2025-05-2374200166200_PutnamShortDurationBondFund_ClassA_TSRSemiAnnual
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number 811-07513

 

Putnam Funds Trust

(Exact name of registrant as specified in charter)

 

100 Federal Street, Boston, Massachusetts 02110

(Address of principal executive offices) (Zip code)

 

Stephen Tate, Vice President

100 Federal Street

Boston, Massachusetts 02110

 

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, New York 10036

 

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

 

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

 

Date of fiscal year end: October 31

 

Date of reporting period: April 30, 2025

 

 

 

ITEM 1. REPORT TO STOCKHOLDERS.

 

(a) The Report to Shareholders is filed herewith

Putnam Short Duration Bond Fund
image
Class A   [PARTX]
Semi-Annual Shareholder Report | April 30, 2025
image
This semi-annual shareholder report contains important information about Putnam Short Duration Bond Fund for the period November 1, 2024, to April 30, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class A
$31
0.62%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of April 30, 2025)
Total Net Assets
$1,367,238,192
Total Number of Portfolio Holdings*
479
Portfolio Turnover Rate
19%
* Does not include derivatives, except purchased options, if any.  
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)
Portfolio Composition*,† (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
† Certain categories may represent less than 0.1%.
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Putnam Short Duration Bond Fund  PAGE 1  39113-STSA-0625
48.78.77.43.02.81.50.30.20.027.4
 
Putnam Short Duration Bond Fund
image
Class C   [PARQX]
Semi-Annual Shareholder Report | April 30, 2025
image
This semi-annual shareholder report contains important information about Putnam Short Duration Bond Fund for the period November 1, 2024, to April 30, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class C
$69
1.37%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of April 30, 2025)
Total Net Assets
$1,367,238,192
Total Number of Portfolio Holdings*
479
Portfolio Turnover Rate
19%
* Does not include derivatives, except purchased options, if any.  
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)
Portfolio Composition*,† (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
† Certain categories may represent less than 0.1%.
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Putnam Short Duration Bond Fund  PAGE 1  39113-STSC-0625
48.78.77.43.02.81.50.30.20.027.4
 
Putnam Short Duration Bond Fund
image
Class R   [PRARX]
Semi-Annual Shareholder Report | April 30, 2025
image
This semi-annual shareholder report contains important information about Putnam Short Duration Bond Fund for the period November 1, 2024, to April 30, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class R
$44
0.87%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of April 30, 2025)
Total Net Assets
$1,367,238,192
Total Number of Portfolio Holdings*
479
Portfolio Turnover Rate
19%
* Does not include derivatives, except purchased options, if any.  
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)
Portfolio Composition*,† (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
† Certain categories may represent less than 0.1%.
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Putnam Short Duration Bond Fund  PAGE 1  39113-STSR-0625
48.78.77.43.02.81.50.30.20.027.4
 
Putnam Short Duration Bond Fund
image
Class R6   [PRREX]
Semi-Annual Shareholder Report | April 30, 2025
image
This semi-annual shareholder report contains important information about Putnam Short Duration Bond Fund for the period November 1, 2024, to April 30, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class R6
$19
0.37%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of April 30, 2025)
Total Net Assets
$1,367,238,192
Total Number of Portfolio Holdings*
479
Portfolio Turnover Rate
19%
* Does not include derivatives, except purchased options, if any.  
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)
Portfolio Composition*,† (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
† Certain categories may represent less than 0.1%.
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Putnam Short Duration Bond Fund  PAGE 1  39113-STSR6-0625
48.78.77.43.02.81.50.30.20.027.4
 
Putnam Short Duration Bond Fund
image
Class Y   [PARYX]
Semi-Annual Shareholder Report | April 30, 2025
image
This semi-annual shareholder report contains important information about Putnam Short Duration Bond Fund for the period November 1, 2024, to April 30, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class Y
$19
0.37%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of April 30, 2025)
Total Net Assets
$1,367,238,192
Total Number of Portfolio Holdings*
479
Portfolio Turnover Rate
19%
* Does not include derivatives, except purchased options, if any.  
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)
Portfolio Composition*,† (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
† Certain categories may represent less than 0.1%.
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Putnam Short Duration Bond Fund  PAGE 1  39113-STSY-0625
48.78.77.43.02.81.50.30.20.027.4
 

(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.

 

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

 

(b) Not applicable.

   

 

 

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

 

