Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
39521-Q3PH
1
Schedule
of
Investments
(unaudited)
Putnam
Ultra
Short
MAC
Series
2
Notes
to
Schedule
of
Investments
11
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited),
April
30,
2025
Putnam
Ultra
Short
MAC
Series
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
84.2%
Automobiles
6.0%
a
BMW
US
Capital
LLC
,
b
Senior
Note,
144A,
FRN,
5.2%,
(SOFR
Index
+
0.8%),
8/13/26
Germany
41,000
$
41,059
Senior
Note,
144A,
4.65%,
3/19/27
....................
Germany
60,000
60,352
b
Senior
Note,
144A,
FRN,
5.32%,
(SOFR
Index
+
0.92%),
8/13/27
.........................................
Germany
106,000
106,072
b
Senior
Note,
144A,
FRN,
5.301%,
(SOFR
Index
+
0.92%),
3/21/28
.........................................
Germany
100,000
99,789
a,b
Hyundai
Capital
America
,
Senior
Note,
144A,
FRN,
5.422%,
(SOFR
+
1.04%),
3/19/27
.
United
States
238,000
237,638
Senior
Note,
144A,
FRN,
5.389%,
(SOFR
+
1.04%),
6/24/27
.
United
States
107,000
106,444
Senior
Note,
144A,
FRN,
5.379%,
(SOFR
+
1.03%),
9/24/27
.
United
States
68,000
67,411
a
Mercedes-Benz
Finance
North
America
LLC
,
Senior
Note
,
144A,
4.9
%
,
1/09/26
....................................
Germany
538,000
539,784
a
Volkswagen
Group
of
America
Finance
LLC
,
Senior
Note
,
144A,
4.9
%
,
8/14/26
....................................
Germany
400,000
400,587
1,659,136
Banks
39.7%
a
ABN
AMRO
Bank
NV
,
Senior
Non-Preferred
Note
,
144A,
4.988%
to
12/02/27,
FRN
thereafter
,
12/03/28
...................
Netherlands
200,000
201,925
a,b
Australia
&
New
Zealand
Banking
Group
Ltd.
,
Senior
Note
,
144A,
FRN
,
5.047
%
,
(
SOFR
+
0.68
%
),
7/16/27
................
Australia
200,000
200,550
Banco
Bilbao
Vizcaya
Argentaria
SA
,
Senior
Non-Preferred
Note
,
5.862%
to
9/13/25,
FRN
thereafter
,
9/14/26
..............
Spain
400,000
401,342
b
Bank
of
America
Corp.
,
Senior
Note
,
FRN
,
5.425
%
,
(
SOFR
+
1.05
%
),
2/04/28
...................................
United
States
500,000
501,884
b
Bank
of
Montreal
,
Senior
Note,
FRN,
5.237%,
(SOFR
Index
+
0.88%),
9/10/27
.
Canada
82,000
81,954
Senior
Note,
FRN,
5.191%,
(SOFR
+
0.86%),
1/27/29
......
Canada
75,000
74,589
Bank
of
Nova
Scotia
(The)
,
Senior
Note,
5.35%,
12/07/26
........................
Canada
232,000
235,478
b
Senior
Note,
FRN,
5.14%,
(SOFR
Index
+
0.78%),
6/04/27
..
Canada
111,000
110,900
b
Senior
Note,
FRN,
5.357%,
(SOFR
+
1%),
9/08/28
........
Canada
109,000
108,830
a
Banque
Federative
du
Credit
Mutuel
SA
,
Senior
Preferred
Note
,
144A,
5.896
%
,
7/13/26
..............................
France
500,000
508,250
Barclays
plc
,
Senior
Note,
5.304%
to
8/08/25,
FRN
thereafter,
8/09/26
....
United
Kingdom
200,000
200,114
Senior
Note,
5.829%
to
5/08/26,
FRN
thereafter,
5/09/27
....
United
Kingdom
200,000
202,111
a
BNP
Paribas
SA
,
Senior
Non-Preferred
Bond,
144A,
3.5%,
11/16/27
........
France
200,000
194,494
b
Senior
Non-Preferred
Note,
144A,
FRN,
5.814%,
(SOFR
+
1.43%),
5/09/29
..................................
