[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_95":96},"routes/item",{"_9":10},"item",{"_11":12,"_13":14,"_15":16,"_17":18,"_19":20,"_21":-5,"_22":23,"_24":25,"_26":27,"_28":29,"_30":29,"_31":32,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":-5,"_46":47,"_48":-5,"_49":-5,"_50":51,"_52":53,"_54":55,"_56":57,"_58":57,"_59":60,"_61":40,"_62":63},"id","milxca9jl2lv9g3okk3ixyjhi","revision",2,"title","Putnam Floating Rate Income Fund 半年度财务披露：净资产2.692亿美元","originalTitle","PUTNAM FUNDS TRUST (0001005942) (Filer)","summary","Putnam Funds Trust旗下Putnam Floating Rate Income Fund披露截至2026年8月31日的半年度报告，期末净资产为269,234,709美元，较期初减少23,759,007美元。","reason","source",{"_11":85,"_86":87,"_88":89,"_90":57,"_91":92,"_93":94},"links",{"_82":83,"_63":84},"publishedAt","2026-10-27T17:07:33.000Z","discoveredAt","2026-10-27T17:27:01.693Z","timelineAt","category","ai-products","tags",[80,81],"stockSymbols",[],"score",45,"selected",false,"channel","news","story",{"_72":73,"_15":74},"x","readingMode","full","author","language","body",{"_76":-5,"_63":77,"_78":-5,"_79":40},"outline",[],"relatedStories",[75],"indexable",true,"markdownAvailable","group",{"_64":65,"_43":66,"_67":68,"_69":70,"_71":70},"hasTranslation","bodyLanguage","original","factId","fUEsCbwTzoNM",{"_72":73,"_15":74},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","635b3370-9863-4986-9cd4-bf502b4d9eff","Putnam浮息收益基金披露半年度财务状况",{"_72":73,"_15":74},"zh","

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF\nREGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number\n811-07513

Putnam Funds Trust

(Exact name of registrant as specified\nin charter)

100 Federal Street, Boston,\nMassachusetts 02110

(Address of principal executive\noffices) (Zip code)

Alexander Y. Kymn, Vice President

100 Federal Street

Boston, Massachusetts 02110

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, NY 10036

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for\nservice)

Registrant’s telephone number,\nincluding area code: (617) 292-1000\t

Date of fiscal year end: February\n28

Date of reporting period: August\n31, 2026

\n \n \n \n

ITEM 1.

REPORT TO STOCKHOLDERS.

(a) The Report to Shareholders is filed herewith

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n Putnam Floating Rate Income Fund\n \n	\n $\"image\"$ \n
\n Class A [PFLRX] \n
\n Semi-Annual Shareholder Report \| August 31, 2026\n \n
\n $\"image\"$ \n

This semi-annual shareholder report contains important information about Putnam Floating Rate Income Fund for the period March 1, 2026, to August 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

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

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n Class Name \n	\n Costs of a $10,000 investment \n	\n Costs paid as a percentage of a $10,000 investment^†\n \n
\n Class A \n	\n $52 \n	\n 1.02% \n

\n \n \n \n \n

†	Annualized.

KEY FUND STATISTICS (as of August 31, 2026)

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n Total Net Assets \n	\n $269,234,709 \n
\n Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any) \n	\n 207 \n
\n Portfolio Turnover Rate \n	\n 15% \n

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

Portfolio Composition^* (% of Total Investments)

$\"image\"$

\n \n \n \n \n

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

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n $\"image\"$ \n	\n WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? \n
\n Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: \n
\n • prospectus • proxy voting information • financial information • holdings • tax information \n

\n \n \n \n \n \n

Putnam Floating Rate Income Fund \n

PAGE 1 \n

38963-STSA-1026

20.619.614.29.08.18.07.32.82.01.40.76.3

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n Putnam Floating Rate Income Fund\n \n	\n $\"image\"$ \n
\n Class C [PFICX] \n
\n Semi-Annual Shareholder Report \| August 31, 2026\n \n
\n $\"image\"$ \n

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

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n Class Name \n	\n Costs of a $10,000 investment \n	\n Costs paid as a percentage of a $10,000 investment^†\n \n
\n Class C \n	\n $91 \n	\n 1.77% \n

\n \n \n \n \n

†	Annualized.

KEY FUND STATISTICS (as of August 31, 2026)

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n Total Net Assets \n	\n $269,234,709 \n
\n Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any) \n	\n 207 \n
\n Portfolio Turnover Rate \n	\n 15% \n

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

Portfolio Composition^* (% of Total Investments)

$\"image\"$

\n \n \n \n \n

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

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n $\"image\"$ \n	\n WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? \n
\n Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: \n
\n • prospectus • proxy voting information • financial information • holdings • tax information \n

\n \n \n \n \n \n

Putnam Floating Rate Income Fund \n

PAGE 1 \n

38963-STSC-1026

20.619.614.29.08.18.07.32.82.01.40.76.3

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n Putnam Floating Rate Income Fund\n \n	\n $\"image\"$ \n
\n Class R [PFLLX] \n
\n Semi-Annual Shareholder Report \| August 31, 2026\n \n
\n $\"image\"$ \n

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

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n Class Name \n	\n Costs of a $10,000 investment \n	\n Costs paid as a percentage of a $10,000 investment^†\n \n
\n Class R \n	\n $65 \n	\n 1.27% \n

\n \n \n \n \n

†	Annualized.

KEY FUND STATISTICS (as of August 31, 2026)

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n Total Net Assets \n	\n $269,234,709 \n
\n Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any) \n	\n 207 \n
\n Portfolio Turnover Rate \n	\n 15% \n

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

Portfolio Composition^* (% of Total Investments)

$\"image\"$

\n \n \n \n \n

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

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n $\"image\"$ \n	\n WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? \n
\n Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: \n
\n • prospectus • proxy voting information • financial information • holdings • tax information \n

\n \n \n \n \n \n

Putnam Floating Rate Income Fund \n

PAGE 1 \n

38963-STSR-1026

20.619.614.29.08.18.07.32.82.01.40.76.3

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n Putnam Floating Rate Income Fund\n \n	\n $\"image\"$ \n
\n Class R6 [PFRZX] \n
\n Semi-Annual Shareholder Report \| August 31, 2026\n \n
\n $\"image\"$ \n

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

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n Class Name \n	\n Costs of a $10,000 investment \n	\n Costs paid as a percentage of a $10,000 investment^†\n \n
\n Class R6 \n	\n $36 \n	\n 0.70% \n

\n \n \n \n \n

†	Annualized.

KEY FUND STATISTICS (as of August 31, 2026)

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n Total Net Assets \n	\n $269,234,709 \n
\n Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any) \n	\n 207 \n
\n Portfolio Turnover Rate \n	\n 15% \n

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

Portfolio Composition^* (% of Total Investments)

$\"image\"$

\n \n \n \n \n

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

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n $\"image\"$ \n	\n WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? \n
\n Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: \n
\n • prospectus • proxy voting information • financial information • holdings • tax information \n

\n \n \n \n \n \n

Putnam Floating Rate Income Fund \n

PAGE 1 \n

38963-STSR6-1026

20.619.614.29.08.18.07.32.82.01.40.76.3

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n Putnam Floating Rate Income Fund\n \n	\n $\"image\"$ \n
\n Class Y [PFRYX] \n
\n Semi-Annual Shareholder Report \| August 31, 2026\n \n
\n $\"image\"$ \n

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

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n Class Name \n	\n Costs of a $10,000 investment \n	\n Costs paid as a percentage of a $10,000 investment^†\n \n
\n Class Y \n	\n $40 \n	\n 0.77% \n

\n \n \n \n \n

†	Annualized.

KEY FUND STATISTICS (as of August 31, 2026)

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n Total Net Assets \n	\n $269,234,709 \n
\n Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any) \n	\n 207 \n
\n Portfolio Turnover Rate \n	\n 15% \n

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

Portfolio Composition^* (% of Total Investments)

$\"image\"$

\n \n \n \n \n

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

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n $\"image\"$ \n	\n WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? \n
\n Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: \n
\n • prospectus • proxy voting information • financial information • holdings • tax information \n

\n \n \n \n \n \n

Putnam Floating Rate Income Fund \n

PAGE 1 \n

38963-STSY-1026

20.619.614.29.08.18.07.32.82.01.40.76.3

(b) Not applicable

\n \n \n \n \n \n \n

ITEM 2.	CODE OF ETHICS.

Not applicable.

\n \n \n \n \n \n \n

ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

\n \n \n \n \n \n \n

ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

\n \n \n \n

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

\n \n \n \n

ITEM 6.

SCHEDULE OF INVESTMENTS.

\n \n \n \n

(a)

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

\n \n \n \n

(b)

Not applicable.

\n \n \n \n

ITEM 7.

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

Putnam

Floating\n

Rate\n

Income\n

Fund

Financial\n

Statements\n

and\n

Other\n

Important\n

Information

Semi-Annual

|\n

August\n

31, 2026

If\n

you\n

need\n

assistance\n

accessing\n

this\n

content,\n

please\n

reach\n

out\n

to\n

your\n

sales\n

representative\n

or\n

send\n

an\n

email\n

accessibility@franklintempleton.com

Table\n

of\n

Contents

franklintempleton.com

Financial\n

Statements\n

and\n

Other\n

Important\n

Information—Semiannual

Financial\n

Highlights\n

and\n

Schedule\n

of\n

Investments

Financial\n

Statements

Notes\n

to\n

Financial\n

Statements

Changes\n

In\n

and\n

Disagreements\n

with\n

Accountants

Results\n

of\n

Meeting(s)\n

of\n

Shareholders

Remuneration\n

Paid\n

to\n

Directors,\n

Officers\n

and\n

Others

Board\n

Approval\n

of\n

Management\n

and\n

Subadvisory\n

Agreements\n

Putnam\n

Funds\n

Trust

Financial

Highlights

Putnam\n

Floating\n

Rate\n

Income\n

Fund

franklintempleton.com

Semiannual\n

Report

The\n

accompanying\n

notes\n

are\n

an\n

integral\n

part\n

of\n

these\n

financial\n

statements.

Six\n

Months\n

Ended\n

August\n

31,\n

2026\n

(unaudited)

Year\n

Ended\n

February\n

28,

2026

2025

2024

2023

2022

Class\n

Per\n

share\n

operating\n

performance

(for

outstanding\n

throughout\n

the

period)

Net

asset

value,

beginning\n

period

.....

$7.65

$7.96

$7.98

$7.89

$8.18

$8.27

Income

from

investment\n

operations

Net

investment\n

income

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

0.25

0.53

0.59

0.65

0.41

0.22

Net

realized

and

unrealized\n

gains

(losses)

0.03

(0.31)

(0.04)

0.16

(0.28)

(0.09)

Total\n

from

investment\n

operations

........

0.28

0.22

0.55

0.81

0.13

Less

distributions\n

from:

Net

investment\n

income

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

(0.25)

(0.53)

(0.57)

(0.69)

(0.42)

(0.22)

Tax\n

return

capital

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

—

(0.03)

—

Total\n

distributions

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

(0.25)

(0.53)

(0.57)

(0.72)

(0.42)

(0.22)

Net

asset

value,

end

period

..........

$7.68

$7.65

$7.96

$7.98

$7.89

$8.18

Total\n

return

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

3.59%

2.91%

7.20%

10.74%

1.78%

1.63%

Ratios\n

to\n

average\n

net\n

assets

Expenses

before

waiver

and

payments\n

affiliates\n

and

expense

reduction

........

1.02%

0.99%

1.00%

1.04%

1.03%

1.00%

Expenses

net

waiver

and

payments\n

affiliates\n

and

expense

reduction

........

1.02%

0.98%

1.00%

1.04%

1.03%

1.00%

Net

investment\n

income

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

6.44%

6.68%

7.43%

8.20%

5.14%

2.70%

Supplemental\n

data

Net

assets

end

period

(000’s)

........

$175,050

$187,584

$238,102

$227,247

$205,018

$268,621

Portfolio

turnover

rate

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

15%

34%

37%

31%

26%

42%

For\n

the\n

year\n

ended\n

February\n

29.

The\n

amount\n

shown\n

for\n

a\n

share\n

outstanding\n

throughout\n

the\n

period\n

may\n

not\n

correlate\n

with\n

the\n

Statement\n

of\n

Operations\n

for\n

the\n

period\n

due\n

to\n

the\n

timing\n

of\n

sales\n

and\n

repurchases\n

of\n

the\n

Fund’s\n

shares\n

in\n

relation\n

to\n

income\n

earned\n

and/or\n

fluctuating\n

fair\n

value\n

of\n

the\n

investments\n

of\n

the\n

Fund.

Based\n

on\n

average\n

daily\n

shares\n

outstanding.

Total\n

return\n

does\n

not\n

reflect\n

sales\n

commissions\n

or\n

contingent\n

deferred\n

sales\n

charges,\n

if\n

applicable,\n

and\n

is\n

not\n

annualized\n

for\n

periods\n

less\n

than\n

one\n

year.

Ratios\n

are\n

annualized\n

for\n

periods\n

less\n

than\n

one\n

year.

Benefit\n

of\n

expense\n

reduction\n

rounds\n

to\n

less\n

than\n

0.01%.

Putnam\n

Funds\n

Trust

Financial\n

Highlights

Putnam\n

Floating\n

Rate\n

Income\n

Fund\n

(continued)

franklintempleton.com

The\n

accompanying\n

notes\n

are\n

an\n

integral\n

part\n

of\n

these\n

financial\n

statements.

Semiannual\n

Report

Six\n

Months\n

Ended\n

August\n

31,\n

2026\n

(unaudited)

Year\n

Ended\n

February\n

28,

2026

2025

2024

2023

2022

Class\n

Per\n

share\n

operating\n

performance

(for

outstanding\n

throughout\n

the

period)

Net

asset

value,

beginning\n

period

.....

$7.65

$7.95

$7.97

$7.89

$8.17

$8.27

Income

from

investment\n

operations

Net

investment\n

income

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

0.22

0.47

0.54

0.59

0.35

0.16

Net

realized

and

unrealized\n

gains

(losses)

0.02

(0.30)

(0.05)

0.15

(0.27)

(0.10)

Total\n

from

investment\n

operations

........

0.24

0.17

0.49

0.74

0.08

0.06

Less

distributions\n

from:

Net

investment\n

income

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

(0.22)

(0.47)

(0.51)

(0.63)

(0.36)

(0.16)

Tax\n

return

capital

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

—

(0.03)

—

Total\n

distributions

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

(0.22)

(0.47)

(0.51)

(0.66)

(0.36)

(0.16)

Net

asset

value,

end

period

..........

$7.67

$7.65

$7.95

$7.97

$7.89

$8.17

Total\n

return

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

3.20%

2.15%

6.39%

9.77%

1.14%

0.74%

Ratios\n

to\n

average\n

net\n

assets

Expenses

before

waiver

and

payments\n

affiliates\n

and

expense

reduction

........

1.77%

1.74%

1.75%

1.79%

1.78%

1.75%

Expenses

net

waiver

and

payments\n

affiliates\n

and

expense

reduction

........

1.77%

1.73%

1.75%

1.79%

1.78%

1.75%

Net

investment\n

income

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

5.70%

5.93%

6.71%

7.45%

4.45%

1.94%

Supplemental\n

data

Net

assets

end

period

(000’s)

........

$13,472

$14,773

$17,634

$20,659

$21,993

$24,485

Portfolio

turnover

rate

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

15%

34%

37%

31%

26%

42%

For\n

the\n

year\n

ended\n

February\n

29.

The\n

amount\n

shown\n

for\n

a\n

share\n

outstanding\n

throughout\n

the\n

period\n

may\n

not\n

correlate\n

with\n

the\n

Statement\n

of\n

Operations\n

for\n

the\n

period\n

due\n

to\n

the\n

timing\n

of\n

sales\n

and\n

repurchases\n

of\n

the\n

Fund’s\n

shares\n

in\n

relation\n

to\n

income\n

earned\n

and/or\n

fluctuating\n

fair\n

value\n

of\n

the\n

investments\n

of\n

the\n

Fund.

Based\n

on\n

average\n

daily\n

shares\n

outstanding.

Total\n

return\n

does\n

not\n

reflect\n

sales\n

commissions\n

or\n

contingent\n

deferred\n

sales\n

charges,\n

if\n

applicable,\n

and\n

is\n

not\n

annualized\n

for\n

periods\n

less\n

than\n

one\n

year.

Ratios\n

are\n

annualized\n

for\n

periods\n

less\n

than\n

one\n

year.

Benefit\n

of\n

expense\n

reduction\n

rounds\n

to\n

less\n

than\n

0.01%.

Putnam\n

Funds\n

Trust

Financial\n

Highlights

Putnam\n

Floating\n

Rate\n

Income\n

Fund\n

(continued)

franklintempleton.com

Semiannual\n

Report

The\n

accompanying\n

notes\n

are\n

an\n

integral\n

part\n

of\n

these\n

financial\n

statements.

Six\n

Months\n

Ended\n

August\n

31,\n

2026\n

(unaudited)

Year\n

Ended\n

February\n

28,

2026

2025

2024

2023

2022

Class\n

Per\n

share\n

operating\n

performance

(for

outstanding\n

throughout\n

the

period)

Net

asset

value,

beginning\n

period

.....

$7.65

$7.96

$7.98

$7.89

$8.17

$8.27

Income

from

investment\n

operations

Net

investment\n

income

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

0.24

0.51

0.57

0.63

0.39

0.20

Net

realized

and

unrealized\n

gains

(losses)

0.03

(0.31)

(0.04)

0.16

(0.27)

(0.10)

Total\n

from

investment\n

operations

........

0.27

0.20

0.53

0.79

0.12

0.10

Less

distributions\n

from:

Net

investment\n

income

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

(0.24)

(0.51)

(0.55)

(0.67)

(0.40)

(0.20)

Tax\n

return

capital

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

—

(0.03)

—

Total\n

distributions

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

(0.24)

(0.51)

(0.55)

(0.70)

(0.40)

(0.20)

Net

asset

value,

end

period

..........

$7.68

$7.65

$7.96

$7.98

$7.89

$8.17

Total\n

return

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

3.46%

2.66%

6.93%

10.46%

1.65%

1.25%

Ratios\n

to\n

average\n

net\n

assets

Expenses

before

waiver

and

payments\n

affiliates\n

and

expense

reduction

........

1.27%

1.24%

1.25%

1.29%

1.28%

1.25%

Expenses

net

waiver

and

payments\n

affiliates\n

and

expense

reduction

........

1.27%

1.23%

1.25%

1.29%

1.28%

1.25%

Net

investment\n

income

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

6.19%

6.44%

7.17%

7.95%

4.95%

2.44%

Supplemental\n

data

Net

assets

end

period

(000’s)

........

$331

$321

$491

$495

$436

$554

Portfolio

turnover

rate

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

15%

34%

37%

31%

26%

42%

For\n

the\n

year\n

ended\n

February\n

29.

The\n

amount\n

shown\n

for\n

a\n

share\n

outstanding\n

throughout\n

the\n

period\n

may\n

not\n

correlate\n

with\n

the\n

Statement\n

of\n

Operations\n

for\n

the\n

period\n

due\n

to\n

the\n

timing\n

of\n

sales\n

and\n

repurchases\n

of\n

the\n

Fund’s\n

shares\n

in\n

relation\n

to\n

income\n

earned\n

and/or\n

fluctuating\n

fair\n

value\n

of\n

the\n

investments\n

of\n

the\n

Fund.

Based\n

on\n

average\n

daily\n

shares\n

outstanding.

Total\n

return\n

is\n

not\n

annualized\n

for\n

periods\n

less\n

than\n

one\n

year.

Ratios\n

are\n

annualized\n

for\n

periods\n

less\n

than\n

one\n

year.

Benefit\n

of\n

expense\n

reduction\n

rounds\n

to\n

less\n

than\n

0.01%.

Putnam\n

Funds\n

Trust

Financial\n

Highlights

Putnam\n

Floating\n

Rate\n

Income\n

Fund\n

(continued)

franklintempleton.com

The\n

accompanying\n

notes\n

are\n

an\n

integral\n

part\n

of\n

these\n

financial\n

statements.

Semiannual\n

Report

Six\n

Months\n

Ended\n

August\n

31,\n

2026\n

(unaudited)

Year\n

Ended\n

February\n

28,

2026

2025

2024

2023

2022

Class\n

Per\n

share\n

operating\n

performance

(for

outstanding\n

throughout\n

the

period)

Net

asset

value,

beginning\n

period

.....

