# EDGAR Filing Document

**Accession Number:** 0001005942
**File Stem:** 0001133228-26-009611
**Filing Date:** 2026-6
**Character Count:** 202007
**Document Hash:** 3639cb953fdd73794112e4f2b2311396
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-009611.hdr.sgml**: 20260625

**ACCESSION NUMBER**: 0001133228-26-009611

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260625

**DATE AS OF CHANGE**: 20260625

**EFFECTIVENESS DATE**: 20260625

**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:** 261121772

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

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

## Series and Classes Contracts Data

### Putnam Short Duration Bond Fund (Series ID: S000024274)

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

?xml version='1.0' encoding='ASCII'? 2026-05-2074200166200_PutnamShortDurationBondFund_ClassA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

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

**Putnam Funds Trust**

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Stephen Tate, Vice President

100 Federal Street

Boston, Massachusetts 02110

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, New York 10036

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

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

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

Date of reporting period: **April 30, 2026**

ITEM 1. REPORT TO STOCKHOLDERS.

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

---

| | |
|:---|:---|
| **Putnam Short Duration Bond Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PARTX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Short Duration Bond Fund for the period November 1, 2025, to April 30, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $31 | 0.62% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1400168254 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 565 |
| **Portfolio Turnover Rate** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

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

![image](ts7419img003.jpg)

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

---

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

---

Putnam Short Duration Bond Fund PAGE 1 39113-STSA-0626

52.29.26.25.14.03.92.51.00.30.215.4 ------

---

| | |
|:---|:---|
| **Putnam Short Duration Bond Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PARQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Short Duration Bond Fund for the period November 1, 2025, to April 30, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $68 | 1.37% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1400168254 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 565 |
| **Portfolio Turnover Rate** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

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

![image](ts7420img003.jpg)

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

---

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

---

Putnam Short Duration Bond Fund PAGE 1 39113-STSC-0626

52.29.26.25.14.03.92.51.00.30.215.4 ------

---

| | |
|:---|:---|
| **Putnam Short Duration Bond Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PRARX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Short Duration Bond Fund for the period November 1, 2025, to April 30, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R | $43 | 0.87% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1400168254 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 565 |
| **Portfolio Turnover Rate** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

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

![image](ts7422img003.jpg)

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

---

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

---

Putnam Short Duration Bond Fund PAGE 1 39113-STSR-0626

52.29.26.25.14.03.92.51.00.30.215.4 ------

---

| | |
|:---|:---|
| **Putnam Short Duration Bond Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PRREX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Short Duration Bond Fund for the period November 1, 2025, to April 30, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $18 | 0.37% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1400168254 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 565 |
| **Portfolio Turnover Rate** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

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

![image](ts7421img003.jpg)

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

---

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

---

Putnam Short Duration Bond Fund PAGE 1 39113-STSR6-0626

52.29.26.25.14.03.92.51.00.30.215.4 ------

---

| | |
|:---|:---|
| **Putnam Short Duration Bond Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PARYX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Short Duration Bond Fund for the period November 1, 2025, to April 30, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class Y | $18 | 0.37% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1400168254 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 565 |
| **Portfolio Turnover Rate** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

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

![image](ts7423img003.jpg)

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

---

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

---

Putnam Short Duration Bond Fund PAGE 1 39113-STSY-0626

52.29.26.25.14.03.92.51.00.30.215.4 ------

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

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

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

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

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

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

April

30,

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

#### 30
Notes

to

Financial

Statements

#### 34
Changes

In

and

Disagreements

with

Accountants

#### 47
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.99

$9.86

$9.55

$9.42

$10.18

$10.21

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.18 0.37 0.34 0.28 0.17 0.16 Net

realized

and

unrealized

gains

(losses)

(0.03)

0.15 0.39 0.16 (0.76)

(0.03)

Total

from

investment

operations

........

0.15 0.52 0.73 0.44 (0.59)

0.13 Less

distributions

from:

Net

investment

income

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

(0.19)

(0.39)

(0.42)

(0.31)

(0.16)

(0.16)

Net

realized

gains

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

—

—

—

—

(0.01)

—

Total

distributions

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

(0.19)

(0.39)

(0.42)

(0.31)

(0.17)

(0.16)

Net

asset

value,

end

of

period

..........

$9.95

$9.99

$9.86

$9.55

$9.42

$10.18

Total

return

c

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

1.36%

5.41%

7.82%

4.66%

(5.79)%

1.27%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

0.62%

f

0.62%

f

0.62%

0.62%

0.62%

0.62%

Net

investment

income

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

3.62%

3.73%

3.51%

2.90%

1.70%

1.52%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$448,144

$453,222

$482,697

$485,453

$729,336

$1,383,392

Portfolio

turnover

rate

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

17%

33%

41%

20%

26%

24%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.96

$9.83

$9.52

$9.40

$10.16

$10.18

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.14 0.29 0.27 0.21 0.10 0.08 Net

realized

and

unrealized

gains

(losses)

(0.03)

0.16 0.39 0.14 (0.76)

(0.02)

Total

from

investment

operations

........

0.11 0.45 0.66 0.35 (0.66)

0.06 Less

distributions

from:

Net

investment

income

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

(0.15)

(0.32)

(0.35)

(0.23)

(0.09)

(0.08)

Net

realized

gains

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

—

—

—

—

(0.01)

—

Total

distributions

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

(0.15)

(0.32)

(0.35)

(0.23)

(0.10)

(0.08)

Net

asset

value,

end

of

period

..........

$9.92

$9.96

$9.83

$9.52

$9.40

$10.16

Total

return

c

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

1.09%

4.63%

7.03%

3.78%

(6.51)%

0.61%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

1.37%

f

1.37%

f

1.37%

1.37%

1.37%

1.37%

Net

investment

income

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

2.88%

2.98%

2.76%

2.16%

0.97%

0.77%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$17,332

$17,040

$17,306

$17,469

$20,267

$29,701

Portfolio

turnover

rate

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

17%

33%

41%

20%

26%

24%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.04

$9.91

$9.60

$9.47

$10.24

$10.26

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.17 0.35 0.32 0.26 0.15 0.13 Net

realized

and

unrealized

gains

(losses)

(0.04)

0.15 0.39 0.15 (0.77)

(0.02)

Total

from

investment

operations

........

0.13 0.50 0.71 0.41 (0.62)

0.11 Less

distributions

from:

Net

investment

income

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

(0.17)

(0.37)

(0.40)

(0.28)

(0.14)

(0.13)

Net

realized

gains

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

—

—

—

—

(0.01)

—

Total

distributions

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

(0.17)

(0.37)

(0.40)

(0.28)

(0.15)

(0.13)

Net

asset

value,

end

of

period

..........

$10.00

$10.04

$9.91

$9.60

$9.47

$10.24

Total

return

c

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

1.33%

5.12%

7.53%

4.39%

(6.08)%

1.12%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

0.87%

f

0.87%

f

0.87%

0.87%

0.87%

0.87%

Net

investment

income

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

3.34%

3.49%

3.36%

2.62%

1.47%

1.26%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$1,543

$1,229

$911

$301

$864

$1,265

Portfolio

turnover

rate

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

17%

33%

41%

20%

26%

24%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.03

$9.90

$9.59

$9.46

$10.22

$10.25

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.19 0.40 0.37 0.31 0.20 0.18 Net

realized

and

unrealized

gains

(losses)

(0.03)

0.15 0.39 0.15 (0.76)

(0.02)

Total

from

investment

operations

........

0.16 0.55 0.76 0.46 (0.56)

0.16 Less

distributions

from:

Net

investment

income

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

(0.20)

(0.42)

(0.45)

(0.33)

(0.19)

(0.19)

Net

realized

gains

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

—

—

—

—

(0.01)

—

Total

distributions

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

(0.20)

(0.42)

(0.45)

(0.33)

(0.20)

(0.19)

Net

asset

value,

end

of

period

..........

$9.99

$10.03

$9.90

$9.59

$9.46

$10.22

Total

return

c

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

1.58%

5.65%

8.06%

4.91%

(5.52)%

1.52%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

0.37%

f

0.37%

f

0.37%

0.37%

0.37%

0.37%

Net

investment

income

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

3.85%

3.98%

3.78%

3.20%

2.00%

1.78%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$11,429

$11,120

$15,158

$7,702

$5,403

$6,941

Portfolio

turnover

rate

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

17%

33%

41%

20%

26%

24%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.00

$9.88

$9.56

$9.44

$10.20

$10.23

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.19 0.40 0.37 0.31 0.20 0.18 Net

realized

and

unrealized

gains

(losses)

(0.03)

0.14 0.40 0.14 (0.76)

(0.02)

Total

from

investment

operations

........

0.16 0.54 0.77 0.45 (0.56)

0.16 Less

distributions

from:

Net

investment

income

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

(0.20)

(0.42)

(0.45)

(0.33)

(0.19)

(0.19)

Net

realized

gains

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

—

—

—

—

(0.01)

—

Total

distributions

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

(0.20)

(0.42)

(0.45)

(0.33)

(0.20)

(0.19)

Net

asset

value,

end

of

period

..........

$9.96

$10.00

$9.88

$9.56

$9.44

$10.20

Total

return

c

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

1.58%

5.56%

8.19%

4.81%

(5.53)%

1.52%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

0.37%

f

0.37%

f

0.37%

0.37%

0.37%

0.37%

Net

investment

income

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

3.86%

3.98%

3.76%

3.16%

2.01%

1.76%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$921,721

$869,558

$742,260

$711,012

$1,000,635

$1,077,719

Portfolio

turnover

rate

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

17%

33%

41%

20%

26%

24%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited),

April

30,

2026

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Management

#### Investment

#### Companies

#### 2.4%

#### Capital

#### Markets

#### 2.4%
a

Franklin

Ultra

Short

Bond

ETF

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

United

States

1,367,280

$

34,209,346

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $34,024,973)

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

#### 34,209,346

#### Principal

#### Amount

#### \*

#### Corporate

#### Bonds

#### 52.0%

#### Aerospace

#### &

#### Defense

#### 1.8%
b

BAE

Systems

plc

,

Senior

Note

,

144A,

5.125 %

,

3/26/29

.......

United

Kingdom

3,760,000

3,838,627

Boeing

Co.

(The)

,

Senior

Bond,

2.95%,

2/01/30

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

United

States

448,000

423,496

Senior

Note,

6.259%,

5/01/27

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

United

States

858,000

872,664

Senior

Note,

6.298%,

5/01/29

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

United

States

9,354,000

9,812,483

General

Electric

Co.

,

Senior

Note

,

4.3 %

,

7/29/30

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

United

States

1,025,000

1,023,128

Hexcel

Corp.

,

Senior

Note

,

4.9 %

,

5/15/31

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

United

States

2,090,000

2,091,571

b

Honeywell

Aerospace,

Inc.

,

Senior

Note

,

144A,

4.3 %

,

3/16/31

..

United

States

1,750,000

1,729,166

Howmet

Aerospace,

Inc.

,

Senior

Note

,

%

,

1/15/29

..........

United

States

2,599,000

2,507,004

Spirit

AeroSystems,

Inc.

,

Senior

Bond

,

4.6 %

,

6/15/28

........

United

States

3,175,000

3,175,272

25,473,411

#### Automobiles

#### 0.9%
b

Hyundai

Capital

America

,

Senior

Note,

144A,

5.3%,

1/08/29

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

United

States

8,255,000

8,375,630

Senior

Note,

144A,

6.5%,

1/16/29

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

United

States

2,590,000

2,705,801

Senior

Note,

144A,

5.35%,

3/19/29

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

United

States

1,288,000

1,311,461

Senior

Note,

144A,

4.55%,

9/26/29

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

United

States

170,000

169,326

12,562,218

#### Banks

#### 9.0%
b

ABN

AMRO

Bank

NV

,

Senior

Non-Preferred

Note

,

144A,

6.339%

to

9/17/26,

FRN

thereafter

,

9/18/27

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

Netherlands

4,100,000

4,128,818

Banco

Bilbao

Vizcaya

Argentaria

SA

,

Senior

Preferred

Note

,

5.381 %

,

3/13/29

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

Spain

3,800,000

3,891,680

Banco

Santander

SA

,

Senior

Non-Preferred

Note

,

1.722%

to

9/13/26,

FRN

thereafter

,

9/14/27

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

Spain

19,600,000

19,393,654

Bank

of

America

Corp.

,

B,

Junior

Sub.

Bond,

8.05%,

6/15/27

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

United

States

1,310,000

1,356,298

Senior

Note,

6.204%

to

11/09/27,

FRN

thereafter,

11/10/28

..

United

States

8,601,000

8,827,278

Senior

Note,

4.695%

to

4/22/31,

FRN

thereafter,

4/23/32

....

United

States

1,725,000

1,718,314

b

Banque

Federative

du

Credit

Mutuel

SA

,

Senior

Preferred

Note,

144A,

1.604%,

10/04/26

...........

France

5,000,000

4,948,637

Senior

Preferred

Note,

144A,

4.541%,

1/15/31

...........

France

1,075,000

1,062,767

Barclays

plc

,

Senior

Note,

6.496%

to

9/12/26,

FRN

thereafter,

9/13/27

....

United

Kingdom

2,300,000

2,316,906

Senior

Note,

5.367%

to

2/24/30,

FRN

thereafter,

2/25/31

....

United

Kingdom

1,550,000

1,578,135

b

CaixaBank

SA

,

Senior

Non-Preferred

Note,

144A,

4.634%

to

7/02/28,

FRN

thereafter,

7/03/29

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

Spain

2,960,000

2,963,246

Senior

Non-Preferred

Note,

144A,

5.673%

to

3/14/29,

FRN

thereafter,

3/15/30

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

Spain

1,295,000

1,328,476

Senior

Non-Preferred

Note,

144A,

4.818%

to

4/21/31,

FRN

thereafter,

4/22/32

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

Spain

1,155,000

1,147,762

Citibank

NA

,

Senior

Note

,

4.914 %

,

5/29/30

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

United

States

3,470,000

3,528,201

Citigroup,

Inc.

,

Senior

Note,

4.503%

to

9/10/30,

FRN

thereafter,

9/11/31

....

United

States

3,710,000

3,669,384

Sub.

Bond,

4.45%,

9/29/27

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

United

States

10,945,000

10,951,308

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Banks
(continued)

b

Credit

Agricole

SA

,

Senior

Non-Preferred

Note

,

144A,

5.335%

to

1/09/29,

FRN

thereafter

,

1/10/30

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

France

1,880,000

$

1,912,752

b

Danske

Bank

A/S

,

Senior

Preferred

Note

,

144A,

1.549%

to

9/09/26,

FRN

thereafter

,

9/10/27

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

Denmark

2,111,000

2,089,921

b

Federation

des

Caisses

Desjardins

du

Quebec

,

Senior

Note

,

144A,

4.565 %

,

8/26/30

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

Canada

1,925,000

1,921,592

Fifth

Third

Bancorp

,

Senior

Note,

6.339%

to

7/26/28,

FRN

thereafter,

7/27/29

....

United

States

880,000

911,511

Senior

Note,

4.895%

to

9/05/29,

FRN

thereafter,

9/06/30

....

United

States

2,000,000

2,007,894

First-Citizens

Bank

&

Trust

Co.

,

Sub.

Bond

,

6.125 %

,

3/09/28

...

United

States

6,917,000

7,088,512

ING

Groep

NV

,

Senior

Note,

6.083%

to

9/10/26,

FRN

thereafter,

9/11/27

....

Netherlands

4,000,000

4,022,067

Senior

Note,

4.858%

to

3/24/28,

FRN

thereafter,

3/25/29

....

Netherlands

1,900,000

1,914,304

JPMorgan

Chase

&

Co.

,

Senior

Bond,

3.54%

to

4/30/27,

FRN

thereafter,

5/01/28

....

United

States

6,250,000

6,198,629

Senior

Note,

1.47%

to

9/21/26,

FRN

thereafter,

9/22/27

.....

United

States

3,250,000

3,214,610

Senior

Note,

4.622%

to

4/22/31,

FRN

thereafter,

4/23/32

....

United

States

1,730,000

1,722,114

Lloyds

Banking

Group

plc

,

Senior

Note

,

4.818%

to

6/12/28,

FRN

thereafter

,

6/13/29

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

United

Kingdom

8,410,000

8,463,280

b

NatWest

Markets

plc

,

Senior

Note

,

144A,

4.412 %

,

11/06/30

....

United

Kingdom

2,375,000

2,348,835

PNC

Bank

NA

,

Sub.

