Putnam Funds Trust

10/27/2026 | Press release | Distributed by Public on 10/27/2026 11:08

Semi-Annual Report by Investment Company (Form N-CSRS)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07513

Putnam Funds Trust

(Exact name of registrant as specified in charter)

100 Federal Street, Boston, Massachusetts 02110

(Address of principal executive offices) (Zip code)

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 service)

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

Date of fiscal year end: February 28

Date of reporting period: August 31, 2026

ITEM 1. REPORT TO STOCKHOLDERS.

(a) The Report to Shareholders is filed herewith

Putnam Floating Rate Income Fund
Class A   [PFLRX]
Semi-Annual Shareholder Report | August 31, 2026
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)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment†
Class A
$52
1.02%
† Annualized.
KEY FUND STATISTICS (as of August 31, 2026)
Total Net Assets
$269,234,709
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
207
Portfolio Turnover Rate
15%
WHAT DID THE FUND INVEST IN? (as of August 31, 2026)
Portfolio Composition*(% of Total Investments)
* Does not include derivatives, except purchased options, if any.  
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Putnam Floating Rate Income Fund PAGE 1 38963-STSA-1026
Putnam Floating Rate Income Fund
Class C   [PFICX]
Semi-Annual Shareholder Report | August 31, 2026
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)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment†
Class C
$91
1.77%
† Annualized.
KEY FUND STATISTICS (as of August 31, 2026)
Total Net Assets
$269,234,709
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
207
Portfolio Turnover Rate
15%
WHAT DID THE FUND INVEST IN? (as of August 31, 2026)
Portfolio Composition*(% of Total Investments)
* Does not include derivatives, except purchased options, if any.  
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Putnam Floating Rate Income Fund PAGE 1 38963-STSC-1026
Putnam Floating Rate Income Fund
Class R   [PFLLX]
Semi-Annual Shareholder Report | August 31, 2026
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)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment†
Class R
$65
1.27%
† Annualized.
KEY FUND STATISTICS (as of August 31, 2026)
Total Net Assets
$269,234,709
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
207
Portfolio Turnover Rate
15%
WHAT DID THE FUND INVEST IN? (as of August 31, 2026)
Portfolio Composition*(% of Total Investments)
* Does not include derivatives, except purchased options, if any.  
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Putnam Floating Rate Income Fund PAGE 1 38963-STSR-1026
Putnam Floating Rate Income Fund
Class R6   [PFRZX]
Semi-Annual Shareholder Report | August 31, 2026
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)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment†
Class R6
$36
0.70%
† Annualized.
KEY FUND STATISTICS (as of August 31, 2026)
Total Net Assets
$269,234,709
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
207
Portfolio Turnover Rate
15%
WHAT DID THE FUND INVEST IN? (as of August 31, 2026)
Portfolio Composition*(% of Total Investments)
* Does not include derivatives, except purchased options, if any.  
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Putnam Floating Rate Income Fund PAGE 1 38963-STSR6-1026
Putnam Floating Rate Income Fund
Class Y   [PFRYX]
Semi-Annual Shareholder Report | August 31, 2026
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)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment†
Class Y
$40
0.77%
† Annualized.
KEY FUND STATISTICS (as of August 31, 2026)
Total Net Assets
$269,234,709
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
207
Portfolio Turnover Rate
15%
WHAT DID THE FUND INVEST IN? (as of August 31, 2026)
Portfolio Composition*(% of Total Investments)
* Does not include derivatives, except purchased options, if any.  
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Putnam Floating Rate Income Fund PAGE 1 38963-STSY-1026