$7.66

$7.97

$7.99

$7.90

$8.18

$8.28

Income

from

investment\n

operations

Net

investment\n

income

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

0.26

0.55

0.62

0.67

0.43

0.25

Net

realized

and

unrealized\n

gains

(losses)

0.03

(0.31)

(0.04)

0.16

(0.26)

(0.10)

Total\n

from

investment\n

operations

........

0.29

0.24

0.58

0.83

0.17

0.15

Less

distributions\n

from:

Net

investment\n

income

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

(0.26)

(0.55)

(0.60)

(0.71)

(0.45)

(0.25)

Tax\n

return

capital

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

—

(0.03)

—

Total\n

distributions

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

(0.26)

(0.55)

(0.60)

(0.74)

(0.45)

(0.25)

Net

asset

value,

end

period

..........

$7.69

$7.66

$7.97

$7.99

$7.90

$8.18

Total\n

return

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

3.88%

3.10%

7.54%

11.10%

2.23%

1.83%

Ratios\n

to\n

average\n

net\n

assets

Expenses

before

waiver

and

payments\n

affiliates\n

and

expense

reduction

........

0.70%

0.68%

0.69%

0.72%

0.70%

0.68%

Expenses

net

waiver

and

payments\n

affiliates\n

and

expense

reduction

........

0.70%

0.67%

0.69%

0.72%

0.70%

0.68%

Net

investment\n

income

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

6.75%

6.99%

7.82%

8.51%

5.49%

3.02%

Supplemental\n

data

Net

assets

end

period

(000’s)

........

$4,373

$3,549

$3,447

$6,825

$6,110

$7,021

Portfolio

turnover

rate

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

15%

34%

37%

31%

26%

42%

For\n

the\n

year\n

ended\n

February\n

29.

The\n

amount\n

shown\n

for\n

a\n

share\n

outstanding\n

throughout\n

the\n

period\n

may\n

not\n

correlate\n

with\n

the\n

Statement\n

of\n

Operations\n

for\n

the\n

period\n

due\n

to\n

the\n

timing\n

of\n

sales\n

and\n

repurchases\n

of\n

the\n

Fund’s\n

shares\n

in\n

relation\n

to\n

income\n

earned\n

and/or\n

fluctuating\n

fair\n

value\n

of\n

the\n

investments\n

of\n

the\n

Fund.

Based\n

on\n

average\n

daily\n

shares\n

outstanding.

Total\n

return\n

is\n

not\n

annualized\n

for\n

periods\n

less\n

than\n

one\n

year.

Ratios\n

are\n

annualized\n

for\n

periods\n

less\n

than\n

one\n

year.

Benefit\n

of\n

expense\n

reduction\n

rounds\n

to\n

less\n

than\n

0.01%.

Putnam\n

Funds\n

Trust

Financial\n

Highlights

Putnam\n

Floating\n

Rate\n

Income\n

Fund\n

(continued)

franklintempleton.com

Semiannual\n

Report

The\n

accompanying\n

notes\n

are\n

an\n

integral\n

part\n

of\n

these\n

financial\n

statements.

Six\n

Months\n

Ended\n

August\n

31,\n

2026\n

(unaudited)

Year\n

Ended\n

February\n

28,

2026

2025

2024

2023

2022

Class\n

Per\n

share\n

operating\n

performance

(for

outstanding\n

throughout\n

the

period)

Net

asset

value,

beginning\n

period

.....

$7.66

$7.97

$7.99

$7.90

$8.19

$8.28

Income

from

investment\n

operations

Net

investment\n

income

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

0.26

0.55

0.61

0.67

0.42

0.25

Net

realized

and

unrealized\n

gains

(losses)

0.03

(0.31)

(0.03)

0.15

(0.27)

(0.10)

Total\n

from

investment\n

operations

........

0.29

0.24

0.58

0.82

0.15

Less

distributions\n

from:

Net

investment\n

income

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

(0.26)

(0.55)

(0.60)

(0.70)

(0.44)

(0.24)

Tax\n

return

capital

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

—

(0.03)

—

Total\n

distributions

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

(0.26)

(0.55)

(0.60)

(0.73)

(0.44)

(0.24)

Net

asset

value,

end

period

..........

$7.69

$7.66

$7.97

$7.99

$7.90

$8.19

Total\n

return

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

3.85%

3.04%

7.47%

11.01%

2.04%

1.88%

Ratios\n

to\n

average\n

net\n

assets

Expenses

before

waiver

and

payments\n

affiliates\n

and

expense

reduction

........

0.77%

0.74%

0.75%

0.79%

0.78%

0.75%

Expenses

net

waiver

and

payments\n

affiliates\n

and

expense

reduction

........

0.77%

0.73%

0.75%

0.79%

0.78%

0.75%

Net

investment\n

income

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

6.69%

6.93%

7.68%

8.44%

5.32%

2.97%

Supplemental\n

data

Net

assets

end

period

(000’s)

........

$76,009

$86,768

$121,804

$111,051

$136,348

$193,541

Portfolio

turnover

rate

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

15%

34%

37%

31%

26%

42%

For\n

the\n

year\n

ended\n

February\n

29.

The\n

amount\n

shown\n

for\n

a\n

share\n

outstanding\n

throughout\n

the\n

period\n

may\n

not\n

correlate\n

with\n

the\n

Statement\n

of\n

Operations\n

for\n

the\n

period\n

due\n

to\n

the\n

timing\n

of\n

sales\n

and\n

repurchases\n

of\n

the\n

Fund’s\n

shares\n

in\n

relation\n

to\n

income\n

earned\n

and/or\n

fluctuating\n

fair\n

value\n

of\n

the\n

investments\n

of\n

the\n

Fund.

Based\n

on\n

average\n

daily\n

shares\n

outstanding.

Total\n

return\n

is\n

not\n

annualized\n

for\n

periods\n

less\n

than\n

one\n

year.

Ratios\n

are\n

annualized\n

for\n

periods\n

less\n

than\n

one\n

year.

Benefit\n

of\n

expense\n

reduction\n

rounds\n

to\n

less\n

than\n

0.01%.

Putnam\n

Funds\n

Trust

Schedule

Investments\n

(unaudited),\n

August

31,

2026

Putnam\n

Floating\n

Rate\n

Income\n

Fund

franklintempleton.com

The\n

accompanying\n

notes\n

are\n

an\n

integral\n

part\n

of\n

these\n

financial\n

statements.

Semiannual\n

Report

Country

Principal\n

Amount

Value

Corporate\n

Bonds\n

5.8%

Building\n

Products\n

0.8%

Smyrna

Ready

Mix

Concrete

LLC

Senior

Secured

Note

144A,

8.875

11/15/31

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

United

States

2,000,000

2,097,216

Consumer\n

Finance\n

0.3%

Jefferson\n

Capital

Holdings\n

LLC

Senior

Note

144A,

9.5

2/15/29

United

States

900,000

942,411

Entertainment\n

0.3%

Banijay

Entertainment\n

SAS

Senior

Secured

Note

144A,

8.125

5/01/29

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

France

900,000

924,451

Ground\n

Transportation\n

0.2%

Beacon

Mobility\n

Corp.

Senior

Secured

Note

144A,

7.25

8/01/30

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

United

States

500,000

514,529

Household\n

Durables\n

0.4%

Newell

Brands,

Inc.

Senior

Note

144A,

8.5

6/01/28

.......

United

States

1,000,000

1,043,012

Insurance\n

0.3%

Acrisure

LLC

Acrisure

Finance,\n

Inc.

Senior

Secured

Note

144A,

7.5

11/06/30

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

United

States

1,000,000

920,932

Media\n

1.3%

Sinclair

Television\n

Group,

Inc.

Senior

Secured

Note

144A,

8.125

2/15/33

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

United

States

1,215,000

1,264,524

Univision

Communications,\n

Inc.

Senior

Secured

Note,

144A,

7.375%,

6/30/30

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

United

States

1,500,000

1,507,045

Senior

Secured

Note,

144A,

8.875%,

4/15/33

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

United

States

550,000

543,977

3,315,546

Metals\n

&\n

Mining\n

0.2%

Novelis

Corp.

Senior

Note

144A,

6.875

1/30/30

..........

United

States

587,000

603,424

Mortgage\n

Real\n

Estate\n

Investment\n

Trusts\n

(REITs)\n

0.8%

Starwood

Property\n

Trust,\n

Inc.

Senior

Note

144A,

6.5

7/01/30

United

States

2,000,000

2,036,111

Passenger\n

Airlines\n

0.8%

OneSky

Flight

LLC

Senior

Note

144A,

8.875

12/15/29

.....

United

States

2,000,000

2,101,012

Trading\n

Companies\n

&\n

Distributors\n

0.4%

EquipmentShare.com,\n

Inc.

Secured

Note

144A,

5/15/28

United

States

1,180,000

1,206,267

Total\n

Corporate\n

Bonds

(Cost\n

$15,447,313)

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

15,704,911

Senior\n

Floating\n

Rate\n

Interests\n

86.4%

Aerospace\n

&\n

Defense\n

1.5%

Goat

Holdco

LLC,

First

Lien,

CME

Term\n

Loan,

6.186%,

(1-month

SOFR

2.5%),

1/27/32

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

United

States

1,331,598

1,336,951

TransDigm,\n

Inc.,

First

Lien,

CME

Term\n

Loan,

6.186%,

(1-month\n

SOFR

2.5%),

2/28/31

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

United

States

2,269,606

2,279,626

Vertex\n

Aerospace\n

Services\n

Corp.,

First

Lien,

2024

CME

Term\n

Loan,

5.686%,\n

(1-month\n

SOFR

2%),

12/06/30

...........

United

States

481,429

482,977

4,099,554

Air\n

Freight\n

&\n

Logistics\n

0.7%

Rand

Parent

LLC,

First

Lien,

CME

Term\n

Loan,

6.732%,\n

(3-month

SOFR

3%),

3/18/30

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

United

States

1,776,625

1,786,343

Automobile\n

Components\n

2.7%

Adient

LLC,

First

Lien,

CME

Term\n

Loan,

B2,

5.686%,

(1-month

SOFR

2%),

1/31/31

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

United

States

2,062,393

2,070,416

Putnam\n

Funds\n

Trust

Schedule\n

of\n

Investments\n

(unaudited)

Putnam\n

Floating\n

Rate\n

Income\n

Fund\n

(continued)

franklintempleton.com

Semiannual\n

Report

The\n

accompanying\n

notes\n

are\n

an\n

integral\n

part\n

of\n

these\n

financial\n

statements.

Country

Principal\n

Amount

Value

Senior\n

Floating\n

Rate\n

Interests\n

(continued)

Automobile\n

Components\n

(continued)

Allison

Transmission,\n

Inc.,

First

Lien,

2026

CME

Term\n

Loan,

5.392%,

(1-month\n

SOFR

1.75%),

1/03/33

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

United

States

934,114

936,613

DexKo

Global,

Inc.,

First

Lien,

Refinancing\n

2026

CME

Term\n

Loan,

8.823%,

(3-month\n

SOFR

5%),

10/06/31

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

United

States

2,172,999

2,112,155

DexKo

Global,

Inc.,

First

Lien,

Refinancing\n

Dollar

CME

Term\n

Loan,

8.323%,

(3-month\n

SOFR

4.5%),

10/06/31

.........

United

States

1,006,177

975,111

LCI

Industries,\n

First

Lien,

2025

CME

Term\n

Loan,

5.936%,

(1-month

SOFR

2.25%),

3/25/32

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

United

States

987,525

991,228

7,085,523

Biotechnology\n

0.7%

Alkermes,

Inc.,

First

Lien,

2026

Refinancing\n

CME

Term\n

Loan,

5.988%,

(3-month\n

SOFR

2.25%),

8/12/31

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

United

States

222,222

223,982

Genmab

A/S,

First

Lien,

Amendment\n

No.

CME

Term\n

Loan,

5.732%,

(3-month\n

SOFR

2%),

12/13/32

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

Denmark

353,213

353,714

Grifols

International\n

Services

USA,

Inc.,

First

Lien,

Dollar

CME

Term\n

Loan,

6.187%,

(6-month\n

SOFR

2.5%),

4/14/33

....

United

States

1,411,375

1,417,380

1,995,076

Broadline\n

Retail\n

0.5%

Peer

Holding

III

BV,\n

First

Lien,

CME

Term\n

Loan,

B5B,

6.232%,

(3-month

SOFR

2.5%),

7/01/31

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

Netherlands

1,231,250

1,237,252

Building\n

Products\n

2.9%

Chariot

Buyer

LLC,

First

Lien,

Amendment\n

No.

Incremental\n

CME

Term\n

Loan,

6.436%,

(1-month

SOFR

2.75%),

9/08/32

United

States

2,866,050

2,873,487

Cornerstone

Building\n

Brands,

Inc.,

First

Lien,

New

CME

Term\n

Loan,

7.014%,

(3-month\n

SOFR

3.25%),

4/12/28

.......

United

States

1,304,706

645,829

Janus

International\n

Group

LLC,

First

Lien,

8th

Amendment\n

CME

Term\n

Loan,

5.424%,

(12-month\n

SOFR

2%),

8/05/30

......

United

States

1,758,792

1,756,602

Quikrete

Holdings,\n

Inc.,

First

Lien,

CME

Term\n

Loan,

B1,

5.936%,

(1-month

SOFR

2.25%),

4/14/31

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

United

States

1,467,029

1,471,049

Quikrete

Holdings,\n

Inc.,

First

Lien,

CME

Term\n

Loan,

B3,

5.936%,

(1-month

SOFR

2.25%),

2/10/32

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

United

States

746,222

748,207

Smyrna

Ready

Mix

Concrete\n

LLC,

First

Lien,

2025

CME

Term\n

Loan,

6.686%,

(1-month\n

SOFR

3%),

3/30/29

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

United

States

278,208

279,948

7,775,122

Capital\n

Markets\n

2.1%

Aretec

Group,

Inc.,

First

Lien,

CME

Term\n

Loan,

B4,

6.686%,

(1-month

SOFR

3%),

8/09/30

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

United

States

2,190,013

2,195,378

Citadel

Securities\n

LP,\n

First

Lien,

2026-1

CME

Term\n

Loan,

5.661%,

(3-month

SOFR

2%),

6/10/33

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

United

States

1,703,470

1,708,572

Nexus

Buyer

LLC,

First

Lien,

Initial

CME

Term\n

Loan,

7.186%,

(1-month

SOFR

3.5%),

7/31/31

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

United

States

1,979,950

1,933,134

5,837,084

Chemicals\n

4.4%

A-AP\n

Buyer,\n

Inc.,

First

Lien,

Initial\n

CME

Term\n

Loan,

6.573%,\n

(3-month

SOFR

2.75%),\n

9/09/31

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

United

States

985,000

991,772

Geon

Performance\n

Solutions\n

LLC,

First

Lien,

Initial

CME

Term\n

Loan,

8.244%,\n

(3-month\n

SOFR

4.25%),\n

8/18/28

.........

United

States

954,159

940,644

Hexion

Holdings\n

Corp.,

Second

Lien,

Initial

CME

Term\n

Loan,

11.224%,\n

(1-month\n

SOFR

7.438%),\n

3/15/30

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

United

States

1,375,882

1,285,301

Minerals

Technologies,\n

Inc.,

First

Lien,

CME

Term\n

Loan,

5.686%,

(1-month\n

SOFR

2%),

11/26/31

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

United

States

1,094,335

1,097,071

Putnam\n

Funds\n

Trust

Schedule\n

of\n

Investments\n

(unaudited)

Putnam\n

Floating\n

Rate\n

Income\n

Fund\n

(continued)

franklintempleton.com

The\n

accompanying\n

notes\n

are\n

an\n

integral\n

part\n

of\n

these\n

financial\n

statements.

Semiannual\n

Report

Country

Principal\n

Amount

Value

Senior\n

Floating\n

Rate\n

Interests\n

(continued)

Chemicals\n

(continued)

Nouryon

Finance

BV,\n

First

Lien,

2026

Dollar

CME

Term\n

Loan,

7.213%,

(1-month\n

SOFR

3.5%),

7/08/31

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

Netherlands

1,875,781

1,886,332

Olympus

Water\n

Holding

Corp.,

First

Lien,

Dollar

CME

Term\n

Loan,

B6,

6.732%,

(3-month\n

SOFR

3%),

6/23/31

.........

United

States

2,233,548

2,237,457

Solstice

Advanced\n

Materials,\n

Inc.,

First

Lien,

CME

Term\n

Loan,

5.573%,

(3-month\n

SOFR

1.75%),

10/29/32

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

United

States

1,077,731

1,079,978

Tronox\n

Finance

LLC,

First

Lien,

2024-B2

CME

Term\n

Loan,

5.982%,

(3-month\n

SOFR

2.25%),

4/04/29

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

United

States

1,952,781

1,609,268

Grace

Holdings\n

LLC,

First

Lien,

CME

Term\n

Loan,

B1,

6.732%,

(3-month\n

SOFR

3%),

8/19/32

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

United

States

740,579

744,593

11,872,416

Commercial\n

Services\n

&\n

Supplies\n

3.4%

Allied

Universal\n

Holdco

LLC,

First

Lien,

Amendment\n

No.

Replacement

USD

CME

Term\n

Loan,

6.936%,

(1-month\n

SOFR

3.25%),

8/20/32

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

United

States

998,385

1,003,707

APi

Group

DE,

Inc.,

First

Lien,

Amendment\n

No.

CME

Term\n

Loan,

5.436%,

(1-month\n

SOFR

1.75%),

5/16/33

.........

United

States

392,717

394,268

Cimpress

USA,

Inc.,

First

Lien,

2026

CME

Term\n

Loan,

B1,

6.186%,

(1-month\n

SOFR

2.5%),

6/03/33

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

Ireland

303,075

304,403

Enviri

Corp.,

First

Lien,

CME

Term\n

Loan,

B3,

6.051%,

(1-month\n

SOFR

2.25%),

6/09/28

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

United

States

1,482,778

Garda

World\n

Security\n

Corp.,

First

Lien,

Fifteenth\n

Additional\n

CME

Term\n

Loan,

6.513%,

(3-month\n

SOFR

2.75%),

2/01/29

.....

Canada

1,052,181

1,053,717

HNI

Corp.,

First

Lien,

2026

Refinancing\n

CME

Term\n

Loan,

5.397%,

(1-month

SOFR

1.75%),

12/10/32

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

United

States

497,500

499,211

MillerKnoll,\n

Inc.,

First

Lien,

2026

CME

Term\n

Loan,

5.686%,

(1-month

SOFR

2%),

8/09/32

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

United

States

893,261

893,824

Neptune

Bidco

US,

Inc.,

First

Lien,

2026

Dollar

CME

Term\n

Loan,

8.863%,

(3-month

SOFR

5%),

2/03/33

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

United

States

2,000,000

1,998,380

OPENLANE,

Inc.,

First

Lien,

2025

Incremental\n

CME

Term\n

Loan,

6.261%,

(3-month\n

SOFR

2.5%),

10/08/32

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

United

States

1,194,000

1,199,970

Prometric

Holdings,\n

Inc.,

First

Lien,

Initial

CME

Term\n

Loan,

7.436%,

(1-month\n

SOFR

3.75%),

6/25/32

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

United

States

620,313

622,484

9,452,742

Communications\n

Equipment\n

0.4%

Viasat,\n

Inc.,

First

Lien,

Initial

CME

Term\n

Loan,

8.273%,

(1-month\n

SOFR

4.5%),

3/02/29

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

United

States

962,406

971,592

Construction\n

&\n

Engineering\n

0.8%

Brand

Industrial\n

Services,\n

Inc.,

First

Lien,

CME

Term\n

Loan,

8.311%,\n

(3-month\n

SOFR

4.5%),

8/01/30

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

United

States

1,362,976

1,101,244

Chromalloy

Corp.,

First

Lien,

CME

Term\n

Loan,

6.484%,

(3-month\n

SOFR

2.75%),

3/27/31

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

United

States

735,000

739,237

Construction\n

Partners,\n

Inc.,

First

Lien,

Amendment\n

No.

Refinancing\n

CME

Term\n

Loan,

5.686%,

(1-month\n

SOFR

2%),

11/03/31

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

United

States

283,839

285,152

2,125,633

Consumer\n

Staples\n

Distribution\n

&\n

Retail\n

0.1%

c,d

Chefs'

Warehouse,\n

Inc.

(The),

First

Lien,

CME

Term\n

Loan,

5.967%,

(12-month\n

SOFR

2%),

8/12/33

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

United

States

217,129

218,826

Putnam\n

Funds\n

Trust

Schedule\n

of\n

Investments\n

(unaudited)

Putnam\n

Floating\n

Rate\n

Income\n

Fund\n

(continued)

franklintempleton.com

Semiannual\n

Report

The\n

accompanying\n

notes\n

are\n

an\n

integral\n

part\n

of\n

these\n

financial\n

statements.