Putnam
Short
Duration
Bond
Fund
Financial
Statements
and
Other
Important
Information
Semi-Annual
|
April
30,
2025
Table
of
Contents
franklintempleton.com
Financial
Statements
and
Other
Important
Information—Semiannual
1
Financial
Highlights
and
Schedule
of
Investments
2
Financial
Statements
27
Notes
to
Financial
Statements
31
Changes
In
and
Disagreements
with
Accountants
44
Results
of
Meeting(s)
of
Shareholders
44
Remuneration
Paid
to
Directors,
Officers
and
Others
44
Board
Approval
of
Management
and
Subadvisory
Agreements
44
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.
2
o
a
Six
Months
Ended
April
30,
2025
(unaudited)
Year
Ended
October
31,
2024
2023
2022
2021
2020
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$9.86
$9.55
$9.42
$10.18
$10.21
$10.15
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.18
0.34
0.28
0.17
0.16
0.20
Net
realized
and
unrealized
gains
(losses)
0.07
0.39
0.16
(0.76)
(0.03)
0.06
Total
from
investment
operations
........
0.25
0.73
0.44
(0.59)
0.13
0.26
Less
distributions
from:
Net
investment
income
..............
(0.16)
(0.42)
(0.31)
(0.16)
(0.16)
(0.20)
Net
realized
gains
.................
—
—
—
(0.01)
—
—
Total
distributions
...................
(0.16)
(0.42)
(0.31)
(0.17)
(0.16)
(0.20)
Net
asset
value,
end
of
period
..........
$9.95
$9.86
$9.55
$9.42
$10.18
$10.21
Total
return
c
.......................
3.00%
7.82%
4.66%
(5.79)%
1.27%
2.61%
Ratios
to
average
net
assets
d
Expenses
e
........................
0.62%
f
0.62%
0.62%
0.62%
0.62%
0.62%
Net
investment
income
...............
3.59%
3.51%
2.90%
1.70%
1.52%
1.89%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$465,477
$482,697
$485,453
$729,336
$1,383,392
$1,208,656
Portfolio
turnover
rate
................
19%
41%
20%
26%
24%
19%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Putnam
Funds
Trust
Financial
Highlights
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
3
a
Six
Months
Ended
April
30,
2025
(unaudited)
Year
Ended
October
31,
2024
2023
2022
2021
2020
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$9.83
$9.52
$9.40
$10.16
$10.18
$10.12
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.14
0.27
0.21
0.10
0.08
0.12
Net
realized
and
unrealized
gains
(losses)
0.08
0.39
0.14
(0.76)
(0.02)
0.06
Total
from
investment
operations
........
0.22
0.66
0.35
(0.66)
0.06
0.18
Less
distributions
from:
Net
investment
income
..............
(0.13)
(0.35)
(0.23)
(0.09)
(0.08)
(0.12)
Net
realized
gains
.................
—
—
—
(0.01)
—
—
Total
distributions
...................
(0.13)
(0.35)
(0.23)
(0.10)
(0.08)
(0.12)
Net
asset
value,
end
of
period
..........
$9.92
$9.83
$9.52
$9.40
$10.16
$10.18
Total
return
c
.......................
2.63%
7.03%
3.78%
(6.51)%
0.61%
1.85%
Ratios
to
average
net
assets
d
Expenses
e
........................
1.37%
f
1.37%
1.37%
1.37%
1.37%
1.37%
Net
investment
income
...............
2.84%
2.76%
2.16%
0.97%
0.77%
1.17%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$17,568
$17,306
$17,469
$20,267
$29,701
$30,751
Portfolio
turnover
rate
................
19%
41%
20%
26%
24%
19%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Putnam
Funds
Trust
Financial
Highlights
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
a
Six
Months
Ended
April
30,
2025
(unaudited)
Year
Ended
October
31,
2024
2023
2022
2021
2020
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$9.91
$9.60
$9.47
$10.24
$10.26
$10.20
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.16
0.32
0.26
0.15
0.13
0.17
Net
realized
and
unrealized
gains
(losses)
0.08
0.39
0.15
(0.77)
(0.02)
0.07
Total
from
investment
operations
........
0.24
0.71
0.41
(0.62)
0.11
0.24
Less
distributions
from:
Net
investment
income
..............
(0.15)
(0.40)
(0.28)
(0.14)
(0.13)
(0.18)
Net
realized
gains
.................
—
—
—
(0.01)
—
—
Total
distributions
...................
(0.15)
(0.40)
(0.28)
(0.15)
(0.13)
(0.18)
Net
asset
value,
end
of
period
..........
$10.00
$9.91
$9.60
$9.47
$10.24
$10.26
Total
return
c
.......................
2.87%
7.53%
4.39%
(6.08)%
1.12%
2.35%
Ratios
to
average
net
assets
d
Expenses
e
........................
0.87%
f
0.87%
0.87%
0.87%
0.87%
0.87%
Net
investment
income
...............
3.35%
3.36%
2.62%
1.47%
1.26%
1.63%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$995
$911
$301
$864
$1,265
$1,167
Portfolio
turnover
rate
................
19%
41%
20%
26%
24%
19%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Putnam
Funds
Trust
Financial
Highlights
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
5
a
Six
Months
Ended
April
30,
2025
(unaudited)
Year
Ended
October
31,
2024
2023
2022
2021
2020
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$9.90
$9.59
$9.46
$10.22
$10.25
$10.19
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.19
0.37
0.31
0.20
0.18
0.22
Net
realized
and
unrealized
gains
(losses)
0.07
0.39
0.15
(0.76)
(0.02)
0.07
Total
from
investment
operations
........
0.26
0.76
0.46
(0.56)
0.16
0.29
Less
distributions
from:
Net
investment
income
..............
(0.17)
(0.45)
(0.33)
(0.19)
(0.19)
(0.23)
Net
realized
gains
.................
—
—
—
(0.01)
—
—
Total
distributions
...................
(0.17)
(0.45)
(0.33)
(0.20)
(0.19)
(0.23)
Net
asset
value,
end
of
period
..........
$9.99
$9.90
$9.59
$9.46
$10.22
$10.25
Total
return
c
.......................
3.12%
8.06%
4.91%
(5.52)%
1.52%
2.86%
Ratios
to
average
net
assets
d
Expenses
e
........................
0.37%
f
0.37%
0.37%
0.37%
0.37%
0.37%
Net
investment
income
...............
3.84%
3.78%
3.20%
2.00%
1.78%
2.14%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$11,414
$15,158
$7,702
$5,403
$6,941
$8,496
Portfolio
turnover
rate
................
19%
41%
20%
26%
24%
19%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Putnam
Funds
Trust
Financial
Highlights
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
Six
Months
Ended
April
30,
2025
(unaudited)
Year
Ended
October
31,
2024
2023
2022
2021
2020
Class
Y
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$9.88
$9.56
$9.44
$10.20
$10.23
$10.16
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.19
0.37
0.31
0.20
0.18
0.22
Net
realized
and
unrealized
gains
(losses)
0.07
0.40
0.14
(0.76)
(0.02)
0.08
Total
from
investment
operations
........
0.26
0.77
0.45
(0.56)
0.16
0.30
Less
distributions
from:
Net
investment
income
..............
(0.17)
(0.45)
(0.33)
(0.19)
(0.19)
(0.23)
Net
investment
income
and
net
foreign
currency
gains
..................
—
—
—
(0.01)
—
—
Total
distributions
...................
(0.17)
(0.45)
(0.33)
(0.20)
(0.19)
(0.23)
Net
asset
value,
end
of
period
..........
$9.97
$9.88
$9.56
$9.44
$10.20
$10.23
Total
return
c
.......................
3.03%
8.19%
4.81%
(5.53)%
1.52%
2.97%
Ratios
to
average
net
assets
d
Expenses
e
........................
0.37%
f
0.37%
0.37%
0.37%
0.37%
0.37%
Net
investment
income
...............
3.84%
3.76%
3.16%
2.01%
1.76%
2.11%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$871,784
$742,260
$711,012
$1,000,635
$1,077,719
$768,824
Portfolio
turnover
rate
................
19%
41%
20%
26%
24%
19%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Putnam
Funds
trust
Schedule
of
Investments
(unaudited),
April
30,
2025
Putnam
Short
Duration
Bond
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Management
Investment
Companies
1.5%
Capital
Markets
1.5%
a
Franklin
Ultra
Short
Bond
ETF
..........................
United
States
836,780
$
20,906,949
Total
Management
Investment
Companies
(Cost
$20,815,523)
..................
20,906,949
Principal
Amount
*
Corporate
Bonds
48.4%
Aerospace
&
Defense
1.4%
b
BAE
Systems
plc
,
Senior
Note
,
144A,
5.125
%
,
3/26/29
.......
United
Kingdom
3,760,000
3,840,296
Boeing
Co.
(The)
,
Senior
Bond,
2.95%,
2/01/30
.........................
United
States
448,000
411,380
Senior
Note,
2.75%,
2/01/26
.........................
United
States
10,330,000
10,156,217
Senior
Note,
6.259%,
5/01/27
........................
United
States
858,000
884,104
Senior
Note,
6.298%,
5/01/29
........................
United
States
1,304,000
1,372,068
Howmet
Aerospace,
Inc.
,
Senior
Note
,
3
%
,
1/15/29
..........
United
States
2,599,000
2,471,916
19,135,981
Automobiles
0.9%
b
Hyundai
Capital
America
,
Senior
Note,
144A,
5.3%,
1/08/29
.....................
United
States
8,255,000
8,336,188
Senior
Note,
144A,
6.5%,
1/16/29
.....................
United
States
2,590,000
2,705,997
Senior
Note,
144A,
5.35%,
3/19/29
....................
United
States
1,288,000
1,298,539
Senior
Note,
144A,
4.55%,
9/26/29
....................
United
States
170,000
166,586
12,507,310
Banks
7.6%
b
ABN
AMRO
Bank
NV
,
Senior
Non-Preferred
Note
,
144A,
6.339%
to
9/17/26,
FRN
thereafter
,
9/18/27
.....................
Netherlands
4,100,000
4,191,839
b
AIB
Group
plc
,
Senior
Note
,
144A,
7.583%
to
10/13/25,
FRN
thereafter
,
10/14/26
................................
Ireland
1,458,000
1,475,449
Banco
Bilbao
Vizcaya
Argentaria
SA
,
Senior
Preferred
Note
,
5.381
%
,
3/13/29
...................................
Spain
3,800,000
3,901,927
Banco
Santander
SA
,
Senior
Non-Preferred
Note
,
1.722%
to
9/13/26,
FRN
thereafter
,
9/14/27
......................
Spain
19,600,000
18,825,647
Bank
of
America
Corp.
,
Senior
Note
,
6.204%
to
11/09/27,
FRN
thereafter
,
11/10/28
................................
United
States
8,601,000
8,954,621
b
Banque
Federative
du
Credit
Mutuel
SA
,
Senior
Preferred
Note
,
144A,
1.604
%
,
10/04/26
.............................
France
5,000,000
4,809,045
Barclays
plc
,
Senior
Note,
6.496%
to
9/12/26,
FRN
thereafter,
9/13/27
....
United
Kingdom
2,300,000
2,352,414
Senior
Note,
5.367%
to
2/24/30,
FRN
thereafter,
2/25/31
....
United
Kingdom
1,550,000
1,571,280
b
BPCE
SA
,
Senior
Non-Preferred
Note
,
144A,
5.975%
to
1/17/26,
FRN
thereafter
,
1/18/27
.............................
France
1,415,000
1,426,589
b
CaixaBank
SA
,
Senior
Non-Preferred
Note
,
144A,
5.673%
to
3/14/29,
FRN
thereafter
,
3/15/30
......................
Spain
1,295,000
1,336,055
Citigroup,
Inc.
,
Sub.
Bond
,
4.45
%
,
9/29/27
.................
United
States
10,945,000
10,913,968
b
Credit
Agricole
SA
,
Senior
Non-Preferred
Note
,
144A,
5.335%
to
1/09/29,
FRN
thereafter
,
1/10/30
......................
France
1,880,000
1,917,881
b
Danske
Bank
A/S
,
Senior
Preferred
Note
,
144A,
1.549%
to
9/09/26,
FRN
thereafter
,
9/10/27
......................
Denmark
2,111,000
2,029,517
Fifth
Third
Bancorp
,
Senior
Note,
6.339%
to
7/26/28,
FRN
thereafter,
7/27/29
....
United
States
880,000
923,048
Senior
Note,
4.895%
to
9/05/29,
FRN
thereafter,
9/06/30
....
United
States
2,000,000
1,995,856
First-Citizens
Bank
&
Trust
Co.
,
Sub.
Bond
,
6.125
%
,
3/09/28
...
United
States
6,917,000
7,140,976
ING
Groep
NV
,
Senior
Note,
6.083%
to
9/10/26,
FRN
thereafter,
9/11/27
....
Netherlands
4,000,000
4,081,804
Putnam
Funds
trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
ING
Groep
NV,
(continued)
Senior
Note,
4.858%
to
3/24/28,
FRN
thereafter,
3/25/29
....
Netherlands
1,900,000
$
1,913,671
b
Intesa
Sanpaolo
SpA
,
Sub.
Bond
,
144A,
5.71
%
,
1/15/26
......
Italy
3,750,000
3,748,595
JPMorgan
Chase
&
Co.
,
Senior
Bond,
3.54%
to
4/30/27,
FRN
thereafter,
5/01/28
....
United
States
6,250,000
6,141,784
Senior
Note,
1.47%
to
9/21/26,
FRN
thereafter,
9/22/27
.....
United
States
3,250,000
3,120,269
NatWest
Group
plc
,
Senior
Note
,
5.847%
to
3/01/26,
FRN
thereafter
,
3/02/27
.................................
United
Kingdom
1,765,000
1,781,887
PNC
Bank
NA
,
Sub.
Bond
,
4.05
%
,
7/26/28
................
United
States
6,300,000
6,203,488
Santander
Holdings
USA,
Inc.
,
Senior
Note
,
2.49%
to
1/05/27,
FRN
thereafter
,
1/06/28
.............................
United
States
4,000,000
3,840,585
104,598,195
Biotechnology
0.4%
Amgen,
Inc.
,
Senior
Note
,
5.15
%
,
3/02/28
.................
United
States
4,720,000
4,825,447
Capital
Markets
7.1%
Ares
Capital
Corp.
,
Senior
Note,
2.15%,
7/15/26
.........................
United
States
4,299,000
4,147,057
Senior
Note,
7%,
1/15/27
...........................
United
States
765,000
786,437
Senior
Note,
2.875%,
6/15/27
........................
United
States
4,581,000
4,373,623
Bank
of
New
York
Mellon
(The)
,
Senior
Note
,
4.729%
to
4/19/28,
FRN
thereafter
,
4/20/29
.............................
United
States
1,615,000
1,638,160
Blackstone
Private
Credit
Fund
,
Senior
Note
,
3.25
%
,
3/15/27
..
United
States
1,482,000
1,428,152
Deutsche
Bank
AG
,
Senior
Non-Preferred
Note,
2.129%
to
11/23/25,
FRN
thereafter,
11/24/26
................................
Germany
5,270,000
5,186,878
Senior
Non-Preferred
Note,
2.311%
to
11/15/26,
FRN
thereafter,
11/16/27
........................................
Germany
5,145,000
4,955,188
Senior
Non-Preferred
Note,
6.819%
to
11/19/28,
FRN
thereafter,
11/20/29
................................
Germany
2,000,000
2,125,565
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Note,
1.431%
to
3/08/26,
FRN
thereafter,
3/09/27
....
United
States
4,000,000
3,893,841
Senior
Note,
1.948%
to
10/20/26,
FRN
thereafter,
10/21/27
..
United
States
15,000,000
14,451,969
Jefferies
Financial
Group,
Inc.
,
Senior
Note
,
5.03
%
,
3/16/26
...
United
States
2,730,000
2,737,095
LPL
Holdings,
Inc.
,
Senior
Note,
6.75%,
11/17/28
........................
United
States
399,000
424,263
Senior
Note,
5.2%,
3/15/30
..........................
United
States
358,000
361,588
b
Senior
Note,
144A,
4.625%,
11/15/27
..................
United
States
2,000,000
1,991,536
Morgan
Stanley
,
Senior
Note,
4.21%
to
4/19/27,
FRN
thereafter,
4/20/28
.....
United
States
6,435,000
6,402,452
Senior
Note,
5.123%
to
1/31/28,
FRN
thereafter,
2/01/29
....
United
States
2,445,000
2,484,188
Senior
Note,
4.994%
to
4/11/28,
FRN
thereafter,
4/12/29
....
United
States
1,672,000
1,695,096
Sub.
Bond,
3.95%,
4/23/27
..........................
United
States
10,000,000
9,923,024
b
MSCI,
Inc.
,
Senior
Bond
,
144A,
4
%
,
11/15/29
..............
United
States
3,200,000
3,064,770
UBS
AG
,
Senior
Note,
1.25%,
8/07/26
.........................
Switzerland
887,000
854,183
Senior
Note,
7.5%,
2/15/28
..........................
Switzerland
3,164,000
3,424,909
UBS
Group
AG
,
Senior
Note,
4.55%,
4/17/26
.........................
Switzerland
5,586,000
5,591,854
b
Senior
Note,
144A,
1.305%
to
2/01/26,
FRN
thereafter,
2/02/27
Switzerland
10,500,000
10,231,564
b
Senior
Note,
144A,
5.428%
to
2/07/29,
FRN
thereafter,
2/08/30
Switzerland
5,750,000
5,890,422
98,063,814
Putnam
Funds
trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Chemicals
1.5%
Celanese
US
Holdings
LLC
,
Senior
Note,
1.4%,
8/05/26
..........................
United
States
10,693,000
$
10,209,323
Senior
Note,
6.415%,
7/15/27
........................
United
States
871,000
878,842
Senior
Note,
6.58%,
7/15/29
.........................
United
States
265,000
267,602
b
CF
Industries,
Inc.
,
Senior
Bond
,
144A,
4.5
%
,
12/01/26
.......
United
States
5,369,000
5,362,119
b
International
Flavors
&
Fragrances,
Inc.
,
Senior
Note
,
144A,
1.23
%
,
10/01/25
...................................
United
States
4,600,000
4,517,751
21,235,637
Commercial
Services
&
Supplies
0.1%
Republic
Services,
Inc.
,
Senior
Note
,
5
%
,
11/15/29
..........
United
States
900,000
921,570
Consumer
Finance
3.7%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Note,
2.45%,
10/29/26
........................
Ireland
2,900,000
2,806,316
Senior
Note,
6.1%,
1/15/27
..........................
Ireland
10,000,000
10,217,296
Ally
Financial,
Inc.
,
Senior
Note,
4.75%,
6/09/27
.........................
United
States
2,715,000
2,703,452
Sub.
Bond,
5.75%,
11/20/25
.........................
United
States
10,200,000
10,214,756
Ford
Motor
Credit
Co.
LLC
,
Senior
Note
,
5.8
%
,
3/05/27
.......
United
States
8,280,000
8,235,573
General
Motors
Financial
Co.,
Inc.
,
Senior
Note,
2.75%,
6/20/25
.........................
United
States
4,070,000
4,057,531
Senior
Note,
1.5%,
6/10/26
..........................
United
States
11,250,000
10,839,286
b
Macquarie
Airfinance
Holdings
Ltd.
,
Senior
Note
,
144A,
5.15
%
,
3/17/30
.........................................
United
Kingdom
932,000
915,532
49,989,742
Consumer
Staples
Distribution
&
Retail
0.4%
b
7-Eleven,
Inc.
,
Senior
Note
,
144A,
1.3
%
,
2/10/28
............
United
States
4,302,000
3,934,122
Walmart,
Inc.
,
Senior
Note
,
4.35
%
,
4/28/30
................
United
States
1,285,000
1,300,651
5,234,773
Containers
&
Packaging
1.3%
Berry
Global,
Inc.
,
Senior
Secured
Note,
1.65%,
1/15/27
..................
United
States
10,380,000
9,852,612
Senior
Secured
Note,
5.5%,
4/15/28
...................
United
States
870,000
889,867
b
Senior
Secured
Note,
144A,
4.875%,
7/15/26
............
United
States
3,000
2,996
b
Graphic
Packaging
International
LLC
,
Senior
Secured
Note
,
144A,
1.512
%
,
4/15/26
..............................
United
States
7,461,000
