# EDGAR Filing Document

**Accession Number:** 0001005942
**File Stem:** 0001133228-26-004106
**Filing Date:** 2026-3
**Character Count:** 69896
**Document Hash:** 1a5675c7a851cc133f10502e95b0c540
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-004106.hdr.sgml**: 20260326

**ACCESSION NUMBER**: 0001133228-26-004106

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260326

**DATE AS OF CHANGE**: 20260326

**EFFECTIVENESS DATE**: 20260326

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001005942

**ORGANIZATION NAME:**
- **EIN:** 043299786
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07513
- **FILM NUMBER:** 26797261

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6177601000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

## Series and Classes Contracts Data

### Putnam Short Term Investment Fund (Series ID: S000039730)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000123084 | Class P        |  |
| C000219759 | Class G Shares |  |

?xml version='1.0' encoding='ASCII'? 2026-02-1874200167000_PutnamShortTermInvestmentFund_ClassG_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: **July 31**

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

ITEM 1. REPORT TO STOCKHOLDERS.

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

---

| | |
|:---|:---|
| **Putnam Short Term Investment Fund**  | ![image](img2199_202405220716489.jpg) |
| Class G  | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

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

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-internalusefunds-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 G | $2 | 0.03% |

---

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

† Annualized.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $1692137749 |
| **Total Number of Portfolio Holdings** | 96 |
| **Portfolio Turnover Rate** | 40% |

---

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

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

![image](ts6473img003.jpg)

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

---

| | |
|:---|:---|
| ![image](img477793_202512231342805.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img477793_202512231342805.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-internalusefunds-documents, including its: |
| ![image](img477793_202512231342805.jpg) | • proxy voting information • financial information • holdings • tax information |

---

Putnam Short Term Investment Fund PAGE 1 39210-STSG-0326

------

---

| | |
|:---|:---|
| **Putnam Short Term Investment Fund**  | ![image](img2199_202405220716489.jpg) |
| Class P  | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

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

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-internalusefunds-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 P | $2 | 0.03% |

---

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

† Annualized.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $1692137749 |
| **Total Number of Portfolio Holdings** | 96 |
| **Portfolio Turnover Rate** | 40% |

---

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

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

![image](ts6474img003.jpg)

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

---

| | |
|:---|:---|
| ![image](img477793_202512231342805.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img477793_202512231342805.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-internalusefunds-documents, including its: |
| ![image](img477793_202512231342805.jpg) | • proxy voting information • financial information • holdings • tax information |

---

Putnam Short Term Investment Fund PAGE 1 39210-STSP-0326

------

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

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

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

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

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

#### Putnam

#### Short

#### Term

#### Investment

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

January 31, 2026

#### If

#### you

#### need

#### assistance

#### accessing

#### this

#### content,

#### please

#### reach

#### out

#### to

#### your

#### sales

#### representative

#### or

#### send

#### an

#### email

#### to

#### accessibility@franklintempleton.com

#### .

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 9
Notes

to

Financial

Statements

#### 12
Changes

In

and

Disagreements

with

Accountants

#### 17
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Short

#### Term

#### Investment

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### a

#### Class

#### G

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.021 0.047 0.055 0.042 0.004 0.001 Net

realized

and

unrealized

gains

(losses)

d

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

—

—

—

—

—

—

Total

from

investment

operations

........

0.021 0.047 0.055 0.042 0.004 0.001 Less

distributions

from:

Net

investment

income

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

(0.021)

(0.047)

(0.055)

(0.042)

(0.004)

(0.001)

Net

asset

value,

end

of

period

..........

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Total

return

e

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

2.13%

4.83%

5.67%

4.31%

0.40%

0.14%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

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

0.28%

0.28%

0.28%

0.29%

0.28%

0.28%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.03%

0.03%

g

0.03%

g

0.04%

g

0.03%

g

0.03%

g

Net

investment

income

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

4.15%

4.73%

5.51%

4.30%

0.43%

0.14%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$10,521

$9,686

$5,162

$3,436

$2,930

$1,799

Portfolio

turnover

rate

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

40%

—%

—%

—%

—%

25%

a

For

the

period

August

3,

2020

(commencement

of

operations)

to

July

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Amount

rounds

to

less

than

$0.001

per

share.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Short

#### Term

#### Investment

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### P

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.021 0.047 0.055 0.042 0.004 0.001 Net

realized

and

unrealized

gains

(losses)

c

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

—

—

—

—

—

—

Total

from

investment

operations

........