Country

Principal\n

Amount

Value

Senior\n

Floating\n

Rate\n

Interests\n

(continued)

Containers\n

&\n

Packaging\n

1.5%

Clydesdale

Acquisition\n

Holdings,\n

Inc.,

First

Lien,

2025

Incremental\n

Closing

Date

CME

Term\n

Loan,

6.936%,

(1-month\n

SOFR

3.25%),

4/01/32

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

United

States

1,556,179

1,536,726

Mauser

Packaging\n

Solutions\n

Holding

Co.,

First

Lien,

2025

CME

Term\n

Loan,

7.206%,

(1-month\n

SOFR

3.5%),

4/15/30

......

United

States

1,443,280

1,444,485

Plastipak

Packaging,\n

Inc.,

First

Lien,

CME

Term\n

Loan,

6.186%,

(1-month

SOFR

2.5%),

9/24/32

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

United

States

397,000

398,407

Pregis

TopCo\n

LLC,

First

Lien,

Tenth\n

Amendment\n

CME

Term\n

Loan,

7.436%,

(1-month\n

SOFR

3.75%),

2/01/29

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

United

States

935,656

942,908

4,322,526

Distributors\n

2.4%

Core

Main

LP,\n

First

Lien,

CME

Term\n

Loan,

F,\n

5.517%,

(3-month\n

SOFR

1.75%),

7/01/33

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

United

States

1,815,930

1,820,470

Gloves

Buyer,\n

Inc.,

First

Lien,

2026

Repricing\n

CME

Term\n

Loan,

7.409%,

(1-month\n

SOFR

3.75%),

5/21/32

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

United

States

1,990,000

2,000,885

Verde\n

Purchaser\n

LLC,

First

Lien,

Second

Refinancing\n

CME

Term\n

Loan,

7.732%,

(3-month\n

SOFR

4%),

11/30/30

...........

United

States

1,721,316

1,721,496

Windsor

Holdings\n

III

LLC,

First

Lien,

2025

Refinancing\n

CME

Term\n

Loan,

6.436%,

(1-month\n

SOFR

2.75%),

8/01/30

.......

United

States

972,737

978,559

6,521,410

Diversified\n

Consumer\n

Services\n

1.4%

Anticimex

Global

AB,

First

Lien,

CME

Term\n

Loan,

B8,

6.55%,

(1-

day

SOFR

2.9%),

11/17/31

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

Sweden

376,908

378,860

Ascend

Learning\n

LLC,

First

Lien,

Initial

CME

Term\n

Loan,

6.685%,

(1-month

SOFR

3%),

12/11/28

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

United

States

1,937,356

1,938,228

HomeServe

USA\n

Corp.,

First

Lien,

Amendment\n

No.

Refinancing\n

CME

Term\n

Loan,

5.652%,

(1-month\n

SOFR

2%),

10/21/30

United

Kingdom

977,500

978,316

Mavis

Tire\n

Express

Services\n

Topco\n

Corp.,

First

Lien,

2025

Incremental

CME

Term\n

Loan,

6.669%,

(6-month\n

SOFR

3%),

5/04/28

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

United

States

873,894

874,475

4,169,879

Diversified\n

Telecommunication\n

Services\n

0.2%

QTS

Thunder

Managing\n

Issuer

LLC,

First

Lien,

CME

Term\n

Loan,

6.025%,

(3-month\n

SOFR

2.25%),

7/22/33

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

United

States

624,133

621,402

Electric\n

Utilities\n

0.7%

Alpha

Generation\n

LLC,

First

Lien,

2026-1

Incremental\n

CME

Term\n

Loan,

5.436%,

(1-month\n

SOFR

1.75%),

6/10/33

.......

United

States

2,000,000

1,995,250

Invenergy

Thermal

Operating\n

LLC,

First

Lien,

CME

Term\n

Loan,

6.37%,

(1-day

SOFR

2.75%),

5/17/32

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

United

States

77,859

78,443

Invenergy

Thermal

Operating\n

LLC,

First

Lien,

CME

Term\n

Loan,

6.37%,

(1-day

SOFR

2.75%),

5/17/32

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

United

States

5,150

5,189

2,078,882

Electronic\n

Equipment,\n

Instruments\n

&\n

Components\n

0.7%

Belden,

Inc.,

First

Lien,

Initial\n

CME

Term\n

Loan,

5.936%,

(1-month\n

SOFR

2.25%),

7/01/33

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

United

States

948,478

953,614

Ingram

Micro,

Inc.,

First

Lien,

CME

Term\n

Loan,

B2,

5.927%,\n

(3-month

SOFR

2.25%),\n

9/22/31

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

United

States

600,397

604,149

Holdings\n

US,

Inc.,

First

Lien,

Senior

USD

CME

Term\n

Loan,

5.685%,

(1-month\n

SOFR

2%),

3/17/32

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

United

States

179,563

180,161

1,737,924

Putnam\n

Funds\n

Trust

Schedule\n

of\n

Investments\n

(unaudited)

Putnam\n

Floating\n

Rate\n

Income\n

Fund\n

(continued)

franklintempleton.com

The\n

accompanying\n

notes\n

are\n

an\n

integral\n

part\n

of\n

these\n

financial\n

statements.

Semiannual\n

Report

Country

Principal\n

Amount

Value

Senior\n

Floating\n

Rate\n

Interests\n

(continued)

Entertainment\n

1.6%

Discovery

Global

Holdings,\n

Inc.,

First

Lien,

Initial

Dollar

CME

Term\n

Loan,

6.186%,

(1-month\n

SOFR

2.5%),

6/03/33

......

United

States

1,002,997

1,006,287

OAK-Eagle

Acquireco,\n

Inc.,

First

Lien,

CME

Term\n

Loan,

B1,

7.251%,

(3-month\n

SOFR

3.5%),

8/04/33

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

United

States

625,000

632,031

TKO

Worldwide\n

Holdings

LLC,

First

Lien,

CME

Term\n

Loan,

B7,

5.507%,

(3-month\n

SOFR

1.75%),

11/21/31

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

United

States

2,724,823

2,726,389

4,364,707

Financial\n

Services\n

4.1%

Colossus

Acquireco\n

LLC,

First

Lien,

Initial

CME

Term\n

Loan,

5.37%,

(1-day

SOFR

1.75%),

1/31/33

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

United

States

1,492,500

1,489,522

Corpay

Technologies\n

Operating\n

Co.

LLC,

First

Lien,

CME

Term\n

Loan,

B6,

5.435%,

(1-month\n

SOFR

1.75%),

11/05/32

.....

United

States

1,058,515

1,059,548

Greystone

Select

Financial\n

LLC,

First

Lien,

Initial

CME

Term\n

Loan,

8.995%,

(3-month\n

SOFR

5%),

6/16/28

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

United

States

1,403,077

1,396,062

Hudson

River

Trading\n

LLC,

First

Lien,

CME

Term\n

Loan,

B2,

6.159%,

(1-month\n

SOFR

2.5%),

3/18/30

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

United

States

2,488,747

2,487,913

Neon

Maple

Debt

Mergersub,\n

Inc.,

First

Lien,

CME

Term\n

Loan,

B1,

6.186%,

(1-month\n

SOFR

2.5%),

11/17/31

......

United

States

1,975,050

1,936,122

Red

Planet

Borrower\n

LLC,

First

Lien,

Initial

CME

Term\n

Loan,

7.436%,

(1-month\n

SOFR

3.75%),

9/08/32

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

United

States

1,002,892

1,008,348

Speed

Midco

SARL,

First

Lien,

USD

CME

Term\n

Loan,

6.195%,

(6-month\n

SOFR

2.5%),

10/07/32

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

Luxembourg

872,807

875,098

WEX,

Inc.,

First

Lien,

CME

Term\n

Loan,

B3,

5.436%,

(1-month\n

SOFR

1.75%),

3/05/32

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

United

States

746,222

746,804

10,999,417

Ground\n

Transportation\n

1.4%

Genesee

Wyoming,\n

Inc.,

First

Lien,

Initial

CME

Term\n

Loan,

5.482%,

(3-month\n

SOFR

1.75%),

4/10/31

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

United

States

618,975

618,987

Kenan

Advantage\n

Group,

Inc.

(The),

First

Lien,

U.S.

CME

Term\n

Loan,

B4,

6.936%,

(1-month\n

SOFR

3.25%),

1/25/29

......

United

States

2,969,697

2,977,121

LaserShip,

Inc.,

First

Lien,

CME

Term\n

Loan,

PIK,

8.494%,

(3-month

SOFR

4.5%),

8/10/29

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

United

States

375,410

45,518

Savage

Enterprises\n

LLC,

First

Lien,

Amendment\n

No.

CME

Term\n

Loan,

5.642%,

(1-month\n

SOFR

2%),

8/05/32

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

United

States

306,297

307,664

3,949,290

Health\n

Care\n

Equipment\n

&\n

Supplies\n

1.9%

Bausch

Lomb

Corp.,

First

Lien,

2025-2

Refinancing\n

CME

Term\n

Loan,

7.436%,

(1-month\n

SOFR

3.75%),

1/15/31

.........

United

States

3,102,495

3,126,152

TPG,

Inc.,

First

Lien,

CME

Term\n

Loan,

5.995%,

(3-month\n

SOFR

2.25%),

4/07/33

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

United

States

2,000,000

1,973,670

5,099,822

Health\n

Care\n

Providers\n

&\n

Services\n

3.7%

Charlotte

Buyer,\n

Inc.,

First

Lien,

Third

Refinancing\n

CME

Term\n

Loan,

8.145%,

(1-month\n

SOFR

4.5%),

6/30/31

..........

United

States

977,588

981,322

Concentra

Health

Services,\n

Inc.,

First

Lien,

CME

Term\n

Loan,

B1,

5.436%,

(1-month\n

SOFR

1.75%),\n

7/28/31

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

United

States

985,031

986,263

Covetrus,

Inc.,

First

Lien,

Initial\n

CME

Term\n

Loan,

8.732%,\n

(3-month

SOFR

5%),

10/15/29

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

United

States

965,063

938,707

Dermatology\n

Intermediate\n

Holdings\n

III,

Inc.,

First

Lien,

Initial\n

CME

Term\n

Loan,

8.073%,\n

(3-month\n

SOFR

4.25%),\n

3/26/29

.....

United

States

1,484,536

1,378,021

Global

Medical\n

Response,\n

Inc.,

First

Lien,

Initial\n

CME

Term\n

Loan,

6.909%,

(1-month\n

SOFR

3.25%),\n

10/01/32

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

United

States

753,623

758,115

Putnam\n

Funds\n

Trust

Schedule\n

of\n

Investments\n

(unaudited)

Putnam\n

Floating\n

Rate\n

Income\n

Fund\n

(continued)

franklintempleton.com

Semiannual\n

Report

The\n

accompanying\n

notes\n

are\n

an\n

integral\n

part\n

of\n

these\n

financial\n

statements.

Country

Principal\n

Amount

Value

Senior\n

Floating\n

Rate\n

Interests\n

(continued)

Health\n

Care\n

Providers\n

&\n

Services\n

(continued)

LifePoint

Health,

Inc.,

First

Lien,

CME

Term\n

Loan,

B1,

7.503%,

(3-month

SOFR

3.75%),

5/19/31

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

United

States

1,475,504

1,416,411

McKesson

Medical-Surgical\n

Top\n

Holdings,\n

Inc.,

First

Lien,

Amendment

No.

CME

Term\n

Loan,

5.982%,

(3-month\n

SOFR

2.25%),

6/09/32

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

United

States

318,718

320,313

PAREXEL\n

International\n

Corp.,

First

Lien,

Seventh

Amendment\n

CME

Term\n

Loan,

6.186%,

(1-month\n

SOFR

2.5%),

12/12/31

United

States

1,284,597

1,291,425

Phoenix

Guarantor,\n

Inc.,

First

Lien,

CME

Term\n

Loan,

B6,

5.686%,

(1-month

SOFR

2%),

2/21/31

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

United

States

1,779,996

1,784,411

9,854,988

Health\n

Care\n

Technology\n

0.8%

AthenaHealth\n

Group,

Inc.,

First

Lien,

Fourth

Amendment\n

CME

Term\n

Loan,

6.936%,

(1-month\n

SOFR

3.25%),

2/16/32

.....

United

States

2,201,723

2,203,693

Hotels,\n

Restaurants\n

&\n

Leisure\n

4.7%

Caesars

Entertainment,\n

Inc.,

First

Lien,

2023

Incremental\n

CME

Term\n

Loan,

5.936%,

(1-month\n

SOFR

2.25%),

2/06/30

...

United

States

1,615,000

1,582,369

Fertitta

Entertainment\n

LLC,

First

Lien,

Initial

CME

Term\n

Loan,

6.936%,

(1-month\n

SOFR

3.25%),

1/29/29

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

United

States

1,918,271

1,924,870

Flutter

Financing\n

BV,\n

First

Lien,

2024

Refinancing\n

CME

Term\n

Loan,

5.482%,

(3-month\n

SOFR

1.75%),

12/02/30

......

Ireland

392,947

386,153

Flynn

Restaurant\n

Group

LP,\n

First

Lien,

2025

CME

Term\n

Loan,

7.436%,

(1-month\n

SOFR

3.75%),

1/28/32

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

United

States

1,695,490

1,643,778

Four

Seasons

Hotels

Ltd.,

First

Lien,

2026

Repricing\n

CME

Term\n

Loan,

5.186%,

(1-month\n

SOFR

1.5%),

9/16/32

..........

Canada

1,000,000

1,002,950

Golden

State

Foods

LLC,

First

Lien,

Initial

CME

Term\n

Loan,

7.261%,

(3-month\n

SOFR

3.5%),

12/04/31

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

United

States

623,196

625,707

IRB

Holding

Corp.,

First

Lien,

2025

Replacement\n

CME

Term\n

Loan,

6.231%,

(1-month\n

SOFR

2.5%),

12/16/30

.......

United

States

826,812

830,470

Light

Wonder\n

International,\n

Inc.,

First

Lien,

CME

Term\n

Loan,

B3,

5.659%,

(1-month\n

SOFR

2%),

4/16/29

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

United

States

2,419,575

2,425,624

Raising

Cane's\n

Restaurants\n

LLC,

First

Lien,

Second

Amendment\n

New

CME

Term\n

Loan,

5.651%,

(1-month\n

SOFR

2%),

6/06/33

United

States

1,061,947

1,056,637

SeaWorld\n

Parks

Entertainment,\n

Inc.,

First

Lien,

CME

Term\n

Loan,

B3,

5.686%,

(1-month\n

SOFR

2%),

12/04/31

........

United

States

977,575

973,499

12,452,057

Household\n

Durables\n

1.0%

Hunter

Douglas,\n

Inc.,

First

Lien,

CME

Term\n

Loan,

B1,

6.732%,

(3-month

SOFR

3%),

1/16/32

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

Netherlands

2,625,729

2,636,126

Household\n

Products\n

0.7%

Energizer

Holdings,\n

Inc.,

First

Lien,

Initial

CME

Term\n

Loan,

5.659%,

(1-month\n

SOFR

2%),

3/19/32

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

United

States

265,529

265,363

Lavender

Dutch

BorrowerCo\n

BV,\n

First

Lien,

USD

CME

Term\n

Loan,

6.982%,

(3-month

SOFR

3.25%),

12/30/32

......

Netherlands

1,693,616

1,696,369

1,961,732

Independent\n

Power\n

and\n

Renewable\n

Electricity\n

Producers\n

0.9%

Calpine

Construction\n

Finance\n

Co.

LP,\n

First

Lien,

2025

Refinancing\n

CME

Term\n

Loan,

5.436%,\n

(1-month\n

SOFR

1.75%),

7/31/30

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

United

States

2,014,258

2,017,279

Talen\n

Energy

Supply

LLC,

First

Lien,

2024-1

Incremental\n

CME

Term\n

Loan,

5.479%,\n

(3-month\n

SOFR

1.75%),\n

12/15/31

United

States

353,363

352,922

Putnam\n

Funds\n

Trust

Schedule\n

of\n

Investments\n

(unaudited)

Putnam\n

Floating\n

Rate\n

Income\n

Fund\n

(continued)

franklintempleton.com

The\n

accompanying\n

notes\n

are\n

an\n

integral\n

part\n

of\n

these\n

financial\n

statements.

Semiannual\n

Report

Country

Principal\n

Amount

Value

Senior\n

Floating\n

Rate\n

Interests\n

(continued)

Independent\n

Power\n

and\n

Renewable\n

Electricity\n

Producers\n

(continued)

Talen\n

Energy

Supply

LLC,

First

Lien,

Initial

CME

Term\n

Loan,

5.479%,

(3-month\n

SOFR

1.75%),

11/25/32

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

United

States

295,084

294,591

2,664,792

Insurance\n

1.1%

Acrisure

LLC,

First

Lien,

CME

Term\n

Loan,

B6,

6.686%,

(1-month\n

SOFR

3%),

11/06/30

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

United

States

1,473,806

1,257,650

Jones

DesLauriers\n

Insurance\n

Management,\n

Inc.,

First

Lien,

2026-

CME

Term\n

Loan,

6.823%,

(3-month\n

SOFR

3%),

2/02/33

Canada

1,714,286

1,694,786

OneDigital

Borrower\n

LLC,

First

Lien,

2025

Refinancing\n

CME

Term\n

Loan,

6.686%,

(1-month\n

SOFR

3%),

7/02/31

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

United

States

134,012

132,772

3,085,208

IT\n

Services\n

3.7%

Ahead

DB\n

Holdings\n

LLC,

First

Lien,

CME

Term\n

Loan,

B3,

6.232%,

(3-month

SOFR

2.5%),

2/03/31

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

United

States

1,181,475

1,180,884

Fortress

Intermediate\n

Inc.,

First

Lien,

CME

Term\n

Loan,

6.642%,

(1-month

SOFR

3%),

6/27/31

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

United

States

566,407

566,877

Genuine

Financial\n

Holdings\n

LLC,

First

Lien,

2025

Replacement\n

CME

Term\n

Loan,

6.936%,

(1-month\n

SOFR

3.25%),

9/27/30

United

States

1,470,057

1,448,623

Daddy

Operating\n

Co.

LLC,

First

Lien,

CME

Term\n

Loan,

B7,

5.436%,

(1-month\n

SOFR

1.75%),

5/30/31

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

United

States

746,193

737,448

Daddy

Operating\n

Co.

LLC,

First

Lien,

CME

Term\n

Loan,

B8,

5.436%,

(1-month\n

SOFR

1.75%),

11/09/29

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

United

States

1,000,000

994,830

Indy

Holdco

LLC,

First

Lien,

Thirteenth\n

Amendment\n

Refinancing\n

CME

Term\n

Loan,

5.935%,

(1-month\n

SOFR

2.25%),

10/31/30

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

United

States

1,000,000

997,500

Sub

LLC

(Micro

Holding

Corp.),

First

Lien,

CME

Term\n

Loan,

7.936%,

(1-month\n

SOFR

4.25%),

5/03/28

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

United

States

1,622,080

1,607,790

Sub

LLC,

First

Lien,

2024

December\n

New

CME

Term\n

Loan,

7.936%,

(1-month\n

SOFR

4.25%),

12/31/31

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

United

States

1,098,022

1,027,853

Tempo\n

Acquisition\n

LLC,

First

Lien,

Seventh

Incremental\n

CME

Term\n

Loan,

5.436%,

(1-month\n

SOFR

1.75%),

8/31/28

.....

United

States

1,080,981

897,620

Tenable,\n

Inc.,

First

Lien,

Initial

CME

Term\n

Loan,

6.551%,

(1-month\n

SOFR

2.75%),

7/07/28

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

United

States

477,500

477,600

9,937,025

Leisure\n

Products\n

1.7%

Fender

Musical

Instruments\n

Corp.,

First

Lien,

Initial

CME

Term\n

Loan,

7.786%,

(1-month\n

SOFR

4%),

12/01/28

...........

United

States

1,857,909

1,830,049

GBT\n

III

LLC,

First

Lien,

CME

Term\n

Loan,

B2,

5.81%,

(3-month\n

SOFR

2%),

7/25/31

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

United

States

985,000

Motion

Finco

SARL,

First

Lien,

CME

Term\n

Loan,

B3,

7.232%,

(3-month

SOFR

3.5%),

11/13/29

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

United

Kingdom

1,955,447

1,561,924

4,376,973

Machinery\n

0.9%

Hillman

Group,

Inc.

(The),

First

Lien,

2026

Initial

CME

Term\n

Loan,

5.659%,

(1-month\n

SOFR

2%),

7/22/33

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

United

States

666,667

667,917

Pro

Mach

Group,

Inc.,

First

Lien,

Amendment\n

No.