France
200,000
200,000
a
BPCE
SA
,
Senior
Non-Preferred
Note
,
144A,
5.975%
to
1/17/26,
FRN
thereafter
,
1/18/27
.............................
France
270,000
272,211
b
Canadian
Imperial
Bank
of
Commerce
,
Senior
Note,
FRN,
5.595%,
(SOFR
+
1.22%),
10/02/26
.....
Canada
45,000
45,281
Senior
Note,
FRN,
5.317%,
(SOFR
+
0.94%),
6/28/27
......
Canada
95,000
95,072
Senior
Note,
FRN,
5.286%,
(SOFR
Index
+
0.93%),
9/11/27
.
Canada
109,000
108,816
Senior
Note,
FRN,
5.376%,
(SOFR
+
1.03%),
3/30/29
......
Canada
100,000
99,628
Citigroup,
Inc.
,
Senior
Note,
5.61%
to
9/28/25,
FRN
thereafter,
9/29/26
.....
United
States
90,000
90,317
b
Senior
Note,
FRN,
5.125%,
(SOFR
+
0.77%),
6/09/27
......
United
States
59,000
58,971
b
Senior
Note,
FRN,
5.259%,
(SOFR
+
0.87%),
3/04/29
......
United
States
100,000
99,041
a
Commonwealth
Bank
of
Australia
,
b
Senior
Note,
144A,
FRN,
4.853%,
(SOFR
+
0.46%),
11/27/26
Australia
104,000
103,960
Sub.
Bond,
144A,
4.5%,
12/09/25
.....................
Australia
215,000
214,421
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Ultra
Short
MAC
Series
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
Cooperatieve
Rabobank
UA
,
Senior
Bond,
4.375%,
8/04/25
........................
Netherlands
250,000
$
249,535
b
Senior
Preferred
Note,
FRN,
5.242%,
(SOFR
Index
+
0.9%),
10/05/26
........................................
Netherlands
250,000
251,280
a,b
Credit
Agricole
SA
,
Senior
Non-Preferred
Note
,
144A,
FRN
,
5.566
%
,
(
SOFR
+
1.21
%
),
9/11/28
.....................
France
250,000
250,019
a
DNB
Bank
ASA
,
Senior
Non-Preferred
Note
,
144A,
5.896%
to
10/08/25,
FRN
thereafter
,
10/09/26
.....................
Norway
538,000
540,975
b
Fifth
Third
Bank
NA
,
Senior
Note
,
FRN
,
5.141
%
,
(
SOFR
+
0.81
%
),
1/28/28
...................................
United
States
250,000
248,075
Huntington
Bancshares,
Inc.
,
Senior
Note
,
4
%
,
5/15/25
.......
United
States
30,000
29,984
Huntington
National
Bank
(The)
,
Senior
Note
,
4.871%
to
4/11/27,
FRN
thereafter
,
4/12/28
.............................
United
States
250,000
251,278
a
ING
Groep
NV
,
Senior
Note
,
144A,
4.625
%
,
1/06/26
.........
Netherlands
564,000
564,136
b
JPMorgan
Chase
&
Co.
,
Senior
Note,
FRN,
5.254%,
(SOFR
+
0.92%),
4/22/28
......
United
States
25,000
25,025
Senior
Note,
FRN,
5.194%,
(SOFR
+
0.86%),
10/22/28
.....
United
States
40,000
40,041
Senior
Note,
FRN,
5.163%,
(SOFR
+
0.8%),
1/24/29
.......
United
States
106,000
105,948
KeyCorp
,
Senior
Note
,
4.15
%
,
10/29/25
..................
United
States
55,000
54,802
Lloyds
Banking
Group
plc
,
Senior
Note
,
4.716%
to
8/10/25,
FRN
thereafter
,
8/11/26
.................................
United
Kingdom
400,000
399,821
Mitsubishi
UFJ
Financial
Group,
Inc.
,
Senior
Note
,
5.017%
to
7/19/27,
FRN
thereafter
,
7/20/28
......................
Japan
200,000
202,334
b
Morgan
Stanley
Bank
NA
,
Senior
Note
,
FRN
,
5.308
%
,
(
SOFR
+
0.94
%
),
7/14/28
...................................