7,208,295
17,953,770
Diversified
REITs
0.7%
VICI
Properties
LP
,
Senior
Note
,
4.75
%
,
2/15/28
............
United
States
2,339,000
2,341,631
b
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note,
144A,
4.5%,
9/01/26
.....................
United
States
1,410,000
1,404,563
Senior
Note,
144A,
3.75%,
2/15/27
....................
United
States
876,000
860,621
Senior
Note,
144A,
4.5%,
1/15/28
.....................
United
States
2,935,000
2,890,700
Senior
Note,
144A,
3.875%,
2/15/29
...................
United
States
1,365,000
1,308,531
8,806,046
Diversified
Telecommunication
Services
0.1%
Sprint
Capital
Corp.
,
Senior
Bond
,
6.875
%
,
11/15/28
.........
United
States
1,484,000
1,587,678
Electric
Utilities
2.5%
American
Electric
Power
Co.,
Inc.
,
N
,
Senior
Note
,
1
%
,
11/01/25
United
States
4,000,000
3,929,737
Putnam
Funds
trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Electric
Utilities
(continued)
Eversource
Energy
,
Senior
Note,
5.45%,
3/01/28
.........................
United
States
1,000,000
$
1,024,822
Q,
Senior
Note,
0.8%,
8/15/25
........................
United
States
1,000,000
987,809
FirstEnergy
Corp.
,
B
,
Senior
Bond
,
3.9
%
,
7/15/27
...........
United
States
3,500,000
3,460,547
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Note
,
5.05
%
,
3/15/30
.........................................
United
States
2,540,000
2,581,537
b
NRG
Energy,
Inc.
,
Senior
Secured
Note
,
144A,
2
%
,
12/02/25
..
United
States
2,000,000
1,963,343
Pacific
Gas
and
Electric
Co.
,
Senior
Note,
3%,
6/15/28
...........................
United
States
8,686,000
8,225,564
Senior
Note,
6.1%,
1/15/29
..........................
United
States
785,000
811,676
Southern
Co.
(The)
,
Senior
Bond,
3.25%,
7/01/26
.........................
United
States
4,950,000
4,885,751
Senior
Note,
5.5%,
3/15/29
..........................
United
States
1,960,000
2,034,952
b
Vistra
Operations
Co.
LLC
,
Senior
Secured
Note
,
144A,
5.05
%
,
12/30/26
........................................
United
States
4,250,000
4,271,888
34,177,626
Electrical
Equipment
0.3%
Regal
Rexnord
Corp.
,
Senior
Note
,
6.05
%
,
4/15/28
..........
United
States
2,460,000
2,524,473
b
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
........................................
United
States
2,049,000
1,981,282
4,505,755
Entertainment
1.0%
b
Netflix,
Inc.
,
Senior
Bond
,
144A,
5.375
%
,
11/15/29
..........
United
States
5,659,000
5,895,635
Warnermedia
Holdings,
Inc.
,
Senior
Note
,
3.755
%
,
3/15/27
....
United
States
8,828,000
8,593,604
14,489,239
Financial
Services
1.1%
Block,
Inc.
,
Senior
Note
,
2.75
%
,
6/01/26
..................
United
States
10,575,000
10,330,564
Corebridge
Financial,
Inc.
,
Senior
Note
,
3.65
%
,
4/05/27
.......
United
States
4,715,000
4,646,932
14,977,496
Food
Products
1.2%
JBS
USA
Holding
Lux
SARL
/
JBS
USA
Food
Co.
/
JBS
Lux
Co.
SARL
,
Senior
Note
,
3
%
,
2/02/29
......................
United
States
1,660,000
1,561,646
b
JDE
Peet's
NV
,
Senior
Note
,
144A,
1.375
%
,
1/15/27
.........
Netherlands
680,000
639,791
b
Mars,
Inc.
,
Senior
Note,
144A,
4.6%,
3/01/28
.....................
United
States
1,620,000
1,637,911
Senior
Note,
144A,
4.8%,
3/01/30
.....................
United
States
1,820,000
1,842,888
Senior
Note,
144A,
4.65%,
4/20/31
....................
United
States
453,000
456,754
b
Mondelez
International
Holdings
Netherlands
BV
,
Senior
Note
,
144A,
1.25
%
,
9/24/26
...............................
United
States
10,000,000
9,574,393
15,713,383
Ground
Transportation
0.9%
b
Ashtead
Capital,
Inc.
,
Senior
Note
,
144A,
1.5
%
,
8/12/26
......
United
Kingdom
9,275,000
8,930,194
b
Penske
Truck
Leasing
Co.
LP
/
PTL
Finance
Corp.
,
Senior
Note
,
144A,
1.2
%
,
11/15/25
...............................
United
States
1,385,000
1,357,185
b
SMBC
Aviation
Capital
Finance
DAC
,
Senior
Note
,
144A,
5.3
%
,
4/03/29
.........................................
Ireland
3,195,000
3,237,603
13,524,982
Putnam
Funds
trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Health
Care
Equipment
&
Supplies
0.0%
†
GE
HealthCare
Technologies,
Inc.
,
Senior
Note
,
4.8
%
,
8/14/29
.
United
States
610,000
$
614,599
Health
Care
Providers
&
Services
1.1%
Centene
Corp.
,
Senior
Note
,
3.375
%
,
2/15/30
..............
United
States
230,000
209,685
CVS
Health
Corp.
,
Senior
Note
,
5.4
%
,
6/01/29
.............
United
States
7,750,000
7,952,595
HCA,
Inc.
,
Senior
Note
,
5.2
%
,
6/01/28
....................
United
States
4,800,000
4,878,357
Icon
Investments
Six
DAC
,
Senior
Secured
Note,
5.809%,
5/08/27
.................
United
States
1,267,000
1,292,668
Senior
Secured
Note,
5.849%,
5/08/29
.................
United
States
543,000
556,291
14,889,596
Hotels,
Restaurants
&
Leisure
0.8%
b
Carnival
Corp.
,
Senior
Note,
144A,
5.75%,
3/15/30
....................
United
States
184,000
182,836
Senior
Secured
Note,
144A,
4%,
8/01/28
................
United
States
3,379,000
3,225,070
Hyatt
Hotels
Corp.
,
Senior
Note,
5.75%,
1/30/27
.........................
United
States
3,362,000
3,420,811
Senior
Note,
5.05%,
3/30/28
.........................
United
States
2,055,000
2,065,340
Las
Vegas
Sands
Corp.
,
Senior
Note
,
3.5
%
,
8/18/26
.........
United
States
1,763,000
1,724,955
10,619,012
Household
Durables
0.6%
DR
Horton,
Inc.
,
Senior
Note
,
1.3
%
,
10/15/26
..............
United
States
5,320,000
5,094,983
Toll
Brothers
Finance
Corp.
,
Senior
Bond,
4.35%,
2/15/28
.........................
United
States
287,000
284,452
Senior
Bond,
3.8%,
11/01/29
.........................
United
States
2,140,000
2,051,273
7,430,708
Independent
Power
and
Renewable
Electricity
Producers
0.7%
AES
Corp.
(The)
,
Senior
Note
,
1.375
%
,
1/15/26
............
United
States
6,000,000
5,851,776
b
Alexander
Funding
Trust
II
,
Senior
Secured
Note
,
144A,
7.467
%
,
7/31/28
.........................................
United
States
1,250,000
1,327,833
Constellation
Energy
Generation
LLC
,
Senior
Note
,
5.6
%
,
3/01/28
United
States
3,000,000
3,100,263
10,279,872
Insurance
1.8%
b
AEGON
Funding
Co.
LLC
,
Senior
Note
,
144A,
5.5
%
,
4/16/27
..
Netherlands
2,580,000
2,616,507
Arthur
J
Gallagher
&
Co.
,
Senior
Note
,
4.85
%
,
12/15/29
......
United
States
660,000
668,573
b
Athene
Global
Funding
,
Secured
Note
,
144A,
1.73
%
,
10/02/26
.
United
States
12,044,000
11,582,145
b
CNO
Global
Funding
,
Secured
Note,
144A,
1.75%,
10/07/26
..................
United
States
3,340,000
3,214,601
Secured
Note,
144A,
2.65%,
1/06/29
...................
United
States
403,000
374,702
Secured
Note,
144A,
4.95%,
9/09/29
...................
United
States
500,000
501,132
F&G
Annuities
&
Life,
Inc.
,
Senior
Note
,
6.5
%
,
6/04/29
.......
United
States
2,230,000
2,273,984
Willis
North
America,
Inc.
,
Senior
Note
,
4.65
%
,
6/15/27
.......
United
States
2,635,000
2,646,098
23,877,742
IT
Services
0.6%
b
Gartner,
Inc.
,
Senior
Note
,
144A,
4.5
%
,
7/01/28
.............
United
States
8,368,000
8,255,352
Leisure
Products
0.1%
Brunswick
Corp.
,
Senior
Bond
,
2.4
%
,
8/18/31
..............
United
States
2,248,000
1,834,107
Putnam
Funds
trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Life
Sciences
Tools
&
Services
0.1%
Illumina,
Inc.
,
Senior
Note
,
4.65
%
,
9/09/26
................
United
States
1,067,000
$
1,067,496
Media
0.2%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
Corp.
,
Senior
Secured
Note
,
4.908
%
,
7/23/25
...................................
United
States
510,000
509,351
Paramount
Global
,
Senior
Bond,
4.2%,
6/01/29
..........................
United
States
700,000
676,035
Senior
Note,
3.7%,
6/01/28
..........................
United
States
2,420,000
2,353,366
3,538,752
Metals
&
Mining
0.5%
b
Glencore
Funding
LLC
,
Senior
Note,
144A,
1.625%,
4/27/26
...................
Australia
2,500,000
2,426,055
Senior
Note,
144A,
5.4%,
5/08/28
.....................
Australia
1,429,000
1,459,782
Senior
Note,
144A,
6.125%,
10/06/28
..................
Australia
2,500,000
2,611,430
6,497,267
Oil,
Gas
&
Consumable
Fuels
2.9%
Boardwalk
Pipelines
LP
,
Senior
Bond
,
5.95
%
,
6/01/26
........
United
States
3,805,000
3,855,774
b
Canadian
Natural
Resources
Ltd.
,
Senior
Note
,
144A,
5
%
,
12/15/29
........................................
Canada
2,389,000
2,382,701
Cheniere
Energy
Partners
LP
,
Senior
Note
,
4.5
%
,
10/01/29
....
United
States
5,380,000
5,258,277
Coterra
Energy
Operating
Co.
,
Senior
Bond
,
3.9
%
,
5/15/27
....
United
States
3,874,000
3,673,488
Diamondback
Energy,
Inc.
,
Senior
Note
,
5.15
%
,
1/30/30
......
United
States
2,195,000
2,228,280
Enbridge,
Inc.
,
Senior
Note
,
1.6
%
,
10/04/26
...............
Canada
1,900,000
1,824,715
Energy
Transfer
LP
,
Senior
Note,
6.05%,
12/01/26
........................
United
States
5,000,000
5,101,979
Senior
Note,
5.25%,
7/01/29
.........................
United
States
960,000
973,365
Senior
Note,
5.2%,
4/01/30
..........................
United
States
430,000
434,465
Occidental
Petroleum
Corp.
,
Senior
Note
,
5.2
%
,
8/01/29
......
United
States
3,245,000
3,200,194
ONEOK,
Inc.
,
Senior
Note
,
5.65
%
,
11/01/28
...............
United
States
3,000,000
3,093,946
Ovintiv,
Inc.
,
Senior
Note
,
5.65
%
,
5/15/28
.................
United
States
766,000
780,416
b
South
Bow
USA
Infrastructure
Holdings
LLC
,
Senior
Note,
144A,
4.911%,
9/01/27
...................
Canada
1,500,000
1,508,046
Senior
Note,
144A,
5.026%,
10/01/29
..................
Canada
920,000
912,882
b
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Note
,
144A,
6.25
%
,
1/15/30
...................................
United
States
3,275,000
3,279,143
38,507,671
Paper
&
Forest
Products
0.6%
b
Georgia-Pacific
LLC
,
Senior
Note
,
144A,
0.95
%
,
5/15/26
......
United
States
8,790,000
8,484,385
Passenger
Airlines
0.1%
b
AS
Mileage
Plan
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.021
%
,
10/20/29
........................................
United
States
2,065,000
2,004,160
Personal
Care
Products
0.3%
Haleon
US
Capital
LLC
,
Senior
Note
,
3.375
%
,
3/24/27
.......
United
States
4,040,000
3,979,277
Pharmaceuticals
0.2%
Royalty
Pharma
plc
,
Senior
Note
,
5.15
%
,
9/02/29
...........
United
States
3,000,000
3,032,672
Professional
Services
0.2%
Paychex,
Inc.
,
Senior
Note
,
5.1
%
,
4/15/30
.................
United
States
2,010,000
2,040,767
Putnam
Funds
trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Semiconductors
&
Semiconductor
Equipment
0.3%
Broadcom,
Inc.
,
Senior
Note
,
5.05
%
,
7/12/29
...............
United
States
885,000
$
902,586
b
Foundry
JV
Holdco
LLC
,
Senior
Secured
Note
,
144A,
5.5
%
,
1/25/31
.........................................
United
States
1,180,000
1,195,807
Marvell
Technology,
Inc.
,
Senior
Note
,
5.75
%
,
2/15/29
........
United
States
1,750,000
1,811,595
3,909,988
Software
1.3%
Atlassian
Corp.
,
Senior
Note
,
5.25
%
,
5/15/29
..............
United
States
1,150,000
1,169,960
Oracle
Corp.
,
Senior
Bond,
2.65%,
7/15/26
.........................
United
States
3,000,000
2,937,467
Senior
Note,
1.65%,
3/25/26
.........................
United
States
3,400,000
3,314,210
Synopsys,
Inc.
,
Senior
Note
,
4.65
%
,
4/01/28
...............
United
States
1,115,000
1,128,043
VMware
LLC
,
Senior
Note
,
1.4
%
,
8/15/26
.................
United
States
8,989,000
8,630,932
17,180,612
Specialized
REITs
1.1%
American
Tower
Corp.
,
Senior
Note
,
2.75
%
,
1/15/27
.........
United
States
4,403,000
4,278,486
Crown
Castle,
Inc.
,
Senior
Note
,
4.9
%
,
9/01/29
.............
United
States
3,585,000
3,594,959
Equinix,
Inc.
,
Senior
Note,
1%,
9/15/25
...........................
United
States
6,000,000
5,916,304
Senior
Note,
2.9%,
11/18/26
.........................
United
States
718,000
701,317
14,491,066
Technology
Hardware,
Storage
&
Peripherals
0.4%
Hewlett
Packard
Enterprise
Co.
,
Senior
Note
,
4.55
%
,
10/15/29
.
United
States
5,700,000
5,648,504
Textiles,
Apparel
&
Luxury
Goods
0.1%
Tapestry,
Inc.
,
Senior
Note
,
5.1
%
,
3/11/30
.................
United
States
1,635,000
1,642,564
Tobacco
0.6%
Philip
Morris
International,
Inc.
,
Senior
Note,
4.625%,
11/01/29
.......................
United
States
815,000
822,393
Senior
Note,
5.125%,
2/15/30
........................
United
States
3,897,000
3,999,291
Senior
Note,
4.375%,
4/30/30
........................
United
States
2,970,000
2,953,073
7,774,757
Trading
Companies
&
Distributors
0.7%
Air
Lease
Corp.
,
Senior
Bond,
4.625%,
10/01/28
.......................
United
States
2,100,000
2,099,671
Senior
Note,
5.3%,
6/25/26
..........................
United
States
3,426,000
3,446,324
b
Aircastle
Ltd.
,
Senior
Note
,
144A,
6.5
%
,
7/18/28
............
United
States
2,805,000
2,910,116
b
Aviation
Capital
Group
LLC
,
Senior
Note
,
144A,
5.375
%
,
7/15/29
United
States
1,860,000
1,878,673
10,334,784
Wireless
Telecommunication
Services
0.9%
Rogers
Communications,
Inc.
,
Senior
Note
,
5
%
,
2/15/29
......
Canada
4,205,000
4,242,100
T-Mobile
USA,
Inc.
,
Senior
Note
,
1.5
%
,
2/15/26
.............
United
States
8,000,000
7,806,880
12,048,980
Total
Corporate
Bonds
(Cost
$666,182,710)
...................................
662,233,134
Putnam
Funds
trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
0.3%
b
Electricite
de
France
SA
,
Senior
Note,
144A,
5.7%,
5/23/28
.....................
France
3,500,000
$
3,612,601
Senior
Note,
144A,
5.65%,
4/22/29
.....................
France
430,000
447,372
Total
Foreign
Government
and
Agency
Securities
(Cost
$3,991,838)
.............
4,059,973
U.S.
Government
and
Agency
Securities
0.0%
†
c
United
States
Treasury
Note
,
0.625
%,
11/30/27
.............
United
States
113,000
104,819
Total
U.S.
Government
and
Agency
Securities
(Cost
$104,819)
..................
104,819
Asset-Backed
Securities
8.6%
Automobiles
0.4%
Volkswagen
Auto
Loan
Enhanced
Trust
,
2023-1,
A3,
5.02%,
6/20/28
..........................
United
States
590,000
593,153
2023-2,
A2A,
5.72%,
3/22/27
.........................
United
States
808,732
811,336
2025-1,
A2A,
4.51%,
1/20/28
.........................
United
States
4,053,000
4,061,535
5,466,024
a
a
a
a
a
a
Banks
0.5%
Capital
One
Multi-Asset
Execution
Trust
,
2022-A2
,
A
,
3.49
%
,
5/15/27
.
.........................................
United
States
6,387,000
6,384,131
Consumer
Finance
2.0%
American
Express
Credit
Account
Master
Trust
,
2022-3
,
A
,
3.75
%
,
8/15/27
.
.........................................
United
States
3,289,000
3,281,229
Capital
One
Prime
Auto
Receivables
Trust
,
2024-1
,
A2A
,
4.61
%
,
10/15/27
.
........................................
United
States
1,684,059
1,685,375
Discover
Card
Execution
Note
Trust
,
2022-A3
,
A3
,
3.56
%
,
7/15/27
.
.........................................
United
States
6,412,000
6,397,644
GM
Financial
Consumer
Automobile
Receivables
Trust
,
2023-1
,
A3
,
4.66
%
,
2/16/28
.
................................
United
States
1,609,219
1,610,460
b
Golden
Credit
Card
Trust
,
2022-4A
,
A
,
144A,
4.31
%
,
9/15/27
.
..
Canada
4,175,000
4,169,825
Hyundai
Auto
Receivables
Trust
,
2023-B,
A3,
5.48%,
4/17/28
..........................
United
States
6,574,898
6,620,786
2023-C,
A2A,
5.8%,
1/15/27
..........................
United
States
1,590,420
1,593,525
2024-C,
A3,
4.41%,
5/15/29
..........................
United
States
1,132,000
1,138,077
Toyota
Auto
Receivables
Owner
Trust
,
2023-B
,
A3
,
4.71
%
,
2/15/28
.
.........................................
United
States
1,554,089
1,556,907
28,053,828
a
a
a
a
a
a
Financial
Services
5.7%
b,d
AIMCO
CLO
17
Ltd.
,
2022-17A
,
A1R
,
144A,
FRN
,
5.622
%
,
(
3-month
SOFR
+
1.35
%
),
7/20/37
.
....................
Jersey
1,500,000
1,503,550
b,d
Allegro
CLO
XII
Ltd.
,
2020-1A
,
A1R
,
144A,
FRN
,
5.709
%
,
(
3-month
SOFR
+
1.44
%
),
7/21/37
.
....................
United
States
410,000
410,092
b,d
Angel
Oak
Mortgage
Trust
,
2025-HB1
,
A1
,
144A,
FRN
,
6.153
%
,
(
30-day
SOFR
Average
+
1.8
%
),
2/25/55
.
................
United
States
1,002,000
1,013,318
b,d
Apidos
CLO
XXXIV
,
2020-34A
,
A1R
,
144A,
FRN
,
5.681
%
,
(
3-month
SOFR
+
1.412
%
),
1/20/35
.
...................
United
States
2,820,000
2,826,500
b,d
Bain
Capital
Credit
CLO
Ltd.
,
2022-2A
,
A1
,
144A,
FRN
,
5.592
%
,
(
3-month
SOFR
+
1.32
%
),
4/22/35
.
....................
United
States
1,650,000
1,647,148
b
Bank
of
America
Auto
Trust
,
2023-2A
,
A2
,
144A,
5.85
%
,
8/17/26
.
United
States
638,500
639,221
b,d
BDS
Ltd.
,
2021-FL10,
A,
144A,
FRN,
5.784%,
(1-month
SOFR
+
1.464%),
12/16/36
........................................
United
States
2,095,861
2,093,229
2021-FL9,
A,
144A,
FRN,
5.504%,
(1-month
SOFR
+
1.184%),
11/16/38
........................................
United
States
541,424
538,148
Putnam
Funds
trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
15
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
b,d
Birch
Grove
CLO
8
Ltd.
,
2024-8A
,
A1
,
144A,
FRN
,
5.899
%
,
(
3-month
SOFR
+
1.63
%
),
4/20/37
.