Refinancing\n

CME

Term\n

Loan,

6.186%,\n

(1-month\n

SOFR

2.5%),

10/15/32

United

States

967,999

972,902

Terex\n

Corp.,

First

Lien,

2025

Refinancing\n

CME

Term\n

Loan,

5.436%,

(1-month\n

SOFR

1.75%),\n

10/08/31

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

United

States

911,562

914,697

2,555,516

Putnam\n

Funds\n

Trust

Schedule\n

of\n

Investments\n

(unaudited)

Putnam\n

Floating\n

Rate\n

Income\n

Fund\n

(continued)

franklintempleton.com

Semiannual\n

Report

The\n

accompanying\n

notes\n

are\n

an\n

integral\n

part\n

of\n

these\n

financial\n

statements.

Country

Principal\n

Amount

Value

Senior\n

Floating\n

Rate\n

Interests\n

(continued)

Media\n

2.5%

Cengage

Learning,\n

Inc.,

First

Lien,

2026

Refinancing\n

CME

Term\n

Loan,

6.721%,

(1-month\n

SOFR

3%),

3/24/31

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

United

States

1,670,399

1,666,598

Clear

Channel

Outdoor

Holdings,\n

Inc.,

First

Lien,

2024

Refinancing\n

CME

Term\n

Loan,

7.801%,

(1-month\n

SOFR

4%),

8/23/28

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

United

States

722,888

725,779

COGECO

Financing\n

LP,\n

First

Lien,

CME

Term\n

Loan,

6.301%,

(1-month

SOFR

2.5%),

9/01/28

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

United

States

1,676,916

1,572,109

DIRECTV

Financing\n

LLC,

First

Lien,

2026

Refinancing\n

CME

Term\n

Loan,

8.323%,

(3-month\n

SOFR

4.5%),

8/02/29

........

United

States

671,875

677,596

Outfront

Media

Capital

LLC,

First

Lien,

CME

Term\n

Loan,

5.436%,

(1-month

SOFR

1.75%),

9/24/32

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

United

States

1,200,000

1,203,252

Virgin\n

Media

Bristol

LLC,

First

Lien,

CME

Term\n

Loan,

Y,\n

6.967%,

(6-month

SOFR

3.175%),\n

3/31/31

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

United

States

1,000,000

873,410

6,718,744

Metals\n

&\n

Mining\n

0.9%

AMG

Critical\n

Materials\n

NV,\n

First

Lien,

CME

Term\n

Loan,

6.936%,

(1-month\n

SOFR

3.25%),

7/22/33

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

Netherlands

488,491

490,018

Arsenal

AIC

Parent

LLC,

First

Lien,

2025

Refinancing\n

CME

Term\n

Loan,

6.436%,

(1-month\n

SOFR

2.75%),

8/19/30

.......

United

States

574,310

577,710

TMS

International\n

Corp.,

First

Lien,

New

CME

Term\n

Loan,

B7,

7.237%,

(3-month\n

SOFR

3.5%),

3/04/30

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

United

States

1,455,439

1,462,723

2,530,451

Oil,\n

Gas\n

&\n

Consumable\n

Fuels\n

2.8%

Buckeye

Partners\n

LP,\n

First

Lien,

2025

CME

Term\n

Loan,

B7,

5.436%,

(1-month\n

SOFR

1.75%),

11/22/32

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

United

States

990,837

994,825

CQP\n

Holdco

LP,\n

First

Lien,

CME

Term\n

Loan,

5.482%,

(3-month\n

SOFR

1.75%),

12/31/32

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

United

States

1,722,243

1,718,084

GIP\n

Pilot

Acquisition\n

Partners\n

LP,\n

First

Lien,

CME

Term\n

Loan,

5.723%,

(3-month\n

SOFR

2%),

5/19/33

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

United

States

1,152,402

1,158,164

Hilcorp

Energy

LP,\n

First

Lien,

Initial

CME

Term\n

Loan,

5.409%,

(1-month

SOFR

1.75%),

2/11/30

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

United

States

677,143

677,989

Venture\n

Global

Calcasieu\n

Pass

LLC,

First

Lien,

Initial

CME

Term\n

Loan,

6.954%,

(6-month\n

SOFR

3.25%),

4/11/33

.........

United

States

2,870,132

2,893,653

7,442,715

Paper\n

&\n

Forest\n

Products\n

0.7%

Magnera

Corp.,

First

Lien,

CME

Term\n

Loan,

8.073%,

(3-month\n

SOFR

4.25%),

11/04/31

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

United

States

1,798,917

1,804,917

Passenger\n

Airlines\n

2.5%

AAdvantage

Loyalty

IP\n

Ltd.,

First

Lien,

CME

Term\n

Loan,

5.979%,

(3-month

SOFR

2.25%),

4/20/28

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

United

States

1,473,103

1,475,048

American

Airlines,\n

Inc.,

First

Lien,

2026

CME

Term\n

Loan,

6.764%,

(3-month

SOFR

3%),

5/30/33

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

United

States

1,000,000

998,595

American

Airlines,\n

Inc.,

First

Lien,

Initial\n

CME

Term\n

Loan,

5.907%,\n

(3-month

SOFR

2.25%),\n

6/04/29

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

United

States

2,884,141

2,881,560

WestJet\n

Loyalty\n

LP,\n

First

Lien,

Initial\n

CME

Term\n

Loan,

6.482%,\n

(3-month

SOFR

2.75%),\n

2/14/31

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

Canada

1,368,500

1,325,734

6,680,937

Personal\n

Care\n

Products\n

0.6%

OPAL\n

LLC,

First

Lien,

CME

Term\n

Loan,

B6,

6.232%,\n

(3-month\n

SOFR

2.5%),

4/28/32

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

United

States

1,488,769

1,498,208

Putnam\n

Funds\n

Trust

Schedule\n

of\n

Investments\n

(unaudited)

Putnam\n

Floating\n

Rate\n

Income\n

Fund\n

(continued)

franklintempleton.com

The\n

accompanying\n

notes\n

are\n

an\n

integral\n

part\n

of\n

these\n

financial\n

statements.

Semiannual\n

Report

Country

Principal\n

Amount

Value

Senior\n

Floating\n

Rate\n

Interests\n

(continued)

Pharmaceuticals\n

1.0%

Jazz

Financing\n

Lux

SARL,

First

Lien,

Dollar

CME

Term\n

Loan,

B2,

5.936%,

(1-month\n

SOFR

2.25%),

5/05/28

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

United

States

2,525

2,536

Organon

Co.,

First

Lien,

2024

Refinancing\n

Dollar

CME

Term\n

Loan,

5.936%,

(1-month\n

SOFR

2.25%),

5/19/31

.........

United

States

1,065,304

1,066,300

Perrigo

Investments\n

LLC,

First

Lien,

2024

Refinancing\n

CME

Term\n

Loan,

5.686%,

(1-month\n

SOFR

2%),

4/20/29

..........

United

States

689,194

Southern

Veterinary\n

Partners\n

LLC,

First

Lien,

2025

New

CME

Term\n

Loan,

6.188%,

(1-month\n

SOFR

2.5%),

12/04/31

.....

United

States

682,771

684,936

2,442,966

Professional\n

Services\n

0.9%

CoreLogic,

Inc.,

First

Lien,

CME

Term\n

Loan,

7.936%,

(1-month\n

SOFR

4.25%),

7/25/31

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

United

States

1,500,000

1,473,278

Creative

Artists

Agency

LLC,

First

Lien,

CME

Term\n

Loan,

6.186%,

(1-month

SOFR

2.5%),

10/01/31

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

United

States

495,006

496,523

Ingenovis

Health,

Inc.,

First

Lien,

Initial

CME

Term\n

Loan,

9.017%,

(3-month

SOFR

5.25%),

5/27/32

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

United

States

335,700

239,186

Soliant

Lower

Intermediate\n

LLC,

First

Lien,

Initial

CME

Term\n

Loan,

7.514%,

(3-month\n

SOFR

3.75%),

7/18/31

.........

United

States

479,370

382,149

2,591,136

Real\n

Estate\n

Management\n

&\n

Development\n

0.7%

Cushman

Wakefield\n

Borrower\n

LLC,

First

Lien,

Amendment\n

No.

CME

Term\n

Loan,

5.936%,

(1-month\n

SOFR

2.25%),

6/13/33

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

United

States

1,339,000

1,342,348

Greystar

Real

Estate

Partners\n

LLC,

First

Lien,

CME

Term\n

Loan,

B4,

5.917%,

(3-month\n

SOFR

2.25%),

8/21/30

...........

United

States

490,059

491,897

1,834,245

Semiconductors\n

&\n

Semiconductor\n

Equipment\n

1.0%

Altar

Bidco,

Inc.,

Second

Lien,

Initial

CME

Term\n

Loan,

9.108%,

(12-month

SOFR

5.6%),

2/01/30

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

United

States

2,872,500

2,822,231

MKS

Instruments,\n

Inc.,

First

Lien,

2026-1

Dollar

CME

Term\n

Loan,

5.397%,

(1-month

SOFR

1.75%),

2/04/33

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

United

States

29,229

29,383

2,851,614

Software\n

8.2%

Adeia,

Inc.,

First

Lien,

Initial

CME

Term\n

Loan,

B6,

6.186%,

(1-month

SOFR

2.5%),

6/08/28

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

United

States

969,261

971,684

Boxer

Parent

Co.,

Inc.,

Second

Lien,

Initial

Term\n

Loan,

9.413%,

(3-month

SOFR

5.75%),

7/30/32

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

United

States

2,000,000

1,851,260

Central

Parent

LLC,

First

Lien,

2024

Refinancing\n

CME

Term\n

Loan,

6.982%,

(3-month\n

SOFR

3.25%),

7/06/29

.........

United

States

1,957,631

1,009,815

Cloudera,

Inc.,

Second

Lien,

Initial

CME

Term\n

Loan,

9.786%,

(1-month

SOFR

6%),

10/10/29

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

United

States

2,000,000

1,441,110

ConnectWise\n

LLC,

First

Lien,

Initial\n

CME

Term\n

Loan,

7.494%,\n

(3-month

SOFR

3.5%),

9/29/28

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

United

States

1,326,018

1,283,393

Gen

Digital,

Inc.,

First

Lien,

Second

Amendment\n

Incremental\n

CME

Term\n

Loan,

5.436%,

(1-month\n

SOFR

1.75%),

4/16/32

United

States

1,287,000

1,278,821

Genesys

Cloud

Services,\n

Inc.,

First

Lien,

2025

Dollar

CME

Term\n

Loan,

6.186%,\n

(1-month\n

SOFR

2.5%),

1/30/32

..........

United

States

2,346,393

2,296,532

IGT\n

Holding

AB,

First

Lien,

CME

Term\n

Loan,

B8,

6.732%,\n

(3-month

SOFR

3%),

9/02/31

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

Sweden

2,920,680

2,924,331

McAfee

Corp.,

First

Lien,

CME

Term\n

Loan,

B1,

6.686%,\n

(1-month\n

SOFR

3%),

3/01/29

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

United

States

953,372

905,041

Putnam\n

Funds\n

Trust

Schedule\n

of\n

Investments\n

(unaudited)

Putnam\n

Floating\n

Rate\n

Income\n

Fund\n

(continued)

franklintempleton.com

Semiannual\n

Report

The\n

accompanying\n

notes\n

are\n

an\n

integral\n

part\n

of\n

these\n

financial\n

statements.

Country

Principal\n

Amount

Value

Senior\n

Floating\n

Rate\n

Interests\n

(continued)

Software\n

(continued)

Open

Text\n

Corp.,

First

Lien,

CME

Term\n

Loan,

5.436%,

(1-month

SOFR

1.75%),

1/31/30

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

Canada

574,918

573,299

Proofpoint,

Inc.,

First

Lien,

2024

Refinancing\n

CME

Term\n

Loan,

6.732%,

(3-month\n

SOFR

3%),

8/31/28

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

United

States

1,109,319

1,109,457

Rocket

Software,\n

Inc.,

First

Lien,

CME

Term\n

Loan,

7.436%,

(1-month

SOFR

3.75%),

11/28/28

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

United

States

2,503,521

2,484,970

UKG,

Inc.,

First

Lien,

Initial

CME

Term\n

Loan,

6.073%,

(3-month\n

SOFR

2.25%),

2/10/31

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

United

States

2,582,840

2,514,899

Vision\n

Solutions,\n

Inc.,

First

Lien,

New

CME

Term\n

Loan,

8.084%,

(3-month\n

SOFR

4%),

4/24/28

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

United

States

1,799,167

1,469,532

22,114,144

Specialty\n

Retail\n

5.1%

AIP\n

Buyer

Corp.,

First

Lien,

CME

Term\n

Loan,

7.186%,

(1-month

SOFR

3.5%),

12/23/30

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

United

States

488,831

488,878

Evergreen

Acqco

LP,\n

First

Lien,

Initial

CME

Term\n

Loan,

6.168%,

(3-month

SOFR

2.5%),

9/17/32

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

United

States

1,553,350

1,560,309

Great

Outdoors\n

Group

LLC,

First

Lien,

CME

Term\n

Loan,

6.936%,

(1-month\n

SOFR

3.25%),

1/23/32

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

United

States

2,845,907

2,863,950

Johnstone

Supply

LLC,

First

Lien,

CME

Term\n

Loan,

5.956%,

(1-month

SOFR

2.25%),

6/09/31

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

United

States

982,494

984,881

Petco

Health

Wellness\n

Co.,

Inc.,

First

Lien,

2026

CME

Term\n

Loan,

7.982%,

(3-month\n

SOFR

4.25%),

1/31/31

.........

United

States

997,500

998,463

PetSmart

LLC,

First

Lien,

Initial

CME

Term\n

Loan,

7.688%,

(1-month

SOFR

4%),

8/18/32

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

United

States

1,540,598

1,553,123

RealTruck\n

Group,

Inc.,

First

Lien,

Second-Out\n

CME

Term\n

Loan,

9.898%,

(3-month\n

SOFR

6%),

1/31/31

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

United

States

1,984,810

1,215,200

Upbound

Group,

Inc.,

First

Lien,

2025

CME

Term\n

Loan,

6.479%,

(3-month

SOFR

2.75%),

8/19/32

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

United

States

1,240,625

1,243,727

White

Cap

Supply

Holdings\n

LLC,

First

Lien,

CME

Term\n

Loan,

6.936%,

(1-month\n

SOFR

3.25%),

10/19/29

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

United

States

2,280,408

2,283,920

13,192,451

Textiles,\n

Apparel\n

&\n

Luxury\n

Goods\n

0.7%

Beach

Acquisition\n

Bidco

LLC,

First

Lien,

CME

Term\n

Loan,

B1,

6.436%,

(1-month\n

SOFR

2.75%),

9/13/32

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

United

States

100,590

101,250

Canada

Goose,

Inc.,

First

Lien,

2026

Refinancing\n

CME

Term\n

Loan,

6.757%,

(3-month\n

SOFR

3%),

8/23/32

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

Canada

741,680

744,265

Samsonite

IP\n

Holdings\n

SARL,

First

Lien,

Initial

CME

Term\n

Loan,

5.436%,

(1-month\n

SOFR

1.75%),

11/08/32

...........

United

States

965,690

971,122

1,816,637

Trading\n

Companies\n

&\n

Distributors\n

1.2%

DXP\n

Enterprises,\n

Inc.,

First

Lien,

Initial

CME

Term\n

Loan,

6.981%,

(1-month

SOFR

3.25%),

10/11/30

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

United

States

1,459,124

1,470,826

QXO

Building\n

Products,\n

Inc.,

First

Lien,

2026

Incremental\n

CME

Term\n

Loan,

5.686%,\n

(1-month\n

SOFR

2%),

7/01/33

.....

United

States

1,333,333

1,333,520

QXO

Building\n

Products,\n

Inc.,

First

Lien,

CME

Term\n

Loan,

5.686%,

(1-month\n

SOFR

2%),

4/30/32

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

United

States

469,274

469,469

3,273,815

Transportation\n

Infrastructure\n

0.8%

BrightView\n

Landscapes\n

LLC,

First

Lien,

Initial\n

CME

Term\n

Loan,

5.823%,

(3-month\n

SOFR

2%),

6/17/33

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

United

States

428,571

Putnam\n

Funds\n

Trust

Schedule\n

of\n

Investments\n

(unaudited)

Putnam\n

Floating\n

Rate\n

Income\n

Fund\n

(continued)

franklintempleton.com

The\n

accompanying\n

notes\n

are\n

an\n

integral\n

part\n

of\n

these\n

financial\n

statements.

Semiannual\n

Report

Country

Principal\n

Amount

Value

Senior\n

Floating\n

Rate\n

Interests\n

(continued)

Transportation\n

Infrastructure\n

(continued)

Carrix,

Inc.,

First

Lien,

Initial

CME

Term\n

Loan,

5.81%,

(3-month

SOFR

2%),

7/27/33

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

United

States

1,500,000

1,500,945

1,929,516

Water\n

Utilities\n

0.2%

c,e

Deep

Blue

Operating\n

LLC,

First

Lien,

Initial

CME

Term\n

Loan,

5.902%,

(3-month\n

SOFR

2.25%),

10/01/32

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

United

States

495,973

498,453

Wireless\n

Telecommunication\n

Services\n

1.3%

Connect

Finco

SARL,

First

Lien,

Amendment\n

No.

CME

Term\n

Loan,

8.186%,

(1-month

SOFR

4.5%),

9/13/29

..........

United

Kingdom

1,844,498

1,859,374

Crown

Subsea

Communications\n

Holding,\n

Inc.,

First

Lien,

2026

CME

Term\n

Loan,

6.686%,

(1-month\n

SOFR

3%),

1/30/31

...

United

States

1,485,000

1,494,979

3,354,353

Total\n

Senior\n

Floating\n

Rate\n

Interests

(Cost\n

$237,536,864)

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

232,625,834

Total\n

Long\n

Term\n

Investments\n

(Cost\n

$252,984,177)

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

248,330,745

Short\n

Term\n

Investments\n

6.2%

Country

Value

Management\n

Investment\n

Companies\n

6.2%

h,i

Putnam

Short

Term\n

Investment\n

Fund,

Class

P,\n

3.863%

.......

United

States

16,826,374

Total\n

Management\n

Investment\n

Companies\n

(Cost\n

$16,826,374)

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

16,826,374

Total\n

Short\n

Term\n

Investments\n

(Cost

$16,826,374

)

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

16,826,374

Total\n

Investments\n

(Cost\n

$269,810,551)\n

98.4%

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

$265,157,119

Other\n

Assets,\n

less\n

Liabilities\n

1.6%

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

4,077,590

Net\n

Assets\n

100.0%

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

$269,234,709

The\n

principal\n

amount\n

is\n

stated\n

in\n

U.S.\n

dollars\n

unless\n

otherwise\n

indicated.

Security\n

was\n

purchased\n

pursuant\n

to\n

Rule\n

144A\n

or\n

Regulation\n

S\n

under\n

the\n

Securities\n

Act\n

of\n

1933.\n

144A\n

securities\n

may\n

be\n

sold\n

in\n

transactions\n

exempt\n

from\n

registration\n

only\n

qualified\n

institutional\n

buyers\n

or\n

in\n

a\n

public\n

offering\n

registered\n

under\n

the\n

Securities\n

Act\n

of\n

1933.\n

Regulation\n

S\n

securities\n

cannot\n

be\n

sold\n

in\n

the\n

United\n

States\n

without\n

either\n

an\n

effective\n

registration\n

statement\n

filed\n

pursuant\n

to\n

the\n

Securities\n

Act\n

of\n

1933,\n

or\n

pursuant\n

to\n

an\n

exemption\n

from\n

registration.\n

At\n

August\n

31,\n

2026,\n

the\n

aggregate\n

value\n

of\n

these\n

securities\n

was\n

$15,704,911,\n

representing\n

5.8%\n

of\n

net\n

assets.

b\n

See\n

Note\n

1(d)\n

regarding\n

senior\n

floating\n

rate\n

interests.

c\n

The\n

coupon\n

rate\n

shown\n

represents\n

the\n

rate\n

inclusive\n

of\n

any\n

caps\n

or\n

floors,\n

if\n

applicable,\n

in\n

effect\n

at\n

period\n

end.

d\n

A\n

portion\n

or\n

all\n

of\n

the\n

security\n

purchased\n

on\n

a\n

delayed\n

delivery\n

basis.\n

See\n

Note\n

1(b).

e\n

Fair\n

valued\n

using\n

significant\n

unobservable\n

inputs.\n

See\n

Note\n

11\n

regarding\n

fair\n

value\n

measurements.

f\n

Income\n

may\n

be\n

received\n

in\n

additional\n

securities\n

and/or\n

cash.