(b) Not applicable

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.
(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.
(b) Not applicable.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Putnam
Floating
Rate
Income
Fund
Financial
Statements
and
Other
Important
Information
Semi-Annual
|
August
31, 2026
If
you
need
assistance
accessing
this
content,
please
reach
out
to
your
sales
representative
or
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an
email
to
.
Table
of
Contents
franklintempleton.com
Financial
Statements
and
Other
Important
Information-Semiannual
1
Financial
Highlights
and
Schedule
of
Investments
2
Financial
Statements
19
Notes
to
Financial
Statements
23
Changes
In
and
Disagreements
with
Accountants
35
Results
of
Meeting(s)
of
Shareholders
35
Remuneration
Paid
to
Directors,
Officers
and
Others
35
Board
Approval
of
Management
and
Subadvisory
Agreements
35
Putnam
Funds
Trust
Financial
Highlights
Putnam
Floating
Rate
Income
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
Six
Months
Ended
August
31,
2026
(unaudited)
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.65
$7.96
$7.98
$7.89
$8.18
$8.27
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.25
0.53
0.59
0.65
0.41
0.22
Net
realized
and
unrealized
gains
(losses)
0.03
(0.31)
(0.04)
0.16
(0.28)
(0.09)
Total
from
investment
operations
........
0.28
0.22
0.55
0.81
0.13
0.13
Less
distributions
from:
Net
investment
income
..............
(0.25)
(0.53)
(0.57)
(0.69)
(0.42)
(0.22)
Tax
return
of
capital
................
-
-
-
(0.03)
-
-
Total
distributions
...................
(0.25)
(0.53)
(0.57)
(0.72)
(0.42)
(0.22)
Net
asset
value,
end
of
period
..........
$7.68
$7.65
$7.96
$7.98
$7.89
$8.18
Total
return
d
.......................
3.59%
2.91%
7.20%
10.74%
1.78%
1.63%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.02%
0.99%
1.00%
1.04%
1.03%
1.00%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.02%
f
0.98%
1.00%
f
1.04%
f
1.03%
f
1.00%
f
Net
investment
income
...............
6.44%
6.68%
7.43%
8.20%
5.14%
2.70%
Supplemental
data
Net
assets
,
end
of
period
(000's)
........
$175,050
$187,584
$238,102
$227,247
$205,018
$268,621
Portfolio
turnover
rate
................
15%
34%
37%
31%
26%
42%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund's
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Putnam
Funds
Trust
Financial
Highlights
Putnam
Floating
Rate
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
3
c
a
Six
Months
Ended
August
31,
2026
(unaudited)
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.65
$7.95
$7.97
$7.89
$8.17
$8.27
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.22
0.47
0.54
0.59
0.35
0.16
Net
realized
and
unrealized
gains
(losses)
0.02
(0.30)
(0.05)
0.15
(0.27)
(0.10)
Total
from
investment
operations
........
0.24
0.17
0.49
0.74
0.08
0.06
Less
distributions
from:
Net
investment
income
..............
(0.22)
(0.47)
(0.51)
(0.63)
(0.36)
(0.16)
Tax
return
of
capital
................
-
-
-
(0.03)
-
-
Total
distributions
...................
(0.22)
(0.47)
(0.51)
(0.66)
(0.36)
(0.16)
Net
asset
value,
end
of
period
..........
$7.67
$7.65
$7.95
$7.97
$7.89
$8.17
Total
return
d
.......................
3.20%
2.15%
6.39%
9.77%
1.14%
0.74%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.77%
1.74%
1.75%
1.79%
1.78%
1.75%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.77%
f
1.73%
1.75%
f
1.79%
f
1.78%
f
1.75%
f
Net
investment
income
...............
5.70%
5.93%
6.71%
7.45%
4.45%
1.94%
Supplemental
data
Net
assets
,
end
of
period
(000's)
........
$13,472
$14,773
$17,634
$20,659
$21,993
$24,485
Portfolio
turnover
rate
................
15%
34%
37%
31%
26%
42%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund's
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Putnam
Funds
Trust
Financial
Highlights
Putnam
Floating
Rate
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
a
Six
Months
Ended
August
31,
2026
(unaudited)
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.65
$7.96
$7.98
$7.89
$8.17
$8.27
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.24
0.51
0.57
0.63
0.39
0.20
Net
realized
and
unrealized
gains
(losses)
0.03
(0.31)
(0.04)
0.16
(0.27)
(0.10)
Total
from
investment
operations
........
0.27
0.20
0.53
0.79
0.12
0.10
Less
distributions
from:
Net
investment
income
..............
(0.24)
(0.51)
(0.55)
(0.67)
(0.40)
(0.20)
Tax
return
of
capital
................
-
-
-
(0.03)
-
-
Total
distributions
...................
(0.24)
(0.51)
(0.55)
(0.70)
(0.40)
(0.20)
Net
asset
value,
end
of
period
..........
$7.68
$7.65
$7.96
$7.98
$7.89
$8.17
Total
return
d
.......................
3.46%
2.66%
6.93%
10.46%
1.65%
1.25%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.27%
1.24%
1.25%
1.29%
1.28%
1.25%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.27%
f
1.23%
1.25%
f
1.29%
f
1.28%
f
1.25%
f
Net
investment
income
...............
6.19%
6.44%
7.17%
7.95%
4.95%
2.44%
Supplemental
data
Net
assets
,
end
of
period
(000's)
........
$331
$321
$491
$495
$436
$554
Portfolio
turnover
rate
................
15%
34%
37%
31%
26%
42%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund's
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Putnam
Funds
Trust
Financial
Highlights
Putnam
Floating
Rate
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
5
a
Six
Months
Ended
August
31,
2026
(unaudited)
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.66
$7.97
$7.99
$7.90
$8.18
$8.28
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.26
0.55
0.62
0.67
0.43
0.25
Net
realized
and
unrealized
gains
(losses)
0.03
(0.31)
(0.04)
0.16
(0.26)
(0.10)
Total
from
investment
operations
........
0.29
0.24
0.58
0.83
0.17
0.15
Less
distributions
from:
Net
investment
income
..............
(0.26)
(0.55)
(0.60)
(0.71)
(0.45)
(0.25)
Tax
return
of
capital
................
-
-
-
(0.03)
-
-
Total
distributions
...................
(0.26)
(0.55)
(0.60)
(0.74)
(0.45)
(0.25)
Net
asset
value,
end
of
period
..........
$7.69
$7.66
$7.97
$7.99
$7.90
$8.18
Total
return
d
.......................
3.88%
3.10%
7.54%
11.10%
2.23%
1.83%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
........
0.70%
0.68%
0.69%
0.72%
0.70%
0.68%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
........
0.70%
f
0.67%
0.69%
f
0.72%
f
0.70%
f
0.68%
f
Net
investment
income
...............
6.75%
6.99%
7.82%
8.51%
5.49%
3.02%
Supplemental
data
Net
assets
,
end
of
period
(000's)
........
$4,373
$3,549
$3,447
$6,825
$6,110
$7,021
Portfolio
turnover
rate
................
15%
34%
37%
31%
26%
42%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund's
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Putnam
Funds
Trust
Financial
Highlights
Putnam
Floating
Rate
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
Six
Months
Ended
August
31,
2026
(unaudited)
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
Y
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.66
$7.97
$7.99
$7.90
$8.19
$8.28
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.26
0.55
0.61
0.67
0.42
0.25
Net
realized
and
unrealized
gains
(losses)
0.03
(0.31)
(0.03)
0.15
(0.27)
(0.10)
Total
from
investment
operations
........
0.29
0.24
0.58
0.82
0.15
0.15
Less
distributions
from:
Net
investment
income
..............
(0.26)
(0.55)
(0.60)
(0.70)
(0.44)
(0.24)
Tax
return
of
capital
................
-
-
-
(0.03)
-
-
Total
distributions
...................
(0.26)
(0.55)
(0.60)
(0.73)
(0.44)
(0.24)
Net
asset
value,
end
of
period
..........
$7.69
$7.66
$7.97
$7.99
$7.90
$8.19
Total
return
d
.......................
3.85%
3.04%
7.47%
11.01%
2.04%
1.88%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
........
0.77%
0.74%
0.75%
0.79%
0.78%
0.75%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
........
0.77%
f
0.73%
0.75%
f
0.79%
f
0.78%
f
0.75%
f
Net
investment
income
...............
6.69%
6.93%
7.68%
8.44%
5.32%
2.97%
Supplemental
data
Net
assets
,
end
of
period
(000's)
........
$76,009
$86,768
$121,804
$111,051
$136,348
$193,541
Portfolio
turnover
rate
................
15%
34%
37%
31%
26%
42%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund's
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited),
August
31,
2026
Putnam
Floating
Rate
Income
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
5.8%
Building
Products
0.8%
a
Smyrna
Ready
Mix
Concrete
LLC
,
Senior
Secured
Note
,
144A,
8.875
%
,
11/15/31
..................................
United
States
2,000,000
$
2,097,216
Consumer
Finance
0.3%
a
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
9.5
%
,
2/15/29
United
States
900,000
942,411
Entertainment
0.3%
a
Banijay
Entertainment
SAS
,
Senior
Secured
Note
,
144A,
8.125
%
,
5/01/29
.........................................
France
900,000
924,451
Ground
Transportation
0.2%
a
Beacon
Mobility
Corp.
,
Senior
Secured
Note
,
144A,
7.25
%
,
8/01/30
.........................................
United
States
500,000
514,529
Household
Durables
0.4%
a
Newell
Brands,
Inc.
,
Senior
Note
,
144A,
8.5
%
,
6/01/28
.......
United
States
1,000,000
1,043,012
Insurance
0.3%
a
Acrisure
LLC
/
Acrisure
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
11/06/30
....................................
United
States
1,000,000
920,932
Media
1.3%
a
Sinclair
Television
Group,
Inc.
,
Senior
Secured
Note
,
144A,
8.125
%
,
2/15/33
...................................
United
States
1,215,000
1,264,524
a
Univision
Communications,
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
&
Mining
0.2%
a
Novelis
Corp.
,
Senior
Note
,
144A,
6.875
%
,
1/30/30
..........
United
States
587,000
603,424
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.8%
a
Starwood
Property
Trust,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
7/01/30
United
States
2,000,000
2,036,111
Passenger
Airlines
0.8%
a
OneSky
Flight
LLC
,
Senior
Note
,
144A,
8.875
%
,
12/15/29
.....
United
States
2,000,000
2,101,012
Trading
Companies
&
Distributors
0.4%
a
EquipmentShare.com,
Inc.
,
Secured
Note
,
144A,
9
%
,
5/15/28
..
United
States
1,180,000
1,206,267
Total
Corporate
Bonds
(Cost
$15,447,313)
....................................
15,704,911
b
Senior
Floating
Rate
Interests
86.4%
c
Aerospace
&
Defense
1.5%
Goat
Holdco
LLC,
First
Lien,
CME
Term
Loan,
B,
6.186%,
(1-month
SOFR
+
2.5%),
1/27/32
......................
United
States
1,331,598
1,336,951
TransDigm,
Inc.,
First
Lien,
CME
Term
Loan,
J,
6.186%,
(1-month
SOFR
+
2.5%),
2/28/31
.............................
United
States
2,269,606
2,279,626
Vertex
Aerospace
Services
Corp.,
First
Lien,
2024
CME
Term
Loan,
5.686%,
(1-month
SOFR
+
2%),
12/06/30
...........
United
States
481,429
482,977
4,099,554
a
a
a
a
a
a
Air
Freight
&
Logistics
0.7%
c
Rand
Parent
LLC,
First
Lien,
CME
Term
Loan,
B,
6.732%,
(3-month
SOFR
+
3%),
3/18/30
.......................
United
States
1,776,625
1,786,343
c
Automobile
Components
2.7%
d
Adient
US
LLC,
First
Lien,
CME
Term
Loan,
B2,
5.686%,
(1-month
SOFR
+
2%),
1/31/31
.......................
United
States
2,062,393
2,070,416
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Floating
Rate
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
b
Senior
Floating
Rate
Interests
(continued)
c
Automobile
Components
(continued)
Allison
Transmission,
Inc.,
First
Lien,
2026
CME
Term
Loan,
5.392%,
(1-month
SOFR
+
1.75%),
1/03/33
..............
United
States
934,114
$
936,613
DexKo
Global,
Inc.,
First
Lien,
Refinancing
2026
CME
Term
Loan,
8.823%,
(3-month
SOFR
+
5%),
10/06/31
................
United
States
2,172,999
2,112,155
DexKo
Global,
Inc.,
First
Lien,
Refinancing
Dollar
CME
Term
Loan,
8.323%,
(3-month
SOFR
+
4.5%),
10/06/31
.........
United
States
1,006,177
975,111
e
LCI
Industries,
First
Lien,
2025
CME
Term
Loan,
B,
5.936%,
(1-month
SOFR
+
2.25%),
3/25/32
.....................
United
States
987,525
991,228
7,085,523
a
a
a
a
a
a
c
Biotechnology
0.7%
Alkermes,
Inc.,
First
Lien,
2026
Refinancing
CME
Term
Loan,
B,
5.988%,
(3-month
SOFR
+
2.25%),
8/12/31
..............
United
States
222,222
223,982
Genmab
A/S,
First
Lien,
Amendment
No.
1
CME
Term
Loan,
5.732%,
(3-month
SOFR
+
2%),
12/13/32
................
Denmark
353,213
353,714
Grifols
International
Services
USA,
Inc.,
First
Lien,
Dollar
CME
Term
Loan,
B,
6.187%,
(6-month
SOFR
+
2.5%),
4/14/33
....
United
States
1,411,375
1,417,380
1,995,076
a
a
a
a
a
a
Broadline
Retail
0.5%
c
Peer
Holding
III
BV,
First
Lien,
CME
Term
Loan,
B5B,
6.232%,
(3-month
SOFR
+
2.5%),
7/01/31
......................
Netherlands
1,231,250
1,237,252
c
Building
Products
2.9%
Chariot
Buyer
LLC,
First
Lien,
Amendment
No.
5
Incremental
CME
Term
Loan,
6.436%,
(1-month
SOFR
+
2.75%),
9/08/32
.
United
States
2,866,050
2,873,487
Cornerstone
Building
Brands,
Inc.,
First
Lien,
New
CME
Term
Loan,
B,
7.014%,
(3-month
SOFR
+
3.25%),
4/12/28
.......
United
States
1,304,706
645,829
Janus
International
Group
LLC,
First
Lien,
8th
Amendment
CME
Term
Loan,
5.424%,
(12-month
SOFR
+
2%),
8/05/30
......
United
States
1,758,792
1,756,602
Quikrete
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
5.936%,
(1-month
SOFR
+
2.25%),
4/14/31
.....................
United
States
1,467,029
1,471,049
Quikrete
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B3,
5.936%,
(1-month
SOFR
+
2.25%),
2/10/32
.....................
United
States
746,222
748,207
Smyrna
Ready
Mix
Concrete
LLC,
First
Lien,
2025
CME
Term
Loan,
6.686%,
(1-month
SOFR
+
3%),
3/30/29
............
United
States
278,208
279,948
7,775,122
a
a
a
a
a
a
c
Capital
Markets
2.1%
Aretec
Group,
Inc.,
First
Lien,
CME
Term
Loan,
B4,
6.686%,
(1-month
SOFR
+
3%),
8/09/30
.......................
United
States
2,190,013
2,195,378
Citadel
Securities
LP,
First
Lien,
2026-1
CME
Term
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
Loan,
7.186%,
(1-month
SOFR
+
3.5%),
7/31/31
......................
United
States
1,979,950
1,933,134
5,837,084
a
a
a
a
a
a
c
Chemicals
4.4%
A-AP
Buyer,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.573%,
(3-month
SOFR
+
2.75%),
9/09/31
.....................
United
States
985,000
991,772
Geon
Performance
Solutions
LLC,
First
Lien,
Initial
CME
Term
Loan,
8.244%,
(3-month
SOFR
+
4.25%),
8/18/28
.........
United
States
954,159
940,644
Hexion
Holdings
Corp.,
Second
Lien,
Initial
CME
Term
Loan,
11.224%,
(1-month
SOFR
+
7.438%),
3/15/30
............
United
States
1,375,882
1,285,301
e
Minerals
Technologies,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.686%,
(1-month
SOFR
+
2%),
11/26/31
................
United
States
1,094,335
1,097,071
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Floating
Rate
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
b
Senior
Floating
Rate
Interests
(continued)
c
Chemicals
(continued)
Nouryon
Finance
BV,
First
Lien,
2026
Dollar
CME
Term
Loan,
7.213%,
(1-month
SOFR
+
3.5%),
7/08/31
...............
Netherlands
1,875,781
$
1,886,332
Olympus
Water
US
Holding
Corp.,
First
Lien,
6
Dollar
CME
Term
Loan,
B6,
6.732%,
(3-month
SOFR
+
3%),
6/23/31
.........
United
States
2,233,548
2,237,457
Solstice
Advanced
Materials,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.573%,
(3-month
SOFR
+
1.75%),
10/29/32
.............
United
States
1,077,731
1,079,978
Tronox
Finance
LLC,
First
Lien,
2024-B2
CME
Term
Loan,
5.982%,
(3-month
SOFR
+
2.25%),
4/04/29
..............
United
States
1,952,781
1,609,268
WR
Grace
Holdings
LLC,
First
Lien,
CME
Term
Loan,
B1,
6.732%,
(3-month
SOFR
+
3%),
8/19/32
................
United
States
740,579
744,593
11,872,416
a
a
a
a
a
a
c
Commercial
Services
&
Supplies
3.4%
Allied
Universal
Holdco
LLC,
First
Lien,
Amendment
No.
7
Replacement
USD
CME
Term
Loan,
6.936%,
(1-month
SOFR
+
3.25%),
8/20/32
...................................
United
States
998,385
1,003,707
APi
Group
DE,
Inc.,
First
Lien,
Amendment
No.
9
CME
Term
Loan,
5.436%,
(1-month
SOFR
+
1.75%),
5/16/33
.........
United
States
392,717
394,268
Cimpress
USA,
Inc.,
First
Lien,
2026
CME
Term
Loan,
B1,
6.186%,
(1-month
SOFR
+
2.5%),
6/03/33
...............
Ireland
303,075
304,403
Enviri
Corp.,
First
Lien,
CME
Term
Loan,
B3,
6.051%,
(1-month
SOFR
+
2.25%),
6/09/28
............................
United
States
1,482,778
1,482,778
Garda
World
Security
Corp.,
First
Lien,
Fifteenth
Additional
CME
Term
Loan,
6.513%,
(3-month
SOFR
+
2.75%),
2/01/29
.....
Canada
1,052,181
1,053,717
HNI
Corp.,
First
Lien,
2026
Refinancing
CME
Term
Loan,
5.397%,
(1-month
SOFR
+
1.75%),
12/10/32
....................
United
States
497,500
499,211
MillerKnoll,
Inc.,
First
Lien,
2026
CME
Term
Loan,
B,
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
Loan,
B,
8.863%,
(3-month
SOFR
+
5%),
2/03/33
..............
United
States
2,000,000
1,998,380
e
OPENLANE,
Inc.,
First
Lien,
2025
Incremental
CME
Term
Loan,
6.261%,
(3-month
SOFR
+
2.5%),
10/08/32
..............
United
States
1,194,000
1,199,970
Prometric
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.436%,
(1-month
SOFR
+
3.75%),
6/25/32
..............
United
States
620,313
622,484
9,452,742
a
a
a
a
a
a
Communications
Equipment
0.4%
c
Viasat,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
8.273%,
(1-month
SOFR
+
4.5%),
3/02/29
.............................
United
States
962,406
971,592
c
Construction
&
Engineering
0.8%
Brand
Industrial
Services,
Inc.,
First
Lien,
CME
Term
Loan,
C,
8.311%,
(3-month
SOFR
+
4.5%),
8/01/30
...............
United
States
1,362,976
1,101,244
Chromalloy
Corp.,
First
Lien,
CME
Term
Loan,
6.484%,
(3-month
SOFR
+
2.75%),
3/27/31
............................
United
States
735,000
739,237
Construction
Partners,
Inc.,
First
Lien,
Amendment
No.
1
Refinancing
CME
Term
Loan,
5.686%,
(1-month
SOFR
+
2%),
11/03/31
........................................
United
States
283,839
285,152
2,125,633
a
a
a
a
a
a
Consumer
Staples
Distribution
&
Retail
0.1%
c,d
Chefs'
Warehouse,
Inc.
(The),
First
Lien,
CME
Term
Loan,
B,
5.967%,
(12-month
SOFR
+