....................
Jersey
1,500,000
$
1,504,413
b,d
Black
Diamond
CLO
Ltd.
,
2021-1A
,
A1A
,
144A,
FRN
,
5.784
%
,
(
3-month
SOFR
+
1.512
%
),
11/22/34
.
...................
United
States
854,000
854,000
e
Carmax
Auto
Owner
Trust
,
2025-2
,
A2A
,
4.59
%
,
7/17/28
.
.....
United
States
1,455,000
1,456,780
b,d
Cathedral
Lake
VIII
Ltd.
,
2021-8A
,
A1
,
144A,
FRN
,
5.751
%
,
(
3-month
SOFR
+
1.482
%
),
1/20/35
.
...................
United
States
3,790,000
3,800,117
b,d
CIFC
Funding
Ltd.
,
2020-1A
,
A1R
,
144A,
FRN
,
5.668
%
,
(
3-month
SOFR
+
1.412
%
),
7/15/36
.
...........................
United
States
3,320,000
3,325,751
b
Citizens
Auto
Receivables
Trust
,
2024-1
,
A3
,
144A,
5.11
%
,
4/17/28
.
.........................................
United
States
7,955,000
8,002,388
b,d
Elevation
CLO
Ltd.
,
2018-10A
,
AR
,
144A,
FRN
,
5.189
%
,
(
3-month
SOFR
+
0.92
%
),
10/20/31
.
...........................
United
States
1,624,318
1,620,812
b,d
Elmwood
CLO
I
Ltd.
,
2019-1A
,
A1RR
,
144A,
FRN
,
5.789
%
,
(
3-month
SOFR
+
1.52
%
),
4/20/37
.
....................
United
States
1,250,000
1,252,865
b,d
Elmwood
CLO
III
Ltd.
,
2019-3A
,
A1RR
,
144A,
FRN
,
5.649
%
,
(
3-month
SOFR
+
1.38
%
),
7/18/37
.
....................
United
States
1,750,000
1,750,437
d
First
Franklin
Mortgage
Loan
Trust
,
2006-FF15
,
A5
,
FRN
,
4.601
%
,
(
1-month
SOFR
+
0.274
%
),
11/25/36
.
............
United
States
121,540
121,435
Ford
Credit
Auto
Owner
Trust
,
2024-A,
A3,
5.09%,
12/15/28
.........................
United
States
3,573,000
3,617,394
2024-B,
A3,
5.1%,
4/15/29
...........................
United
States
1,741,000
1,765,616
b,d
FS
Rialto
,
2021-FL3
,
A
,
144A,
FRN
,
5.685
%
,
(
1-month
SOFR
+
1.364
%
),
11/16/36
.
.................................
United
States
1,951,819
1,944,819
b,d
GoldenTree
Loan
Management
US
CLO
9
Ltd.
,
2021-9A
,
AR
,
144A,
FRN
,
5.769
%
,
(
3-month
SOFR
+
1.5
%
),
4/20/37
.
.....
United
States
1,250,000
1,254,055
d
GSAA
Home
Equity
Trust
,
2006-8
,
2A2
,
FRN
,
4.801
%
,
(
1-month
SOFR
+
0.474
%
),
5/25/36
.
...........................
United
States
460,712
96,497
b,d
Hayfin
US
XIV
Ltd.
,
2021-14A
,
A1
,
144A,
FRN
,
5.761
%
,
(
3-month
SOFR
+
1.492
%
),
7/20/34
.
...........................
United
States
334,000
334,505
Honda
Auto
Receivables
Owner
Trust
,
2023-4,
A2,
5.87%,
6/22/26
..........................
United
States
1,266,705
1,268,963
2024-1,
A3,
5.21%,
8/15/28
..........................
United
States
5,500,000
5,565,046
b,d
J.P.
Morgan
Mortgage
Trust
,
2023-HE2
,
A1
,
144A,
FRN
,
6.05
%
,
(
30-day
SOFR
Average
+
1.7
%
),
3/20/54
.
................
United
States
755,675
761,310
b,d
Jamestown
CLO
IX
Ltd.
,
2016-9A
,
A2RR
,
144A,
FRN
,
6.393
%
,
(
3-month
SOFR
+
2.112
%
),
7/25/34
.
....................
United
States
1,650,000
1,637,800
b,d
KKR
CLO
43
Ltd.
,
2022-43A
,
A1R
,
144A,
FRN
,
6.006
%
,
(
3-month
SOFR
+
1.75
%
),
1/15/36
.
............................
Jersey
2,100,000
2,104,947
b,d
Madison
Park
Funding
XXX
Ltd.
,
2018-30A
,
A1R
,
144A,
FRN
,
5.621
%
,
(
3-month
SOFR
+
1.36
%
),
7/16/37
.
..............
United
States
1,840,000
1,841,321
b,d
MF1
Ltd.
,
2021-FL6
,
A
,
144A,
FRN
,
5.534
%
,
(
1-month
SOFR
+
1.214
%
),
7/16/36
.
.................................
United
States
807,414
806,967
b,d
Nassau
Ltd.
,
2020-1A
,
A1R
,
144A,
FRN
,
5.808
%
,
(
3-month
SOFR
+
1.552
%
),
1/15/35
.
................................
United
States
1,651,403
1,654,653
b,d
Neuberger
Berman
Loan
Advisers
CLO
25
Ltd.
,
2017-25A
,
AR2
,
144A,
FRN
,
5.669
%
,
(
3-month
SOFR
+
1.4
%
),
7/18/38
.
.....
United
States
2,000,000
2,001,739
b,d
Oaktree
CLO
Ltd.
,
2019-4A,
ARR,
144A,
FRN,
5.779%,
(3-month
SOFR
+
1.51%),
7/20/37
.........................................
United
States
1,250,000
1,253,133
2021-1A,
A1R,
144A,
FRN,
5.606%,
(3-month
SOFR
+
1.35%),
1/15/38
.........................................
United
States
1,270,000
1,263,620
d
Park
Place
Securities,
Inc.
,
2004-WCW2
,
M3
,
FRN
,
5.491
%
,
(
1-month
SOFR
+
1.164
%
),
10/25/34
.
..................
United
States
59,995
59,107
b,d
PRMI
Securitization
Trust
,
2024-CMG1
,
A1
,
144A,
FRN
,
5.786
%
,
(
30-day
SOFR
Average
+
1.45
%
),
7/25/54
.
...............
United
States
2,373,470
2,371,887
Putnam
Funds
trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
b,d
Prodigy
Finance
DAC
,
2021-1A
,
A
,
144A,
FRN
,
5.691
%
,
(
1-month
SOFR
+
1.364
%
),
7/25/51
.
...........................
Ireland
222,870
$
222,877
b,d
Rockland
Park
CLO
Ltd.
,
2021-1A
,
B
,
144A,
FRN
,
6.181
%
,
(
3-month
SOFR
+
1.912
%
),
4/20/34
.
...................
United
States
1,200,000
1,202,277
b,d
Signal
Peak
CLO
5
Ltd.
,
2018-5A
,
A1R
,
144A,
FRN
,
5.832
%
,
(
3-month
SOFR
+
1.55
%
),
4/25/37
.
....................
United
States
1,500,000
1,501,499
b,d
Sound
Point
CLO
XXXII
Ltd.
,
2021-4A
,
A
,
144A,
FRN
,
5.693
%
,
(
3-month
SOFR
+
1.412
%
),
10/25/34
.
..................
United
States
1,250,000
1,250,332
b,d
Symphony
CLO
XXIII
Ltd.
,
2020-23A
,
AR2
,
144A,
FRN
,
5.156
%
,
(
3-month
SOFR
+
0.9
%
),
1/15/34
.
.....................
United
States
2,818,556
2,793,010
b,d
Symphony
CLO
XXXII
Ltd.
,
2022-32A
,
A1
,
144A,
FRN
,
5.599
%
,
(
3-month
SOFR
+
1.32
%
),
4/23/35
.
....................
United
States
500,000
499,377
b,d
VMC
Finance
LLC
,
2021-FL4
,
AS
,
144A,
FRN
,
5.884
%
,
(
1-month
SOFR
+
1.564
%
),
6/16/36
.
...........................
United
States
38,623
38,612
b,d
Voya
CLO
Ltd.
,
2019-3A
,
AR
,
144A,
FRN
,
5.621
%
,
(
3-month
SOFR
+
1.342
%
),
10/17/32
.
..........................
United
States
1,369,266
1,369,608
b,d
Wise
CLO
Ltd.
,
2023-2A,
A,
144A,
FRN,
6.056%,
(3-month
SOFR
+
1.8%),
1/15/37
.........................................
Jersey
1,500,000
1,506,333
2024-2A,
A,
144A,
FRN,
5.716%,
(3-month
SOFR
+
1.46%),
7/15/37
.........................................
Jersey
1,250,000
1,246,878
77,594,386
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$117,024,077)
............................
117,498,369
Commercial
Mortgage-Backed
Securities
3.0%
Financial
Services
3.0%
f,g
BANK
,
2017-BNK8,
XA,
IO,
FRN,
0.843%,
11/15/50
.............
United
States
25,210,776
373,679
2017-BNK9,
XA,
IO,
FRN,
0.894%,
11/15/54
.............
United
States
51,451,674
862,032
f,g
CD
Mortgage
Trust
,
2016-CD1,
XA,
IO,
FRN,
1.475%,
8/10/49
...............
United
States
7,490,765
58,085
2017-CD6,
XA,
IO,
FRN,
1.033%,
11/13/50
..............
United
States
15,450,860
249,572
g
CFCRE
Commercial
Mortgage
Trust
,
b
2011-C2,
D,
144A,
FRN,
5.08%,
12/15/47
...............
United
States
52,068
50,290
f
2016-C4,
XA,
IO,
FRN,
1.727%,
5/10/58
.................
United
States
25,518,589
185,956
COMM
Mortgage
Trust
,
g
2012-LC4,
C,
FRN,
5.472%,
12/10/44
..................
United
States
77,840
71,795
g
2013-CR13,
C,
FRN,
5.109%,
11/10/46
.................
United
States
569,130
534,484
2014-CR16,
B,
4.582%,
4/10/47
.......................
United
States
1,745,552
1,688,477
g
2014-CR17,
C,
FRN,
4.941%,
5/10/47
..................
United
States
1,040,000
955,193
g
2015-CR25,
B,
FRN,
4.66%,
8/10/48
...................
United
States
3,315,000
3,295,219
f,g
2015-CR26,
XA,
IO,
FRN,
1.033%,
10/10/48
.............
United
States
30,074,889
704
f,g
2015-LC21,
XA,
IO,
FRN,
0.65%,
7/10/48
................
United
States
30,746,323
403
CSAIL
Commercial
Mortgage
Trust
,
f,g
2015-C1,
XA,
IO,
FRN,
0.167%,
4/15/50
.................
United
States
2,866,479
3
g
2015-C2,
B,
FRN,
4.208%,
6/15/57
....................
United
States
1,363,000
1,328,671
2016-C6,
AS,
3.346%,
1/15/49
........................
United
States
1,876,000
1,813,453
f,g
2018-CX12,
XA,
IO,
FRN,
0.699%,
8/15/51
..............
United
States
166,765,311
2,462,457
f,g
CSMC
Trust
,
2016-NXSR
,
XA
,
IO,
FRN
,
0.784
%
,
12/15/49
....
United
States
60,130,454
363,338
b,g
DBUBS
Mortgage
Trust
,
2011-LC3A
,
D
,
144A,
FRN
,
5.531
%
,
8/10/44
.........................................
United
States
2,941,494
2,841,012
GS
Mortgage
Securities
Trust
,
b
2010-C1,
B,
144A,
5.148%,
8/10/43
....................
United
States
10,548
10,533
f,g
2014-GC24,
XA,
IO,
FRN,
0.406%,
9/10/47
..............
United
States
7,805,548
101
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
17
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b,g
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
2011-C3,
B,
144A,
FRN,
5.013%,
2/15/46
................
United
States
877,634
$
842,987
2012-C6,
E,
144A,
FRN,
5.129%,
5/15/45
...............
United
States
532,000
515,954
2012-LC9,
D,
144A,
FRN,
3.69%,
12/15/47
..............
United
States
173,000
164,796
g
JPMBB
Commercial
Mortgage
Securities
Trust
,
2013-C12,
C,
FRN,
4.071%,
7/15/45
...................
United
States
1,646,294
1,582,834
2014-C23,
B,
FRN,
4.7%,
9/15/47
.....................
United
States
1,513,000
1,463,205
g
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
b
2012-C5,
E,
144A,
FRN,
4.798%,
8/15/45
...............
United
States
2,252,442
2,209,758
2013-C10,
B,
FRN,
4.112%,
7/15/46
....................
United
States
1,248,901
1,161,898
b,f
2013-C7,
XB,
IO,
144A,
FRN,
0.116%,
2/15/46
............
United
States
1,173,343
117
2013-C9,
C,
FRN,
3.841%,
5/15/46
....................
United
States
3,168,000
2,879,979
b
2013-C9,
D,
144A,
FRN,
3.929%,
5/15/46
...............
United
States
1,481,000
1,332,843
f
2015-C26,
XA,
IO,
FRN,
1.034%,
10/15/48
...............
United
States
32,744,680
760
f
2016-C32,
XA,
IO,
FRN,
0.78%,
12/15/49
................
United
States
90,025,334
725,811
f
2017-C34,
XA,
IO,
FRN,
0.904%,
11/15/52
...............
United
States
223,149,112
3,033,623
f,g
Morgan
Stanley
Capital
I
Trust
,
2016-UB12,
XA,
IO,
FRN,
0.767%,
12/15/49
.............
United
States
24,234,558
167,635
2018-H4,
XA,
IO,
FRN,
0.968%,
12/15/51
................
United
States
57,527,082
1,414,349
2018-L1,
XA,
IO,
FRN,
0.643%,
10/15/51
................
United
States
75,435,806
1,022,578
f,g
UBS
Commercial
Mortgage
Trust
,
2017-C7
,
XA
,
IO,
FRN
,
1.124
%
,
12/15/50
..................................
United
States
16,019,227
350,017
f,g
Wachovia
Bank
Commercial
Mortgage
Trust
,
2006-C29
,
IO,
FRN
,
0.488
%
,
11/15/48
..................................
United
States
12,774
30
g
Wells
Fargo
Commercial
Mortgage
Trust
,
b
2013-LC12,
D,
144A,
FRN,
3.958%,
7/15/46
.............
United
States
763,000
435,292
f
2015-LC20,
XB,
IO,
FRN,
0.799%,
4/15/50
...............
United
States
3,033,938
62
f
2016-BNK1,
XA,
IO,
FRN,
1.846%,
8/15/49
..............
United
States
21,019,499
331,097
f
2016-C37,
XA,
IO,
FRN,
0.919%,
12/15/49
...............
United
States
4,880,575
42,113
f
2017-C41,
XA,
IO,
FRN,
1.301%,
11/15/50
...............
United
States
22,673,586
521,511
f
2018-C44,
XA,
IO,
FRN,
0.865%,
5/15/51
................
United
States
69,852,016
1,238,008
f
2018-C48,
XA,
IO,
FRN,
1.102%,
1/15/52
................
United
States
19,198,586
516,096
f
2019-C50,
XA,
IO,
FRN,
1.571%,
5/15/52
................
United
States
15,130,447
636,614
g
WFRBS
Commercial
Mortgage
Trust
,
b
2011-C4,
D,
144A,
FRN,
5.149%,
6/15/44
...............
United
States
875,215
828,677
2012-C10,
C,
FRN,
4.456%,
12/15/45
..................
United
States
267,000
216,777
f
2014-C22,
XA,
IO,
FRN,
0.393%,
9/15/57
................
United
States
2,810,487
568
f
2014-C23,
XA,
IO,
FRN,
0.215%,
10/15/57
...............
United
States
6,570,990
46
40,781,492
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$44,765,350)
..............
40,781,492
Mortgage-Backed
Securities
0.2%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
0.2%
FNMA,
2.73%,
9/01/29
...............................
United
States
1,576,566
1,490,511
FNMA,
5.28%,
12/01/28
..............................
United
States
1,308,000
1,356,564
2,847,075
Total
Mortgage-Backed
Securities
(Cost
$2,735,419)
...........................
2,847,075
Residential
Mortgage-Backed
Securities
7.4%
Financial
Services
7.4%
b
A&D
Mortgage
Trust
,
2023-NQM4,
A1,
144A,
7.472%,
9/25/68
................
United
States
4,969,280
5,062,432
2023-NQM5,
A1,
144A,
7.049%,
11/25/68
...............
United
States
2,524,398
2,566,229
Putnam
Funds
trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b
Angel
Oak
Mortgage
Trust
,
g
2020-5,
A3,
144A,
FRN,
2.041%,
5/25/65
................
United
States
359,968
$
347,433
g
2021-5,
A2,
144A,
FRN,
1.208%,
7/25/66
................
United
States
3,029,721
2,620,920
2023-3,
A1,
144A,
4.8%,
9/26/67
......................
United
States
726,101
719,516
2024-9,
A1,
144A,
5.138%,
9/25/69
....................
United
States
1,118,242
1,112,918
b,g
Arroyo
Mortgage
Trust
,
2019-1,
A3,
144A,
FRN,
4.208%,
1/25/49
................
United
States
399,777
392,207
2019-3,
A3,
144A,
FRN,
3.416%,
10/25/48
...............
United
States
112,779
107,628
d
BankUnited
Trust
,
2005-1
,
1A1
,
FRN
,
5.041
%
,
(
1-month
SOFR
+
0.714
%
),
9/25/45
..................................
United
States
58,791
54,145
b,d
Bellemeade
Re
Ltd.
,
2021-3A
,
M1B
,
144A,
FRN
,
5.754
%
,
(
30-day
SOFR
Average
+
1.4
%
),
9/25/31
......................
United
States
154,342
154,406
b
BRAVO
Residential
Funding
Trust
,
g
2020-NQM1,
A3,
144A,
FRN,
2.406%,
5/25/60
............
United
States
132,445
129,789
2023-NQM8,
A1,
144A,
6.394%,
10/25/63
...............
United
States
333,748
336,556
2024-NQM2,
A1,
144A,
6.285%,
2/25/64
................
United
States
2,087,790
2,105,607
b,g
Bunker
Hill
Loan
Depositary
Trust
,
2020-1
,
A2
,
144A,
FRN
,
2.6
%
,
2/25/55
.........................................
United
States
3,766,000
3,627,546
d
CHL
Mortgage
Pass-Through
Trust
,
2005-3
,
1A1
,
FRN
,
5.061
%
,
(
1-month
SOFR
+
0.734
%
),
4/25/35
....................
United
States
60,991
56,020
g
Citigroup
Mortgage
Loan
Trust,
Inc.
,
2005-2
,
1A2A
,
FRN
,
6.19
%
,
5/25/35
.........................................
United
States
43,476
42,577
b,d
Connecticut
Avenue
Securities
Trust
,
2019-HRP1,
M2,
144A,
FRN,
6.618%,
(30-day
SOFR
Average
+
2.264%),
11/25/39
................................
United
States
64,973
65,097
2021-R01,
1M2,
144A,
FRN,
5.904%,
(30-day
SOFR
Average
+
1.55%),
10/25/41
..................................
United
States
10,513
10,528
2021-R03,
1M1,
144A,
FRN,
5.204%,
(30-day
SOFR
Average
+
0.85%),
12/25/41
..................................
United
States
8,093
8,072
2021-R03,
1M2,
144A,
FRN,
6.004%,
(30-day
SOFR
Average
+
1.65%),
12/25/41
..................................
United
States
524,000
525,399
2022-R01,
1M1,
144A,
FRN,
5.354%,
(30-day
SOFR
Average
+
1%),
12/25/41
....................................
United
States
917,810
916,282
2022-R01,
1M2,
144A,
FRN,
6.254%,
(30-day
SOFR
Average
+
1.9%),
12/25/41
...................................
United
States
468,000
470,441
2022-R02,
2M1,
144A,
FRN,
5.554%,
(30-day
SOFR
Average
+
1.2%),
1/25/42
....................................
United
States
816,163
815,770
2022-R02,
2M2,
144A,
FRN,
7.354%,
(30-day
SOFR
Average
+
3%),
1/25/42
.....................................
United
States
2,400,000
2,450,003
2022-R03,
1M1,
144A,
FRN,
6.454%,
(30-day
SOFR
Average
+
2.1%),
3/25/42
....................................
United
States
918,498
926,805
2022-R03,
1M2,
144A,
FRN,
7.854%,
(30-day
SOFR
Average
+
3.5%),
3/25/42
....................................
United
States
241,000
249,256
2022-R04,
1M1,
144A,
FRN,
6.354%,
(30-day
SOFR
Average
+
2%),
3/25/42
.....................................
United
States
1,520,286
1,532,117
2022-R04,
1M2,
144A,
FRN,
7.454%,
(30-day
SOFR
Average
+
3.1%),
3/25/42
....................................
United
States
230,000
236,413
2022-R06,
1M1,
144A,
FRN,
7.104%,
(30-day
SOFR
Average
+
2.75%),
5/25/42
...................................
United
States
126,761
129,184
2022-R07,
1M1,
144A,
FRN,
7.303%,
(30-day
SOFR
Average
+
2.95%),
6/25/42
...................................
United
States
407,101
417,031
2022-R08,
1M1,
144A,
FRN,
6.904%,
(30-day
SOFR
Average
+
2.55%),
7/25/42
...................................
United
States
341,135
348,224
2022-R09,
2M1,
144A,
FRN,
6.853%,
(30-day
SOFR
Average
+
2.5%),
9/25/42
....................................
United
States
1,788,224
1,812,640
2023-R01,
1M1,
144A,
FRN,
6.753%,
(30-day
SOFR
Average
+
2.4%),
12/25/42
...................................
United
States
82,354
84,312
Putnam
Funds
trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
19
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b,d
Connecticut
Avenue
Securities
Trust,
(continued)
2023-R02,
1M1,
144A,
FRN,
6.654%,
(30-day
SOFR
Average
+
2.3%),
1/25/43
....................................
United
States
164,013
$
167,282
2023-R06,
1M1,
144A,
FRN,
6.054%,
(30-day
SOFR
Average
+
1.7%),
7/25/43
....................................
United
States
88,283
88,651
2023-R07,
2M1,
144A,
FRN,
6.303%,
(30-day
SOFR
Average
+
1.95%),
9/25/43
...................................
United
States
62,833
63,223
2024-R02,