Bond

,

4.05 %

,

7/26/28

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

United

States

6,300,000

6,251,939

Santander

Holdings

USA,

Inc.

,

Senior

Note

,

2.49%

to

1/05/27,

FRN

thereafter

,

1/06/28

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

United

States

4,000,000

3,943,271

b

Skandinaviska

Enskilda

Banken

AB

,

Senior

Preferred

Note

,

144A,

4.375 %

,

3/12/31

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

Sweden

1,650,000

1,633,794

128,455,889

#### Beverages

#### 0.1%
Keurig

Dr.

Pepper

,

Inc.

,

Senior

Bond

,

2.25 %

,

3/15/31

........

United

States

2,075,000

1,840,363

#### Biotechnology

#### 0.4%
AbbVie,

Inc.

,

Senior

Note

,

4.125 %

,

3/15/31

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

United

States

1,170,000

1,151,703

Amgen,

Inc.

,

Senior

Note

,

5.15 %

,

3/02/28

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

United

States

4,720,000

4,786,530

5,938,233

#### Broadline

#### Retail

#### 0.2%
Amazon.com,

Inc.

,

Senior

Note,

4.1%,

11/20/30

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

United

States

900,000

887,901

Senior

Note,

4.25%,

3/13/31

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

United

States

1,300,000

1,287,627

2,175,528

#### Capital

#### Markets

#### 5.8%
Ares

Capital

Corp.

,

Senior

Note,

2.15%,

7/15/26

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

United

States

4,299,000

4,277,611

Senior

Note,

7%,

1/15/27

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

United

States

765,000

775,211

Senior

Note,

2.875%,

6/15/27

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

United

States

4,581,000

4,471,933

Bank

of

New

York

Mellon

(The)

,

Senior

Note

,

4.729%

to

4/19/28,

FRN

thereafter

,

4/20/29

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

United

States

1,615,000

1,628,225

Blackstone

Private

Credit

Fund

,

Senior

Note

,

3.25 %

,

3/15/27

..

United

States

1,482,000

1,458,180

Deutsche

Bank

AG

,

Senior

Non-Preferred

Note

,

2.311%

to

11/15/26,

FRN

thereafter

,

11/16/27

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

Germany

5,921,000

5,851,199

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Note,

1.948%

to

10/20/26,

FRN

thereafter,

10/21/27

..

United

States

15,000,000

14,828,024

Senior

Note,

4.153%

to

10/20/28,

FRN

thereafter,

10/21/29

..

United

States

3,964,000

3,923,153

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Capital

#### Markets
(continued)

Goldman

Sachs

Group,

Inc.

(The),

(continued)

Senior

Note,

4.594%

to

4/19/29,

FRN

thereafter,

4/20/30

....

United

States

1,310,000

$

1,307,309

b

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.5 %

,

11/15/29

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

United

States

3,500,000

3,401,301

Jefferies

Financial

Group,

Inc.

,

Senior

Note

,

4.5 %

,

9/15/26

....

United

States

2,015,000

2,016,303

LPL

Holdings,

Inc.

,

Senior

Note,

6.75%,

11/17/28

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

United

States

399,000

417,795

Senior

Note,

5.2%,

3/15/30

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

United

States

358,000

361,587

b

Senior

Note,

144A,

4.625%,

11/15/27

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

United

States

2,000,000

1,991,237

b

Senior

Note,

144A,

4%,

3/15/29

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

United

States

510,000

496,848

Morgan

Stanley

,

Senior

Note,

4.21%

to

4/19/27,

FRN

thereafter,

4/20/28

.....

United

States

6,435,000

6,422,384

Senior

Note,

5.123%

to

1/31/28,

FRN

thereafter,

2/01/29

....

United

States

2,445,000

2,470,620

Senior

Note,

4.994%

to

4/11/28,

FRN

thereafter,

4/12/29

....

United

States

1,672,000

1,686,438

Senior

Note,

4.493%

to

1/15/31,

FRN

thereafter,

1/16/32

....

United

States

800,000

787,354

Senior

Note,

4.708%

to

3/11/31,

FRN

thereafter,

3/12/32

....

United

States

1,200,000

1,191,005

I,

Senior

Note,

4.133%

to

10/17/28,

FRN

thereafter,

10/18/29

United

States

1,420,000

1,405,548

Sub.

Bond,

3.95%,

4/23/27

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

United

States

10,000,000

9,976,766

b

MSCI,

Inc.

,

Senior

Bond,

144A,

4%,

11/15/29

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

United

States

4,825,000

4,688,094

Senior

Bond,

144A,

3.625%,

9/01/30

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

United

States

432,000

409,050

UBS

AG

,

Senior

Note

,

1.25 %

,

8/07/26

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

Switzerland

887,000

880,885

b

UBS

Group

AG

,

Senior

Note

,

144A,

5.428%

to

2/07/29,

FRN

thereafter

,

2/08/30

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

Switzerland

5,750,000

5,869,476

82,993,536

#### Chemicals

#### 0.8%
Celanese

US

Holdings

LLC

,

Senior

Note

,

1.4 %

,

8/05/26

......

United

States

10,693,000

10,594,627

#### Commercial

#### Services

#### &

#### Supplies

#### 0.1%
Republic

Services,

Inc.

,

Senior

Note

,

%

,

11/15/29

..........

United

States

900,000

919,071

#### Communications

#### Equipment

#### 0.2%
Motorola

Solutions,

Inc.

,

Senior

Bond,

2.3%,

11/15/30

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

United

States

1,106,000

999,551

Senior

Note,

4.85%,

8/15/30

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

United

States

1,284,000

1,294,755

2,294,306

#### Consumer

#### Finance

#### 3.6%
AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Note,

2.45%,

10/29/26

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

Ireland

2,900,000

2,876,837

Senior

Note,

6.1%,

1/15/27

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

Ireland

10,000,000

10,109,828

Senior

Note,

4.125%,

2/28/29

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

Ireland

370,000

365,505

Ally

Financial,

Inc.

,

Senior

Note

,

4.75 %

,

6/09/27

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

United

States

2,715,000

2,722,960

b

Avolon

Holdings

Funding

Ltd.

,

Senior

Note,

144A,

5.75%,

11/15/29

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

Ireland

5,414,000

5,549,471

Senior

Note,

144A,

4.9%,

10/10/30

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

Ireland

1,790,000

1,781,311

Capital

One

Financial

Corp.

,

Senior

Note,

4.493%

to

9/10/30,

FRN

thereafter,

9/11/31

....

United

States

3,555,000

3,498,696

Senior

Note,

4.722%

to

1/29/31,

FRN

thereafter,

1/30/32

....

United

States

1,025,000

1,013,049

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

5.8 %

,

3/05/27

.......

United

States

8,280,000

8,340,006

b

Gabx

Leasing

LLC

,

Senior

Note

,

144A,

4.625 %

,

4/15/31

......

United

States

1,390,000

1,372,451

General

Motors

Financial

Co.,

Inc.

,

Senior

Note,

1.5%,

6/10/26

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

United

States

11,250,000

11,215,477

Senior

Note,

4.2%,

10/27/28

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

United

States

440,000

436,484

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Consumer

#### Finance
(continued)

b

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note

,

144A,

5.15 %

,

3/17/30

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

United

Kingdom

932,000

$

928,653

50,210,728

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.4%
b

7-Eleven,

Inc.

,

Senior

Note

,

144A,

1.3 %

,

2/10/28

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

United

States

4,302,000

4,072,977

Walmart,

Inc.

,

Senior

Note

,

4.35 %

,

4/28/30

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

United

States

1,285,000

1,296,183

5,369,160

#### Containers

#### &

#### Packaging

#### 0.9%
AptarGroup,

Inc.

,

Senior

Note

,

4.75 %

,

3/30/31

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

United

States

850,000

844,276

Berry

Global,

Inc.

,

Senior

Secured

Note,

1.65%,

1/15/27

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

United

States

10,380,000

10,183,625

Senior

Secured

Note,

5.5%,

4/15/28

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

United

States

870,000

886,406

11,914,307

#### Diversified

#### REITs

#### 0.8%
Equinix

Asia

Financing

Corp.

Pte.

Ltd.

,

Senior

Note

,

4.4 %

,

3/15/31

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

United

States

1,010,000

991,933

VICI

Properties

LP

,

Senior

Note

,

4.75 %

,

2/15/28

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

United

States

2,339,000

2,343,062

b

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note,

144A,

4.5%,

9/01/26

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

United

States

1,410,000

1,409,800

Senior

Note,

144A,

3.75%,

2/15/27

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

United

States

876,000

869,919

Senior

Note,

144A,

4.5%,

1/15/28

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

United

States

2,935,000

2,918,325

Senior

Note,

144A,

3.875%,

2/15/29

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

United

States

1,365,000

1,329,904

9,862,943

#### Diversified

#### Telecommunication

#### Services

#### 0.7%
b

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond,

144A,

5.125%,

5/01/27

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

United

States

1,132,000

1,131,300

Senior

Bond,

144A,

5%,

2/01/28

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

United

States

3,675,000

3,633,831

b

Cipher

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.125 %

,

11/15/30

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

United

States

3,070,000

3,185,921

Sprint

Capital

Corp.

,

Senior

Bond

,

6.875 %

,

11/15/28

.........

United

States

1,484,000

1,567,092

b

SV

RNO

Property

Owner

LLC

,

Senior

Secured

Note

,

144A,

5.875 %

,

3/01/31

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

United

States

955,000

937,618

10,455,762

#### Electric

#### Utilities

#### 2.6%
b

Enel

Finance

International

NV

,

Senior

Note

,

144A,

4.125 %

,

9/30/28

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

Italy

745,000

737,601

Eversource

Energy

,

Senior

Note

,

5.45 %

,

3/01/28

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

United

States

1,000,000

1,015,261

FirstEnergy

Corp.

,

B

,

Senior

Bond

,

3.9 %

,

7/15/27

...........

United

States

3,500,000

3,476,732

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Note,

4.685%,

9/01/27

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

United

States

755,000

758,568

Senior

Note,

5.05%,

3/15/30

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

United

States

2,540,000

2,585,754

Pacific

Gas

and

Electric

Co.

,

Senior

Note,

3%,

6/15/28

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

United

States

8,686,000

8,401,169

Senior

Note,

6.1%,

1/15/29

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

United

States

785,000

811,441

b

Palomino

Funding

Trust

I

,

Senior

Secured

Note

,

144A,

7.233 %

,

5/17/28

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

United

States

1,320,000

1,375,844

Southern

Co.

(The)

,

Senior

Bond,

3.25%,

7/01/26

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

United

States

4,950,000

4,943,917

Senior

Note,

5.5%,

3/15/29

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

United

States

1,960,000

2,015,653

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Electric

#### Utilities
(continued)

b

Vistra

Operations

Co.

LLC

,

Senior

Note,

144A,

5.05%,

12/30/26

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

United

States

4,250,000

$

4,268,347

Senior

Note,

144A,

4.3%,

10/15/28

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

United

States

2,105,000

2,081,602

Senior

Note,

144A,

4.7%,

1/31/31

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

United

States

875,000

861,873

Senior

Note,

144A,

5%,

4/30/31

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

United

States

1,540,000

1,535,956

Wisconsin

Electric

Power

Co.

,

Senior

Note

,

4.15 %

,

10/15/30

...

United

States

1,120,000

1,105,115

35,974,833

#### Electrical

#### Equipment

#### 0.5%
Eaton

Corp.

,

Senior

Note

,

4.2 %

,

3/06/31

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

United

States

1,175,000

1,158,965

Regal

Rexnord

Corp.

,

Senior

Note

,

6.05 %

,

4/15/28

..........

United

States

2,460,000

2,522,646

b

Vertiv

Group

Corp.

,

Senior

Secured

Note

,

144A,

4.125 %

,

11/15/28

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

United

States

2,796,000

2,764,220

6,445,831

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.1%
Amphenol

Corp.

,

Senior

Note

,

3.9 %

,

11/15/28

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

United

States

985,000

977,285

#### Entertainment

#### 0.4%
b

Netflix,

Inc.

,

Senior

Bond

,

144A,

5.375 %

,

11/15/29

..........

United

States

5,659,000

5,815,715

#### Financial

#### Services

#### 1.1%
Block,

Inc.

,

Senior

Note

,

2.75 %

,

6/01/26

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

United

States

10,575,000

10,553,146

Corebridge

Financial,

Inc.

,

Senior

Note

,

3.65 %

,

4/05/27

.......

United

States

4,715,000

4,687,130

b

Nationwide

Building

Society

,

Senior

Non-Preferred

Note

,

144A,

4.649%

to

7/13/28,

FRN

thereafter

,

7/14/29

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

United

Kingdom

890,000

891,465

16,131,741

#### Food

#### Products

#### 1.5%
Bunge

Ltd.

Finance

Corp.

,

Senior

Note

,

3.2 %

,

4/21/31

.......

United

States

472,000

440,787

JBS

NV

/

JBS

USA

Foods

Group

Holdings,

Inc.

/

JBS

USA

Food

Co.

Holdings

,

Senior

Note

,

%

,

2/02/29

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

United

States

1,660,000

1,595,353

b

JDE

Peet's

NV

,

Senior

Note

,

144A,

1.375 %

,

1/15/27

.........

Netherlands

680,000

665,185

Kellanova

,

B

,

Senior

Bond

,

7.45 %

,

4/01/31

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

United

States

300,000

337,922

b

Mars,

Inc.

,

Senior

Note,

144A,

4.6%,

3/01/28

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

United

States

1,620,000

1,630,078

Senior

Note,

144A,

4.8%,

3/01/30

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

United

States

6,470,000

6,536,770

Senior

Note,

144A,

4.65%,

4/20/31

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

United

States

157,000

158,272

McCormick

&

Co.,

Inc.

,

Senior

Note

,

4.15 %

,

2/15/29

.........

United

States

495,000

490,723

b

Mondelez

International

Holdings

Netherlands

BV

,

Senior

Note

,

144A,

1.25 %

,

9/24/26

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

United

States

10,000,000

9,886,270

21,741,360

#### Ground

#### Transportation

#### 0.9%
b

Ashtead

Capital,

Inc.

,

Senior

Note

,

144A,

1.5 %

,

8/12/26

......

United

Kingdom

9,275,000

9,195,238

b

SMBC

Aviation

Capital

Finance

DAC

,

Senior

Note,

144A,

5.3%,

4/03/29

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

Ireland

3,195,000

3,241,753

Senior

Note,

144A,

5.1%,

4/01/30

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

Ireland

800,000

806,780

13,243,771

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.8%
GE

HealthCare

Technologies,

Inc.

,

Senior

Note,

4.15%,

12/15/28

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

United

States

735,000

730,465

Senior

Note,

4.8%,

8/14/29

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

United

States

610,000

614,879

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Health

#### Care

#### Equipment

#### &

#### Supplies
(continued)

b

Medline

Borrower

LP

,

Senior

Secured

Note

,

144A,

3.875 %

,

4/01/29

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

United

States

10,630,000

$

10,333,023

11,678,367

#### Health

#### Care

#### Providers

#### &

#### Services

#### 1.1%
CVS

Health

Corp.

,

Senior

Bond,

1.875%,

2/28/31

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

United

States

510,000

447,314

Senior

Note,

5.4%,

6/01/29

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

United

States

7,750,000

7,933,829

HCA,

Inc.

,

Senior

Note

,

5.2 %

,

6/01/28

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

United

States

4,800,000

4,865,625

Icon

Investments

Six

DAC

,

Senior

Secured

Note,

5.809%,

5/08/27

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

United

States

1,267,000

1,276,973

Senior

Secured

Note,

5.849%,

5/08/29

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

United

States

871,000

887,668

15,411,409

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.3%
Airbnb,

Inc.

,

Senior

Note

,

4.65 %

,

3/16/31

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

United

States

1,325,000

1,323,136

b

Carnival

Corp.

,

Senior

Note,

144A,

5.125%,

5/01/29

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

United

States

1,905,000

1,900,281

Senior

Note,

144A,

5.75%,

3/15/30

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

United

States

184,000

186,768

Senior

Secured

Note,

144A,

4%,

8/01/28

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

United

States

8,243,000

8,053,165

Hyatt

Hotels

Corp.

,

Senior

Note,

5.75%,

1/30/27

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

United

States

3,362,000

3,392,180

Senior

Note,

5.05%,

3/30/28

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

United

States

2,055,000

2,075,707

Las

Vegas

Sands

Corp.

,

Senior

Note

,

3.5 %

,

8/18/26

.........