2%),
8/12/33
................
United
States
217,129
218,826
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Floating
Rate
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
b
Senior
Floating
Rate
Interests
(continued)
c
Containers
&
Packaging
1.5%
Clydesdale
Acquisition
Holdings,
Inc.,
First
Lien,
2025
Incremental
Closing
Date
CME
Term
Loan,
B,
6.936%,
(1-month
SOFR
+
3.25%),
4/01/32
...................................
United
States
1,556,179
$
1,536,726
Mauser
Packaging
Solutions
Holding
Co.,
First
Lien,
2025
CME
Term
Loan,
7.206%,
(1-month
SOFR
+
3.5%),
4/15/30
......
United
States
1,443,280
1,444,485
Plastipak
Packaging,
Inc.,
First
Lien,
CME
Term
Loan,
B,
6.186%,
(1-month
SOFR
+
2.5%),
9/24/32
......................
United
States
397,000
398,407
Pregis
TopCo
LLC,
First
Lien,
Tenth
Amendment
CME
Term
Loan,
7.436%,
(1-month
SOFR
+
3.75%),
2/01/29
..............
United
States
935,656
942,908
4,322,526
a
a
a
a
a
a
c
Distributors
2.4%
Core
&
Main
LP,
First
Lien,
CME
Term
Loan,
F,
5.517%,
(3-month
SOFR
+
1.75%),
7/01/33
............................
United
States
1,815,930
1,820,470
Gloves
Buyer,
Inc.,
First
Lien,
2026
Repricing
CME
Term
Loan,
7.409%,
(1-month
SOFR
+
3.75%),
5/21/32
..............
United
States
1,990,000
2,000,885
Verde
Purchaser
LLC,
First
Lien,
Second
Refinancing
CME
Term
Loan,
7.732%,
(3-month
SOFR
+
4%),
11/30/30
...........
United
States
1,721,316
1,721,496
Windsor
Holdings
III
LLC,
First
Lien,
2025
Refinancing
CME
Term
Loan,
B,
6.436%,
(1-month
SOFR
+
2.75%),
8/01/30
.......
United
States
972,737
978,559
6,521,410
a
a
a
a
a
a
c
Diversified
Consumer
Services
1.4%
Anticimex
Global
AB,
First
Lien,
CME
Term
Loan,
B8,
6.55%,
(1-
day
SOFR
+
2.9%),
11/17/31
.........................
Sweden
376,908
378,860
Ascend
Learning
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.685%,
(1-month
SOFR
+
3%),
12/11/28
......................
United
States
1,937,356
1,938,228
HomeServe
USA
Corp.,
First
Lien,
Amendment
No.
1
Refinancing
CME
Term
Loan,
5.652%,
(1-month
SOFR
+
2%),
10/21/30
..
United
Kingdom
977,500
978,316
Mavis
Tire
Express
Services
Topco
Corp.,
First
Lien,
2025
Incremental
CME
Term
Loan,
6.669%,
(6-month
SOFR
+
3%),
5/04/28
.........................................
United
States
873,894
874,475
4,169,879
a
a
a
a
a
a
Diversified
Telecommunication
Services
0.2%
c
QTS
Thunder
Managing
Issuer
LLC,
First
Lien,
CME
Term
Loan,
B,
6.025%,
(3-month
SOFR
+
2.25%),
7/22/33
............
United
States
624,133
621,402
c
Electric
Utilities
0.7%
Alpha
Generation
LLC,
First
Lien,
2026-1
Incremental
CME
Term
Loan,
B,
5.436%,
(1-month
SOFR
+
1.75%),
6/10/33
.......
United
States
2,000,000
1,995,250
Invenergy
Thermal
Operating
I
LLC,
First
Lien,
CME
Term
Loan,
B,
6.37%,
(1-day
SOFR
+
2.75%),
5/17/32
...............
United
States
77,859
78,443
Invenergy
Thermal
Operating
I
LLC,
First
Lien,
CME
Term
Loan,
C,
6.37%,
(1-day
SOFR
+
2.75%),
5/17/32
...............
United
States
5,150
5,189
2,078,882
a
a
a
a
a
a
c
Electronic
Equipment,
Instruments
&
Components
0.7%
Belden,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.936%,
(1-month
SOFR
+
2.25%),
7/01/33
............................
United
States
948,478
953,614
e
Ingram
Micro,
Inc.,
First
Lien,
CME
Term
Loan,
B2,
5.927%,
(3-month
SOFR
+
2.25%),
9/22/31
.....................
United
States
600,397
604,149
MX
Holdings
US,
Inc.,
First
Lien,
Senior
USD
CME
Term
Loan,
B,
5.685%,
(1-month
SOFR
+
2%),
3/17/32
................
United
States
179,563
180,161
1,737,924
a
a
a
a
a
a
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Floating
Rate
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
b
Senior
Floating
Rate
Interests
(continued)
c
Entertainment
1.6%
Discovery
Global
Holdings,
Inc.,
First
Lien,
Initial
Dollar
CME
Term
Loan,
6.186%,
(1-month
SOFR
+
2.5%),
6/03/33
......
United
States
1,002,997
$
1,006,287
OAK-Eagle
Acquireco,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
7.251%,
(3-month
SOFR
+
3.5%),
8/04/33
...............
United
States
625,000
632,031
TKO
Worldwide
Holdings
LLC,
First
Lien,
CME
Term
Loan,
B7,
5.507%,
(3-month
SOFR
+
1.75%),
11/21/31
.............
United
States
2,724,823
2,726,389
4,364,707
a
a
a
a
a
a
c
Financial
Services
4.1%
Colossus
Acquireco
LLC,
First
Lien,
Initial
CME
Term
Loan,
5.37%,
(1-day
SOFR
+
1.75%),
1/31/33
.................
United
States
1,492,500
1,489,522
Corpay
Technologies
Operating
Co.
LLC,
First
Lien,
CME
Term
Loan,
B6,
5.435%,
(1-month
SOFR
+
1.75%),
11/05/32
.....
United
States
1,058,515
1,059,548
Greystone
Select
Financial
LLC,
First
Lien,
Initial
CME
Term
Loan,
8.995%,
(3-month
SOFR
+
5%),
6/16/28
............
United
States
1,403,077
1,396,062
Hudson
River
Trading
LLC,
First
Lien,
CME
Term
Loan,
B2,
6.159%,
(1-month
SOFR
+
2.5%),
3/18/30
...............
United
States
2,488,747
2,487,913
Neon
Maple
US
Debt
Mergersub,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
6.186%,
(1-month
SOFR
+
2.5%),
11/17/31
......
United
States
1,975,050
1,936,122
Red
Planet
Borrower
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.436%,
(1-month
SOFR
+
3.75%),
9/08/32
..............
United
States
1,002,892
1,008,348
Speed
Midco
3
SARL,
First
Lien,
USD
CME
Term
Loan,
B,
6.195%,
(6-month
SOFR
+
2.5%),
10/07/32
..............
Luxembourg
872,807
875,098
WEX,
Inc.,
First
Lien,
CME
Term
Loan,
B3,
5.436%,
(1-month
SOFR
+
1.75%),
3/05/32
............................
United
States
746,222
746,804
10,999,417
a
a
a
a
a
a
c
Ground
Transportation
1.4%
Genesee
&
Wyoming,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.482%,
(3-month
SOFR
+
1.75%),
4/10/31
..............
United
States
618,975
618,987
Kenan
Advantage
Group,
Inc.
(The),
First
Lien,
U.S.
CME
Term
Loan,
B4,
6.936%,
(1-month
SOFR
+
3.25%),
1/25/29
......
United
States
2,969,697
2,977,121
f
LaserShip,
Inc.,
First
Lien,
CME
Term
Loan,
D,
PIK,
8.494%,
(3-month
SOFR
+
4.5%),
8/10/29
......................
United
States
375,410
45,518
Savage
Enterprises
LLC,
First
Lien,
Amendment
No.
8
CME
Term
Loan,
5.642%,
(1-month
SOFR
+
2%),
8/05/32
............
United
States
306,297
307,664
3,949,290
a
a
a
a
a
a
c
Health
Care
Equipment
&
Supplies
1.9%
Bausch
+
Lomb
Corp.,
First
Lien,
2025-2
Refinancing
CME
Term
Loan,
7.436%,
(1-month
SOFR
+
3.75%),
1/15/31
.........
United
States
3,102,495
3,126,152
TPG,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.995%,
(3-month
SOFR
+
2.25%),
4/07/33
............................
United
States
2,000,000
1,973,670
5,099,822
a
a
a
a
a
a
c
Health
Care
Providers
&
Services
3.7%
Charlotte
Buyer,
Inc.,
First
Lien,
Third
Refinancing
CME
Term
Loan,
8.145%,
(1-month
SOFR
+
4.5%),
6/30/31
..........
United
States
977,588
981,322
Concentra
Health
Services,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
5.436%,
(1-month
SOFR
+
1.75%),
7/28/31
..............
United
States
985,031
986,263
Covetrus,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
8.732%,
(3-month
SOFR
+
5%),
10/15/29
......................
United
States
965,063
938,707
Dermatology
Intermediate
Holdings
III,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
8.073%,
(3-month
SOFR
+
4.25%),
3/26/29
.....
United
States
1,484,536
1,378,021
Global
Medical
Response,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.909%,
(1-month
SOFR
+
3.25%),
10/01/32
.............
United
States
753,623
758,115
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Floating
Rate
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
b
Senior
Floating
Rate
Interests
(continued)
c
Health
Care
Providers
&
Services
(continued)
LifePoint
Health,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
7.503%,
(3-month
SOFR
+
3.75%),
5/19/31
.....................
United
States
1,475,504
$
1,416,411
McKesson
Medical-Surgical
Top
Holdings,
Inc.,
First
Lien,
Amendment
No.
1
CME
Term
Loan,
B,
5.982%,
(3-month
SOFR
+
2.25%),
6/09/32
.................................
United
States
318,718
320,313
PAREXEL
International
Corp.,
First
Lien,
Seventh
Amendment
CME
Term
Loan,
6.186%,
(1-month
SOFR
+
2.5%),
12/12/31
.
United
States
1,284,597
1,291,425
Phoenix
Guarantor,
Inc.,
First
Lien,
CME
Term
Loan,
B6,
5.686%,
(1-month
SOFR
+
2%),
2/21/31
.......................
United
States
1,779,996
1,784,411
9,854,988
a
a
a
a
a
a
Health
Care
Technology
0.8%
c
AthenaHealth
Group,
Inc.,
First
Lien,
Fourth
Amendment
CME
Term
Loan,
6.936%,
(1-month
SOFR
+
3.25%),
2/16/32
.....
United
States
2,201,723
2,203,693
c
Hotels,
Restaurants
&
Leisure
4.7%
Caesars
Entertainment,
Inc.,
First
Lien,
2023
Incremental
CME
Term
Loan,
B,
5.936%,
(1-month
SOFR
+
2.25%),
2/06/30
...
United
States
1,615,000
1,582,369
Fertitta
Entertainment
LLC,
First
Lien,
Initial
CME
Term
Loan,
B,
6.936%,
(1-month
SOFR
+
3.25%),
1/29/29
..............
United
States
1,918,271
1,924,870
Flutter
Financing
BV,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B,
5.482%,
(3-month
SOFR
+
1.75%),
12/02/30
......
Ireland
392,947
386,153
Flynn
Restaurant
Group
LP,
First
Lien,
2025
CME
Term
Loan,
7.436%,
(1-month
SOFR
+
3.75%),
1/28/32
..............
United
States
1,695,490
1,643,778
Four
Seasons
Hotels
Ltd.,
First
Lien,
2026
Repricing
CME
Term
Loan,
5.186%,
(1-month
SOFR
+
1.5%),
9/16/32
..........
Canada
1,000,000
1,002,950
Golden
State
Foods
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.261%,
(3-month
SOFR
+
3.5%),
12/04/31
..............
United
States
623,196
625,707
IRB
Holding
Corp.,
First
Lien,
2025
Replacement
CME
Term
Loan,
B,
6.231%,
(1-month
SOFR
+
2.5%),
12/16/30
.......
United
States
826,812
830,470
Light
&
Wonder
International,
Inc.,
First
Lien,
CME
Term
Loan,
B3,
5.659%,
(1-month
SOFR
+
2%),
4/16/29
.............
United
States
2,419,575
2,425,624
Raising
Cane's
Restaurants
LLC,
First
Lien,
Second
Amendment
New
CME
Term
Loan,
5.651%,
(1-month
SOFR
+
2%),
6/06/33
United
States
1,061,947
1,056,637
SeaWorld
Parks
&
Entertainment,
Inc.,
First
Lien,
CME
Term
Loan,
B3,
5.686%,
(1-month
SOFR
+
2%),
12/04/31
........
United
States
977,575
973,499
12,452,057
a
a
a
a
a
a
Household
Durables
1.0%
c
Hunter
Douglas,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
6.732%,
(3-month
SOFR
+
3%),
1/16/32
.......................
Netherlands
2,625,729
2,636,126
c
Household
Products
0.7%
Energizer
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.659%,
(1-month
SOFR
+
2%),
3/19/32
................
United
States
265,529
265,363
Lavender
Dutch
BorrowerCo
BV,
First
Lien,
USD
CME
Term
Loan,
B,
6.982%,
(3-month
SOFR
+
3.25%),
12/30/32
......
Netherlands
1,693,616
1,696,369
1,961,732
a
a
a
a
a
a
c
Independent
Power
and
Renewable
Electricity
Producers
0.9%
Calpine
Construction
Finance
Co.
LP,
First
Lien,
2025
Refinancing
CME
Term
Loan,
5.436%,
(1-month
SOFR
+
1.75%),
7/31/30
...................................
United
States
2,014,258
2,017,279
Talen
Energy
Supply
LLC,
First
Lien,
2024-1
Incremental
CME
Term
Loan,
B,
5.479%,
(3-month
SOFR
+
1.75%),
12/15/31
..
United
States
353,363
352,922
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Floating
Rate
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
b
Senior
Floating
Rate
Interests
(continued)
c
Independent
Power
and
Renewable
Electricity
Producers
(continued)
Talen
Energy
Supply
LLC,
First
Lien,
Initial
CME
Term
Loan,
B,
5.479%,
(3-month
SOFR
+
1.75%),
11/25/32
.............
United
States
295,084
$
294,591
2,664,792
a
a
a
a
a
a
c
Insurance
1.1%
Acrisure
LLC,
First
Lien,
CME
Term
Loan,
B6,
6.686%,
(1-month
SOFR
+
3%),
11/06/30
..............................
United
States
1,473,806
1,257,650
Jones
DesLauriers
Insurance
Management,
Inc.,
First
Lien,
2026-
1
CME
Term
Loan,
6.823%,
(3-month
SOFR
+
3%),
2/02/33
..
Canada
1,714,286
1,694,786
OneDigital
Borrower
LLC,
First
Lien,
2025
Refinancing
CME
Term
Loan,
6.686%,
(1-month
SOFR
+
3%),
7/02/31
............
United
States
134,012
132,772
3,085,208
a
a
a
a
a
a
c
IT
Services
3.7%
Ahead
DB
Holdings
LLC,
First
Lien,
CME
Term
Loan,
B3,
6.232%,
(3-month
SOFR
+
2.5%),
2/03/31
......................
United
States
1,181,475
1,180,884
Fortress
Intermediate
3,
Inc.,
First
Lien,
CME
Term
Loan,
B,
6.642%,
(1-month
SOFR
+
3%),
6/27/31
................
United
States
566,407
566,877
Genuine
Financial
Holdings
LLC,
First
Lien,
2025
Replacement
CME
Term
Loan,
6.936%,
(1-month
SOFR
+
3.25%),
9/27/30
.
United
States
1,470,057
1,448,623
Go
Daddy
Operating
Co.
LLC,
First
Lien,
CME
Term
Loan,
B7,
5.436%,
(1-month
SOFR
+
1.75%),
5/30/31
..............
United
States
746,193
737,448
Go
Daddy
Operating
Co.
LLC,
First
Lien,
CME
Term
Loan,
B8,
5.436%,
(1-month
SOFR
+
1.75%),
11/09/29
.............
United
States
1,000,000
994,830
e
Indy
US
Holdco
LLC,
First
Lien,
Thirteenth
Amendment
Refinancing
CME
Term
Loan,
5.935%,
(1-month
SOFR
+
2.25%),
10/31/30
..................................
United
States
1,000,000
997,500
MH
Sub
I
LLC
(Micro
Holding
Corp.),
First
Lien,
CME
Term
Loan,
7.936%,
(1-month
SOFR
+
4.25%),
5/03/28
..............
United
States
1,622,080
1,607,790
MH
Sub
I
LLC,
First
Lien,
2024
December
New
CME
Term
Loan,
7.936%,
(1-month
SOFR
+
4.25%),
12/31/31
.............
United
States
1,098,022
1,027,853
Tempo
Acquisition
LLC,
First
Lien,
Seventh
Incremental
CME
Term
Loan,
5.436%,
(1-month
SOFR
+
1.75%),
8/31/28
.....
United
States
1,080,981
897,620
Tenable,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.551%,
(1-month
SOFR
+
2.75%),
7/07/28
............................
United
States
477,500
477,600
9,937,025
a
a
a
a
a
a
c
Leisure
Products
1.7%
Fender
Musical
Instruments
Corp.,
First
Lien,
Initial
CME
Term
Loan,
7.786%,
(1-month
SOFR
+
4%),
12/01/28
...........
United
States
1,857,909
1,830,049
GBT
US
III
LLC,
First
Lien,
CME
Term
Loan,
B2,
5.81%,
(3-month
SOFR
+
2%),
7/25/31
...............................
United
States
985,000
985,000
Motion
Finco
SARL,
First
Lien,
CME
Term
Loan,
B3,
7.232%,
(3-month
SOFR
+
3.5%),
11/13/29
.....................
United
Kingdom
1,955,447
1,561,924
4,376,973
a
a
a
a
a
a
c
Machinery
0.9%
Hillman
Group,
Inc.
(The),
First
Lien,
2026
Initial
CME
Term
Loan,
5.659%,
(1-month
SOFR
+
2%),
7/22/33
................
United
States
666,667
667,917
Pro
Mach
Group,
Inc.,
First
Lien,
Amendment
No.
8
Refinancing
CME
Term
Loan,
6.186%,
(1-month
SOFR
+
2.5%),
10/15/32
.
United
States
967,999
972,902
Terex
Corp.,
First
Lien,
2025
Refinancing
CME
Term
Loan,
5.436%,
(1-month
SOFR
+
1.75%),
10/08/31
.............
United
States
911,562
914,697
2,555,516
a
a
a
a
a
a
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Floating
Rate
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
b
Senior
Floating
Rate
Interests
(continued)
c
Media
2.5%
Cengage
Learning,
Inc.,
First
Lien,
2026
Refinancing
CME
Term
Loan,
6.721%,
(1-month
SOFR
+
3%),
3/24/31
............
United
States
1,670,399
$
1,666,598
Clear
Channel
Outdoor
Holdings,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan,
7.801%,
(1-month
SOFR
+
4%),
8/23/28
.........................................
United
States
722,888
725,779
COGECO
Financing
2
LP,
First
Lien,
CME
Term
Loan,
B,
6.301%,
(1-month
SOFR
+
2.5%),
9/01/28
......................
United
States
1,676,916
1,572,109
DIRECTV
Financing
LLC,
First
Lien,
2026
Refinancing
CME
Term
Loan,
B,
8.323%,
(3-month
SOFR
+
4.5%),
8/02/29
........
United
States
671,875
677,596
Outfront
Media
Capital
LLC,
First
Lien,
CME
Term
Loan,
5.436%,
(1-month
SOFR
+
1.75%),
9/24/32
.....................
United
States
1,200,000
1,203,252
Virgin
Media
Bristol
LLC,
First
Lien,
CME
Term
Loan,
Y,
6.967%,
(6-month
SOFR
+
3.175%),
3/31/31
....................
United
States
1,000,000
873,410
6,718,744
a
a
a
a
a
a
c
Metals
&
Mining
0.9%
AMG
Critical
Materials
NV,
First
Lien,
CME
Term
Loan,
B,
6.936%,
(1-month
SOFR
+
3.25%),
7/22/33
..............
Netherlands
488,491
490,018
Arsenal
AIC
Parent
LLC,
First
Lien,
2025
Refinancing
CME
Term
Loan,
B,
6.436%,
(1-month
SOFR
+
2.75%),
8/19/30
.......
United
States
574,310
577,710
TMS
International
Corp.,
First
Lien,
New
CME
Term
Loan,
B7,
7.237%,
(3-month
SOFR
+
3.5%),
3/04/30
...............
United
States
1,455,439
1,462,723
2,530,451
a
a
a
a
a
a
c
Oil,
Gas
&
Consumable
Fuels
2.8%
Buckeye
Partners
LP,
First
Lien,
2025
CME
Term
Loan,
B7,
5.436%,
(1-month
SOFR
+
1.75%),
11/22/32
.............
United
States
990,837
994,825
CQP
Holdco
LP,
First
Lien,
CME
Term
Loan,
B,
5.482%,
(3-month
SOFR
+
1.75%),
12/31/32
...........................
United
States
1,722,243
1,718,084
GIP
Pilot
Acquisition
Partners
LP,
First
Lien,
CME
Term
Loan,
B,
5.723%,
(3-month
SOFR
+
2%),
5/19/33
................
United
States
1,152,402
1,158,164
Hilcorp
Energy
I
LP,
First
Lien,
Initial
CME
Term
Loan,
5.409%,
(1-month
SOFR
+
1.75%),
2/11/30
.....................
United
States
677,143
677,989
Venture
Global
Calcasieu
Pass
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.954%,
(6-month
SOFR
+
3.25%),
4/11/33
.........
United
States
2,870,132
2,893,653
7,442,715
a
a
a
a
a
a
Paper
&
Forest
Products
0.7%
c
Magnera
Corp.,
First
Lien,
CME
Term
Loan,
8.073%,
(3-month
SOFR
+
4.25%),
11/04/31
...........................
United
States
1,798,917
1,804,917
c
Passenger
Airlines
2.5%
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
CME
Term
Loan,
5.979%,
(3-month
SOFR
+
2.25%),
4/20/28
.....................
United
States
1,473,103
1,475,048
American
Airlines,
Inc.,
First
Lien,
2026
CME
Term
Loan,
6.764%,
(3-month
SOFR
+
3%),
5/30/33
.......................
United
States
1,000,000
998,595
American
Airlines,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.907%,
(3-month
SOFR
+
2.25%),
6/04/29
.....................
United
States
2,884,141
2,881,560
WestJet
Loyalty
LP,
First
Lien,
Initial
CME
Term
Loan,
6.482%,
(3-month
SOFR
+
2.75%),
2/14/31
.....................
Canada
1,368,500
1,325,734
6,680,937
a
a
a
a
a
a
Personal
Care
Products
0.6%
c
OPAL
US
LLC,
First
Lien,
CME
Term
Loan,
B6,
6.232%,
(3-month
SOFR
+
2.5%),
4/28/32
