,

1.375 %

,

1/15/26

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

United

States

6,000,000

5,851,776

b

Alexander

Funding

Trust

II

,

Senior

Secured

Note

,

144A,

7.467 %

,

7/31/28

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

United

States

1,250,000

1,327,833

Constellation

Energy

Generation

LLC

,

Senior

Note

,

5.6 %

,

3/01/28

United

States

3,000,000

3,100,263

10,279,872

#### Insurance

#### 1.8%
b

AEGON

Funding

Co.

LLC

,

Senior

Note

,

144A,

5.5 %

,

4/16/27

..

Netherlands

2,580,000

2,616,507

Arthur

J

Gallagher

&

Co.

,

Senior

Note

,

4.85 %

,

12/15/29

......

United

States

660,000

668,573

b

Athene

Global

Funding

,

Secured

Note

,

144A,

1.73 %

,

10/02/26

.

United

States

12,044,000

11,582,145

b

CNO

Global

Funding

,

Secured

Note,

144A,

1.75%,

10/07/26

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

United

States

3,340,000

3,214,601

Secured

Note,

144A,

2.65%,

1/06/29

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

United

States

403,000

374,702

Secured

Note,

144A,

4.95%,

9/09/29

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

United

States

500,000

501,132

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

6.5 %

,

6/04/29

.......

United

States

2,230,000

2,273,984

Willis

North

America,

Inc.

,

Senior

Note

,

4.65 %

,

6/15/27

.......

United

States

2,635,000

2,646,098

23,877,742

#### IT

#### Services

#### 0.6%
b

Gartner,

Inc.

,

Senior

Note

,

144A,

4.5 %

,

7/01/28

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

United

States

8,368,000

8,255,352

#### Leisure

#### Products

#### 0.1%
Brunswick

Corp.

,

Senior

Bond

,

2.4 %

,

8/18/31

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

United

States

2,248,000

1,834,107

Putnam

Funds

trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.1%
Illumina,

Inc.

,

Senior

Note

,

4.65 %

,

9/09/26

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

United

States

1,067,000

$

1,067,496

#### Media

#### 0.2%
Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Note

,

4.908 %

,

7/23/25

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

United

States

510,000

509,351

Paramount

Global

,

Senior

Bond,

4.2%,

6/01/29

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

United

States

700,000

676,035

Senior

Note,

3.7%,

6/01/28

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

United

States

2,420,000

2,353,366

3,538,752

#### Metals

#### &

#### Mining

#### 0.5%
b

Glencore

Funding

LLC

,

Senior

Note,

144A,

1.625%,

4/27/26

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

Australia

2,500,000

2,426,055

Senior

Note,

144A,

5.4%,

5/08/28

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

Australia

1,429,000

1,459,782

Senior

Note,

144A,

6.125%,

10/06/28

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

Australia

2,500,000

2,611,430

6,497,267

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 2.9%
Boardwalk

Pipelines

LP

,

Senior

Bond

,

5.95 %

,

6/01/26

........

United

States

3,805,000

3,855,774

b

Canadian

Natural

Resources

Ltd.

,

Senior

Note

,

144A,

%

,

12/15/29

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

Canada

2,389,000

2,382,701

Cheniere

Energy

Partners

LP

,

Senior

Note

,

4.5 %

,

10/01/29

....

United

States

5,380,000

5,258,277

Coterra

Energy

Operating

Co.

,

Senior

Bond

,

3.9 %

,

5/15/27

....

United

States

3,874,000

3,673,488

Diamondback

Energy,

Inc.

,

Senior

Note

,

5.15 %

,

1/30/30

......

United

States

2,195,000

2,228,280

Enbridge,

Inc.

,

Senior

Note

,

1.6 %

,

10/04/26

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

Canada

1,900,000

1,824,715

Energy

Transfer

LP

,

Senior

Note,

6.05%,

12/01/26

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

United

States

5,000,000

5,101,979

Senior

Note,

5.25%,

7/01/29

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

United

States

960,000

973,365

Senior

Note,

5.2%,

4/01/30

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

United

States

430,000

434,465

Occidental

Petroleum

Corp.

,

Senior

Note

,

5.2 %

,

8/01/29

......

United

States

3,245,000

3,200,194

ONEOK,

Inc.

,

Senior

Note

,

5.65 %

,

11/01/28

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

United

States

3,000,000

3,093,946

Ovintiv,

Inc.

,

Senior

Note

,

5.65 %

,

5/15/28

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

United

States

766,000

780,416

b

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Note,

144A,

4.911%,

9/01/27

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

Canada

1,500,000

1,508,046

Senior

Note,

144A,

5.026%,

10/01/29

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

Canada

920,000

912,882

b

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Note

,

144A,

6.25 %

,

1/15/30

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

United

States

3,275,000

3,279,143

38,507,671

#### Paper

#### &

#### Forest

#### Products

#### 0.6%
b

Georgia-Pacific

LLC

,

Senior

Note

,

144A,

0.95 %

,

5/15/26

......

United

States

8,790,000

8,484,385

#### Passenger

#### Airlines

#### 0.1%
b

AS

Mileage

Plan

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.021 %

,

10/20/29

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

United

States

2,065,000

2,004,160

#### Personal

#### Care

#### Products

#### 0.3%
Haleon

US

Capital

LLC

,

Senior

Note

,

3.375 %

,

3/24/27

.......

United

States

4,040,000

3,979,277

#### Pharmaceuticals

#### 0.2%
Royalty

Pharma

plc

,

Senior

Note

,

5.15 %

,

9/02/29

...........

United

States

3,000,000

3,032,672

#### Professional

#### Services

#### 0.2%
Paychex,

Inc.

,

Senior

Note

,

5.1 %

,

4/15/30

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

United

States

2,010,000

2,040,767

Putnam

Funds

trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.3%
Broadcom,

Inc.

,

Senior

Note

,

5.05 %

,

7/12/29

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

United

States

885,000

$

902,586

b

Foundry

JV

Holdco

LLC

,

Senior

Secured

Note

,

144A,

5.5 %

,

1/25/31

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

United

States

1,180,000

1,195,807

Marvell

Technology,

Inc.

,

Senior

Note

,

5.75 %

,

2/15/29

........

United

States

1,750,000

1,811,595

3,909,988

#### Software

#### 1.3%
Atlassian

Corp.

,

Senior

Note

,

5.25 %

,

5/15/29

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

United

States

1,150,000

1,169,960

Oracle

Corp.

,

Senior

Bond,

2.65%,

7/15/26

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

United

States

3,000,000

2,937,467

Senior

Note,

1.65%,

3/25/26

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

United

States

3,400,000

3,314,210

Synopsys,

Inc.

,

Senior

Note

,

4.65 %

,

4/01/28

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

United

States

1,115,000

1,128,043

VMware

LLC

,

Senior

Note

,

1.4 %

,

8/15/26

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

United

States

8,989,000

8,630,932

17,180,612

#### Specialized

#### REITs

#### 1.1%
American

Tower

Corp.

,

Senior

Note

,

2.75 %

,

1/15/27

.........

United

States

4,403,000

4,278,486

Crown

Castle,

Inc.

,

Senior

Note

,

4.9 %

,

9/01/29

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

United

States

3,585,000

3,594,959

Equinix,

Inc.

,

Senior

Note,

1%,

9/15/25

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

United

States

6,000,000

5,916,304

Senior

Note,

2.9%,

11/18/26

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

United

States

718,000

701,317

14,491,066

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.4%
Hewlett

Packard

Enterprise

Co.

,

Senior

Note

,

4.55 %

,

10/15/29

.

United

States

5,700,000

5,648,504

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.1%
Tapestry,

Inc.

,

Senior

Note

,

5.1 %

,

3/11/30

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

United

States

1,635,000

1,642,564

#### Tobacco

#### 0.6%
Philip

Morris

International,

Inc.

,

Senior

Note,

4.625%,

11/01/29

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

United

States

815,000

822,393

Senior

Note,

5.125%,

2/15/30

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

United

States

3,897,000

3,999,291

Senior

Note,

4.375%,

4/30/30

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

United

States

2,970,000

2,953,073

7,774,757

#### Trading

#### Companies

#### &

#### Distributors

#### 0.7%
Air

Lease

Corp.

,

Senior

Bond,

4.625%,

10/01/28

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

United

States

2,100,000

2,099,671

Senior

Note,

5.3%,

6/25/26

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

United

States

3,426,000

3,446,324

b

Aircastle

Ltd.

,

Senior

Note

,

144A,

6.5 %

,

7/18/28

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

United

States

2,805,000

2,910,116

b

Aviation

Capital

Group

LLC

,

Senior

Note

,

144A,

5.375 %

,

7/15/29

United

States

1,860,000

1,878,673

10,334,784

#### Wireless

#### Telecommunication

#### Services

#### 0.9%
Rogers

Communications,

Inc.

,

Senior

Note

,

%

,

2/15/29

......

Canada

4,205,000

4,242,100

T-Mobile

USA,

Inc.

,

Senior

Note

,

1.5 %

,

2/15/26

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

United

States

8,000,000

7,806,880

12,048,980

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $666,182,710)
...................................

#### 662,233,134
Putnam

Funds

trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### 0.3%
b

Electricite

de

France

SA

,

Senior

Note,

144A,

5.7%,

5/23/28

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

France

3,500,000

$

3,612,601

Senior

Note,

144A,

5.65%,

4/22/29

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

France

430,000

447,372

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $3,991,838)
.............

#### 4,059,973

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 0.0%

#### †
c

United

States

Treasury

Note

,

0.625 %,

11/30/27

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

United

States

113,000

104,819

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $104,819)
..................

#### 104,819

#### Asset-Backed

#### Securities

#### 8.6%

#### Automobiles

#### 0.4%
Volkswagen

Auto

Loan

Enhanced

Trust

,

2023-1,

A3,

5.02%,

6/20/28

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

United

States

590,000

593,153

2023-2,

A2A,

5.72%,

3/22/27

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

United

States

808,732

811,336

2025-1,

A2A,

4.51%,

1/20/28

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

United

States

4,053,000

4,061,535

5,466,024

a

a

a

a

a

a

#### Banks

#### 0.5%
Capital

One

Multi-Asset

Execution

Trust

,

2022-A2

,

A

,

3.49 %

,

5/15/27

.

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

United

States

6,387,000

6,384,131

#### Consumer

#### Finance

#### 2.0%
American

Express

Credit

Account

Master

Trust

,

2022-3

,

A

,

3.75 %

,

8/15/27

.

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

United

States

3,289,000

3,281,229

Capital

One

Prime

Auto

Receivables

Trust

,

2024-1

,

A2A

,

4.61 %

,

10/15/27

.

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

United

States

1,684,059

1,685,375

Discover

Card

Execution

Note

Trust

,

2022-A3

,

A3

,

3.56 %

,

7/15/27

.

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

United

States

6,412,000

6,397,644

GM

Financial

Consumer

Automobile

Receivables

Trust

,

2023-1

,

A3

,

4.66 %

,

2/16/28

.

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

United

States

1,609,219

1,610,460

b

Golden

Credit

Card

Trust

,

2022-4A

,

A

,

144A,

4.31 %

,

9/15/27

.

..