United

States

1,763,000

1,758,621

18,689,858

#### Household

#### Durables

#### 0.6%
DR

Horton,

Inc.

,

Senior

Note

,

1.3 %

,

10/15/26

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

United

States

5,320,000

5,254,345

Toll

Brothers

Finance

Corp.

,

Senior

Bond,

4.35%,

2/15/28

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

United

States

287,000

285,986

Senior

Bond,

3.8%,

11/01/29

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

United

States

2,140,000

2,085,748

7,626,079

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.6%
b

Alexander

Funding

Trust

II

,

Senior

Secured

Note

,

144A,

7.467 %

,

7/31/28

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

United

States

2,165,000

2,278,936

Constellation

Energy

Generation

LLC

,

Senior

Note,

5.6%,

3/01/28

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

United

States

3,000,000

3,061,482

Senior

Note,

4.4%,

1/15/31

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

United

States

575,000

569,157

Southern

Power

Co.

,

A

,

Senior

Note

,

4.25 %

,

10/01/30

........

United

States

650,000

642,477

b,c

Vistra

Corp.

,

Junior

Sub.

Bond

,

144A,

8%

to

10/14/26,

FRN

thereafter

,

Perpetual

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

United

States

2,050,000

2,068,989

8,621,041

#### Insurance

#### 1.9%
b

AEGON

Funding

Co.

LLC

,

Senior

Note

,

144A,

5.5 %

,

4/16/27

..

Netherlands

2,580,000

2,602,084

Arthur

J

Gallagher

&

Co.

,

Senior

Note

,

4.85 %

,

12/15/29

......

United

States

660,000

666,558

b

Athene

Global

Funding

,

Secured

Note

,

144A,

1.73 %

,

10/02/26

.

United

States

12,044,000

11,912,006

Brown

&

Brown,

Inc.

,

Senior

Note

,

4.7 %

,

6/23/28

...........

United

States

2,885,000

2,894,570

b

CNO

Global

Funding

,

Secured

Note,

144A,

1.75%,

10/07/26

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

United

States

3,340,000

3,304,013

Secured

Note,

144A,

2.65%,

1/06/29

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

United

States

403,000

382,495

Secured

Note,

144A,

4.95%,

9/09/29

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

United

States

500,000

503,830

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

6.5 %

,

6/04/29

.......

United

States

2,230,000

2,257,288

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Insurance
(continued)

Willis

North

America,

Inc.

,

Senior

Note

,

4.65 %

,

6/15/27

.......

United

States

2,635,000

$

2,641,880

27,164,724

#### Interactive

#### Media

#### &

#### Services

#### 0.5%
Alphabet,

Inc.

,

Senior

Note,

4.1%,

11/15/30

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

United

States

2,005,000

1,988,480

Senior

Note,

4.1%,

2/15/31

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

United

States

1,560,000

1,542,100

Meta

Platforms,

Inc.

,

Senior

Note

,

4.2 %

,

11/15/30

...........

United

States

3,045,000

3,010,196

6,540,776

#### Leisure

#### Products

#### 0.3%
Brunswick

Corp.

,

Senior

Bond

,

2.4 %

,

8/18/31

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

United

States

2,248,000

1,959,924

Hasbro,

Inc.

,

Senior

Note

,

4.65 %

,

3/12/31

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

United

States

2,940,000

2,918,309

4,878,233

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.1%
Illumina,

Inc.

,

Senior

Note

,

4.65 %

,

9/09/26

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

United

States

1,067,000

1,067,720

#### Media

#### 0.3%
Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Note

,

2.25 %

,

1/15/29

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

United

States

1,000,000

934,727

Cox

Communications,

Inc.

,

Senior

Bond

,

6.8 %

,

8/01/28

.......

United

States

1,300,000

1,354,408

Omnicom

Group,

Inc.

,

Senior

Note

,

4.2 %

,

3/02/29

...........

United

States

1,220,000

1,206,602

3,495,737

#### Metals

#### &

#### Mining

#### 0.4%
b

Anglo

American

Capital

plc

,

Senior

Note

,

144A,

4.625 %

,

3/19/31

South

Africa

1,525,000

1,508,556

b

Glencore

Funding

LLC

,

Senior

Note,

144A,

5.4%,

5/08/28

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

Australia

1,429,000

1,451,269

Senior

Note,

144A,

6.125%,

10/06/28

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

Australia

2,500,000

2,587,177

5,547,002

#### Multi-Utilities

#### 0.3%
Dominion

Energy,

Inc.

,

Senior

Note

,

4.6 %

,

5/15/28

..........

United

States

2,575,000

2,584,233

Southern

Co.

Gas

Capital

Corp.

,

A

,

Senior

Note

,

4.05 %

,

9/15/28

United

States

725,000

718,999

3,303,232

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 2.4%
Canadian

Natural

Resources

Ltd.

,

Senior

Note

,

%

,

12/15/29

..

Canada

2,389,000

2,423,975

Cheniere

Energy

Partners

LP

,

Senior

Note

,

4.5 %

,

10/01/29

....

United

States

5,380,000

5,353,429

Coterra

Energy

Operating

Co.

,

Senior

Bond

,

3.9 %

,

5/15/27

....

United

States

3,874,000

3,839,354

Diamondback

Energy,

Inc.

,

Senior

Note

,

5.15 %

,

1/30/30

......

United

States

2,195,000

2,246,043

Enbridge,

Inc.

,

Senior

Note

,

1.6 %

,

10/04/26

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

Canada

1,900,000

1,880,306

Energy

Transfer

LP

,

Senior

Note,

6.05%,

12/01/26

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

United

States

5,000,000

5,047,645

Senior

Note,

5.25%,

7/01/29

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

United

States

960,000

980,731

Senior

Note,

5.2%,

4/01/30

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

United

States

430,000

439,356

ONEOK,

Inc.

,

Senior

Note

,

5.65 %

,

11/01/28

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

United

States

3,000,000

3,078,335

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Note,

4.911%,

9/01/27

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

Canada

1,500,000

1,505,991

Senior

Note,

5.026%,

10/01/29

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

Canada

920,000

926,741

Targa

Resources

Corp.

,

Senior

Note

,

4.35 %

,

4/15/31

........

United

States

675,000

661,879

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

b

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Note

,

144A,

6.25 %

,

1/15/30

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

United

States

3,275,000

$

3,372,444

Viper

Energy

Partners

LLC

,

Senior

Note

,

4.9 %

,

8/01/30

.......

United

States

1,029,000

1,028,926

32,785,155

#### Paper

#### &

#### Forest

#### Products

#### 0.8%
b

Georgia-Pacific

LLC

,

Senior

Note,

144A,

0.95%,

5/15/26

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

United

States

8,790,000

8,779,140

Senior

Note,

144A,

4.4%,

6/30/28

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

United

States

920,000

921,040

Senior

Note,

144A,

4.6%,

5/15/31

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

United

States

2,015,000

2,013,691

11,713,871

#### Passenger

#### Airlines

#### 0.2%
b

AS

Mileage

Plan

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.021 %

,

10/20/29

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

United

States

2,065,000

2,044,405

b

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.625 %

,

4/15/29

United

States

835,000

824,759

2,869,164

#### Personal

#### Care

#### Products

#### 0.3%
Haleon

US

Capital

LLC

,

Senior

Note

,

3.375 %

,

3/24/27

.......

United

States

4,040,000

4,007,148

#### Pharmaceuticals

#### 1.2%
Novartis

Capital

Corp.

,

Senior

Note,

4.1%,

11/05/30

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

United

States

2,910,000

2,872,727

Senior

Note,

4.4%,

3/18/31

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

United

States

2,420,000

2,417,046

Royalty

Pharma

plc

,

Senior

Note,

2.2%,

9/02/30

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

United

States

3,000,000

2,710,123

Senior

Note,

4.45%,

3/25/31

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

United

States

2,140,000

2,115,918

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note,

6.75%,

3/01/28

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

Israel

3,500,000

3,592,144

Senior

Note,

5.125%,

5/09/29

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

Israel

1,750,000

1,757,506

Teva

Pharmaceutical

Finance

Netherlands

IV

BV

,

Senior

Note

,

5.75 %

,

12/01/30

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

Israel

1,730,000

1,776,691

17,242,155

#### Professional

#### Services

#### 0.1%
Paychex,

Inc.

,

Senior

Note

,

5.1 %

,

4/15/30

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

United

States

2,010,000

2,032,279

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.9%
Broadcom,

Inc.

,

Senior

Note,

5.05%,

7/12/29

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

United

States

885,000

902,317

Senior

Note,

4.6%,

7/15/30

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

United

States

2,820,000

2,833,720

Senior

Note,

4.2%,

10/15/30

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

United

States

1,810,000

1,788,027

b

Foundry

JV

Holdco

LLC

,

Senior

Secured

Note,

144A,

5.9%,

1/25/30

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

United

States

2,105,000

2,184,945

Senior

Secured

Note,

144A,

5.5%,

1/25/31

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

United

States

1,180,000

1,211,284

Senior

Secured

Note,

144A,

6.15%,

1/25/32

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

United

States

664,000

699,054

Marvell

Technology,

Inc.

,

Senior

Note,

5.75%,

2/15/29

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

United

States

1,750,000

1,806,625

Senior

Note,

4.75%,

7/15/30

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

United

States

365,000

366,751

11,792,723

#### Software

#### 1.4%
Oracle

Corp.

,

Senior

Note,

4.55%,

2/04/29

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

United

States

2,860,000

2,825,874

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Software
(continued)

Oracle

Corp.,

(continued)

Senior

Note,

4.45%,

9/26/30

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

United

States

825,000

$

795,912

Senior

Note,

4.95%,

2/04/31

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

United

States

1,585,000

1,550,820

Salesforce,

Inc.

,

Senior

Note

,

4.5 %

,

3/15/28

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

United

States

1,740,000

1,742,041

Synopsys,

Inc.

,

Senior

Note,

4.55%,

4/01/27

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

United

States

2,475,000

2,484,844

Senior

Note,

4.65%,

4/01/28

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

United

States

1,115,000

1,121,946

VMware

LLC

,

Senior

Note

,

1.4 %

,

8/15/26

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

United

States

8,989,000

8,920,757

19,442,194

#### Specialized

#### REITs

#### 0.8%
American

Tower

Corp.

,

Senior

Note,

2.75%,

1/15/27

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

United

States

4,403,000

4,360,228

Senior

Note,

4.9%,

3/15/30

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

United

States

665,000

671,757

Crown

Castle,

Inc.

,

Senior

Note

,

4.9 %

,

9/01/29

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

United

States

3,585,000

3,603,118

Equinix,

Inc.

,

Senior

Note

,

2.9 %

,

11/18/26

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

United

States

718,000

712,926

9,348,029

#### Specialty

#### Retail

#### 0.5%
b

Dick's

Sporting

Goods,

Inc.

,

Senior

Note

,

144A,

%

,

10/01/29

..

United

States

6,695,000

6,524,239

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.4%
Hewlett

Packard

Enterprise

Co.

,

Senior

Note

,

4.55 %

,

10/15/29

.

United

States

5,700,000

5,680,686

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.1%
Tapestry,

Inc.

,

Senior

Note

,

5.1 %

,

3/11/30

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

United

States

1,635,000

1,655,315

#### Tobacco

#### 1.1%
BAT

Capital

Corp.

,

Senior

Bond,

4.906%,

4/02/30

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

United

Kingdom

5,460,000

5,518,340

Senior

Note,

6.343%,

8/02/30

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

United

Kingdom

1,275,000

1,359,592

Philip

Morris

International,

Inc.

,

Senior

Note,

4.625%,

11/01/29

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

United

States

815,000

821,633

Senior

Note,

5.125%,

2/15/30

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

United

States

3,897,000

3,980,768

Senior

Note,

4.375%,

4/30/30

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

United

States

2,970,000

2,956,756

14,637,089

#### Trading

#### Companies

#### &

#### Distributors

#### 0.5%
b

Aircastle

Ltd.

,

Senior

Note

,

144A,

6.5 %

,

7/18/28

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

United

States

2,805,000

2,904,200

b

Aviation

Capital

Group

LLC

,

Senior

Note

,

144A,

5.375 %

,

7/15/29

United

States

1,860,000

1,891,032

Sumisho

Air

Lease

Corp.

,

Senior

Note

,

5.3 %

,

6/25/26

........

United

States

3,426,000

3,430,461

8,225,693

#### Wireless

#### Telecommunication

#### Services

#### 0.3%
Rogers

Communications,

Inc.

,

Senior

Note

,

%

,

2/15/29

......

Canada

4,205,000

4,241,178

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $726,568,041)
...................................

#### 727,611,714

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### 0.3%
b

Electricite

de

France

SA

,

Senior

Note,

144A,

5.7%,

5/23/28

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

France

3,500,000

3,579,072

Senior

Note,

144A,

5.65%,

4/22/29

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

France

430,000

443,205

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $3,972,047)
.............

#### 4,022,277
Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 5.0%
U.S.

Treasury

Notes

,

3.875%,

5/31/27

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

United

States

70,500,000

$

70,557,832

d

0.625%,

11/30/27

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

United

States

113,000

107,407

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $70,507,452)
...............

#### 70,665,239

#### Asset-Backed

#### Securities

#### 9.2%

#### Automobiles

#### 0.1%
Volkswagen

Auto

Loan

Enhanced

Trust

,

2023-1,

A3,

5.02%,

6/20/28

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

United

States

238,644

239,688

2025-1,

A2A,

4.51%,

1/20/28

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

United

States

1,728,210

1,730,741

1,970,429

a

a

a

a

a

a

#### Consumer

#### Finance

#### 1.8%
Capital

One

Prime

Auto

Receivables

Trust

,

2024-1,

A2A,

4.61%,

10/15/27

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

United

States

101,363

101,397

2025-1,

A3,

3.85%,

7/15/30

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

United

States

439,000

436,168

GM

Financial

Consumer

Automobile

Receivables

Trust

,

2023-1

,

A3

,

4.66 %

,

2/16/28

.

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

United

States

438,436

439,044

Harley-Davidson

Motorcycle

Trust

,

2025-A

,

A3

,

4.67 %

,

4/15/30

.

United

States

4,230,000

4,254,861

Hyundai

Auto

Receivables

Trust

,

2023-B,

A3,

5.48%,

4/17/28

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

United

States

2,191,709

2,202,264

2024-C,

A3,

4.41%,

5/15/29

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

United

States

1,132,000

1,135,884

2025-B,

A3,

4.36%,

12/17/29

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

United

States

1,675,000

1,681,656

e

2025-C,

A2B,

FRN,

3.99%,

(30-day

SOFR

Average

+

0.35%),

7/17/28

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

United

States

5,252,604

5,251,624

e

2026-A,

A2B,

FRN,

3.98%,

(30-day

SOFR

Average

+

0.34%),

2/15/29

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

United

States

1,328,000

1,327,450

Nissan

Auto

Receivables

Owner

Trust

,

2025-A

,

A3

,

4.49 %

,

12/17/29

.

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

United

States

1,900,000

1,910,993

Toyota

Auto

Receivables

Owner

Trust

,

2023-B,

A3,

4.71%,

2/15/28

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

United

States

569,756

571,181

2024-A,

A3,

4.83%,

10/16/28

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

United

States

3,532,996

3,549,526

2026-A,

A3,

3.86%,

9/16/30

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

United

States

1,035,000

1,028,949

World

Omni

Auto

Receivables

Trust

,

2026-A

,

A3

,

3.86 %

,

5/15/31

.

United

States

2,649,000

2,631,895

26,522,892

a

a

a

a

a

a

#### Financial

#### Services

#### 7.3%
b,e

AIMCO

CLO

Ltd.

,

2022-17A

,

A1R

,

144A,

FRN

,

5.014 %

,

(3-month

SOFR

+

1.35 %),

7/20/37

.

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

Jersey

1,500,000

1,503,963

b,e

Allegro

CLO

XII

Ltd.

,

2020-1A

,

A1R

,

144A,

FRN

,

5.112 %

,

(3-month

SOFR

+

1.44 %),

7/21/37

.

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

United

States

410,000

411,259

b,e

Angel

Oak

Mortgage

Trust

,

2025-HB1

,

A1

,

144A,

FRN

,

5.445 %

,

(30-day

SOFR

Average

+

1.8 %),

2/25/55

.

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

United

States

638,833

642,392

b,e

Bain

Capital

Credit

CLO

Ltd.

,

2022-2A

,

A1R

,

144A,

FRN

,

4.814 %

,

(3-month

SOFR

+

1.15 %),

4/22/35

.