.............................
United
States
1,488,769
1,498,208
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Floating
Rate
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
15
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
b
Senior
Floating
Rate
Interests
(continued)
c
Pharmaceuticals
1.0%
Jazz
Financing
Lux
SARL,
First
Lien,
Dollar
CME
Term
Loan,
B2,
5.936%,
(1-month
SOFR
+
2.25%),
5/05/28
..............
United
States
2,525
$
2,536
Organon
&
Co.,
First
Lien,
2024
Refinancing
Dollar
CME
Term
Loan,
5.936%,
(1-month
SOFR
+
2.25%),
5/19/31
.........
United
States
1,065,304
1,066,300
Perrigo
Investments
LLC,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B,
5.686%,
(1-month
SOFR
+
2%),
4/20/29
..........
United
States
689,194
689,194
Southern
Veterinary
Partners
LLC,
First
Lien,
2025
New
CME
Term
Loan,
6.188%,
(1-month
SOFR
+
2.5%),
12/04/31
.....
United
States
682,771
684,936
2,442,966
a
a
a
a
a
a
c
Professional
Services
0.9%
d
CoreLogic,
Inc.,
First
Lien,
CME
Term
Loan,
B,
7.936%,
(1-month
SOFR
+
4.25%),
7/25/31
............................
United
States
1,500,000
1,473,278
Creative
Artists
Agency
LLC,
First
Lien,
CME
Term
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
Loan,
9.017%,
(3-month
SOFR
+
5.25%),
5/27/32
.....................
United
States
335,700
239,186
Soliant
Lower
Intermediate
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.514%,
(3-month
SOFR
+
3.75%),
7/18/31
.........
United
States
479,370
382,149
2,591,136
a
a
a
a
a
a
c
Real
Estate
Management
&
Development
0.7%
Cushman
&
Wakefield
US
Borrower
LLC,
First
Lien,
Amendment
No.
14
CME
Term
Loan,
5.936%,
(1-month
SOFR
+
2.25%),
6/13/33
.........................................
United
States
1,339,000
1,342,348
e
Greystar
Real
Estate
Partners
LLC,
First
Lien,
CME
Term
Loan,
B4,
5.917%,
(3-month
SOFR
+
2.25%),
8/21/30
...........
United
States
490,059
491,897
1,834,245
a
a
a
a
a
a
c
Semiconductors
&
Semiconductor
Equipment
1.0%
Altar
Bidco,
Inc.,
Second
Lien,
Initial
CME
Term
Loan,
9.108%,
(12-month
SOFR
+
5.6%),
2/01/30
.....................
United
States
2,872,500
2,822,231
MKS
Instruments,
Inc.,
First
Lien,
2026-1
Dollar
CME
Term
Loan,
B,
5.397%,
(1-month
SOFR
+
1.75%),
2/04/33
............
United
States
29,229
29,383
2,851,614
a
a
a
a
a
a
c
Software
8.2%
e
Adeia,
Inc.,
First
Lien,
Initial
CME
Term
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
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
CME
Term
Loan,
6.982%,
(3-month
SOFR
+
3.25%),
7/06/29
.........
United
States
1,957,631
1,009,815
Cloudera,
Inc.,
Second
Lien,
Initial
CME
Term
Loan,
9.786%,
(1-month
SOFR
+
6%),
10/10/29
......................
United
States
2,000,000
1,441,110
ConnectWise
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.494%,
(3-month
SOFR
+
3.5%),
9/29/28
......................
United
States
1,326,018
1,283,393
Gen
Digital,
Inc.,
First
Lien,
Second
Amendment
Incremental
CME
Term
Loan,
B,
5.436%,
(1-month
SOFR
+
1.75%),
4/16/32
United
States
1,287,000
1,278,821
Genesys
Cloud
Services,
Inc.,
First
Lien,
2025
Dollar
CME
Term
Loan,
6.186%,
(1-month
SOFR
+
2.5%),
1/30/32
..........
United
States
2,346,393
2,296,532
e
IGT
Holding
IV
AB,
First
Lien,
CME
Term
Loan,
B8,
6.732%,
(3-month
SOFR
+
3%),
9/02/31
.......................
Sweden
2,920,680
2,924,331
McAfee
Corp.,
First
Lien,
CME
Term
Loan,
B1,
6.686%,
(1-month
SOFR
+
3%),
3/01/29
...............................
United
States
953,372
905,041
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Floating
Rate
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
b
Senior
Floating
Rate
Interests
(continued)
c
Software
(continued)
Open
Text
Corp.,
First
Lien,
CME
Term
Loan,
B,
5.436%,
(1-month
SOFR
+
1.75%),
1/31/30
.....................
Canada
574,918
$
573,299
Proofpoint,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan,
6.732%,
(3-month
SOFR
+
3%),
8/31/28
................
United
States
1,109,319
1,109,457
Rocket
Software,
Inc.,
First
Lien,
CME
Term
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
Loan,
6.073%,
(3-month
SOFR
+
2.25%),
2/10/31
............................
United
States
2,582,840
2,514,899
Vision
Solutions,
Inc.,
First
Lien,
New
CME
Term
Loan,
B,
8.084%,
(3-month
SOFR
+
4%),
4/24/28
................
United
States
1,799,167
1,469,532
22,114,144
a
a
a
a
a
a
c
Specialty
Retail
5.1%
AIP
RD
Buyer
Corp.,
First
Lien,
CME
Term
Loan,
7.186%,
(1-month
SOFR
+
3.5%),
12/23/30
.....................
United
States
488,831
488,878
Evergreen
Acqco
1
LP,
First
Lien,
Initial
CME
Term
Loan,
6.168%,
(3-month
SOFR
+
2.5%),
9/17/32
......................
United
States
1,553,350
1,560,309
Great
Outdoors
Group
LLC,
First
Lien,
CME
Term
Loan,
B,
6.936%,
(1-month
SOFR
+
3.25%),
1/23/32
..............
United
States
2,845,907
2,863,950
Johnstone
Supply
LLC,
First
Lien,
CME
Term
Loan,
B,
5.956%,
(1-month
SOFR
+
2.25%),
6/09/31
.....................
United
States
982,494
984,881
Petco
Health
&
Wellness
Co.,
Inc.,
First
Lien,
2026
CME
Term
Loan,
7.982%,
(3-month
SOFR
+
4.25%),
1/31/31
.........
United
States
997,500
998,463
PetSmart
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.688%,
(1-month
SOFR
+
4%),
8/18/32
.......................
United
States
1,540,598
1,553,123
RealTruck
Group,
Inc.,
First
Lien,
Second-Out
CME
Term
Loan,
B,
9.898%,
(3-month
SOFR
+
6%),
1/31/31
..............
United
States
1,984,810
1,215,200
Upbound
Group,
Inc.,
First
Lien,
2025
CME
Term
Loan,
6.479%,
(3-month
SOFR
+
2.75%),
8/19/32
.....................
United
States
1,240,625
1,243,727
White
Cap
Supply
Holdings
LLC,
First
Lien,
CME
Term
Loan,
C,
6.936%,
(1-month
SOFR
+
3.25%),
10/19/29
.............
United
States
2,280,408
2,283,920
13,192,451
a
a
a
a
a
a
c
Textiles,
Apparel
&
Luxury
Goods
0.7%
Beach
Acquisition
Bidco
LLC,
First
Lien,
CME
Term
Loan,
B1,
6.436%,
(1-month
SOFR
+
2.75%),
9/13/32
..............
United
States
100,590
101,250
Canada
Goose,
Inc.,
First
Lien,
2026
Refinancing
CME
Term
Loan,
6.757%,
(3-month
SOFR
+
3%),
8/23/32
............
Canada
741,680
744,265
Samsonite
IP
Holdings
SARL,
First
Lien,
Initial
CME
Term
Loan,
B,
5.436%,
(1-month
SOFR
+
1.75%),
11/08/32
...........
United
States
965,690
971,122
1,816,637
a
a
a
a
a
a
c
Trading
Companies
&
Distributors
1.2%
DXP
Enterprises,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.981%,
(1-month
SOFR
+
3.25%),
10/11/30
....................
United
States
1,459,124
1,470,826
QXO
Building
Products,
Inc.,
First
Lien,
2026
Incremental
CME
Term
Loan,
B,
5.686%,
(1-month
SOFR
+
2%),
7/01/33
.....
United
States
1,333,333
1,333,520
QXO
Building
Products,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.686%,
(1-month
SOFR
+
2%),
4/30/32
................
United
States
469,274
469,469
3,273,815
a
a
a
a
a
a
c
Transportation
Infrastructure
0.8%
g
BrightView
Landscapes
LLC,
First
Lien,
Initial
CME
Term
Loan,
5.823%,
(3-month
SOFR
+
2%),
6/17/33
................
United
States
428,571
428,571
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Floating
Rate
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
17
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
b
Senior
Floating
Rate
Interests
(continued)
c
Transportation
Infrastructure
(continued)
Carrix,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.81%,
(3-month
SOFR
+
2%),
7/27/33
...............................
United
States
1,500,000
$
1,500,945
1,929,516
a
a
a
a
a
a
Water
Utilities
0.2%
c,e
Deep
Blue
Operating
I
LLC,
First
Lien,
Initial
CME
Term
Loan,
5.902%,
(3-month
SOFR
+
2.25%),
10/01/32
.............
United
States
495,973
498,453
c
Wireless
Telecommunication
Services
1.3%
Connect
Finco
SARL,
First
Lien,
Amendment
No.
4
CME
Term
Loan,
8.186%,
(1-month
SOFR
+
4.5%),
9/13/29
..........
United
Kingdom
1,844,498
1,859,374
Crown
Subsea
Communications
Holding,
Inc.,
First
Lien,
2026
CME
Term
Loan,
6.686%,
(1-month
SOFR
+
3%),
1/30/31
...
United
States
1,485,000
1,494,979
3,354,353
a
a
a
a
a
a
Total
Senior
Floating
Rate
Interests
(Cost
$237,536,864)
.......................
232,625,834
Total
Long
Term
Investments
(Cost
$252,984,177)
.............................
248,330,745
a
Short
Term
Investments
6.2%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Management
Investment
Companies
6.2%
h,i
Putnam
Short
Term
Investment
Fund,
Class
P,
3.863%
.......
United
States
16,826,374
16,826,374
Total
Management
Investment
Companies
(Cost
$16,826,374)
..................
16,826,374
Total
Short
Term
Investments
(Cost
$16,826,374
)
..............................
16,826,374
a
Total
Investments
(Cost
$269,810,551)
98.4%
.................................
$265,157,119
Other
Assets,
less
Liabilities
1.6%
...........................................
4,077,590
Net
Assets
100.0%
.........................................................
$269,234,709
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
August
31,
2026,
the
aggregate
value
of
these
securities
was
$15,704,911,
representing
5.8%
of
net
assets.
b
See
Note
1(d)
regarding
senior
floating
rate
interests.
c
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
d
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1(b).
e
Fair
valued
using
significant
unobservable
inputs.
See
Note
11
regarding
fair
value
measurements.
f
Income
may
be
received
in
additional
securities
and/or
cash.
g
Non-income
producing.
h
See
Note
3(g)
regarding
investments
in
affiliated
management
investment
companies.
i
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Floating
Rate
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
At
August
31,
2026,
the
Fund
had
the
following credit
default
swap
contracts outstanding.
See
Note
1
(
c
).
Credit
Default
Swap
Contracts
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Maturity
Date
Notional
Amount
a
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
b
Centrally
Cleared
Swap
Contracts
Contracts
to
Sell
Protection
c,d
Traded
Index
CDX.NA.HY.46
.
5.00%
Quarterly
6/20/31
14,375,000
$
1,254,553
$
795,856
$
458,697
Non-
Investment
Grade
Total
Credit
Default
Swap
Contracts
....................................
$1,254,553
$
795,856
$458,697
a
In
U.S.
dollars
unless
otherwise
indicated.
For
contracts
to
sell
protection,
the
notional
amount
is
equal
to
the
maximum
potential
amount
of
the
future
payments
and
no
recourse
provisions
have
been
entered
into
in
association
with
the
contracts.
b
Based
on
Standard
and
Poor's
(S&P)
Rating
for
single
name
swaps
and
internal
ratings
for
index
swaps.
Internal
ratings
based
on
mapping
into
equivalent
ratings
from
external
vendors.
c
Performance
triggers
for
settlement
of
contract
include
default,
bankruptcy
or
restructuring
for
single
name
swaps,
and
failure
to
pay
or
bankruptcy
of
the
underlying
securities
for
traded
index
swaps.
d
The
fund
enters
contracts
to
sell
protection
to
create
a
long
credit
position.
See
Note
9
regarding
other
derivative
information.
See
A
bbreviations
on
page
34
.
Putnam
Funds
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
August
31,
2026
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
19
Putnam
Floating
Rate
Income
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$252,984,177
Cost
-
Non-controlled
affiliates
(Note
3
g
)
........................................................
16,826,374
Value
-
Unaffiliated
issuers
..................................................................
$248,330,745
Value
-
Non-controlled
affiliates
(Note
3
g
)
.......................................................
16,826,374
Cash
....................................................................................
772,858
Receivables:
Investment
securities
sold
...................................................................
4,247,666
Capital
shares
sold
........................................................................
104,597
Dividends
and
interest
.....................................................................
980,494
Deposits
with
brokers
for:
Centrally
cleared
swap
contracts
............................................................
1,407,410
Variation
margin
on
centrally
cleared
swap
contracts
...............................................
3,700
Unrealized
appreciation
on
unfunded
loan
commitments
(Note
8
)
.......................................
189
Prepaid
expenses
..........................................................................
109,542
Total
assets
..........................................................................
272,783,575
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
2,276,401
Capital
shares
redeemed
...................................................................
766,385
Management
fees
.........................................................................
121,649
Administrative
fees
........................................................................
2,140
Distribution
fees
..........................................................................
48,688
Transfer
agent
fees
........................................................................
86,973
Trustees'
fees
and
expenses
.................................................................
78,635
Distributions
to
shareholders
.................................................................
88,820
Accrued
expenses
and
other
liabilities
...........................................................
79,175
Total
liabilities
.........................................................................
3,548,866
Net
assets,
at
value
.................................................................
$269,234,709
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$366,875,236
Total
distributable
earnings
(losses)
.............................................................
(97,640,527)
Net
assets,
at
value
.................................................................
$269,234,709
Putnam
Funds
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
August
31,
2026
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
Putnam
Floating
Rate
Income
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$175,050,323
Shares
outstanding
........................................................................
22,795,281
Net
asset
value
per
share
a
,b
..................................................................
$7.68
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
97
.75
%
)
b
................................
$7.86
Class
C:
Net
assets,
at
value
.......................................................................
$13,471,800
Shares
outstanding
........................................................................
1,755,966
Net
asset
value
and
maximum
offering
price
per
share
a
,b
............................................
$7.67
Class
R:
Net
assets,
at
value
.......................................................................
$330,781
Shares
outstanding
........................................................................
43,077
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$7.68
Class
R6:
Net
assets,
at
value
.......................................................................
$4,373,191
Shares
outstanding
........................................................................
569,020
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$7.69
Class
Y:
Net
assets,
at
value
.......................................................................
$76,008,614
Shares
outstanding
........................................................................
9,888,142
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$7.69
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
b
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Putnam
Funds
Trust
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
August
31,
2026
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
21
Putnam
Floating
Rate
Income
Fund
Investment
income:
Dividends:
Non-controlled
affiliates
(Note
3
g
)
.............................................................
$178,055
Interest:
Unaffiliated
issuers
........................................................................
10,262,163
Total
investment
income
...................................................................
10,440,218
Expenses:
Management
fees
(Note
3
a
)
...................................................................
749,484
Administrative
fees
(Note
3
b
)
..................................................................
2,599
Distribution
fees:
(Note
3c
)
Class
A
................................................................................
225,701
Class
C
................................................................................
70,623
Class
R
................................................................................
811
Transfer
agent
fees:
(Note
3e
)
Class
A
................................................................................
107,374
Class
C
................................................................................
8,400
Class
R
................................................................................
193
Class
R6
...............................................................................
991
Class
Y
................................................................................
48,099
Custodian
fees
............................................................................
8,807
Reports
to
shareholders
fees
..................................................................
32,665
Registration
and
filing
fees
....................................................................
36,581
Professional
fees
...........................................................................
65,567
Trustees'
fees
and
expenses
(Note
3
f
)
...........................................................
7,238
Other
....................................................................................