0.021 0.047 0.055 0.042 0.004 0.001 Less

distributions

from:

Net

investment

income

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

(0.021)

(0.047)

(0.055)

(0.042)

(0.004)

(0.001)

Net

asset

value,

end

of

period

..........

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Total

return

d

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

2.13%

4.83%

5.67%

4.31%

0.40%

0.14%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.28%

0.28%

0.28%

0.29%

0.28%

0.28%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.03%

0.03%

f

0.03%

f

0.04%

f

0.03%

f

0.03%

f

Net

investment

income

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

4.14%

4.73%

5.50%

4.18%

0.35%

0.15%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$1,681,617

$1,596,505

$2,545,026

$2,160,313

$2,085,929

$3,009,268

Portfolio

turnover

rate

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

40%

—%

—%

—%

—%

25%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.001

per

share.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited),

January

31,

2026

#### Putnam

#### Short

#### Term

#### Investment

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Short

#### Term

#### Investments

#### 100.2%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Certificates

#### of

#### Deposit

#### 7.1%
Banco

Santander

SA,

4%,

4/08/26

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

Spain

9,250,000

$

9,252,658

a

Bank

of

America

Corp.,

3.98%,

12/28/26

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

United

States

8,000,000

7,999,950

Bank

of

America

NA

,

4.25%,

3/02/26

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

United

States

11,000,000

11,004,026

a

4%,

4/09/26

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

United

States

9,000,000

9,003,492

a

4.02%,

12/04/26

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

United

States

8,900,000

8,905,242

28,912,760

a

Bank

of

Montreal

,

3.98%,

8/11/26

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

Canada

8,500,000

8,504,429

4.02%,

2/12/27

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

Canada

8,100,000

8,099,149

16,603,578

a

Bank

of

Nova

Scotia

(The),

4%,

12/03/26

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

Canada

14,000,000

14,005,226

a

Canadian

Imperial

Bank

of

Commerce,

3.95%,

2/09/26

.......

Canada

7,500,000

7,500,481

a

Cooperatieve

Rabobank

UA,

3.92%,

4/06/26

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

Netherlands

11,000,000

11,003,897

Wells

Fargo

Bank

NA

,

3.8%,

9/16/26

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

United

States

8,500,000

8,504,112

3.75%,

12/17/26

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

United

States

8,500,000

8,498,344

3.75%,

1/26/27

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

United

States

8,000,000

7,999,139

25,001,595

#### Total

#### Certificates

#### of

#### Deposit

#### (Cost

#### $120,250,318)

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

#### 120,280,145
a

#### a

#### Commercial

#### Papers

#### 36.7%
b,c

ABN

AMRO

Funding

USA

LLC

,

144A,

3.96%,

2/17/26

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

Netherlands

9,500,000

9,482,286

144A,

3.84%,

4/09/26

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

Netherlands

8,250,000

8,190,569

17,672,855

c

Australia

&

New

Zealand

Banking

Group

Ltd.