Non-income\n

producing.

h\n

See\n

Note\n

3(g)\n

regarding\n

investments\n

in\n

affiliated\n

management\n

investment\n

companies.

i\n

The\n

rate\n

shown\n

is\n

the\n

annualized\n

seven-day\n

effective\n

yield\n

at\n

period\n

end.

Putnam\n

Funds\n

Trust

Schedule\n

of\n

Investments\n

(unaudited)

Putnam\n

Floating\n

Rate\n

Income\n

Fund\n

(continued)

franklintempleton.com

Semiannual\n

Report

The\n

accompanying\n

notes\n

are\n

an\n

integral\n

part\n

of\n

these\n

financial\n

statements.

August

31,

2026,

the

Fund

had

the

following credit\n

default

swap

contracts outstanding.\n

See

Note

(

Credit\n

Default\n

Swap\n

Contracts

Description

Periodic

Payment\n

Rate

Received

(Paid)

Payment

Frequency

Maturity

Date

Notional

Amount

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

Rating

Centrally\n

Cleared\n

Swap\n

Contracts

Contracts\n

to\n

Sell\n

Protection

c,d

Traded\n

Index

CDX.NA.HY.46

5.00%

Quarterly

6/20/31

14,375,000

1,254,553

795,856

458,697

Non-

Investment\n

Grade

Total\n

Credit\n

Default\n

Swap\n

Contracts

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

$1,254,553

795,856

$458,697

In\n

U.S.\n

dollars\n

unless\n

otherwise\n

indicated.\n

For\n

contracts\n

to\n

sell\n

protection,\n

the\n

notional\n

amount\n

is\n

equal\n

to\n

the\n

maximum\n

potential\n

amount\n

of\n

the\n

future\n

payments\n

and\n

no\n

recourse\n

provisions\n

have\n

been\n

entered\n

into\n

in\n

association\n

with\n

the\n

contracts.\n

Based\n

on\n

Standard\n

and\n

Poor's\n

(S&P)\n

Rating\n

for\n

single\n

name\n

swaps\n

and\n

internal\n

ratings\n

for\n

index\n

swaps.\n

Internal\n

ratings\n

based\n

on\n

mapping\n

into\n

equivalent\n

ratings\n

from\n

external\n

vendors.

Performance\n

triggers\n

for\n

settlement\n

of\n

contract\n

include\n

default,\n

bankruptcy\n

or\n

restructuring\n

for\n

single\n

name\n

swaps,\n

and\n

failure\n

to\n

pay\n

or\n

bankruptcy\n

of\n

the\n

underlying\n

securities\n

for\n

traded\n

index\n

swaps.\n

The\n

fund\n

enters\n

contracts\n

to\n

sell\n

protection\n

to\n

create\n

a\n

long\n

credit\n

position.\n

See

Note

regarding\n

other\n

derivative\n

information.

See

bbreviations\n

on\n

page\n

Putnam\n

Funds\n

Trust

Financial\n

Statements

Statement

Assets

and

Liabilities

August

31,

2026

(unaudited)

franklintempleton.com

The\n

accompanying\n

notes\n

are\n

an\n

integral\n

part\n

of\n

these\n

financial\n

statements.

Semiannual\n

Report

Putnam\n

Floating\n

Rate\n

Income\n

Fund

Assets:

Investments

securities:

Cost

Unaffiliated\n

issuers

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

$252,984,177

Cost

Non-controlled\n

affiliates\n

(Note

)

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

16,826,374

Value\n

Unaffiliated\n

issuers

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

$248,330,745

Value\n

Non-controlled\n

affiliates\n

(Note

)

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

16,826,374

Cash

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

772,858

Receivables:

Investment

securities\n

sold

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

4,247,666

Capital

sold

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

104,597

Dividends

and

interest

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

980,494

Deposits

with

brokers

for:

Centrally

cleared

swap

contracts

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

1,407,410

Variation\n

margin

centrally

cleared

swap

contracts

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

3,700

Unrealized

appreciation\n

unfunded\n

loan

commitments\n

(Note

)

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

189

Prepaid

expenses

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

109,542

Total\n

assets

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

272,783,575

Liabilities:

Payables:

Investment

securities\n

purchased

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

2,276,401

Capital

redeemed

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

766,385

Management

fees

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

121,649

Administrative\n

fees

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

2,140

Distribution\n

fees

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

48,688

Transfer\n

agent

fees

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

86,973

Trustees'

fees

and

expenses

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

78,635

Distributions\n

shareholders

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

88,820

Accrued

expenses

and

other

liabilities

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

79,175

Total\n

liabilities

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

3,548,866

Net

assets,

value

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

$269,234,709

Net

assets

consist

of:

Paid-in

capital

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

$366,875,236

Total\n

distributable\n

earnings\n

(losses)

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

(97,640,527)

Net

assets,

value

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

$269,234,709

Putnam\n

Funds\n

Trust

Financial\n

Statements

Statement

Assets

and

Liabilities\n

(continued)

August

31,

2026

(unaudited)

franklintempleton.com

Semiannual\n

Report

The\n

accompanying\n

notes\n

are\n

an\n

integral\n

part\n

of\n

these\n

financial\n

statements.

Putnam\n

Floating\n

Rate\n

Income\n

Fund

Class\n

Net

assets,

value

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

$175,050,323

outstanding

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

22,795,281

Net

asset

value

per

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

$7.68

Maximum

offering\n

price

per

(net

asset

value

per

.75

)

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

$7.86

Class\n

Net

assets,

value

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

$13,471,800

outstanding

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

1,755,966

Net

asset

value

and

maximum

offering\n

price

per

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

$7.67

Class\n

Net

assets,

value

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

$330,781

outstanding

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

43,077

Net

asset

value

and

maximum

offering\n

price

per

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

$7.68

Class\n

R6:

Net

assets,

value

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

$4,373,191

outstanding

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

569,020

Net

asset

value

and

maximum

offering\n

price

per

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

$7.69

Class\n

Net

assets,

value

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

$76,008,614

outstanding

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

9,888,142

Net

asset

value

and

maximum

offering\n

price

per

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

$7.69

Redemption\n

price\n

is\n

equal\n

to\n

net\n

asset\n

value\n

less\n

contingent\n

deferred\n

sales\n

charges,\n

if\n

applicable.

Net\n

asset\n

value\n

per\n

share\n

may\n

not\n

recalculate\n

due\n

to\n

rounding.

Putnam\n

Funds\n

Trust

Financial\n

Statements

Statement

Operations

for

the

six

months

ended

August

31,

2026

(unaudited)

franklintempleton.com

The\n

accompanying\n

notes\n

are\n

an\n

integral\n

part\n

of\n

these\n

financial\n

statements.

Semiannual\n

Report

Putnam\n

Floating\n

Rate\n

Income\n

Fund

Investment

income:

Dividends:

Non-controlled\n

affiliates\n

(Note

)

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

$178,055

Interest:

Unaffiliated\n

issuers

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

10,262,163

Total\n

investment\n

income

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

10,440,218

Expenses:

Management

fees

(Note

)

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

749,484

Administrative\n

fees

(Note

)

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

2,599

Distribution\n

fees:

(Note

)

Class\n

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

225,701

Class\n

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

70,623

Class\n

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

811

Transfer\n

agent

fees:

(Note

)

Class\n

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

107,374

Class\n

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

8,400

Class\n

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

193

Class\n

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

991

Class\n

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

48,099

Custodian

fees

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

8,807

Reports

shareholders\n

fees

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

32,665

Registration\n

and

filing\n

fees

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

36,581

Professional\n

fees

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

65,567

Trustees'\n

fees

and

expenses

(Note

)

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

7,238

Other

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

9,662

Total\n

expenses

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

1,374,795

Expense

reductions\n

(Note

)

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

(6,378)

Net

expenses

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

1,368,417

Net

investment\n

income

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

9,071,801

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated\n

issuers

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

(5,668,604)

Foreign

currency

transactions

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

7,427

Swap

contracts

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

(97,078)

Net

realized

gain

(loss)

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

(5,758,255)

Net

change

unrealized\n

appreciation\n

(depreciation)\n

on:

Investments:

Unaffiliated\n

issuers

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

6,226,822

Translation\n

other

assets

and

liabilities\n

denominated\n

foreign

currencies

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

(1,472)

Unfunded

loan

commitments\n

(Note

)

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

189

Swap

contracts

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

505,644

Net

change

unrealized\n

appreciation\n

(depreciation)

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

6,731,183

Net

realized

and

unrealized\n

gain

(loss)

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

972,928

Net

increase\n

(decrease)\n

net

assets

resulting\n

from

operations

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

$10,044,729

Putnam\n

Funds\n

Trust

Financial\n

Statements

Changes

Net

Assets

franklintempleton.com

Semiannual\n

Report

The\n

accompanying\n

notes\n

are\n

an\n

integral\n

part\n

of\n

these\n

financial\n

statements.

Putnam\n

Floating\n

Rate\n

Income\n

Fund

Six\n

Months\n

Ended

August\n

31,\n

2026

(unaudited)

Year\n

Ended

February\n

28,\n

2026

Increase

(decrease)\n

net

assets:

Operations:

Net

investment\n

income

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

$9,071,801

$22,487,592

Net

realized

gain

(loss)

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

(5,758,255)

(4,474,054)

Net

change

unrealized\n

appreciation\n

(depreciation)

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

6,731,183

(8,371,867)

Net

increase

(decrease)\n

net

assets

resulting\n

from

operations

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

10,044,729

9,641,671

Distributions\n

shareholders:

Class

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

(5,870,026)

(14,235,099)

Class

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

(406,782)

(963,215)

Class

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

(10,137)

(22,141)

Class

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

(133,201)

(239,751)

Class

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

(2,728,513)

(7,093,229)

Total\n

distributions\n

shareholders

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

(9,148,659)

(22,553,435)

Capital

transactions:\n

(Note

)

Class

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

(13,112,128)

(42,375,293)

Class

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

(1,344,417)

(2,243,599)

Class

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

9,027

(155,107)

Class

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

811,877

240,208

Class

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

(11,019,436)

(31,039,269)

Total\n

capital

transactions

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

(24,655,077)

(75,573,060)

Net

increase

(decrease)\n

net

assets

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

(23,759,007)

(88,484,824)

Net

assets:

Beginning

period

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

292,993,716

381,478,540

End

period

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

$269,234,709

$292,993,716

Putnam\n

Funds\n

Trust

franklintempleton.com

Semiannual\n

Report

Notes\n

to\n

Financial\n

Statements\n

(unaudited)

Putnam\n

Floating\n

Rate\n

Income\n

Fund

1.\n

Organization\n

and\n

Significant\n

Accounting\n

Policies

Putnam

Funds

Trust (Trust)\n

registered

under

the

Investment

Company

Act

1940

(1940

Act)

open-end

management

investment

company,\n

consisting

of fourteen\n

separate

funds.

The

Trust\n

follows

the

accounting

and

reporting

guidance

Financial

Accounting

Standards

Board

(FASB)\n

Accounting

Standards

Codification\n

Topic\n

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and applies\n

the

specialized\n

accounting

and

reporting

guidance

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

Putnam

Floating

Rate

Income

Fund

(Fund) is\n

included

this

report.

The

Fund

offers five\n

classes

Class

and

Class

Y. Class\n

automatically

convert

Class

A\n

monthly

basis,

after

they

have

been

held

for

years.

Each

class

may

differ\n

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

matters

affecting\n

single

class,

its

exchange

privilege

and

fees

due

differing\n

arrangements\n

for

distribution\n

and

transfer

agent

fees.

The

following

summarizes

the

Fund

significant\n

accounting

policies.

a.\n

Financial\n

Instrument\n

Valuation

The

Fund's

investments

financial\n

instruments\n

are

carried

fair

value

daily.\n

Fair

value

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants\n

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)\n

per

each business\n

day as\n

p.m.

Eastern

time

the

regularly

scheduled

the

New

York\n

Stock

Exchange

(NYSE),

whichever

earlier.\n

Under

compliance

policies

and

procedures

approved

the Trust's\n

Board

Trustees\n

(the

Board),

the

Board

has

designated

the

Fund’s\n

investment

manager

the

valuation

designee

and

has

responsibility

for

oversight

valuation.

The

investment

manager

assisted

the

Fund’s\n

administrator\n

performing

this

responsibility,\n

including

leading

the

cross-

functional

Valuation\n

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities\n

and

financial\n

instrument

dealers,

and

other

market

sources

determine

fair

value.

Debt

securities

generally

trade

the over-the-counter\n

(OTC)

market

rather

than

securities\n

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques\n

determine

fair

value.

instances

where

sufficient\n

market

activity

exists,

the

pricing

services

may

utilize

market-based\n

approach

through

which

quotes

from

market

makers

are

used

determine\n

fair

value.

instances\n

where

sufficient\n

market

activity

may

not

exist

limited,

the

pricing

services

also

utilize

proprietary\n

valuation\n

models

which

may

consider\n

market

characteristics\n

such

benchmark

yield

curves,

credit

spreads,\n

estimated\n

default

rates,

anticipated\n

market

interest\n

rate

volatility,\n

coupon

rates,

anticipated\n

timing

principal\n

repayments,\n

underlying\n

collateral,\n

and

other

unique

security\n

features\n

order

estimate

the

relevant\n

cash

flows,\n

which

are

then

discounted\n

calculate\n

the

fair

value.

Investments\n

in open-end mutual\n

funds

are

valued

the

closing

NAV.\n

Certain

derivative\n

financial\n

instruments\n

are

centrally\n

cleared

trade

the

OTC

market.

The

Fund's\n

pricing

services

use

various

techniques\n

including\n

industry\n

standard\n

option

pricing

models

and

proprietary\n

discounted\n

cash

flow\n

models

determine\n

the

fair

value

those

instruments.\n

The

Fund's\n

net

benefit\n

obligation\n

under

the

derivative\n

contract,\n

measured

the

fair

value

the

contract,\n

included\n

net

assets.

The

Fund

has

procedures\n

determine\n

the

fair

value

financial\n

instruments\n

for

which

market

prices

are

not

reliable

readily

available.\n

Under

these

procedures,\n

the Fund\n

primarily\n

employs

market-based\n

approach\n

which

may

use

comparable\n

assets

liabilities,\n

recent

transactions,\n

market

multiples,\n

and

other

relevant\n

information\n

for

the

investment\n

determine\n

the

fair

value

the

investment.\n

income-based\n

valuation\n

approach\n

may

also

used

which

the

anticipated\n

future

cash

flows\n

the

investment

are

discounted\n

calculate\n

fair

value.

Discounts\n

may

also

applied

due

the

nature

duration\n

any

restrictions\n

the

disposition\n

the

investments.\n

Due

the

inherent

uncertainty\n

valuations\n

such

investments,\n

the

fair

values

may

differ\n

significantly\n

from

the

values

that

would

have

been

used

had

active

market

existed.

b.\n

Securities\n

Purchased\n

on\n

a\n

When-Issued,\n

Forward\n

Commitment or\n

Delayed\n

Delivery\n

Basis

The

Fund

may

purchase\n

securities\n

a when-issued,\n

forward

commitment\n

delayed\n

delivery basis,\n

with

payment\n

and

delivery\n

scheduled\n

for

future

date.

These

transactions\n

are

subject\n

market

fluctuations\n

and

are

subject

the

risk

that

the

value

delivery\n

may

less

than

the

trade

date

purchase\n

price.

Although\n

the

Fund

will

generally\n

Putnam\n

Funds\n

Trust

Notes\n

to\n

Financial\n

Statements\n

(unaudited)

franklintempleton.com

Semiannual\n

Report

Putnam\n

Floating\n

Rate\n

Income\n

Fund

(continued)

purchase

these

securities

with

the

intention

holding

the

securities, it\n

may

sell

the

securities

before

the

settlement

date.

c.\n

Derivative\n

Financial\n

Instruments

The

Fund invested\n

derivative

financial\n

instruments

order

manage

risk

gain

exposure

various

other

investments

markets.

Derivatives\n

are

financial\n

contracts

based

underlying

notional

amount,

require

initial

investment

initial

net

investment

that

smaller

than

would

normally

required

have

similar

response

changes

market

factors,

and

require

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

the

counterparty\n

fulfill\n

their

obligations

under

the

terms

the

contract,

the

potential

for

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

gains

losses

excess

the

amounts

shown

the

Statement

Assets

and

Liabilities.\n

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation\n

these

contracts

for

the

period

are

included

the

Statement

Operations.

Collateral

requirements\n

differ\n

type

derivative.\n

Collateral

initial

margin

requirements\n

are

set

the

broker

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.\n

Initial

margin

deposited

held

the

exchange

the

broker

and

can

the

form

cash

and/or

securities.

The

Fund

entered

into

credit

default

swap

contracts

primarily

manage

and/or

gain

exposure

credit

risk.

A\n

credit

default

swap

agreement

between

the

Fund

and

counterparty

whereby

the

buyer

the

contract

receives

credit

protection

and

the

seller

the

contract

guarantees

the

credit

worthiness

referenced

debt

obligation.

These

agreements

may

privately

negotiated

the

over-the-

counter

market

(OTC

credit

default

swaps)

may

executed

multilateral\n

trade

facility

platform,

such

registered

exchange

(centrally

cleared

credit

default

swaps).

The

underlying\n

referenced\n

debt

obligation\n

may

single

issuer

corporate

sovereign

debt,

credit

index,

basket

issuers

indices,

tranche

credit

index

basket

issuers

indices.

the

event

default

the

underlying\n

referenced

debt

obligation,\n

the

buyer

entitled

receive

the

notional

amount

the

credit

default

swap

contract

from

the

seller

exchange

for

the

referenced

debt

obligation,\n

net

settlement\n

amount

equal

the

notional

amount

the

credit

default

swap

less

the

recovery

value

the

referenced\n

debt

obligation,\n

other

agreed

upon

amount.

For

centrally\n

cleared

credit

default

swaps,

required\n

initial

margins

are

pledged

the

Fund,

and

the

daily

change

fair

value

accounted\n

for

variation\n

margin

payable

receivable\n

the

Statement\n

Assets

and

Liabilities.\n

Over

the

term

the

contract,\n

the

buyer

pays

the

seller

periodic\n

stream

payments,\n

provided\n

that

event

default

has

occurred.\n

Such

periodic\n

payments\n

are

accrued

daily

unrealized\n

appreciation or\n

depreciation\n

until

the

payments

are

made,

which

time

they

are

realized.\n

Upfront

payments

and

receipts\n

are

reflected\n

the Statement\n

Assets

and

Liabilities\n

and

represent\n

compensating\n

factors

between

stated

terms

the

credit

default

swap

agreement\n

and

prevailing\n

market

conditions\n

(credit

spreads

and

other

relevant

factors).\n

These

upfront

payments\n

and

receipts\n

are

amortized

over

the

term

the

contract\n

realized\n

gain

loss

the Statement\n

Operations.\n

Credit

default

swap

contracts

outstanding\n

period

end,

any,\n

are

listed

the

Fund's

Schedule\n

Investments.

See

Note

regarding\n

other

derivative\n

information.

d.\n

Senior\n

Floating\n

Rate\n

Interests

The

Fund

invests

senior

secured

corporate\n

loans

that

pay

interest

rates

which

are

periodically\n

reset

reference\n

base

lending

rate

plus

spread.

These

base

lending

rates

are

generally\n

the

prime

rate

offered\n

designated\n

U.S.

bank

the

Secured

Overnight\n

Financing\n

Rate

(SOFR).

Senior

secured

corporate\n

loans

often

require

prepayment\n

principal

from

excess

cash

flows\n

the

discretion\n

the

borrower.\n

result,

actual

maturity\n

may

substantially\n

less

than

the

stated

maturity.\n

Senior

secured

corporate\n

loans

which

the Fund\n

invests

are

generally\n

readily

marketable,\n

but

may

subject

certain

restrictions\n

resale.

e.\n

Income\n

Taxes\n

is the Fund's\n

policy

qualify\n

regulated\n

investment\n

company

under

the

Internal

Revenue\n

Code. The Fund\n

intends

distribute\n

shareholders\n

substantially\n

all

its

taxable

income

and

net

realized\n

gains

relieve\n

from

federal

income

and

excise

taxes.

result,\n

provision\n

for

U.S.

federal\n

income

taxes

required.