9,662
Total
expenses
.........................................................................
1,374,795
Expense
reductions
(Note
4
)
...............................................................
(6,378)
Net
expenses
.........................................................................
1,368,417
Net
investment
income
................................................................
9,071,801
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(5,668,604)
Foreign
currency
transactions
................................................................
7,427
Swap
contracts
...........................................................................
(97,078)
Net
realized
gain
(loss)
..................................................................
(5,758,255)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
6,226,822
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(1,472)
Unfunded
loan
commitments
(Note
8
)
..........................................................
189
Swap
contracts
...........................................................................
505,644
Net
change
in
unrealized
appreciation
(depreciation)
............................................
6,731,183
Net
realized
and
unrealized
gain
(loss)
............................................................
972,928
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$10,044,729
Putnam
Funds
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
Putnam
Floating
Rate
Income
Fund
Six
Months
Ended
August
31,
2026
(unaudited)
Year
Ended
February
28,
2026
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$9,071,801
$22,487,592
Net
realized
gain
(loss)
.................................................
(5,758,255)
(4,474,054)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
6,731,183
(8,371,867)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
10,044,729
9,641,671
Distributions
to
shareholders:
Class
A
.............................................................
(5,870,026)
(14,235,099)
Class
C
.............................................................
(406,782)
(963,215)
Class
R
.............................................................
(10,137)
(22,141)
Class
R6
............................................................
(133,201)
(239,751)
Class
Y
.............................................................
(2,728,513)
(7,093,229)
Total
distributions
to
shareholders
..........................................
(9,148,659)
(22,553,435)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
(13,112,128)
(42,375,293)
Class
C
.............................................................
(1,344,417)
(2,243,599)
Class
R
.............................................................
9,027
(155,107)
Class
R6
............................................................
811,877
240,208
Class
Y
.............................................................
(11,019,436)
(31,039,269)
Total
capital
share
transactions
............................................
(24,655,077)
(75,573,060)
Net
increase
(decrease)
in
net
assets
...................................
(23,759,007)
(88,484,824)
Net
assets:
Beginning
of
period
.....................................................
292,993,716
381,478,540
End
of
period
..........................................................
$269,234,709
$292,993,716
Putnam
Funds
Trust
23
franklintempleton.com
Semiannual
Report
Notes
to
Financial
Statements
(unaudited)
Putnam
Floating
Rate
Income
Fund
1.
Organization
and
Significant
Accounting
Policies
Putnam
Funds
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of fourteen
separate
funds.
The
Trust
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946)
and applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
Putnam
Floating
Rate
Income
Fund
(Fund) is
included
in
this
report.
The
Fund
offers five
classes
of
shares:
Class
A,
Class
C,
Class
R,
Class
R6
and
Class
Y. Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
Each
class
of
shares
may
differ
by
its
initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees.
The
following
summarizes
the
Fund
's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Trust's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Debt
securities
generally
trade
in
the over-the-counter
(OTC)
market
rather
than
on
a
securities
exchange.
The
Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
Certain
derivative
financial
instruments
are
centrally
cleared
or
trade
in
the
OTC
market.
The
Fund's
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Fund's
net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
b.
Securities
Purchased
on
a
When-Issued,
Forward
Commitment or
Delayed
Delivery
Basis
The
Fund
may
purchase
securities
on
a when-issued,
forward
commitment
or
delayed
delivery basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Fund
will
generally
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
24
franklintempleton.com
Semiannual
Report
Putnam
Floating
Rate
Income
Fund
(continued)
purchase
these
securities
with
the
intention
of
holding
the
securities, it
may
sell
the
securities
before
the
settlement
date.
c.
Derivative
Financial
Instruments
The
Fund invested
in
derivative
financial
instruments
in
order
to
manage
risk
or
gain
exposure
to
various
other
investments
or
markets.
Derivatives
are
financial
contracts
based
on
an
underlying
or
notional
amount,
require
no
initial
investment
or
an
initial
net
investment
that
is
smaller
than
would
normally
be
required
to
have
a
similar
response
to
changes
in
market
factors,
and
require
or
permit
net
settlement.
Derivatives
contain
various
risks
including
the
potential
inability
of
the
counterparty
to
fulfill
their
obligations
under
the
terms
of
the
contract,
the
potential
for
an
illiquid
secondary
market,
and/or
the
potential
for
market
movements
which
expose
the
Fund
to
gains
or
losses
in
excess
of
the
amounts
shown
in
the
Statement
of
Assets
and
Liabilities.
Realized
gain
and
loss
and
unrealized
appreciation
and
depreciation
on
these
contracts
for
the
period
are
included
in
the
Statement
of
Operations.
Collateral
requirements
differ
by
type
of
derivative.
Collateral
or
initial
margin
requirements
are
set
by
the
broker
or
exchange
clearing
house
for
exchange
traded
and
centrally
cleared
derivatives.
Initial
margin
deposited
is
held
at
the
exchange
or
at
the
broker
and
can
be
in
the
form
of
cash
and/or
securities.
The
Fund
entered
into
credit
default
swap
contracts
primarily
to
manage
and/or
gain
exposure
to
credit
risk.
A
credit
default
swap
is
an
agreement
between
the
Fund
and
a
counterparty
whereby
the
buyer
of
the
contract
receives
credit
protection
and
the
seller
of
the
contract
guarantees
the
credit
worthiness
of
a
referenced
debt
obligation.
These
agreements
may
be
privately
negotiated
in
the
over-the-
counter
market
(OTC
credit
default
swaps)
or
may
be
executed
in
a
multilateral
trade
facility
platform,
such
as
a
registered
exchange
(centrally
cleared
credit
default
swaps).
The
underlying
referenced
debt
obligation
may
be
a
single
issuer
of
corporate
or
sovereign
debt,
a
credit
index,
a
basket
of
issuers
or
indices,
or
a
tranche
of
a
credit
index
or
basket
of
issuers
or
indices.
In
the
event
of
a
default
of
the
underlying
referenced
debt
obligation,
the
buyer
is
entitled
to
receive
the
notional
amount
of
the
credit
default
swap
contract
from
the
seller
in
exchange
for
the
referenced
debt
obligation,
a
net
settlement
amount
equal
to
the
notional
amount
of
the
credit
default
swap
less
the
recovery
value
of
the
referenced
debt
obligation,
or
other
agreed
upon
amount.
For
centrally
cleared
credit
default
swaps,
required
initial
margins
are
pledged
by
the
Fund,
and
the
daily
change
in
fair
value
is
accounted
for
as
a
variation
margin
payable
or
receivable
in
the
Statement
of
Assets
and
Liabilities.
Over
the
term
of
the
contract,
the
buyer
pays
the
seller
a
periodic
stream
of
payments,
provided
that
no
event
of
default
has
occurred.
Such
periodic
payments
are
accrued
daily
as
an
unrealized
appreciation or
depreciation
until
the
payments
are
made,
at
which
time
they
are
realized.
Upfront
payments
and
receipts
are
reflected
in
the Statement
of
Assets
and
Liabilities
and
represent
compensating
factors
between
stated
terms
of
the
credit
default
swap
agreement
and
prevailing
market
conditions
(credit
spreads
and
other
relevant
factors).
These
upfront
payments
and
receipts
are
amortized
over
the
term
of
the
contract
as
a
realized
gain
or
loss
in
the Statement
of
Operations.
Credit
default
swap
contracts
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
See
Note
9
regarding
other
derivative
information.
d.
Senior
Floating
Rate
Interests
The
Fund
invests
in
senior
secured
corporate
loans
that
pay
interest
at
rates
which
are
periodically
reset
by
reference
to
a
base
lending
rate
plus
a
spread.
These
base
lending
rates
are
generally
the
prime
rate
offered
by
a
designated
U.S.
bank
or
the
Secured
Overnight
Financing
Rate
(SOFR).
Senior
secured
corporate
loans
often
require
prepayment
of
principal
from
excess
cash
flows
or
at
the
discretion
of
the
borrower.
As
a
result,
actual
maturity
may
be
substantially
less
than
the
stated
maturity.
Senior
secured
corporate
loans
in
which
the Fund
invests
are
generally
readily
marketable,
but
may
be
subject
to
certain
restrictions
on
resale.
e.
Income
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and
excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
1.
Organization
and
Significant
Accounting
Policies
(continued)
b.
Securities
Purchased
on
a
When-Issued,
Forward
Commitment or
Delayed
Delivery
Basis
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
25
franklintempleton.com
Semiannual
Report
Putnam
Floating
Rate
Income
Fund
(continued)
The Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
August
31,
2026, the Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
The
Fund's federal
and
state
income
and
federal
excise
tax
returns
for
the
prior
three
fiscal
years
are
subject
to
examination
by
the
Internal
Revenue
Service
and
state
departments
of
revenue.
f.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income
(including
interest
income
from
payment-in-kind
securities,
if
any)
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income. The
Fund
may
receive
other
income
from
investments
in
senior
secured
corporate
loans
or
unfunded
commitments,
including
amendment
fees,
consent
fees
or
commitment
fees.
These
fees
are
recorded
as
income
when
received
by
the
Fund.
Dividends from
net
investment
income
are
normally
declared
daily;
these
dividends
may
be
reinvested
or
paid
monthly
to
shareholders.
Distributions
from realized
capital
gains
and
other
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Common
expenses
incurred
by
the
Trust
are
allocated
among
the
Funds
based
on
the
ratio
of
net
assets
of
each
Fund
to
the
combined
net
assets
of
the
Trust
or
based
on
the
ratio
of
number
of
shareholders
of
each
Fund
to
the
combined
number
of
shareholders
of
the
Trust.
Fund
specific
expenses
are
charged
directly
to
the
Fund
that
incurred
the
expense.
Realized
and
unrealized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
g.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
h.
Guarantees
and
Indemnifications
Under
the Trust's
organizational
documents,
its
officers
and trustees
are
indemnified
by
the Trust against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
Additionally,
in
the
normal
course
of
business,
the Trust,
on
behalf
of
the
Fund, enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Trust's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Trust
that
have
not
yet
occurred.
Currently,
the Trust
expects
the
risk
of
loss
to
be
remote.
1.
Organization
and
Significant
Accounting
Policies
(continued)
e.
Income
Taxes
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
26
franklintempleton.com
Semiannual
Report
Putnam
Floating
Rate
Income
Fund
(continued)
2.
Shares
of
Beneficial
Interest
At
August
31,
2026,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
were
as
follows:
Six
Months
Ended
August
31,
2026
Year
Ended
February
28,
2026
Shares
Amount
Shares
Amount
Class
A
Shares:
7109816
-
Shares
sold
a
...................................
1,171,342
$8,976,860
4,001,443
$31,462,295
Shares
issued
in
reinvestment
of
distributions
..........
691,720
5,294,742
1,665,235
13,078,938
Shares
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
C
Shares:
460712
-
Shares
sold
...................................
40,661
$311,459
333,699
$2,626,001
Shares
issued
in
reinvestment
of
distributions
..........
49,239
376,487
113,272
888,633
Shares
redeemed
a
..............................
(265,569)
(2,032,363)
(732,014)
(5,758,233)
Net
increase
(decrease)
..........................
(175,669)
$(1,344,417)
(285,043)
$(2,243,599)
Class
R
Shares:
18659
-
Shares
sold
...................................
2,831
$21,654
5,387
$42,150
Shares
issued
in
reinvestment
of
distributions
..........
1,317
10,080
2,799
21,983
Shares
redeemed
...............................
(2,960)
(22,707)
(28,033)
(219,240)
Net
increase
(decrease)
..........................
1,188
$9,027
(19,847)
$(155,107)
Class
R6
Shares:
(136317)
-
Shares
sold
...................................
161,657
$1,240,016
84,249
$662,736
Shares
issued
in
reinvestment
of
distributions
..........
15,873
121,629
28,680
225,368
Shares
redeemed
...............................
(71,666)
(549,768)
(82,476)
(647,896)
Net
increase
(decrease)
..........................
105,864
$811,877
30,453
$240,208
Class
Y
Shares:
5395084
-
Shares
sold
...................................
620,458
$4,761,151
2,313,269
$18,203,979
Shares
issued
in
reinvestment
of
distributions
..........
348,167
2,668,490
855,612
6,725,836
Shares
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)
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
27
franklintempleton.com
Semiannual
Report
Putnam
Floating
Rate
Income
Fund
(continued)
3.
Transactions
with
Affiliates
Effective
August
17,
2026,
Franklin
Resources,
Inc.
was
renamed
Franklin
Templeton,
Inc.
Franklin
Templeton,
Inc.
is
the
holding
company
for
various
subsidiaries.
Certain
officers
and
trustees
of
the Trust are
also
officers
and/or
directors
of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays Advisers
a
management
fee
(based
on
the
Fund's
average
net
assets
and
computed
and
paid
monthly)
at
annual
rates
that
may
vary
based
on
the
average
of
the
aggregate
net
assets
of
all
open-end
mutual
funds
sponsored
by
Putnam
Management
(including
open-end
funds
managed
by
affiliates
of
Putnam
Management
that
have
been
deemed
to
be
sponsored
by
Putnam
Management
for
this
purpose)
(excluding
net
assets
of
such
funds
that
are
invested
in,
or
that
are
invested
in
by,
other
such
funds
to
the
extent
necessary
to
avoid
"double
counting"
of
those
assets).
Such
annual
rates
may
vary
as
follows:
For
the
period
ended
August
31,
2026,
the
annualized
gross
effective
investment
management
fee
rate
was 0.535%
of
the
Fund's
average daily
net
assets.
Advisers
retained
Putnam
Management
as
subadvisor
for
the
Fund.
Pursuant
to
the
agreement,
Putnam
Management
provides
certain
advisory
and
related
services
to
the
Fund.
Advisers
pays
a
monthly
fee
to
Putnam
Management
based
on
the
costs
of
Putnam
Management
in
providing
these
services
to
the
Fund,
which
may
include
a
mark-up
not
to
exceed
15%
over
such
costs.
Under
a
subadvisory
agreement,
FTIML
provides
subadvisory
services
to
the
Fund.
The
subadvisory
fee
is
paid by Advisers
based
on
the
average
net
assets
managed
by
FTIML,
and
is
not
an
additional
expense
of
the
Fund.
b.
Administrative
Fees
Under
an
agreement
with
Advisers,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by Advisers
based
on
the Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Putnam
Investment
Management,
LLC
(Putnam
Management)
Subadvisor
Franklin
Templeton
Investment
Management
Limited
(FTIML)
Subadvisor
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Putnam
Investor
Services,
Inc.
(PSERV)
Transfer
agent
Annualized
Fee
Rate
Net
Assets
0.720%
of
the
first
$5
billion,
0.670%
of
the
next
$5
billion,
0.620%
of
the
next
$10
billion,
0.570%
of
the
next
$10
billion,
0.520%
of
the
next
$50
billion,
0.500%
of
the
next
$50
billion,
0.490%
of
the
next
$100
billion
and
0.485%
of
any
excess
thereafter.
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
28
franklintempleton.com
Semiannual
Report
Putnam
Floating
Rate
Income
Fund
(continued)
The
Fund
reimburses
Advisers
an
allocated
amount
for
the
compensation
and
related
expenses
of
certain
officers
of
the
Fund
and
their
staff
who
provide
administrative
services
to
the
Fund.
The
aggregate
amount
of
all
such
reimbursements
is
determined
annually
by
the
Trustees.
c.
Distribution
Fees
The Fund has
adopted
distribution
plans
(the
Plans)
with
respect
to
the
following
share
classes
pursuant
to
Rule
12b-1
under
the
1940
Act.
The
purpose
of
the
Plans
is
to
compensate
Distributors
for
services
provided
and
expenses
incurred
in
distributing
shares
of
the
Fund.
The
Plans
provide
payments
by
the Fund
to
Distributors
at
an
annual
rate
of
up
to
the
following
amounts
(Maximum
%)
of
the
average
net
assets
attributable
to
each
class.
The
Trustees
have
approved
payment
by
the Fund
at
the
following
annual
rate
(Approved
%)
of
the
average
net
assets
attributable
to
each
class.
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the Fund's shares
for
the
period:
e.
Transfer
Agent
Fees
PSERV,
an
affiliate
of
Advisers,
provides
investor
servicing
agent
functions
to
the
Fund.
PSERV
received
fees
for
investor
servicing
for
Class
A,
Class
C,
Class
R
and
Class
Y shares
that
included
(1)
a
per
account
fee
for
each
direct
and
underlying
non-defined
contribution
account
(retail