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

United

States

1,650,000

1,651,632

b,e

Black

Diamond

CLO

Ltd.

,

2021-1A

,

A1AR

,

144A,

FRN

,

4.914 %

,

(3-month

SOFR

+

1.25 %),

11/22/34

.

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

United

States

854,000

855,175

b

BofA

Auto

Trust

,

2024-1A

,

A3

,

144A,

5.35 %

,

11/15/28

.

........

United

States

897,676

903,977

b,e

BRAVO

Residential

Funding

Trust

,

2025-HE1

,

A1

,

144A,

FRN

,

4.995 %

,

(30-day

SOFR

Average

+

1.35 %),

9/25/72

.

........

United

States

1,422,667

1,426,705

CarMax

Auto

Owner

Trust

,

2025-2,

A2A,

4.59%,

7/17/28

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

United

States

834,420

836,325

2026-1,

A2A,

3.87%,

4/16/29

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

United

States

924,000

922,709

2026-1,

A3,

4.04%,

3/17/31

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

United

States

739,000

735,842

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,e

Cathedral

Lake

VIII

Ltd.

,

2021-8A

,

A1R

,

144A,

FRN

,

4.805 %

,

(3-month

SOFR

+

1.13 %),

1/20/35

.

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

United

States

3,790,000

$

3,793,072

b

Chase

Auto

Owner

Trust

,

2025-1A

,

A3

,

144A,

4.29 %

,

6/25/30

.

..

United

States

2,664,000

2,668,411

b,e

CIFC

Funding

Ltd.

,

2020-1A,

A1R,

144A,

FRN,

5.085%,

(3-month

SOFR

+

1.412%),

7/15/36

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

United

States

3,320,000

3,326,101

2021-7A,

AR,

144A,

FRN,

4.756%,

(3-month

SOFR

+

1.09%),

1/23/35

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

United

States

5,785,000

5,785,859

b

Citizens

Auto

Receivables

Trust

,

2024-1

,

A3

,

144A,

5.11 %

,

4/17/28

.

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

United

States

3,798,661

3,813,394

b

Corporate

One

Auto

Receivables

Trust

,

2026-1A

,

A2

,

144A,

4.13 %

,

9/15/28

.

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

United

States

1,319,000

1,317,937

b,e

Elmwood

CLO

I

Ltd.

,

2019-1A

,

A1R3

,

144A,

FRN

,

4.795 %

,

(3-month

SOFR

+

1.12 %),

4/20/37

.

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

United

States

1,250,000

1,247,519

b,e

Elmwood

CLO

III

Ltd.

,

2019-3A

,

A1RR

,

144A,

FRN

,

5.055 %

,

(3-month

SOFR

+

1.38 %),

7/18/37

.

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

United

States

1,750,000

1,754,629

b

FIGRE

Trust

,

2025-FL1

,

A1

,

144A,

5.265 %

,

7/25/55

.

.........

United

States

597,281

597,357

e

First

Franklin

Mortgage

Loan

Trust

,

2006-FF15

,

A5

,

FRN

,

3.929 %

,

(1-month

SOFR

+

0.274 %),

11/25/36

.

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

United

States

7,972

8,346

Ford

Credit

Auto

Owner

Trust

,

2024-A,

A3,

5.09%,

12/15/28

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

United

States

2,557,678

2,575,629

2024-B,

A3,

5.1%,

4/15/29

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

United

States

1,567,522

1,579,714

b,e

FS

Rialto

,

2021-FL3

,

A

,

144A,

FRN

,

5.029 %

,

(1-month

SOFR

+

1.364 %),

11/16/36

.

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

United

States

1,241,180

1,242,691

b

GM

Financial

Revolving

Receivables

Trust

,

2024-1

,

A

,

144A,

4.98 %

,

12/11/36

.

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

United

States

3,817,000

3,889,719

b,e

GoldenTree

Loan

Management

US

CLO

Ltd.

,

2021-11A

,

AR

,

144A,

FRN

,

4.755 %

,

(3-month

SOFR

+

1.08 %),

10/20/34

.

...

United

States

5,000,000

5,003,282

e

GSAA

Home

Equity

Trust

,

2006-8

,

2A2

,

FRN

,

4.129 %

,

(1-month

SOFR

+

0.474 %),

5/25/36

.

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

United

States

460,712

92,666

Honda

Auto

Receivables

Owner

Trust

,

2024-1,

A3,

5.21%,

8/15/28

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

United

States

3,269,981

3,289,898

2025-4,

A2A,

4.04%,

6/15/28

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

United

States

1,275,000

1,275,626

2026-1,

A2A,

3.71%,

9/21/28

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

United

States

6,262,000

6,250,090

b,f

Iskandar

Enterprise

LLC

,

2026-1A

,

A21

,

144A,

5.049 %

,

4/17/56

.

United

States

4,578,000

4,588,586

b

J.P.

Morgan

Mortgage

Trust

,

e

2023-HE2,

A1,

144A,

FRN,

5.34%,

(30-day

SOFR

Average

+

1.7%),

3/20/54

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

United

States

762,166

764,334

2024-CES1,

A1A,

144A,

5.919%,

6/25/54

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

United

States

495,179

497,672

e

2026-HE1,

A1,

144A,

FRN,

4.895%,

(30-day

SOFR

Average

+

1.25%),

9/20/56

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

United

States

768,000

770,521

b,e

Madison

Park

Funding

L

Ltd.

,

2021-50A

,

AR

,

144A,

FRN

,

4.645 %

,

(3-month

SOFR

+

0.97 %),

4/19/34

.

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

United

States

2,100,000

2,099,971

b,e

Madison

Park

Funding

XXX

Ltd.

,

2018-30A

,

A1R

,

144A,

FRN

,

5.04 %

,

(3-month

SOFR

+

1.36 %),

7/16/37

.

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

United

States

1,840,000

1,844,866

b,e

Nassau

Ltd.

,

2020-1A

,

A1R

,

144A,

FRN

,

5.225 %

,

(3-month

SOFR

+

1.552 %),

1/15/35

.

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

United

States

1,624,658

1,627,980

b,e

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

,

2017-25A

,

AR2

,

144A,

FRN

,

5.075 %

,

(3-month

SOFR

+

1.4 %),

7/18/38

.

.....

United

States

2,000,000

2,006,149

b,e

Oaktree

CLO

Ltd.

,

2019-4A,

ARR,

144A,

FRN,

5.185%,

(3-month

SOFR

+

1.51%),

7/20/37

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

United

States

1,250,000

1,254,346

2021-1A,

A1R,

144A,

FRN,

5.023%,

(3-month

SOFR

+

1.35%),

1/15/38

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

United

States

1,270,000

1,272,362

b

OCCU

Auto

Receivables

Trust

,

2025-1A

,

A3

,

144A,

4.81 %

,

11/15/29

.

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

United

States

1,124,000

1,130,498

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,e

Octagon

Investment

Partners

Ltd.

,

2020-5A

,

ARR

,

144A,

FRN

,

4.793 %

,

(3-month

SOFR

+

1.12 %),

4/15/37

.

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

United

States

5,700,000

$

5,688,395

e

Park

Place

Securities,

Inc.

,

2004-WCW2

,

M3

,

FRN

,

4.819 %

,

(1-month

SOFR

+

1.164 %),

10/25/34

.

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

United

States

36,221

35,984

b

PK

ALIFT

Loan

Funding

LP

,

2025-2

,

A

,

144A,

4.75 %

,

3/15/43

.

United

States

660,452

654,253

b,e

PRMI

Securitization

Trust

,

2024-CMG1

,

A1

,

144A,

FRN

,

5.104 %

,

(30-day

SOFR

Average

+

1.45 %),

7/25/54

.

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

United

States

2,026,566

2,026,808

b,e

Prodigy

Finance

DAC

,

2021-1A

,

A

,

144A,

FRN

,

5.019 %

,

(1-month

SOFR

+

1.364 %),

7/25/51

.

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

Ireland

152,314

152,086

b,e

Signal

Peak

CLO

Ltd.

,

2018-5A

,

A1R

,

144A,

FRN

,

5.217 %

,

(3-month

SOFR

+

1.55 %),

4/25/37

.

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

United

States

1,500,000

1,504,997

b,e

Sound

Point

CLO

XXXII

Ltd.

,

2021-4A

,

AR

,

144A,

FRN

,

4.697 %

,

(3-month

SOFR

+

1.03 %),

10/25/34

.

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

United

States

1,250,000

1,250,593

b,e

Symphony

CLO

XXIII

Ltd.

,

2020-23A

,

AR2

,

144A,

FRN

,

4.573 %

,

(3-month

SOFR

+

0.9 %),

1/15/34

.

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

United

States

982,964

982,984

b,e

TCW

CLO

Ltd.

,

2020-1A

,

A1R3

,

144A,

FRN

,

4.725 %

,

(3-month

SOFR

+

1.05 %),

4/20/34

.

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

United

States

7,550,000

7,555,990

b,e

Towd

Point

Mortgage

Trust

,

2025-HE1

,

A1A

,

144A,

FRN

,

4.995 %

,

(30-day

SOFR

Average

+

1.35 %),

7/25/65

.

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

United

States

594,432

596,195

b,e

Voya

CLO

Ltd.

,

2019-3A

,

AR

,

144A,

FRN

,

5.022 %

,

(3-month

SOFR

+

1.342 %),

10/17/32

.

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

United

States

811,795

811,808

b,e

Wise

CLO

Ltd.

,

2024-2A

,

A

,

144A,

FRN

,

5.133 %

,

(3-month

SOFR

+

1.46 %),

7/15/37

.

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

United

States

1,250,000

1,253,782

99,773,079

a

a

a

a

a

a

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $128,270,678)
............................

#### 128,266,400

#### Commercial

#### Mortgage-Backed

#### Securities

#### 4.0%

#### Financial

#### Services

#### 4.0%
BANK

,

g,h

2017-BNK8,

XA,

IO,

FRN,

0.839%,

11/15/50

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

United

States

24,891,555

175,754

g,h

2017-BNK9,

XA,

IO,

FRN,

0.847%,

11/15/54

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

United

States

42,939,422

377,747

2019-BN18,

A2,

3.474%,

5/15/62

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

United

States

1,085,000

1,055,387

Barclays

Commercial

Mortgage

Trust

,

2019-C3

,

A2

,

3.438 %

,

5/15/52

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

United

States

507,312

498,889

Benchmark

Mortgage

Trust

,

2019-B12,

A2,

3.001%,

8/15/52

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

United

States

2,683,106

2,640,394

2019-B13,

A2,

2.889%,

8/15/57

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

United

States

2,165,901

2,083,504

2019-B15,

A2,

2.914%,

12/15/72

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

United

States

1,997,397

1,960,086

b,h

BX

Trust

,

2025-ARIA

,

B

,

144A,

FRN

,

5.35 %

,

12/13/42

........

United

States

1,464,000

1,468,541

g,h

CD

Mortgage

Trust

,

2016-CD1,

XA,

IO,

FRN,

1.451%,

8/10/49

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

United

States

5,504,735

2017-CD6,

XA,

IO,

FRN,

1.012%,

11/13/50

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

United

States

14,219,775

129,004

h

CFCRE

Commercial

Mortgage

Trust

,

b

2011-C2,

D,

144A,

FRN,

5.08%,

12/15/47

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

United

States

50,927

50,226

g

2016-C4,

XA,

IO,

FRN,

1.044%,

5/10/58

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

United

States

2,195,127

h

CGMS

Commercial

Mortgage

Trust

,

2017-B1

,

AS

,

FRN

,

3.711 %

,

8/15/50

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

United

States

1,324,000

1,297,331

Citigroup

Commercial

Mortgage

Trust

,

2016-C3,

A4,

3.154%,

11/15/49

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

United

States

1,968,000

1,954,674

2020-GC46,

A2,

2.708%,

2/15/53

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

United

States

891,485

841,525

COMM

Mortgage

Trust

,

2014-CR16,

B,

4.582%,

4/10/47

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

United

States

275,013

271,949

h

2014-CR17,

C,

FRN,

4.942%,

5/10/47

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

United

States

1,040,000

983,545

CSAIL

Commercial

Mortgage

Trust

,

2016-C6,

AS,

3.346%,

1/15/49

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

United

States

732,455

730,290

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

CSAIL

Commercial

Mortgage

Trust,

(continued)

g,h

2018-CX12,

XA,

IO,

FRN,

0.702%,

8/15/51

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

United

States

163,218,259

$

1,625,850

2019-C18,

A2,

2.845%,

12/15/52

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

United

States

1,078,097

1,028,610

g,h

CSMC

Trust

,

2016-NXSR

,

XA

,

IO,

FRN

,

0.715 %

,

12/15/49

....

United

States

45,991,793

32,801

b,h

DBUBS

Mortgage

Trust

,

2011-LC3A

,

D

,

144A,

FRN

,

5.535 %

,

8/10/44

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

United

States

2,815,219

2,753,554

GS

Mortgage

Securities

Trust

,

2017-GS5

,

A4

,

3.674 %

,

3/10/50

.

United

States

1,951,000

1,935,671

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

b,h

2011-C3,

B,

144A,

FRN,

5.013%,

2/15/46

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

United

States

659,125

652,701

b,h

2012-C6,

E,

144A,

FRN,

5.129%,

5/15/45

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

United

States

111,671

110,572

b,h

2012-LC9,

D,

144A,

FRN,

3.691%,

12/15/47

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

United

States

173,000

168,996

2016-JP3,

AS,

3.144%,

8/15/49

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

United

States

1,800,000

1,745,707

h

JPMBB

Commercial

Mortgage

Securities

Trust

,

2013-C12,

C,

FRN,

4.072%,

7/15/45

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

United

States

1,230,263

1,215,383

2014-C23,

B,

FRN,

4.673%,

9/15/47

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

United

States

1,352,655

1,336,926

h

JPMCC

Commercial

Mortgage

Securities

Trust

,

2017-JP5

,

AS

,

FRN

,

3.876 %

,

3/15/50

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

United

States

1,600,000

1,564,909

JPMDB

Commercial

Mortgage

Securities

Trust

,

2019-COR6

,

A2

,

2.946 %

,

11/13/52

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

United

States

2,145,518

2,092,487

h

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

b

2012-C5,

E,

144A,

FRN,

4.819%,

8/15/45

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

United

States

760,964

757,680

2013-C10,

B,

FRN,

4.082%,

7/15/46

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

United

States

1,162,301

1,105,935

b,g

2013-C7,

XB,

IO,

144A,

FRN,

0.116%,

2/15/46

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

United

States

1,103,824

2013-C9,

C,

FRN,

3.829%,

5/15/46

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

United

States

3,168,000

2,932,931

b

2013-C9,

D,

144A,

FRN,

3.917%,

5/15/46

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

United

States

1,481,000

1,350,876

2015-C21,

B,

FRN,

3.854%,

3/15/48

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

United

States

2,420,737

2,372,221

g

2016-C32,

XA,

IO,

FRN,

0.773%,

12/15/49

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

United

States

88,087,016

239,676

g

2017-C34,

XA,

IO,

FRN,

0.897%,

11/15/52

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

United

States

215,605,975

1,697,034

g,h

Morgan

Stanley

Capital

I

Trust

,

2016-UB12,

XA,

IO,

FRN,

0.759%,

12/15/49

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

United

States

23,651,954

11,053

2018-H4,

XA,

IO,

FRN,

0.967%,

12/15/51

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

United

States

57,023,735

996,974

2018-L1,

XA,

IO,

FRN,

0.619%,

10/15/51

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

United

States

66,432,894

596,003

b

One

Bryant

Park

Trust

,

2019-OBP

,

A

,

144A,

2.516 %

,

9/15/54

..