,

a

144A,

3.85%,

2/11/26

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

Australia

10,750,000

10,750,215

b

144A,

3.85%,

2/23/26

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

Australia

8,500,000

8,479,168

b

144A,

3.75%,

6/05/26

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

Australia

9,150,000

9,032,533

b

144A,

3.72%,

7/23/26

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

Australia

8,000,000

7,859,408

b

144A,

3.72%,

8/20/26

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

Australia

8,625,000

8,449,678

44,571,002

b,c

Banco

Santander

SA

,

144A,

4.14%

,

2/09/26

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

Spain

8,000,000

7,991,733

b,c

Barclays

Bank

plc

,

144A,

3.89%

,

4/13/26

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

United

Kingdom

8,250,000

8,186,318

b,c

BPCE

SA

,

144A,

3.86%,

2/26/26

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

France

9,250,000

9,224,307

144A,

3.82%,

4/07/26

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

France

9,250,000

9,185,707

144A,

3.82%,

7/02/26

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

France

8,300,000

8,168,424

26,578,438

b

Canada

Government

Bond

,

4.05%

,

2/09/26

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

Canada

9,500,000

9,490,381

b,c

Chariot

Funding

LLC

,

144A,

3.88%,

2/27/26

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

United

States

9,125,000

9,098,542

144A,

3.84%,

4/08/26

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

United

States

7,000,000

6,950,390

16,048,932

b

Cooperatieve

Rabobank

UA

,

3.85%

,

3/16/26

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

Netherlands

9,750,000

9,704,323

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Term

#### Investment

#### 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)

b

Credit

Agricole

Corporate

and

Investment

Bank

SA

,

3.73%,

3/09/26

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

France

8,250,000

$

8,218,482

3.75%,

6/03/26

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

France

9,350,000

9,231,613

17,450,095

b,c

Danske

Bank

A/S

,

144A,

3.81%

,

5/27/26

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

Denmark

8,750,000

8,643,914

b,c

DNB

Bank

ASA

,

144A,

3.72%

,

4/09/26

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

Norway

7,000,000

6,951,204

b

Export

Development

Canada

,

3.68%

,

3/03/26

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

Canada

9,500,000

9,469,994

b

Exxon

Mobil

Corp.

,

3.75%

,

3/25/26

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

United

States

13,000,000

12,928,669

a,c

ING

US

Funding

LLC

,

144A,

3.84 %

,

4/22/26

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

Netherlands

9,250,000

9,251,309

b,c

John

Deere

Financial,

Inc.

,

144A,

3.86%

,

3/25/26

...........

United

States

7,800,000

7,755,914

b

Lloyds

Bank

plc

,

c

144A,

3.8%,

3/19/26

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

United

Kingdom

9,500,000

9,453,108

3.75%,

5/07/26

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

United

Kingdom

7,650,000

7,574,177

3.75%,

7/20/26

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

United

Kingdom

7,750,000

7,614,972

24,642,257

b,c

Mizuho

Bank

Ltd.

,

144A,

3.87%,

3/02/26

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

Japan

8,000,000

7,974,291

144A,

3.84%,

5/06/26

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

Japan

8,200,000

8,117,825

16,092,116

b

MUFG

Bank

Ltd.

,

3.77%,

2/27/26

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

Japan

8,400,000

8,376,325

3.79%,

3/24/26

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

Japan

9,250,000

9,199,584

17,575,909

a,c

National

Australia

Bank

Ltd.

,

144A,

3.89%,

2/20/26

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

Australia

12,250,000

12,251,109

144A,

3.91%,

3/20/26

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

Australia

14,000,000

14,002,352

26,253,461

c

National

Bank

of

Canada

,

a

144A,

3.84%,

3/25/26

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

Canada

8,250,000

8,249,604

b

144A,

3.78%,

4/30/26

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

Canada

8,250,000

8,173,584

16,423,188

b,c

Nationwide

Building

Society

,

144A,

3.98%,

2/13/26

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

United

Kingdom

8,650,000

8,637,584

144A,

3.73%,

3/18/26

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

United

Kingdom

8,330,000

8,290,538

144A,

3.77%,

3/23/26

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

United

Kingdom

8,250,000

8,206,202

25,134,324

c

Nordea

Bank

Abp

,

b

144A,

3.72%,

5/18/26

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

Finland

8,250,000

8,159,759

a

144A,

3.88%,

6/23/26

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

Finland

8,250,000

8,253,292

16,413,051

b,c

NRW

Bank

,

144A,

4.05%,

2/09/26

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

Germany

8,250,000

8,241,646

144A,

3.74%,

4/02/26

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

Germany

8,250,000

8,198,026

144A,

3.73%,

4/10/26

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

Germany

8,000,000

7,943,222

24,382,894

b,c

Province

of

Quebec

Canada

,

144A,

3.8%

,

2/24/26

...........