United
States
250,000
250,035
a,b
National
Australia
Bank
Ltd.
,
Senior
Note
,
144A,
FRN
,
4.976
%
,
(
SOFR
+
0.62
%
),
6/11/27
............................
Australia
250,000
250,177
NatWest
Group
plc
,
Senior
Note,
7.472%
to
11/09/25,
FRN
thereafter,
11/10/26
..
United
Kingdom
200,000
202,794
b
Senior
Note,
FRN,
5.56%,
(SOFR
+
1.25%),
3/01/28
.......
United
Kingdom
200,000
200,540
PNC
Financial
Services
Group,
Inc.
(The)
,
Senior
Note,
5.812%
to
6/11/25,
FRN
thereafter,
6/12/26
....
United
States
69,000
69,066
Senior
Note,
4.758%
to
1/25/26,
FRN
thereafter,
1/26/27
....
United
States
174,000
174,152
b
Royal
Bank
of
Canada
,
Senior
Note,
FRN,
5.154%,
(SOFR
Index
+
0.79%),
7/23/27
.
Canada
135,000
135,081
Senior
Note,
FRN,
5.193%,
(SOFR
Index
+
0.83%),
1/24/29
.
Canada
102,000
101,386
Santander
Holdings
USA,
Inc.
,
Senior
Note
,
3.45
%
,
6/02/25
...
United
States
363,000
362,361
a,b
Sumitomo
Mitsui
Trust
Bank
Ltd.
,
Senior
Note
,
144A,
FRN
,
5.454
%
,
(
SOFR
+
1.15
%
),
9/14/26
.....................
Japan
300,000
301,951
a
Swedbank
AB
,
Senior
Non-Preferred
Note
,
144A,
6.136
%
,
9/12/26
.........................................
Sweden
200,000
204,867
Toronto-Dominion
Bank
(The)
,
Senior
Note,
5.103%,
1/09/26
........................
Canada
198,000
198,829
b
Senior
Note,
FRN,
5.18%,
(SOFR
+
0.82%),
1/31/28
.......
Canada
90,000
89,739
Truist
Financial
Corp.
,
Senior
Note,
4.26%
to
7/27/25,
FRN
thereafter,
7/28/26
.....
United
States
25,000
24,950
Senior
Note,
5.9%
to
10/27/25,
FRN
thereafter,
10/28/26
....
United
States
95,000
95,556
US
Bancorp
,
Senior
Note
,
5.727%
to
10/20/25,
FRN
thereafter
,
10/21/26
........................................
United
States
66,000
66,330
b
US
Bank
NA
,
Senior
Note
,
FRN
,
5.024
%
,
(
SOFR
+
0.69
%
),
10/22/27
........................................
United
States
300,000
299,030
b
Wells
Fargo
&
Co.
,
Senior
Note,
FRN,
5.143%,
(SOFR
+
0.78%),
1/24/28
......
United
States
89,000
88,589
Senior
Note,
FRN,
5.734%,
(SOFR
+
1.37%),
4/23/29
......
United
States
105,000
105,736
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Ultra
Short
MAC
Series
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
b
Westpac
Banking
Corp.
,
Senior
Note
,
FRN
,
4.794
%
,
(
SOFR
+
0.46
%
),
10/20/26
..................................
Australia
133,000
$
133,024
10,977,585
Beverages
0.2%
PepsiCo,
Inc.
,
Senior
Note
,
4.4
%
,
2/07/27
.................
United
States
50,000
50,468
Building
Products
0.1%
Owens
Corning
,
Senior
Note
,
5.5
%
,
6/15/27
...............
United
States
31,000
31,626
Capital
Markets
6.9%
Deutsche
Bank
AG
,
Senior
Non-Preferred
Note,
6.119%
to
7/13/25,
FRN
thereafter,
7/14/26
.........................................
Germany
150,000
150,311
Senior
Non-Preferred
Note,
2.129%
to
11/23/25,
FRN
thereafter,
11/24/26
................................
Germany
175,000
172,240
b
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Note
,
FRN
,
5.654
%
,
(
SOFR
+
1.29
%
),
4/23/28
............................