United

States

1,949,000

1,805,290

UBS

Commercial

Mortgage

Trust

,

g,h

2017-C7,

XA,

IO,

FRN,

1.115%,

12/15/50

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

United

States

15,430,440

194,322

2018-C14,

A4,

4.448%,

12/15/51

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

United

States

1,279,000

1,272,733

g,h

Wachovia

Bank

Commercial

Mortgage

Trust

,

2006-C29

,

IO,

FRN

,

0.488 %

,

11/15/48

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

United

States

5,260

Wells

Fargo

Commercial

Mortgage

Trust

,

b,h

2013-LC12,

D,

144A,

FRN,

3.867%,

7/15/46

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

United

States

763,000

516,940

g,h

2016-BNK1,

XA,

IO,

FRN,

1.89%,

8/15/49

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

United

States

10,728,504

9,282

g,h

2016-C37,

XA,

IO,

FRN,

0.93%,

12/15/49

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

United

States

4,422,891

4,219

2017-C39,

A5,

3.418%,

9/15/50

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

United

States

2,850,000

2,808,870

g,h

2017-C41,

XA,

IO,

FRN,

1.29%,

11/15/50

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

United

States

21,982,322

263,647

2017-RB1,

A5,

3.635%,

3/15/50

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

United

States

2,032,771

2,001,567

g,h

2018-C44,

XA,

IO,

FRN,

0.864%,

5/15/51

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

United

States

64,810,631

740,747

g,h

2018-C48,

XA,

IO,

FRN,

1.098%,

1/15/52

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

United

States

18,539,586

353,478

g,h

2019-C50,

XA,

IO,

FRN,

1.571%,

5/15/52

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

United

States

14,852,727

459,915

h

WFRBS

Commercial

Mortgage

Trust

,

b

2011-C4,

D,

144A,

FRN,

5.15%,

6/15/44

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

United

States

732,133

721,899

2012-C10,

C,

FRN,

4.424%,

12/15/45

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

United

States

267,000

228,316

g

2014-C22,

XA,

IO,

FRN,

0.383%,

9/15/57

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

United

States

2,533,476

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

h

WFRBS

Commercial

Mortgage

Trust,

(continued)

g

2014-C23,

XA,

IO,

FRN,

0.198%,

10/15/57

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

United

States

748,907

$

1,045

56,226,358

a

a

a

a

a

a

#### Total

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $57,838,207)
..............

#### 56,226,358

#### Mortgage-Backed

#### Securities

#### 0.2%

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 0.2%
FNMA,

2.73%,

9/01/29

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

United

States

1,546,079

1,477,410

FNMA,

5.28%,

12/01/28

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

United

States

1,308,000

1,338,944

2,816,354

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $2,707,994)
...........................

#### 2,816,354

#### Residential

#### Mortgage-Backed

#### Securities

#### 6.2%

#### Financial

#### Services

#### 6.2%
b

A&D

Mortgage

Trust

,

2023-NQM4,

A1,

144A,

7.472%,

9/25/68

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

United

States

4,051,130

4,080,906

2023-NQM5,

A1,

144A,

7.049%,

11/25/68

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

United

States

1,905,581

1,922,287

b

Anchor

Mortgage

Trust

,

2025-RTL1

,

A1

,

144A,

5.718 %

,

5/25/40

United

States

1,813,000

1,813,321

b

Angel

Oak

Mortgage

Trust

,

h

2020-5,

A3,

144A,

FRN,

2.041%,

5/25/65

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

United

States

243,390

237,306

h

2021-5,

A2,

144A,

FRN,

1.208%,

7/25/66

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

United

States

2,612,088

2,285,529

2023-3,

A1,

144A,

4.8%,

9/26/67

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

United

States

658,670

656,378

2024-9,

A1,

144A,

5.138%,

9/25/69

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

United

States

791,635

792,033

b,h

Arroyo

Mortgage

Trust

,

2019-1,

A3,

144A,

FRN,

4.208%,

1/25/49

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

United

States

242,807

238,271

2019-3,

A3,

144A,

FRN,

3.416%,

10/25/48

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

United

States

81,252

78,299

e

BankUnited

Trust

,

2005-1

,

1A1

,

FRN

,

4.369 %

,

(1-month

SOFR

+

0.714 %),

9/25/45

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

United

States

46,890

44,944

b,e

Bellemeade

Re

Ltd.

,

2021-3A

,

B1

,

144A,

FRN

,

7.495 %

,

(30-day

SOFR

Average

+

3.85 %),

9/25/31

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

United

States

724,000

744,242

b

BRAVO

Residential

Funding

Trust

,

2023-NQM8,

A1,

144A,

6.394%,

10/25/63

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

United

States

234,939

235,946

2024-NQM2,

A1,

144A,

6.285%,

2/25/64

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

United

States

1,335,510

1,345,096

b,h

Bunker

Hill

Loan

Depositary

Trust

,

2020-1

,

A2

,

144A,

FRN

,

2.6 %

,

2/25/55

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

United

States

2,104,533

2,090,917

b

CAFL

Issuer

LP

,

2025-RRTL1

,

A1

,

144A,

5.684 %

,

5/28/40

.....

United

States

528,000

530,200

e

CHL

Mortgage

Pass-Through

Trust

,

2005-3

,

1A1

,

FRN

,

4.389 %

,

(1-month

SOFR

+

0.734 %),

4/25/35

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

United

States

54,059

51,072

h

Citigroup

Mortgage

Loan

Trust,

Inc.

,

2005-2

,

1A2A

,

FRN

,

5.685 %

,

5/25/35

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

United

States

34,328

34,038

b

Cross

Mortgage

Trust

,

2024-H3,

A1,

144A,

6.272%,

6/25/69

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

United

States

725,906

732,333

2024-H4,

A1,

144A,

6.147%,

7/25/69

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

United

States

4,645,753

4,689,407

h

2025-H1,

A1,

144A,

FRN,

5.735%,

2/25/70

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

United

States

1,324,342

1,334,494

h

2025-H3,

A1,

144A,

FRN,

5.883%,

4/25/70

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

United

States

521,782

527,048

b,e

EFMT

,

2025-NQM4

,

A1F

,

144A,

FRN

,

4.845 %

,

(30-day

SOFR

Average

+

1.2 %),

9/25/70

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

United

States

1,011,199

1,013,801

b,e

FHLMC

STACR

REMIC

Trust

,

2021-DNA5,

M2,

144A,

FRN,

5.295%,

(30-day

SOFR

Average

+

1.65%),

1/25/34

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

United

States

47,849

47,973

2021-DNA6,

M2,

144A,

FRN,

5.145%,

(30-day

SOFR

Average

+

1.5%),

10/25/41

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

United

States

485,463

486,600

2021-DNA7,

M2,

144A,

FRN,

5.445%,

(30-day

SOFR

Average

+

1.8%),

11/25/41

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

United

States

1,590,000

1,597,893

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,e

FHLMC

STACR

REMIC

Trust,

(continued)

2022-DNA2,

M1A,

144A,

FRN,

4.945%,

(30-day

SOFR

Average

+

1.3%),

2/25/42

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

United

States

11,472

$

11,477

2022-DNA3,

M1B,

144A,

FRN,

6.545%,

(30-day

SOFR

Average

+

2.9%),

4/25/42

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

United

States

50,000

50,879

2022-DNA5,

M1A,

144A,

FRN,

6.595%,

(30-day

SOFR

Average

+

2.95%),

6/25/42

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

United

States

774,489

784,022

2022-DNA6,

M1A,

144A,

FRN,

5.795%,

(30-day

SOFR

Average

+

2.15%),

9/25/42

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

United

States

13,985

14,016

2022-DNA6,

M1B,

144A,

FRN,

7.345%,

(30-day

SOFR

Average

+

3.7%),

9/25/42

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

United

States

46,000

47,567

2022-HQA1,

M1A,

144A,

FRN,

5.745%,

(30-day

SOFR

Average

+

2.1%),

3/25/42

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

United

States

4,500

4,503

2023-DNA1,

M1A,

144A,

FRN,

5.746%,

(30-day

SOFR

Average

+

2.1%),

3/25/43

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

United

States

221,139

223,762

2023-HQA2,

M1A,

144A,

FRN,

5.645%,

(30-day

SOFR

Average

+

2%),

6/25/43

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

United

States

22,968

22,991

2023-HQA3,

A1,

144A,

FRN,

5.495%,

(30-day

SOFR

Average

+

1.85%),

11/25/43

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

United

States

176,578

177,674

2023-HQA3,

M1,

144A,

FRN,

5.495%,

(30-day

SOFR

Average

+

1.85%),

11/25/43

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

United

States

75,600

76,038

2024-DNA1,

A1,

144A,

FRN,

4.995%,

(30-day

SOFR

Average

+

1.35%),

2/25/44

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

United

States

192,099

193,007

2024-DNA2,

A1,

144A,

FRN,

4.895%,

(30-day

SOFR

Average

+

1.25%),

5/25/44

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

United

States

184,074

184,901

2024-DNA2,

M2,

144A,

FRN,

5.345%,

(30-day

SOFR

Average

+

1.7%),

5/25/44

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

United

States

15,000

15,089

2025-DNA1,

A1,

144A,

FRN,

4.595%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

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

United

States

1,548,890

1,550,582

2025-DNA3,

M1,

144A,

FRN,

4.745%,

(30-day

SOFR

Average

+

1.1%),

9/25/45

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

United

States

1,474,037

1,474,763

2025-DNA4,

M1,

144A,

FRN,

4.745%,

(30-day

SOFR

Average

+

1.1%),

10/25/45

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

United

States

916,976

917,835

b,e

FHLMC

STACR

Trust

,

2019-HQA2

,

M2

,

144A,

FRN

,

5.81 %

,

(30-

day

SOFR

Average

+

2.164 %),

4/25/49

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

United

States

2,927

2,969

e

FNMA

Connecticut

Avenue

Securities

Trust

,

2016-C07,

2M2,

FRN,

8.11%,

(30-day

SOFR

Average

+

4.464%),

5/25/29

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

United

States

452,652

460,023

2018-C02,

2M2,

FRN,

5.96%,

(30-day

SOFR

Average

+

2.314%),

8/25/30

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

United

States

39,004

39,518

b

2021-R01,

1M2,

144A,

FRN,

5.195%,

(30-day

SOFR

Average

+

1.55%),

10/25/41

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

United

States

6,164

6,173

b

2021-R03,

1M2,

144A,

FRN,

5.295%,

(30-day

SOFR

Average

+

1.65%),

12/25/41

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

United

States

512,428

514,499

b

2022-R01,

1M1,

144A,

FRN,

4.645%,

(30-day

SOFR

Average

+

1%),

12/25/41

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

United

States

182,867

182,806

b

2022-R02,

2M2,

144A,

FRN,

6.645%,

(30-day

SOFR

Average

+

3%),

1/25/42

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

United

States

2,282,372

2,311,417

b

2022-R03,

1M2,

144A,

FRN,

7.145%,

(30-day

SOFR

Average

+

3.5%),

3/25/42

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

United

States

241,000

246,274

b

2022-R04,

1M2,

144A,

FRN,

6.745%,

(30-day

SOFR

Average

+

3.1%),

3/25/42

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

United

States

230,000

233,968

b

2022-R09,

2M1,

144A,

FRN,

6.145%,

(30-day

SOFR

Average

+

2.5%),

9/25/42

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

United

States

1,008,502

1,016,493

b

2023-R06,

1M1,

144A,

FRN,

5.345%,

(30-day

SOFR

Average

+

1.7%),

7/25/43

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

United

States

45,474

45,583

b

2023-R07,

2M1,

144A,

FRN,

5.595%,

(30-day

SOFR

Average

+

1.95%),

9/25/43

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

United

States

24,784

24,834

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

e

FNMA

Connecticut

Avenue

Securities

Trust,

(continued)

b

2024-R02,

1M1,

144A,

FRN,

4.745%,

(30-day

SOFR

Average

+

1.1%),

2/25/44

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

United

States

5,869

$

5,870

b

2024-R03,

2M1,

144A,

FRN,

4.795%,

(30-day

SOFR

Average

+

1.15%),

3/25/44

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

United

States

31,968

31,973

b

2024-R04,

1M1,

144A,

FRN,

4.745%,

(30-day

SOFR

Average

+

1.1%),

5/25/44

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

United

States

22,093

22,095

b

2024-R06,

1A1,

144A,

FRN,

4.795%,

(30-day

SOFR

Average

+

1.15%),

9/25/44

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

United

States

409,326

410,760

b

2025-R01,

1A1,

144A,

FRN,

4.595%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

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

United

States

601,913

602,530

b

2025-R01,

1M1,

144A,

FRN,

4.745%,

(30-day

SOFR

Average

+

1.1%),

1/25/45

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

United

States

347,017

347,155

b

2025-R02,

1A1,

144A,

FRN,

4.645%,

(30-day

SOFR

Average

+

1%),

2/25/45

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

United

States

494,290

495,263

b

2025-R02,

1M1,

144A,

FRN,

4.795%,

(30-day

SOFR

Average

+

1.15%),

2/25/45

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

United

States

678,914

679,337

b

2025-R03,

2A1,

144A,

FRN,

5.095%,

(30-day

SOFR

Average

+

1.45%),

3/25/45

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

United

States

476,669

479,468

b

2025-R04,

1A1,

144A,

FRN,

4.645%,

(30-day

SOFR

Average

+

1%),

5/25/45

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

United

States

606,250

607,276

b

2025-R04,

1M1,

144A,

FRN,

4.845%,

(30-day

SOFR

Average

+

1.2%),

5/25/45

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

United

States

1,244,726

1,246,060

b

2025-R06,

1A1,

144A,

FRN,

4.545%,

(30-day

SOFR

Average

+

0.9%),

9/25/45

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

United

States

1,263,118

1,264,507

b

2026-R01,

2A1,

144A,

FRN,

4.495%,

(30-day

SOFR

Average

+

0.85%),

1/25/46

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

United

States

2,630,147

2,630,990

b

2026-R01,

2M1,

144A,

FRN,

4.645%,

(30-day

SOFR

Average

+

1%),

1/25/46

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

United

States

2,827,043

2,828,817

b

2026-R02,

1M1,

144A,

FRN,

4.695%,

(30-day

SOFR

Average

+

1.05%),

2/25/46

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

United

States

910,421

910,969

b,h

Galton

Funding

Mortgage

Trust

,

2020-H1

,

A3

,

144A,

FRN

,

2.617 %

,

1/25/60

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

United

States

1,300,989

1,244,602

b

GCAT

Trust

,

2020-NQM2

,

A3

,

144A,

3.935 %

,

4/25/65

........

United

States

625,501

612,554

b,h

GS

Mortgage-Backed

Securities

Trust

,

2020-NQM1

,

A3

,

144A,

FRN

,

2.352 %

,

9/27/60

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

United

States

183,272

175,821

b,h

Imperial

Fund

Mortgage

Trust

,

2021-NQM1

,

A3

,

144A,

FRN

,

1.617 %

,

6/25/56

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

United

States

1,194,139

1,076,076

b

J.P.

Morgan

Mortgage

Trust

,

e

2024-10,

A11,

144A,

FRN,

4.895%,

(30-day

SOFR

Average

+

1.25%),

3/25/55

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

United

States

696,510

697,304

2024-VIS2,

A1,

144A,

5.853%,

11/25/64

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

United

States

974,508

981,187

b

Legacy

Mortgage

Asset

Trust

,

2021-GS1,

A1,

144A,

5.892%,

10/25/66

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

United

States

2,919,091

2,923,233

2021-GS3,

A1,

144A,

5.75%,

7/25/61

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

United

States

1,381,465

1,383,290

2021-GS4,

A1,

144A,

5.65%,

11/25/60

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

United

States

2,175,597

2,179,072

b,h

LHOME

Mortgage

Trust

,

2025-RTL2

,

A1

,

144A,

FRN

,

5.612 %

,

4/25/40

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

United

States

829,000

833,207

b

MFA

Trust

,

h

2020-NQM1,

A3,

144A,

FRN,

3.3%,

8/25/49

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

United

States

246,329

239,785

2025-NQM3,

A1,

144A,

5.261%,

8/25/70

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

United

States

911,807

913,968

b,h

Morgan

Stanley

Resecuritization

Trust

,

2015-R4

,

CB1

,

144A,

FRN

,

4.037 %

,

8/26/47

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

United

States

188,976

189,191

b

Morgan

Stanley

Residential

Mortgage

Loan

Trust

,

e

2024-3,

AF,

144A,

FRN,

4.995%,

(30-day

SOFR

Average

+

1.35%),

7/25/54

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

United

States

349,219

350,073

2024-NQM1,

A1,

144A,

6.152%,

12/25/68

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

United

States

1,542,266

1,552,384

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b

New

Residential

Mortgage

Loan

Trust

,

e

2018-4A,

A1M,

144A,

FRN,

4.669%,

(1-month

SOFR

+

1.014%),

1/25/48

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

United

States

98,159

$

97,203

h

2019-NQM4,

A2,

144A,

FRN,

2.644%,

9/25/59

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

United

States

364,257

351,325

h

2019-NQM4,

A3,

144A,

FRN,

2.797%,

9/25/59

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

United

States

927,650

895,850

b

OBX

Trust

,

h

2018-EXP1,

1A3,

144A,

FRN,

4%,

4/25/48

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

United

States

78,616

75,000

2024-NQM2,

A1,

144A,

5.878%,

12/25/63

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

United

States

500,991

503,399

b,h

Onity

Loan

Investment

Trust

,

2024-HB2

,

A

,

144A,

FRN

,

%

,

8/25/37

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

United

States

456,523

456,771

b,h

Residential

Mortgage

Loan

Trust

,

2021-1R

,

A1

,

144A,

FRN

,

0.859 %

,

1/25/65

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

United

States

54,771

53,387

b,e

Station

Place

Securitization

Trust

,

2025-1,

A,

144A,

FRN,

4.552%,

(1-month

SOFR

+

0.9%),

7/23/26

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

United

States

4,786,000

4,789,002

2025-3,

A,

144A,

FRN,

4.552%,

(1-month

SOFR

+

0.9%),

9/23/26

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

United

States

4,920,000

4,941,610

2025-7,

A,

144A,

FRN,

4.552%,

(1-month

SOFR

+

0.9%),

11/24/26

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

United

States

4,841,000

4,868,210

b,e

Structured

Agency

Credit

Risk

,

2026-DNA1

,

M1

,

144A,

FRN

,

4.645 %

,

(30-day

SOFR

Average

+

%),

2/25/46

...........

