# EDGAR Filing Document

**Accession Number:** 0001005942
**File Stem:** 0001133228-26-004108
**Filing Date:** 2026-3
**Character Count:** 100029
**Document Hash:** 1734dd029e5ed2d2251b349b93eb94e7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-004108.hdr.sgml**: 20260326

**ACCESSION NUMBER**: 0001133228-26-004108

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**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:** 26797410

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

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

## Series and Classes Contracts Data

### Putnam Ultra Short MAC Series (Series ID: S000080127)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241800 | -            |  |

?xml version='1.0' encoding='ASCII'? 2026-02-1874200176000_PutnamUltraShortMACSeries_SingleClass_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Putnam Funds Trust**

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Stephen Tate, Vice President

100 Federal Street

Boston, Massachusetts 02110

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, New York 10036

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

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

Date of fiscal year end: **July 31**

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

ITEM 1. REPORT TO STOCKHOLDERS.

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

---

| | |
|:---|:---|
| **Putnam Ultra Short MAC Series**  | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Putnam Ultra Short MAC Series<sup>1</sup>  | $0 | 0.00% |

---

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

† Annualized.

1 Does not reflect the effect of fees and expenses associated with a separately managed account, or a management fee or other operating expenses of the Fund.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $38229293 |
| **Total Number of Portfolio Holdings** | 299 |
| **Portfolio Turnover Rate** | 31% |

---

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

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

![image](ts6382img003.jpg)

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

---

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

---

Putnam Ultra Short MAC Series PAGE 1 39521-STSR-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

#### Ultra

#### Short

#### MAC

#### Series

#### 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

#### 14
Notes

to

Financial

Statements

#### 17
Changes

In

and

Disagreements

with

Accountants

#### 23
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Ultra

#### Short

#### MAC

#### Series
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,

#### Year

#### Ended

#### July

#### 31,

#### 2023

#### a

#### 2025

#### 2024

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$10.06

$10.05

$10.00

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.24 0.53 0.57 0.11 Net

realized

and

unrealized

gains

(losses)

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

0.01 0.02 0.05 —

d

Total

from

investment

operations

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

0.25 0.55 0.62 0.11 Less

distributions

from:

Net

investment

income

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

(0.24)

(0.53)

(0.57)

(0.11)

Net

realized

gains

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

(—)

d

(0.01)

—

—

Total

distributions

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

(0.24)

(0.54)

(0.57)

(0.11)

Net

asset

value,

end

of

period

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

$10.07

$10.06

$10.05

$10.00

Total

return

e

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

2.54%

5.57%

6.43%

1.04%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

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

0.34%

0.49%

1.86%

1.01%

g

Expenses

net

of

waiver

and

payments

by

affiliates

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

—%

—%

h

—%

h,i

—%

g,h

Net

investment

income

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

4.66%

5.24%

5.71%

1.05%

g

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

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

$38,229

$26,197

$27,739

$10,208

Portfolio

turnover

rate

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

31%

37%

46%

6%

a

For

the

period

May

25,

2023

(commencement

of

operations)

to

July

31,

2023. 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

$0.01

per

share.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Ratio

is

not

annualized

for

the

period.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%

i

Rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited),

January

31,

2026

#### Putnam

#### Ultra

#### Short

#### MAC

#### Series
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

#### 75.2%

#### Aerospace

#### &

#### Defense

#### 1.4%
a

BAE

Systems

plc

,

Senior

Note

,

144A,

%

,

3/26/27

..........

United

Kingdom

200,000

$

202,388

Boeing

Co.

(The)

,

Senior

Bond,

2.25%,

6/15/26

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

United

States

35,000

34,758

Senior

Note,

2.196%,

2/04/26

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

United

States

130,000

129,978

Senior

Note,

3.1%,

5/01/26

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

United

States

80,000

79,811

Senior

Note,

2.7%,

2/01/27

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

United

States

60,000

59,293

Senior

Note,

5.04%,

5/01/27

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

United

States

60,000

60,647

566,875

#### Automobiles

#### 3.1%
a

BMW

US

Capital

LLC

,

b

Senior

Note,

144A,

FRN,

4.471%,

(SOFR

Index

+

0.8%),

8/13/26

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

Germany

41,000

41,127

Senior

Note,

144A,

4.65%,

3/19/27

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

Germany

64,000

64,520

b

Senior

Note,

144A,

FRN,

4.591%,

(SOFR

Index

+

0.92%),

8/13/27

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

Germany

106,000

106,658

b

Senior

Note,

144A,

FRN,

4.595%,

(SOFR

Index

+

0.92%),

3/21/28

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

Germany

100,000

100,748

a

Hyundai

Capital

America

,

b

Senior

Note,

144A,

FRN,

4.706%,

(SOFR

+

1.04%),

3/19/27

.

United

States

238,000

238,956

Senior

Note,

144A,

4.85%,

3/25/27

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

United

States

30,000

30,274

b

Senior

Note,

144A,

FRN,

4.704%,

(SOFR

+

1.04%),

6/24/27

.

United

States

107,000

107,603

b

Senior

Note,

144A,

FRN,

4.694%,

(SOFR

+

1.03%),

9/24/27

.

United

States

68,000

68,321

a

Volkswagen

Group

of

America

Finance

LLC

,

Senior

Note

,

144A,

4.9 %

,

8/14/26

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

Germany

400,000

401,837

1,160,044

#### Banks

#### 37.0%
a

ABN

AMRO

Bank

NV

,

Senior

Non-Preferred

Note,

144A,

6.339%

to

9/17/26,

FRN

thereafter,

9/18/27

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

Netherlands

300,000

304,181

Senior

Non-Preferred

Note,

144A,

4.988%

to

12/02/27,

FRN

thereafter,

12/03/28

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

Netherlands

200,000

203,381

a,b

ANZ

New

Zealand

Int'l

Ltd.

,

Senior

Note

,

144A,

FRN

,

4.263 %

,

(SOFR

+

0.61 %),

1/22/29

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

New

Zealand

200,000

200,268

a,b

Australia

&

New

Zealand

Banking

Group

Ltd.

,

Senior

Note

,

144A,

FRN

,

4.336 %

,

(SOFR

+

0.68 %),

7/16/27

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

Australia

200,000

201,086

Banco

Bilbao

Vizcaya

Argentaria

SA

,

Senior

Non-Preferred

Note

,

6.138%

to

9/13/27,

FRN

thereafter

,

9/14/28

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

Spain

400,000

413,817

Banco

Santander

SA

,

Senior

Non-Preferred

Note

,

5.552%

to

3/13/27,

FRN

thereafter

,

3/14/28

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

Spain

200,000

203,228

b

Bank

of

America

Corp.

,

Senior

Note

,

FRN

,

4.744 %

,

(SOFR

+

1.05 %),

2/04/28

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

United

States

500,000

502,855

Bank

of

Montreal

,

b

Senior

Note,

FRN,

4.55%,

(SOFR

Index

+

0.88%),

9/10/27

..

Canada

122,000

122,322

b

Senior

Note,

FRN,

4.425%,

(SOFR

Index

+

0.75%),

9/22/28

.

Canada

120,000

120,231

b

Senior

Note,

FRN,

4.521%,

(SOFR

+

0.86%),

1/27/29

......

Canada

136,000

136,497

J,

Senior

Note,

4.1%

to

12/14/26,

FRN

thereafter,

12/15/27

..