Canada

8,500,000

8,478,521

a,c

Royal

Bank

of

Canada

,

144A,

3.92 %

,

3/23/26

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

Canada

10,500,000

10,501,517

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Term

#### Investment

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Short

#### Term

#### Investments
(continued)

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Commercial

#### Papers
(continued)

b,c

Sanofi

SA

,

144A,

4.03%

,

2/10/26

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

United

States

8,250,000

$

8,240,778

b

Santander

UK

plc

,

3.81%

,

3/05/26

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

United

Kingdom

8,650,000

8,619,882

a,c

Skandinaviska

Enskilda

Banken

AB

,

144A,

3.85 %

,

3/11/26

....

Sweden

9,300,000

9,300,955

b,c

Societe

Generale

SA

,

144A,

3.87%

,

3/31/26

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

France

8,500,000

8,446,496

a,c

Sumitomo

Mitsui

Banking

Corp.

,

144A,

3.87 %

,

2/26/26

.......

Japan

5,500,000

5,500,389

b,c

Sumitomo

Mitsui

Trust

Bank

Ltd.

,

144A,

4.52%

,

2/04/26

......

Japan

9,050,000

9,045,460

b,c

Sumitomo

Mitsui

Trust

Bank

USA

Ltd.

,

144A,

3.9%

,

2/17/26

...

Japan

9,500,000

9,482,541

b,c

Sumitomo

Mitsui

Trust

NY

,

144A,

3.84%

,

3/10/26

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

Japan

8,500,000

8,465,658

a,c

Svenska

Handelsbanken

AB

,

144A,

3.91 %

,

4/22/26

.........

Sweden

8,400,000

8,402,537

c

Swedbank

AB

,

a

144A,

3.83%,

3/10/26

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

Sweden

8,700,000

8,701,070

b

144A,

3.78%,

4/16/26

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

Sweden

8,250,000

8,185,579

b

144A,

3.77%,

7/28/26

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

Sweden

8,000,000

7,853,575

24,740,224

c

Toronto-Dominion

Bank

(The)

,

b

144A,

3.91%,

2/25/26

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

Canada

8,650,000

8,626,582

b

144A,

3.86%,

3/13/26

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

Canada

8,500,000

8,462,792

a

144A,

3.98%,

11/06/26

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

Canada

9,250,000

9,255,467

26,344,841

b,c

TotalEnergies

Capital

SA

,

144A,

3.9%,

2/19/26

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

France

8,500,000

8,482,539

144A,

3.85%,

2/26/26

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

France

8,500,000

8,476,425

144A,

3.82%,

3/20/26

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

France

8,825,000

8,780,316

144A,

3.81%,

3/31/26

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

France

8,000,000

7,950,400

33,689,680

b

Toyota

Credit

de

Puerto

Rico

Corp.

,

3.84%,

3/20/26

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

United

States

6,750,000

6,715,593

3.92%,

5/26/26

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

United

States

3,750,000

3,703,648

10,419,241

b

Toyota

Motor

Credit

Corp.

,

4.04%,

2/10/26

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

United

States

8,000,000

7,991,032

3.91%,

2/17/26

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

United

States

9,250,000

9,232,962

3.82%,

4/14/26

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

United

States

6,500,000

6,450,029

23,674,023

c

Westpac

Banking

Corp.

,

a

144A,

3.87%,

3/02/26

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

Australia

20,300,000

20,302,406

b

144A,

3.81%,

1/21/27

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

Australia

8,000,000

7,710,062

28,012,468

#### Total

#### Commercial

#### Papers

#### (Cost

#### $620,971,577)

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

#### 620,977,492

#### Repurchase

#### Agreements

#### 56.4%
d

Joint

tri-party

repurchase

agreement

with

Bank

of

Nova

Scotia

(The),

3.66%,

2/02/26

(Maturity

Value

$6,053,745)

Collateralized

by

U.S.

Treasuries,

0.25%

-

4.5%,

4/15/26

-

2/15/50

(valued

at

$6,174,831)

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

6,051,899

6,051,899

d

Joint

tri-party

repurchase

agreement

with

Barclays

Capital,

Inc.,

3.66%,

2/02/26

(Maturity

Value

$20,179,149)

Collateralized

by

U.S.