United
States
60,000
60,231
Jefferies
Financial
Group,
Inc.
,
Senior
Note,
5%,
2/10/26
...........................
United
States
125,000
125,180
Senior
Note,
5.03%,
3/16/26
.........................
United
States
128,000
128,333
a
Macquarie
Bank
Ltd.
,
Senior
Note
,
144A,
5.391
%
,
12/07/26
...
Australia
226,000
230,063
a,b
Mizuho
Markets
Cayman
LP
,
Senior
Note,
144A,
FRN,
4.942%,
(SOFR
+
0.6%),
10/06/25
.
Japan
82,000
82,099
Senior
Note,
144A,
FRN,
4.874%,
(SOFR
+
0.5%),
5/01/26
..
Japan
70,000
70,030
b
Morgan
Stanley
,
Senior
Note,
FRN,
5.388%,
(SOFR
+
1.02%),
4/13/28
......
United
States
50,000
50,157
Senior
Note,
FRN,
5.746%,
(SOFR
+
1.38%),
4/12/29
......
United
States
100,000
100,670
State
Street
Corp.
,
Senior
Note,
5.104%
to
5/17/25,
FRN
thereafter,
5/18/26
....
United
States
40,000
40,007
b
Senior
Note,
FRN,
5.22%,
(SOFR
+
0.845%),
8/03/26
......
United
States
164,000
164,019
b
Senior
Note,
FRN,
5.004%,
(SOFR
+
0.64%),
10/22/27
.....
United
States
45,000
44,849
b
Senior
Note,
FRN,
5.313%,
(SOFR
+
0.95%),
4/24/28
......
United
States
35,000
35,082
a
UBS
Group
AG
,
Senior
Bond,
144A,
4.125%,
4/15/26
...................
Switzerland
200,000
199,419
Senior
Bond,
144A,
4.282%,
1/09/28
...................
Switzerland
250,000
247,935
1,900,625
Chemicals
0.4%
Sherwin-Williams
Co.
(The)
,
Senior
Bond,
3.45%,
8/01/25
.........................
United
States
66,000
65,762
Senior
Note,
4.25%,
8/08/25
.........................
United
States
40,000
39,946
105,708
Consumer
Finance
6.0%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Note,
1.75%,
1/30/26
.........................
Ireland
150,000
146,680
Senior
Note,
4.875%,
4/01/28
........................
Ireland
150,000
150,924
b
American
Express
Co.
,
Senior
Note,
FRN,
5.16%,
(SOFR
+
0.76%),
2/13/26
.......
United
States
332,000
332,715
Senior
Note,
FRN,
5.261%,
(SOFR
+
0.93%),
7/26/28
......
United
States
44,000
44,175
Senior
Note,
FRN,
5.623%,
(SOFR
+
1.26%),
4/25/29
......
United
States
100,000
100,529
b
American
Honda
Finance
Corp.
,
Senior
Note,
FRN,
5.006%,
(SOFR
+
0.62%),
12/11/26
.....
United
States
50,000
49,961
Senior
Note,
FRN,
5.209%,
(SOFR
+
0.82%),
3/03/28
......
United
States
100,000
99,866
Capital
One
Financial
Corp.
,
Senior
Bond,
3.75%,
3/09/27
.........................
United
States
100,000
98,746
Senior
Note,
4.985%
to
7/23/25,
FRN
thereafter,
7/24/26
....
United
States
25,000
25,001
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Ultra
Short
MAC
Series
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Consumer
Finance
(continued)
Capital
One
Financial
Corp.,
(continued)
Sub.
Bond,
4.2%,
10/29/25
..........................
United
States
75,000
$
74,855
b
Caterpillar
Financial
Services
Corp.
,
Senior
Note,
FRN,
5.057%,
(SOFR
+
0.69%),
10/16/26
.....
United
States
40,000
40,146
Senior
Note,
FRN,
4.927%,
(SOFR
+
0.56%),
11/15/27
.....
United
States
106,000
105,805
General
Motors
Financial
Co.,
Inc.
,
Senior
Bond,
4.3%,
7/13/25
..........................
United
States
74,000
73,895
Senior
Note,
2.75%,
6/20/25
.........................