Canada

65,000

65,093

b

Bank

of

Nova

Scotia

(The)

,

Senior

Note,

FRN,

4.452%,

(SOFR

Index

+

0.78%),

6/04/27

.

Canada

111,000

111,530

Senior

Note,

FRN,

4.68%,

(SOFR

+

1%),

9/08/28

.........

Canada

109,000

109,590

c

Senior

Note,

FRN,

4.397%,

(SOFR

+

0.73%),

2/02/30

......

Canada

75,000

75,044

I,

Senior

Note,

FRN,

4.438%,

(SOFR

+

0.76%),

9/15/28

....

Canada

100,000

100,105

a

Banque

Federative

du

Credit

Mutuel

SA

,

Senior

Preferred

Note

,

144A,

5.896 %

,

7/13/26

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

France

500,000

504,500

Barclays

plc

,

Senior

Note,

5.829%

to

5/08/26,

FRN

thereafter,

5/09/27

....

United

Kingdom

200,000

200,914

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Ultra

#### Short

#### MAC

#### Series
(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)

Barclays

plc,

(continued)

Senior

Note,

6.496%

to

9/12/26,

FRN

thereafter,

9/13/27

....

United

Kingdom

200,000

$

202,893

a

BNP

Paribas

SA

,

Senior

Non-Preferred

Bond,

144A,

3.5%,

11/16/27

........

France

251,000

248,553

b

Senior

Non-Preferred

Note,

144A,

FRN,

5.122%,

(SOFR

+

1.43%),

5/09/29

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

France

200,000

202,139

a

BPCE

SA

,

Senior

Non-Preferred

Note

,

144A,

6.714%

to

10/18/28,

FRN

thereafter

,

10/19/29

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

France

250,000

265,022

a

CaixaBank

SA

,

Senior

Non-Preferred

Note,

144A,

6.684%

to

9/12/26,

FRN

thereafter,

9/13/27

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

Spain

250,000

253,949

Senior

Non-Preferred

Note,

144A,

4.634%

to

7/02/28,

FRN

thereafter,

7/03/29

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

Spain

250,000

252,688

Canadian

Imperial

Bank

of

Commerce

,

b

Senior

Note,

FRN,

4.871%,

(SOFR

+

1.22%),

10/02/26

.....

Canada

45,000

45,287

b

Senior

Note,

FRN,

4.612%,

(SOFR

+

0.94%),

6/28/27

......

Canada

95,000

95,780

Senior

Note,

4.508%

to

9/10/26,

FRN

thereafter,

9/11/27

....

Canada

135,000

135,433

b

Senior

Note,

FRN,

4.599%,

(SOFR

Index

+

0.93%),

9/11/27

.

Canada

109,000

109,331

b

Senior

Note,

FRN,

4.702%,

(SOFR

+

1.03%),

3/30/29

......

Canada

100,000

100,601

b

Citigroup,

Inc.

,

Senior

Note,

FRN,

4.448%,

(SOFR

+

0.77%),

6/09/27

......

United

States

59,000

59,069

Senior

Note,

FRN,

4.825%,

(SOFR

+

1.143%),

5/07/28

.....

United

States

260,000

261,738

Senior

Note,

FRN,

4.541%,

(SOFR

+

0.87%),

3/04/29

......

United

States

120,000

120,288

a,b

Commonwealth

Bank

of

Australia

,

Senior

Note

,

144A,

FRN

,

4.124 %

,

(SOFR

+

0.46 %),

11/27/26

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

Australia

104,000

104,359

Cooperatieve

Rabobank

UA

,

a

Senior

Non-Preferred

Note,

144A,

3.649%

to

4/05/27,

FRN

thereafter,

4/06/28

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

Netherlands

250,000

249,015

b

Senior

Preferred

Note,

FRN,

4.57%,

(SOFR

Index

+

0.9%),

10/05/26

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

Netherlands

250,000

251,187

a

Credit

Agricole

SA

,

Senior

Non-Preferred

Note,

144A,

4.631%

to

9/10/27,

FRN

thereafter,

9/11/28

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

France

250,000

251,946

b

Senior

Non-Preferred

Note,

144A,

FRN,

4.879%,

(SOFR

+

1.21%),

9/11/28

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

France

250,000

251,812

a

Danske

Bank

A/S

,

Senior

Non-Preferred

Bond,

144A,

4.375%,

6/12/28

.......

Denmark

200,000

201,294

Senior

Non-Preferred

Note,

144A,

4.298%

to

3/31/27,

FRN

thereafter,

4/01/28

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

Denmark

200,000

200,616

b

Fifth

Third

Bank

NA

,

Senior

Note

,

FRN

,

4.461 %

,

(SOFR

+

0.81 %),

1/28/28

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

United

States

250,000

250,537

Huntington

National

Bank

(The)

,

Senior

Note

,

4.871%

to

4/11/27,

FRN

thereafter

,

4/12/28

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

United

States

250,000

252,214

JPMorgan

Chase

&

Co.

,

b

Senior

Note,

FRN,

4.573%,

(SOFR

+

0.92%),

4/22/28

......

United

States

55,000

55,320

Senior

Note,

5.571%

to

4/21/27,

FRN

thereafter,

4/22/28

....

United

States

25,000

25,476

Senior

Note,

4.505%

to

10/21/27,

FRN

thereafter,

10/22/28

..

United

States

250,000

252,392

b

Senior

Note,

FRN,

4.513%,

(SOFR

+

0.86%),

10/22/28

.....

United

States

40,000

40,169

b

Senior

Note,

FRN,

4.462%,

(SOFR

+

0.8%),

1/24/29

.......

United

States

106,000

106,366

Lloyds

Banking

Group

plc

,

Senior

Note,

5.087%

to

11/25/27,

FRN

thereafter,

11/26/28

..

United

Kingdom

200,000

203,679

Senior

Note,

4.818%

to

6/12/28,

FRN

thereafter,

6/13/29

....

United

Kingdom

250,000

254,126

Mitsubishi

UFJ

Financial

Group,

Inc.

,

Senior

Note

,

5.017%

to

7/19/27,

FRN

thereafter

,

7/20/28

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

Japan

200,000

203,026

b

Morgan

Stanley

Bank

NA

,

Senior

Note

,

FRN

,

4.596 %

,

(SOFR

+

0.94 %),

7/14/28

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

United

States

250,000

251,808

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Ultra

#### Short

#### MAC

#### Series
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Banks
(continued)

a,b

National

Australia

Bank

Ltd.

,

Senior

Note,

144A,

FRN,

4.289%,

(SOFR

+

0.62%),

6/11/27

.

Australia

250,000

$

251,036

Senior

Note,

144A,

FRN,

4.197%,

(SOFR

+

0.53%),

12/13/28

Australia

250,000

250,253

National

Bank

of

Canada

,

Senior

Note

,

5.6%

to

7/01/26,

FRN

thereafter

,

7/02/27

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

Canada

350,000

352,272

b

NatWest

Group

plc

,

Senior

Note

,

FRN

,

4.903 %

,

(SOFR

+

1.25 %),

3/01/28

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

United

Kingdom

200,000

200,662

PNC

Bank

NA

,

Senior

Note

,

4.429%

to

7/20/27,

FRN

thereafter

,

7/21/28

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

United

States

250,000

251,769

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Note,

4.075%

to

1/25/28,

FRN

thereafter,

1/26/29

....

United

States

90,000

90,148

b

Senior

Note,

FRN,

4.282%,

(SOFR

+

0.62%),

1/26/29

......