Treasury

Notes,

4.125%,

5/31/32

(valued

at

$20,582,744)

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

20,172,996

20,172,996

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Term

#### Investment

#### 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

#### Repurchase

#### Agreements
(continued)

d

Joint

tri-party

repurchase

agreement

with

BNP

Paribas

SA,

3.67%,

2/02/26

(Maturity

Value

$34,588,506)

Collateralized

by

U.S.

Treasuries,

3.375%

-

4.5%,

8/31/26

-

11/15/44,

U.S.

Government

and

Agency

Securities,

1.917%

-

7%,

1/1/29

-

1/1/56

and

Agency

Mortgage-Backed

Securities,

4%,

2/20/50

(valued

at

$35,280,277)

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

34,577,931

$

34,577,931

d

Joint

tri-party

repurchase

agreement

with

BofA

Securities,

Inc.,

3.67%,

2/02/26

(Maturity

Value

$28,499,035)

Collateralized

by

U.S.

Government

and

Agency

Securities,

1.5%

-

6.5%,

1/1/36

-

12/1/55

and

Agency

Mortgage-Backed

Securities,

6%,

11/20/65

(valued

at

$29,060,129)

..........

28,490,322

28,490,322

d

Joint

tri-party

repurchase

agreement

with

Citigroup

Global

Markets,

Inc.,

3.67%,

2/02/26

(Maturity

Value

$26,524,908)

Collateralized

by

U.S.

Government

and

Agency

Securities,

1.4%

-

4.25%,

2/5/27

-

4/13/46

and

Agency

Mortgage-Backed

Securities,

5.35%,

2/15/67

(valued

at

$27,050,088)

........

26,516,798

26,516,798

d

Joint

tri-party

repurchase

agreement

with

HSBC

Securities

USA,

Inc.,

3.68%,

2/02/26

(Maturity

Value

$121,075,094)

Collateralized

by

U.S.

Government

and

Agency

Securities,

2%

-

7.5%,

2/1/30

-

12/1/55

(valued

at

$123,496,596)

...........

121,037,975

121,037,975

e

Tri-party

repurchase

agreement,

3.85%,

2/02/26

(Maturity

Value

$25,008,021)

RBC

Capital

Markets

LLC

(perpetual

maturity)

Collateralized

by

Corporate

Bonds,

4.25%

-

5.95%,

12/15/30

-

3/15/55

and

Commercial

Paper,

0%,

4/29/26

(valued

at

$26,258,422)

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

25,000,000

25,000,000

e

Tri-party

repurchase

agreement,

3.8%,

2/02/26

(Maturity

Value

$25,007,917)

BNP

Paribas

SA

(perpetual

maturity)

Collateralized

by

Corporate

Bonds,

2.5%

-

7.5%,

9/27/26

-

5/2/84

(valued

at

$26,258,614)

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

25,000,000

25,000,000

e

Tri-party

repurchase

agreement

with

Goldman

Sachs

&

Co.

LLC,

3.68%,

2/02/26

(Maturity

Value

$318,034,501)

Collateralized

by

U.S.

Government

and

Agency

Securities,

2%

-

6%,

7/1/43

-

9/1/55

and

Agency

Mortgage-Backed

Securities,

4%

-

6.5%,

2/15/35

-

2/15/61

(valued

at

$324,295,741)

......

317,937,000

317,937,000

e

Tri-party

repurchase

agreement

with

J.P.

Morgan

Securities

LLC,

3.66%,

2/02/26

(Maturity

Value

$100,030,500)

Collateralized

by

U.S.

Treasury

Notes,

4%,

3/31/30

(valued

at

$102,031,135)

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

100,000,000

100,000,000

e

Tri-party

repurchase

agreement

with

J.P.

Morgan

Securities

LLC,

3.67%,

2/02/26

(Maturity

Value

$250,076,458)

Collateralized

by

U.S.