1M1,
144A,
FRN,
5.454%,
(30-day
SOFR
Average
+
1.1%),
2/25/44
....................................
United
States
16,819
16,775
2024-R03,
2M1,
144A,
FRN,
5.503%,
(30-day
SOFR
Average
+
1.15%),
3/25/44
...................................
United
States
82,253
82,162
2024-R04,
1M1,
144A,
FRN,
5.454%,
(30-day
SOFR
Average
+
1.1%),
5/25/44
....................................
United
States
145,762
145,671
2024-R05,
2M1,
144A,
FRN,
5.354%,
(30-day
SOFR
Average
+
1%),
7/25/44
.....................................
United
States
38,049
38,021
2024-R06,
1A1,
144A,
FRN,
5.504%,
(30-day
SOFR
Average
+
1.15%),
9/25/44
...................................
United
States
551,079
550,297
2024-R06,
1M1,
144A,
FRN,
5.404%,
(30-day
SOFR
Average
+
1.05%),
9/25/44
...................................
United
States
117,868
117,737
2025-R01,
1A1,
144A,
FRN,
5.303%,
(30-day
SOFR
Average
+
0.95%),
1/25/45
...................................
United
States
760,212
756,553
2025-R01,
1M1,
144A,
FRN,
5.453%,
(30-day
SOFR
Average
+
1.1%),
1/25/45
....................................
United
States
809,028
806,895
2025-R02,
1A1,
144A,
FRN,
5.353%,
(30-day
SOFR
Average
+
1%),
2/25/45
.....................................
United
States
570,335
568,119
2025-R02,
1M1,
144A,
FRN,
5.503%,
(30-day
SOFR
Average
+
1.15%),
2/25/45
...................................
United
States
1,815,357
1,817,718
2025-R03,
2A1,
144A,
FRN,
5.804%,
(30-day
SOFR
Average
+
1.45%),
3/25/45
...................................
United
States
745,590
748,852
b
Cross
Mortgage
Trust
,
2024-H3,
A1,
144A,
6.272%,
6/25/69
...................
United
States
844,154
853,165
2024-H4,
A1,
144A,
6.147%,
7/25/69
...................
United
States
6,720,847
6,788,297
g
2025-H3,
A1,
144A,
FRN,
5.883%,
5/25/70
...............
United
States
699,000
704,214
d
FHLMC
STACR
Debt
Notes
,
2015-DNA3
,
M3
,
FRN
,
9.168
%
,
(
30-
day
SOFR
Average
+
4.814
%
),
4/25/28
.................
United
States
3,176,909
3,227,515
b,d
FHLMC
STACR
REMIC
Trust
,
2021-DNA5,
M2,
144A,
FRN,
6.004%,
(30-day
SOFR
Average
+
1.65%),
1/25/34
.................................
United
States
100,751
101,084
2021-DNA6,
M2,
144A,
FRN,
5.854%,
(30-day
SOFR
Average
+
1.5%),
10/25/41
.................................
United
States
637,667
637,053
2021-DNA7,
M2,
144A,
FRN,
6.154%,
(30-day
SOFR
Average
+
1.8%),
11/25/41
..................................
United
States
1,590,000
1,595,964
2021-HQA4,
M1,
144A,
FRN,
5.304%,
(30-day
SOFR
Average
+
0.95%),
12/25/41
................................
United
States
156,727
155,622
2022-DNA2,
M1A,
144A,
FRN,
5.654%,
(30-day
SOFR
Average
+
1.3%),
2/25/42
..................................
United
States
34,865
34,852
2022-DNA3,
M1A,
144A,
FRN,
6.354%,
(30-day
SOFR
Average
+
2%),
4/25/42
....................................
United
States
271,359
274,697
2022-DNA3,
M1B,
144A,
FRN,
7.254%,
(30-day
SOFR
Average
+
2.9%),
4/25/42
..................................
United
States
50,000
51,370
2022-DNA4,
M1A,
144A,
FRN,
6.554%,
(30-day
SOFR
Average
+
2.2%),
5/25/42
..................................
United
States
1,058,793
1,075,303
2022-DNA5,
M1A,
144A,
FRN,
7.304%,
(30-day
SOFR
Average
+
2.95%),
6/25/42
.................................
United
States
1,325,200
1,352,098
2022-DNA6,
M1A,
144A,
FRN,
6.504%,
(30-day
SOFR
Average
+
2.15%),
9/25/42
.................................
United
States
43,652
43,961
2022-DNA6,
M1B,
144A,
FRN,
8.054%,
(30-day
SOFR
Average
+
3.7%),
9/25/42
..................................
United
States
46,000
48,198
Putnam
Funds
trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b,d
FHLMC
STACR
REMIC
Trust,
(continued)
2022-HQA1,
M1A,
144A,
FRN,
6.454%,
(30-day
SOFR
Average
+
2.1%),
3/25/42
..................................
United
States
29,211
$
29,353
2022-HQA2,
M1A,
144A,
FRN,
7.004%,
(30-day
SOFR
Average
+
2.65%),
7/25/42
.................................
United
States
1,934,985
1,975,421
2022-HQA3,
M1A,
144A,
FRN,
6.654%,
(30-day
SOFR
Average
+
2.3%),
8/25/42
..................................
United
States
266,014
269,968
2023-DNA1,
M1A,
144A,
FRN,
6.453%,
(30-day
SOFR
Average
+
2.1%),
3/25/43
..................................
United
States
316,264
321,648
2023-HQA2,
M1A,
144A,
FRN,
6.354%,
(30-day
SOFR
Average
+
2%),
6/25/43
....................................
United
States
93,026
93,541
2023-HQA3,
A1,
144A,
FRN,
6.204%,
(30-day
SOFR
Average
+
1.85%),
11/25/43
..................................
United
States
191,297
193,043
2023-HQA3,
M1,
144A,
FRN,
6.204%,
(30-day
SOFR
Average
+
1.85%),
11/25/43
.................................
United
States
138,997
139,698
2024-DNA1,
A1,
144A,
FRN,
5.704%,
(30-day
SOFR
Average
+
1.35%),
2/25/44
...................................
United
States
220,547
220,798
2024-DNA2,
A1,
144A,
FRN,
5.604%,
(30-day
SOFR
Average
+
1.25%),
5/25/44
...................................
United
States
212,971
212,964
2024-DNA2,
M2,
144A,
FRN,
6.054%,
(30-day
SOFR
Average
+
1.7%),
5/25/44
..................................
United
States
15,000
15,004
2025-DNA1,
A1,
144A,
FRN,
5.304%,
(30-day
SOFR
Average
+
0.95%),
1/25/45
...................................
United
States
2,686,850
2,675,273
b,d
FHLMC
STACR
Trust
,
2019-HQA2
,
M2
,
144A,
FRN
,
6.518
%
,
(
30-
day
SOFR
Average
+
2.164
%
),
4/25/49
.................
United
States
3,913
3,921
d
FNMA
Connecticut
Avenue
Securities
,
2015-C04,
1M2,
FRN,
10.168%,
(30-day
SOFR
Average
+
5.814%),
4/25/28
..................................
United
States
3,047,510
3,101,383
2016-C01,
1M2,
FRN,
11.218%,
(30-day
SOFR
Average
+
6.864%),
8/25/28
..................................
United
States
1,182
1,219
2016-C01,
2M2,
FRN,
11.418%,
(30-day
SOFR
Average
+
7.064%),
8/25/28
..................................
United
States
21,858
22,518
2016-C03,
2M2,
FRN,
10.368%,
(30-day
SOFR
Average
+
6.014%),
10/25/28
.................................
United
States
57,715
59,450
2016-C07,
2M2,
FRN,
8.818%,
(30-day
SOFR
Average
+
4.464%),
5/25/29
..................................
United
States
628,484
649,261
2017-C06,
1M2B,
FRN,
7.118%,
(30-day
SOFR
Average
+
2.764%),
2/25/30
..................................
United
States
138,330
138,687
2017-C06,
2M2C,
FRN,
7.268%,
(30-day
SOFR
Average
+
2.914%),
2/25/30
..................................
United
States
155,211
158,393
2018-C02,
2M2,
FRN,
6.668%,
(30-day
SOFR
Average
+
2.314%),
8/25/30
..................................
United
States
49,595
50,385
2018-C05,
1M2,
FRN,
6.818%,
(30-day
SOFR
Average
+
2.464%),
1/25/31
..................................
United
States
523,935
528,346
b,g
Galton
Funding
Mortgage
Trust
,
2020-H1
,
A3
,
144A,
FRN
,
2.617
%
,
1/25/60
...................................
United
States
1,512,332
1,447,543
b
GCAT
Trust
,
2020-NQM2
,
A3
,
144A,
3.935
%
,
4/25/65
........
United
States
774,337
752,729
b,g
GS
Mortgage-Backed
Securities
Trust
,
2020-NQM1
,
A3
,
144A,
FRN
,
2.352
%
,
9/27/60
..............................
United
States
264,414
250,885
b,g
Imperial
Fund
Mortgage
Trust
,
2021-NQM1
,
A3
,
144A,
FRN
,
1.617
%
,
6/25/56
...................................
United
States
1,425,577
1,256,245
b
J.P.
Morgan
Mortgage
Trust
,
d
2024-10,
A11,
144A,
FRN,
5.604%,
(30-day
SOFR
Average
+
1.25%),
3/25/55
...................................
United
States
1,100,254
1,089,872
2024-CES1,
A1A,
144A,
6.191%,
6/25/54
................
United
States
816,191
819,486
2024-VIS2,
A1,
144A,
5.853%,
11/25/64
.................
United
States
1,164,292
1,173,653
b
Legacy
Mortgage
Asset
Trust
,
2021-GS1,
A1,
144A,
5.892%,
10/25/66
.................
United
States
3,217,888
3,219,931
Putnam
Funds
trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
21
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b
Legacy
Mortgage
Asset
Trust,
(continued)
2021-GS3,
A1,
144A,
4.75%,
7/25/61
...................
United
States
1,528,055
$
1,526,754
2021-GS4,
A1,
144A,
4.65%,
11/25/60
..................
United
States
2,413,955
2,412,092
b,e,g
LHOME
Mortgage
Trust
,
2025-RTL2
,
A1
,
144A,
FRN
,
5.612
%
,
4/25/40
.........................................
United
States
671,000
676,763
b,g
MFA
Trust
,
2020-NQM1
,
A3
,
144A,
FRN
,
3.3
%
,
8/25/49
.......
United
States
444,805
420,340
b,g
Morgan
Stanley
Resecuritization
Trust
,
2015-R4
,
CB1
,
144A,
FRN
,
4.368
%
,
8/26/47
..............................
United
States
402,507
400,704
b
Morgan
Stanley
Residential
Mortgage
Loan
Trust
,
d
2024-3,
AF,
144A,
FRN,
5.704%,
(30-day
SOFR
Average
+
1.35%),
7/25/54
...................................
United
States
622,244
616,243
2024-NQM1,
A1,
144A,
6.152%,
12/25/68
...............
United
States
2,281,832
2,300,319
b
New
Residential
Mortgage
Loan
Trust
,
d
2018-4A,
A1M,
144A,
FRN,
5.341%,
(1-month
SOFR
+
1.014%),
1/25/48
..................................
United
States
125,852
122,889
g
2019-NQM4,
A2,
144A,
FRN,
2.644%,
9/25/59
............
United
States
490,210
465,026
g
2019-NQM4,
A3,
144A,
FRN,
2.797%,
9/25/59
............
United
States
1,248,412
1,185,646
b
OBX
Trust
,
g
2018-EXP1,
1A3,
144A,
FRN,
4%,
4/25/48
...............
United
States
111,329
105,834
2024-NQM2,
A1,
144A,
5.878%,
12/25/63
...............
United
States
744,977
747,942
b,g
Onity
Loan
Investment
Trust
,
2024-HB2
,
A
,
144A,
FRN
,
5
%
,
8/25/37
.........................................
United
States
814,973
813,720
b,d
Radnor
Re
Ltd.
,
2024-1
,
M1A
,
144A,
FRN
,
6.354
%
,
(
30-day
SOFR
Average
+
2
%
),
9/25/34
........................
United
States
825,179
825,916
b,g
Residential
Mortgage
Loan
Trust
,
2021-1R
,
A1
,
144A,
FRN
,
0.859
%
,
1/25/65
...................................
United
States
93,283
89,231
b,g
Roc
Mortgage
Trust
,
2021-RTL1
,
A1
,
144A,
FRN
,
3.487
%
,
8/25/26
.........................................
United
States
183,788
183,614
b,d
Station
Place
Securitization
Trust
,
2024-10,
A,
144A,
FRN,
5.223%,
(1-month
SOFR
+
0.9%),
10/27/25
........................................
United
States
3,300,000
3,311,561
2024-2,
A,
144A,
FRN,
5.223%,
(1-month
SOFR
+
0.9%),
6/22/25
.........................................
United
States
4,475,000
4,478,760
2024-5,
A,
144A,
FRN,
5.223%,
(1-month
SOFR
+
0.9%),
8/04/25
.........................................
United
States
4,500,000
4,497,786
d
Structured
Asset
Mortgage
Investments
II
Trust
,
2007-AR7
,
1A1
,
FRN
,
5.291
%
,
(
1-month
SOFR
+
0.964
%
),
5/25/47
.........
United
States
365,747
285,352
b
Verus
Securitization
Trust
,
g
2019-INV3,
A3,
144A,
FRN,
4.1%,
11/25/59
..............
United
States
357,493
353,543
2024-1,
A1,
144A,
5.712%,
1/25/69
....................
United
States
891,532
893,126
100,928,631
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$102,118,401)
..............
100,928,631
Agency
Commercial
Mortgage-Backed
Securities
2.8%
Financial
Services
2.8%
FHLMC
,
3539,
PM,
4.5%,
5/15/37
............................
United
States
3,312
3,247
3724,
CM,
5.5%,
6/15/37
............................
United
States
9,586
10,067
f,g
FHLMC,
Multi-family
Structured
Pass-Through
Certificates
,
K737,
X1,
IO,
FRN,
0.727%,
10/25/26
..................
United
States
58,524,176
450,823
K738,
XAM,
IO,
FRN,
1.488%,
3/25/27
..................
United
States
17,882,000
417,005
K739,
XAM,
IO,
FRN,
1.657%,
9/25/27
..................
United
States
36,816,638
1,140,270
KC06,
X1,
IO,
FRN,
1.011%,
6/25/26
...................
United
States
30,226,303
179,638
FNMA
,
2010-81,
AP,
2.5%,
7/25/40
..........................
United
States
7,986
7,637
Putnam
Funds
trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
FNMA,
(continued)
2011-60,
PA,
4%,
10/25/39
...........................
United
States
3,641
$
3,423
d
2024-89,
FA,
FRN,
5.554%,
(30-day
SOFR
Average
+
1.2%),
12/25/54
........................................
United
States
9,629,172
9,656,315
d
2024-98,
FA,
FRN,
5.504%,
(30-day
SOFR
Average
+
1.15%),
12/25/53
........................................
United
States
8,437,426
8,445,482
d
2025-41,
FA,
FRN,
5.5%,
(30-day
SOFR
Average
+
1.15%),
6/25/54
.........................................
United
States
3,431,000
3,425,639
b
FREMF
Mortgage
Trust
,
f
2015-K48,
X2A,
IO,
144A,
0.1%,
8/25/48
................
United
States
152,564,300
3,097
g
2015-K51,
B,
144A,
FRN,
4.095%,
10/25/48
..............
United
States
3,237,000
3,213,932
GNMA
,
2009-32,
AB,
4%,
5/16/39
...........................
United
States
3,650
3,598
f,g
2021-17,
IO,
FRN,
1.051%,
1/16/61
....................
United
States
17,374,976
1,391,388
d
2024-78,
QF,
FRN,
5.45%,
(30-day
SOFR
Average
+
1.1%),
5/20/54
.........................................
United
States
9,679,592
9,704,256
38,055,817
a
a
a
a
a
a
Total
Agency
Commercial
Mortgage-Backed
Securities
(Cost
$37,693,515)
.......
38,055,817
Total
Long
Term
Investments
(Cost
$995,431,652)
.............................
987,416,259
a
Short
Term
Investments
27.2%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.0%
†
h,i
U.S.
Treasury
Bills,
4.13%,
10/02/25
.....................
United
States
200,000
196,510
Total
U.S.
Government
and
Agency
Securities
(Cost
$196,533)
..................
196,510
a
a
a
Commercial
Papers
13.7%
h
Agree
LP,
4.78%,
5/02/25
.............................
United
States
3,535,000
3,534,062
h
Air
Lease
Corp.,
4.87%,
5/28/25
........................
United
States
3,355,000
3,342,346
h
Alexandria
Real
Estate
Equities,
Inc.
,
4.56%,
5/16/25
.....................................
United
States
3,980,000
3,971,950
4.55%,
5/09/25
.....................................
United
States
4,650,000
4,644,714
8,616,664
h
Alimentation
Couche-Tard,
Inc.,
4.68%,
5/12/25
.............
Canada
4,360,000
4,353,213
h
AutoNation,
Inc.,
5%,
5/01/25
..........................
United
States
12,310,000
12,308,291
h
AvalonBay
Communities,
Inc.,
4.59%,
5/07/25
..............
United
States
4,615,000
4,610,886
h
Barclays
Bank
plc,
4.42%,
5/28/25
......................
United
Kingdom
3,740,000
3,727,189
h
Boston
Properties
LP
,
4.61%,
5/05/25
.....................................
United
States
3,330,000
3,327,868
4.62%,
5/06/25
.....................................
United
States
2,438,000
2,436,126
4.62%,
5/07/25
.....................................
United
States
3,100,000
3,097,218
8,861,212
h
Conagra
Brands,
Inc.,
4.66%,
5/01/25
....................
United
States
6,040,000
6,039,218
h
Constellation
Brands,
Inc.,
4.78%,
5/02/25
.................
United
States
4,750,000
4,748,739
h
CRH
America
Finance,
Inc.,
4.64%,
5/20/25
...............
United
States
4,085,000
4,074,492
h
Crown
Castle,
Inc.,
4.84%,
5/06/25
......................
United
States
3,855,000
3,851,890
h
Dominion
Energy,
Inc.,
4.58%,
5/09/25
...................
United
States
3,245,000
3,241,291
h
Enbridge
US,
Inc.,
4.64%,
5/20/25
.......................
United
States
3,255,000
3,246,627
Putnam
Funds
trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
23
Short
Term
Investments
(continued)
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Commercial
Papers
(continued)
h
Boston
Properties
LP,
(continued)
h
Fidelity
National
Information
Services,
Inc.,
4.57%,
5/01/25
....
United
States
4,215,000
$
4,214,465
h
FMC
Corp.,
5.05%,
5/01/25
............................
United
States
4,395,000
4,394,384
h
Gotham
Funding
Corp.,
4.39%,
5/29/25
...................
United
States
6,500,000
6,477,097
h
Intercontinental
Exchange,
Inc.
,
4.66%,
5/01/25
.....................................
United
States
6,725,000
6,724,129
4.67%,
5/06/25
.....................................
United
States
5,200,000
5,195,953
11,920,082
h
Marriott
International,
Inc.,
4.74%,
5/22/25
.................
United
States
3,750,000
3,739,169
h
Marsh
&
McLennan
Cos.,
Inc.
,
4.56%,
5/01/25
.....................................
United
States
3,700,000
3,699,531
4.61%,
5/12/25
.....................................
United
States
6,900,000
6,889,415
4.65%,
5/21/25
.....................................
United
States
4,660,000
4,647,404
15,236,350
h
Mid-America
Apartments
LP,
4.58%,
5/05/25
...............
United
States
2,715,000
2,713,273
h
National
Grid
North
America,
Inc.
,
4.63%,
5/16/25
.....................................
United
States
4,590,000
4,580,583
4.65%,
5/23/25
.....................................
United
States
3,230,000
3,220,423
7,801,006
h
Owens
Corning,
4.61%,
5/14/25
........................
United
States
3,720,000
3,713,336
h
Plains
All
American
Pipeline
LP,
4.58%,
5/05/25
.............
United
States
6,620,000
6,615,792
h
Protective
Life
Corp.
,
4.6%,
5/21/25
.....................................
United
States
3,650,000
3,640,233
4.61%,
5/28/25
.....................................
United
States
3,995,000
3,980,728
7,620,961
h
RTX
Corp.,
4.69%,
5/27/25
............................
United
States
3,330,000
3,318,322
h
Sherwin
Williams
Co.
(The),
4.47%,
6/16/25
...............
United
States
3,480,000
3,459,818
h
Targa
Resources