Canada

4,175,000

4,169,825

Hyundai

Auto

Receivables

Trust

,

2023-B,

A3,

5.48%,

4/17/28

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

United

States

6,574,898

6,620,786

2023-C,

A2A,

5.8%,

1/15/27

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

United

States

1,590,420

1,593,525

2024-C,

A3,

4.41%,

5/15/29

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

United

States

1,132,000

1,138,077

Toyota

Auto

Receivables

Owner

Trust

,

2023-B

,

A3

,

4.71 %

,

2/15/28

.

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

United

States

1,554,089

1,556,907

28,053,828

a

a

a

a

a

a

#### Financial

#### Services

#### 5.7%
b,d

AIMCO

CLO

Ltd.

,

2022-17A

,

A1R

,

144A,

FRN

,

5.622 %

,

(3-month

SOFR

+

1.35 %),

7/20/37

.

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

Jersey

1,500,000

1,503,550

b,d

Allegro

CLO

XII

Ltd.

,

2020-1A

,

A1R

,

144A,

FRN

,

5.709 %

,

(3-month

SOFR

+

1.44 %),

7/21/37

.

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

United

States

410,000

410,092

b,d

Angel

Oak

Mortgage

Trust

,

2025-HB1

,

A1

,

144A,

FRN

,

6.153 %

,

(30-day

SOFR

Average

+

1.8 %),

2/25/55

.

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

United

States

1,002,000

1,013,318

b,d

Apidos

CLO

XXXIV

,

2020-34A

,

A1R

,

144A,

FRN

,

5.681 %

,

(3-month

SOFR

+

1.412 %),

1/20/35

.

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

United

States

2,820,000

2,826,500

b,d

Bain

Capital

Credit

CLO

Ltd.

,

2022-2A

,

A1

,

144A,

FRN

,

5.592 %

,

(3-month

SOFR

+

1.32 %),

4/22/35

.

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

United

States

1,650,000

1,647,148

b

Bank

of

America

Auto

Trust

,

2023-2A

,

A2

,

144A,

5.85 %

,

8/17/26

.

United

States

638,500

639,221

b,d

BDS

Ltd.

,

2021-FL10,

A,

144A,

FRN,

5.784%,

(1-month

SOFR

+

1.464%),

12/16/36

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

United

States

2,095,861

2,093,229

2021-FL9,

A,

144A,

FRN,

5.504%,

(1-month

SOFR

+

1.184%),

11/16/38

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

United

States

541,424

538,148

Putnam

Funds

trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,d

Birch

Grove

CLO

Ltd.

,

2024-8A

,

A1

,

144A,

FRN

,

5.899 %

,

(3-month

SOFR

+

1.63 %),

4/20/37

.

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

Jersey

1,500,000

$

1,504,413

b,d

Black

Diamond

CLO

Ltd.

,

2021-1A

,

A1A

,

144A,

FRN

,

5.784 %

,

(3-month

SOFR

+

1.512 %),

11/22/34

.

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

United

States

854,000

854,000

e

Carmax

Auto

Owner

Trust

,

2025-2

,

A2A

,

4.59 %

,

7/17/28

.

.....

United

States

1,455,000

1,456,780

b,d

Cathedral

Lake

VIII

Ltd.

,

2021-8A

,

A1

,

144A,

FRN

,

5.751 %

,

(3-month

SOFR

+

1.482 %),

1/20/35

.

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

United

States

3,790,000

3,800,117

b,d

CIFC

Funding

Ltd.

,

2020-1A

,

A1R

,

144A,

FRN

,

5.668 %

,

(3-month

SOFR

+

1.412 %),

7/15/36

.

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

United

States

3,320,000

3,325,751

b

Citizens

Auto

Receivables

Trust

,

2024-1

,

A3

,

144A,

5.11 %

,

4/17/28

.

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

United

States

7,955,000

8,002,388

b,d

Elevation

CLO

Ltd.

,

2018-10A

,

AR

,

144A,

FRN

,

5.189 %

,

(3-month

SOFR

+

0.92 %),

10/20/31

.

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

United

States

1,624,318

1,620,812

b,d

Elmwood

CLO

I

Ltd.

,

2019-1A

,

A1RR

,

144A,

FRN

,

5.789 %

,

(3-month

SOFR

+

1.52 %),

4/20/37

.

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

United

States

1,250,000

1,252,865

b,d

Elmwood

CLO

III

Ltd.

,

2019-3A

,

A1RR

,

144A,

FRN

,

5.649 %

,

(3-month

SOFR

+

1.38 %),

7/18/37

.

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

United

States

1,750,000

1,750,437

d

First

Franklin

Mortgage

Loan

Trust

,

2006-FF15

,

A5

,

FRN

,

4.601 %

,

(1-month

SOFR

+

0.274 %),

11/25/36

.

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

United

States

121,540

121,435

Ford

Credit

Auto

Owner

Trust

,

2024-A,

A3,

5.09%,

12/15/28

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

United

States

3,573,000

3,617,394

2024-B,

A3,

5.1%,

4/15/29

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

United

States

1,741,000

1,765,616

b,d

FS

Rialto

,

2021-FL3

,

A

,

144A,

FRN

,

5.685 %

,

(1-month

SOFR

+

1.364 %),

11/16/36

.

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

United

States

1,951,819

1,944,819

b,d

GoldenTree

Loan

Management

US

CLO

Ltd.

,

2021-9A

,

AR

,

144A,

FRN

,

5.769 %

,

(3-month

SOFR

+

1.5 %),

4/20/37

.

.....

United

States

1,250,000

1,254,055

d

GSAA

Home

Equity

Trust

,

2006-8

,

2A2

,

FRN

,

4.801 %

,

(1-month

SOFR

+

0.474 %),

5/25/36

.

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

United

States

460,712

96,497

b,d

Hayfin

US

XIV

Ltd.

,

2021-14A

,

A1

,

144A,

FRN

,

5.761 %

,

(3-month

SOFR

+

1.492 %),

7/20/34

.

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

United

States

334,000

334,505

Honda

Auto

Receivables

Owner

Trust

,

2023-4,

A2,

5.87%,

6/22/26

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

United

States

1,266,705

1,268,963

2024-1,

A3,

5.21%,

8/15/28

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

United

States

5,500,000

5,565,046

b,d

J.P.

Morgan

Mortgage

Trust

,

2023-HE2

,

A1

,

144A,

FRN

,

6.05 %

,

(30-day

SOFR

Average

+

1.7 %),

3/20/54

.

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

United

States

755,675

761,310

b,d

Jamestown

CLO

IX

Ltd.

,

2016-9A

,

A2RR

,

144A,

FRN

,

6.393 %

,

(3-month

SOFR

+

2.112 %),

7/25/34

.

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

United

States

1,650,000

1,637,800

b,d

KKR

CLO

Ltd.

,

2022-43A

,

A1R

,

144A,

FRN

,

6.006 %

,

(3-month

SOFR

+

1.75 %),

1/15/36

.

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

Jersey

2,100,000

2,104,947

b,d

Madison

Park

Funding

XXX

Ltd.

,

2018-30A

,

A1R

,

144A,

FRN

,

5.621 %

,

(3-month

SOFR

+

1.36 %),

7/16/37

.

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

United

States

1,840,000

1,841,321

b,d

MF1

Ltd.

,

2021-FL6

,

A

,

144A,

FRN

,

5.534 %

,

(1-month

SOFR

+

1.214 %),

7/16/36

.

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

United

States

807,414

806,967

b,d

Nassau

Ltd.

,

2020-1A

,

A1R

,

144A,

FRN

,

5.808 %

,

(3-month

SOFR

+

1.552 %),

1/15/35

.

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

United

States

1,651,403

1,654,653

b,d

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

,

2017-25A

,

AR2

,

144A,

FRN

,

5.669 %

,

(3-month

SOFR

+

1.4 %),

7/18/38

.

.....

United

States

2,000,000

2,001,739

b,d

Oaktree

CLO

Ltd.

,

2019-4A,

ARR,

144A,

FRN,

5.779%,

(3-month

SOFR

+

1.51%),

7/20/37

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

United

States

1,250,000

1,253,133

2021-1A,

A1R,

144A,

FRN,

5.606%,

(3-month

SOFR

+

1.35%),

1/15/38

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

United

States

1,270,000

1,263,620

d

Park

Place

Securities,

Inc.

,

2004-WCW2

,

M3

,

FRN

,

5.491 %

,

(1-month

SOFR

+

1.164 %),

10/25/34

.

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

United

States

59,995

59,107

b,d

PRMI

Securitization

Trust

,

2024-CMG1

,

A1

,

144A,

FRN

,

5.786 %

,

(30-day

SOFR

Average

+

1.45 %),

7/25/54

.

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

United

States

2,373,470

2,371,887

Putnam

Funds

trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,d

Prodigy

Finance

DAC

,

2021-1A

,

A

,

144A,

FRN

,

5.691 %

,

(1-month

SOFR

+

1.364 %),

7/25/51

.

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

Ireland

222,870

$

222,877

b,d

Rockland

Park

CLO

Ltd.

,

2021-1A

,

B

,

144A,

FRN

,

6.181 %

,

(3-month

SOFR

+

1.912 %),

4/20/34

.

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

United

States

1,200,000

1,202,277

b,d

Signal

Peak

CLO

Ltd.

,

2018-5A

,

A1R

,

144A,

FRN

,

5.832 %

,

(3-month

SOFR

+

1.55 %),

4/25/37

.

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

United

States

1,500,000

1,501,499

b,d

Sound

Point

CLO

XXXII

Ltd.

,

2021-4A

,

A

,

144A,

FRN

,

5.693 %

,

(3-month

SOFR

+

1.412 %),

10/25/34

.

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

United

States

1,250,000

1,250,332

b,d

Symphony

CLO

XXIII

Ltd.

,

2020-23A

,

AR2

,

144A,

FRN

,

5.156 %

,

(3-month

SOFR

+

0.9 %),

1/15/34

.

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

United

States

2,818,556

2,793,010

b,d

Symphony

CLO

XXXII

Ltd.

,

2022-32A

,

A1

,

144A,

FRN

,

5.599 %

,

(3-month

SOFR

+

1.32 %),

4/23/35

.

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

United

States

500,000

499,377

b,d

VMC

Finance

LLC

,

2021-FL4

,

AS

,

144A,

FRN

,

5.884 %

,

(1-month

SOFR

+

1.564 %),

6/16/36

.

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

United

States

38,623

38,612

b,d

Voya

CLO

Ltd.

,

2019-3A

,

AR

,

144A,

FRN

,

5.621 %

,

(3-month

SOFR

+

1.342 %),

10/17/32

.

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

United

States

1,369,266

1,369,608

b,d

Wise

CLO

Ltd.

,

2023-2A,

A,

144A,

FRN,

6.056%,

(3-month

SOFR

+

1.8%),

1/15/37

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

Jersey

1,500,000

1,506,333

2024-2A,

A,

144A,

FRN,

5.716%,

(3-month

SOFR

+

1.46%),

7/15/37

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

Jersey

1,250,000

1,246,878

77,594,386

a

a

a

a

a

a

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $117,024,077)
............................