1.\n

Organization\n

and\n

Significant\n

Accounting\n

Policies

(continued)

b.\n

Securities\n

Purchased\n

on\n

a\n

When-Issued,\n

Forward\n

Commitment or\n

Delayed\n

Delivery\n

Basis\n

(continued)

Putnam\n

Funds\n

Trust

Notes\n

to\n

Financial\n

Statements\n

(unaudited)

franklintempleton.com

Semiannual\n

Report

Putnam\n

Floating\n

Rate\n

Income\n

Fund

(continued)

The Fund

may

recognize

income

tax

liability

its

uncertain

tax

positions

under

U.S.

GAAP\n

when

the

uncertain

tax

position

has

less

than

50%

probability\n

that

will

sustained

upon

examination\n

the

tax

authorities\n

based

its

technical

merits.

August

31,

2026, the Fund\n

has

determined

that

tax

liability

required

its

financial\n

statements

uncertain

tax

positions

for

any

open

tax

years

(or

expected

taken

future

tax

years).

The

Fund's federal\n

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal\n

years

are

subject

examination

the

Internal

Revenue

Service

and

state

departments

revenue.

f.\n

Security\n

Transactions,\n

Investment\n

Income,\n

Expenses\n

and\n

Distributions

Security

transactions\n

are

accounted

for

trade

date.

Realized

gains

and

losses

security

transactions\n

are

determined

specific\n

identification\n

basis.

Interest

income

(including

interest

income

from

payment-in-kind\n

securities,\n

any)

and

estimated

expenses

are

accrued

daily.\n

Amortization\n

premium

and

accretion

discount

debt

securities

are

included

interest

income.

Paydown

gains

and

losses

are

recorded

adjustment

interest

income. The\n

Fund

may

receive

other

income

from

investments\n

senior

secured

corporate

loans

unfunded

commitments,\n

including

amendment

fees,

consent

fees

commitment

fees.

These

fees

are

recorded

income

when

received

the

Fund.

Dividends from\n

net

investment

income

are

normally

declared

daily;

these

dividends

may

reinvested

paid

monthly

shareholders.

Distributions\n

from realized\n

capital

gains

and

other

distributions,\n

any,\n

are

recorded

the

ex-dividend\n

date.

Distributable\n

earnings

are

determined

according

income

tax

regulations\n

(tax

basis)

and

may

differ\n

from

earnings

recorded

accordance

with

U.S.

GAAP.\n

These

differences\n

may

permanent

temporary.\n

Permanent

differences\n

are

reclassified\n

among

capital

accounts

reflect\n

their

tax

character.\n

These

reclassifications\n

have

impact

net

assets

the

results

operations.\n

Temporary\n

differences\n

are

not

reclassified,\n

they

may

reverse

subsequent

periods.

Common

expenses

incurred

the

Trust\n

are

allocated

among

the

Funds

based

the

ratio

net

assets

each

Fund

the

combined

net

assets

the

Trust\n

based

the

ratio

number

shareholders\n

each

Fund

the

combined

number

shareholders\n

the

Trust.\n

Fund

specific\n

expenses

are

charged

directly

the

Fund

that

incurred

the

expense.

Realized

and

unrealized\n

gains

and

losses

and

net

investment

income,

excluding\n

class

specific\n

expenses,\n

are

allocated\n

daily

each

class

based

upon

the

relative

proportion\n

net

assets

each

class.

Differences\n

per

distributions\n

class

are

generally\n

due

differences\n

class

specific\n

expenses.

g.\n

Accounting\n

Estimates

The

preparation\n

financial\n

statements\n

accordance\n

with

U.S.

GAAP\n

requires\n

management\n

make

estimates\n

and

assumptions\n

that

affect\n

the

reported\n

amounts

assets

and

liabilities\n

the

date

the

financial\n

statements\n

and

the

amounts

income

and

expenses\n

during

the

reporting\n

period.

Actual

results

could

differ\n

from

those

estimates.

h.\n

Guarantees\n

and\n

Indemnifications

Under

the Trust's\n

organizational\n

documents,\n

its

officers\n

and trustees\n

are

indemnified\n

the Trust against\n

certain

liabilities\n

arising

out

the

performance\n

their

duties

the

Trust.\n

Additionally,\n

the

normal

course

business,\n

the Trust,\n

behalf

the

Fund, enters\n

into

contracts\n

with

service

providers\n

that

contain

general

indemnification\n

clauses.

The Trust's\n

maximum

exposure\n

under

these

arrangements\n

unknown

this

would

involve

future

claims

that

may

made

against

the Trust\n

that

have

not

yet

occurred.

Currently,\n

the Trust\n

expects

the

risk

loss

remote.

1.\n

Organization\n

and\n

Significant\n

Accounting\n

Policies

(continued)

e.\n

Income\n

Taxes\n

(continued)

Putnam\n

Funds\n

Trust

Notes\n

to\n

Financial\n

Statements\n

(unaudited)

franklintempleton.com

Semiannual\n

Report

Putnam\n

Floating\n

Rate\n

Income\n

Fund

(continued)

2.\n

Shares\n

of\n

Beneficial\n

Interest

August

31,

2026,

there

were

unlimited

number

authorized

(without

par

value).

Transactions\n

the

Fund's

were

follows:

Six\n

Months\n

Ended

August\n

31,\n

2026

Year\n

Ended

February\n

28,\n

2026

Amount

Class\n

A\n

7109816

–

sold

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

1,171,342

$8,976,860

4,001,443

$31,462,295

issued

reinvestment\n

distributions

..........

691,720

5,294,742

1,665,235

13,078,938

redeemed

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

(3,572,661)

(27,383,730)

(11,066,895)

(86,916,526)

Net

increase

(decrease)

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

(1,709,599)

$(13,112,128)

(5,400,217)

$(42,375,293)

Class\n

C\n

460712

–

sold

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

40,661

$311,459

333,699

$2,626,001

issued

reinvestment\n

distributions

..........

49,239

376,487

113,272

888,633

redeemed

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

(265,569)

(2,032,363)

(732,014)

(5,758,233)

Net

increase

(decrease)

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

(175,669)

$(1,344,417)

(285,043)

$(2,243,599)

Class\n

R\n

18659

–

sold

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

2,831

$21,654

5,387

$42,150

issued

reinvestment\n

distributions

..........

1,317

10,080

2,799

21,983

redeemed

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

(2,960)

(22,707)

(28,033)

(219,240)

Net

increase

(decrease)

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

1,188

$9,027

(19,847)

$(155,107)

Class\n

R6\n

(136317)

–

sold

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

161,657

$1,240,016

84,249

$662,736

issued

reinvestment\n

distributions

..........

15,873

121,629

28,680

225,368

redeemed

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

(71,666)

(549,768)

(82,476)

(647,896)

Net

increase

(decrease)

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

105,864

$811,877

30,453

$240,208

Class\n

Y\n

5395084

–

sold

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

620,458

$4,761,151

2,313,269

$18,203,979

issued

reinvestment\n

distributions

..........

348,167

2,668,490

855,612

6,725,836

redeemed

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

(2,404,440)

(18,449,077)

(7,128,151)

(55,969,084)

Net

increase

(decrease)

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

(1,435,815)

$(11,019,436)

(3,959,270)

$(31,039,269)

May

include\n

a\n

portion\n

of\n

Class\n

C\n

shares\n

that\n

were\n

automatically\n

converted\n

to\n

Class\n

Putnam\n

Funds\n

Trust

Notes\n

to\n

Financial\n

Statements\n

(unaudited)

franklintempleton.com

Semiannual\n

Report

Putnam\n

Floating\n

Rate\n

Income\n

Fund

(continued)

3.\n

Transactions\n

with\n

Affiliates

Effective\n

August

17,

2026,

Franklin

Resources,

Inc.

was

renamed

Franklin

Templeton,\n

Inc.

Franklin

Templeton,\n

Inc.

the

holding

company

for

various

subsidiaries.\n

Certain

officers\n

and

trustees

the Trust are\n

also

officers\n

and/or

directors

the

following

subsidiaries:\n

a.\n

Management\n

Fees

The

Fund

pays Advisers\n

management\n

fee

(based

the

Fund’s\n

average

net

assets

and

computed\n

and

paid

monthly)\n

annual

rates

that

may

vary

based

the

average

the

aggregate\n

net

assets

all

open-end\n

mutual

funds

sponsored\n

Putnam

Management\n

(including

open-end\n

funds

managed

affiliates\n

Putnam

Management\n

that

have

been

deemed

sponsored\n

Putnam

Management\n

for

this

purpose)\n

(excluding\n

net

assets

such

funds

that

are

invested\n

in,

that

are

invested

by,\n

other

such

funds

the

extent

necessary\n

avoid

“double\n

counting”\n

those

assets).\n

Such

annual

rates

may

vary

follows:

For

the

period

ended

August

31,

2026,

the

annualized\n

gross

effective\n

investment\n

management\n

fee

rate

was 0.535%\n

the

Fund’s\n

average daily\n

net

assets.

Advisers

retained

Putnam

Management\n

subadvisor\n

for

the

Fund.

Pursuant\n

the

agreement,\n

Putnam

Management\n

provides

certain

advisory\n

and

services\n

the

Fund.

Advisers

pays

monthly

fee

Putnam

Management\n

based

the

costs

Putnam

Management\n

providing\n

these

services\n

the

Fund,

which

may

include

mark-up

not

exceed

15%

over

such

costs.

Under

subadvisory\n

agreement,\n

FTIML\n

provides\n

subadvisory\n

services\n

the

Fund.

The

subadvisory\n

fee

paid by Advisers\n

based

the

average

net

assets

managed\n

FTIML,

and

not

additional\n

expense\n

the

Fund.

b.\n

Administrative\n

Fees

Under

agreement\n

with

Advisers,\n

FT\n

Services\n

provides\n

administrative\n

services\n

the

Fund.

The

fee

paid

by Advisers\n

based

the Fund's\n

average\n

daily

net

assets,\n

and

not

additional\n

expense\n

the

Fund.

Subsidiary

Affiliation

Franklin

Advisers,\n

Inc.

(Advisers)

Investment

manager

Putnam

Investment\n

Management,\n

LLC

(Putnam

Management)

Subadvisor

Franklin

Templeton\n

Investment\n

Management\n

Limited

(FTIML)

Subadvisor

Franklin

Templeton\n

Services,\n

LLC

(FT\n

Services)

Administrative\n

manager

Franklin

Distributors,\n

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,\n

Inc.

(PSERV)\n

Transfer\n

agent

Annualized\n

Fee\n

Rate

Net\n

Assets

0.720%

the

first\n

billion,

0.670%

the

billion,

0.620%

the

$10

billion,

0.570%

the

$10

billion,

0.520%

the

$50

billion,

0.500%

the

$50

billion,

0.490%

the

$100

billion

and

0.485%

any

excess

thereafter.

Putnam\n

Funds\n

Trust

Notes\n

to\n

Financial\n

Statements\n

(unaudited)

franklintempleton.com

Semiannual\n

Report

Putnam\n

Floating\n

Rate\n

Income\n

Fund

(continued)

The

Fund

reimburses

Advisers

allocated

amount

for

the

compensation\n

and

expenses

certain

officers\n

the

Fund

and

their

staff\n

who

provide

administrative\n

services

the

Fund.

The

aggregate

amount

all

such

reimbursements\n

determined

annually

the

Trustees.\n

c.\n

Distribution\n

Fees

The Fund has\n

adopted

distribution\n

plans

(the

Plans)

with

respect

the

following

classes

pursuant

Rule

12b–1\n

under

the

1940

Act.

The

purpose

the

Plans

compensate

Distributors\n

for

services

provided

and

expenses

incurred

distributing\n

the

Fund.

The

Plans

provide

payments

the Fund\n

Distributors\n

annual

rate

the

following

amounts

(Maximum

the

average

net

assets

attributable\n

each

class.

The

Trustees\n

have

approved

payment

the Fund

the

following

annual

rate

(Approved

the

average

net

assets

attributable\n

each

class.

d.\n

Sales\n

Charges/Underwriting\n

Agreements

Front-end

sales

charges

and

contingent\n

deferred\n

sales

charges

(CDSC)

not

represent\n

expenses\n

of the\n

Fund.

These

charges

are

deducted\n

from

the

proceeds\n

sales

fund

prior

investment\n

from

redemption\n

proceeds\n

prior

remittance,

applicable.\n

Distributors\n

has

advised

the Fund\n

the

following\n

commission\n

transactions\n

the

sales

and

redemptions

the Fund's shares\n

for

the

period:

e.\n

Transfer\n

Agent\n

Fees

PSERV,\n

affiliate\n

Advisers,\n

provides\n

investor\n

servicing\n

agent

functions\n

the

Fund.

PSERV\n

received

fees

for

investor\n

servicing

for

Class

and

Class

Y shares\n

that

included\n

(1)

per

account

fee

for

each

direct

and

underlying\n

non-defined\n

contribution\n

account

(retail

account)\n

the

Fund;

(2)

specified\n

rate

the

Fund’s\n

assets

attributable\n

defined\n

contribution

plan

accounts;\n

and

(3)

specified\n

rate

based

the

average

net

assets

retail

accounts.\n

PSERV\n

has

agreed

that

the

aggregate\n

investor\n

servicing\n

fees

for

each

Fund’s\n

retail

and

defined\n

contribution\n

accounts\n

for

these

classes

will

not

exceed

annual

rate

0.25%

the

Fund’s\n

average

assets

attributable\n

such

accounts.

Class R6

paid

monthly

fee

based

the

average

net

assets

Class R6\n

annual

rate

0.05%.

f.\n

Trustee\n

Fees

The

Fund

has

adopted

Trustee\n

Fee

Deferral\n

Plan

(the

Deferral

Plan)

which

allows

the

Trustees to\n

defer

the

receipt

all

portion

Trustees'\n

fees

payable\n

from

July

1995

through\n

December\n

31,

2023.

The

deferred\n

fees

remain

invested\n

certain\n

Putnam

funds

until

distribution\n

accordance\n

with

the

Deferral\n

Plan.

The

Fund

has

adopted\n

unfunded\n

noncontributory\n

defined\n

benefit\n

pension

plan

(the

Pension\n

Plan)

covering\n

all

Trustees\n

the

Fund

who

have

served

Trustee\n

for

least

five\n

years

and

were

first\n

elected\n

prior

2004.

Benefits\n

under

the

Pension\n

Plan

are

equal

50%

the

Trustee's\n

average

annual

attendance\n

and

retainer\n

fees

for

the

three

years

ended

December\n

31,

2005.

The

retirement\n

benefit\n

payable

during

Trustee's\n

lifetime,\n

beginning\n

the

year

following\n

retirement,\n

for

the

number

Maximum\n

Approved\n

Class

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

0.35%

0.25%

Class

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

1.00%

Class

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

1.00%

0.50%

Sales

charges

retained\n

net

commissions\n

paid

unaffiliated\n

brokers/dealers

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

$2,888

CDSC

retained

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

$4,473

3.\n

Transactions\n

with\n

Affiliates

(continued)

b.\n

Administrative\n

Fees\n

(continued)

Putnam\n

Funds\n

Trust

Notes\n

to\n

Financial\n

Statements\n

(unaudited)

franklintempleton.com

Semiannual\n

Report

Putnam\n

Floating\n

Rate\n

Income\n

Fund

(continued)

years

service

through

December

31,

2006.

Pension

expense

for

the

Fund

included

the

Trustees' fees\n

and

expenses

the

Statement

Operations.

Accrued

pension

liability

included

Payable

for

Trustees' fees\n

and

expenses

the

Statement

Assets

and

Liabilities.\n

The

Trustees\n

have

terminated

the

Pension

Plan

with

respect

any

Trustee\n

first\n

elected

after

2003.

g.\n

Investments\n

in\n

Affiliated\n

Management\n

Investment\n

Companies

The

Fund

invests

one

affiliated\n

management

investment

companies.

defined\n

the

1940

Act,

investment

deemed

“Controlled\n

Affiliate”\n

fund

when

fund

owns,

either

directly

indirectly,\n

25%

the

affiliated\n

fund’s\n

outstanding

has

the

power

exercise

control

over

management

policies

such

fund.

The

Fund

does

not

invest

for

purposes

exercising

controlling\n

influence\n

over

the

management

policies.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

affiliated\n

management

investment

companies,

noted

the

Statement

Operations,\n

amount

not

exceed

the

management

and

administrative\n

fees,

applicable, paid\n

directly

indirectly

each

affiliate.\n

During

the

period

ended

August

31,

2026,

the

Fund

held

investments

affiliated\n

management

investment

companies

follows:

h.\n

Waiver\n

and\n

Expense\n

Reimbursements

Advisers has\n

contractually\n

agreed,

through

June

30,

2028,

waive

fees

and/or

reimburse\n

the

Fund's\n

expenses\n

the

extent

necessary\n

limit

the

cumulative\n

expenses

the

Fund,

exclusive\n

brokerage,\n

interest,\n

taxes,

investment-related\n

expenses,

extraordinary\n

expenses,\n

acquired\n

fund

fees

and

expenses\n

and

payments\n

under

the Fund's\n

investor\n

servicing\n

contract,

investment\n

management\n

contract\n

and

distribution\n

plans,

fiscal\n

year-to-date\n

basis

annual

rate

0.20%

the Fund's\n

average

net

assets

over

such

fiscal\n

year-to-date\n

period.

Total\n

expenses\n

waived

paid

are

not

subject

recapture\n

subsequent

the Fund's\n

fiscal\n

year

end.

4.\n

Expense\n

Offset\n

Arrangement

The Fund has entered\n

into an\n

arrangement\n

with PSERV\n

whereby

credits

realized\n

result

uninvested\n

cash

balances\n

are

used

reduce

a\n

portion

the

Fund's\n

transfer\n

agent

fees.

During

the

period

ended

August

31,

2026,

the

fees

were

reduced

noted

the

Statement\n

Operations.

Value\n

Beginning

of\n

Period

Purchases

Sales

Realized\n

Gain\n

(Loss)

Net\n

Change\n

Unrealized\n

Appreciation\n

(Depreciation)

Value

at\n

End

of\n

Period

Number\n

of\n

Shares\n

Held\n

at\n

End

of\n

Period

Investment\n

Income

a \n

Putnam\n

Floating\n

Rate\n

Income\n

Fund

Non-Controlled\n

Affiliates

Dividends

Putnam\n

Short\n

Term\n

Investment\n

Fund,\n

Class\n

P,\n

3.863%

......

$12,863,117

$64,059,072

$(60,095,815)

$—

$16,826,374

16,826,374

$178,055

Total\n

Affiliated\n

Securities

...

$12,863,117

$64,059,072

$(60,095,815)

$—

$16,826,374

$178,055

3.\n

Transactions\n

with\n

Affiliates

(continued)

f.\n

Trustee\n

Fees\n

(continued)

Putnam\n

Funds\n

Trust

Notes\n

to\n

Financial\n

Statements\n

(unaudited)

franklintempleton.com

Semiannual\n

Report

Putnam\n

Floating\n

Rate\n

Income\n

Fund

(continued)

5.\n

Income\n

Taxes

For

tax

purposes,

capital

losses

may

carried

over

offset\n

future

capital

gains.

February

28,

2026,

the

capital

loss

carryforwards\n

were

follows:

August

31,

2026,

the

cost

investments\n

and

net

unrealized\n

appreciation\n

(depreciation) for\n

income

tax

purposes\n

were

follows:

Differences\n

between

income

and/or

capital

gains

determined\n

book

basis

and

tax

basis

are

primarily\n

due

differing\n

treatment

derivative\n

financial\n

instruments.

6.\n

Investment\n

Transactions

Purchases

and

sales

investments (excluding\n

short

term

securities) for\n

the

period

ended

August

31,

2026,

aggregated\n

$39,973,900 and\n

$69,490,963,\n

respectively.

7.\n

Credit\n

Risk

August

31,

2026,

the

Fund

had 86.1% of\n

its

portfolio\n

invested\n

high

yield

securities,\n

senior

secured

floating\n

rate

loans,

other

securities rated\n

below

investment\n

grade

and

unrated

securities.\n

These

securities\n

may

sensitive\n

economic\n

conditions

causing

greater

price

volatility\n

and

are

potentially\n

subject

greater

risk

loss

due

default

than

higher

rated

securities.

8.\n

Unfunded\n

Loan\n

Commitments

The

Fund

enters

into

certain

credit

agreements,\n

all

portion

which

may

unfunded.\n

The Fund\n

obligated\n

fund

these

loan

commitments\n

the

borrowers’\n

discretion.\n

Unfunded\n

loan

commitments\n

and

funded

portions\n

credit

agreements\n

are

marked

market

daily

and

any

unrealized\n

appreciation\n

depreciation\n

included\n

the

Statement\n

Assets

and

Liabilities\n

and

the

Statement\n

Operations.\n

Funded

portions\n

credit

agreements\n

are

presented\n

the

Schedule

Investments.