Corp.
,
4.86%,
5/01/25
.....................................
United
States
10,490,000
10,488,584
4.89%,
5/05/25
.....................................
United
States
2,980,000
2,977,979
13,466,563
h
UDR,
Inc.,
4.59%,
5/08/25
.............................
United
States
3,910,000
3,906,013
h
Vulcan
Materials
Co.
,
4.64%,
5/20/25
.....................................
United
States
4,680,000
4,667,957
4.65%,
5/21/25
.....................................
United
States
3,985,000
3,974,229
8,642,186
h
WEC
Energy
Group,
Inc.
,
4.59%,
5/07/25
.....................................
United
States
3,520,000
3,516,862
4.61%,
5/13/25
.....................................
United
States
2,460,000
2,455,909
5,972,771
Total
Commercial
Papers
(Cost
$187,789,496)
................................
187,767,708
Putnam
Funds
trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
13.5%
a,j
Putnam
Short
Term
Investment
Fund,
Class
P,
4.468%
.......
United
States
184,269,185
$
184,269,185
Total
Money
Market
Funds
(Cost
$184,269,185)
...............................
184,269,185
Total
Short
Term
Investments
(Cost
$372,255,214
)
.............................
372,233,403
a
Total
Investments
(Cost
$1,367,686,866)
99.4%
................................
$1,359,649,662
Other
Assets,
less
Liabilities
0.6%
...........................................
7,588,530
Net
Assets
100.0%
.........................................................
$1,367,238,192
a
a
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
3
(
g
)
regarding
investments
in
affiliated
management
investment
companies.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
April
30,
2025,
the
aggregate
value
of
these
securities
was
$469,962,407,
representing
34.4%
of
net
assets.
c
This
security
was
pledged,
or
purchased
with
cash
that
was
pledged,
to
the
Fund
for
collateral
on
certain
derivative
contracts.
See
Note
1
(
d
).
d
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
e
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1
(
c
).
f
Investment
in
an
interest-only
security
entitles
holders
to
receive
only
the
interest
payment
on
the
underlying
instruments.
The
principal
amount
shown
is
the
notional
amount
of
the
underlying
instruments.
g
Adjustable
rate
security
with
an
interest
rate
that
is
not
based
on
a
published
reference
index
and
spread.
The
rate
is
based
on
the
structure
of
the
agreement
and
current
market
conditions.
The
coupon
rate
shown
represents
the
rate
at
period
end.
h
The
rate
shown
represents
the
yield
at
period
end.
i
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
certain
derivative
contracts.
At
April
30,
2025,
the
value
of
this
security
pledged
amounted
to
$168,016,
representing
less
than
0.1%
net
assets.
j
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Putnam
Funds
trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
25
At
April
30,
2025,
the
Fund
had
the
following credit
default
swap
contracts outstanding.
See
Note
1(d). 
At
April
30,
2025,
the
Fund
had
the
following
interest
rate
swap
contracts
outstanding.
See
Note
1(d). 
Credit
Default
Swap
Contracts
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
(a)
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
(b)
OTC
Swap
Contracts
Contracts
to
Buy
Protection
(c)
Traded
Index
CMBX.NA.BB.7
.
(5.00)%
Monthly
MLCO
1/17/47
315,000
$
48,516
$
54,646
$
(6,130)
CMBX.NA.BBB-.6
(3.00)%
Monthly
CITI
5/11/63
515,000
18,571
30,480
(11,909)
Contracts
to
Sell
Protection
(c)(d)
Traded
Index
CMBX.NA.BB.7
.
5.00%
Monthly
JPHQ
1/17/47
315,000
(48,515)
(154,241)
105,726
Non-
Investment
Grade
CMBX.NA.BBB-.6
3.00%
Monthly
BOFA
5/11/63
514,000
(18,536)
(30,971)
12,435
Investment
Grade
CMBX.NA.BBB-.6
3.00%
Monthly
MLCO
5/11/63
1,000
(36)
(269)
233
Investment
Grade
Total
OTC
Swap
Contracts
..............................................
$—
$(100,355)
$100,355
Total
Credit
Default
Swap
Contracts
....................................
$—
$
(100,355)
$100,355
(a)
In
U.S.
dollars
unless
otherwise
indicated.
For
contracts
to
sell
protection,
the
notional
amount
is
equal
to
the
maximum
potential
amount
of
the
future
payments
and
no
recourse
provisions
have
been
entered
into
in
association
with
the
contracts.
(b)
Based
on
Standard
and
Poor's
(S&P)
Rating
for
single
name
swaps
and
internal
ratings
for
index
swaps.
Internal
ratings
based
on
mapping
into
equivalent
ratings
from
external
vendors.
(c)
Performance
triggers
for
settlement
of
contract
include
default,
bankruptcy
or
restructuring
for
single
name
swaps,
and
failure
to
pay
or
bankruptcy
of
the
underlying
securities
for
traded
index
swaps.
(d)
The
fund
enters
contracts
to
sell
protection
to
create
a
long
credit
position.
Interest
Rate
Swap
Contracts
Description
Payment
Frequency
Maturity
Date
Notional
Amount
*
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
Receive
Fixed
3.75%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
6/18/27
503,744,000
$
4,622,846
$
557,713
$
4,065,133
Receive
Fixed
3.75%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
6/18/30
32,329,000
633,885
287,845
346,040
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
3.85%
....
Annual
6/18/35
31,599,000
(612,420)
(164,230)
(448,190)
Putnam
Funds
trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
26
See
Note 7 regarding
other
derivative
information.
Interest
Rate
Swap
Contracts
(continued)
Description
Payment
Frequency
Maturity
Date
Notional
Amount*
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
(continued)
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
3.85%
....
Annual
6/18/55
9,775,000
$
(73,852)
$
(133,681)
$
59,829
Total
Centrally
Cleared
Swap
Contracts
...................................
$4,570,459
$547,647
$4,022,812
Total
Interest
Rate
Swap
Contracts
.................................
$4,570,459
$
547,647
$4,022,812
*
In
U.S.
dollars
unless
otherwise
indicated.
See
Abbreviations
on
page
43.
Putnam
Funds
trust
Financial
Statements
Statement
of
Assets
and
Liabilities
April
30,
2025
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
27
Putnam
Short
Duration
Bond
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$1,162,602,158
Cost
-
Non-controlled
affiliates
(Note
3
g
)
........................................................
205,084,708
Value
-
Unaffiliated
issuers
..................................................................
$1,154,473,528
Value
-
Non-controlled
affiliates
(Note
3
g
)
.......................................................
205,176,134
Cash
....................................................................................
2,896,626
Receivables:
Capital
shares
sold
........................................................................
1,559,144
Dividends
and
interest
.....................................................................
1,817,968
Deposits
with
brokers
for:
Centrally
cleared
swap
contracts
............................................................
10,184,674
Variation
margin
on
centrally
cleared
swap
contracts
...............................................
385,255
OTC
swap
contracts
(upfront
payments
$
85,126
)
...................................................
85,126
Unrealized
appreciation
on
OTC
swap
contracts
....................................................
118,394
Prepaid
expenses
..........................................................................
111,838
Total
assets
..........................................................................
1,376,808,687
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
5,551,599
Capital
shares
redeemed
...................................................................
2,813,160
Management
fees
.........................................................................
393,951
Distribution
fees
..........................................................................
110,009
Trustees'
fees
and
expenses
.................................................................
39,045
Distributions
to
shareholders
.................................................................
266,285
OTC
swap
contracts
(upfront
receipts
$
185,481
)
...................................................
185,481
Unrealized
depreciation
on
OTC
swap
contracts
....................................................
18,039
Collateral
on
certain
derivative
contracts,
at
value
(Note
1
d
)
...........................................
104,819
Accrued
expenses
and
other
liabilities
...........................................................
88,107
Total
liabilities
.........................................................................
9,570,495
Net
assets,
at
value
.................................................................
$1,367,238,192
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$1,458,325,175
Total
distributable
earnings
(losses)
.............................................................
(91,086,983)
Net
assets,
at
value
.................................................................
$1,367,238,192
Putnam
Funds
trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
April
30,
2025
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
28
Putnam
Short
Duration
Bond
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$465,476,849
Shares
outstanding
........................................................................
46,778,776
Net
asset
value
per
share
a
,b
..................................................................
$9.95
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
97
.75
%
)
b
................................
$10.18
Class
C:
Net
assets,
at
value
.......................................................................
$17,568,059
Shares
outstanding
........................................................................
1,770,359
Net
asset
value
and
maximum
offering
price
per
share
a
,b
............................................
$9.92
Class
R:
Net
assets,
at
value
.......................................................................
$995,065
Shares
outstanding
........................................................................
99,488
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$10.00
Class
R6:
Net
assets,
at
value
.......................................................................
$11,413,893
Shares
outstanding
........................................................................
1,142,421
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$9.99
Class
Y:
Net
assets,
at
value
.......................................................................
$871,784,326
Shares
outstanding
........................................................................
87,480,169
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$9.97
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
b
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Putnam
Funds
Trust
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
April
30,
2025
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
29
Putnam
Short
Duration
Bond
Fund
Investment
income:
Dividends:
Non-controlled
affiliates
(Note
3
g
)
.............................................................
$4,073,601
Interest:
Unaffiliated
issuers
........................................................................
23,431,842
Total
investment
income
...................................................................
27,505,443
Expenses:
Management
fees
(Note
3
a
)
...................................................................
2,414,193
Distribution
fees:
(Note
3c
)
    Class
A
................................................................................
573,576
    Class
C
................................................................................
85,593
    Class
R
................................................................................
2,352
Other
....................................................................................
3,238
Total
expenses
.........................................................................
3,078,952
Expense
reductions
(Note
4
)
...............................................................
(4,909)
Expenses
waived/paid
by
affiliates
(Note
3g)
...................................................
(9,646)
Net
expenses
.........................................................................
3,064,397
Net
investment
income
................................................................
24,441,046
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(1,021,274)
Swap
contracts
...........................................................................
(1,801,380)
Net
realized
gain
(loss)
..................................................................
(2,822,654)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
10,502,370
Non-controlled
affiliates
(Note
3
g
)
...........................................................
91,426
Swap
contracts
...........................................................................
6,533,289
Net
change
in
unrealized
appreciation
(depreciation)
............................................
17,127,085
Net
realized
and
unrealized
gain
(loss)
............................................................
14,304,431
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$38,745,477
Putnam
Funds
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
30
Putnam
Short
Duration
Bond
Fund
Six
Months
Ended
April
30,
2025
(unaudited)
Year
Ended
October
31,
2024
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$24,441,046
$46,077,634
Net
realized
gain
(loss)
.................................................
(2,822,654)
(13,250,568)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
17,127,085
63,082,207
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
38,745,477
95,909,273
Distributions
to
shareholders:
Class
A
.............................................................
(9,001,378)
(21,960,798)
Class
B
.............................................................
—
(8,052)
Class
C
.............................................................
(271,774)
(625,540)
Class
R
.............................................................
(17,239)
(26,805)
Class
R6
............................................................
(259,984)
(485,456)
Class
Y
.............................................................
(17,019,873)
(33,305,211)
Total
distributions
to
shareholders
..........................................
(26,570,248)
(56,411,862)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
(21,366,776)
(18,761,580)
Class
B
.............................................................
—
(261,836)
Class
C
.............................................................
104,419
(717,911)
Class
R
.............................................................
75,489
589,121
Class
R6
............................................................
(3,848,644)
7,118,089
Class
Y
.............................................................
121,766,593
8,678,208
Total
capital
share
transactions
............................................
96,731,081
(3,355,909)
Net
increase
(decrease)
in
net
assets
...................................
108,906,310
36,141,502
Net
assets:
Beginning
of
period
.....................................................
1,258,331,882
1,222,190,380
End
of
period
..........................................................
$1,367,238,192
$1,258,331,882
Putnam
Funds
Trust
31
franklintempleton.com
Semiannual
Report
Notes
to
Financial
Statements
(unaudited)
Putnam
Short
Duration
Bond
Fund
1.
Organization
and
Significant
Accounting
Policies
Putnam
Funds
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of sixteen
separate
funds.
The
Trust
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
Putnam
Short
Duration
Bond
Fund
(Fund)
is
included
in
this
report.
The
Fund
offers five
classes
of
shares:
Class
A,
Class
C,
Class
R,
Class
R6
and
Class
Y. Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
Each
class
of
shares
may
differ
by
its
initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees. 
Effective
September
5,
2024,
all
Class
B
shares
were
converted
to
Class
A.
The
following
summarizes
the 
Fund
's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
as
of
4
p.m.
Eastern
time
each
day
the
New
York
Stock
Exchange
(NYSE)
is
open
for
trading.
Under
compliance
policies
and
procedures
approved
by
the
Fund's Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).The Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities,
exchange
traded
funds,
and
derivative
financial
instruments
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the OTC
market
rather
than
on
a
securities
exchange.
The
Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
Certain
derivative
financial
instruments
are
centrally
cleared
or
trade
in
the
OTC
market.
The
Fund's
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Fund's