United

States

2,215,095

2,214,352

e

Structured

Asset

Mortgage

Investments

II

Trust

,

2007-AR7

,

1A1

,

FRN

,

5.469 %

,

(1-month

SOFR

+

1.814 %),

5/25/47

.........

United

States

356,783

296,452

b

Toorak

Mortgage

Trust

,

2025-RRTL1

,

A1

,

144A,

5.524 %

,

2/25/40

United

States

630,000

632,761

b

Verus

Securitization

Trust

,

2024-1

,

A1

,

144A,

5.712 %

,

1/25/69

.

United

States

561,672

563,741

87,097,877

a

a

a

a

a

a

#### Total

#### Residential

#### Mortgage-Backed

#### Securities

#### (Cost

#### $87,651,006)
...............

#### 87,097,877

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### 3.9%

#### Financial

#### Services

#### 3.9%
FHLMC

,

3539,

PM,

4.5%,

5/15/37

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

United

States

2,983

2,837

3724,

CM,

5.5%,

6/15/37

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

United

States

8,388

8,623

e

5396,

FG,

FRN,

4.645%,

(30-day

SOFR

Average

+

1%),

4/25/54

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

United

States

2,659,331

2,675,703

e

5397,

NF,

FRN,

4.695%,

(30-day

SOFR

Average

+

1.05%),

4/25/54

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

United

States

3,253,939

3,280,333

e

5466,

FG,

FRN,

4.595%,

(30-day

SOFR

Average

+

0.95%),

10/25/54

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

United

States

5,148,583

5,173,724

e

5601,

FC,

FRN,

4.695%,

(30-day

SOFR

Average

+

1.05%),

11/25/55

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

United

States

2,721,128

2,743,854

g,h

FHLMC,

Multi-family

Structured

Pass-Through

Certificates

,

K737,

X1,

IO,

FRN,

0.717%,

10/25/26

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

United

States

57,367,143

86,016

K738,

XAM,

IO,

FRN,

1.487%,

3/25/27

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

United

States

17,882,000

181,054

K739,

XAM,

IO,

FRN,

1.664%,

9/25/27

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

United

States

36,816,638

585,609

FNMA

,

2010-81,

AP,

2.5%,

7/25/40

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

United

States

6,919

6,662

2011-60,

PA,

4%,

10/25/39

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

United

States

3,070

2,879

e

2024-77,

DF,

FRN,

4.845%,

(30-day

SOFR

Average

+

1.2%),

10/25/53

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

United

States

1,120,684

1,134,628

e

2024-82,

FE,

FRN,

4.595%,

(30-day

SOFR

Average

+

0.95%),

11/25/54

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

United

States

1,362,654

1,369,326

e

2024-89,

FA,

FRN,

4.845%,

(30-day

SOFR

Average

+

1.2%),

12/25/54

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

United

States

6,590,686

6,663,486

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

FNMA,

(continued)

e

2024-98,

FA,

FRN,

4.795%,

(30-day

SOFR

Average

+

1.15%),

12/25/53

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

United

States

4,791,521

$

4,838,615

e

2025-25,

FB,

FRN,

4.595%,

(30-day

SOFR

Average

+

0.95%),

4/25/55

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

United

States

2,723,183

2,737,514

e

2025-41,

FA,

FRN,

4.795%,

(30-day

SOFR

Average

+

1.15%),

6/25/54

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

United

States

2,401,062

2,427,595

e

2025-55,

FG,

FRN,

4.745%,

(30-day

SOFR

Average

+

1.1%),

7/25/55

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

United

States

5,893,463

5,946,991

GNMA

,

2009-32,

AB,

4%,

5/16/39

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

United

States

2,960

2,922

g,h

2021-17,

IO,

FRN,

1.053%,

1/16/61

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

United

States

16,807,400

1,295,785

e

2024-78,

QF,

FRN,

4.74%,

(30-day

SOFR

Average

+

1.1%),

5/20/54

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

United

States

7,528,982

7,581,399

e

2025-169,

FB,

FRN,

4.64%,

(30-day

SOFR

Average

+

1%),

10/20/55

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

United

States

3,461,241

3,484,729

e

2025-169,

FC,

FRN,

4.64%,

(30-day

SOFR

Average

+

1%),

10/20/55

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

United

States

2,376,982

2,392,833

54,623,117

a

a

a

a

a

a

#### Total

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $54,261,695)
.......

#### 54,623,117

#### Municipal

#### Bonds

#### 1.0%

#### Alabama

#### 0.2%
Alabama

Economic

Settlement

Authority

,

BP

Settlement

Fund

,

Revenue

,

2016

B

,

4.263 %

,

9/15/32

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

United

States

2,165,000

2,146,450

#### California

#### 0.1%
State

of

California

,

GO

,

4.35 %

,

11/01/32

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

United

States

1,850,000

1,847,897

#### Florida

#### 0.1%
State

Board

of

Administration

Finance

Corp.

,

Florida

Hurricane

Catastrophe

Fund

,

Revenue

,

2024

A

,

5.526 %

,

7/01/34

......

United

States

1,325,000

1,385,858

#### Illinois

#### 0.2%
City

of

Chicago

,

GO

,

2017

B

,

PEDM

,

7.045 %

,

1/01/29

........

United

States

690,000

704,761

State

of

Illinois

,

GO

,

2026

A

,

4.854 %

,

4/01/32

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

United

States

1,535,000

1,551,052

2,255,813

#### Pennsylvania

#### 0.1%
Philadelphia

Authority

for

Industrial

Development

,

City

of

Philadelphia

,

Revenue

,

2004

,

NATL

Insured

,

6.55 %

,

10/15/28

United

States

1,150,000

1,210,660

Redevelopment

Authority

of

the

City

of

Philadelphia

,

City

of

Philadelphia

,

Revenue

,

2026

A

,

4.132 %

,

11/01/30

.........

United

States

765,000

761,081

1,971,741

#### South

#### Carolina

#### 0.2%
South

Carolina

Public

Service

Authority

,

Revenue

,

2009

F

,

5.74 %

,

1/01/30

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

United

States

2,750,000

2,836,391

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Virginia

#### 0.1%
Virginia

Commonwealth

University

,

Revenue

,

2020

B

,

Refunding

,

2.124 %

,

11/01/30

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

United

States

1,360,000

$

1,245,678

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $13,787,300)
....................................

#### 13,689,828

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $1,179,589,393)

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

#### 1,179,228,510

#### a

#### Short

#### Term

#### Investments

#### 15.4%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Commercial

#### Papers

#### 12.4%
b,i

Agree

LP

,

144A,

4.14%

,

5/01/26

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

United

States

7,990,000

7,989,081

b,i

Alimentation

Couche-Tard,

Inc.

,

144A,

4.04%

,

5/21/26

........

Canada

3,095,000

3,087,728

b,i

AutoNation,

Inc.

,

144A,

4.05%

,

5/01/26

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

United

States

12,960,000

12,958,542

b,i

AvalonBay

Communities,

Inc.

,

144A,

3.96%,

5/05/26

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

United

States

1,725,000

1,724,053

144A,

3.97%,

5/06/26

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

United

States

2,295,000

2,293,484

4,017,537

b,i

BAT

International

Finance

plc

,

144A,

3.97%,

5/08/26

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

United

Kingdom

2,495,000

2,492,802

144A,

3.99%,

5/13/26

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

United

Kingdom

3,035,000

3,030,628

5,523,430

b,i

Bayer

Corp.

,

144A,

4.13%

,

7/20/26

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

United

States

6,940,000

6,876,072

b,i

Boston

Properties

LP

,

144A,

4.03%,

5/13/26

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

United

States

2,495,000

2,491,374

144A,

4.03%,

5/21/26

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

United

States

3,085,000

3,077,770

5,569,144

b,i

Bunge

Ltd.

Finance

Corp.

,

144A,

3.98%,

5/04/26

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

United

States

3,940,000

3,938,257

144A,

4.08%,

5/27/26

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

United

States

2,640,000

2,631,937

6,570,194

b,i

Cabot

Corp.

,

144A,

3.97%

,

5/06/26

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

United

States

2,275,000

2,273,497

b,i

Charles

Schwab

Corp.

(The)

,

144A,

3.7%

,

5/08/26

..........

United

States

3,435,000

3,432,181

b,i

Enel

Finance

America

LLC

,

144A,

4.04%

,

6/26/26

...........

Italy

3,210,000

3,189,604

b,i

Energy

Transfer

LP

,

144A,

3.99%

,

5/01/26

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

United

States

8,585,000

8,584,048

b,i

Essex

Portfolio

LP

,

144A,

4.01%,

5/05/26

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

United

States

4,650,000

4,647,414

144A,

4.09%,

6/02/26

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

United

States

5,420,000

5,399,739

10,047,153

b,i

Extra

Space

Storage

LP

,

144A,

4%,

5/12/26

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

United

States

2,780,000

2,776,297

144A,

4.06%,

5/21/26

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

United

States

2,640,000

2,633,768

144A,

4.07%,

5/27/26

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

United

States

3,105,000

3,095,540

8,505,605

b,i

Intercontinental

Exchange,

Inc.

,

144A,

4.06%,

5/06/26

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

United

States

2,225,000

2,223,495

144A,

4.06%,

5/08/26

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

United

States

3,785,000

3,781,584

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Short

#### Term

#### Investments
(continued)

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Commercial

#### Papers
(continued)

b,i

Intercontinental

Exchange,

Inc.,

(continued)

144A,

4.1%,

5/13/26

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

United

States

2,705,000

$

2,700,996

8,706,075

b,i

Keurig

Dr.

Pepper

,

Inc.

,

144A,

4.12%

,

5/07/26

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

United

States

3,740,000

3,737,004

b,i

Marriott

International,

Inc.

,

144A,

4.04%,

5/05/26

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

United

States

3,515,000

3,513,031

144A,

4.07%,

5/11/26

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

United

States

2,240,000

2,237,215

5,750,246

b,i

Mid-America

Apartments

LP

,

144A,

3.96%,

5/05/26

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

United

States

2,655,000

2,653,541

144A,

3.97%,

5/14/26

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

United

States

3,005,000

3,000,368

5,653,909

b,i

Nutrien

Ltd.

,

144A,

4.01%

,

5/08/26

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

Canada

2,610,000

2,607,674

b,i

O'Reilly

Automotive,

Inc.

,

144A,

3.93%,

5/01/26

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

United

States

1,660,000

1,659,819

144A,

3.95%,

5/04/26

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

United

States

4,225,000

4,223,146

5,882,965

b,i

Owens

Corning

,

144A,

4%

,

5/04/26

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

United

States

3,110,000

3,108,618

i

Penske

Truck

Leasing

Co.

LP

,

4.01%,

5/01/26

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

United

States

1,535,000

1,534,829

4.05%,

5/07/26

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

United

States

4,310,000

4,306,606

4.08%,

5/12/26

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

United

States

2,375,000

2,371,777

4.14%,

6/05/26

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

United

States

3,095,000

3,082,243

11,295,455

b,i

Phillips

,

144A,

3.96%,

5/01/26

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

United

States

1,375,000

1,374,849

144A,

3.98%,

5/04/26

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

United

States

3,915,000

3,913,269

144A,

4.04%,

6/17/26

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

United

States

3,895,000

3,874,112

9,162,230

b,i

Plains

All

American

Pipeline

LP

,

144A,

3.94%,

5/01/26

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

United

States

2,040,000

2,039,777

144A,

3.95%,

5/04/26

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

United

States

4,070,000

4,068,213

6,107,990

i

Ryder

System,

Inc.

,

3.96%,

5/06/26

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

United

States

1,865,000

1,863,770

4%,

5/14/26

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

United

States

4,405,000

4,398,159

4.04%,

5/21/26

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

United

States

1,795,000

1,790,783

8,052,712

b,i

Targa

Resources

Corp.

,

144A,

4.03%

,

5/01/26

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

United

States

4,375,000

4,374,510

b,i

Vulcan

Materials

Co.

,

144A,

3.96%

,

5/01/26

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

United

States

3,695,000

3,694,593

b,i

WEC

Energy

Group,

Inc.

,

144A,

3.95%,

5/04/26

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

United

States

2,640,000

2,638,841

144A,

4.02%,

5/18/26

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

United

States

3,000,000

2,993,981

5,632,822

#### Total

#### Commercial

#### Papers

#### (Cost

#### $172,401,826)

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

#### 172,390,619
a

#### a
Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Short

#### Term

#### Investments
(continued)

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 0.0%

#### †
i,j

U.S.

Treasury

Bills,

3.56%,

7/16/26

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

United

States

100,000

$

99,244

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $99,259)

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

#### 99,244

#### Shares

#### Management

#### Investment

#### Companies

#### 3.0%
a,k

Putnam

Short

Term

Investment

Fund,

Class

P,

3.843%

.......

United

States

42,458,929

42,458,929

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $42,458,929)

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

#### 42,458,929

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $214,960,014

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

#### 214,948,792

#### a

#### Total

#### Investments

#### (Cost

#### $1,394,549,407)

#### 99.6%

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

#### $1,394,177,302

#### Other

#### Assets,

#### less

#### Liabilities

#### 0.4%

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

#### 5,990,952

#### Net

#### Assets

#### 100.0%

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

#### $1,400,168,254

#### a
\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

(g)

regarding

investments

in

affiliated

management

investment

companies.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

April

30,

2026,

the

aggregate

value

of

these

securities

was

$560,253,985,

representing

40.0%

of

net

assets.

c

Perpetual

security

with

no

stated

maturity

date.

d

This

security

was

pledged,

or

purchased

with

cash

that

was

pledged,

to

the

Fund

for

collateral

on

certain

derivative

contracts.

See

Note

(d).

e

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

f

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

(c).

g

Investment

in

an

interest-only

security

entitles

holders

to

receive

only

the

interest

payment

on

the

underlying

instruments.

The

principal

amount

shown

is

the

notional

amount

of

the

underlying

instruments.

h

Adjustable

rate

security

with

an

interest

rate

that

is

not

based

on

a

published

reference

index

and

spread.

The

rate

is

based

on

the

structure

of

the

agreement

and

current

market

conditions.

The

coupon

rate

shown

represents

the

rate

at

period

end.

i

The

rate

shown

represents

the

yield

at

period

end.

j

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

April

30,

2026,

the

value

of

this

security

pledged

amounted

to

$95,274,

representing

less

than

0.1%

of

net

assets.

k

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

April

30,

2026,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

1(d).

At

April

30,

2026,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

See

Note

1(d).

#### Futures

#### Contracts

#### Description

#### Type

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### \*

#### Expiration

#### Date

#### Value/

#### Unrealized

#### Appreciation
(Depreciation)

#### Interest

#### rate

#### contracts
U.S.

Treasury

Year

Notes

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

Long

686

$

142,087,750

6/30/26

$

(1,260,394)

Total

Futures

Contracts

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

$(1,260,394)

\*

As

of

period

end.

#### Credit

#### Default

#### Swap

#### Contracts

#### Description

#### Periodic

#### Payment

#### Rate

#### Received
(Paid)

#### Payment

#### Frequency

#### Counter-

#### party

#### Maturity

#### Date

#### Notional

#### Amount

#### a

#### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

#### Rating

#### b

#### OTC

#### Swap

#### Contracts

#### to

#### Buy

#### Protection

#### c

#### Traded

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

.