United

States

80,000

80,143

b

Royal

Bank

of

Canada

,

Senior

Note,

FRN,

4.443%,

(SOFR

Index

+

0.79%),

7/23/27

.

Canada

135,000

135,187

Senior

Note,

FRN,

4.492%,

(SOFR

Index

+

0.83%),

1/24/29

.

Canada

102,000

102,242

1,

Senior

Note,

FRN,

4.395%,

(SOFR

+

0.7%),

11/03/28

....

Canada

112,000

112,132

Santander

UK

Group

Holdings

plc

,

Senior

Note

,

6.534%

to

1/09/28,

FRN

thereafter

,

1/10/29

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

United

Kingdom

200,000

208,837

a

Societe

Generale

SA

,

Senior

Non-Preferred

Bond,

144A,

4%,

1/12/27

...........

France

200,000

199,911

Senior

Non-Preferred

Note,

144A,

5.25%,

2/19/27

.........

France

200,000

202,392

Sumitomo

Mitsui

Financial

Group,

Inc.

,

Senior

Note,

5.52%,

1/13/28

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

Japan

200,000

206,069

b

Senior

Note,

FRN,

4.416%,

(SOFR

+

0.76%),

1/15/29

......

Japan

200,000

200,253

a,b

Sumitomo

Mitsui

Trust

Bank

Ltd.

,

Senior

Note

,

144A,

FRN

,

4.818 %

,

(SOFR

+

1.15 %),

9/14/26

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

Japan

300,000

301,499

a

Swedbank

AB

,

Senior

Non-Preferred

Note

,

144A,

6.136 %

,

9/12/26

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

Sweden

200,000

202,643

Toronto-Dominion

Bank

(The)

,

b

Senior

Note,

FRN,

4.47%,

(SOFR

+

0.82%),

1/31/28

.......

Canada

90,000

90,509

Senior

Note,

5.523%,

7/17/28

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

Canada

40,000

41,452

b

Senior

Note,

FRN,

4.417%,

(SOFR

+

0.75%),

10/13/28

.....

Canada

77,000

77,210

b

F,

Senior

Note,

FRN,

4.247%,

(SOFR

+

0.58%),

1/13/28

....

Canada

70,000

70,115

Truist

Bank

,

Senior

Note

,

4.42%

to

7/23/27,

FRN

thereafter

,

7/24/28

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

United

States

350,000

352,013

Truist

Financial

Corp.

,

Senior

Note

,

6.047%

to

6/07/26,

FRN

thereafter

,

6/08/27

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

United

States

100,000

100,695

b

US

Bank

NA

,

Senior

Note

,

FRN

,

4.343 %

,

(SOFR

+

0.69 %),

10/22/27

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

United

States

300,000

300,249

b

Wells

Fargo

&

Co.

,

Senior

Note,

FRN,

4.442%,

(SOFR

+

0.78%),

1/24/28

......

United

States

186,000

186,528

Senior

Note,

FRN,

4.723%,

(SOFR

+

1.07%),

4/22/28

......

United

States

23,000

23,129

Senior

Note,

FRN,

5.023%,

(SOFR

+

1.37%),

4/23/29

......

United

States

105,000

106,777

b

Westpac

Banking

Corp.

,

Senior

Note

,

FRN

,

4.124 %

,

(SOFR

+

0.46 %),

10/20/26

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

Australia

133,000

133,264

14,162,144

#### Building

#### Products

#### 0.4%
Owens

Corning

,

Senior

Bond,

3.4%,

8/15/26

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

United

States

95,000

94,658

Senior

Note,

5.5%,

6/15/27

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

United

States

46,000

46,904

141,562

#### Capital

#### Markets

#### 8.5%
Bank

of

New

York

Mellon

Corp.

(The)

,

b

Senior

Note,

FRN,

4.36%,

(SOFR

Index

+

0.68%),

6/09/28

..

United

States

55,000

55,178

Senior

Note,

4.441%

to

6/08/27,

FRN

thereafter,

6/09/28

....

United

States

35,000

35,270

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Ultra

#### Short

#### MAC

#### Series
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Capital

#### Markets
(continued)

Bank

of

New

York

Mellon

Corp.

(The),

(continued)

b

Senior

Note,

FRN,

4.283%,

(SOFR

+

0.63%),

1/22/30

......

United

States

175,000

$

174,988

Deutsche

Bank

AG

,

Senior

Non-Preferred

Note,

7.146%

to

7/12/26,

FRN

thereafter,

7/13/27

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

Germany

150,000

152,046

Senior

Non-Preferred

Note,

2.552%

to

1/06/27,

FRN

thereafter,

1/07/28

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

Germany

150,000

147,907

b

Senior

Non-Preferred

Note,

FRN,

4.877%,

(SOFR

+

1.21%),

1/10/29

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

Germany

150,000

151,077

Goldman

Sachs

Bank

USA

,

b

Senior

Note,

FRN,

4.427%,

(SOFR

+

0.75%),

5/21/27

......

United

States

20,000

20,025

Senior

Note,

5.414%

to

5/20/26,

FRN

thereafter,

5/21/27

....

United

States

300,000

301,311

Goldman

Sachs

Group,

Inc.

(The)

,

b

Senior

Note,

FRN,

4.943%,

(SOFR

+

1.29%),

4/23/28

......

United

States

60,000

60,520

Senior

Note,

4.148%

to

1/20/28,

FRN

thereafter,

1/21/29

....

United

States

40,000

40,037

b

Senior

Note,

FRN,

4.374%,

(SOFR

+

0.71%),

1/21/29

......

United

States

80,000

80,035

b

Senior

Note,

FRN,

4.584%,

(SOFR

+

0.92%),

10/21/29

.....

United

States

95,000

95,263

Intercontinental

Exchange,

Inc.

,

Senior

Note

,

3.95 %

,

12/01/28

..

United

States

35,000

35,037

Jefferies

Financial

Group,

Inc.

,

Senior

Note,

4.75%,

8/11/26

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

United

States

160,000

160,002

Senior

Note,

4.5%,

9/15/26

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

United

States

110,000

110,319

a

Macquarie

Bank

Ltd.

,

Senior

Note,

144A,

5.391%,

12/07/26

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

Australia

226,000

229,039

b,c

Senior

Note,

144A,

FRN,

4.136%,

(SOFR

+

0.48%),

2/03/28

.

Australia

135,000

135,117

a,b

Mizuho

Markets

Cayman

LP

,

Senior

Note,

144A,

FRN,

4.16%,

(SOFR

+

0.5%),

5/01/26

...

Japan

70,000

70,028

Senior

Note,

144A,

FRN,

4.189%,

(SOFR

+

0.52%),

10/09/26

Japan

80,000

80,106

Senior

Note,

144A,

FRN,

4.176%,

(SOFR

+

0.52%),

11/16/26

Japan

115,000

115,170

b

Morgan

Stanley

,

Senior

Note,

FRN,

4.676%,

(SOFR

+

1.02%),

4/13/28

......

United

States

50,000

50,272

Senior

Note,

FRN,

5.036%,

(SOFR

+

1.38%),

4/12/29

......

United

States

100,000

101,422

I,

Senior

Note,

FRN,

4.584%,

(SOFR

+

0.92%),

10/18/29

....

United

States

115,000

115,634

b

State

Street

Corp.

,

Senior

Note,

FRN,

4.529%,

(SOFR

+

0.845%),

8/03/26

.....