Government

and

Agency

Securities,

2%

-

6%,

7/1/38

-

11/1/55

(valued

at

$255,077,988)

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

250,000,000

250,000,000

#### Total

#### Repurchase

#### Agreements

#### (Cost

#### $954,784,921)

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

#### 954,784,921

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $1,696,006,816

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

#### 1,696,042,558

#### a

#### Total

#### Investments

#### (Cost

#### $1,696,006,816)

#### 100.2%

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

#### $1,696,042,558

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.2)%

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

#### (3,904,809)

#### Net

#### Assets

#### 100.0%

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

#### $1,692,137,749

#### a
Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Term

#### Investment

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

The

coupon

rate

shown

represents

the

rate

at

period

end.

b

The

rate

shown

represents

the

yield

at

period

end.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

January

31,

2026,

the

aggregate

value

of

these

securities

was

$486,455,826,

representing

28.7%

of

net

assets.

d

See

Note

1(b)

regarding

joint

repurchase

agreement.

e

See

Note

1(b)

regarding

repurchase

agreement.

Putnam

Funds

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

January

31,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### Short

#### Term

#### Investment

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$741,221,895

Cost

-

Unaffiliated

repurchase

agreements

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

954,784,921

Value

-

Unaffiliated

issuers

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

$741,257,637

Value

-

Unaffiliated

repurchase

agreements

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

954,784,921

Cash

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

5,336

Receivables:

Capital

shares

sold

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

8,998

Interest

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

1,429,275

Other

assets

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

1,265

Total

assets

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

1,697,487,432

Liabilities:

Payables:

Capital

shares

redeemed

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

1,596

Administrative

fees

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

8,350

Transfer

agent

fees

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

28,705

Trustees'

fees

and

expenses

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

62,515

Distributions

to

shareholders

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

5,133,384

Accrued

expenses

and

other

liabilities

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

115,133

Total

liabilities

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

5,349,683

Net

assets,

at

value

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

$1,692,137,749

Net

assets

consist

of:

Paid-in

capital

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

$1,691,908,957

Total

distributable

earnings

(losses)

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

228,792

Net

assets,

at

value

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

$1,692,137,749

#### Putnam

#### Short

#### Term

#### Investment

#### Fund

#### Class

#### G:
Net

assets,

at

value

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

$10,520,736

Shares

outstanding

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

10,522,541

Net

asset

value

and

maximum

offering

price

per

share

a

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

$1.00

#### Class

#### P:
Net

assets,

at

value

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

$1,681,617,013

Shares

outstanding

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

1,681,386,416

Net

asset

value

and

maximum

offering

price

per

share

a

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

$1.00

a

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Putnam

Funds

Trust

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

January

31,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Short

#### Term

#### Investment

#### Fund
Investment

income:

Interest:

Unaffiliated

issuers

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

$36,222,417

Expenses:

Management

fees

(Note

a)

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

2,171,566

Administrative

fees

(Note

b)

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

19,165

Transfer

agent

fees:

(Note

3c)

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

G

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

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

P

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

86,051

Custodian

fees

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

3,368

Reports

to

shareholders

fees

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

9,831

Professional

fees

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

99,665

Trustees'

fees

and

expenses

(Note

d)

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

38,801

Other

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

(18,484)

Total

expenses

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

2,410,450

Expenses

waived/paid

by

affiliates

(Note

3a)

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

(2,171,566)

Net

expenses

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

238,884

Net

investment

income

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

35,983,533

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

36,874

Net

realized

and

unrealized

gain

(loss)

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

36,874

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$36,020,407

Putnam

Funds

Trust

Financial

Statements

Statement

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### Short

#### Term

#### Investment

#### Fund

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$35,983,533

$107,820,305

Net

realized

gain

(loss)

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

—

194,342

Net

change

in

unrealized

appreciation

(depreciation)

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

36,874

(241,075)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

36,020,407

107,773,572

Distributions

to

shareholders:

Class

G

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

(201,885)

(368,238)

Class

P

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

(35,781,684)

(107,460,788)

Total

distributions

to

shareholders

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

(35,983,569)

(107,829,026)

Capital

share

transactions:

(Note

2)

Class

G

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

834,928

4,524,959

Class

P

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

85,074,810

(948,466,174)

Total

capital

share

transactions

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

85,909,738

(943,941,215)

Net

increase

(decrease)

in

net

assets

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

85,946,576

(943,996,669)

Net

assets:

Beginning

of

period

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

1,606,191,173

2,550,187,842

End

of

period

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

$1,692,137,749

$1,606,191,173

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

#### Putnam

#### Short

#### Term

#### Investment

#### Fund

franklintempleton.com

Semiannual

Report

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Putnam

Funds

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of fourteen

separate

funds.