net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
32
franklintempleton.com
Semiannual
Report
Putnam
Short
Duration
Bond
Fund
(continued)
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund's
business
day. Events
can occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund's
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time. In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund's
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund's
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
b.
Stripped
Securities 
The
Fund
may
invest
in
stripped
securities
which
represent
a
participation
in
securities
that
may
be
structured
in
classes
with
rights
to
receive
different
portions
of
the
interest
and
principal.
Interest-only
securities
receive
all
of
the
interest
and
principal-only
securities
receive
all
of
the
principal.
If
the
interest
only
securities
experience
greater
than
anticipated
prepayments
of
principal,
the
fund
may
fail
to
recoup
fully
its
initial
investment
in
these
securities.
Conversely,
principal-
only
securities
increase
in
value
if
prepayments
are
greater
than
anticipated
and
decline
if
prepayments
are
slower
than
anticipated.
The
fair
value
of
these
securities
is
highly
sensitive
to
changes
in
interest
rates.
c.
Securities
Purchased
on
a
When-Issued,
Forward Commitment or
Delayed
Delivery
Basis
and
TBA
Basis
The
Fund
may
purchase
securities
on
a when-issued,
forward
commitment
or
delayed
delivery basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Fund
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities, it
may
sell
the
securities
before
the
settlement
date.
d.
Derivative
Financial
Instruments
The
Fund invested
in
derivative
financial
instruments
in
order
to
manage
risk
or
gain
exposure
to
various
other
investments
or
markets.
Derivatives
are
financial
contracts
based
on
an
underlying
or
notional
amount,
require
no
initial
investment
or
an
initial
net
investment
that
is
smaller
than
would
normally
be
required
to
have
a
similar
response
to
changes
in
market
factors,
and
require
or
permit
net
settlement.
Derivatives
contain
various
risks
including
the
potential
inability
of
the
counterparty
to
fulfill
their
obligations
under
the
terms
of
the
contract,
the
potential
for
an
illiquid
secondary
market,
and/or
the
potential
for
market
movements
which
expose
the
Fund
to
gains
or
losses
in
excess
of
the
amounts
shown
in
the
Statement
of
Assets
and
Liabilities.
Realized
gain
and
loss
and
unrealized
appreciation
and
depreciation
on
these
contracts
for
the
period
are
included
in
the
Statement
of
Operations.
Derivative
counterparty
credit
risk
is
managed
through
a
formal
evaluation
of
the
creditworthiness
of
all
potential
counterparties.
The
Fund
attempts
to
reduce
its
exposure
to
counterparty
credit
risk
on
OTC
derivatives,
whenever
possible,
by
entering
into
International
Swaps
and
Derivatives
Association
(ISDA)
master
agreements
with
certain
counterparties.
These
agreements
contain
various
provisions,
including
but
not
limited
to
collateral
requirements,
events
of
default,
or
early
termination.
Termination
events
applicable
to
the
counterparty
include
certain
deteriorations
in
the
credit
quality
of
the
counterparty.
Termination
events
applicable
to
the
Fund
include
failure
of
the
Fund
to
maintain
certain
net
asset
levels
and/or
limit
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
33
franklintempleton.com
Semiannual
Report
Putnam
Short
Duration
Bond
Fund
(continued)
the
decline
in
net
assets
over
various
periods
of
time.
In
the
event
of
default
or
early
termination,
the
ISDA
master
agreement
gives
the
non-defaulting
party
the
right
to
net
and
close-out
all
transactions
traded,
whether
or
not
arising
under
the
ISDA
agreement,
to
one
net
amount
payable
by
one
counterparty
to
the
other.
However,
absent
an
event
of
default
or
early
termination,
OTC
derivative
assets
and
liabilities
are
presented
gross
and
not
offset
in
the
Statement
of
Assets
and
Liabilities.
Early
termination
by
the
counterparty
may
result
in
an
immediate
payment
by
the
Fund
of
any
net
liability
owed
to
that
counterparty
under
the
ISDA
agreement.
Collateral
requirements
differ
by
type
of
derivative.
Collateral
or
initial
margin
requirements
are
set
by
the
broker
or
exchange
clearing
house
for
exchange
traded
and
centrally
cleared
derivatives.
Initial
margin
deposited
is
held
at
the
exchange
and
can
be
in
the
form
of
cash
and/or
securities.
For
OTC
derivatives
traded
under
an
ISDA
master
agreement,
posting
of
collateral
is
required
by
either
the
Fund
or
the
applicable
counterparty
if
the
total
net
exposure
of
all
OTC
derivatives
with
the
applicable
counterparty
exceeds
the
minimum
transfer
amount,
which
typically
ranges
from
$100,000
to
$250,000,
and
can
vary
depending
on
the
counterparty
and
the
type
of agreement.
Generally,
collateral
is
determined
at
the
close
of
Fund
business
each
day
and
any
additional
collateral
required
due
to
changes
in
derivative
values
may
be
delivered
by
the
Fund
or
the
counterparty
the
next
business
day,
or
within
a
few
business
days.
Collateral
pledged
and/or
received
by
the
Fund
for
OTC
derivatives,
if
any,
is
held
in
segregated
accounts
with
the
Fund's
custodian/counterparty
broker
and
can
be
in
the
form
of
cash
and/or
securities.
Unrestricted
cash
may
be
invested
according
to
the
Fund's
investment
objectives.
To
the
extent
that
the
amounts
due
to
the
Fund
from
its
counterparties
are
not
subject
to
collateralization
or
are
not
fully
collateralized,
the
Fund
bears
the
risk
of
loss
from
counterparty
non-performance.
The
Fund
entered
into
credit
default
swap
contracts
primarily
to
manage
and/or
gain
exposure
to
credit
risk.
A
credit
default
swap
is
an
agreement
between
the
Fund
and
a
counterparty
whereby
the
buyer
of
the
contract
receives
credit
protection
and
the
seller
of
the
contract
guarantees
the
credit
worthiness
of
a
referenced
debt
obligation.
These
agreements
may
be
privately
negotiated
in
the
over-the-
counter
market
(OTC
credit
default
swaps)
or
may
be
executed
in
a
multilateral
trade
facility
platform,
such
as
a
registered
exchange
(centrally
cleared
credit
default
swaps).
The
underlying
referenced
debt
obligation
may
be
a
single
issuer
of
corporate
or
sovereign
debt,
a
credit
index,
a
basket
of
issuers
or
indices,
or
a
tranche
of
a
credit
index
or
basket
of
issuers
or
indices.
In
the
event
of
a
default
of
the
underlying
referenced
debt
obligation,
the
buyer
is
entitled
to
receive
the
notional
amount
of
the
credit
default
swap
contract
from
the
seller
in
exchange
for
the
referenced
debt
obligation,
a
net
settlement
amount
equal
to
the
notional
amount
of
the
credit
default
swap
less
the
recovery
value
of
the
referenced
debt
obligation,
or
other
agreed
upon
amount.
For
centrally
cleared
credit
default
swaps,
required
initial
margins
are
pledged
by
the
Fund,
and
the
daily
change
in
fair
value
is
accounted
for
as
a
variation
margin
payable
or
receivable
in
the
Statement
of
Assets
and
Liabilities.
Over
the
term
of
the
contract,
the
buyer
pays
the
seller
a
periodic
stream
of
payments,
provided
that
no
event
of
default
has
occurred.
Such
periodic
payments
are
accrued
daily
as
an
unrealized
appreciation or
depreciation
until
the
payments
are
made,
at
which
time
they
are
realized.
Upfront
payments
and
receipts
are
reflected
in
the Statement
of
Assets
and
Liabilities
and
represent
compensating
factors
between
stated
terms
of
the
credit
default
swap
agreement
and
prevailing
market
conditions
(credit
spreads
and
other
relevant
factors).
These
upfront
payments
and
receipts
are
amortized
over
the
term
of
the
contract
as
a
realized
gain
or
loss
in
the Statement
of
Operations.
Credit
default
swap
contracts
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
The
Fund entered
into
interest
rate
swap
contracts
primarily
to
manage
interest
rate
risk.
An
interest
rate
swap
is
an
agreement
between
the
Fund
and
a
counterparty
to
exchange
cash
flows
based
on
the
difference
between
two
interest
rates,
applied
to
a
notional
amount.
These
agreements
may
be
privately
negotiated
in
the
over-the-
counter
market
(OTC
interest
rate
swaps)
or
may
be
executed
on
a
registered
exchange
(centrally
cleared
interest
rate
swaps).
For
centrally
cleared
interest
rate
swaps,
required
initial
margins
are
pledged
by
the
Fund,
and
the
daily
change
in
fair
value
is
accounted
for
as
a
variation
margin
payable
or
receivable
in
the
Statement
of
Assets
and
Liabilities.
Over
the
term
of
the
contract,
contractually
required
payments
to
be
paid
and
to
be
received
are
accrued
daily
and
recorded
as
unrealized
appreciation
or
depreciation
until
the
payments
are
made,
at
which
time
1.
Organization
and
Significant
Accounting
Policies
(continued)
d.
Derivative
Financial
Instruments
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
34
franklintempleton.com
Semiannual
Report
Putnam
Short
Duration
Bond
Fund
(continued)
they
are
realized.
Interest
rate
swap
contracts
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
See
Note
7 regarding
other
derivative
information.
e.
Income
and
Deferred
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and
excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The
Fund
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which it
invests.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Fund
invests.
When
a
capital
gain
tax
is
determined
to
apply,
the
Fund
records
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
The Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
April
30,
2025, the Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the Fund
invests.
f.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income
(including
interest
income
from
payment-in-kind
securities,
if
any)
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income.
Dividends
from
net
investment
income
are
normally
declared
daily;
these
dividends
may
be
reinvested
or
paid
monthly
to
shareholders.
Distributions
from realized
capital
gains
and
other
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Realized
and
unrealized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
g.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
h.
Guarantees
and
Indemnifications
Under
the Fund's
organizational
documents,
its
officers
and trustees
are
indemnified
by
the
Fund against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Fund.
Additionally,
in
the
normal
course
of
business,
the
Fund
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Fund's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Fund
that
have
not
yet
occurred.
Currently,
the Fund
expects
the
risk
of
loss
to
be
remote.
1.
Organization
and
Significant
Accounting
Policies
(continued)
d.
Derivative
Financial
Instruments
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
35
franklintempleton.com
Semiannual
Report
Putnam
Short
Duration
Bond
Fund
(continued)
2.
Shares
of
Beneficial
Interest
At
April
30,
2025,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
were
as
follows:
Six
Months
Ended
April
30,
2025
Year
Ended
October
31,
2024
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
7,373,598
$72,912,781
19,927,416
$194,330,497
Shares
issued
in
reinvestment
of
distributions
..........
896,292
8,872,757
2,205,882
21,558,833
Shares
redeemed
...............................
(10,442,038)
(103,152,314)
(24,014,385)
(234,650,910)
Net
increase
(decrease)
..........................
(2,172,148)
$(21,366,776)
(1,881,087)
$(18,761,580)
Class
B
Shares:
*
Shares
issued
in
reinvestment
of
distributions
..........
—
$—
818
$7,959
Shares
redeemed
...............................
—
—
(27,352)
(269,795)
Net
increase
(decrease)
..........................
—
$—
(26,534)
$(261,836)
Class
C
Shares:
Shares
sold
...................................
234,772
$2,312,508
474,602
$4,626,555
Shares
issued
in
reinvestment
of
distributions
..........
27,529
271,748
63,861
622,286
Shares
redeemed
a
..............................
(251,805)
(2,479,837)
(612,690)
(5,966,752)
Net
increase
(decrease)
..........................
10,496
$104,419
(74,227)
$(717,911)
Class
R
Shares:
Shares
sold
...................................
16,086
$159,725
105,892
$1,036,220
Shares
issued
in
reinvestment
of
distributions
..........
1,740
17,319
2,704
26,627
Shares
redeemed
...............................
(10,226)
(101,555)
(48,027)
(473,726)
Net
increase
(decrease)
..........................
7,600
$75,489
60,569
$589,121
Class
R6
Shares:
Shares
sold
...................................
198,763
$1,971,206
1,407,683
$13,830,293
Shares
issued
in
reinvestment
of
distributions
..........
19,986
198,623
39,053
383,542
Shares
redeemed
...............................
(607,373)
(6,018,473)
(718,819)
(7,095,746)
Net
increase
(decrease)
..........................
(388,624)
$(3,848,644)
727,917
$7,118,089
Class
Y
Shares:
Shares
sold
...................................
26,291,968
$259,988,390
29,732,308
$291,457,899
Shares
issued
in
reinvestment
of
distributions
..........
1,610,693
15,967,312
3,300,472
32,304,788
Shares
redeemed
...............................
(15,583,607)
(154,189,109)
(32,207,917)
(315,084,479)
Net
increase
(decrease)
..........................
12,319,054
$121,766,593
824,863
$8,678,208
*
Effective
September
5,
2024,
the
Fund
has
terminated
its
Class
B
shares.
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
36
franklintempleton.com
Semiannual
Report
Putnam
Short
Duration
Bond
Fund
(continued)
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and
trustees
of
the Fund are
also
officers
and/or
trustees of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays Advisers
a
monthly
base
fee
equal
to
0.37%
of
the
monthly
average
of
the
fund’s
net
asset
value.
In
return
for
this
fee, Advisers
provides
investment
management
and
investor
servicing
and
bears
the
fund’s
organizational
and
operating
expenses,
excluding
performance
fee
adjustments,
payments
under
the
fund’s
distribution
plan,
brokerage,
interest,
taxes,
investment
related
expenses,
extraordinary
expenses
and
acquired
fund
fees
and
expenses.
Advisers
retained
Putnam
Management
as
subadvisor
for
the
Fund
pursuant
to
a
new
sub-advisory
agreement.
Pursuant
to
the
agreement,
Putnam
Management
provides
certain
advisory
and
related
services
to
the
Fund.
Advisers
pays
a
monthly
fee
to
Putnam
Management
based
on
the
costs
of
Putnam
Management
in
providing
these
services
to
the
Fund,
which
may
include
a
mark-up
not
to
exceed
15%
over
such
costs.
Under
a
subadvisory
agreement,
FTIML
provides
subadvisory
services
to
the
Fund.
The
subadvisory
fee
is
paid by Advisers
based
on
the
average
net
assets
managed
by
FTIML,
and
is
not
an
additional
expense
of
the
Fund.
b.
Administrative
Fees
Under
an
agreement
with
Advisers,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by
Advisers
based
on
the Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
The
Fund
reimburses
Advisers
an
allocated
amount
for
the
compensation
and
related
expenses
of
certain
officers
of
the
Fund
and
their
staff
who
provide
administrative
services
to
the
Fund.
The
aggregate
amount
of
all
such
reimbursements
is
determined
annually
by
the
Trustees.
These
fees
are
paid
by
Advisors
as
part
of
the
management
contract.
c.
Distribution
Fees
The
Fund
has
adopted
distribution
plans
(the
Plans)
with
respect
to
the
following
share
classes
pursuant
to
Rule
12b–1
under
the
1940
Act.
The
purpose
of
the
Plans
is
to
compensate
Distributors
for
services
provided
and
expenses
incurred
in
distributing
shares
of
the
fund.
The
Plans
provide
payments
by
the
fund
to
Distributors
at
an
annual
rate
of
up
to
the
following
amounts
(Maximum
%)
of
the
average
net
assets
attributable
to
each
class.
The
Trustees
have
approved
payment
by
the
fund
at
the
following
annual
rate
(Approved
%)
of
the
average
net
assets
attributable
to
each
class.
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Putnam
Investment
Management,
LLC
(Putnam
Management)
Subadvisor
Franklin
Templeton
Investment
Management
Limited
(FTIML)
Subadvisor
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Putnam
Investor
Services,
Inc.
(PSERV)
Transfer
agent
Maximum
%
Approved
%
Class
A
...................................................................
0.35%
0.25%
Class
C
...................................................................
1.00%
1.00%
Class
R
...................................................................
1.00%
0.50%
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
37
franklintempleton.com
Semiannual
Report
Putnam
Short
Duration
Bond
Fund
(continued)
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Fund's
shares
for
the
period:
e.
Transfer
Agent
Fees
PSERV,
an
affiliate
of
Advisers,
provides
investor
servicing
agent
functions