#### 117,498,369

#### Commercial

#### Mortgage-Backed

#### Securities

#### 3.0%

#### Financial

#### Services

#### 3.0%
f,g

BANK

,

2017-BNK8,

XA,

IO,

FRN,

0.843%,

11/15/50

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

United

States

25,210,776

373,679

2017-BNK9,

XA,

IO,

FRN,

0.894%,

11/15/54

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

United

States

51,451,674

862,032

f,g

CD

Mortgage

Trust

,

2016-CD1,

XA,

IO,

FRN,

1.475%,

8/10/49

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

United

States

7,490,765

58,085

2017-CD6,

XA,

IO,

FRN,

1.033%,

11/13/50

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

United

States

15,450,860

249,572

g

CFCRE

Commercial

Mortgage

Trust

,

b

2011-C2,

D,

144A,

FRN,

5.08%,

12/15/47

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

United

States

52,068

50,290

f

2016-C4,

XA,

IO,

FRN,

1.727%,

5/10/58

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

United

States

25,518,589

185,956

COMM

Mortgage

Trust

,

g

2012-LC4,

C,

FRN,

5.472%,

12/10/44

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

United

States

77,840

71,795

g

2013-CR13,

C,

FRN,

5.109%,

11/10/46

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

United

States

569,130

534,484

2014-CR16,

B,

4.582%,

4/10/47

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

United

States

1,745,552

1,688,477

g

2014-CR17,

C,

FRN,

4.941%,

5/10/47

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

United

States

1,040,000

955,193

g

2015-CR25,

B,

FRN,

4.66%,

8/10/48

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

United

States

3,315,000

3,295,219

f,g

2015-CR26,

XA,

IO,

FRN,

1.033%,

10/10/48

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

United

States

30,074,889

704

f,g

2015-LC21,

XA,

IO,

FRN,

0.65%,

7/10/48

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

United

States

30,746,323

CSAIL

Commercial

Mortgage

Trust

,

f,g

2015-C1,

XA,

IO,

FRN,

0.167%,

4/15/50

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

United

States

2,866,479

g

2015-C2,

B,

FRN,

4.208%,

6/15/57

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

United

States

1,363,000

1,328,671

2016-C6,

AS,

3.346%,

1/15/49

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

United

States

1,876,000

1,813,453

f,g

2018-CX12,

XA,

IO,

FRN,

0.699%,

8/15/51

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

United

States

166,765,311

2,462,457

f,g

CSMC

Trust

,

2016-NXSR

,

XA

,

IO,

FRN

,

0.784 %

,

12/15/49

....

United

States

60,130,454

363,338

b,g

DBUBS

Mortgage

Trust

,

2011-LC3A

,

D

,

144A,

FRN

,

5.531 %

,

8/10/44

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

United

States

2,941,494

2,841,012

GS

Mortgage

Securities

Trust

,

b

2010-C1,

B,

144A,

5.148%,

8/10/43

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

United

States

10,548

10,533

f,g

2014-GC24,

XA,

IO,

FRN,

0.406%,

9/10/47

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

United

States

7,805,548

Putnam

Funds

trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,g

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

2011-C3,

B,

144A,

FRN,

5.013%,

2/15/46

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

United

States

877,634

$

842,987

2012-C6,

E,

144A,

FRN,

5.129%,

5/15/45

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

United

States

532,000

515,954

2012-LC9,

D,

144A,

FRN,

3.69%,

12/15/47

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

United

States

173,000

164,796

g

JPMBB

Commercial

Mortgage

Securities

Trust

,

2013-C12,

C,

FRN,

4.071%,

7/15/45

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

United

States

1,646,294

1,582,834

2014-C23,

B,

FRN,

4.7%,

9/15/47

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

United

States

1,513,000

1,463,205

g

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

b

2012-C5,

E,

144A,

FRN,

4.798%,

8/15/45

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

United

States

2,252,442

2,209,758

2013-C10,

B,

FRN,

4.112%,

7/15/46

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

United

States

1,248,901

1,161,898

b,f

2013-C7,

XB,

IO,

144A,

FRN,

0.116%,

2/15/46

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

United

States

1,173,343

2013-C9,

C,

FRN,

3.841%,

5/15/46

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

United

States

3,168,000

2,879,979

b

2013-C9,

D,

144A,

FRN,

3.929%,

5/15/46

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

United

States

1,481,000

1,332,843

f

2015-C26,

XA,

IO,

FRN,

1.034%,

10/15/48

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

United

States

32,744,680

760

f

2016-C32,

XA,

IO,

FRN,

0.78%,

12/15/49

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

United

States

90,025,334

725,811

f

2017-C34,

XA,

IO,

FRN,

0.904%,

11/15/52

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

United

States

223,149,112

3,033,623

f,g

Morgan

Stanley

Capital

I

Trust

,

2016-UB12,

XA,

IO,

FRN,

0.767%,

12/15/49

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

United

States

24,234,558

167,635

2018-H4,

XA,

IO,

FRN,

0.968%,

12/15/51

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

United

States

57,527,082

1,414,349

2018-L1,

XA,

IO,

FRN,

0.643%,

10/15/51

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

United

States

75,435,806

1,022,578

f,g

UBS

Commercial

Mortgage

Trust

,

2017-C7

,

XA

,

IO,

FRN

,

1.124 %

,

12/15/50

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

United

States

16,019,227

350,017

f,g

Wachovia

Bank

Commercial

Mortgage

Trust

,

2006-C29

,

IO,

FRN

,

0.488 %

,

11/15/48

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

United

States

12,774

g

Wells

Fargo

Commercial

Mortgage

Trust

,

b

2013-LC12,

D,

144A,

FRN,

3.958%,

7/15/46

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

United

States

763,000

435,292

f

2015-LC20,

XB,

IO,

FRN,

0.799%,

4/15/50

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

United

States

3,033,938

f

2016-BNK1,

XA,

IO,

FRN,

1.846%,

8/15/49

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

United

States

21,019,499

331,097

f

2016-C37,

XA,

IO,

FRN,

0.919%,

12/15/49

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

United

States

4,880,575

42,113

f

2017-C41,

XA,

IO,

FRN,

1.301%,

11/15/50

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

United

States

22,673,586

521,511

f

2018-C44,

XA,

IO,

FRN,

0.865%,

5/15/51

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

United

States

69,852,016

1,238,008

f

2018-C48,

XA,

IO,

FRN,

1.102%,

1/15/52

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

United

States

19,198,586

516,096

f

2019-C50,

XA,

IO,

FRN,

1.571%,

5/15/52

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

United

States

15,130,447

636,614

g

WFRBS

Commercial

Mortgage

Trust

,

b

2011-C4,

D,

144A,

FRN,

5.149%,

6/15/44

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

United

States

875,215

828,677

2012-C10,

C,

FRN,

4.456%,

12/15/45

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

United

States

267,000

216,777

f

2014-C22,

XA,

IO,

FRN,

0.393%,

9/15/57

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

United

States

2,810,487

568

f

2014-C23,

XA,

IO,

FRN,

0.215%,

10/15/57

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

United

States

6,570,990

40,781,492

a

a

a

a

a

a

#### Total

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $44,765,350)
..............

#### 40,781,492

#### Mortgage-Backed

#### Securities

#### 0.2%

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 0.2%
FNMA,

2.73%,

9/01/29

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

United

States

1,576,566

1,490,511

FNMA,

5.28%,

12/01/28

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

United

States

1,308,000

1,356,564

2,847,075

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $2,735,419)
...........................

#### 2,847,075

#### Residential

#### Mortgage-Backed

#### Securities

#### 7.4%

#### Financial

#### Services

#### 7.4%
b

A&D

Mortgage

Trust

,

2023-NQM4,

A1,

144A,

7.472%,

9/25/68

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

United

States

4,969,280

5,062,432

2023-NQM5,

A1,

144A,

7.049%,

11/25/68

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

United

States

2,524,398

2,566,229

Putnam

Funds

trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b

Angel

Oak

Mortgage

Trust

,

g

2020-5,

A3,

144A,

FRN,

2.041%,

5/25/65

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

United

States

359,968

$

347,433

g

2021-5,

A2,

144A,

FRN,

1.208%,

7/25/66

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

United

States

3,029,721

2,620,920

2023-3,

A1,

144A,

4.8%,

9/26/67

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

United

States

726,101

719,516

2024-9,

A1,

144A,

5.138%,

9/25/69

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

United

States

1,118,242

1,112,918

b,g

Arroyo

Mortgage

Trust

,

2019-1,

A3,

144A,

FRN,

4.208%,

1/25/49

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

United

States

399,777

392,207

2019-3,

A3,

144A,

FRN,

3.416%,

10/25/48

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

United

States

112,779

107,628

d

BankUnited

Trust

,

2005-1

,

1A1

,

FRN

,

5.041 %

,

(1-month

SOFR

+

0.714 %),

9/25/45

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

United

States

58,791

54,145

b,d

Bellemeade

Re

Ltd.

,

2021-3A

,

M1B

,

144A,

FRN

,

5.754 %

,

(30-day

SOFR

Average

+

1.4 %),

9/25/31

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

United

States

154,342

154,406

b

BRAVO

Residential

Funding

Trust

,

g

2020-NQM1,

A3,

144A,

FRN,

2.406%,

5/25/60

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

United

States

132,445

129,789

2023-NQM8,

A1,

144A,

6.394%,

10/25/63

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

United

States

333,748

336,556

2024-NQM2,

A1,

144A,

6.285%,

2/25/64

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

United

States

2,087,790

2,105,607

b,g

Bunker

Hill

Loan

Depositary

Trust

,

2020-1

,

A2

,

144A,

FRN

,

2.6 %

,

2/25/55

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

United

States

3,766,000

3,627,546

d

CHL

Mortgage

Pass-Through

Trust

,

2005-3

,

1A1

,

FRN

,

5.061 %

,

(1-month

SOFR

+

0.734 %),

4/25/35

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

United

States

60,991

56,020

g

Citigroup

Mortgage

Loan

Trust,

Inc.