United

States

164,000

164,421

Senior

Note,

FRN,

4.293%,

(SOFR

+

0.64%),

10/22/27

.....

United

States

45,000

45,231

Senior

Note,

FRN,

4.612%,

(SOFR

+

0.95%),

4/24/28

......

United

States

35,000

35,215

a

UBS

Group

AG

,

Senior

Bond,

144A,

4.282%,

1/09/28

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

Switzerland

295,000

295,682

Senior

Note,

144A,

6.327%

to

12/21/26,

FRN

thereafter,

12/22/27

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

Switzerland

200,000

203,968

3,260,320

#### Commercial

#### Services

#### &

#### Supplies

#### 0.2%
Veralto

Corp.

,

Senior

Note

,

5.5 %

,

9/18/26

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

United

States

86,000

86,789

#### Consumer

#### Finance

#### 5.2%
AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Note,

4.875%,

4/01/28

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

Ireland

150,000

152,456

Senior

Note,

4.125%,

2/28/29

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

Ireland

150,000

149,510

American

Express

Co.

,

b

Senior

Note,

FRN,

4.592%,

(SOFR

+

0.93%),

7/26/28

......

United

States

61,000

61,313

b

Senior

Note,

FRN,

4.922%,

(SOFR

+

1.26%),

4/25/29

......

United

States

75,000

75,976

Senior

Note,

4.351%

to

7/19/28,

FRN

thereafter,

7/20/29

....

United

States

95,000

95,602

b

American

Honda

Finance

Corp.

,

Senior

Note,

FRN,

4.279%,

(SOFR

+

0.62%),

12/11/26

.....

United

States

50,000

50,108

Senior

Note,

FRN,

4.401%,

(SOFR

+

0.73%),

8/13/27

......

United

States

65,000

65,314

Senior

Note,

FRN,

4.492%,

(SOFR

+

0.82%),

3/03/28

......

United

States

100,000

100,245

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Ultra

#### Short

#### MAC

#### Series
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Consumer

#### Finance
(continued)

Capital

One

Financial

Corp.

,

Senior

Bond,

3.75%,

3/09/27

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

United

States

100,000

$

99,822

Senior

Note,

7.149%

to

10/28/26,

FRN

thereafter,

10/29/27

..

United

States

100,000

102,162

Senior

Note,

6.312%

to

6/07/28,

FRN

thereafter,

6/08/29

....

United

States

260,000

272,192

b

Caterpillar

Financial

Services

Corp.

,

Senior

Note,

FRN,

4.346%,

(SOFR

+

0.69%),

10/16/26

.....

United

States

40,000

40,155

Senior

Note,

FRN,

4.249%,

(SOFR

+

0.56%),

11/15/27

.....

United

States

106,000

106,563

Senior

Note,

FRN,

4.26%,

(SOFR

+

0.58%),

11/14/28

......

United

States

112,000

112,522

General

Motors

Financial

Co.,

Inc.

,

Senior

Note,

5.4%,

4/06/26

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

United

States

57,000

57,151

b

Senior

Note,

FRN,

4.706%,

(SOFR

Index

+

1.05%),

7/15/27

.

United

States

55,000

55,129

b

John

Deere

Capital

Corp.

,

Senior

Note,

FRN,

4.269%,

(SOFR

+

0.6%),

6/11/27

.......

United

States

114,000

114,540

Senior

Note,

FRN,

4.249%,

(SOFR

+

0.58%),

9/11/28

......

United

States

65,000

65,282

Toyota

Motor

Credit

Corp.

,

b

Senior

Note,

FRN,

4.117%,

(SOFR

Index

+

0.45%),

4/10/26

.

United

States

49,000

49,029

b

Senior

Note,

FRN,

4.453%,

(SOFR

+

0.77%),

8/07/26

......

United

States

27,000

27,080

Senior

Note,

4.15%

to

2/17/26,

FRN

thereafter,

11/18/27

....

United

States

100,000

100,609

1,952,760

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.4%
a

Alimentation

Couche-Tard,

Inc.

,

Senior

Note

,

144A,

4.148 %

,

9/29/28

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

Canada

60,000

60,086

Kroger

Co.

(The)

,

Senior

Bond

,

2.65 %

,

10/15/26

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

United

States

30,000

29,737

Target

Corp.

,

Senior

Note

,

4.35 %

,

6/15/28

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

United

States

48,000

48,680

138,503

#### Diversified

#### Telecommunication

#### Services

#### 0.7%
AT&T,

Inc.

,

Senior

Bond,

4.25%,

3/01/27

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

United

States

113,000

113,349

Senior

Note,

3.8%,

2/15/27

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

United

States

73,000

72,906

Senior

Note,

2.3%,

6/01/27

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

United

States

70,000

68,590

254,845

#### Electric

#### Utilities

#### 0.5%
b

Georgia

Power

Co.

,

Senior

Note

,

FRN

,

3.958 %

,

(SOFR

Index

+

0.28 %),

9/15/26

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

United

States

35,000

35,010

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond,

3.55%,

5/01/27

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

United

States

20,000

19,909

Senior

Note,

4.685%,

9/01/27

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

United

States

15,000

15,176

b

Senior

Note,

FRN,

4.494%,

(SOFR

Index

+

0.8%),

2/04/28

..

United

States

50,000

50,305

Senior

Note,

4.85%,

2/04/28

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

United

States

20,000

20,361

Wisconsin

Electric

Power

Co.

,

Senior

Note

,

3.95 %

,

3/01/29

....

United

States

30,000

29,984

170,745

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.2%
Amphenol

Corp.

,

Senior

Note,

3.8%,

11/15/27

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

United

States

55,000

54,987

b

Senior

Note,

FRN,

4.222%,

(SOFR

+

0.53%),

11/15/27

.....

United

States

20,000

20,054

75,041

#### Entertainment

#### 0.1%
Netflix,

Inc.

,

Senior

Bond,

4.375%,

11/15/26

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

United

States

15,000

15,056

Senior

Bond,

5.875%,

11/15/28

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

United

States

40,000

41,966

57,022

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Ultra

#### Short

#### MAC

#### Series
(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)

#### Financial

#### Services

#### 1.3%
a

Nationwide

Building

Society

,

Senior

Non-Preferred

Note,

144A,

6.557%

to

10/17/26,

FRN

thereafter,

10/18/27

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

United

Kingdom

200,000

$

203,468

b

Senior

Non-Preferred

Note,

144A,

FRN,

4.979%,

(SOFR

+

1.29%),

2/16/28

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

United

Kingdom

200,000

201,652

b

PayPal

Holdings,

Inc.

,

Senior

Note

,

FRN

,

4.35 %

,

(SOFR

+

0.67 %),

3/06/28

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

United

States

60,000

60,200

465,320

#### Food

#### Products

#### 0.6%
a,b

Cargill,

Inc.

,

Senior

Note

,

144A,

FRN

,

4.301 %

,

(SOFR

+

0.61 %),

2/11/28

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

United

States

90,000

90,220

a

Mars,

Inc.

,

Senior

Note

,

144A,

4.45 %

,

3/01/27

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

United

States

76,000

76,572

Mondelez

International,

Inc.

,

Senior

Note

,

4.25 %

,

5/06/28

.....

United

States

95,000

95,506

262,298

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.0%

#### †
GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

4.15 %

,

12/15/28

United

States

20,000

20,065

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.7%
CVS

Health

Corp.