The

Trust

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. Putnam

Short

Term

Investment

Fund

(Fund)

is

included

in

this

report.

The

Fund

offers two

classes

of

shares:

Class

G

and

Class

P. Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

The

following

summarizes

the Fund's

significant

accounting

policies.

a. #### Financial

#### Instrument

#### Valuation
Securities

are

valued

at

amortized

cost,

which

approximates

fair

value.

Amortized

cost

is

an

income-based

approach

which

involves

valuing

an

instrument

at

its

cost

and

thereafter

assuming

a

constant

amortization

to

maturity

of

any

discount

or

premium.

Under

compliance

policies

and

procedures

approved

by

the

Trust's Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's administrator

in

performing

this

responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

b. #### Repurchase

#### Agreements
The

Fund

enters

into

repurchase

agreements.

Repurchase

agreements

are

accounted

for

as

a

loan

by

the

Fund

to

the

seller,

collateralized

by

securities

which

are

delivered

to

the

Fund's

custodian.

The

fair

value,

including

accrued

interest,

of

the

initial

collateralization

is

required

to

be

at

least

102%

of

the

dollar

amount

invested

by

the

Fund,

with

the

value

of

the

underlying

securities

marked

to

market

daily

to

maintain

coverage

of

at

least

100%.

The

Fund

may

also

enter

into

joint

repurchase

agreements

whereby

its

uninvested

cash

balance

is

deposited

into

a

joint

cash

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager

and

is

used

to

invest

in

one

or

more

repurchase

agreements.

The

value

and

face

amount

of

the

joint

repurchase

agreement

are

allocated

to

the

funds

based

on

their

pro-rata

interest.

Repurchase

agreements

are

subject

to

the

terms

of

Master

Repurchase

Agreements

(MRAs)

with

approved

counterparties

(sellers).

The

MRAs

contain

various

provisions,

including

but

not

limited

to

events

of

default

and

maintenance

of

collateral

for

repurchase

agreements.

In

the

event

of

default

by

either

the

seller

or

the

Fund,

certain

MRAs

may

permit

the

non-defaulting

party

to

net

and

close-out

all

transactions,

if

any,

traded

under

such

agreements.

The

Fund

may

sell

securities

it

holds

as

collateral

and

apply

the

proceeds

towards

the

repurchase

price

and

any

other

amounts

owed

by

the

seller

to

the Fund

in

the

event

of

default

by

the

seller.

This

could

involve

costs

or

delays

in

addition

to

a

loss

on

the

securities

if

their

value

falls

below

the

repurchase

price

owed

by

the

seller.

All

repurchase

agreements

held

by

the Fund

at

period

end,

as

indicated

in

the Schedule

of

Investments,

had

been

entered

into

on

January

30,

2026. c. #### Income

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

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

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

January

31,

2026, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

The

Fund's

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

to

examination

by

the

Internal

Revenue

Service

and

state

departments

of

revenue.

d. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Income

received

from

the

Portfolio

and

estimated

expenses

are

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Short

#### Term

#### Investment

#### Fund
(continued)

accrued

daily.

Dividends

from

net

investment

income

are

normally

declared

and

distributed

daily;

these

dividends

may

be

reinvested

or

paid

monthly

to

shareholders.

Distributions

from

net

realized

capital

gains

and

other

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

e. #### 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.

f. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Fund, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

January

31,

2026,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

at

$1.00

per

share

were

as

follows:

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### G

#### Shares:
Shares

sold

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

2,842,229

$2,842,229

8,053,822

$8,053,822

Shares

issued

in

reinvestment

of

distributions

..........