,

2005-2

,

1A2A

,

FRN

,

6.19 %

,

5/25/35

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

United

States

43,476

42,577

b,d

Connecticut

Avenue

Securities

Trust

,

2019-HRP1,

M2,

144A,

FRN,

6.618%,

(30-day

SOFR

Average

+

2.264%),

11/25/39

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

United

States

64,973

65,097

2021-R01,

1M2,

144A,

FRN,

5.904%,

(30-day

SOFR

Average

+

1.55%),

10/25/41

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

United

States

10,513

10,528

2021-R03,

1M1,

144A,

FRN,

5.204%,

(30-day

SOFR

Average

+

0.85%),

12/25/41

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

United

States

8,093

8,072

2021-R03,

1M2,

144A,

FRN,

6.004%,

(30-day

SOFR

Average

+

1.65%),

12/25/41

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

United

States

524,000

525,399

2022-R01,

1M1,

144A,

FRN,

5.354%,

(30-day

SOFR

Average

+

1%),

12/25/41

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

United

States

917,810

916,282

2022-R01,

1M2,

144A,

FRN,

6.254%,

(30-day

SOFR

Average

+

1.9%),

12/25/41

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

United

States

468,000

470,441

2022-R02,

2M1,

144A,

FRN,

5.554%,

(30-day

SOFR

Average

+

1.2%),

1/25/42

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

United

States

816,163

815,770

2022-R02,

2M2,

144A,

FRN,

7.354%,

(30-day

SOFR

Average

+

3%),

1/25/42

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

United

States

2,400,000

2,450,003

2022-R03,

1M1,

144A,

FRN,

6.454%,

(30-day

SOFR

Average

+

2.1%),

3/25/42

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

United

States

918,498

926,805

2022-R03,

1M2,

144A,

FRN,

7.854%,

(30-day

SOFR

Average

+

3.5%),

3/25/42

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

United

States

241,000

249,256

2022-R04,

1M1,

144A,

FRN,

6.354%,

(30-day

SOFR

Average

+

2%),

3/25/42

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

United

States

1,520,286

1,532,117

2022-R04,

1M2,

144A,

FRN,

7.454%,

(30-day

SOFR

Average

+

3.1%),

3/25/42

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

United

States

230,000

236,413

2022-R06,

1M1,

144A,

FRN,

7.104%,

(30-day

SOFR

Average

+

2.75%),

5/25/42

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

United

States

126,761

129,184

2022-R07,

1M1,

144A,

FRN,

7.303%,

(30-day

SOFR

Average

+

2.95%),

6/25/42

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

United

States

407,101

417,031

2022-R08,

1M1,

144A,

FRN,

6.904%,

(30-day

SOFR

Average

+

2.55%),

7/25/42

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

United

States

341,135

348,224

2022-R09,

2M1,

144A,

FRN,

6.853%,

(30-day

SOFR

Average

+

2.5%),

9/25/42

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

United

States

1,788,224

1,812,640

2023-R01,

1M1,

144A,

FRN,

6.753%,

(30-day

SOFR

Average

+

2.4%),

12/25/42

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

United

States

82,354

84,312

Putnam

Funds

trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,d

Connecticut

Avenue

Securities

Trust,

(continued)

2023-R02,

1M1,

144A,

FRN,

6.654%,

(30-day

SOFR

Average

+

2.3%),

1/25/43

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

United

States

164,013

$

167,282

2023-R06,

1M1,

144A,

FRN,

6.054%,

(30-day

SOFR

Average

+

1.7%),

7/25/43

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

United

States

88,283

88,651

2023-R07,

2M1,

144A,

FRN,

6.303%,

(30-day

SOFR

Average

+

1.95%),

9/25/43

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

United

States

62,833

63,223

2024-R02,

1M1,

144A,

FRN,

5.454%,

(30-day

SOFR

Average

+

1.1%),

2/25/44

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

United

States

16,819

16,775

2024-R03,

2M1,

144A,

FRN,

5.503%,

(30-day

SOFR

Average

+

1.15%),

3/25/44

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

United

States

82,253

82,162

2024-R04,

1M1,

144A,

FRN,

5.454%,

(30-day

SOFR

Average

+

1.1%),

5/25/44

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

United

States

145,762

145,671

2024-R05,

2M1,

144A,

FRN,

5.354%,

(30-day

SOFR

Average

+

1%),

7/25/44

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

United

States

38,049

38,021

2024-R06,

1A1,

144A,

FRN,

5.504%,

(30-day

SOFR

Average

+

1.15%),

9/25/44

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

United

States

551,079

550,297

2024-R06,

1M1,

144A,

FRN,

5.404%,

(30-day

SOFR

Average

+

1.05%),

9/25/44

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

United

States

117,868

117,737

2025-R01,

1A1,

144A,

FRN,

5.303%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

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

United

States

760,212

756,553

2025-R01,

1M1,

144A,

FRN,

5.453%,

(30-day

SOFR

Average

+

1.1%),

1/25/45

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

United

States

809,028

806,895

2025-R02,

1A1,

144A,

FRN,

5.353%,

(30-day

SOFR

Average

+

1%),

2/25/45

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

United

States

570,335

568,119

2025-R02,

1M1,

144A,

FRN,

5.503%,

(30-day

SOFR

Average

+

1.15%),

2/25/45

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

United

States

1,815,357

1,817,718

2025-R03,

2A1,

144A,

FRN,

5.804%,

(30-day

SOFR

Average

+

1.45%),

3/25/45

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

United

States

745,590

748,852

b

Cross

Mortgage

Trust

,

2024-H3,

A1,

144A,

6.272%,

6/25/69

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

United

States

844,154

853,165

2024-H4,

A1,

144A,

6.147%,

7/25/69

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

United

States

6,720,847

6,788,297

g

2025-H3,

A1,

144A,

FRN,

5.883%,

5/25/70

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

United

States

699,000

704,214

d

FHLMC

STACR

Debt

Notes

,

2015-DNA3

,

M3

,

FRN

,

9.168 %

,

(30-

day

SOFR

Average

+

4.814 %),

4/25/28

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

United

States

3,176,909

3,227,515

b,d

FHLMC

STACR

REMIC

Trust

,

2021-DNA5,

M2,

144A,

FRN,

6.004%,

(30-day

SOFR

Average

+

1.65%),

1/25/34

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

United

States

100,751

101,084

2021-DNA6,

M2,

144A,

FRN,

5.854%,

(30-day

SOFR

Average

+

1.5%),

10/25/41

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

United

States

637,667

637,053

2021-DNA7,

M2,

144A,

FRN,

6.154%,

(30-day

SOFR

Average

+

1.8%),

11/25/41

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

United

States

1,590,000

1,595,964

2021-HQA4,

M1,

144A,

FRN,

5.304%,

(30-day

SOFR

Average

+

0.95%),

12/25/41

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

United

States

156,727

155,622

2022-DNA2,

M1A,

144A,

FRN,

5.654%,

(30-day

SOFR

Average

+

1.3%),

2/25/42

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

United

States

34,865

34,852

2022-DNA3,

M1A,

144A,

FRN,

6.354%,

(30-day

SOFR

Average

+

2%),

4/25/42

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

United

States

271,359

274,697

2022-DNA3,

M1B,

144A,

FRN,

7.254%,

(30-day

SOFR

Average

+

2.9%),

4/25/42

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

United

States

50,000

51,370

2022-DNA4,

M1A,

144A,

FRN,

6.554%,

(30-day

SOFR

Average

+

2.2%),

5/25/42

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

United

States

1,058,793

1,075,303

2022-DNA5,

M1A,

144A,

FRN,

7.304%,

(30-day

SOFR

Average

+

2.95%),

6/25/42

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

United

States

1,325,200

1,352,098

2022-DNA6,

M1A,

144A,

FRN,

6.504%,

(30-day

SOFR

Average

+

2.15%),

9/25/42

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

United

States

43,652

43,961

2022-DNA6,

M1B,

144A,

FRN,

8.054%,

(30-day

SOFR

Average

+

3.7%),

9/25/42

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

United

States

46,000

48,198

Putnam

Funds

trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,d

FHLMC

STACR

REMIC

Trust,

(continued)

2022-HQA1,

M1A,

144A,

FRN,

6.454%,

(30-day

SOFR

Average

+

2.1%),

3/25/42

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

United

States

29,211

$

29,353

2022-HQA2,

M1A,

144A,

FRN,

7.004%,

(30-day

SOFR

Average

+

2.65%),

7/25/42

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

United

States

1,934,985

1,975,421

2022-HQA3,

M1A,

144A,

FRN,

6.654%,

(30-day

SOFR

Average

+

2.3%),

8/25/42

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

United

States

266,014

269,968

2023-DNA1,

M1A,

144A,

FRN,

6.453%,

(30-day

SOFR

Average

+

2.1%),

3/25/43

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

United

States

316,264

321,648

2023-HQA2,

M1A,

144A,

FRN,

6.354%,

(30-day

SOFR

Average

+

2%),

6/25/43

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

United

States

93,026

93,541

2023-HQA3,

A1,

144A,

FRN,

6.204%,

(30-day

SOFR

Average

+

1.85%),

11/25/43

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

United

States

191,297

193,043

2023-HQA3,

M1,

144A,

FRN,

6.204%,

(30-day

SOFR

Average

+

1.85%),

11/25/43

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

United

States

138,997

139,698

2024-DNA1,

A1,

144A,

FRN,

5.704%,

(30-day

SOFR

Average

+

1.35%),

2/25/44

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

United

States

220,547

220,798

2024-DNA2,

A1,

144A,

FRN,

5.604%,

(30-day

SOFR

Average

+

1.25%),

5/25/44

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

United

States

212,971

212,964

2024-DNA2,

M2,

144A,

FRN,

6.054%,

(30-day

SOFR

Average

+

1.7%),

5/25/44

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

United

States

15,000

15,004

2025-DNA1,

A1,

144A,

FRN,

5.304%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

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

United

States

2,686,850

2,675,273

b,d

FHLMC

STACR

Trust

,

2019-HQA2

,

M2

,

144A,

FRN

,

6.518 %

,

(30-

day

SOFR

Average

+

2.164 %),

4/25/49

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

United

States

3,913

3,921

d

FNMA

Connecticut

Avenue

Securities

,

2015-C04,

1M2,

FRN,

10.168%,

(30-day

SOFR

Average

+

5.814%),

4/25/28

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

United

States

3,047,510

3,101,383

2016-C01,

1M2,

FRN,

11.218%,

(30-day

SOFR

Average

+

6.864%),

8/25/28

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

United

States

1,182

1,219

2016-C01,

2M2,

FRN,

11.418%,

(30-day

SOFR

Average

+

7.064%),

8/25/28

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

United

States

21,858

22,518

2016-C03,

2M2,

FRN,

10.368%,

(30-day

SOFR

Average

+

6.014%),

10/25/28

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

United

States

57,715

59,450

2016-C07,

2M2,

FRN,

8.818%,

(30-day

SOFR

Average

+

4.464%),

5/25/29

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

United

States

628,484

649,261

2017-C06,

1M2B,

FRN,

7.118%,

(30-day

SOFR

Average

+

2.764%),

2/25/30

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

United

States

138,330

138,687

2017-C06,

2M2C,

FRN,

7.268%,

(30-day

SOFR

Average

+

2.914%),

2/25/30

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

United

States

155,211

158,393

2018-C02,

2M2,

FRN,

6.668%,

(30-day

SOFR

Average

+

2.314%),

8/25/30

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

United

States

49,595

50,385

2018-C05,

1M2,

FRN,

6.818%,

(30-day

SOFR

Average

+

2.464%),

1/25/31

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

United

States

523,935

528,346

b,g

Galton

Funding

Mortgage

Trust

,

2020-H1

,

A3

,

144A,

FRN

,

2.617 %

,

1/25/60

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

United

States

1,512,332

1,447,543

b

GCAT

Trust

,

2020-NQM2

,

A3

,

144A,

3.935 %

,

4/25/65

........

United

States

774,337

752,729

b,g

GS

Mortgage-Backed

Securities

Trust

,

2020-NQM1

,

A3

,

144A,

FRN

,

2.352 %

,

9/27/60

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

United

States

264,414

250,885

b,g

Imperial

Fund

Mortgage

Trust

,

2021-NQM1

,

A3

,

144A,

FRN

,

1.617 %

,

6/25/56

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

United

States

1,425,577

1,256,245

b

J.P.