,

Senior

Bond,

2.875%,

6/01/26

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

United

States

85,000

84,692

Senior

Note,

5%,

2/20/26

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

United

States

32,000

32,007

Senior

Note,

3%,

8/15/26

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

United

States

130,000

129,305

b

UnitedHealth

Group,

Inc.

,

Senior

Note

,

FRN

,

4.156 %

,

(SOFR

+

0.5 %),

7/15/26

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

United

States

54,000

54,089

300,093

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.8%
Hyatt

Hotels

Corp.

,

Senior

Note

,

5.75 %

,

1/30/27

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

United

States

132,000

134,086

Marriott

International,

Inc.

,

X,

Senior

Bond,

4%,

4/15/28

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

United

States

40,000

39,979

Senior

Note,

4.2%,

7/15/27

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

United

States

75,000

75,274

a

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note,

144A,

4.25%,

7/01/26

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

United

States

68,000

67,980

Senior

Note,

144A,

5.5%,

8/31/26

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

United

States

28,000

28,030

345,349

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.2%
Constellation

Energy

Generation

LLC

,

Senior

Note,

3.9%,

1/08/28

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

United

States

35,000

34,971

b

Senior

Note,

FRN,

4.259%,

(SOFR

+

0.6%),

1/08/28

.......

United

States

40,000

40,079

75,050

#### Industrial

#### Conglomerates

#### 0.5%
a,b

Siemens

Funding

BV

,

Senior

Note

,

144A,

FRN

,

4.315 %

,

(SOFR

+

0.64 %),

5/26/28

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

Germany

200,000

201,088

#### Insurance

#### 5.6%
a

AEGON

Funding

Co.

LLC

,

Senior

Note

,

144A,

5.5 %

,

4/16/27

..

Netherlands

246,000

249,662

Arthur

J

Gallagher

&

Co.

,

Senior

Note

,

4.6 %

,

12/15/27

.......

United

States

69,000

69,809

a

Athene

Global

Funding

,

Secured

Note,

144A,

5.349%,

7/09/27

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

United

States

100,000

101,719

b

Secured

Note,

144A,

FRN,

4.63%,

(SOFR

Index

+

0.95%),

3/06/28

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

United

States

102,000

102,503

b

Secured

Note,

144A,

FRN,

4.666%,

(SOFR

Index

+

1%),

9/18/28

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

United

States

50,000

50,144

Senior

Secured

Note,

144A,

4.86%,

8/27/26

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

United

States

108,000

108,525

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Ultra

#### Short

#### MAC

#### Series
(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)

#### Insurance
(continued)

Brown

&

Brown,

Inc.

,

Senior

Note

,

4.6 %

,

12/23/26

...........

United

States

80,000

$

80,487

a

CNO

Global

Funding

,

Secured

Note,

144A,

1.75%,

10/07/26

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

United

States

150,000

147,744

Secured

Note,

144A,

4.875%,

12/10/27

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

United

States

32,000

32,415

a

Corebridge

Global

Funding

,

Secured

Note

,

144A,

5.35 %

,

6/24/26

United

States

65,000

65,365

b

Marsh

&

McLennan

Cos.,

Inc.

,

Senior

Note

,

FRN

,

4.392 %

,

(SOFR

Index

+

0.7 %),

11/08/27

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

United

States

40,000

40,197

a,b

Metropolitan

Life

Global

Funding

I

,

Secured

Note

,

144A,

FRN

,

4.369 %

,

(SOFR

Index

+

0.7 %),

6/11/27

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

United

States

150,000

150,608

a

Mutual

of

Omaha

Cos.

Global

Funding

,

Secured

Note

,

144A,

5.8 %

,

7/27/26

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

United

States

60,000

60,498

a,b

New

York

Life

Global

Funding

,

Secured

Note,

144A,

FRN,

4.322%,

(SOFR

+

0.66%),

7/25/28

United

States

60,000

60,309

Senior

Secured

Note,

144A,

FRN,

4.321%,

(SOFR

+

0.67%),

4/02/27

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

United

States

106,000

106,445

Senior

Secured

Note,

144A,

FRN,

4.542%,

(SOFR

+

0.88%),

4/25/28

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

United

States

60,000

60,565

a

Northwestern

Mutual

Global

Funding

,

Secured

Note,

144A,

5.07%,

3/25/27

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

United

States

85,000

86,144

b

Secured

Note,

144A,

FRN,

4.346%,

(SOFR

+

0.66%),

8/25/28

United

States

60,000

60,170

a

Principal

Life

Global

Funding

II

,

Secured

Note,

144A,

4.6%,

8/19/27

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

United

States

27,000

27,271

b

Secured

Note,

144A,

FRN,

4.499%,

(SOFR

+

0.81%),

8/18/28

United

States

50,000

50,068

a

Protective

Life

Global

Funding

,

b

Secured

Note,

144A,

FRN,

4.367%,

(SOFR

+

0.7%),

4/10/26

United

States

150,000

150,138

Secured

Note,

144A,

4.335%,

9/13/27

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

United

States

150,000

151,104

Secured

Note,

144A,

4.161%,

1/15/29

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

United

States

90,000

90,032

2,101,922

#### Interactive

#### Media

#### &

#### Services

#### 0.0%

#### †
Meta

Platforms,

Inc.

,

Senior

Note

,

3.5 %

,

8/15/27

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

United

States

18,000

17,970

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.1%
Illumina,

Inc.

,

Senior

Note

,

4.65 %

,

9/09/26

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

United

States

54,000

54,144

#### Machinery

#### 0.8%
a

Daimler

Truck

Finance

North

America

LLC

,

Senior

Note,

144A,

5%,

1/15/27

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

Germany

150,000

151,707

b

Senior

Note,

144A,

FRN,

4.507%,

(SOFR

+

0.84%),

1/13/28

.

Germany

150,000

150,211

301,918

#### Metals

#### &

#### Mining

#### 0.2%
a,b

Glencore

Funding

LLC

,

Senior

Note

,

144A,

FRN

,

4.401 %

,

(SOFR

Index

+

0.75 %),

10/01/26

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

Australia

50,000

50,107

b

Rio

Tinto

Finance

USA

plc

,

Senior

Note

,

FRN

,

4.518 %

,

(SOFR

Index

+

0.84 %),

3/14/28

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

Australia

35,000

35,297

85,404

#### Multi-Utilities

#### 0.7%
Ameren

Corp.

,

Senior

Note

,

5.7 %

,

12/01/26

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

United

States

100,000

101,321

Dominion

Energy,

Inc.

,

Senior

Note

,

4.6 %

,

5/15/28

..........

United

States

30,000

30,388

DTE

Energy

Co.

,

Senior

Note,

4.95%,

7/01/27

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

United

States

55,000

55,704

Senior

Note,

4.875%,

6/01/28

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

United

States

25,000

25,434

Southern

Co.

Gas

Capital

Corp.

,

A

,

Senior

Note

,

4.05 %

,

9/15/28

United

States

15,000

15,017

WEC

Energy

Group,

Inc.

,

Senior

Note

,

5.6 %

,

9/12/26

........

United

States

28,000

28,245

256,109

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Ultra

#### Short

#### MAC

#### Series
(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)

#### Office

#### REITs

#### 0.7%
Boston

Properties

LP

,

Senior

Bond,

3.65%,

2/01/26

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

United

States

153,000

$

153,000

Senior

Bond,

2.75%,

10/01/26

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

United

States

102,000

101,103

254,103

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 1.7%
b

Chevron

USA,

Inc.

,

Senior

Note,

FRN,

4.145%,

(SOFR

Index

+

0.47%),

2/26/28

.