account)
of
the
Fund;
(2)
a
specified
rate
of
the
Fund's
assets
attributable
to
defined
contribution
plan
accounts;
and
(3)
a
specified
rate
based
on
the
average
net
assets
in
retail
accounts.
PSERV
has
agreed
that
the
aggregate
investor
servicing
fees
for
each
Fund's
retail
and
defined
contribution
accounts
for
these
share
classes
will
not
exceed
an
annual
rate
of
0.25%
of
the
Fund's
average
assets
attributable
to
such
accounts.
Class R6
shares
paid
a
monthly
fee
based
on
the
average
net
assets
of
Class R6
shares
at
an
annual
rate
of
0.05%.
f.
Trustee
Fees
The
Fund
has
adopted
a
Trustee
Fee
Deferral
Plan
(the
Deferral
Plan)
which
allows
the
Trustees to
defer
the
receipt
of
all
or
a
portion
of
Trustees'
fees
payable
from
July
1,
1995
through
December
31,
2023.
The
deferred
fees
remain
invested
in
certain
Putnam
funds
until
distribution
in
accordance
with
the
Deferral
Plan.
The
Fund
has
adopted
an
unfunded
noncontributory
defined
benefit
pension
plan
(the
Pension
Plan)
covering
all
Trustees
of
the
Fund
who
have
served
as
a
Trustee
for
at
least
five
years
and
were
first
elected
prior
to
2004.
Benefits
under
the
Pension
Plan
are
equal
to
50%
of
the
Trustee's
average
annual
attendance
and
retainer
fees
for
the
three
years
ended
December
31,
2005.
The
retirement
benefit
is
payable
during
a
Trustee's
lifetime,
beginning
the
year
following
retirement,
for
the
number
of
Maximum
%
Approved
%
Class
A
...................................................................
0.35%
0.25%
Class
C
...................................................................
1.00%
1.00%
Class
R
...................................................................
1.00%
0.50%
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$2,888
CDSC
retained
..............................................................................
$4,473
3.
Transactions
with
Affiliates
(continued)
b.
Administrative
Fees
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
29
franklintempleton.com
Semiannual
Report
Putnam
Floating
Rate
Income
Fund
(continued)
years
of
service
through
December
31,
2006.
Pension
expense
for
the
Fund
is
included
in
the
Trustees' fees
and
expenses
in
the
Statement
of
Operations.
Accrued
pension
liability
is
included
in
Payable
for
Trustees' fees
and
expenses
in
the
Statement
of
Assets
and
Liabilities.
The
Trustees
have
terminated
the
Pension
Plan
with
respect
to
any
Trustee
first
elected
after
2003.
g.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
"Controlled
Affiliate"
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund's
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees,
if
applicable, paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
August
31,
2026,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
h.
Waiver
and
Expense
Reimbursements
Advisers has
contractually
agreed,
through
June
30,
2028,
to
waive
fees
and/or
reimburse
the
Fund's
expenses
to
the
extent
necessary
to
limit
the
cumulative
expenses
of
the
Fund,
exclusive
of
brokerage,
interest,
taxes,
investment-related
expenses,
extraordinary
expenses,
acquired
fund
fees
and
expenses
and
payments
under
the Fund's
investor
servicing
contract,
investment
management
contract
and
distribution
plans,
on
a
fiscal
year-to-date
basis
to
an
annual
rate
of
0.20%
of
the Fund's
average
net
assets
over
such
fiscal
year-to-date
period.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the Fund's
fiscal
year
end.
4.
Expense
Offset
Arrangement
The Fund has entered
into an
arrangement
with PSERV
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Fund's
transfer
agent
fees.
During
the
period
ended
August
31,
2026,
the
fees
were
reduced
as
noted
in
the
Statement
of
Operations.
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a
a
a
a
a
a
a
a
Putnam
Floating
Rate
Income
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Short
Term
Investment
Fund,
Class
P,
3.863%
......
$12,863,117
$64,059,072
$(60,095,815)
$-
$-
$16,826,374
16,826,374
$178,055
Total
Affiliated
Securities
...
$12,863,117
$64,059,072
$(60,095,815)
$-
$-
$16,826,374
$178,055
3.
Transactions
with
Affiliates
(continued)
f.
Trustee
Fees
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
30
franklintempleton.com
Semiannual
Report
Putnam
Floating
Rate
Income
Fund
(continued)
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
February
28,
2026,
the
capital
loss
carryforwards
were
as
follows:
At
August
31,
2026,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation) for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatment
of
derivative
financial
instruments.
6.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
August
31,
2026,
aggregated
$39,973,900 and
$69,490,963,
respectively.
7.
Credit
Risk
At
August
31,
2026,
the
Fund
had 86.1% of
its
portfolio
invested
in
high
yield
securities,
senior
secured
floating
rate
loans,
or
other
securities rated
below
investment
grade
and
unrated
securities.
These
securities
may
be
more
sensitive
to
economic
conditions
causing
greater
price
volatility
and
are
potentially
subject
to
a
greater
risk
of
loss
due
to
default
than
higher
rated
securities.
8.
Unfunded
Loan
Commitments
The
Fund
enters
into
certain
credit
agreements,
all
or
a
portion
of
which
may
be
unfunded.
The Fund
is
obligated
to
fund
these
loan
commitments
at
the
borrowers'
discretion.
Unfunded
loan
commitments
and
funded
portions
of
credit
agreements
are
marked
to
market
daily
and
any
unrealized
appreciation
or
depreciation
is
included
in
the
Statement
of
Assets
and
Liabilities
and
the
Statement
of
Operations.
Funded
portions
of
credit
agreements
are
presented
in
the
Schedule
of
Investments.
At
August
31,
2026,
unfunded
commitments
were
as
follows:
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$
11,686,059
Long
term
................................................................................
77,397,825
Total
capital
loss
carryforwards
...............................................................
$89,083,884
Cost
of
investments
..........................................................................
$270,382,979
Unrealized
appreciation
........................................................................
$2,110,736
Unrealized
depreciation
........................................................................
(6,082,043)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(3,971,307)
Borrower
Unfunded
Commitment
Carrix
,
Inc.
$
300,000
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
31
franklintempleton.com
Semiannual
Report
Putnam
Floating
Rate
Income
Fund
(continued)
9.
Other
Derivative
Information
At
August
31,
2026,
investments
in
derivative
contracts
are
reflected
in
the Statement of
Assets
and
Liabilities
as
follows:
For
the
period
ended
August
31,
2026,
the
effect
of
derivative
contracts
in
the Statement
of
Operations
was
as
follows:
For
the
period
ended
August
31,
2026,
the
average
month
end
notional
amount
of
swap
contracts
represented
14,375,000.
See
Note
1(c) regarding
derivative
financial
instruments.
10.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.995
billion
(Global
Credit
Facility)
which
matures
on
January
29,
2027.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
may,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay
its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
During
the
period
ended
August
31,
2026,
the Fund
did
not
use
the
Global
Credit
Facility.
Asset
Derivatives
Liability
Derivatives
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Putnam
Floating
Rate
Income
Fund
Credit
contracts
............
Variation
margin
on
centrally
cleared
swap
contracts
$
458,697
a
Variation
margin
on
centrally
cleared
swap
contracts
$
-
Total
....................
$458,697
$-
a
This
amount
reflects
the
cumulative
appreciation
(depreciation)
of
centrally
cleared
swap
contracts
as
reported
in
the
Schedule
of
Investments.
Only
the
variation
margin
receivable/payable
at
period
end
is
separately
reported
within
the
Statement
of
Assets
and
Liabilities.
Prior
variation
margin
movements
were
recorded
to
cash
upon
receipt
or
payment.
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Operations
Location
Net
Realized
Gain
(Loss)
for
the
Period
Statement
of
Operations
Location
Net
Change
in
Unrealized
Appreciation
(Depreciation)
for
the
Period
Putnam
Floating
Rate
Income
Fund
Net
realized
gain
(loss)
from:
Net
change
in
unrealized
appreciation
(depreciation)
on:
Credit
contracts
...............
Swap
contracts
$(97,078)
Swap
contracts
$505,644
Total
.......................
$(97,078)
$505,644
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
32
franklintempleton.com
Semiannual
Report
Putnam
Floating
Rate
Income
Fund
(continued)
11.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
-
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
-
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
-
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
August
31,
2026,
in
valuing
the
Fund's assets carried
at
fair
value,
is
as
follows:
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the period.
Level
1
Level
2
Level
3
Total
Putnam
Floating
Rate
Income
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
$
-
$
15,704,911
$
-
$
15,704,911
Senior
Floating
Rate
Interests
...............
-
222,849,551
9,776,283
232,625,834
Short
Term
Investments
...................
16,826,374
-
-
16,826,374
Total
Investments
in
Securities
...........
$16,826,374
$238,554,462
$9,776,283
$265,157,119
Other
Financial
Instruments:
Swap
Contracts
.........................
$-
$458,697
$-
$458,697
Unfunded
Loan
Commitments
..............
-
189
-
189
Total
Other
Financial
Instruments
.........
$-
$458,886
$-
$458,886
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
c
Transfer
Out
of
Level
3
Net
Accretion
(
Amortiza
-
tion
)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Putnam
Floating
Rate
Income
Fund
Assets:
Investments
in
Securities:
Senior
Floating
Rate
Interests
:
Automobile
Components
$
-
$
-
$
(4,989)
$
998,716
$
-
$
614
$
44
$
(3,157)
$
991,228
$
(2,469)
Chemicals
........
-
-
(5,556)
1,102,640
-
86
6
(105)
1,097,071
-
Commercial
Services
&
Supplies
........
-
-
(6,000)
1,201,506
-
351
28
4,085
1,199,970
4,472
Electronic
Equipment,
Instruments
&
Components
.....
-
-
-
603,028
-
-
-
1,121
604,149
1,121
IT
Services
........
-
992,500
-
-
-
204
-
4,796
997,500
4,796
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
33
franklintempleton.com
Semiannual
Report
Putnam
Floating
Rate
Income
Fund
(continued)
12.
Operating
Segments
The Fund operates
as
a
single
operating
segment,
which
is
an
investment
portfolio.
The
portfolio
managers
assigned
to
the
Fund
within
the
Fund's
investment
manager serve
as
the
Chief
Operating
Decision
Maker
("CODM")
and
are
responsible
for
evaluating
the
Fund's
operating
results
and
allocating
resources
in
accordance
with
the
Fund's
investment
strategy.
Internal
reporting
provided
to
the
CODM
aligns
with
the
accounting
policies
and
measurement
principles
used
in
the financial
statements.
For
information
regarding
segment
assets,
segment
profit
or
loss,
and
significant
expenses,
refer
to
the Statement
of
Assets
and
Liabilities
and
the Statement
of
Operations,
along
with
the
related
notes
to
the financial
statements.
The Schedule
of
Investments
provides
details
of
the Fund's investments
that
generate
returns
such
as
interest,
dividends,
and
realized
and
unrealized
gains
or
losses.
Performance
metrics,
including
portfolio
turnover
and
expense
ratios,
are
disclosed
in
the Financial
Highlights.
13.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
c
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unrealized
Appreciation
(Depreciation)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Putnam
Floating
Rate
Income
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
(continued)
Senior
Floating
Rate
Interests:
(continued)
Real
Estate
Management
&
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
Utilities
......
-
-
(1,242)
500,015
-
72
3
(395)
498,453
(312)
Total
Investments
in
Securities
............
$-
$1,483,787
$(110,724)
$8,316,697
$-
$(393)
$28
$86,888
$9,776,283
$86,098
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
b
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
c
Transferred
into
Level
3
as
a
result
of
the
unavailability
of
a
quoted
market
price
in
an
active
market
for
identical
securities
or
as
a
result
of
the
unreliability
of
the
foreign
exchange
rate
and
other
significant
observable
valuation
inputs.
May
include
amounts
related
to
a
corporate
action.
11.
Fair
Value
Measurements
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
34
franklintempleton.com
Semiannual
Report
Putnam
Floating
Rate
Income
Fund
(continued)
Abbreviations
Cu
r
rency
USD
United
States
Dollar
Index
CDX.NA.HY
CDX
North
America
High
Yield
Index
Selected
Portfolio
CME
Chicago
Mercantile
Exchange
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
Putnam
Funds
Trust
35
franklintempleton.com
Semiannual
Report
Putnam
Floating
Rate
Income
Fund
Trustee
approval
of
management
contracts
(unaudited)
Consideration
of
your
fund's
management
and
sub-advisory
contracts
At
their
meeting
on
June
26,
2026,
the
Board
of
Trustees
("Board"
or
the
"Trustees")
of
your
fund,
including
all
of
the
Trustees
who
are
not
"interested
persons"
(as
this
term
is
defined
in
the
Investment
Company
Act
of
1940,
as
amended
(the
"1940
Act"))
of
the
Putnam
mutual
funds
and
exchange-traded
funds
(collectively,
the
"funds")
(the
"Independent
Trustees"),
approved
the
continuance
of
a
management
contract
with
Franklin
Advisers,
Inc.
(the
"Advisor"),
a
subadvisory
agreement
between
the
Advisor
and
Franklin
Templeton
Investment
Management
Limited
("FTIML"),
and
a
subadvisory
agreement
between
the
Advisor
and
Putnam
Investment
Management,
LLC
("Putnam
Management"
and
together
with
FTIML,
the
"Subadvisors")
(collectively,
the
"Management
Contracts").
The
Advisor,
FTIML,
and
Putnam
Management
are
each
direct
or
indirect,
wholly-
owned
subsidiaries
of
Franklin
Templeton,
Inc.
(together
with
its
subsidiaries,
"Franklin
Templeton").
General
conclusions
The
Board
oversees
the
management
of
each
fund
and,
as
required
by
law,
determines
annually
whether
to
approve
the
continuance
of
your
fund's
management
contract
with
the
Advisor
and
the
sub-advisory
contract
with
respect
to
your
fund
between
the
Advisor
and
each
Subadvisor.
Because
the
Subadvisors
are
affiliates
of
the
Advisor
and
the
Advisor
remains
fully
responsible
for
all
services
provided
by
the
Subadvisors,
the
Trustees
did
not
attempt
to
evaluate
the
Subadvisors
as
separate
entities.
All
references
to
the
Advisor
in
the
descriptions
of
the
Board's
considerations
should
be
deemed
to
include
references
to
the
applicable
Subadvisor
as
necessary
or
appropriate
in
the
context.
The
Board,
with
the
assistance
of
its
Contract
Committee,
requests
and
evaluates
all
information
it
deems
reasonably
necessary
under
the
circumstances
in
connection
with
its
annual
contract
review.
The
Contract
Committee
consists
solely
of
Independent
Trustees.
Changes
In
and
Disagreements
with
Accountants
For
the
period
covered
by
this
report
Not
applicable.
Results
of
Meeting(s)
of
Shareholders
For
the
period
covered
by
this
report
Not
applicable.
Remuneration
Paid
to
Directors,
Officers
and
Others
For
the
period
covered
by
this
report
Refer
to
the
financial
statements
included
herein.
Remuneration
to
officers
is
paid
by
the
Fund's
investment
manager
according
to
the
terms
of
the
agreement.
Board
Approval
of
Management
and
Subadvisory
Agreements
For
the
period
covered
by
this
report
Putnam
Funds
Trust
36
franklintempleton.com
Semiannual
Report
At
the
outset
of
the
review
process,
the
Board's
independent
staff
and
independent
legal
counsel,
as
defined
in
Rule
0-1(a)
(6)
under
the
1940
Act
(their
"independent
legal
counsel"),
considered
any
possible
changes
to
the
annual
contract
review
materials
furnished
to
the
Contract
Committee
in
prior
years
and,
as
applicable,
identified
those
changes
to
the
Advisor.
Following
these
discussions
and
in
consultation
with
the
Contract
Committee,
the
Independent
Trustees'
independent
legal
counsel
submitted
an
initial
request
that
the
Advisor
and
its
affiliates
furnish
specified
information,
together
with
any
additional
information
the
Advisor
considered
relevant,
to
the
Contract
Committee.
Over
the
course
of
several
months
ending
in
June
2026,
the
Contract
Committee
met
on
a
number
of
occasions
with
representatives
of
the
Advisor,
and
separately
in
executive
session,
to
consider
the
information
that
the
Advisor
provided,
including
information
provided
in
response
to
supplemental
requests
submitted
by
independent
legal
counsel.
Throughout
this
process,
the
Contract
Committee
was
assisted
by
the
Board's
independent
staff
and
by
independent
legal
counsel.
At
the
Board's
June
2026
meeting,
the
Contract
Committee
met
in
executive
session
to
discuss
and
consider
its
recommendations
with
respect
to
the
continuance
of
the
Management
Contracts.
At
that
meeting,
the
Contract
Committee
also
met
in
executive
session
with
the
other
Independent
Trustees
to
review
a
summary
of
the
process
undertaken
by
the
Contract
Committee
and
key
information
that
the
Contract
Committee
considered
in
the
course
of
its
review.
The
Contract
Committee
then
presented
its
written
report,
which
summarized
the
key
factors
that
the
Committee
had
considered
and
set
forth
its
recommendations.
The
Contract
Committee
recommended,
and
the
Independent
Trustees
approved,
the
continuance
of
your
fund's
Management
Contracts,
effective
July
1,
2026.
In
considering
the
continuance
of
the
Management
Contracts,
the
Board
took
into
account
a
number
of
factors,
including:
That
the
fee
schedule
in