Morgan

Mortgage

Trust

,

d

2024-10,

A11,

144A,

FRN,

5.604%,

(30-day

SOFR

Average

+

1.25%),

3/25/55

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

United

States

1,100,254

1,089,872

2024-CES1,

A1A,

144A,

6.191%,

6/25/54

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

United

States

816,191

819,486

2024-VIS2,

A1,

144A,

5.853%,

11/25/64

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

United

States

1,164,292

1,173,653

b

Legacy

Mortgage

Asset

Trust

,

2021-GS1,

A1,

144A,

5.892%,

10/25/66

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

United

States

3,217,888

3,219,931

Putnam

Funds

trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b

Legacy

Mortgage

Asset

Trust,

(continued)

2021-GS3,

A1,

144A,

4.75%,

7/25/61

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

United

States

1,528,055

$

1,526,754

2021-GS4,

A1,

144A,

4.65%,

11/25/60

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

United

States

2,413,955

2,412,092

b,e,g

LHOME

Mortgage

Trust

,

2025-RTL2

,

A1

,

144A,

FRN

,

5.612 %

,

4/25/40

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

United

States

671,000

676,763

b,g

MFA

Trust

,

2020-NQM1

,

A3

,

144A,

FRN

,

3.3 %

,

8/25/49

.......

United

States

444,805

420,340

b,g

Morgan

Stanley

Resecuritization

Trust

,

2015-R4

,

CB1

,

144A,

FRN

,

4.368 %

,

8/26/47

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

United

States

402,507

400,704

b

Morgan

Stanley

Residential

Mortgage

Loan

Trust

,

d

2024-3,

AF,

144A,

FRN,

5.704%,

(30-day

SOFR

Average

+

1.35%),

7/25/54

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

United

States

622,244

616,243

2024-NQM1,

A1,

144A,

6.152%,

12/25/68

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

United

States

2,281,832

2,300,319

b

New

Residential

Mortgage

Loan

Trust

,

d

2018-4A,

A1M,

144A,

FRN,

5.341%,

(1-month

SOFR

+

1.014%),

1/25/48

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

United

States

125,852

122,889

g

2019-NQM4,

A2,

144A,

FRN,

2.644%,

9/25/59

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

United

States

490,210

465,026

g

2019-NQM4,

A3,

144A,

FRN,

2.797%,

9/25/59

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

United

States

1,248,412

1,185,646

b

OBX

Trust

,

g

2018-EXP1,

1A3,

144A,

FRN,

4%,

4/25/48

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

United

States

111,329

105,834

2024-NQM2,

A1,

144A,

5.878%,

12/25/63

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

United

States

744,977

747,942

b,g

Onity

Loan

Investment

Trust

,

2024-HB2

,

A

,

144A,

FRN

,

%

,

8/25/37

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

United

States

814,973

813,720

b,d

Radnor

Re

Ltd.

,

2024-1

,

M1A

,

144A,

FRN

,

6.354 %

,

(30-day

SOFR

Average

+

%),

9/25/34

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

United

States

825,179

825,916

b,g

Residential

Mortgage

Loan

Trust

,

2021-1R

,

A1

,

144A,

FRN

,

0.859 %

,

1/25/65

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

United

States

93,283

89,231

b,g

Roc

Mortgage

Trust

,

2021-RTL1

,

A1

,

144A,

FRN

,

3.487 %

,

8/25/26

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

United

States

183,788

183,614

b,d

Station

Place

Securitization

Trust

,

2024-10,

A,

144A,

FRN,

5.223%,

(1-month

SOFR

+

0.9%),

10/27/25

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

United

States

3,300,000

3,311,561

2024-2,

A,

144A,

FRN,

5.223%,

(1-month

SOFR

+

0.9%),

6/22/25

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

United

States

4,475,000

4,478,760

2024-5,

A,

144A,

FRN,

5.223%,

(1-month

SOFR

+

0.9%),

8/04/25

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

United

States

4,500,000

4,497,786

d

Structured

Asset

Mortgage

Investments

II

Trust

,

2007-AR7

,

1A1

,

FRN

,

5.291 %

,

(1-month

SOFR

+

0.964 %),

5/25/47

.........

United

States

365,747

285,352

b

Verus

Securitization

Trust

,

g

2019-INV3,

A3,

144A,

FRN,

4.1%,

11/25/59

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

United

States

357,493

353,543

2024-1,

A1,

144A,

5.712%,

1/25/69

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

United

States

891,532

893,126

100,928,631

a

a

a

a

a

a

#### Total

#### Residential

#### Mortgage-Backed

#### Securities

#### (Cost

#### $102,118,401)
..............

#### 100,928,631

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### 2.8%

#### Financial

#### Services

#### 2.8%
FHLMC

,

3539,

PM,

4.5%,

5/15/37

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

United

States

3,312

3,247

3724,

CM,

5.5%,

6/15/37

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

United

States

9,586

10,067

f,g

FHLMC,

Multi-family

Structured

Pass-Through

Certificates

,

K737,

X1,

IO,

FRN,

0.727%,

10/25/26

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

United

States

58,524,176

450,823

K738,

XAM,

IO,

FRN,

1.488%,

3/25/27

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

United

States

17,882,000

417,005

K739,

XAM,

IO,

FRN,

1.657%,

9/25/27

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

United

States

36,816,638

1,140,270

KC06,

X1,

IO,

FRN,

1.011%,

6/25/26

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

United

States

30,226,303

179,638

FNMA

,

2010-81,

AP,

2.5%,

7/25/40

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

United

States

7,986

7,637

Putnam

Funds

trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

FNMA,

(continued)

2011-60,

PA,

4%,

10/25/39

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

United

States

3,641

$

3,423

d

2024-89,

FA,

FRN,

5.554%,

(30-day

SOFR

Average

+

1.2%),

12/25/54

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

United

States

9,629,172

9,656,315

d

2024-98,

FA,

FRN,

5.504%,

(30-day

SOFR

Average

+

1.15%),

12/25/53

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

United

States

8,437,426

8,445,482

d

2025-41,

FA,

FRN,

5.5%,

(30-day

SOFR

Average

+

1.15%),

6/25/54

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

United

States

3,431,000

3,425,639

b

FREMF

Mortgage

Trust

,

f

2015-K48,

X2A,

IO,

144A,

0.1%,

8/25/48

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

United

States

152,564,300

3,097

g

2015-K51,

B,

144A,

FRN,

4.095%,

10/25/48

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

United

States

3,237,000

3,213,932

GNMA

,

2009-32,

AB,

4%,

5/16/39

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

United

States

3,650

3,598

f,g

2021-17,

IO,

FRN,

1.051%,

1/16/61

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

United

States

17,374,976

1,391,388

d

2024-78,

QF,

FRN,

5.45%,

(30-day

SOFR

Average

+

1.1%),

5/20/54

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

United

States

9,679,592

9,704,256

38,055,817

a

a

a

a

a

a

#### Total

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $37,693,515)
.......

#### 38,055,817

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $995,431,652)

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

#### 987,416,259

#### a

#### Short

#### Term

#### Investments

#### 27.2%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 0.0%

#### †
h,i

U.S.

Treasury

Bills,

4.13%,

10/02/25

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

United

States

200,000

196,510

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $196,533)

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

#### 196,510
a

#### a

#### Commercial

#### Papers

#### 13.7%
h

Agree

LP,

4.78%,

5/02/25

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

United

States

3,535,000

3,534,062

h

Air

Lease

Corp.,

4.87%,

5/28/25

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

United

States

3,355,000

3,342,346

h

Alexandria

Real

Estate

Equities,

Inc.

,

4.56%,

5/16/25

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

United

States

3,980,000

3,971,950

4.55%,

5/09/25

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

United

States

4,650,000

4,644,714

8,616,664

h

Alimentation

Couche-Tard,

Inc.,

4.68%,

5/12/25

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

Canada

4,360,000

4,353,213

h

AutoNation,

Inc.,

5%,

5/01/25

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

United

States

12,310,000

12,308,291

h

AvalonBay

Communities,

Inc.,

4.59%,

5/07/25

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

United

States

4,615,000

4,610,886

h

Barclays

Bank

plc,

4.42%,

5/28/25

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

United

Kingdom

3,740,000

3,727,189

h

Boston

Properties

LP

,

4.61%,

5/05/25

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

United

States

3,330,000

3,327,868

4.62%,

5/06/25

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

United

States

2,438,000

2,436,126

4.62%,

5/07/25

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

United

States

3,100,000

3,097,218

8,861,212

h

Conagra

Brands,

Inc.,

4.66%,

5/01/25

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

United

States

6,040,000

6,039,218

h

Constellation

Brands,

Inc.,

4.78%,

5/02/25

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

United

States

4,750,000

4,748,739

h

CRH

America

Finance,

Inc.,

4.64%,

5/20/25

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

United

States

4,085,000

4,074,492

h

Crown

Castle,

Inc.,

4.84%,

5/06/25

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

United

States

3,855,000

3,851,890

h

Dominion

Energy,

Inc.,

4.58%,

5/09/25

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

United

States

3,245,000

3,241,291

h

Enbridge

US,

Inc.,

4.64%,

5/20/25

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

United

States

3,255,000

3,246,627

Putnam

Funds

trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Short

#### Term

#### Investments
(continued)

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Commercial

#### Papers
(continued)

h

Boston

Properties

LP,

(continued)

h

Fidelity

National

Information

Services,

Inc.,

4.57%,

5/01/25

....

United

States

4,215,000

$

4,214,465

h

FMC

Corp.,

5.05%,

5/01/25

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

United

States

4,395,000

4,394,384

h

Gotham

Funding

Corp.,

4.39%,

5/29/25

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

United

States

6,500,000

6,477,097

h

Intercontinental

Exchange,

Inc.

,

4.66%,

5/01/25

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

United

States

6,725,000

6,724,129

4.67%,

5/06/25

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

United

States

5,200,000

5,195,953

11,920,082

h

Marriott

International,

Inc.,

4.74%,

5/22/25

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

United

States

3,750,000

3,739,169

h

Marsh

&

McLennan

Cos.,

Inc.

,

4.56%,

5/01/25

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

United

States

3,700,000

3,699,531

4.61%,

5/12/25

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

United

States

6,900,000

6,889,415

4.65%,

5/21/25

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

United

States

4,660,000

4,647,404

15,236,350

h

Mid-America

Apartments

LP,

4.58%,

5/05/25

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

United

States

2,715,000

2,713,273

h

National

Grid

North

America,

Inc.

,

4.63%,

5/16/25

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

United

States

4,590,000

4,580,583

4.65%,

5/23/25

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

United

States

3,230,000

3,220,423

7,801,006

h

Owens

Corning,

4.61%,

5/14/25

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

United

States

3,720,000

3,713,336

h

Plains

All

American

Pipeline

LP,

4.58%,

5/05/25

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

United

States

6,620,000

6,615,792

h

Protective

Life

Corp.

,

4.6%,

5/21/25

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

United

States

3,650,000

3,640,233

4.61%,

5/28/25

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

United

States

3,995,000

3,980,728

7,620,961

h

RTX

Corp.,

4.69%,

5/27/25

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

United

States

3,330,000

3,318,322

h

Sherwin

Williams

Co.

(The),

4.47%,

6/16/25

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

United

States

3,480,000

3,459,818

h

Targa

Resources

Corp.

,

4.86%,

5/01/25

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

United

States

10,490,000

10,488,584

4.89%,

5/05/25

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

United

States

2,980,000

2,977,979

13,466,563

h

UDR,

Inc.,

4.59%,

5/08/25

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

United

States

3,910,000

3,906,013

h

Vulcan

Materials

Co.

,

4.64%,

5/20/25

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

United

States

4,680,000

4,667,957

4.65%,

5/21/25

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

United

States

3,985,000

3,974,229

8,642,186

h

WEC

Energy

Group,

Inc.