United

States

50,000

50,212

Senior

Note,

FRN,

4.241%,

(SOFR

+

0.57%),

8/13/28

......

United

States

55,000

55,407

Energy

Transfer

LP

,

Senior

Bond

,

3.9 %

,

7/15/26

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

United

States

50,000

49,994

Enterprise

Products

Operating

LLC

,

Senior

Note

,

4.3 %

,

6/20/28

United

States

35,000

35,310

ONEOK,

Inc.

,

Senior

Note

,

5.55 %

,

11/01/26

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

United

States

400,000

404,211

Phillips

Co.

,

Senior

Note

,

3.55 %

,

10/01/26

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

United

States

35,000

34,922

630,056

#### Paper

#### &

#### Forest

#### Products

#### 0.1%
a

Georgia-Pacific

LLC

,

Senior

Note,

144A,

0.95%,

5/15/26

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

United

States

18,000

17,856

Senior

Note,

144A,

4.4%,

6/30/28

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

United

States

20,000

20,217

38,073

#### Personal

#### Care

#### Products

#### 0.1%
Kenvue

,

Inc.

,

Senior

Note

,

5.35 %

,

3/22/26

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

United

States

50,000

50,033

#### Pharmaceuticals

#### 0.8%
Eli

Lilly

&

Co.

,

Senior

Note,

4%,

10/15/28

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

United

States

40,000

40,306

b

Senior

Note,

FRN,

4.186%,

(SOFR

+

0.53%),

10/15/28

.....

United

States

105,000

105,749

b

Merck

&

Co.,

Inc.

,

Senior

Note

,

FRN

,

4.242 %

,

(SOFR

+

0.57 %),

3/15/29

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

United

States

80,000

80,271

b

Novartis

Capital

Corp.

,

Senior

Note

,

FRN

,

4.204 %

,

(SOFR

+

0.52 %),

11/05/28

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

United

States

70,000

70,402

296,728

#### Residential

#### REITs

#### 0.4%
Camden

Property

Trust

,

Senior

Note

,

5.85 %

,

11/03/26

........

United

States

100,000

101,289

Essex

Portfolio

LP

,

Senior

Bond

,

3.375 %

,

4/15/26

...........

United

States

21,000

20,973

122,262

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.2%
Broadcom,

Inc.

,

Senior

Note,

5.05%,

7/12/27

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

United

States

23,000

23,415

Senior

Note,

4.8%,

4/15/28

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

United

States

38,000

38,745

62,160

#### Software

#### 0.4%
Oracle

Corp.

,

Senior

Note,

1.65%,

3/25/26

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

United

States

65,000

64,772

b

Senior

Note,

FRN,

4.455%,

(SOFR

+

0.76%),

8/03/28

......

United

States

85,000

83,622

Synopsys,

Inc.

,

Senior

Note

,

4.55 %

,

4/01/27

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

United

States

20,000

20,147

168,541

#### Specialized

#### REITs

#### 0.1%
American

Tower

Corp.

,

Senior

Bond

,

3.375 %

,

10/15/26

.......

United

States

30,000

29,881

#### Specialty

#### Retail

#### 0.4%
Home

Depot,

Inc.

(The)

,

Senior

Note

,

3.75 %

,

9/15/28

........

United

States

5,000

5,005

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Ultra

#### Short

#### MAC

#### Series
(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)

#### Specialty

#### Retail
(continued)

Lowe's

Cos.,

Inc.

,

Senior

Note,

3.95%,

10/15/27

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

United

States

74,000

$

74,210

Senior

Note,

4%,

10/15/28

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

United

States

90,000

90,126

169,341

#### Tobacco

#### 1.1%
BAT

Capital

Corp.

,

Senior

Note

,

3.215 %

,

9/06/26

...........

United

Kingdom

65,000

64,744

BAT

International

Finance

plc

,

Senior

Note

,

1.668 %

,

3/25/26

...

United

Kingdom

49,000

48,838

Philip

Morris

International,

Inc.

,

Senior

Note,

4.375%,

11/01/27

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

United

States

70,000

70,698

b

Senior

Note,

FRN,

4.481%,

(SOFR

+

0.83%),

4/28/28

......

United

States

139,000

139,900

b

Senior

Note,

FRN,

4.321%,

(SOFR

+

0.66%),

10/27/28

.....

United

States

90,000

90,343

414,523

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $28,638,098)
....................................

#### 28,749,081

#### Asset-Backed

#### Securities

#### 4.1%

#### Automobiles

#### 0.3%
Volkswagen

Auto

Loan

Enhanced

Trust

,

2024-1,

A2A,

4.65%,

11/22/27

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

United

States

24,046

24,101

d

2025-1,

A2B,

FRN,

4.143%,

(30-day

SOFR

Average

+

0.44%),

1/20/28

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

United

States

24,731

24,750

d

2025-2,

A2B,

FRN,

4.073%,

(30-day

SOFR

Average

+

0.37%),

8/21/28

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

United

States

57,000

57,068

105,919

a

a

a

a

a

a

#### Banks

#### 0.4%
Capital

One

Multi-Asset

Execution

Trust

,

2019-A3

,

A3

,

2.06 %

,

8/15/28

.

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

United

States

150,000

148,612

#### Consumer

#### Finance

#### 2.0%
American

Express

Credit

Account

Master

Trust

,

2023-3

,

A

,

5.23 %

,

9/15/28

.

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

United

States

110,000

110,987

Capital

One

Prime

Auto

Receivables

Trust

,

2022-1,

A3,

3.17%,

4/15/27

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

United

States

7,077

7,074

d

2025-1,

A2B

,

FRN,

4.037%,

(30-day

SOFR

Average

+

0.33%),

1/16/29

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

United

States

187,000

187,117

GM

Financial

Consumer

Automobile

Receivables

Trust

,

2022-3,

A4,

3.71%,

12/16/27

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

United

States

172,762

172,646

2024-1,

A3,

4.85%,

12/18/28

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

United

States

19,924

20,058

Hyundai

Auto

Receivables

Trust

,

2023-B

,

A3

,

5.48 %

,

4/17/28

.

..

United

States

65,125

65,565

Nissan

Auto

Receivables

Owner

Trust

,

2025-B

,

A2A

,

%

,

7/17/28

.

United

States

80,000

80,167

Toyota

Auto

Receivables

Owner

Trust

,

2023-B,

A3,

4.71%,

2/15/28

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

United

States

19,468

19,543

d

2025-D,

A2B,

FRN,

4.027%,

(30-day

SOFR

Average

+

0.32%),

8/15/28

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

United

States

112,000

112,076

775,233

a

a

a

a

a

a

#### Financial

#### Services

#### 1.4%
a

Citizens

Auto

Receivables

Trust

,

2024-1

,

A3

,

144A,

5.11 %

,

4/17/28

.

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

United

States

60,982

61,301

Ford

Credit

Auto

Owner

Trust

,

2022-C,

A4,

4.59%,

12/15/27

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

United

States

152,340

152,610

d

2025-B,

A2B,

FRN,

4.007%,

(30-day

SOFR

Average

+

0.3%),

6/15/28

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

United

States

52,000

52,020

Honda

Auto

Receivables

Owner

Trust

,

2023-1,

A3,

5.04%,

4/21/27

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

United

States

2,217

2,221

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Ultra

#### Short

#### MAC

#### Series
(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)

Honda

Auto

Receivables

Owner

Trust,

(continued)

2023-4,

A3,

5.67%,

6/21/28

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

United

States

37,284

$

37,686

2024-1,

A3,

5.21%,

8/15/28

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

United

States

23,465

23,667

2025-4,

A2A,

4.04%,

6/15/28

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

United

States

164,000

164,445

a

USB

Auto

Owner

Trust

,

2025-1A

,

A2

,

144A,

4.51 %

,

6/15/28

.