effect
for
your
fund
represented
reasonable
compensation
in
light
of
the
nature
and
quality
of
the
services
being
provided
to
the
fund,
the
fees
paid
by
competitive
funds,
the
costs
incurred
by
the
Advisor
in
providing
services
to
the
fund
and
the
application
of
certain
reductions
and
waivers
noted
below;
That
the
fee
schedule
in
effect
for
your
fund
represented
an
appropriate
sharing
between
fund
shareholders
and
the
Advisor
of
any
economies
of
scale
that
may
exist
in
the
management
of
the
fund
at
current
asset
levels;
That
the
funds
benefited,
and
were
expected
to
continue
to
benefit,
from
Franklin
Templeton's
large
retail
and
institutional
global
distribution
capabilities
and
significant
network
of
intermediary
relationships,
which
may
provide
additional
opportunities
for
the
funds
to
increase
assets
and
reduce
the
impact
of
expenses
by
spreading
them
over
a
larger
asset
base;
and
The
financial
strength,
reputation,
experience
and
resources
of
Franklin
Templeton
and
its
investment
advisory
subsidiaries.
These
conclusions
were
based
on
a
comprehensive
consideration
of
all
information
provided
to
the
Trustees
and
were
not
the
result
of
any
single
factor.
Some
of
the
factors
that
figured
particularly
in
the
Trustees'
deliberations
and
how
the
Trustees
considered
these
factors
are
described
below,
although
individual
Trustees
may
have
evaluated
the
information
presented
differently,
giving
different
weights
to
various
factors.
It
is
also
important
to
recognize
that
the
management
arrangements
for
your
fund
and
most
of
the
other
funds
are
the
result
of
many
years
of
review
and
discussion
between
the
Independent
Trustees
and
management,
occurring
both
in
connection
with
formal
contract
reviews
as
well
as
throughout
the
year
and
that
the
Trustees'
conclusions
may
be
based,
in
part,
on
their
consideration
of
fee
arrangements
in
previous
years.
For
example,
with
certain
exceptions
primarily
involving
newer
funds
or
repositioned
funds,
the
current
fee
arrangements
under
the
majority
of
the
funds'
management
contracts
were
first
implemented
at
the
beginning
of
2010
following
extensive
review
by
the
Contract
Committee
and
discussions
with
management,
as
well
as
approval
by
shareholders.
Putnam
Funds
Trust
37
franklintempleton.com
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Report
Management
fee
schedules
and
total
expenses
The
Trustees
reviewed
the
management
fee
schedules
in
effect
for
all
funds,
including
fee
levels
and
any
breakpoints.
Under
its
management
contract,
your
fund
has
the
benefit
of
breakpoints
in
its
management
fee
schedule
that
provide
shareholders
with
reduced
fee
levels
as
aggregate
assets
under
management
of
the
fund
and
other
mutual
funds
sponsored
by
the
Advisor
(or
that
have
been
deemed
to
be
sponsored
by
the
Advisor
for
the
purpose
of
the
management
fee
calculation)
increase.
The
Trustees
also
reviewed
the
total
expenses
of
each
fund,
recognizing
that
in
most
cases
management
fees
represented
the
major,
but
not
the
sole,
determinant
of
total
costs
to
fund
shareholders.
(Two
mutual
funds
and
each
of
the
exchange-traded
funds
have
implemented
so-called
"all-in"
or
unitary
management
fees
covering
substantially
all
routine
fund
operating
costs.)
In
reviewing
fees
and
expenses,
the
Trustees
generally
focus
their
attention
on
material
changes
in
circumstances
-
for
example,
changes
in
assets
under
management,
changes
in
a
fund's
investment
strategy,
changes
in
the
Advisor's
operating
costs
or
profitability,
or
changes
in
competitive
practices
in
the
fund
industry
-
that
suggest
that
consideration
of
fee
changes
might
be
warranted.
The
Trustees
concluded
that
the
circumstances
did
not
indicate
that
changes
to
the
management
fee
schedule
for
your
fund
would
be
appropriate
at
this
time.
As
in
the
past,
the
Trustees
also
focused
on
the
competitiveness
of
each
fund's
total
expense
ratio.
The
Trustees,
the
Advisor
and
the
funds'
investor
servicing
agent,
Putnam
Investor
Services,
Inc.
("PSERV"),
have
implemented
expense
limitations
that
were
in
effect
during
your
fund's
fiscal
year
ending
in
2025.
These
expense
limitations
were:
(i)
a
contractual
expense
limitation
applicable
to
specified
mutual
funds
(including
your
fund)
of
25
basis
points
on
investor
servicing
fees
and
expenses
and
(ii)
a
contractual
expense
limitation
applicable
to
specified
mutual
funds
(including
your
fund)
of
20
basis
points
on
so-called
"other
expenses"
(i.e.,
all
expenses
exclusive
of
management
fees,
distribution
fees,
investor
servicing
fees,
investment-related
expenses,
interest,
taxes,
brokerage
commissions,
acquired
fund
fees
and
expenses
and
extraordinary
expenses).
These
expense
limitations
attempt
to
maintain
competitive
expense
levels
for
the
funds.
Most
funds
(including
your
fund)
had
sufficiently
low
expenses
that
these
expense
limitations
were
not
operative
during
their
fiscal
years
ending
in
2025.
The
Advisor
and
PSERV
have
agreed
to
maintain
these
expense
limitations
until
at
least
June
30,
2028.
The
Advisor
and
PSERV's
commitment
to
these
expense
limitation
arrangements,
which
were
intended
to
support
an
effort
to
have
the
mutual
fund
expenses
meet
competitive
standards,
was
an
important
factor
in
the
Trustees'
decision
to
approve
the
continuance
of
your
fund's
Management
Contracts.
The
Trustees
reviewed
comparative
fee
and
expense
information
for
a
custom
group
of
competitive
funds
selected
by
Broadridge
Financial
Solutions,
Inc.
("Broadridge").
This
comparative
information
included
your
fund's
percentile
ranking
for
effective
management
fees
and
total
expenses
(excluding
any
applicable
12b-1
fees),
which
provides
a
general
indication
of
your
fund's
relative
standing.
In
the
custom
peer
group,
your
fund
ranked
in
the
first
quintile
in
effective
management
fees
(determined
for
your
fund
and
the
other
funds
in
the
custom
peer
group
assuming
the
same
fund
asset
size
for
your
fund
and
the
other
funds
in
the
custom
peer
group
and
the
applicable
contractual
management
fee
schedule)
and
in
the
third
quintile
in
total
expenses
(excluding
any
applicable
12b-1
fees)
as
of
December
31,
2025.
(Total
expenses
reflect
the
fees
and
expenses
borne
directly
by
the
fund
and
the
competitive
funds
included
in
the
custom
Lipper
peer
groups,
as
well
as
any
underlying
funds'
net
fees
and
expenses.)
The
first
quintile
represents
the
least
expensive
funds
and
the
fifth
quintile
the
most
expensive
funds.
The
fee
and
expense
data
reported
by
Broadridge
as
of
December
31,
2025
reflected
the
most
recent
fiscal
year-end
data
available
in
Broadridge's
database
at
that
time.
In
connection
with
their
review
of
fund
management
fees
and
total
expenses,
the
Trustees
also
reviewed
the
costs
of
the
services
provided
and
the
profits
realized
by
the
Advisor
and
its
affiliates
from
their
contractual
relationships
with
the
funds.
This
information
included
trends
in
revenues,
expenses
and
profitability
of
the
Advisor
and
its
affiliates
relating
to
the
investment
management,
investor
servicing
and
distribution
services
provided
to
the
funds,
as
applicable.
In
this
regard,
the
Trustees
also
reviewed
an
analysis
of
the
revenues,
expenses
and
profitability
of
the
Advisor
and
its
affiliates,
allocated
on
a
fund-by-fund
basis,
with
respect
to
(as
applicable)
the
funds'
management,
distribution
and
investor
servicing
contracts.
For
each
fund,
the
analysis
presented
information
about
revenues,
expenses
and
profitability
in
2025
for
each
of
the
applicable
Putnam
Funds
Trust
38
franklintempleton.com
Semiannual
Report
agreements
separately
and
for
the
agreements
taken
together
on
a
combined
basis.
The
Trustees
concluded
that,
at
current
asset
levels,
the
fee
schedules
in
place
for
each
of
the
funds,
including
the
fee
schedule
for
your
fund,
represented
reasonable
compensation
for
the
services
being
provided
and
represented
an
appropriate
sharing
between
fund
shareholders
and
the
Advisor
of
any
economies
of
scale
as
may
exist
in
the
management
of
the
funds
at
that
time.
The
information
examined
by
the
Trustees
in
connection
with
their
annual
contract
review
for
the
funds
included
information
regarding
services
provided
and
fees
charged
by
the
Advisor
and
certain
affiliates
to
other
products
that
are
managed
by
a
portfolio
team
that
also
manages
one
or
more
U.S.
registered
mutual
funds
in
a
category
of
similar
strategies
offered
by
the
funds
(including
exchange
traded
funds,
sub-advised
U.S.
mutual
funds,
other
U.S.
products
(such
as
collective
investment
trusts,
private
funds,
and
separately
managed
and
institutional
accounts),
non-U.S.
funds,
and
other
non-U.S.
products).
This
information
included
comparisons
of
the
fees
charged
to
other
clients,
by
category,
with
fees
charged
to
the
funds,
as
well
as
a
detailed
assessment
of
the
differences
in
the
services
provided
to
these
clients
as
compared
to
the
services
provided
to
the
funds.
The
Trustees
observed
that
the
differences
in
fee
rates
between
these
clients
and
the
funds
are
by
no
means
uniform
when
examined
by
individual
asset
classes,
suggesting
that
differences
in
the
pricing
of
investment
management
services
to
these
types
of
clients
may
reflect,
among
other
things,
historical
competitive
forces
operating
in
separate
marketplaces,
the
characteristics
of
different
clients,
the
particulars
of
different
fee
structures,
factors
unique
to
specific
market
segments,
and
the
distinct
risks
and
costs
associated
with
providing
services
to
different
clients.
The
Trustees
considered
the
fact
that
in
many
cases
fee
rates
across
different
asset
classes
are
higher
on
average
for
1940
Act-registered
funds
than
for
other
clients,
and
the
Trustees
also
considered
the
differences
between
the
services
that
the
Advisor
provides
to
the
funds
and
those
that
it
provides
to
its
other
clients.
The
Trustees
did
not
rely
on
these
fee
comparisons
to
any
significant
extent
in
concluding
that
the
management
fees
paid
by
your
fund
are
reasonable.
Investment
performance
The
quality
of
the
investment
process
provided
by
the
Advisor
represented
a
major
factor
in
the
Trustees'
evaluation
of
the
quality
of
services
provided
by
the
Advisor
under
your
fund's
Management
Contracts.
The
Trustees
were
assisted
in
their
review
of
the
Advisor's
investment
process
and
performance
by
the
work
of
the
investment
oversight
committees
of
the
Trustees
and
the
full
Board,
which
meet
on
a
regular
basis
with
individual
portfolio
managers
and
with
investment
leadership
of
the
Advisor
throughout
the
year.
The
Trustees
noted
that
the
Advisor
had
made
portfolio
management
assignment
changes
in
2025
to
strengthen
its
investment
teams
providing
services
to
the
funds.
The
Trustees
concluded
that
the
Advisor
generally
provides
a
high-quality
investment
process
-
as
measured
by
the
experience
and
skills
of
the
individuals
assigned
to
the
management
of
fund
portfolios,
the
resources
made
available
to
them
and
in
general
the
Advisor's
ability
to
attract
and
retain
high-quality
personnel
-
but
also
recognized
that
this
does
not
guarantee
favorable
investment
results
for
every
fund
in
every
time
period.
The
Trustees
considered
that,
in
the
aggregate,
peer-relative
and
benchmark-relative
fund
performance
was
strong
in
2025
against
what
the
Advisor
characterized
as
a
complex
investing
environment.
The
Trustees
considered
the
Advisor's
discussion
of
the
markets,
the
economy,
and
geopolitical
conditions
in
2025.
The
S&P
500
was
up
18%
in
2025
but
with
significant
periods
of
volatility,
and
the
Bloomberg
Aggregate
fixed
income
index
was
up
7%
during
the
year,
with
the
Federal
Reserve
cutting
the
Effective
Federal
Funds
rate
from
4.25%
at
year-end
2024
to
3.5%
at
year-end
2025.
Ten-year
Treasury
yields
ended
2025
at
4.2%,
down
from
4.6%
at
year-end
2024.
In
2025,
geopolitical
and
economic
conditions,
as
well
as
financial
markets,
provided
a
complex
investing
environment:
a
new
U.S.
presidential
administration
with
significant
policy
actions,
including
tariffs;
complex
inflation;
rates
and
Federal
Reserve
developments;
artificial
intelligence-related
impacts;
and
political
and
military
actions
across
the
globe.
Even
with
this
backdrop,
generally
strong
economic,
corporate
and
labor
market
conditions
continued
in
2025,
although
with
some
signs
of
concern.
For
the
one-year
period
ended
December
31,
2025,
the
Trustees
noted
that
the
funds,
on
an
asset-weighted
basis,
ranked
in
the
37
th
percentile
of
their
peers
as
determined
by
LSEG
Lipper
("Lipper")
and,
on
an
asset-weighted
basis,
outperformed
their
benchmarks
by
1.6%
gross
of
fees
over
the
one-year
period.
The
Contract
Committee
also
noted
that
the
funds'
aggregate
performance
over
longer-term
periods
continued
to
be
strong,
with
the
funds,
on
an
asset-weighted
basis,
ranking
in
the
26
th
,
22
nd
and
16
th
percentiles
of
their
Lipper
peers
over
the
three-year,
five-year
and
ten-year
periods
ended
December
31,
2025,
respectively.
The
Trustees
further
noted
that
the
funds,
in
the
aggregate,
solidly
outperformed
their
benchmarks
on
a
gross
Putnam
Funds
Trust
39
franklintempleton.com
Semiannual
Report
basis
for
each
of
the
three-year,
five-year
and
ten-year
periods.
The
Trustees
also
considered
the
Morningstar
Inc.
ratings
assigned
to
the
funds
and
that
41
funds
were
rated
four
or
five
stars
at
the
end
of
2025,
which
was
a
year-over-year
decrease
of
11
funds.
The
Trustees
also
considered
that
18
funds
were
five-star
rated
at
the
end
of
2025,
which
was
a
year-over-year
decrease
of
seven
funds.
The
Board
noted,
however,
the
disappointing
investment
performance
of
some
funds
for
periods
ended
December
31,
2025
and
considered
information
provided
by
the
Advisor
regarding
the
factors
contributing
to
the
underperformance
and,
where
relevant,
actions
being
taken
to
improve
the
performance
of
these
particular
funds.
The
Trustees
indicated
their
intention
to
continue
to
monitor
the
performance
of
those
funds.
For
purposes
of
the
Trustees'
evaluation
of
the
funds'
investment
performance,
the
Trustees
generally
focus
on
a
competitive
industry
ranking
of
each
fund's
total
net
return
over
a
one-year,
three-year
and
five-year
period.
For
a
number
of
funds
with
relatively
unique
investment
mandates
for
which
the
Advisor
informed
the
Trustees
that
meaningful
competitive
performance
rankings
are
not
considered
to
be
available,
the
Trustees
evaluated
performance
based
on
their
total
gross
and
net
returns
and
comparisons
of
those
returns
to
the
returns
of
selected
investment
benchmarks.
In
the
case
of
your
fund,
the
Trustees
considered
that
its
class
A
share
cumulative
total
return
performance
at
net
asset
value
was
in
the
following
quartiles
of
its
Lipper
peer
group
(Lipper
Loan
Participation
Funds)
for
the
one-year,
three-year
and
five-year
periods
ended
December
31,
2025
(the
first
quartile
representing
the
best-performing
funds
and
the
fourth
quartile
the
worst-performing
funds):
Over
the
one-year,
three-year
and
five-year
periods
ended
December
31,
2025,
there
were
234,
214
and
200
funds,
respectively,
in
your
fund's
Lipper
peer
group.
(When
considering
performance
information,
shareholders
should
be
mindful
that
past
performance
is
not
a
guarantee
of
future
results.)
Brokerage
and
soft-dollar
allocations;
distribution
and
investor
servicing
The
Trustees
considered
various
potential
benefits
that
the
Advisor
may
receive
in
connection
with
the
services
it
provides
under
the
management
contract
with
your
fund.
These
include
benefits
related
to
brokerage
allocation
and
the
use
of
soft
dollars,
whereby
a
portion
of
the
commissions
paid
by
a
fund
for
brokerage
may
be
used
to
acquire
research
services
that
are
expected
to
be
useful
to
the
Advisor
in
managing
the
assets
of
the
fund
and
of
other
clients.
Subject
to
policies
approved
by
the
Trustees,
soft
dollars
generated
by
these
means
may
be
used
to
acquire
brokerage
and
research
services
(including
proprietary
executing
broker
research,
third-party
research
and
market
data)
that
enhance
the
Advisor's
investment
capabilities
and
supplement
the
Advisor's
internal
research
efforts.
The
Trustees
indicated
their
continued
intent
to
monitor
regulatory
and
industry
developments
in
this
area
with
the
assistance
of
their
Contract
Committee.
In
addition,
with
the
assistance
of
their
Contract
Committee,
the
Trustees
indicated
their
continued
intent
to
monitor
the
allocation
of
the
funds'
brokerage
in
order
to
ensure
that
the
principle
of
seeking
best
price
and
execution
remains
paramount
in
the
portfolio
trading
process.
Your
fund
is
not
expected
to
generate
a
significant
amount
of
soft-dollar
credits.
The
Advisor
may
also
receive
benefits
from
payments
that
funds
make
to
the
Advisor
for
distribution
services
and
investor
services.
In
conjunction
with
the
review
of
your
fund's
Management
Contracts,
the
Trustees
reviewed
your
fund's
investor
servicing
agreement
with
PSERV
and
its
distributor's
contract
and
distribution
plans
with
Franklin
Distributors,
LLC
("Franklin
Distributors"),
both
of
which
are
affiliates
of
the
Advisor.
The
Trustees
concluded
that
the
fees
payable
by
the
mutual
funds
to
PSERV
and
Franklin
Distributors
for
such
services
were
fair
and
reasonable
in
relation
to
the
nature
and
quality
of
such
services,
the
fees
paid
by
competitive
funds
and
the
costs
incurred
by
PSERV
and
Franklin
Distributors
in
providing
such
services.
Furthermore,
the
Trustees
were
of
the
view
that
the
investor
services
provided
by
PSERV
were
required
for
the
operation
of
the
mutual
funds,
and
that
they
were
of
a
quality
at
least
equal
to
those
provided
by
other
providers.
One-year
period
Three-year
period
Five-year
period
3rd
3rd
3rd
38963-SFSOI
10/26
©
2026
Franklin
Templeton.
All
rights
reserved.
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