,

4.59%,

5/07/25

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

United

States

3,520,000

3,516,862

4.61%,

5/13/25

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

United

States

2,460,000

2,455,909

5,972,771

#### Total

#### Commercial

#### Papers

#### (Cost

#### $187,789,496)

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

#### 187,767,708
Putnam

Funds

trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Short

#### Term

#### Investments
(continued)

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 13.5%
a,j

Putnam

Short

Term

Investment

Fund,

Class

P,

4.468%

.......

United

States

184,269,185

$

184,269,185

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $184,269,185)

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

#### 184,269,185

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $372,255,214

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

#### 372,233,403

#### a

#### Total

#### Investments

#### (Cost

#### $1,367,686,866)

#### 99.4%

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

#### $1,359,649,662

#### Other

#### Assets,

#### less

#### Liabilities

#### 0.6%

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

#### 7,588,530

#### Net

#### Assets

#### 100.0%

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

#### $1,367,238,192

#### a
\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

(g)

regarding

investments

in

affiliated

management

investment

companies.

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

April

30,

2025,

the

aggregate

value

of

these

securities

was

$469,962,407,

representing

34.4%

of

net

assets.

c

This

security

was

pledged,

or

purchased

with

cash

that

was

pledged,

to

the

Fund

for

collateral

on

certain

derivative

contracts.

See

Note

(d).

d

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

e

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

(c).

f

Investment

in

an

interest-only

security

entitles

holders

to

receive

only

the

interest

payment

on

the

underlying

instruments.

The

principal

amount

shown

is

the

notional

amount

of

the

underlying

instruments.

g

Adjustable

rate

security

with

an

interest

rate

that

is

not

based

on

a

published

reference

index

and

spread.

The

rate

is

based

on

the

structure

of

the

agreement

and

current

market

conditions.

The

coupon

rate

shown

represents

the

rate

at

period

end.

h

The

rate

shown

represents

the

yield

at

period

end.

i

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

April

30,

2025,

the

value

of

this

security

pledged

amounted

to

$168,016,

representing

less

than

0.1%

net

assets.

j

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Funds

trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

At

April

30,

2025,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

See

Note

1(d).

At

April

30,

2025,

the

Fund

had

the

following

interest

rate

swap

contracts

outstanding.

See

Note

1(d).

#### Credit

#### Default

#### Swap

#### Contracts

#### Description

#### Periodic

#### Payment

#### Rate

#### Received
(Paid)

#### Payment

#### Frequency

#### Counter-

#### party

#### Maturity

#### Date

#### Notional

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

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

#### Rating
(b) #### OTC

#### Swap

#### Contracts

#### to

#### Buy

#### Protection
(c) #### Traded

#### Index
CMBX.NA.BB.7

.

(5.00)%

Monthly

MLCO

1/17/47

315,000

$

48,516

$

54,646

$

(6,130)

CMBX.NA.BBB-.6

(3.00)%

Monthly

CITI

5/11/63

515,000

18,571

30,480

(11,909)

#### Contracts

#### to

#### Sell

#### Protection

#### (c)(d)

#### Traded

#### Index
CMBX.NA.BB.7

.

5.00%

Monthly

JPHQ

1/17/47

315,000

(48,515)

(154,241)

105,726

Non-

Investment

Grade

CMBX.NA.BBB-.6

3.00%

Monthly

BOFA

5/11/63

514,000

(18,536)

(30,971)

12,435

Investment

Grade

CMBX.NA.BBB-.6

3.00%

Monthly

MLCO

5/11/63

1,000

(36) (269) 233

Investment

Grade

Total

OTC

Swap

Contracts

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

$—

$(100,355)

$100,355

Total

Credit

Default

Swap

Contracts

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

$—

$

(100,355)

$100,355

(a) In

U.S.

dollars

unless

otherwise

indicated.

For

contracts

to

sell

protection,

the

notional

amount

is

equal

to

the

maximum

potential

amount

of

the

future

payments

and

no

recourse

provisions

have

been

entered

into

in

association

with

the

contracts.

(b) Based

on

Standard

and

Poor's

(S&P)

Rating

for

single

name

swaps

and

internal

ratings

for

index

swaps.

Internal

ratings

based

on

mapping

into

equivalent

ratings

from

external

vendors.

(c) Performance

triggers

for

settlement

of

contract

include

default,

bankruptcy

or

restructuring

for

single

name

swaps,

and

failure

to

pay

or

bankruptcy

of

the

underlying

securities

for

traded

index

swaps.

(d) The

fund

enters

contracts

to

sell

protection

to

create

a

long

credit

position.

#### Interest

#### Rate

#### Swap

#### Contracts

#### Description

#### Payment

#### Frequency

#### Maturity

#### Date

#### Notional

#### Amount

#### \*

#### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

aa

#### aa

#### Centrally

#### Cleared

#### Swap

#### Contracts
Receive

Fixed

3.75%

..

Annual

Pay

Floating

1-day

SOFR

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

Annual

6/18/27

503,744,000

$

4,622,846

$

557,713

$

4,065,133

Receive

Fixed

3.75%

..

Annual

Pay

Floating

1-day

SOFR

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

Annual

6/18/30

32,329,000

633,885

287,845

346,040

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.85%

....

Annual

6/18/35

31,599,000

(612,420)

(164,230)

(448,190)

Putnam

Funds

trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

See

Note 7 regarding

other

derivative

information.

#### Interest

#### Rate

#### Swap

#### Contracts
(continued)

#### Description

#### Payment

#### Frequency

#### Maturity

#### Date

#### Notional

#### Amount\*

#### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

aa

#### aa

#### Centrally

#### Cleared

#### Swap

#### Contracts
(continued)

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.85%

....

Annual

6/18/55

9,775,000

$

(73,852)

$

(133,681)

$

59,829

Total

Centrally

Cleared

Swap

Contracts

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

$4,570,459

$547,647

$4,022,812

Total

Interest

Rate

Swap

Contracts

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

$4,570,459

$

547,647

$4,022,812

\*

In

U.S.

dollars

unless

otherwise

indicated.

See

Abbreviations

on

page

43. Putnam

Funds

trust

Financial

Statements

Statement

of

Assets

and

Liabilities

April

30,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$1,162,602,158

Cost

-

Non-controlled

affiliates

(Note

g)

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

205,084,708

Value

-

Unaffiliated

issuers

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

$1,154,473,528

Value

-

Non-controlled

affiliates

(Note

g)

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

205,176,134

Cash

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

2,896,626

Receivables:

Capital

shares

sold

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

1,559,144

Dividends

and

interest

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

1,817,968

Deposits

with

brokers

for:

Centrally

cleared

swap

contracts

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

10,184,674

Variation

margin

on

centrally

cleared

swap

contracts

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

385,255

OTC

swap

contracts

(upfront

payments

$

85,126)

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

85,126

Unrealized

appreciation

on

OTC

swap

contracts

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

118,394

Prepaid

expenses

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

111,838

Total

assets

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

1,376,808,687

Liabilities:

Payables:

Investment

securities

purchased

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

5,551,599

Capital

shares

redeemed

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

2,813,160

Management

fees

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

393,951

Distribution

fees

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

110,009

Trustees'

fees

and

expenses

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

39,045

Distributions

to

shareholders

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

266,285

OTC

swap

contracts

(upfront

receipts

$

185,481)

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

185,481

Unrealized

depreciation

on

OTC

swap

contracts

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

18,039

Collateral

on

certain

derivative

contracts,

at

value

(Note

d)

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

104,819

Accrued

expenses

and

other

liabilities

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

88,107

Total

liabilities

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

9,570,495

Net

assets,

at

value

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

$1,367,238,192

Net

assets

consist

of:

Paid-in

capital

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

$1,458,325,175

Total

distributable

earnings

(losses)

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

(91,086,983)

Net

assets,

at

value

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

$1,367,238,192

Putnam

Funds

trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

April

30,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund

#### Class

#### A:
Net

assets,

at

value

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

$465,476,849

Shares

outstanding

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

46,778,776

Net

asset

value

per

share

a

,b

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

$9.95

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.75

%)

b

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

$10.18

#### Class

#### C:
Net

assets,

at

value

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

$17,568,059

Shares

outstanding

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

1,770,359

Net

asset

value

and

maximum

offering

price

per

share

a

,b

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

$9.92

#### Class

#### R:
Net

assets,

at

value

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

$995,065

Shares

outstanding

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

99,488

Net

asset

value

and

maximum

offering

price

per

share

b

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

$10.00

#### Class

#### R6:
Net

assets,

at

value

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

$11,413,893

Shares

outstanding

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

1,142,421

Net

asset

value

and

maximum

offering

price

per

share

b

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

$9.99

#### Class

#### Y:
Net

assets,

at

value

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

$871,784,326

Shares

outstanding

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

87,480,169

Net

asset

value

and

maximum

offering

price

per

share

b

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

$9.97

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

April

30,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
Investment

income:

Dividends:

Non-controlled

affiliates

(Note

g)

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

$4,073,601

Interest:

Unaffiliated

issuers

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

23,431,842

Total

investment

income

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

27,505,443

Expenses:

Management

fees

(Note

a)

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

2,414,193

Distribution

fees:

(Note

3c)

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

A

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

573,576

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

C

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

85,593

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

R

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

2,352

Other

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

3,238

Total

expenses

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

3,078,952

Expense

reductions

(Note

4)

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

(4,909)

Expenses

waived/paid

by

affiliates

(Note

3g)

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

(9,646)

Net

expenses

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

3,064,397

Net

investment

income

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

24,441,046

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

(1,021,274)

Swap

contracts

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

(1,801,380)

Net

realized

gain

(loss)

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

(2,822,654)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

10,502,370

Non-controlled

affiliates

(Note

g)

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

91,426

Swap

contracts

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

6,533,289

Net

change

in

unrealized

appreciation

(depreciation)

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

17,127,085

Net

realized

and

unrealized

gain

(loss)

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

14,304,431

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$38,745,477

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

#### Duration

#### Bond

#### Fund

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$24,441,046

$46,077,634

Net

realized

gain

(loss)

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

(2,822,654)

(13,250,568)

Net

change

in

unrealized

appreciation

(depreciation)

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

17,127,085

63,082,207

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

38,745,477

95,909,273

Distributions

to

shareholders:

Class

A

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

(9,001,378)

(21,960,798)

Class

B

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

—

(8,052)

Class

C

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

(271,774)

(625,540)

Class

R

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

(17,239)

(26,805)

Class

R6

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

(259,984)

(485,456)

Class

Y

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

(17,019,873)

(33,305,211)

Total

distributions

to

shareholders

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

(26,570,248)

(56,411,862)

Capital

share

transactions:

(Note

2)

Class

A

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

(21,366,776)

(18,761,580)

Class

B

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

—

(261,836)

Class

C

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

104,419

(717,911)

Class

R

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

75,489

589,121

Class

R6

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

(3,848,644)

7,118,089

Class

Y

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

121,766,593

8,678,208

Total

capital

share

transactions

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

96,731,081

(3,355,909)

Net

increase

(decrease)

in

net

assets

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

108,906,310

36,141,502

Net

assets:

Beginning

of

period

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

1,258,331,882

1,222,190,380

End

of

period

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

$1,367,238,192

$1,258,331,882

Putnam

Funds

Trust

franklintempleton.com

Semiannual

Report

Notes

to

Financial

Statements

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### 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

Duration

Bond

Fund

(Fund)

is

included

in

this

report.