...

United

States

26,996

27,052

521,002

a

a

a

a

a

a

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $1,548,994)
..............................

#### 1,550,766

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $30,187,092)

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

#### 30,299,847

#### a

#### Short

#### Term

#### Investments

#### 21.4%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Certificates

#### of

#### Deposit

#### 1.3%
Intesa

Sanpaolo

SpA

,

4.4%,

8/19/26

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

Italy

250,000

250,384

4.05%,

1/14/27

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

Italy

250,000

250,061

500,445

#### Total

#### Certificates

#### of

#### Deposit

#### (Cost

#### $500,000)

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

#### 500,445
a

#### a

#### Commercial

#### Papers

#### 19.6%
a,e

AES

Corp.

(The)

,

144A,

5.92%

,

2/02/26

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

United

States

250,000

249,918

a,e

Alimentation

Couche-Tard,

Inc.

,

144A,

5.77%

,

2/02/26

........

Canada

250,000

249,920

a,e

AutoNation,

Inc.

,

144A,

6.03%

,

2/02/26

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

United

States

250,000

249,916

a,e

AvalonBay

Communities,

Inc.

,

144A,

5.67%,

2/02/26

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

United

States

250,000

249,921

144A,

4.56%,

2/05/26

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

United

States

250,000

249,842

499,763

a,e

Bunge

Ltd.

Finance

Corp.

,

144A,

4.24%

,

2/09/26

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

United

States

250,000

249,735

a,e

Charles

Schwab

Corp.

(The)

,

144A,

3.77%

,

5/08/26

.........

United

States

250,000

247,486

a,e

Conagra

Brands,

Inc.

,

144A,

5.89%

,

2/02/26

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

United

States

250,000

249,918

a,e

Duke

Energy

Corp.

,

144A,

4.11%

,

2/09/26

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

United

States

250,000

249,744

a,e

Enel

Finance

America

LLC

,

144A,

4.44%

,

2/06/26

...........

Italy

250,000

249,815

a,e

ERAC

USA

Finance

LLC

,

144A,

4.13%,

2/17/26

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

United

States

250,000

249,513

144A,

4.13%,

2/18/26

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

United

States

250,000

249,486

498,999

a,e

Extra

Space

Storage

LP

,

144A,

5.02%,

2/03/26

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

United

States

250,000

249,896

144A,

4.52%,

2/05/26

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

United

States

250,000

249,843

499,739

a,e

General

Motors

Financial

Co.,

Inc.

,

144A,

4.04%

,

5/05/26

.....

United

States

250,000

247,392

a,e

Intercontinental

Exchange,

Inc.

,

144A,

4.31%

,

2/09/26

........

United

States

250,000

249,731

a,e

Marriott

International,

Inc.

,

144A,

3.97%

,

3/13/26

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

United

States

250,000

248,874

a,e

Mid-America

Apartments

LP

,

144A,

4.56%,

2/05/26

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

United

States

250,000

249,842

144A,

4.03%,

2/19/26

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

United

States

250,000

249,469

499,311

a,e

O'Reilly

Automotive,

Inc.

,

144A,

4.11%

,

2/13/26

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

United

States

250,000

249,629

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Ultra

#### Short

#### MAC

#### Series
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

See

Abbreviations

on

.

#### Short

#### Term

#### Investments
(continued)

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Commercial

#### Papers
(continued)

e

Penske

Truck

Leasing

Co.

LP

,

4.15%

,

2/20/26

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

United

States

250,000

$

249,425

a,e

Phillips

,

144A,

4.17%

,

2/12/26

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

United

States

250,000

249,653

a,e

Plains

All

American

Pipeline

LP

,

144A,

4.12%

,

2/12/26

........

United

States

250,000

249,657

e

Ryder

System,

Inc.

,

4.71%

,

2/04/26

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

United

States

250,000

249,869

a,e

Sumitomo

Mitsui

Trust

Bank

Ltd.

,

144A,

3.84%

,

3/09/26

......

Japan

250,000

249,018

a,e

Targa

Resources

Corp.

,

144A,

5.77%,

2/02/26

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

United

States

250,000

249,920

144A,

4.21%,

2/11/26

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

United

States

250,000

249,679

499,599

a,e

UDR,

Inc.

,

144A,

4.14%,

2/11/26

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

United

States

250,000

249,684

144A,

4.04%,

2/17/26

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

United

States

250,000

249,524

499,208

a,e

WEC

Energy

Group,

Inc.

,

144A,

4.02%

,

2/20/26

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

United

States

250,000

249,442

#### Total

#### Commercial

#### Papers

#### (Cost

#### $7,486,943)
...................................

#### 7,485,761

#### Shares

#### Management

#### Investment

#### Companies

#### 0.5%
f,g

Putnam

Short

Term

Investment

Fund,

Class

P,

3.863%

.......

United

States

196,602

196,602

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $196,602)
.....................

#### 196,602

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $8,183,545

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

#### 8,182,808

#### a

#### Total

#### Investments

#### (Cost

#### $38,370,637)

#### 100.7%

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

#### $38,482,655

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.7)%

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

#### (253,362)

#### Net

#### Assets

#### 100.0%

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

#### $38,229,293

#### a
\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

January

31,

2026,

the

aggregate

value

of

these

securities

was

$18,099,528,

representing

47.3%

of

net

assets.

b

The

coupon

rate

shown

represents

the

rate

at

period

end.

c

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(b).

d

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

e

The

rate

shown

represents

the

yield

at

period

end.

f

See

Note

3(e)

regarding

investments

in

affiliated

management

investment

companies.

g

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Funds

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

January

31,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Ultra

#### Short

#### MAC

#### Series
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$38,174,035

Cost

-

Non-controlled

affiliates

(Note

e)

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

196,602

Value

-

Unaffiliated

issuers

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

$38,286,053

Value

-

Non-controlled

affiliates

(Note

e)

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

196,602

Cash

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

4,871

Receivables:

Dividends

and

interest

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

259,593

Prepaid

expenses

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

14,089

Total

assets

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

38,761,208

Liabilities:

Payables:

Investment

securities

purchased

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

308,277

Capital

shares

redeemed

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

111,203

Administrative

fees

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

Professional

fees

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

91,604

Trustees'

fees

and

expenses

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

Accrued

expenses

and

other

liabilities

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

20,721

Total

liabilities

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

531,915

Net

assets,

at

value

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

$38,229,293

Net

assets

consist

of:

Paid-in

capital

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

$38,114,252

Total

distributable

earnings

(losses)

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

115,041

Net

assets,

at

value

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

$38,229,293

Shares

outstanding

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

3,796,858

Net

asset

value

per

share

a

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

$10.07

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

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### Ultra

#### Short

#### MAC

#### Series
Investment

income:

Dividends:

Non-controlled

affiliates

(Note

e)

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

$7,761

Interest:

Unaffiliated

issuers

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

781,378

Total

investment

income

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

789,139

Expenses:

Administrative

fees

(Note

b)

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

Reports

to

shareholders

fees

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

9,120

Registration

and

filing

fees

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

13,889

Professional

fees

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

33,330

Trustees'

fees

and

expenses

(Note

3d)