202,982

202,982

363,668

363,668

Shares

redeemed

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

(2,210,283)

(2,210,283)

(3,892,531)

(3,892,531)

Net

increase

(decrease)

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

834,928

$834,928

4,524,959

$4,524,959

#### Class

#### P

#### Shares:
Shares

sold

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

8,248,952,347

$8,248,952,347

17,697,649,490

$17,697,649,490

Shares

redeemed

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

(8,163,877,537)

(8,163,877,537)

(18,646,115,664)

(18,646,115,664)

Net

increase

(decrease)

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

85,074,810

$85,074,810

(948,466,174)

$(948,466,174)

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

d. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Short

#### Term

#### Investment

#### Fund
(continued)

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and trustees

of

the Fund are

also

officers

and/or directors

of

the

following

subsidiaries:

a. #### Management

#### Fees
The

Fund

pays

Advisers

for

management

and

investment

advisory

services

monthly

based

on

the

average

net

assets

of

the

fund.

Such

fee

is

based

on

the

annual

rate

of

0.25%

of the

average

net

assets

of

the

Fund.

Advisers

has

contractually

agreed

to

waive

its

management

fee

from

the

Fund

through

November

2026. 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.

c. #### Transfer

#### Agent

#### Fees
PSERV,

an

affiliate

of

Advisers,

provides

investor

servicing

agent

functions

to

the

Fund.

PSERV

was

paid

a

monthly

fee

for

investor

servicing

at

an

annual

rate

of

0.01%

of

the

Fund's

average

daily

net

assets.

d. #### 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. 4. #### Expense

#### Offset

#### Arrangement
The Fund has

entered

into

arrangements

with

PSERV

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

transfer

agent

fees.

During

the

period

ended

January

31,

2026,

there

were

no

credits

earned.

#### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Putnam

Investment

Management,

LLC

(Putnam

Management)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Short

#### Term

#### Investment

#### Fund
(continued)

5. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

July

31,

2025,

the

capital

loss

carryforwards

were

as

follows:

At

January

31,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

period

ended

January

31,

2026,

aggregated

$47,850,000 and

$139,830,000,

respectively.

7. #### 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.

Money

market

securities

may

be

valued

using

amortized

cost,

in

accordance

with

the

1940

Act.

Generally,

amortized

cost

reflects

the

current

fair

value

of

a

security,

but

since

the

value

is

not

obtained

from

a

quoted

price

in

an

active

market,

such

financial

instruments

were

valued

using

Level

inputs.

At

January

31,

2026,

all

of

the

Fund's investments

in

financial

instruments

carried

at

fair

value

were

valued

using

Level 2

inputs.

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$

Cost

of

investments

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

$1,696,006,816

Unrealized

appreciation

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

$89,589

Unrealized

depreciation

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

(53,847)

Net

unrealized

appreciation

(depreciation)

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

$35,742

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Short

#### Term

#### Investment

#### Fund
(continued)

8. #### Operating

#### Segments
The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within

the

Fund's

Investment

manager serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and

are

responsible

for

evaluating

the

Fund's

operating

results

and

allocating

resources

in

accordance

with

the

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Financial

Highlights.

9. #### 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.

Putnam

Funds

Trust

franklintempleton.com

Semiannual

Report

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Not

applicable.

39210-SFSOI

03/26©

2026

Franklin

Templeton.

All

rights

reserved.

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

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

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

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

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

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

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

---

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

---

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

ITEM 16. CONTROLS AND PROCEDURES.

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

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

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

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

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

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

ITEM 19. EXHIBITS.

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

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](pstif-efp23277_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.](pstif-efp23277_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

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

**Putnam Funds Trust**

---

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

---

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

---

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

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

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

I, Jonathan S. Horwitz, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: March 26, 2026 <br>

---

| |
|:---|
| /s/ Jonathan S. Horwitz |
| Jonathan S. Horwitz |
| Principal Executive Officer |

---

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

I, Jeffrey White, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: March 26, 2026 <br>

---

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

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

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

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

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

---

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

---

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