(5.00)%

Monthly

MLCO

1/17/47

315,000

$

33,378

$

54,646

$

(21,268)

CMBX.NA.BBB-.6

(3.00)%

Monthly

CITI

5/11/63

515,000

35,468

30,480

4,988

#### Contracts

#### to

#### Sell

#### Protection

#### c,d

#### Traded

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

.

5.00%

Monthly

JPHQ

1/17/47

315,000

(33,378)

(154,241)

120,863

Non-

Investment

Grade

CMBX.NA.BBB-.6

3.00%

Monthly

BOFA

5/11/63

514,000

(35,400)

(30,970)

(4,430)

Investment

Grade

CMBX.NA.BBB-.6

3.00%

Monthly

MLCO

5/11/63

1,000

(68) (269) 201

Investment

Grade

Total

OTC

Swap

Contracts

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

$—

$(100,354)

$100,354

a

In

U.S.

dollars

unless

otherwise

indicated.

For

contracts

to

sell

protection,

the

notional

amount

is

equal

to

the

maximum

potential

amount

of

the

future

payments

and

no

recourse

provisions

have

been

entered

into

in

association

with

the

contracts.

b

Based

on

Standard

and

Poor's

(S&P)

Rating

for

single

name

swaps

and

internal

ratings

for

index

swaps.

Internal

ratings

based

on

mapping

into

equivalent

ratings

from

external

vendors.

c

Performance

triggers

for

settlement

of

contract

include

default,

bankruptcy

or

restructuring

for

single

name

swaps,

and

failure

to

pay

or

bankruptcy

of

the

underlying

securities

for

traded

index

swaps.

d

The

fund

enters

contracts

to

sell

protection

to

create

a

long

credit

position.

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

At

April

30,

2026,

the

Fund

had

the

following

interest

rate

swap

contracts

outstanding.

See

Note

1(d).

See

Note 7 regarding

other

derivative

information.

#### Interest

#### Rate

#### Swap

#### Contracts

#### Description

#### Payment

#### Frequency

#### Maturity

#### Date

#### Notional

#### Amount

#### \*

#### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

aa

#### aa

#### Centrally

#### Cleared

#### Swap

#### Contracts
Receive

Fixed

3.3%

...

Annual

Pay

Floating

1-day

SOFR

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

Annual

3/18/28

421,234,000

$

(3,556,950)

$

326,624

$

(3,883,574)

Receive

Fixed

3.5%

...

Annual

Pay

Floating

1-day

SOFR

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

Annual

6/17/28

111,403,000

(503,084)

48,242

(551,326)

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.45%

....

Annual

3/18/31

88,635,000

1,114,694

(22,524)

1,137,218

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.55%

....

Annual

6/17/31

45,020,000

380,229

128,200

252,029

Total

Interest

Rate

Swap

Contracts

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

$(2,565,111)

$

480,542

$(3,045,653)

\*

In

U.S.

dollars

unless

otherwise

indicated.

See

Abbreviations

on

page

46. Putnam

Funds

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

April

30,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$1,318,065,505

Cost

-

Non-controlled

affiliates

(Note

g)

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

76,483,902

Value

-

Unaffiliated

issuers

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

$1,317,509,027

Value

-

Non-controlled

affiliates

(Note

g)

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

76,668,275

Cash

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

512,007

Receivables:

Capital

shares

sold

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

3,415,470

Dividends

and

interest

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

13,337,231

Deposits

with

brokers

for:

Centrally

cleared

swap

contracts

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

166,717

Variation

margin

on

futures

contracts

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

117,903

Variation

margin

on

centrally

cleared

swap

contracts

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

247,202

OTC

swap

contracts

(upfront

payments)

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

85,126

Unrealized

appreciation

on

OTC

swap

contracts

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

126,052

Prepaid

expenses

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

21,613

Other

assets

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

535

Total

assets

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

1,412,207,158

Liabilities:

Payables:

Investment

securities

purchased

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

9,325,193

Capital

shares

redeemed

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

1,475,714

Management

fees

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

419,661

Distribution

fees

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

107,761

Transfer

agent

fees

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

20,282

Trustees'

fees

and

expenses

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

35,585

Distributions

to

shareholders

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

328,126

OTC

swap

contracts

(upfront

receipts)

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

185,480

Unrealized

depreciation

on

OTC

swap

contracts

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

25,698

Collateral

on

certain

derivative

contracts,

at

value

(Note

d)

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

107,407

Accrued

expenses

and

other

liabilities

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

7,997

Total

liabilities

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

12,038,904

Net

assets,

at

value

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

$1,400,168,254

Net

assets

consist

of:

Paid-in

capital

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

$1,491,968,169

Total

distributable

earnings

(losses)

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

(91,799,915)

Net

assets,

at

value

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

$1,400,168,254

Putnam

Funds

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

April

30,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund

#### Class

#### A:
Net

assets,

at

value

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

$448,143,778

Shares

outstanding

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

45,062,169

Net

asset

value

per

share

a,b

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

$9.95

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

97.75%)

b

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

$10.18

#### Class

#### C:
Net

assets,

at

value

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

$17,332,470

Shares

outstanding

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

1,747,621

Net

asset

value

and

maximum

offering

price

per

share

a,b

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

$9.92

#### Class

#### R:
Net

assets,

at

value

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

$1,542,822

Shares

outstanding

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

154,335

Net

asset

value

and

maximum

offering

price

per

share

b

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

$10.00

#### Class

#### R6:
Net

assets,

at

value

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

$11,428,525

Shares

outstanding

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

1,144,547

Net

asset

value

and

maximum

offering

price

per

share

b

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

$9.99

#### Class

#### Y:
Net

assets,

at

value

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

$921,720,659

Shares

outstanding

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

92,544,680

Net

asset

value

and

maximum

offering

price

per

share

b

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

$9.96

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Putnam

Funds

Trust

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

April

30,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
Investment

income:

Dividends:

Non-controlled

affiliates

(Note

g)

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

$1,768,047

Interest:

Unaffiliated

issuers

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

26,929,492

Total

investment

income

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

28,697,539

Expenses:

Management

fees

(Note

a)

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

2,512,908

Distribution

fees:

(Note

3c)

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

A

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

561,114

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

C

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

85,292

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

R

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

3,443

Total

expenses

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

3,162,757

Expense

reductions

(Note

4)

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

(1,338)

Expenses

waived/paid

by

affiliates

(Note

3g)

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

(25,441)

Net

expenses

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

3,135,978

Net

investment

income

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

25,561,561

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

239,051

Futures

contracts

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

(187,574)

Swap

contracts

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

893,717

Net

realized

gain

(loss)

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

945,194

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

(1,805,103)

Non-controlled

affiliates

(Note

g)

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

(82,036)

Futures

contracts

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

(1,042,456)

Swap

contracts

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

(2,786,432)

Net

change

in

unrealized

appreciation

(depreciation)

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

(5,716,027)

Net

realized

and

unrealized

gain

(loss)

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

(4,770,833)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$20,790,728

Putnam

Funds

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$25,561,561

$52,576,558

Net

realized

gain

(loss)

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

945,194

(2,222,323)

Net

change

in

unrealized

appreciation

(depreciation)

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

(5,716,027)

22,179,351

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

20,790,728

72,533,586

Distributions

to

shareholders:

Class

A

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

(8,473,637)

(18,098,076)

Class

C

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

(259,062)

(547,575)

Class

R

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

(24,120)

(37,547)

Class

R6

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

(233,632)

(544,869)

Class

Y

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

(17,661,204)

(35,982,295)

Total

distributions

to

shareholders

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

(26,651,655)

(55,210,362)

Capital

share

transactions:

(Note

2)

Class

A

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

(3,185,396)

(35,226,885)

Class

C

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

364,347

(482,310)

Class

R

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

320,417

305,013

Class

R6

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

358,414

(4,208,724)

Class

Y

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

56,002,295

116,126,904

Total

capital

share

transactions

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

53,860,077

76,513,998

Net

increase

(decrease)

in

net

assets

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

47,999,150

93,837,222

Net

assets:

Beginning

of

period

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

1,352,169,104

1,258,331,882

End

of

period

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

$1,400,168,254

$1,352,169,104

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund

franklintempleton.com

Semiannual

Report

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Putnam

Funds

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of fourteen

separate

funds.

The

Trust

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. Putnam

Short

Duration

Bond

Fund

(Fund)

is

included

in

this

report.

The

Fund

offers five

classes

of

shares:

Class

A,

Class

C,

Class

R,

Class

R6

and

Class

Y. Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

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.

Equity

securities,

exchange

traded

funds,

and

derivative

financial

instruments

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Debt

securities

generally

trade

in

the OTC

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

Certain

derivative

financial

instruments

are

centrally

cleared

or

trade

in

the

OTC

market.

The

Fund's

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Fund's

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

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

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

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. #### Stripped

#### Securities
The

Fund

may

invest

in

stripped

securities

which

represent

a

participation

in

securities

that

may

be

structured

in

classes

with

rights

to

receive

different

portions

of

the

interest

and

principal.

Interest-only

securities

receive

all

of

the

interest

and

principal-only

securities

receive

all

of

the

principal.

If

the

interest

only

securities

experience

greater

than

anticipated

prepayments

of

principal,

the

Fund

may

fail

to

recoup

fully

its

initial

investment

in

these

securities.

Conversely,

principal-

only

securities

increase

in

value

if

prepayments

are

greater

than

anticipated

and

decline

if

prepayments

are

slower

than

anticipated.

The

fair

value

of

these

securities

is

highly

sensitive

to

changes

in

interest

rates.

c. #### Purchased

#### on

#### a

#### When-Issued,

#### Forward Commitment or

#### Delayed

#### Delivery

#### Basis

#### and

#### TBA

#### Basis
The

Fund

may

purchase

securities

on

a when-issued,

forward

commitment

or

delayed

delivery basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, it

may

sell

the

securities

before

the

settlement

date.

d. #### Derivative

#### Financial

#### Instruments
The

Fund invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Statement

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Statement

of

Operations.

Derivative

counterparty

credit

risk

is

managed

through

a

formal

evaluation

of

the

creditworthiness

of

all

potential

counterparties.

The

Fund

attempts

to

reduce

its

exposure

to

counterparty

credit

risk

on

OTC

derivatives,

whenever

possible,

by

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

to

collateral

requirements,

events

of

default,

or

early

termination.

Termination

events

applicable

to

the

counterparty

include

certain

deteriorations

in

the

credit

quality

of

the

counterparty.

Termination

events

applicable

to

the

Fund

include

failure

of

the

Fund

to

maintain

certain

net

asset

levels

and/or

limit

the

decline

in

net

assets

over

various

periods

of

time.

In

the

event

of

default

or

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

to

net

and

close-out

all

transactions

traded,

whether

or

not

arising

under

the

ISDA

agreement,

to

one

net

amount

payable

by

one

counterparty

to

the

other.

However,

absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statement

of

Assets

and

Liabilities.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Fund

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement.

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

or

at

the

broker and

can

be

in

the

form

of

cash

and/or

securities.

For

OTC

derivatives

traded

under

an

ISDA

master

agreement,

posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

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Semiannual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund

for

OTC

derivatives,

if

any,

is

held

in

segregated

accounts

with

the

Fund's

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Fund's

investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

The

Fund

entered

into

exchange

traded

futures

contracts

primarily

to

manage

and/or

gain

exposure

to

interest

rate

risk.

A

futures

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

Required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

Futures

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund

entered

into

credit

default

swap

contracts

primarily

to

manage

and/or

gain

exposure

to

credit

risk.

A

credit

default

swap

is

an

agreement

between

the

Fund

and

a

counterparty

whereby

the

buyer

of

the

contract

receives

credit

protection

and

the

seller

of

the

contract

guarantees

the

credit

worthiness

of

a

referenced

debt

obligation.

These

agreements

may

be

privately

negotiated

in

the

over-the-

counter

market

(OTC

credit

default

swaps)

or

may

be

executed

in

a

multilateral

trade

facility

platform,

such

as

a

registered

exchange

(centrally

cleared

credit

default

swaps).

The

underlying

referenced

debt

obligation

may

be

a

single

issuer

of

corporate

or

sovereign

debt,

a

credit

index,

a

basket

of

issuers

or

indices,

or

a

tranche

of

a

credit

index

or

basket

of

issuers

or

indices.

In

the

event

of

a

default

of

the

underlying

referenced

debt

obligation,

the

buyer

is

entitled

to

receive

the

notional

amount

of

the

credit

default

swap

contract

from

the

seller

in

exchange

for

the

referenced

debt

obligation,

a

net

settlement

amount

equal

to

the

notional

amount

of

the

credit

default

swap

less

the

recovery

value

of

the

referenced

debt

obligation,

or

other

agreed

upon

amount.

For

centrally

cleared

credit

default

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

the

buyer

pays

the

seller

a

periodic

stream

of

payments,

provided

that

no

event

of

default

has

occurred.

Such

periodic

payments

are

accrued

daily

as

an

unrealized

appreciation or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Upfront

payments

and

receipts

are

reflected

in

the Statement

of

Assets

and

Liabilities

and

represent

compensating

factors

between

stated

terms

of

the

credit

default

swap

agreement

and

prevailing

market

conditions

(credit

spreads

and

other

relevant

factors).

These

upfront

payments

and

receipts

are

amortized

over

the

term

of

the

contract

as

a

realized

gain

or

loss

in

the Statement

of

Operations.

Credit

default

swap

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund entered

into

interest

rate

swap

contracts

primarily

to

manage

interest

rate

risk.

An

interest

rate

swap

is

an

agreement

between

the

Fund

and

a

counterparty

to

exchange

cash

flows

based

on

the

difference

between

two

interest

rates,

applied

to

a

notional

amount.

These

agreements

may

be

privately

negotiated

in

the

over-the-

counter

market

(OTC

interest

rate

swaps)

or

may

be

executed

on

a

registered

exchange

(centrally

cleared

interest

rate

swaps).

For

centrally

cleared

interest

rate

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

contractually

required

payments

to

be

paid

and

to

be

received

are

accrued

daily

and

recorded

as

unrealized

appreciation

or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Interest

rate

swap

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

See

Note

7 regarding

other

derivative

information.

e. #### Income

#### and

#### Deferred

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

d. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

jurisdictions

in

which

it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

April

30,

2026, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

The

Fund's

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

to

examination

by

the

Internal

Revenue

Service

and

state

departments

of

revenue.

f. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income.

Dividends from

net

investment

income

are

normally

declared

daily;

these

dividends

may

be

reinvested

or

paid

monthly

to

shareholders.

Distributions

from realized

capital

gains

and

other

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

g. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

h. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Fund, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

e. #### Income

#### and

#### Deferred

#### Taxes
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

2. #### Shares

#### of

#### Beneficial

#### Interest
At

April

30,

2026,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

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

6,942,895

$69,384,543

12,889,643

$127,886,116

Shares

issued

in

reinvestment

of

distributions

..........

816,880

8,158,881

1,798,243

17,863,433

Shares

redeemed

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

(8,082,776)

(80,728,820)

(18,253,640)

(180,976,434)

Net

increase

(decrease)

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

(323,001)

$(3,185,396)

(3,565,754)

$(35,226,885)

#### Class

#### C

#### Shares:
Shares

sold

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

212,127

$2,114,177

424,170

$4,197,234

Shares

issued

in

reinvestment

of

distributions

..........

25,500

254,050

55,320

547,926

Shares

redeemed

a

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

(201,093)

(2,003,880)

(528,266)

(5,227,470)

Net

increase

(decrease)

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

36,534

$364,347

(48,776)

$(482,310)

#### Class

#### R

#### Shares:
Shares

sold

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

31,464

$315,740

38,065

$379,867

Shares

issued

in

reinvestment

of

distributions

..........

2,377

23,863

3,791

37,863

Shares

redeemed

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

(1,912)

(19,186)

(11,338)

(112,717)

Net

increase

(decrease)

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

31,929

$320,417

30,518

$305,013

#### Class

#### R6

#### Shares:
Shares

sold

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

271,707

$2,723,658

649,417

$6,469,066

Shares

issued

in

reinvestment

of

distributions

..........

18,360

184,162

43,179

430,773

Shares

redeemed

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

(254,505)

(2,549,406)

(1,114,656)

(11,108,563)

Net

increase

(decrease)

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

35,562

$358,414

(422,060)

$(4,208,724)

#### Class

#### Y

#### Shares:
Shares

sold

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

20,481,225

$204,786,472

41,758,714

$414,220,276

Shares

issued

in

reinvestment

of

distributions

..........