The

Fund

offers five

classes

of

shares:

Class

A,

Class

C,

Class

R,

Class

R6

and

Class

Y. Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

Effective

September

5,

2024,

all

Class

B

shares

were

converted

to

Class

A. The

following

summarizes

the

Fund

's

significant

accounting

policies.

a. #### Financial

#### Instrument

#### Valuation
The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

as

of

p.m.

Eastern

time

each

day

the

New

York

Stock

Exchange

(NYSE)

is

open

for

trading.

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.

Equity

securities,

exchange

traded

funds,

and

derivative

financial

instruments

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Debt

securities

generally

trade

in

the OTC

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

Certain

derivative

financial

instruments

are

centrally

cleared

or

trade

in

the

OTC

market.

The

Fund's

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Fund's

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund's

business

day. Events

can occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund's

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

p.m.

Eastern

time. In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at

p.m.

Eastern

time.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund's

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund's

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund

for

financial

reporting

purposes.

b. #### Stripped

#### Securities
The

Fund

may

invest

in

stripped

securities

which

represent

a

participation

in

securities

that

may

be

structured

in

classes

with

rights

to

receive

different

portions

of

the

interest

and

principal.

Interest-only

securities

receive

all

of

the

interest

and

principal-only

securities

receive

all

of

the

principal.

If

the

interest

only

securities

experience

greater

than

anticipated

prepayments

of

principal,

the

fund

may

fail

to

recoup

fully

its

initial

investment

in

these

securities.

Conversely,

principal-

only

securities

increase

in

value

if

prepayments

are

greater

than

anticipated

and

decline

if

prepayments

are

slower

than

anticipated.

The

fair

value

of

these

securities

is

highly

sensitive

to

changes

in

interest

rates.

c. #### Purchased

#### on

#### a

#### When-Issued,

#### Forward Commitment or

#### Delayed

#### Delivery

#### Basis

#### and

#### TBA

#### 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.

d. #### Derivative

#### Financial

#### Instruments
The

Fund invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Statement

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Statement

of

Operations.

Derivative

counterparty

credit

risk

is

managed

through

a

formal

evaluation

of

the

creditworthiness

of

all

potential

counterparties.

The

Fund

attempts

to

reduce

its

exposure

to

counterparty

credit

risk

on

OTC

derivatives,

whenever

possible,

by

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

to

collateral

requirements,

events

of

default,

or

early

termination.

Termination

events

applicable

to

the

counterparty

include

certain

deteriorations

in

the

credit

quality

of

the

counterparty.

Termination

events

applicable

to

the

Fund

include

failure

of

the

Fund

to

maintain

certain

net

asset

levels

and/or

limit

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

the

decline

in

net

assets

over

various

periods

of

time.

In

the

event

of

default

or

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

to

net

and

close-out

all

transactions

traded,

whether

or

not

arising

under

the

ISDA

agreement,

to

one

net

amount

payable

by

one

counterparty

to

the

other.

However,

absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statement

of

Assets

and

Liabilities.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Fund

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement.

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

and

can

be

in

the

form

of

cash

and/or

securities.

For

OTC

derivatives

traded

under

an

ISDA

master

agreement,

posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund

for

OTC

derivatives,

if

any,

is

held

in

segregated

accounts

with

the

Fund's

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Fund's

investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

The

Fund

entered

into

credit

default

swap

contracts

primarily

to

manage

and/or

gain

exposure

to

credit

risk.

A

credit

default

swap

is

an

agreement

between

the

Fund

and

a

counterparty

whereby

the

buyer

of

the

contract

receives

credit

protection

and

the

seller

of

the

contract

guarantees

the

credit

worthiness

of

a

referenced

debt

obligation.

These

agreements

may

be

privately

negotiated

in

the

over-the-

counter

market

(OTC

credit

default

swaps)

or

may

be

executed

in

a

multilateral

trade

facility

platform,

such

as

a

registered

exchange

(centrally

cleared

credit

default

swaps).

The

underlying

referenced

debt

obligation

may

be

a

single

issuer

of

corporate

or

sovereign

debt,

a

credit

index,

a

basket

of

issuers

or

indices,

or

a

tranche

of

a

credit

index

or

basket

of

issuers

or

indices.

In

the

event

of

a

default

of

the

underlying

referenced

debt

obligation,

the

buyer

is

entitled

to

receive

the

notional

amount

of

the

credit

default

swap

contract

from

the

seller

in

exchange

for

the

referenced

debt

obligation,

a

net

settlement

amount

equal

to

the

notional

amount

of

the

credit

default

swap

less

the

recovery

value

of

the

referenced

debt

obligation,

or

other

agreed

upon

amount.

For

centrally

cleared

credit

default

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

the

buyer

pays

the

seller

a

periodic

stream

of

payments,

provided

that

no

event

of

default

has

occurred.

Such

periodic

payments

are

accrued

daily

as

an

unrealized

appreciation or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Upfront

payments

and

receipts

are

reflected

in

the Statement

of

Assets

and

Liabilities

and

represent

compensating

factors

between

stated

terms

of

the

credit

default

swap

agreement

and

prevailing

market

conditions

(credit

spreads

and

other

relevant

factors).

These

upfront

payments

and

receipts

are

amortized

over

the

term

of

the

contract

as

a

realized

gain

or

loss

in

the Statement

of

Operations.

Credit

default

swap

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund entered

into

interest

rate

swap

contracts

primarily

to

manage

interest

rate

risk.

An

interest

rate

swap

is

an

agreement

between

the

Fund

and

a

counterparty

to

exchange

cash

flows

based

on

the

difference

between

two

interest

rates,

applied

to

a

notional

amount.

These

agreements

may

be

privately

negotiated

in

the

over-the-

counter

market

(OTC

interest

rate

swaps)

or

may

be

executed

on

a

registered

exchange

(centrally

cleared

interest

rate

swaps).

For

centrally

cleared

interest

rate

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

contractually

required

payments

to

be

paid

and

to

be

received

are

accrued

daily

and

recorded

as

unrealized

appreciation

or

depreciation

until

the

payments

are

made,

at

which

time

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

d. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

they

are

realized.

Interest

rate

swap

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

See

Note

7 regarding

other

derivative

information.

e. #### Income

#### and

#### Deferred

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

April

30,

2025, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the Fund

invests.

f. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income.

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.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

g. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

h. #### Guarantees

#### and

#### Indemnifications
Under

the 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.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

d. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

2. #### Shares

#### of

#### Beneficial

#### Interest
At

April

30,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

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

7,373,598

$72,912,781

19,927,416

$194,330,497

Shares

issued

in

reinvestment

of

distributions

..........

896,292

8,872,757

2,205,882

21,558,833

Shares

redeemed

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

(10,442,038)

(103,152,314)

(24,014,385)

(234,650,910)

Net

increase

(decrease)

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

(2,172,148)

$(21,366,776)

(1,881,087)

$(18,761,580)

#### Class

#### B

#### Shares:

#### \*
Shares

issued

in

reinvestment

of

distributions

..........

—

$—

818

$7,959

Shares

redeemed

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

—

—

(27,352)

(269,795)

Net

increase

(decrease)

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

—

$—

(26,534)

$(261,836)

#### Class

#### C

#### Shares:
Shares

sold

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

234,772

$2,312,508

474,602

$4,626,555

Shares

issued

in

reinvestment

of

distributions

..........

27,529

271,748

63,861

622,286

Shares

redeemed

a

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

(251,805)

(2,479,837)

(612,690)

(5,966,752)

Net

increase

(decrease)

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

10,496

$104,419

(74,227)

$(717,911)

#### Class

#### R

#### Shares:
Shares

sold

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

16,086

$159,725

105,892

$1,036,220

Shares

issued

in

reinvestment

of

distributions

..........

1,740

17,319

2,704

26,627

Shares

redeemed

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

(10,226)

(101,555)

(48,027)

(473,726)

Net

increase

(decrease)

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

7,600

$75,489

60,569

$589,121

#### Class

#### R6

#### Shares:
Shares

sold

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

198,763

$1,971,206

1,407,683

$13,830,293

Shares

issued

in

reinvestment

of

distributions

..........

19,986

198,623

39,053

383,542

Shares

redeemed

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

(607,373)

(6,018,473)

(718,819)

(7,095,746)

Net

increase

(decrease)

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

(388,624)

$(3,848,644)

727,917

$7,118,089

#### Class

#### Y

#### Shares:
Shares

sold

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

26,291,968

$259,988,390

29,732,308

$291,457,899

Shares

issued

in

reinvestment

of

distributions

..........

1,610,693

15,967,312

3,300,472

32,304,788

Shares

redeemed

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

(15,583,607)

(154,189,109)

(32,207,917)

(315,084,479)

Net

increase

(decrease)

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

12,319,054

$121,766,593

824,863

$8,678,208

\*

Effective

September

5,

2024,

the

Fund

has

terminated

its

Class

B

shares.

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### 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

monthly

base

fee

equal

to

0.37%

of

the

monthly

average

of

the

fund's

net

asset

value.

In

return

for

this

fee, Advisers

provides

investment

management

and

investor

servicing

and

bears

the

fund's

organizational

and

operating

expenses,

excluding

performance

fee

adjustments,

payments

under

the

fund's

distribution

plan,

brokerage,

interest,

taxes,

investment

related

expenses,

extraordinary

expenses

and

acquired

fund

fees

and

expenses.

Advisers

retained

Putnam

Management

as

subadvisor

for

the

Fund

pursuant

to

a

new

sub-advisory

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.

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.

These

fees

are

paid

by

Advisors

as

part

of

the

management

contract.

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.

#### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Putnam

Investment

Management,

LLC

(Putnam

Management)

Subadvisor

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

#### Maximum

#### %

#### Approved

#### %
Class

A

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

0.35%

0.25%

Class

C

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

1.00%

1.00%

Class

R

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

1.00%

0.50%

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

period:

e. #### Transfer

#### Agent

#### Fees
PSERV,

an

affiliate

of

Advisers,

provides

investor

servicing

agent

functions

to

the

Fund.

PSERV

received

fees

for

investor

servicing

for

Class

A,

Class

C,

Class

R,

Class

R6 and

Class

Y

shares

that

included

(1) a

per

account

fee

for

each

direct

and

underlying

non-defined

contribution

account

(retail

account)

of

the

Fund;

(2) a

specified

rate

of

the

Fund's

assets

attributable

to

defined

contribution

plan

accounts;

and

(3) a

specified

rate

based

on

the

average

net

assets

in

retail

accounts.

PSERV

has

agreed

that

the

aggregate

investor

servicing

fees

for

each

Fund's

retail

and

defined

contribution

accounts

for

these

share

classes

will

not

exceed

an

annual

rate

of

0.25%

of

the

Fund's

average

assets

attributable

to

such

accounts.

Class R6

shares

paid

a

monthly

fee

based

on

the

average

net

assets

of

Class R6

shares

at

an

annual

rate

of

0.05%.