to
the
Fund.
PSERV
received
fees
for
investor
servicing
for
Class
A,
Class
C,
Class
R,
Class
R6 and
Class
Y
shares
that
included
(1)
a
per
account
fee
for
each
direct
and
underlying
non-defined
contribution
account
(retail
account)
of
the
Fund;
(2)
a
specified
rate
of
the
Fund’s
assets
attributable
to
defined
contribution
plan
accounts;
and
(3)
a
specified
rate
based
on
the
average
net
assets
in
retail
accounts.
PSERV
has
agreed
that
the
aggregate
investor
servicing
fees
for
each
Fund’s
retail
and
defined
contribution
accounts
for
these
share
classes
will
not
exceed
an
annual
rate
of
0.25%
of
the
Fund’s
average
assets
attributable
to
such
accounts.
Class R6
shares
paid
a
monthly
fee
based
on
the
average
net
assets
of
Class R6
shares
at
an
annual
rate
of
0.05%.
These
fees
are
paid
by
Advisors
as
part
of
the
management
contract.
f.
Trustee
Fees
The
Fund
has
adopted
a
Trustee
Fee
Deferral
Plan
(the
Deferral
Plan)
which
allows
the
Trustees to
defer
the
receipt
of
all
or
a
portion
of
Trustees'
fees
payable
from
July
1,
1995
through
December
31,
2023.
The
deferred
fees
remain
invested
in
certain
Putnam
funds
until
distribution
in
accordance
with
the
Deferral
Plan.
The
Fund
has
adopted
an
unfunded
noncontributory
defined
benefit
pension
plan
(the
Pension
Plan)
covering
all
Trustees
of
the
Fund
who
have
served
as
a
Trustee
for
at
least
five
years
and
were
first
elected
prior
to
2004.
Benefits
under
the
Pension
Plan
are
equal
to
50%
of
the
Trustee's
average
annual
attendance
and
retainer
fees
for
the
three
years
ended
December
31,
2005.
The
retirement
benefit
is
payable
during
a
Trustee's
lifetime,
beginning
the
year
following
retirement,
for
the
number
of
years
of
service
through
December
31,
2006.
Pension
expense
for
the
Fund
is
included
in
the
Trustees' fees
and
expenses
in
the
Statement
of
Operations.
Accrued
pension
liability
is
included
in
Payable
for
Trustees' fees
and
expenses
in
the
Statement
of
Assets
and
Liabilities.
The
Trustees
have
terminated
the
Pension
Plan
with
respect
to
any
Trustee
first
elected
after
2003.
These
fees
are
paid
by
Advisors
as
part
of
the
management
contract.
g.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees,
if
applicable, paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
April
30,
2025,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$4,410
CDSC
retained
..............................................................................
$14,221
3.
Transactions
with
Affiliates
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
38
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Putnam
Short
Duration
Bond
Fund
(continued)
4.
Expense
Offset
Arrangement
The Fund has
entered
into
an
arrangement
with
its
custodian
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Fund's
custodian
expenses.
During
the
period
ended
April
30,
2025,
the
custodian
fees
were
reduced
as
noted
in
the
Statement
of
Operations.
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
October
31,
2024,
the
capital
loss
carryforwards
were
as
follows:
At
April
30,
2025,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation) for
income
tax
purposes
were
as
follows:
6.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
April
30,
2025,
aggregated
$184,004,274 and
$194,202,825,
respectively. 
    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      
a  
a  
a  
a  
a  
a  
a  
Putnam
Short
Duration
Bond
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Ultra
Short
Bond
ETF
.
$—
$20,815,523
$—
$—
$91,426
$20,906,949
836,780
$215,994
Putnam
Short
Term
Investment
Fund,
Class
P,
4.468%
......
152,420,349
446,606,246
(414,757,410)
—
—
184,269,185
184,269,185
3,857,607
Total
Affiliated
Securities
...
$152,420,349
$467,421,769
$(414,757,410)
$—
$91,426
$205,176,134
$4,073,601
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$
19,708,979
Long
term
................................................................................
57,156,440
Total
capital
loss
carryforwards
...............................................................
$76,865,419
Cost
of
investments
..........................................................................
$1,376,494,921
Unrealized
appreciation
........................................................................
$8,582,709
Unrealized
depreciation
........................................................................
(25,427,968)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(16,845,259)
3.
Transactions
with
Affiliates
(continued)
g.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
39
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Semiannual
Report
Putnam
Short
Duration
Bond
Fund
(continued)
7.
Other
Derivative
Information
At
April
30,
2025,
investments
in
derivative
contracts
are
reflected
in
the Statement of
Assets
and
Liabilities
as
follows:
For
the
period
ended
April
30,
2025,
the
effect
of
derivative
contracts
in
the Statement
of
Operations
was
as
follows:
For
the
period
ended
April
30,
2025,
the
average
month
end
notional
amount
of
swap
contracts
represented
$650,030,458.
Asset
Derivatives
Liability
Derivatives
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Putnam
Short
Duration
Bond
Fund
Interest
rate
contracts
.......
Variation
margin
on
centrally
cleared
swap
contracts
$
4,471,003
a
Variation
margin
on
centrally
cleared
swap
contracts
$
448,191
a
Credit
contracts
............
OTC
swap
contracts
(upfront
payments)
85,126
OTC
swap
contracts
(upfront
receipts)
185,481
Unrealized
appreciation
on
OTC
swap
contracts
118,394
Unrealized
depreciation
on
OTC
swap
contracts
18,039
Total
....................
$4,674,523
$651,711
a
This
amount
reflects
the
cumulative
appreciation
(depreciation)
of
centrally
cleared
swap
contracts
as
reported
in
the
Schedule
of
Investments.
Only
the
variation
margin
receivable/payable
at
period
end
is
separately
reported
within
the
Statement
of
Assets
and
Liabilities.
Prior
variation
margin
movements
were
recorded
to
cash
upon
receipt
or
payment.
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Operations
Location
Net
Realized
Gain
(Loss)
for
the
Period
Statement
of
Operations
Location
Net
Change
in
Unrealized
Appreciation
(Depreciation)
for
the
Period
Putnam
Short
Duration
Bond
Fund
Net
realized
gain
(loss)
from:
Net
change
in
unrealized
  appreciation
(depreciation)
on:
Interest
rate
contracts
..........
Swap
contracts
$(1,844,264)
Swap
contracts
$6,558,217
Credit
contracts
...............
Swap
contracts
42,884
Swap
contracts
(24,928)
Swap
contracts
—
Swap
contracts
—
Total
.......................
$(1,801,380)
$6,533,289
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
40
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Semiannual
Report
Putnam
Short
Duration
Bond
Fund
(continued)
At
April
30,
2025,
the
Fund's
OTC
derivative
assets
and
liabilities
are
as
follows:
At
April
30,
2025,
OTC
derivative
assets,
which
may
be
offset
against
the
Fund's
OTC
derivative
liabilities
and
collateral
received
from
the
counterparty,
are
as
follows:
Gross
Amounts
of
Assets
and
Liabilities
Presented
in
the
Statement
of
Assets
and
Liabilities
Assets
a
Liabilities
a
Putnam
Short
Duration
Bond
Fund
Swap
Contracts
.......................................
$
203,520
$
203,520
Total
.............................................
$203,520
$203,520
a
Absent
an
event
of
default
or
early
termination,
OTC
derivative
assets
and
liabilities
are
presented
gross
and
not
offset
in
the
Statement
of
Assets
and
Liabilities.
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Gross
Amounts
of
Assets
Presented
in
the
Statement
of
Assets
and
Liabilities
Financial
Instruments
Available
for
Offset
Financial
Instruments
Collateral
Received
a,b
Cash
Collateral
Received
Net
Amount
(Not
less
than
zero)
Putnam
Short
Duration
Bond
Fund
Counterparty
BOFA
....................
$
12,436
$
(12,436)
$
—
$
—
$
—
CITI
.....................
30,480
(11,909)
—
—
18,571
JPHQ
...................
105,725
(105,725)
—
—
—
MLCO
...................
54,879
(6,399)
(48,480)
—
—
Total
...................
$203,520
$(136,469)
$(48,480)
$—
$18,571
$
1
a
At
April
30,
2025,
the
Fund
received
U.S
Treasury
Bills,
Bonds
and
Notes
as
collateral
for
derivatives.
b
In
some
instances,
the
collateral
amounts
disclosed
in
the
table
above
were
adjusted
due
to
the
requirement
to
limit
the
collateral
amounts
to
avoid
the
effect
of
over
collateralization.
Actual
collateral
received
and/or
pledged
may
be
more
than
the
amounts
disclosed
herein.
7.
Other
Derivative
Information
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
41
franklintempleton.com
Semiannual
Report
Putnam
Short
Duration
Bond
Fund
(continued)
At
April
30,
2025,
OTC
derivative
liabilities,
which
may
be
offset
against
the
Fund's
OTC
derivative
assets
and
collateral
pledged
to
the
counterparty,
are
as
follows:
See
Note
1(d) regarding
derivative
financial
instruments. 
See
Abbreviations
on
page
43
.
8.
Credit
Facility
Effective
January
31,
2025,
the
Fund,
together
with
other
U.S.
registered
and
foreign
investment
Funds
(collectively,
Borrowers)
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.995
billion
(Global
Credit
Facility)
which
matures
on
January
30,
2026.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
During
the
reporting
period,
the
Fund
did
not
use
the
Global
Credit
Facility.
Prior
to
January
31,
2025,
the
Fund
participated,
along
with
other
Putnam
Funds,
in
a
$320
million
syndicated
unsecured
committed
line
of
credit,
provided
by
State
Street
($160
million)
and
JPMorgan
($160
million),
and
a
$235.5
million
unsecured
uncommitted
line
of
credit,
provided
by
State
Street.
Borrowings
may
have
been
made
for
temporary
or
emergency
purposes,
including
the
funding
of
shareholder
redemption
requests
and
trade
settlements.
Interest
was
charged
to
the
Fund
based
on
the
Fund’s
borrowings.
A
closing
fee
equal
to
0.04%
of
the
committed
line
of
credit
and
0.04%
of
the
uncommitted
line
of
credit
was
paid
by
the
participating
Funds
and
a
$75,000
fee
was
paid
by
the
participating
Funds
to
State
Street
as
agent
of
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Gross
Amounts
of
Liabilities
Presented
in
the
Statement
of
Assets
and
Liabilities
Financial
Instruments
Available
for
Offset
Financial
Instruments
Collateral
Pledged
a,b
Cash
Collateral
Pledged
Net
Amount
(Not
less
than
zero)
Putnam
Short
Duration
Bond
Fund
Counterparty
BOFA
....................
$
30,971
$
(12,436)
$
(18,535)
$
—
$
—
CITI
.....................
11,909
(11,909)
—
—
—
JPHQ
...................
154,241
(105,725)
(48,516)
—
—
MLCO
...................
6,399
(6,399)
—
—
—
Total
...................
$203,520
$(136,469)
$(67,051)
$—
$—
a
See
the
accompanying
Schedule
of
Investments
for
securities
pledged
as
collateral
for
derivatives.
b
In
some
instances,
the
collateral
amounts
disclosed
in
the
table
above
were
adjusted
due
to
the
requirement
to
limit
the
collateral
amounts
to
avoid
the
effect
of
over
collateralization.
Actual
collateral
received
and/or
pledged
may
be
more
than
the
amounts
disclosed
herein.
7.
Other
Derivative
Information
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
42
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Semiannual
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Putnam
Short
Duration
Bond
Fund
(continued)
the
syndicated
committed
line
of
credit.
In
addition,
a
commitment
fee
of
0.21%
per
annum
on
any
unutilized
portion
of
the
committed
line
of
credit
was
allocated
to
the
participating
Funds
based
on
their
relative
net
assets
and
paid
quarterly.
During
the
reporting
period,
the
Fund
had
no
borrowings
against
these
arrangements.
9.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
April
30,
2025,
in
valuing
the
Fund's assets
and
liabilities carried
at
fair
value,
is
as
follows:
10.
Operating
Segments
The
Fund has adopted
the
FASB
Accounting
Standards
Update
(ASU)
2023-07,
Segment
Reporting
(Topic
280)
-
Improvements
to
Reportable
Segment
Disclosures.
The
update
is
limited
to
disclosure
requirements
and
does
not
impact
the Fund's
financial
position
or
results
of
operations.
Level
1
Level
2
Level
3
Total
Putnam
Short
Duration
Bond
Fund
Assets:
Investments
in
Securities:
Management
Investment
Companies
.........
$
20,906,949
$
—
$
—
$
20,906,949
Corporate
Bonds
........................
—
662,233,134
—
662,233,134
Foreign
Government
and
Agency
Securities
....
—
4,059,973
—
4,059,973
U.S.
Government
and
Agency
Securities
.......
—
104,819
—
104,819
Asset-Backed
Securities
...................
—
117,498,369
—
117,498,369
Commercial
Mortgage-Backed
Securities
......
—
40,781,492
—
40,781,492
Mortgage-Backed
Securities
................
—
2,847,075
—
2,847,075
Residential
Mortgage-Backed
Securities
.......
—
100,928,631
—
100,928,631
Agency
Commercial
Mortgage-Backed
Securities
—
38,055,817
—
38,055,817
Short
Term
Investments
...................
184,269,185
187,964,218
—
372,233,403
Total
Investments
in
Securities
...........
$205,176,134
$1,154,473,528
$—
$1,359,649,662
Other
Financial
Instruments:
Swap
Contracts
.........................
$—
$4,589,396
$—
$4,589,396
Total
Other
Financial
Instruments
.........
$—
$4,589,396
$—
$4,589,396
Liabilities:
Other
Financial
Instruments:
Swap
Contracts
.........................
—
466,229
—
466,229
Total
Other
Financial
Instruments
.........
$—
$466,229
$—
$466,229
8.
Credit
Facility
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
43
franklintempleton.com
Semiannual
Report
Putnam
Short
Duration
Bond
Fund
(continued)
The Fund operates
as
a
single
operating
segment,
which
is
an
investment
portfolio.
The
Fund's Investment
manager
serves
as
the
Chief
Operating
Decision
Maker
(CODM),
evaluating
fund-wide
results
and
performance
under
a
unified
investment
strategy.
The
CODM
uses
these
measures
to
assess
fund
performance
and
allocate
resources
effectively.
Internal
reporting
provided
to
the
CODM
aligns
with
the
accounting
policies
and
measurement
principles
used
in
the financial
statements.
For
information
regarding
segment
assets,
segment
profit
or
loss,
and
significant
expenses,
refer
to
the Statement
of
Assets
and
Liabilities
and
the Statement
of
Operations,
along
with
the
related
notes
to
the financial
statements.
The Schedule
of
Investments
provides
details
of
the Fund's
investments
that
generate
returns
such
as
interest,
dividends,
and
realized
and
unrealized
gains
or
losses.
Performance
metrics,
including
portfolio
turnover
and
expense
ratios,
are
disclosed
in
the Financial
Highlights. 
11.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
Abbreviations
Counterparty
BOFA
Bank
of
America
NA
CITI
Citibank
NA
JPHQ
JPMorgan
Chase
Bank
NA
MLCO
Merrill
Lynch
International
&
Co.
Index
CMBX.NA.
Series
number
CMBX
North
America
Index
Selected
Portfolio
ETF
Exchange-Traded
Fund
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
SOFR
........................
4.41%
10.
Operating
Segments
(continued)
Putnam
Funds
Trust
44
franklintempleton.com
Semiannual
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Changes
In
and
Disagreements
with
Accountants
For
the
period
covered
by
this
report
Not
applicable.
Results
of
Meeting(s)
of
Shareholders
For
the
period
covered
by
this
report
Not
applicable.
Remuneration
Paid
to
Directors,
Officers
and
Others
For
the
period
covered
by
this
report
Remuneration
is
paid
by
the
Fund‘s
investment
manager
according
to
the
terms
of
the
agreement.
Board
Approval
of
Management
and
Subadvisory
Agreements
For
the
period
covered
by
this
report
Not
applicable
39113-SFSOI
06/25
©
2025
Franklin
Templeton.
All
rights
reserved.
   

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Not applicable.

 

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

 

Not applicable.

 

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

 

Not applicable.

 

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

 

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

 

ITEM 16. CONTROLS AND PROCEDURES.

 

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

 

(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.

 

(a) Not applicable.

 

(b) Not applicable.

 

ITEM 19. EXHIBITS.

 

(a) (1) Not applicable.

Exhibit 99.CODE ETH

 

(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.CERT

 

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.906CERT

 

 

SIGNATURES

 

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

 

Putnam Funds Trust

 

By: /s/ Jonathan S. Horwitz  
  Jonathan S. Horwitz  
  Principal Executive Officer  
     
Date: June 26, 2025  

 

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

 

By: /s/ Jonathan S. Horwitz  
  Jonathan S. Horwitz  
  Principal Executive Officer  
     
Date: June 26, 2025  

 

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