United
States
75,000
74,770
b
Senior
Note,
FRN,
5.388%,
(SOFR
Index
+
1.05%),
7/15/27
.
United
States
55,000
54,070
b
John
Deere
Capital
Corp.
,
Senior
Note
,
FRN
,
4.906
%
,
(
SOFR
+
0.6
%
),
6/11/27
....................................
United
States
114,000
114,104
b
Toyota
Motor
Credit
Corp.
,
Senior
Note,
FRN,
4.96%,
(SOFR
+
0.6%),
6/09/25
........
United
States
20,000
20,006
Senior
Note,
FRN,
4.82%,
(SOFR
Index
+
0.45%),
4/10/26
..
United
States
39,000
38,963
Senior
Note,
FRN,
5.173%,
(SOFR
+
0.77%),
8/07/26
......
United
States
27,000
27,054
1,672,265
Consumer
Staples
Distribution
&
Retail
0.3%
b
Walmart,
Inc.
,
Senior
Note
,
FRN
,
4.761
%
,
(
SOFR
Index
+
0.43
%
),
4/28/27
.........................................
United
States
80,000
80,142
Diversified
REITs
0.2%
Simon
Property
Group
LP
,
Senior
Bond
,
3.5
%
,
9/01/25
.......
United
States
55,000
54,786
Electric
Utilities
1.1%
b
Georgia
Power
Co.
,
Senior
Note
,
FRN
,
4.64
%
,
(
SOFR
Index
+
0.28
%
),
9/15/26
...................................
United
States
35,000
34,857
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Bond,
3.55%,
5/01/27
.........................
United
States
20,000
19,690
Senior
Note,
5.749%,
9/01/25
........................
United
States
132,000
132,423
Senior
Note,
4.85%,
2/04/28
.........................
United
States
20,000
20,322
b
Senior
Note,
FRN,
5.175%,
(SOFR
Index
+
0.8%),
2/04/28
..
United
States
50,000
50,054
b
Pacific
Gas
and
Electric
Co.
,
Senior
Note
,
FRN
,
5.31
%
,
(
SOFR
Index
+
0.95
%
),
9/04/25
.............................
United
States
55,000
54,965
312,311
Entertainment
0.7%
Netflix,
Inc.
,
Senior
Bond,
4.375%,
11/15/26
.......................
United
States
15,000
15,063
Senior
Bond,
5.875%,
11/15/28
.......................
United
States
40,000
42,206
a
Senior
Note,
144A,
3.625%,
6/15/25
...................
United
States
134,000
133,735
191,004
Financial
Services
1.7%
a
Nationwide
Building
Society
,
Senior
Non-Preferred
Note,
144A,
6.557%
to
10/17/26,
FRN
thereafter,
10/18/27
................................
United
Kingdom
200,000
205,581
b
Senior
Non-Preferred
Note,
144A,
FRN,
5.657%,
(SOFR
+
1.29%),
2/16/28
..................................
United
Kingdom
200,000
200,534
b
PayPal
Holdings,
Inc.
,
Senior
Note
,
FRN
,
5.059
%
,
(
SOFR
+
0.67
%
),
3/06/28
...................................
United
States
60,000
60,032
466,147
Food
Products
1.2%
Campbell's
Co.
(The)
,
Senior
Note
,
5.3
%
,
3/20/26
...........
United
States
150,000
150,906
a,b
Cargill,
Inc.
,
Senior
Note
,
144A,
FRN
,
4.981
%
,
(
SOFR
+
0.61
%
),
2/11/28
.........................................
United
States
90,000
89,754
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Ultra
Short
MAC
Series
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Food
Products
(continued)
a
Mars,
Inc.
,
Senior
Note
,
144A,
4.45
%
,
3/01/27
..............
United
States
76,000
$
76,493
317,153
Health
Care
Equipment
&
Supplies
0.4%
GE
HealthCare
Technologies,
Inc.
,
Senior
Note
,
5.6
%
,
11/15/25
United
States
100,000
100,469
Health
Care
Providers
&
Services
0.4%
CVS
Health
Corp.
,
Senior
Bond
,
3.875
%
,
7/20/25
...........
United
States
43,000
42,889
b
UnitedHealth
Group,
Inc.