1,578,182

15,788,469

3,367,071

33,495,647

Shares

redeemed

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

(16,462,656)

(164,572,646)

(33,338,971)

(331,589,019)

Net

increase

(decrease)

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

5,596,751

$56,002,295

11,786,814

$116,126,904

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the Fund are

also

officers

and/or

trustees of

the

following

subsidiaries:

a. #### Management

#### Fees
The

Fund

pays Advisers

a

monthly

base

fee

equal

to

0.37%

of

the

monthly

average

of

the

Fund's

net

asset

value.

In

return

for

this

fee, Advisers

provides

investment

management

and

investor

servicing

and

bears

the

Fund's

organizational

and

operating

expenses,

excluding

performance

fee

adjustments,

payments

under

the

fund's

distribution

plan,

brokerage,

interest,

taxes,

investment

related

expenses,

extraordinary

expenses

and

acquired

fund

fees

and

expenses.

Advisers

retained

Putnam

Management

as

subadvisor

for

the

Fund.

Pursuant

to

the

agreement,

Putnam

Management

provides

certain

advisory

and

related

services

to

the

Fund.

Advisers

pays

a

monthly

fee

to

Putnam

Management

based

on

the

costs

of

Putnam

Management

in

providing

these

services

to

the

Fund,

which

may

include

a

mark-up

not

to

exceed

15%

over

such

costs.

Under

a

subadvisory

agreement,

FTIML

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid by Advisers

based

on

the

average

net

assets

managed

by

FTIML,

and

is

not

an

additional

expense

of

the

Fund.

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by Advisers

based

on

the Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

The

Fund

reimburses

Advisers

an

allocated

amount

for

the

compensation

and

related

expenses

of

certain

officers

of

the

Fund

and

their

staff

who

provide

administrative

services

to

the

Fund.

The

aggregate

amount

of

all

such

reimbursements

is

determined

annually

by

the

Trustees.

These

fees

are

paid

by

Advisors

as

part

of

the

management

contract.

c. #### Distribution

#### Fees
The

Fund

has

adopted

distribution

plans

(the

Plans)

with

respect

to

the

following

share

classes

pursuant

to

Rule

12b–1

under

the

1940

Act.

The

purpose

of

the

Plans

is

to

compensate

Distributors

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Fund.

The

Plans

provide

payments

by

the

Fund

to

Distributors

at

an

annual

rate

of

up

to

the

following

amounts

(Maximum

%)

of

the

average

net

assets

attributable

to

each

class.

The

Trustees

have

approved

payment

by

the

Fund

at

the

following

annual

rate

(Approved

%)

of

the

average

net

assets

attributable

to

each

class.

#### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Putnam

Investment

Management,

LLC

(Putnam

Management)

Subadvisor

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

#### Maximum

#### %

#### Approved

#### %
Class

A

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

0.35%

0.25%

Class

C

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

1.00%

1.00%

Class

R

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

1.00%

0.50%

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

period:

e. #### Transfer

#### Agent

#### Fees
PSERV,

an

affiliate

of

Advisers,

provides

investor

servicing

agent

functions

to

the

Fund.

PSERV

received

fees

for

investor

servicing

for

Class

A,

Class

C,

Class

R

and

Class

Y

shares

that

included

(1) a

per

account

fee

for

each

direct

and

underlying

non-defined

contribution

account

(retail

account)

of

the

Fund;

(2) a

specified

rate

of

the

Fund's

assets

attributable

to

defined

contribution

plan

accounts;

and

(3) a

specified

rate

based

on

the

average

net

assets

in

retail

accounts.

PSERV

has

agreed

that

the

aggregate

investor

servicing

fees

for

each

Fund's

retail

and

defined

contribution

accounts

for

these

share

classes

will

not

exceed

an

annual

rate

of

0.25%

of

the

Fund's

average

assets

attributable

to

such

accounts.

Class R6

shares

paid

a

monthly

fee

based

on

the

average

net

assets

of

Class R6

shares

at

an

annual

rate

of

0.05%.

These

fees

are

being

paid

by

Advisers

as

part

of

the

management

contract.

f. #### Trustee

#### Fees
The

Fund

has

adopted

a

Trustee

Fee

Deferral

Plan

(the

Deferral

Plan)

which

allows

the

Trustees to

defer

the

receipt

of

all

or

a

portion

of

Trustees'

fees

payable

from

July

1,

1995

through

December

31,

2023. The

deferred

fees

remain

invested

in

certain

Putnam

funds

until

distribution

in

accordance

with

the

Deferral

Plan.

The

Fund

has

adopted

an

unfunded

noncontributory

defined

benefit

pension

plan

(the

Pension

Plan)

covering

all

Trustees

of

the

Fund

who

have

served

as

a

Trustee

for

at

least

five

years

and

were

first

elected

prior

to

2004. Benefits

under

the

Pension

Plan

are

equal

to

50%

of

the

Trustee's

average

annual

attendance

and

retainer

fees

for

the

three

years

ended

December

31,

2005. The

retirement

benefit

is

payable

during

a

Trustee's

lifetime,

beginning

the

year

following

retirement,

for

the

number

of

years

of

service

through

December

31,

2006. Pension

expense

for

the

Fund

is

included

in

the

Trustees' fees

and

expenses

in

the

Statement

of

Operations.

Accrued

pension

liability

is

included

in

Payable

for

Trustees' fees

and

expenses

in

the

Statement

of

Assets

and

Liabilities.

The

Trustees

have

terminated

the

Pension

Plan

with

respect

to

any

Trustee

first

elected

after

2003. These

fees

are

being

paid

by

Advisers

as

part

of

the

management

contract.

g. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

April

30,

2026,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$6,780

CDSC

retained

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

$10,884

3. #### Transactions

#### with

#### Affiliates
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

4. #### Expense

#### Offset

#### Arrangement
The Fund has entered

into

an arrangement

with PSERV

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

transfer

agent

fees.

During

the

period

ended

April

30,

2026,

the

fees

were

reduced

as

noted

in

the

Statement

of

Operations.

5. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

April

30,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

defaulted

securities,

paydown

losses

and

bond

discounts

and

premiums.

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

period

ended

April

30,

2026,

aggregated

$240,556,635 and

$192,671,330,

respectively.

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

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Investment

#### Income

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

#### a

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Ultra

Short

Bond

ETF

.

$34,291,382

$—

$—

$—

$(82,036)

$34,209,346

1,367,280

$718,560

Putnam

Short

Term

Investment

Fund,

Class

P,

3.843%

......

53,870,652

403,172,584

(414,584,307)

—

—

42,458,929

42,458,929

1,049,487

#### Total

#### Affiliated

#### Securities

#### ...
$88,162,034

$403,172,584

$(414,584,307)

$—

$(82,036)

$76,668,275

$1,768,047

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$

20,331,279

Long

term

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

62,729,727

Total

capital

loss

carryforwards

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

$83,061,006

Cost

of

investments

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

$1,400,872,844

Unrealized

appreciation

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

$8,662,664

Unrealized

depreciation

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

(19,183,711)

Net

unrealized

appreciation

(depreciation)

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

$(10,521,047)

3. #### Transactions

#### with

#### Affiliates
(continued)

g. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

7. #### Other

#### Derivative

#### Information
At

April

30,

2026,

investments

in

derivative

contracts

are

reflected

in

the Statement of

Assets

and

Liabilities

as

follows:

For

the

period

ended

April

30,

2026,

the

effect

of

derivative

contracts

in

the Statement

of

Operations

was

as

follows:

For

the

period

ended

April

30,

2026,

the

average

month

end

notional

amount

of

futures

contracts

and

swap

contracts

represented 156,609,477 and

583,421,857,

respectively.

#### Asset

#### Derivatives

#### Liability

#### Derivatives

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
Interest

rate

contracts

.......

Variation

margin

on

futures

contracts

$

—

Variation

margin

on

futures

contracts

$

1,260,394

a

Variation

margin

on

centrally

cleared

swap

contracts

1,389,247

a

Variation

margin

on

centrally

cleared

swap

contracts

4,434,900

a

Credit

contracts

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

OTC

swap

contracts

(upfront

payments)

85,126

OTC

swap

contracts

(upfront

receipts)

185,480

Unrealized

appreciation

on

OTC

swap

contracts

126,052

Unrealized

depreciation

on

OTC

swap

contracts

25,698

Total

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

$1,600,425

$5,906,472

a

This

amount

reflects

the

cumulative

appreciation

(depreciation)

of

futures

contracts

and

centrally

cleared

swap

contracts

as

reported

in

the

Schedule

of

Investments.

Only

the

variation

margin

receivable/payable

at

period

end

is

separately

reported

within

the

Statement

of

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

to

cash

upon

receipt

or

payment.

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Period

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Period

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

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

(depreciation)

on:

Interest

rate

contracts

..........

Futures

contracts

$(187,574)

Futures

contracts

$(1,042,456)

Swap

contracts

893,709

Swap

contracts

(2,786,432)

Credit

contracts

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

Swap

contracts

Swap

contracts

—

Total

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

$706,143

$(3,828,888)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

At

April

30,

2026,

the

Fund's

OTC

derivative

assets

and

liabilities

are

as

follows:

At

April

30,

2026,

OTC

derivative

assets,

which

may

be

offset

against

the

Fund's

OTC

derivative

liabilities

and

collateral

received

from

the

counterparty,

are

as

follows:

#### Gross

#### Amounts

#### of

#### Assets

#### and

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Assets

#### a

#### Liabilities

#### a

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
Swap

Contracts

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

$

211,178

$

211,178

Total

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

$211,178

$211,178

a

Absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statement

of

Assets

and

Liabilities.

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Gross

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### Instruments

#### Available

#### for

#### Offset

#### Financial

#### Instruments

#### Collateral

#### Received

#### a,b

#### Cash

#### Collateral

#### Received

#### Net

#### Amount

#### (Not

#### less

#### than

#### zero)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund

#### Counterparty
BOFA

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

$

—

$

—

$

—

$

—

$

—

CITI

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

35,468

—

—

—

35,468

JPHQ

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

120,863

(120,863)

—

—

—

MLCO

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

54,847

(21,537)

(33,310)

—

—

Total

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

$211,178

$(142,400)

$(33,310)

$—

$35,468

$

7. #### Other

#### Derivative

#### Information
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

At

April

30,

2026,

OTC

derivative

liabilities,

which

may

be

offset

against

the

Fund's

OTC

derivative

assets

and

collateral

pledged

to

the

counterparty,

are

as

follows:

See

Note

1(d)

regarding

derivative

financial

instruments.

See

Abbreviations

on

page

46. 8. #### Upcoming

#### Reorganization
On

May

21,

2026,

the

Board

approved

a

proposal

to

reorganize

the

Fund

with

and

into

a

newly-organized

exchange

traded

fund

(ETF).

Upon

completion

of

the

reorganization,

and

subject

to

certain

conditions,

on

or

around

the

first

quarter

of

2027,

substantially

all

net

assets

in

the

Fund

will

be

transferred

into

the

ETF

and

ETF

shares

will

be

distributed

to

the

Fund's

shareholders

in

complete

liquidation

of

the

Fund.

9. #### Credit

#### Facility
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

April

30,

2026,

the Fund

did

not

use

the

Global

Credit

Facility.

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Gross

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### Instruments

#### Available

#### for

#### Offset

#### Financial

#### Instruments

#### Collateral

#### Pledged

#### b,c

#### Cash

#### Collateral

#### Pledged

#### Net

#### Amount

#### (Not

#### less

#### than

#### zero)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund

#### Counterparty
BOFA

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

$

35,400

$

—

$

—

$

—

$

35,400

CITI

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

—

—

—

—

—

JPHQ

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

154,241

(120,863)

(33,378)

—

—

MLCO

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

21,537

(21,537)

—

—

—

Total

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

$211,178

$(142,400)

$(33,378)

$—

$35,400

a

At

April

30,

2026,

the

Fund

received

U.S

Treasury

Bills,

Bonds

and

Notes

as

collateral

for

derivatives.

b

In

some

instances,

the

collateral

amounts

disclosed

in

the

table

above

were

adjusted

due

to

the

requirement

to

limit

the

collateral

amounts

to

avoid

the

effect

of

over

collateralization.

Actual

collateral

received

and/or

pledged

may

be

more

than

the

amounts

disclosed

herein.

c

See

the

accompanying

Schedule

of

Investments

for

securities

pledged

as

collateral

for

derivatives.

7. #### Other

#### Derivative

#### Information
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

10. #### Fair

#### Value

#### Measurements
The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

April

30,

2026,

in

valuing

the

Fund's assets

and

liabilities carried

at

fair

value,

is

as

follows:

11. #### 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.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund

#### Assets:
Investments

in

Securities:

a

Management

Investment

Companies

.........

$

34,209,346

$

—

$

—

$

34,209,346

Corporate

Bonds

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

—

727,611,714

—

727,611,714

Foreign

Government

and

Agency

Securities

....

—

4,022,277

—

4,022,277

U.S.

Government

and

Agency

Securities

.......

—

70,665,239

—

70,665,239

Asset-Backed

Securities

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

—

128,266,400

—

128,266,400

Commercial

Mortgage-Backed

Securities

......

—

56,226,358

—

56,226,358

Mortgage-Backed

Securities

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

—

2,816,354

—

2,816,354

Residential

Mortgage-Backed

Securities

.......

—

87,097,877

—

87,097,877

Agency

Commercial

Mortgage-Backed

Securities

—

54,623,117

—

54,623,117

Municipal

Bonds

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

—

13,689,828

—

13,689,828

Short

Term

Investments

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

42,458,929

172,489,863

—

214,948,792

Total

Investments

in

Securities

...........

$76,668,275

$1,317,509,027

$—

$1,394,177,302

Other

Financial

Instruments:

Swap

Contracts

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

$—

$1,515,299

$—

$1,515,299

Total

Other

Financial

Instruments

.........

$—

$1,515,299

$—

$1,515,299

–

–

–

–

#### Liabilities:
Other

Financial

Instruments:

Futures

Contracts

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

$1,260,394

$—

$—

$1,260,394

Swap

Contracts

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

—

4,460,598

—

4,460,598

Total

Other

Financial

Instruments

.........

$1,260,394

$4,460,598

$—

$5,720,992

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Financial

Highlights.

12. #### Subsequent

#### Events
The Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure

other

than

those

already

disclosed

in

the

financial

statements.

#### Abbreviations

#### Counterparty

#### BOFA
Bank

of

America

NA

#### CITI
Citibank

NA

#### JPHQ
JPMorgan

Chase

Bank

NA

#### MLCO
Merrill

Lynch

International

&

Co.

#### Index

#### CMBX.NA.

#### Series

#### number
CMBX

North

America

Index

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

#### Reference

#### Index

#### Reference

#### Rate
1-day

SOFR

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

3.66%

#### Selected

#### Portfolio

#### CLO
Collateralized

Loan

Obligation

#### ETF
Exchange-Traded

Fund

#### FHLMC
Federal

Home

Loan

Mortgage

Corp.

#### FNMA
Federal

National

Mortgage

Association

#### FRN
Floating

Rate

Note

#### GNMA
Government

National

Mortgage

Association

#### GO
General

Obligation

#### IO
Interest

Only

#### NATL
National

Reinsurance

Corp.

#### REIT
Real

Estate

Investment

Trust

#### REMIC
Real

Estate

Mortgage

Investment

Conduit

#### SOFR
Secured

Overnight

Financing

Rate

#### STACR
Structured

Agency

Credit

Risk

11. #### Operating

#### Segments
(continued)

Putnam

Funds

Trust

franklintempleton.com

Semiannual

Report

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Remuneration

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Not

applicable.

39113-SFSOI

06/26©

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 Registrants acknowledge the Staff's comment. In future filings on Form N-CSR,
 the certifications required by Rule 30a-2 and Item 19(a)(3) will include the designations "principal executive officer" and
 "principal financial officer" in the signature blocks, reflecting the capacity in which each signatory executes the certification,
 in conformity with the language of the Rule and Form N-CSR. The Registrants may also include each signatory's actual title with
 respect to the Funds alongside the required designation.

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

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

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

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

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

ITEM 19. EXHIBITS.

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

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](psdbf-efp25078_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](psdbf-efp25078_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

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

**Putnam Funds Trust**

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | June 25, 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: | June 25, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | June 25, 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: June 25, 2026

---

| |
|:---|
| /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: June 25, 2026

---

| |
|:---|
| /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 **April 30, 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: June 25, 2026 | Date: June 25, 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.