August

31,

2026,

unfunded\n

commitments\n

were

follows:

Capital

loss

carryforwards\n

not

subject

expiration:

Short

term

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

11,686,059

Long

term

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

77,397,825

Total\n

capital

loss

carryforwards

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

$89,083,884

Cost

investments

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

$270,382,979

Unrealized

appreciation

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

$2,110,736

Unrealized

depreciation

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

(6,082,043)

Net

unrealized\n

appreciation\n

(depreciation)

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

$(3,971,307)

Borrower

Unfunded\n

Commitment

Carrix

Inc.

300,000

Putnam\n

Funds\n

Trust

Notes\n

to\n

Financial\n

Statements\n

(unaudited)

franklintempleton.com

Semiannual\n

Report

Putnam\n

Floating\n

Rate\n

Income\n

Fund

(continued)

9.\n

Other\n

Derivative\n

Information

August

31,

2026,

investments

derivative

contracts

are

reflected\n

the Statement of\n

Assets

and

Liabilities

follows:

For

the

period

ended

August

31,

2026,

the

effect\n

derivative\n

contracts\n

the Statement\n

Operations\n

was

follows:

For

the

period

ended

August

31,

2026,

the

average

month

end

notional\n

amount

swap

contracts\n

represented\n

14,375,000.

See

Note

1(c) regarding\n

derivative\n

financial\n

instruments.

10.\n

Credit\n

Facility

The

Fund,

together

with

other

U.S.

registered\n

and

foreign

investment\n

funds

(collectively,\n

Borrowers),\n

managed

Franklin\n

Templeton,\n

are

borrowers\n

joint

syndicated\n

senior

unsecured\n

credit

facility\n

totaling\n

$2.995

billion

(Global

Credit

Facility)\n

which

matures

January

29,

2027.

This

Global

Credit

Facility

provides\n

source

funds

the

Borrowers\n

for

temporary\n

and

emergency

purposes,\n

including\n

the

ability

meet

future

unanticipated\n

unusually\n

large

redemption\n

requests.

Under

the

terms

the

Global

Credit

Facility,\n

the

Fund

may,\n

addition\n

interest\n

charged

any

borrowings\n

made

the

Fund

and

other

costs

incurred\n

the

Fund,

pay

its

fees

and

expenses\n

incurred\n

connection\n

with

the

implementation\n

and

maintenance\n

the

Global

Credit

Facility,\n

based

upon

its

relative\n

the

aggregate\n

net

assets

all

the

Borrowers,\n

including

annual

commitment\n

fee

0.15%

based

upon

the

unused

portion\n

the

Global

Credit

Facility.\n

These

fees

are

reflected\n

other

expenses\n

the

Statement\n

Operations.\n

During

the

period

ended

August

31,

2026,

the Fund\n

did

not

use

the

Global

Credit

Facility.

Asset\n

Derivatives

Liability\n

Derivatives

Derivative\n

Contracts

Not\n

Accounted\n

for\n

Hedging\n

Instruments

Statement\n

Assets\n

and\n

Liabilities

Location

Fair\n

Value

Statement\n

Assets\n

and\n

Liabilities

Location

Fair\n

Value

Putnam\n

Floating\n

Rate\n

Income\n

Fund

Credit

contracts

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

Variation\n

margin

centrally

cleared

swap

contracts

458,697

Variation\n

margin

centrally

cleared

swap

contracts

—

Total

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

$458,697

$—

This

amount\n

reflects\n

the\n

cumulative\n

appreciation\n

(depreciation)\n

of\n

centrally\n

cleared\n

swap\n

contracts\n

as\n

reported\n

in\n

the\n

Schedule\n

of\n

Investments.\n

Only\n

the\n

variation\n

margin\n

receivable/payable\n

at\n

period\n

end\n

is\n

separately\n

reported\n

within\n

the\n

Statement\n

of\n

Assets\n

and\n

Liabilities.\n

Prior\n

variation\n

margin\n

movements\n

were\n

recorded\n

to\n

cash\n

upon\n

receipt\n

payment.

Derivative\n

Contracts

Not\n

Accounted\n

for\n

Hedging\n

Instruments

Statement\n

Operations\n

Location

Net\n

Realized\n

Gain\n

(Loss)\n

for\n

the\n

Period

Statement\n

Operations\n

Location

Net\n

Change\n

Unrealized

Appreciation

(Depreciation)

for\n

the\n

Period

Putnam\n

Floating\n

Rate\n

Income\n

Fund

Net

realized\n

gain

(loss)

from:

Net

change

unrealized

appreciation\n

(depreciation)\n

on:

Credit

contracts

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

Swap

contracts

$(97,078)

Swap

contracts

$505,644

Total

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

$(97,078)

$505,644

Putnam\n

Funds\n

Trust

Notes\n

to\n

Financial\n

Statements\n

(unaudited)

franklintempleton.com

Semiannual\n

Report

Putnam\n

Floating\n

Rate\n

Income\n

Fund

(continued)

11.\n

Fair\n

Value\n

Measurements

The

Fund

follows

fair

value

hierarchy

that

distinguishes\n

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's\n

own

market

assumptions

(unobservable\n

inputs).

These

inputs

are

used

determining

the

value

the

Fund's financial\n

instruments

and

are

summarized

the

following

fair

value

hierarchy:

Level

–

quoted

prices

active

markets

for

identical

financial\n

instruments

Level

–

other

significant\n

observable

inputs

(including

quoted

prices

for

similar

financial\n

instruments,\n

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant\n

unobservable\n

inputs

(including

the

Fund's

own

assumptions\n

determining\n

the

fair

value

financial\n

instruments)

The

input

levels

are

not

necessarily\n

indication

the

risk

liquidity

associated

with

financial\n

instruments\n

that

level.

A\n

summary

inputs

used

August

31,

2026,

valuing

the

Fund's assets carried\n

fair

value,

follows:

A\n

reconciliation\n

which

Level

inputs

are

used

determining\n

fair

value

presented\n

when

there

are

significant\n

Level

assets

and/or

liabilities\n

the

beginning\n

and/or

end

the period.

Level\n

Total

Putnam\n

Floating\n

Rate\n

Income\n

Fund

Assets:

Investments

Securities:

Corporate

Bonds

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

—

15,704,911

—

15,704,911

Senior

Floating

Rate

Interests

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

—

222,849,551

9,776,283

232,625,834

Short

Term\n

Investments

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

16,826,374

—

16,826,374

Total\n

Investments\n

Securities

...........

$16,826,374

$238,554,462

$9,776,283

$265,157,119

Other

Financial\n

Instruments:

Swap

Contracts

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

$—

$458,697

$—

$458,697

Unfunded

Loan

Commitments

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

—

189

—

189

Total\n

Other

Financial\n

Instruments

.........

$—

$458,886

$—

$458,886

For

detailed\n

categories,\n

see\n

the\n

accompanying\n

Schedule\n

of\n

Investments.

Balance\n

Beginning\n

of\n

Period

Purchases

Sales

Transfer

Into

Level\n

Transfer

Out\n

Level\n

Net

Accretion

(

Amortiza

tion

)

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciatio

(

Depreciation

)

Balance

at\n

End

of\n

Period

Net\n

Change\n

Unrealized

Appreciation

(Depreciation)

on\n

Assets

Held\n

Period

End

Putnam\n

Floating\n

Rate\n

Income\n

Fund

Assets:

Investments\n

in\n

Securities:

Senior\n

Floating\n

Rate\n

Interests

Automobile\n

Components

—

(4,989)

998,716

—

614

(3,157)

991,228

(2,469)

Chemicals

........

—

(5,556)

1,102,640

—

(105)

1,097,071

—

Commercial\n

Services\n

&\n

Supplies

........

—

(6,000)

1,201,506

—

351

4,085

1,199,970

4,472

Electronic\n

Equipment,\n

Instruments\n

&\n

Components

.....

—

603,028

—

1,121

604,149

1,121

IT\n

Services

........

—

992,500

—

204

—

4,796

997,500

4,796

Putnam\n

Funds\n

Trust

Notes\n

to\n

Financial\n

Statements\n

(unaudited)

franklintempleton.com

Semiannual\n

Report

Putnam\n

Floating\n

Rate\n

Income\n

Fund

(continued)

12.\n

Operating\n

Segments

The Fund operates\n

single

operating\n

segment,

which

investment\n

portfolio.\n

The

portfolio\n

managers\n

assigned\n

the

Fund

within

the

Fund’s\n

investment\n

manager serve\n

the

Chief

Operating\n

Decision\n

Maker

(“CODM”)\n

and

are

responsible\n

for

evaluating\n

the

Fund's\n

operating\n

results

and

allocating\n

resources\n

accordance\n

with

the

Fund’s\n

investment\n

strategy.\n

Internal

reporting\n

provided\n

the

CODM

aligns

with

the

accounting\n

policies\n

and

measurement\n

principles\n

used

the financial\n

statements.

For

information\n

regarding\n

segment

assets,

segment

profit\n

loss,

and

significant\n

expenses,\n

refer

the Statement\n

Assets

and

Liabilities\n

and

the Statement\n

Operations,\n

along

with

the

notes

the financial\n

statements.\n

The Schedule\n

Investments

provides\n

details

the Fund's investments\n

that

generate\n

returns

such

interest,\n

dividends,\n

and

realized\n

and

unrealized

gains

losses.

Performance\n

metrics,\n

including\n

portfolio\n

turnover\n

and

expense

ratios,

are

disclosed\n

the Financial\n

Highlights.

13.\n

Subsequent\n

Events

The

Fund

has

evaluated\n

subsequent\n

events

through

the

issuance\n

the

financial\n

statements\n

and

determined\n

that

events

have

occurred

that

require

disclosure.

Balance\n

Beginning\n

of\n

Period

Purchases

Sales

Transfer

Into

Level\n

Transfer

Out\n

Level\n

Net

Accretion

(Amortiza-

tion)

Net

Realized

Gain

(Loss)

Net

Unrealized

Appreciation

(Depreciation)

Balance

at\n

End

of\n

Period

Net\n

Change\n

Unrealized

Appreciation

(Depreciation)

on\n

Assets

Held\n

Period\n

End

Putnam\n

Floating\n

Rate\n

Income\n

Fund\n

(continued)

Assets:

(continued)

Investments\n

in\n

Securities:\n

(continued)

Senior\n

Floating\n

Rate\n

Interests:\n

(continued)

Real\n

Estate\n

Management\n

&\n

Development

.....

—

491,287

(1,228)

—

1,838

491,897

1,838

Software

..........

—

(91,709)

3,910,792

—

(1,720)

(53)

78,705

3,896,015

76,652

Water\n

Utilities

......

—

(1,242)

500,015

—

(395)

498,453

(312)

Total\n

Investments\n

in\n

Securities

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

$—

$1,483,787

$(110,724)

$8,316,697

$—

$(393)

$28

$86,888

$9,776,283

$86,098

Purchases

include\n

all\n

purchases\n

of\n

securities\n

and\n

securities\n

received\n

in\n

corporate\n

actions.

Sales

include\n

all\n

sales\n

of\n

securities,\n

maturities,\n

paydowns\n

and\n

securities\n

tendered\n

in\n

corporate\n

actions.

Transferred

into\n

Level\n

3\n

as\n

a\n

result\n

of\n

the\n

unavailability\n

of\n

a\n

quoted\n

market\n

price\n

in\n

an\n

active\n

market\n

for\n

identical\n

securities\n

or\n

as\n

a\n

result\n

of\n

the\n

unreliability\n

of\n

the\n

foreign\n

exchange\n

rate\n

and\n

other\n

significant\n

observable\n

valuation\n

inputs.\n

May\n

include\n

amounts\n

related\n

to\n

a\n

corporate\n

action.

11.\n

Fair\n

Value\n

Measurements

(continued)

Putnam\n

Funds\n

Trust

Notes\n

to\n

Financial\n

Statements\n

(unaudited)

franklintempleton.com

Semiannual\n

Report

Putnam\n

Floating\n

Rate\n

Income\n

Fund

(continued)

Abbreviations

rency

USD

United

States

Dollar

Index

CDX.NA.HY

CDX

North

America

High

Yield\n

Index

Selected\n

Portfolio

CME

Chicago

Mercantile\n

Exchange

PIK

Payment-In-Kind

REIT

Real

Estate

Investment\n

Trust

SOFR

Secured

Overnight\n

Financing\n

Rate

Putnam\n

Funds\n

Trust

franklintempleton.com

Semiannual\n

Report

Putnam\n

Floating\n

Rate\n

Income\n

Fund\n

Trustee\n

approval\n

of\n

management\n

contracts\n

(unaudited)

Consideration\n

of\n

your\n

fund’s\n

management\n

and\n

sub-advisory\n

contracts

their

meeting

June

26,

2026,

the

Board

Trustees\n

(“Board”\n

the

“Trustees”)\n

your

fund,

including\n

all

the

Trustees\n

who

are\n

not

“interested\n

persons”\n

(as

this

term

defined\n

the

Investment\n

Company

Act

1940,

amended

(the

\"1940\n

Act”))\n

the

Putnam

mutual

funds

and

exchange-traded\n

funds

(collectively,\n

the

“funds”)\n

(the

“Independent\n

Trustees”),\n

approved\n

the

continuance\n

management\n

contract\n

with

Franklin\n

Advisers,\n

Inc.

(the

“Advisor”),\n

subadvisory\n

agreement\n

between

the

Advisor

and

Franklin\n

Templeton\n

Investment\n

Management\n

Limited

(“FTIML”),\n

and

subadvisory\n

agreement\n

between

the

Advisor

and

Putnam

Investment\n

Management,\n

LLC

(“Putnam\n

Management”\n

and

together\n

with

FTIML,

the

“Subadvisors”)\n

(collectively,\n

the

“Management\n

Contracts”).\n

The

Advisor,\n

FTIML,

and

Putnam

Management\n

are

each

direct

indirect,\n

wholly-

owned

subsidiaries\n

Franklin\n

Templeton,\n

Inc.

(together\n

with

its

subsidiaries,\n

“Franklin\n

Templeton”).

General\n

conclusions

The

Board

oversees\n

the

management\n

each

fund

and,

required\n

law,\n

determines\n

annually\n

whether\n

approve\n

the

continuance

your

fund’s\n

management\n

contract\n

with

the

Advisor\n

and

the

sub-advisory\n

contract\n

with

respect\n

your

fund

between

the

Advisor\n

and

each

Subadvisor.\n

Because\n

the

Subadvisors\n

are

affiliates\n

the

Advisor\n

and

the

Advisor\n

remains\n

fully

responsible

for

all

services\n

provided\n

the

Subadvisors,\n

the

Trustees\n

did

not

attempt\n

evaluate\n

the

Subadvisors\n

separate\n

entities.

All

references\n

the

Advisor\n

the

descriptions\n

the

Board’s\n

considerations\n

should

deemed

include\n

references\n

the

applicable\n

Subadvisor\n

necessary\n

appropriate\n

the

context.\n

The

Board,

with

the

assistance\n

its

Contract\n

Committee,

requests\n

and

evaluates\n

all

information\n

deems

reasonably\n

necessary\n

under

the

circumstances\n

connection\n

with

its

annual

contract\n

review.\n

The

Contract\n

Committee\n

consists\n

solely

Independent\n

Trustees.

Changes\n

In\n

and\n

Disagreements\n

with\n

Accountants

For

the

period

covered

this

report

Not

applicable.

Results\n

of\n

Meeting(s)\n

of\n

Shareholders

For

the

period

covered

this

report

Not

applicable.

Remuneration\n

Paid\n

to\n

Directors,\n

Officers\n

and\n

Others

For

the

period

covered

this

report

Refer

the

financial\n

statements\n

included

herein.

Remuneration\n

officers\n

paid

the

Fund’s\n

investment\n

manager

according\n

the

terms

the

agreement.

Board\n

Approval\n

of\n

Management\n

and\n

Subadvisory\n

Agreements

For

the

period

covered

this

report

Putnam\n

Funds\n

Trust

franklintempleton.com

Semiannual\n

Report

the

outset

the

review

process,

the

Board’s\n

independent\n

staff\n

and

independent\n

legal

counsel,

defined\n

Rule

0-1(a)

(6)

under

the

1940

Act

(their

“independent\n

legal

counsel”),\n

considered\n

any

possible

changes

the

annual

contract

review

materials

furnished

the

Contract

Committee\n

prior

years

and,

applicable,\n

identified\n

those

changes

the

Advisor.\n

Following

these

discussions\n

and

consultation\n

with

the

Contract

Committee,\n

the

Independent\n

Trustees’\n

independent\n

legal

counsel

submitted

initial

request

that

the

Advisor

and

its

affiliates\n

furnish

specified\n

information,\n

together

with

any

additional\n

information

the

Advisor

considered\n

relevant,\n

the

Contract\n

Committee.\n

Over

the

course

several

months

ending

June

2026,

the

Contract

Committee\n

met

number

occasions\n

with

representatives\n

the

Advisor,\n

and

separately\n

executive\n

session,

consider

the

information\n

that

the

Advisor

provided,\n

including\n

information\n

provided\n

response\n

supplemental\n

requests

submitted\n

independent\n

legal

counsel.\n

Throughout\n

this

process,\n

the

Contract\n

Committee\n

was

assisted\n

the

Board’s\n

independent\n

staff\n

and

independent\n

legal

counsel.

the

Board’s\n

June

2026

meeting,\n

the

Contract\n

Committee\n

met

executive\n

session

discuss

and

consider\n

its

recommendations\n

with

respect

the

continuance\n

the

Management\n

Contracts.\n

that

meeting,\n

the

Contract\n

Committee\n

also

met

executive\n

session

with

the

other

Independent\n

Trustees\n

review

summary

the

process

undertaken\n

the

Contract

Committee

and

key

information\n

that

the

Contract\n

Committee\n

considered\n

the

course

its

review.\n

The

Contract\n

Committee\n

then

presented\n

its

written

report,

which

summarized\n

the

key

factors

that

the

Committee\n

had

considered\n

and

set

forth

its

recommendations.\n

The

Contract\n

Committee\n

recommended,\n

and

the

Independent\n

Trustees\n

approved,\n

the

continuance\n

your

fund’s\n

Management\n

Contracts,\n

effective\n

July

2026.

considering\n

the

continuance\n

the

Management\n

Contracts,\n

the

Board

took

into

account

number

factors,\n

including:

That

the

fee

schedule\n

effect\n

for

your

fund

represented\n

reasonable\n

compensation\n

light

the

nature

and

quality

the

services\n

being

provided\n

the

fund,

the

fees

paid

competitive\n

funds,

the

costs

incurred\n

the

Advisor

providing

services\n

the

fund

and

the

application\n

certain

reductions\n

and

waivers

noted

below;

That

the

fee

schedule\n

effect\n

for

your

fund

represented\n

appropriate\n

sharing

between

fund

shareholders\n

and

the

Advisor

any

economies\n

scale

that

may

exist

the

management\n

the

fund

current

asset

levels;

That

the

funds

benefited,\n

and

were

expected\n

continue\n

benefit,\n

from

Franklin\n

Templeton’s\n

large

retail

and

institutional\n

global

distribution\n

capabilities\n

and

significant\n

network

intermediary\n

relationships,\n

which

may

provide

additional

opportunities\n

for

the

funds

increase\n

assets

and

reduce

the

impact

expenses\n

spreading\n

them

over

larger

asset

base;

and

The

financial\n

strength,\n

reputation,\n

experience\n

and

resources\n

Franklin\n

Templeton\n

and

its

investment\n

advisory\n

subsidiaries.

These

conclusions\n

were

based

comprehensive\n

consideration\n

all

information\n

provided\n

the

Trustees\n

and

were

not

the

result

any

single

factor.\n

Some

the

factors

that

figured\n

particularly\n

the

Trustees’\n

deliberations\n

and

how

the

Trustees\n

considered

these

factors

are

described\n

below,\n

although\n

individual\n

Trustees\n

may

have

evaluated

the

information\n

presented\n

differently,\n

giving

different\n

weights

various

factors.\n

also

important\n

recognize\n

that

the

management\n

arrangements\n

for

your

fund

and

most

the

other

funds

are

the

result

many

years

review

and

discussion\n

between

the

Independent\n

Trustees\n

and

management,\n

occurring\n

both

connection\n

with

formal

contract\n

reviews

well

throughout\n

the

year

and

that

the

Trustees’\n

conclusions\n

may

based,

part,

their

consideration\n

fee

arrangements\n

previous\n

years.

For

example,\n

with

certain

exceptions\n

primarily\n

involving\n

newer

funds

repositioned\n

funds,

the

current

fee

arrangements\n

under

the

majority\n

the

funds’\n

management\n

contracts\n

were

first\n

implemented\n

the

beginning\n

2010

following\n

extensive\n

review

the

Contract

Committee\n

and

discussions\n

with

management,\n

well

approval\n

shareholders.