,
Senior
Note
,
FRN
,
4.838
%
,
(
SOFR
+
0.5
%
),
7/15/26
....................................
United
States
54,000
53,950
96,839
Household
Durables
0.3%
Lennar
Corp.
,
Senior
Bond
,
4.75
%
,
5/30/25
................
United
States
78,000
77,990
Insurance
4.8%
Arthur
J
Gallagher
&
Co.
,
Senior
Note
,
4.6
%
,
12/15/27
.......
United
States
69,000
69,557
a
Athene
Global
Funding
,
Secured
Note,
144A,
5.349%,
7/09/27
..................
United
States
100,000
101,823
b
Secured
Note,
144A,
FRN,
5.339%,
(SOFR
Index
+
0.95%),
3/06/28
.........................................
United
States
102,000
101,498
Senior
Secured
Note,
144A,
4.86%,
8/27/26
.............
United
States
108,000
108,464
a
CNO
Global
Funding
,
Secured
Note
,
144A,
4.875
%
,
12/10/27
..
United
States
22,000
22,185
a
Corebridge
Global
Funding
,
Secured
Note
,
144A,
5.35
%
,
6/24/26
United
States
65,000
65,770
b
Marsh
&
McLennan
Cos.,
Inc.
,
Senior
Note
,
FRN
,
5.071
%
,
(
SOFR
Index
+
0.7
%
),
11/08/27
.............................
United
States
40,000
39,957
a,b
Metropolitan
Life
Global
Funding
I
,
Secured
Note
,
144A,
FRN
,
5.056
%
,
(
SOFR
Index
+
0.7
%
),
6/11/27
.................
United
States
150,000
149,747
a
Mutual
of
Omaha
Cos.
Global
Funding
,
Secured
Note
,
144A,
5.8
%
,
7/27/26
....................................
United
States
60,000
60,906
a,b
New
York
Life
Global
Funding
,
Senior
Secured
Note,
144A,
FRN,
5.045%,
(SOFR
+
0.67%),
4/02/27
.........................................
United
States
106,000
105,877
Senior
Secured
Note,
144A,
FRN,
5.243%,
(SOFR
+
0.88%),
4/25/28
.........................................
United
States
60,000
60,179
a
Northwestern
Mutual
Global
Funding
,
Secured
Note
,
144A,
5.07
%
,
3/25/27
...................................
United
States
85,000
86,322
a
Principal
Life
Global
Funding
II
,
Secured
Note
,
144A,
4.6
%
,
8/19/27
.........................................
United
States
27,000
27,162
a
Protective
Life
Global
Funding
,
b
Secured
Note,
144A,
FRN,
5.07%,
(SOFR
+
0.7%),
4/10/26
.
United
States
150,000
150,108
Secured
Note,
144A,
4.335%,
9/13/27
..................
United
States
150,000
149,850
1,299,405
Interactive
Media
&
Services
0.1%
Meta
Platforms,
Inc.
,
Senior
Note
,
3.5
%
,
8/15/27
............
United
States
18,000
17,865
Life
Sciences
Tools
&
Services
0.2%
Illumina,
Inc.
,
Senior
Note
,
4.65
%
,
9/09/26
................
United
States
54,000
54,025
Machinery
1.1%
a
Daimler
Truck
Finance
North
America
LLC
,
Senior
Note,
144A,
5%,
1/15/27
......................
Germany
150,000
151,090
b
Senior
Note,
144A,
FRN,
5.178%,
(SOFR
+
0.84%),
1/13/28
.
Germany
150,000
149,265
300,355
Metals
&
Mining
0.4%
a
Glencore
Funding
LLC
,
Senior
Note,
144A,
1.625%,
9/01/25
...................
Australia
16,000
15,824
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Ultra
Short
MAC
Series
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Metals
&
Mining
(continued)
a
Glencore
Funding
LLC,
(continued)
b
Senior
Note,
144A,
FRN,
5.095%,
(SOFR
Index
+
0.75%),
10/01/26
........................................
Australia
50,000
$
49,959
b
Rio
Tinto
Finance
USA
plc
,
Senior
Note
,
FRN
,
5.225
%
,
(
SOFR
Index
+
0.84
%
),
3/14/28
.............................