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

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

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

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

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

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

ITEM 16. CONTROLS AND PROCEDURES.
(a) The Registrants acknowledge the Staff's comment. In future filings on Form N-CSR, the certifications required by Rule 30a-2 and Item 19(a)(3) will include the designations "Principal Executive Officer" and "Principal Financial Officer" in the signature blocks, reflecting the capacity in which each signatory executes the certification, in conformity with the language of the Rule and Form N-CSR. The Registrants may also include each signatory's actual title with respect to the Funds alongside the required designation.
(b) During the period covered by this report, the Registrant transitioned to a new third-party service provider who performs certain accounting and administrative services for the Registrant that are subject to Franklin Templeton's oversight.
ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
(a) Not applicable.
(b) Not applicable.
ITEM 19. EXHIBITS.

(a) (1) Not applicable.

Exhibit 99.CODE ETH

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

Exhibit 99.CERT

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

Exhibit 99.906CERT

SIGNATURES

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

Putnam Funds Trust

By: /s/ Jonathan S. Horwitz
Jonathan S. Horwitz
Principal Executive Officer
Date: October 27, 2026

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

By: /s/ Jonathan S. Horwitz
Jonathan S. Horwitz
Principal Executive Officer
Date: October 27, 2026
By: /s/ Jeffrey White
Jeffrey White
Principal Financial Officer
Date: October 27, 2026
Putnam Funds Trust published this content on October 27, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on October 27, 2026 at 17:08 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]