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

516

Other

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

989

Total

expenses

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

58,213

Expenses

waived/paid

by

affiliates

(Note

e

and

f)

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

(58,213)

Net

expenses

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

—

Net

investment

income

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

789,139

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

13,572

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

28,703

Net

realized

and

unrealized

gain

(loss)

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

42,275

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$831,414

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

#### Ultra

#### Short

#### MAC

#### Series

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$789,139

$1,437,441

Net

realized

gain

(loss)

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

13,572

12,368

Net

change

in

unrealized

appreciation

(depreciation)

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

28,703

27,432

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

831,414

1,477,241

Distributions

to

shareholders

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

(808,494)

(1,460,447)

Capital

share

transactions

(Note

2)

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

12,009,068

(1,558,128)

Net

increase

(decrease)

in

net

assets

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

12,031,988

(1,541,334)

Net

assets:

Beginning

of

period

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

26,197,305

27,738,639

End

of

period

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

$38,229,293

$26,197,305

Putnam

Funds

Trust

franklintempleton.com

Semiannual

Report

Notes

to

Financial

Statements

(unaudited)

#### Putnam

#### Ultra

#### Short

#### MAC

#### Series
1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Putnam

Funds

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of fourteen

separate

funds.

The

Trust

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. Putnam

Ultra

Short

MAC

Series

(Fund)

is

included

in

this

report.

The

following

summarizes

the

Fund

's

significant

accounting

policies.

a. #### Financial

#### Instrument

#### Valuation
The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Trust's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Debt

securities

generally

trade

in

the over-the-counter

(OTC)

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

b. #### Securities

#### Purchased

#### on

#### a

#### When-Issued,

#### Forward

#### Commitment or

#### Delayed

#### Delivery

#### Basis
The

Fund

may

purchase

securities

on

a when-issued,

forward

commitment

or

delayed

delivery basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, it

may

sell

the

securities

before

the

settlement

date.

c. #### Income

#### 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

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Ultra

#### Short

#### MAC

#### Series
(continued)

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

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.

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.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

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.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

c. #### Income

#### and

#### Deferred

#### Taxes
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Ultra

#### Short

#### MAC

#### Series
(continued)

2. #### Shares

#### of

#### Beneficial

#### Interest
At

January

31,

2026,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

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
Advisers provides

investment

management

services

to

the

Fund.

The

Fund

does

not

pay

a

fee

for

these

services.

Advisers

retained

Putnam

Management

as

subadvisor

for

the

Fund.

Pursuant

to

the

agreement,

Putnam

Management

provides

certain

advisory

and

related

services

to

the

Fund.

Advisers

pays

a

monthly

fee

to

Putnam

Management

based

on

the

costs

of

Putnam

Management

in

providing

these

services

to

the

Fund,

which

may

include

a

mark-up

not

to

exceed

15%

over

such

costs.

Under

a

subadvisory

agreement,

FTIML

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid by Advisers

based

on

the

average

net

assets

managed

by

FTIML,

and

is

not

an

additional

expense

of

the

Fund.

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by Advisers

based

on

the Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

The

Fund

reimburses

Advisers

an

allocated

amount

for

the

compensation

and

related

expenses

of

certain

officers

of

the

Fund

and

their

staff

who

provide

administrative

services

to

the

Fund.

The

aggregate

amount

of

all

such

reimbursements

is

determined

annually

by

the

Trustees.

c. #### Transfer

#### Agent

#### Fees
PSERV,

under

terms

of

an

agreement,

performs

shareholder

servicing

for

the

Fund and

is

not

paid

by

the Fund

for

the

services.

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount
Shares

sold

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

1,319,353

$13,285,889

345,288

$3,471,850

Shares

issued

in

reinvestment

of

distributions

..........

80,288

808,494

145,185

1,460,411

Shares

redeemed

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

(207,082)

(2,085,315)

(645,159)

(6,490,389)

Net

increase

(decrease)

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

1,192,559

$12,009,068

(154,686)

$(1,558,128)

#### 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

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Ultra

#### Short

#### MAC

#### Series
(continued)

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. e. #### 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. Advisers

has

contractually

agreed

to

reimburse

expenses

of

the

Fund

in

an

amount

equal

to

fees

indirectly

borne

by

the

Fund

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations.

During

the period

ended

January

31,

2026,

investments

in

affiliated

management

investment

companies

were

as

follows:

f. #### Waiver

#### and

#### Expense

#### Reimbursements
Advisers

has

also

contractually

agreed

to

waive

fees

(and,

to

the

extent

necessary,

bear

other

expenses)

of

the

Fund

through November

30,

2028,

to

the

extent

that

total

expenses

of

the

Fund

(excluding

brokerage,

interest,

taxes,

investor

servicing

fees,

investment-related

expenses,

extraordinary

expenses,

and

acquired

fund

fees

and

expenses,

but

including

payments

under

the

Fund's

investment

management

contract)

would

exceed

an

annual

rate

of

0.00%

of

the

Fund's

average

net

assets.

#### g

#### .

#### Other

#### Affiliated

#### Transactions
At

January

31,

2026,

Putnam

Ultra

Short

Managed

Account

owned

23.05%

of

the

Fund's

outstanding

shares.

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

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Investment

#### Income

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

#### a

#### Putnam

#### Ultra

#### Short

#### MAC

#### Series

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

3.863%

......

$193,606

$14,759,119

$(14,756,123)

$—

$—

$196,602

196,602

$7,761

#### Total

#### Affiliated

#### Securities

#### ...
$193,606

$14,759,119

$(14,756,123)

$—

$—

$196,602

$7,761

3. #### Transactions

#### with

#### Affiliates
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Ultra

#### Short

#### MAC

#### Series
(continued)

4. #### Income

#### Taxes
At

January

31,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

5. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

period

ended

January

31,

2026,

aggregated

$13,912,441 and

$8,242,293,

respectively.

6. #### Credit

#### Facility
The

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

29,

2027. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

may,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay

its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

During

the

period

ended

January

31,

2026,

the Fund

did

not

use

the

Global

Credit

Facility.

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)

Cost

of

investments

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

$38,370,637

Unrealized

appreciation

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

$118,831

Unrealized

depreciation

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

(6,813)

Net

unrealized

appreciation

(depreciation)

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

$112,018

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Ultra

#### Short

#### MAC

#### Series
(continued)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

January

31,

2026,

in

valuing

the

Fund's assets carried

at

fair

value,

is

as

follows:

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.

#### Abbreviations

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Ultra

#### Short

#### MAC

#### Series

#### Assets:
Investments

in

Securities:

a

Corporate

Bonds

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

$

—

$

28,749,081

$

—

$

28,749,081

Asset-Backed

Securities

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

—

1,550,766

—

1,550,766

Short

Term

Investments

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

196,602

7,986,206

—

8,182,808

Total

Investments

in

Securities

...........

$196,602

$38,286,053

$—

$38,482,655

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

#### Selected

#### Portfolio

#### DAC
Designated

Activity

Company

#### FRN
Floating

Rate

Note

#### REIT
Real

Estate

Investment

Trust

#### SOFR
Secured

Overnight

Financing

Rate

7. #### Fair

#### Value

#### Measurements
(continued)

Putnam

Funds

Trust

franklintempleton.com

Semiannual

Report

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Not

applicable.

39521-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.](pusms-efp23283_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.](pusms-efp23283_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.