Australia
35,000
35,049
100,832
Multi-Utilities
0.6%
DTE
Energy
Co.
,
Senior
Note,
4.95%,
7/01/27
.........................
United
States
15,000
15,157
F
,
Senior
Note,
1.05%,
6/01/25
.......................
United
States
44,000
43,848
NiSource,
Inc.
,
Senior
Note
,
0.95
%
,
8/15/25
...............
United
States
89,000
88,078
WEC
Energy
Group,
Inc.
,
Senior
Note
,
5.6
%
,
9/12/26
........
United
States
28,000
28,391
175,474
Office
REITs
0.4%
Boston
Properties
LP
,
Senior
Bond
,
3.65
%
,
2/01/26
..........
United
States
123,000
121,754
Oil,
Gas
&
Consumable
Fuels
3.0%
b
Chevron
USA,
Inc.
,
Senior
Note
,
FRN
,
4.863
%
,
(
SOFR
Index
+
0.47
%
),
2/26/28
...................................
United
States
50,000
50,050
Devon
Energy
Corp.
,
Senior
Bond
,
5.85
%
,
12/15/25
.........
United
States
60,000
60,294
Energy
Transfer
LP
,
Senior
Bond
,
4.75
%
,
1/15/26
...........
United
States
30,000
29,989
ONEOK,
Inc.
,
Senior
Note
,
5.55
%
,
11/01/26
...............
United
States
400,000
405,034
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp.
,
Senior
Bond
,
4.65
%
,
10/15/25
..............................
United
States
276,000
275,590
820,957
Personal
Care
Products
0.2%
Kenvue,
Inc.
,
Senior
Note
,
5.35
%
,
3/22/26
.................
United
States
50,000
50,401
Pharmaceuticals
1.7%
Pfizer
Investment
Enterprises
Pte.
Ltd.
,
Senior
Note
,
4.45
%
,
5/19/26
.........................................
United
States
466,000
466,745
Residential
REITs
0.5%
Camden
Property
Trust
,
Senior
Note
,
5.85
%
,
11/03/26
........
United
States
100,000
102,102
Essex
Portfolio
LP
,
Senior
Bond
,
3.375
%
,
4/15/26
...........
United
States
13,000
12,841
114,943
Retail
REITs
1.7%
Kimco
Realty
OP
LLC
,
Senior
Bond
,
3.85
%
,
6/01/25
.........
United
States
12,000
11,975
Realty
Income
Corp.
,
Senior
Note
,
5.05
%
,
1/13/26
..........
United
States
460,000
459,705
471,680
Semiconductors
&
Semiconductor
Equipment
0.4%
Broadcom,
Inc.
,
Senior
Note,
5.05%,
7/12/27
.........................
United
States
59,000
59,945
Senior
Note,
4.8%,
4/15/28
..........................
United
States
38,000
38,559
98,504
Software
0.5%
Oracle
Corp.
,
Senior
Note,
1.65%,
3/25/26
.........................
United
States
65,000
63,360
b
Senior
Note,
FRN,
5.135%,
(SOFR
+
0.76%),
8/03/28
......
United
States
50,000
50,106
Synopsys,
Inc.
,
Senior
Note
,
4.55
%
,
4/01/27
...............
United
States
20,000
20,115
133,581
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Ultra
Short
MAC
Series
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
8
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Specialized
REITs
1.3%
American
Tower
Corp.
,
Senior
Bond,
3.375%,
10/15/26
.......................
United
States
20,000
$
19,684
Senior
Note,
1.3%,
9/15/25
..........................
United
States
15,000
14,808
b
Public
Storage
Operating
Co.
,
Senior
Note
,
FRN
,
4.963
%
,
(
SOFR
Index
+
0.6
%
),
7/25/25
..............................
United
States
330,000
330,213
364,705
Specialty
Retail
0.2%
b
Home
Depot,
Inc.
(The)
,
Senior
Note
,
FRN
,
4.629
%
,
(
SOFR
+
0.33
%
),
12/24/25
..................................
United
States
46,000
45,977
Technology
Hardware,
Storage
&
Peripherals
0.2%
Hewlett
Packard
Enterprise
Co.