Putnam\n

Funds\n

Trust

franklintempleton.com

Semiannual\n

Report

Management\n

fee\n

schedules\n

and\n

total\n

expenses

The

Trustees\n

reviewed

the

management\n

fee

schedules\n

effect\n

for

all

funds,

including\n

fee

levels

and

any

breakpoints.\n

Under

its

management\n

contract,\n

your

fund

has

the

benefit\n

breakpoints\n

its

management\n

fee

schedule\n

that

provide

shareholders\n

with

reduced

fee

levels

aggregate\n

assets

under

management\n

the

fund

and

other

mutual

funds

sponsored\n

the

Advisor

(or

that

have

been

deemed

sponsored\n

the

Advisor

for

the

purpose

the

management\n

fee

calculation)\n

increase.\n

The

Trustees\n

also

reviewed\n

the

total

expenses

each

fund,

recognizing\n

that

most

cases

management\n

fees

represented\n

the

major,\n

but

not

the

sole,

determinant\n

total

costs

fund

shareholders.\n

(Two\n

mutual

funds

and

each

the

exchange-traded\n

funds

have

implemented\n

so-called\n

“all-in”\n

unitary

management\n

fees

covering

substantially\n

all

routine

fund

operating\n

costs.)

reviewing\n

fees

and

expenses,\n

the

Trustees\n

generally\n

focus

their

attention\n

material

changes

circumstances\n

—

for

example,

changes

assets

under

management,\n

changes

fund’s\n

investment\n

strategy,\n

changes

the

Advisor’s\n

operating\n

costs

profitability,\n

changes

competitive\n

practices\n

the

fund

industry\n

—

that

suggest

that

consideration\n

fee

changes

might

warranted.\n

The

Trustees\n

concluded\n

that

the

circumstances\n

did

not

indicate\n

that

changes

the

management\n

fee

schedule

for

your

fund

would

appropriate\n

this

time.

the

past,

the

Trustees\n

also

focused

the

competitiveness\n

each

fund’s\n

total

expense

ratio.

The

Trustees,\n

the

Advisor

and

the

funds’\n

investor\n

servicing\n

agent,

Putnam

Investor\n

Services,\n

Inc.

(“PSERV”),\n

have

implemented\n

expense

limitations\n

that

were

effect\n

during

your

fund’s\n

fiscal\n

year

ending

2025.

These

expense

limitations\n

were:

(i)

contractual\n

expense

limitation\n

applicable\n

specified\n

mutual

funds

(including\n

your

fund)

basis

points

investor\n

servicing\n

fees

and

expenses

and

(ii)

contractual\n

expense

limitation\n

applicable\n

specified\n

mutual

funds

(including\n

your

fund)

basis

points

so-called\n

“other\n

expenses”\n

(i.e.,

all

expenses\n

exclusive\n

management\n

fees,

distribution\n

fees,

investor\n

servicing\n

fees,

investment-related\n

expenses,\n

interest,\n

taxes,

brokerage\n

commissions,

acquired\n

fund

fees

and

expenses\n

and

extraordinary\n

expenses).\n

These

expense

limitations\n

attempt

maintain\n

competitive

expense

levels

for

the

funds.

Most

funds

(including\n

your

fund)

had

sufficiently\n

low

expenses\n

that

these

expense

limitations

were

not

operative\n

during

their

fiscal\n

years

ending

2025.

The

Advisor

and

PSERV\n

have

agreed

maintain\n

these

expense

limitations\n

until

least

June

30,

2028.

The

Advisor

and

PSERV’s\n

commitment\n

these

expense

limitation\n

arrangements,

which

were

intended\n

support

effort\n

have

the

mutual

fund

expenses

meet

competitive\n

standards,\n

was

important

factor

the

Trustees’\n

decision\n

approve

the

continuance\n

your

fund’s\n

Management\n

Contracts.

The

Trustees\n

reviewed\n

comparative\n

fee

and

expense

information\n

for

custom

group

competitive\n

funds

selected

Broadridge

Financial\n

Solutions,\n

Inc.

(“Broadridge”).\n

This

comparative\n

information\n

included\n

your

fund’s\n

percentile\n

ranking

for

effective\n

management\n

fees

and

total

expenses\n

(excluding\n

any

applicable\n

12b-1

fees),

which

provides\n

general

indication\n

your

fund’s\n

relative\n

standing.\n

the

custom

peer

group,

your

fund

ranked

the

first\n

quintile\n

effective\n

management\n

fees

(determined

for

your

fund

and

the

other

funds

the

custom

peer

group

assuming\n

the

same

fund

asset

size

for

your

fund

and

the

other

funds

the

custom

peer

group

and

the

applicable\n

contractual\n

management\n

fee

schedule)\n

and

the

third

quintile\n

total

expenses

(excluding\n

any

applicable\n

12b-1

fees)

December

31,

2025.

(Total\n

expenses\n

reflect\n

the

fees

and

expenses\n

borne

directly

the

fund

and

the

competitive\n

funds

included\n

the

custom

Lipper

peer

groups,

well

any

underlying\n

funds’\n

net

fees

and

expenses.)\n

The

first\n

quintile\n

represents\n

the

least

expensive\n

funds

and

the

fifth\n

quintile\n

the

most

expensive\n

funds.

The

fee

and

expense\n

data

reported\n

Broadridge\n

December\n

31,

2025

reflected\n

the

most

recent

fiscal\n

year-end\n

data

available\n

Broadridge’s\n

database\n

that

time.

connection\n

with

their

review

fund

management\n

fees

and

total

expenses,\n

the

Trustees\n

also

reviewed\n

the

costs

the

services\n

provided\n

and

the

profits\n

realized\n

the

Advisor\n

and

its

affiliates\n

from

their

contractual\n

relationships\n

with

the

funds.

This

information\n

included\n

trends

revenues,\n

expenses

and

profitability\n

the

Advisor\n

and

its

affiliates\n

relating\n

the

investment

management,\n

investor\n

servicing\n

and

distribution\n

services\n

provided\n

the

funds,

applicable.\n

this

regard,\n

the

Trustees\n

also

reviewed\n

analysis\n

the

revenues,\n

expenses\n

and

profitability\n

the

Advisor\n

and

its

affiliates,\n

allocated\n

fund-by-fund

basis,

with

respect

(as

applicable)\n

the

funds’\n

management,\n

distribution\n

and

investor\n

servicing\n

contracts.\n

For

each

fund,

the

analysis\n

presented\n

information\n

about

revenues,\n

expenses\n

and

profitability\n

2025

for

each

the

applicable\n

Putnam\n

Funds\n

Trust

franklintempleton.com

Semiannual\n

Report

agreements

separately\n

and

for

the

agreements\n

taken

together

combined

basis.

The

Trustees\n

concluded\n

that,

current

asset

levels,

the

fee

schedules\n

place

for

each

the

funds,

including

the

fee

schedule

for

your

fund,

represented\n

reasonable\n

compensation

for

the

services

being

provided

and

represented\n

appropriate\n

sharing

between

fund

shareholders\n

and

the

Advisor

any

economies\n

scale

may

exist

the

management\n

the

funds

that

time.

The

information\n

examined\n

the

Trustees\n

connection\n

with

their

annual

contract\n

review

for

the

funds

included\n

information\n

regarding

services

provided\n

and

fees

charged

the

Advisor

and

certain

affiliates\n

other

products\n

that

are

managed

portfolio

team

that

also

manages

one

U.S.

registered\n

mutual

funds

category\n

similar

strategies\n

offered\n

the

funds

(including\n

exchange

traded

funds,

sub-advised\n

U.S.

mutual

funds,

other

U.S.

products\n

(such

collective\n

investment\n

trusts,

private

funds,

and

separately\n

managed

and

institutional\n

accounts),

non-U.S.

funds,

and

other

non-U.S.\n

products).\n

This

information

included

comparisons\n

the

fees

charged

other

clients,\n

category,\n

with

fees

charged

the

funds,

well

detailed

assessment\n

the

differences\n

the

services\n

provided\n

these

clients

compared\n

the

services\n

provided\n

the

funds.

The

Trustees\n

observed\n

that

the

differences\n

fee

rates

between

these

clients

and

the

funds

are

means

uniform

when

examined

individual\n

asset

classes,\n

suggesting\n

that

differences\n

the

pricing

investment\n

management\n

services\n

these

types

clients

may

reflect,\n

among

other

things,

historical\n

competitive\n

forces

operating\n

separate\n

marketplaces,\n

the

characteristics\n

different\n

clients,\n

the

particulars\n

different\n

fee

structures,\n

factors

unique

specific\n

market

segments,\n

and

the

distinct

risks

and

costs

associated\n

with

providing\n

services\n

different\n

clients.

The

Trustees\n

considered\n

the

fact

that

many

cases

fee

rates

across

different\n

asset

classes

are

higher

average

for

1940

Act-registered\n

funds

than

for

other

clients,\n

and

the

Trustees\n

also

considered\n

the

differences\n

between

the

services\n

that

the

Advisor

provides

the

funds

and

those

that

provides

its

other

clients.\n

The

Trustees\n

did

not

rely

these

fee

comparisons\n

any

significant\n

extent

concluding\n

that

the

management

fees

paid

your

fund

are

reasonable.

Investment\n

performance

The

quality

the

investment\n

process

provided\n

the

Advisor

represented\n

major

factor

the

Trustees’\n

evaluation\n

the

quality

services

provided\n

the

Advisor

under

your

fund’s\n

Management\n

Contracts.

The

Trustees\n

were

assisted\n

their

review

the

Advisor’s\n

investment\n

process

and

performance\n

the

work

the

investment\n

oversight\n

committees\n

the

Trustees\n

and

the

full

Board,

which

meet

regular

basis

with

individual\n

portfolio\n

managers\n

and

with

investment\n

leadership\n

the

Advisor

throughout\n

the

year.\n

The

Trustees\n

noted

that

the

Advisor

had

made

portfolio\n

management\n

assignment\n

changes

2025

strengthen\n

its

investment\n

teams

providing\n

services\n

the

funds.

The

Trustees\n

concluded\n

that

the

Advisor

generally\n

provides

high-quality\n

investment\n

process

—

measured\n

the

experience\n

and

skills

the

individuals\n

assigned

the

management

fund

portfolios,\n

the

resources\n

made

available\n

them

and

general

the

Advisor’s\n

ability

attract

and

retain

high-quality

personnel\n

—

but

also

recognized\n

that

this

does

not

guarantee\n

favorable\n

investment\n

results

for

every

fund

every

time

period.

The

Trustees\n

considered\n

that,

the

aggregate,\n

peer-relative\n

and

benchmark-relative\n

fund

performance\n

was

strong

2025

against

what

the

Advisor

characterized\n

complex

investing\n

environment.\n

The

Trustees\n

considered\n

the

Advisor’s\n

discussion\n

the

markets,

the

economy,\n

and

geopolitical\n

conditions\n

2025.

The

S&P\n

500

was

18%

2025

but

with

significant\n

periods

volatility,\n

and

the

Bloomberg\n

Aggregate\n

fixed\n

income

index

was

during

the

year,\n

with

the

Federal

Reserve

cutting

the

Effective\n

Federal

Funds

rate

from

4.25%

year-end\n

2024

3.5%

year-end\n

2025.

Ten-year\n

Treasury\n

yields

ended

2025

4.2%,

down

from

4.6%

year-end\n

2024.

2025,

geopolitical\n

and

economic\n

conditions,\n

well

financial\n

markets,

provided

complex

investing\n

environment:\n

new

U.S.

presidential\n

administration\n

with

significant\n

policy

actions,\n

including

tariffs;\n

complex\n

inflation;\n

rates

and

Federal\n

Reserve\n

developments;\n

artificial\n

intelligence-related\n

impacts;\n

and

political

and

military\n

actions\n

across

the

globe.

Even

with

this

backdrop,\n

generally\n

strong

economic,\n

corporate\n

and

labor

market

conditions

continued\n

2025,

although\n

with

some

signs

concern.

For

the

one-year\n

period

ended

December\n

31,

2025,

the

Trustees\n

noted

that

the

funds,

asset-weighted\n

basis,

ranked

the

percentile\n

their

peers

determined\n

LSEG

Lipper

(“Lipper”)\n

and,

asset-weighted\n

basis,

outperformed\n

their

benchmarks

1.6%

gross

fees

over

the

one-year\n

period.\n

The

Contract\n

Committee\n

also

noted

that

the

funds’\n

aggregate\n

performance

over

longer-term\n

periods\n

continued\n

strong,\n

with

the

funds,

asset-weighted\n

basis,

ranking\n

the

and

percentiles\n

their

Lipper

peers

over

the

three-year,\n

five-year\n

and

ten-year\n

periods\n

ended

December\n

31,

2025,

respectively.\n

The

Trustees\n

further\n

noted

that

the

funds,

the

aggregate,\n

solidly\n

outperformed\n

their

benchmarks\n

gross

Putnam\n

Funds\n

Trust

franklintempleton.com

Semiannual\n

Report

basis

for

each

the

three-year,\n

five-year\n

and

ten-year

periods.

The

Trustees\n

also

considered\n

the

Morningstar\n

Inc.

ratings

assigned

the

funds

and

that

funds

were

rated

four

five\n

stars

the

end

2025,

which

was

year-over-year\n

decrease

11\n

funds.

The

Trustees\n

also

considered\n

that

funds

were

five-star\n

rated

the

end

2025,

which

was

year-over-year\n

decrease

seven

funds.

The

Board

noted,

however,\n

the

disappointing\n

investment\n

performance\n

some

funds

for

periods

ended

December

31,

2025

and

considered\n

information\n

provided\n

the

Advisor

regarding\n

the

factors

contributing\n

the

underperformance\n

and,

where

relevant,

actions

being

taken

improve

the

performance\n

these

particular\n

funds.

The

Trustees\n

indicated\n

their

intention\n

continue

monitor

the

performance\n

those

funds.

For

purposes

the

Trustees’\n

evaluation\n

the

funds’\n

investment\n

performance,\n

the

Trustees\n

generally\n

focus

competitive\n

industry

ranking

each

fund’s\n

total

net

return

over

one-year,\n

three-year\n

and

five-year\n

period.

For

number

funds

with

relatively

unique

investment\n

mandates\n

for

which

the

Advisor

informed\n

the

Trustees\n

that

meaningful\n

competitive\n

performance\n

rankings

are

not

considered\n

available,\n

the

Trustees\n

evaluated\n

performance\n

based

their

total

gross

and

net

returns

and

comparisons\n

those

returns

the

returns

selected\n

investment\n

benchmarks.\n

the

case

your

fund,

the

Trustees\n

considered

that

its

class

A\n

cumulative\n

total

return

performance\n

net

asset

value

was

the

following\n

quartiles\n

its

Lipper

peer

group

(Lipper

Loan

Participation\n

Funds)

for

the

one-year,\n

three-year\n

and

five-year\n

periods

ended

December

31,

2025

(the

first\n

quartile\n

representing\n

the

best-performing\n

funds

and

the

fourth

quartile\n

the

worst-performing\n

funds):

Over

the

one-year,\n

three-year\n

and

five-year\n

periods

ended

December\n

31,

2025,

there

were

234,

214

and

200

funds,

respectively,\n

your

fund’s\n

Lipper

peer

group.

(When

considering\n

performance\n

information,\n

shareholders\n

should

mindful

that

past

performance\n

not

guarantee\n

future

results.)

Brokerage\n

and\n

soft-dollar\n

allocations;\n

distribution\n

and\n

investor\n

servicing

The

Trustees\n

considered\n

various

potential\n

benefits\n

that

the

Advisor

may

receive

connection\n

with

the

services\n

provides\n

under

the

management\n

contract\n

with

your

fund.

These

include

benefits\n

brokerage\n

allocation\n

and

the

use

soft

dollars,

whereby

portion

the

commissions\n

paid

fund

for

brokerage\n

may

used

acquire

research\n

services\n

that

are

expected

useful

the

Advisor

managing\n

the

assets

the

fund

and

other

clients.\n

Subject

policies

approved

the

Trustees,\n

soft

dollars

generated\n

these

means

may

used

acquire

brokerage\n

and

research\n

services

(including\n

proprietary

executing\n

broker

research,\n

third-party\n

research\n

and

market

data)

that

enhance

the

Advisor’s\n

investment\n

capabilities\n

and

supplement\n

the

Advisor’s\n

internal\n

research\n

efforts.\n

The

Trustees\n

indicated\n

their

continued\n

intent

monitor

regulatory\n

and

industry

developments\n

this

area

with

the

assistance\n

their

Contract\n

Committee.\n

addition,\n

with

the

assistance\n

their

Contract

Committee,\n

the

Trustees\n

indicated\n

their

continued\n

intent

monitor

the

allocation\n

the

funds’\n

brokerage\n

order

ensure

that

the

principle\n

seeking

best

price

and

execution\n

remains

paramount\n

the

portfolio\n

trading

process.\n

Your\n

fund

not

expected

generate\n

significant\n

amount

soft-dollar\n

credits.

The

Advisor

may

also

receive

benefits\n

from

payments\n

that

funds

make

the

Advisor

for

distribution\n

services\n

and

investor\n

services.

conjunction\n

with

the

review

your

fund’s\n

Management\n

Contracts,\n

the

Trustees\n

reviewed\n

your

fund’s\n

investor\n

servicing

agreement\n

with

PSERV\n

and

its

distributor’s\n

contract\n

and

distribution\n

plans

with

Franklin\n

Distributors,\n

LLC

(“Franklin\n

Distributors”),\n

both

which

are

affiliates\n

the

Advisor.\n

The

Trustees\n

concluded\n

that

the

fees

payable\n

the

mutual

funds

PSERV\n

and

Franklin\n

Distributors\n

for

such

services\n

were

fair

and

reasonable\n

relation\n

the

nature

and

quality

such

services,

the

fees

paid

competitive\n

funds

and

the

costs

incurred\n

PSERV\n

and

Franklin\n

Distributors\n

providing\n

such

services.

Furthermore,\n

the

Trustees\n

were

the

view

that

the

investor\n

services\n

provided\n

PSERV\n

were

required\n

for

the

operation

the

mutual

funds,

and

that

they

were

quality\n

least

equal

those

provided\n

other

providers.

One-year

period

Three-year

period

Five-year

period

3rd

38963-SFSOI\n

10/26

©\n

2026\n

Franklin\n

Templeton.\n

All\n

rights\n

reserved.

\n \n \n \n

ITEM 8.

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

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

\n \n \n \n

ITEM 9.

PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

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

\n \n \n \n

ITEM 10.

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

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

\n \n \n \n

ITEM 11.

STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

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

\n \n \n \n

ITEM 12.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT\n COMPANIES.

Not applicable.

\n \n \n \n

ITEM 13.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

\n \n \n \n

ITEM 14.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED\n PURCHASERS.

Not applicable.

\n \n \n \n

ITEM 15.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

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

\n \n \n \n

ITEM 16.

CONTROLS AND PROCEDURES.

\n \n \n \n

(a)

The Registrants acknowledge the Staff’s comment. In future filings on Form N-CSR, the\n certifications required by Rule 30a-2 and Item 19(a)(3) will include the designations “Principal Executive Officer” and “Principal\n Financial Officer” in the signature blocks, reflecting the capacity in which each signatory executes the certification, in conformity\n with the language of the Rule and Form N-CSR. The Registrants may also include each signatory’s actual title with respect to the Funds\n alongside the required designation.

\n \n \n \n

(b)

During the period covered by this report, the Registrant transitioned to a new third-party\n service provider who performs certain accounting and administrative services for the Registrant that are subject to Franklin Templeton’s\n oversight.

\n \n \n \n

ITEM 17.

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

Not applicable.

\n \n \n \n

ITEM 18.

RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

\n \n \n \n

(a)

Not applicable.

\n \n \n \n

(b)

Not applicable.

\n \n \n \n

ITEM 19.

EXHIBITS.

(a) (1) Not applicable.

Exhibit 99.CODE ETH

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

Exhibit 99.CERT

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

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange\nAct 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,\nthere unto duly authorized.

Putnam Funds Trust

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

By:	/s/\n Jonathan S. Horwitz
	Jonathan S. Horwitz
	Principal Executive Officer

Date:	October 27, 2026

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

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

By:	/s/\n Jonathan S. Horwitz
	Jonathan S. Horwitz
	Principal Executive Officer

Date:	October 27, 2026

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

By:	/s/\n Jeffrey White
	Jeffrey White
	Principal Financial Officer

Date:	October 27, 2026

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