These

fees

are

paid

by

Advisors

as

part

of

the

management

contract.

f. #### Trustee

#### Fees
The

Fund

has

adopted

a

Trustee

Fee

Deferral

Plan

(the

Deferral

Plan)

which

allows

the

Trustees to

defer

the

receipt

of

all

or

a

portion

of

Trustees'

fees

payable

from

July

1,

1995

through

December

31,

2023. The

deferred

fees

remain

invested

in

certain

Putnam

funds

until

distribution

in

accordance

with

the

Deferral

Plan.

The

Fund

has

adopted

an

unfunded

noncontributory

defined

benefit

pension

plan

(the

Pension

Plan)

covering

all

Trustees

of

the

Fund

who

have

served

as

a

Trustee

for

at

least

five

years

and

were

first

elected

prior

to

2004. Benefits

under

the

Pension

Plan

are

equal

to

50%

of

the

Trustee's

average

annual

attendance

and

retainer

fees

for

the

three

years

ended

December

31,

2005. The

retirement

benefit

is

payable

during

a

Trustee's

lifetime,

beginning

the

year

following

retirement,

for

the

number

of

years

of

service

through

December

31,

2006. Pension

expense

for

the

Fund

is

included

in

the

Trustees' fees

and

expenses

in

the

Statement

of

Operations.

Accrued

pension

liability

is

included

in

Payable

for

Trustees' fees

and

expenses

in

the

Statement

of

Assets

and

Liabilities.

The

Trustees

have

terminated

the

Pension

Plan

with

respect

to

any

Trustee

first

elected

after

2003. These

fees

are

paid

by

Advisors

as

part

of

the

management

contract.

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

April

30,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$4,410

CDSC

retained

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

$14,221

3. #### Transactions

#### with

#### Affiliates
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

4. #### Expense

#### Offset

#### Arrangement
The Fund has

entered

into

an

arrangement

with

its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

custodian

expenses.

During

the

period

ended

April

30,

2025,

the

custodian

fees

were

reduced

as

noted

in

the

Statement

of

Operations.

5. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

October

31,

2024,

the

capital

loss

carryforwards

were

as

follows:

At

April

30,

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

April

30,

2025,

aggregated

$184,004,274 and

$194,202,825,

respectively.

#### &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

#### Duration

#### Bond

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Ultra

Short

Bond

ETF

.

$—

$20,815,523

$—

$—

$91,426

$20,906,949

836,780

$215,994

Putnam

Short

Term

Investment

Fund,

Class

P,

4.468%

......

152,420,349

446,606,246

(414,757,410)

—

—

184,269,185

184,269,185

3,857,607

#### Total

#### Affiliated

#### Securities

#### ...
$152,420,349

$467,421,769

$(414,757,410)

$—

$91,426

$205,176,134

$4,073,601

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$

19,708,979

Long

term

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

57,156,440

Total

capital

loss

carryforwards

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

$76,865,419

Cost

of

investments

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

$1,376,494,921

Unrealized

appreciation

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

$8,582,709

Unrealized

depreciation

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

(25,427,968)

Net

unrealized

appreciation

(depreciation)

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

$(16,845,259)

3. #### Transactions

#### with

#### Affiliates
(continued)

g. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

7. #### Other

#### Derivative

#### Information
At

April

30,

2025,

investments

in

derivative

contracts

are

reflected

in

the Statement of

Assets

and

Liabilities

as

follows:

For

the

period

ended

April

30,

2025,

the

effect

of

derivative

contracts

in

the Statement

of

Operations

was

as

follows:

For

the

period

ended

April

30,

2025,

the

average

month

end

notional

amount

of

swap

contracts

represented

$650,030,458.

#### Asset

#### Derivatives

#### Liability

#### Derivatives

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
Interest

rate

contracts

.......

Variation

margin

on

centrally

cleared

swap

contracts

$

4,471,003

a

Variation

margin

on

centrally

cleared

swap

contracts

$

448,191

a

Credit

contracts

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

OTC

swap

contracts

(upfront

payments)

85,126

OTC

swap

contracts

(upfront

receipts)

185,481

Unrealized

appreciation

on

OTC

swap

contracts

118,394

Unrealized

depreciation

on

OTC

swap

contracts

18,039

Total

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

$4,674,523

$651,711

a

This

amount

reflects

the

cumulative

appreciation

(depreciation)

of

centrally

cleared

swap

contracts

as

reported

in

the

Schedule

of

Investments.

Only

the

variation

margin

receivable/payable

at

period

end

is

separately

reported

within

the

Statement

of

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

to

cash

upon

receipt

or

payment.

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Period

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Period

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

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

(depreciation)

on:

Interest

rate

contracts

..........

Swap

contracts

$(1,844,264)

Swap

contracts

$6,558,217

Credit

contracts

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

Swap

contracts

42,884

Swap

contracts

(24,928)

Swap

contracts

—

Swap

contracts

—

Total

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

$(1,801,380)

$6,533,289

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

At

April

30,

2025,

the

Fund's

OTC

derivative

assets

and

liabilities

are

as

follows:

At

April

30,

2025,

OTC

derivative

assets,

which

may

be

offset

against

the

Fund's

OTC

derivative

liabilities

and

collateral

received

from

the

counterparty,

are

as

follows:

#### Gross

#### Amounts

#### of

#### Assets

#### and

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Assets

#### a

#### Liabilities

#### a

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
Swap

Contracts

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

$

203,520

$

203,520

Total

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

$203,520

$203,520

a

Absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statement

of

Assets

and

Liabilities.

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Gross

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### Instruments

#### Available

#### for

#### Offset

#### Financial

#### Instruments

#### Collateral

#### Received

#### a,b

#### Cash

#### Collateral

#### Received

#### Net

#### Amount

#### (Not

#### less

#### than

#### zero)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund

#### Counterparty
BOFA

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

$

12,436

$

(12,436)

$

—

$

—

$

—

CITI

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

30,480

(11,909)

—

—

18,571

JPHQ

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

105,725

(105,725)

—

—

—

MLCO

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

54,879

(6,399)

(48,480)

—

—

Total

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

$203,520

$(136,469)

$(48,480)

$—

$18,571

$

a

At

April

30,

2025,

the

Fund

received

U.S

Treasury

Bills,

Bonds

and

Notes

as

collateral

for

derivatives.

b

In

some

instances,

the

collateral

amounts

disclosed

in

the

table

above

were

adjusted

due

to

the

requirement

to

limit

the

collateral

amounts

to

avoid

the

effect

of

over

collateralization.

Actual

collateral

received

and/or

pledged

may

be

more

than

the

amounts

disclosed

herein.

7. #### Other

#### Derivative

#### Information
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

At

April

30,

2025,

OTC

derivative

liabilities,

which

may

be

offset

against

the

Fund's

OTC

derivative

assets

and

collateral

pledged

to

the

counterparty,

are

as

follows:

See

Note

1(d) regarding

derivative

financial

instruments.

See

Abbreviations

on

.

8. #### 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,

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

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Gross

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### Instruments

#### Available

#### for

#### Offset

#### Financial

#### Instruments

#### Collateral

#### Pledged

#### a,b

#### Cash

#### Collateral

#### Pledged

#### Net

#### Amount

#### (Not

#### less

#### than

#### zero)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund

#### Counterparty
BOFA

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

$

30,971

$

(12,436)

$

(18,535)

$

—

$

—

CITI

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

11,909

(11,909)

—

—

—

JPHQ

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

154,241

(105,725)

(48,516)

—

—

MLCO

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

6,399

(6,399)

—

—

—

Total

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

$203,520

$(136,469)

$(67,051)

$—

$—

a

See

the

accompanying

Schedule

of

Investments

for

securities

pledged

as

collateral

for

derivatives.

b

In

some

instances,

the

collateral

amounts

disclosed

in

the

table

above

were

adjusted

due

to

the

requirement

to

limit

the

collateral

amounts

to

avoid

the

effect

of

over

collateralization.

Actual

collateral

received

and/or

pledged

may

be

more

than

the

amounts

disclosed

herein.

7. #### Other

#### Derivative

#### Information
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

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.

9. #### Fair

#### Value

#### Measurements
The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

April

30,

2025,

in

valuing

the

Fund's assets

and

liabilities carried

at

fair

value,

is

as

follows:

10. #### 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

#### Duration

#### Bond

#### Fund

#### Assets:
Investments

in

Securities:

Management

Investment

Companies

.........

$

20,906,949

$

—

$

—

$

20,906,949

Corporate

Bonds

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

—

662,233,134

—

662,233,134

Foreign

Government

and

Agency

Securities

....

—

4,059,973

—

4,059,973

U.S.

Government

and

Agency

Securities

.......

—

104,819

—

104,819

Asset-Backed

Securities

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

—

117,498,369

—

117,498,369

Commercial

Mortgage-Backed

Securities

......

—

40,781,492

—

40,781,492

Mortgage-Backed

Securities

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

—

2,847,075

—

2,847,075

Residential

Mortgage-Backed

Securities

.......

—

100,928,631

—

100,928,631

Agency

Commercial

Mortgage-Backed

Securities

—

38,055,817

—

38,055,817

Short

Term

Investments

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

184,269,185

187,964,218

—

372,233,403

Total

Investments

in

Securities

...........

$205,176,134

$1,154,473,528

$—

$1,359,649,662

Other

Financial

Instruments:

Swap

Contracts

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

$—

$4,589,396

$—

$4,589,396

Total

Other

Financial

Instruments

.........

$—

$4,589,396

$—

$4,589,396

#### Liabilities:
Other

Financial

Instruments:

Swap

Contracts

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

—

466,229

—

466,229

Total

Other

Financial

Instruments

.........

$—

$466,229

$—

$466,229

8. #### Credit

#### Facility
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### 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.

11. #### Subsequent

#### Events
The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

#### Abbreviations

#### Counterparty

#### BOFA
Bank

of

America

NA

#### CITI
Citibank

NA

#### JPHQ
JPMorgan

Chase

Bank

NA

#### MLCO
Merrill

Lynch

International

&

Co.

#### Index

#### CMBX.NA.

#### Series

#### number
CMBX

North

America

Index

#### Selected

#### Portfolio

#### ETF
Exchange-Traded

Fund

#### FHLMC
Federal

Home

Loan

Mortgage

Corp.

#### FNMA
Federal

National

Mortgage

Association

#### FRN
Floating

Rate

Note

#### GNMA
Government

National

Mortgage

Association

#### REIT
Real

Estate

Investment

Trust

#### SOFR
Secured

Overnight

Financing

Rate

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

#### Reference

#### Index

#### Reference

#### Rate
1-day

SOFR

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

4.41%

10. #### 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

Remuneration

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

39113-SFSOI

06/25©

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.](psdbf-efp16100_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.](psdbf-efp16100_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: | June 26, 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: | June 26, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | June 26, 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: | June 26, 2025 |
| /s/ Jonathan S. Horwitz | /s/ Jonathan S. Horwitz |
| Jonathan S. Horwitz | Jonathan S. Horwitz |
| Principal Executive Officer | Principal Executive Officer |

---

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

I, Jeffrey White, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: | June 26, 2025 |
| /s/ Jeffrey White | /s/ Jeffrey White |
| Jeffrey White | Jeffrey White |
| Principal Financial Officer | Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

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

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **April 30, 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** <br> Putnam Funds Trust  | **Principal Financial Officer**<br> Putnam Funds Trust |
| /s/ Jonathan S. Horwitz | /s/ Jeffrey White |
| Jonathan S. Horwitz | Jeffrey White |
| Date: June 26, 2025 | Date: June 26, 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.