,
Senior
Note
,
4.9
%
,
10/15/25
..
United
States
64,000
64,037
Tobacco
0.7%
Philip
Morris
International,
Inc.
,
Senior
Note,
4.375%,
11/01/27
.......................
United
States
70,000
70,330
b
Senior
Note,
FRN,
5.19%,
(SOFR
+
0.83%),
4/28/28
.......
United
States
120,000
120,147
190,477
Trading
Companies
&
Distributors
0.5%
Air
Lease
Corp.
,
Senior
Note,
3.375%,
7/01/25
........................
United
States
68,000
67,832
Senior
Note,
2.875%,
1/15/26
........................
United
States
76,000
74,938
142,770
Wireless
Telecommunication
Services
0.1%
Rogers
Communications,
Inc.
,
Senior
Bond
,
3.625
%
,
12/15/25
.
Canada
29,000
28,843
Total
Corporate
Bonds
(Cost
$23,102,943)
....................................
23,157,584
Foreign
Government
and
Agency
Securities
0.1%
a
Electricite
de
France
SA
,
Senior
Bond
,
144A,
3.625
%
,
10/13/25
France
25,000
24,865
Total
Foreign
Government
and
Agency
Securities
(Cost
$24,817)
...............
24,865
U.S.
Government
and
Agency
Securities
0.5%
U.S.
Treasury
Notes
,
5
%,
9/30/25
.......................
United
States
131,000
131,414
Total
U.S.
Government
and
Agency
Securities
(Cost
$130,998)
..................
131,414
Asset-Backed
Securities
3.9%
Automobiles
0.1%
c
Volkswagen
Auto
Loan
Enhanced
Trust
,
2025-1
,
A2B
,
FRN
,
4.79
%
,
(
30-day
SOFR
Average
+
0.44
%
),
1/20/28
.
.........
United
States
38,000
38,005
Banks
0.5%
Capital
One
Multi-Asset
Execution
Trust
,
2022-A3
,
A
,
4.95
%
,
10/15/27
.
........................................
United
States
138,000
138,265
Consumer
Finance
2.8%
American
Express
Credit
Account
Master
Trust
,
2022-3
,
A
,
3.75
%
,
8/15/27
.
.........................................
United
States
200,000
199,527
Capital
One
Prime
Auto
Receivables
Trust
,
2022-1
,
A3
,
3.17
%
,
4/15/27
.
.........................................
United
States
79,937
79,491
Discover
Card
Execution
Note
Trust
,
2022-A2
,
A
,
3.32
%
,
5/15/27
.
United
States
35,000
34,984
GM
Financial
Consumer
Automobile
Receivables
Trust
,
2022-2,
A3,
3.1%,
2/16/27
...........................
United
States
63,661
63,340
2024-1,
A3,
4.85%,
12/18/28
.........................
United
States
26,000
26,163
a
Golden
Credit
Card
Trust
,
2022-4A
,
A
,
144A,
4.31
%
,
9/15/27
.
..
Canada
149,000
148,815
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Ultra
Short
MAC
Series
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Consumer
Finance
(continued)
Harley-Davidson
Motorcycle
Trust
,
2023-B,
A2,
5.92%,
12/15/26
.........................
United
States
4,716
$
4,720
2024-A,
A2,
5.65%,
2/16/27
..........................
United
States
48,116
48,227
Hyundai
Auto
Receivables
Trust
,
2023-B
,
A3
,
5.48
%
,
4/17/28
.
..
United
States
136,479
137,431
Toyota
Auto
Receivables
Owner
Trust
,
2023-B
,
A3
,
4.71
%
,
2/15/28
.
.........................................
United
States
38,420
38,490
781,188
a
a
a
a
a
a
Financial
Services
0.5%
Carmax
Auto
Owner
Trust
,
2022-2
,
A3
,
3.49
%
,
2/16/27
.
.......
United
States
20,210
20,143
a
Chase
Auto
Owner
Trust
,
2024-3A
,
A2
,
144A,
5.53
%
,
9/27/27
.
..
United
States
81,000
81,268
a
Citizens
Auto
Receivables
Trust
,
2023-2,
A2A,
144A,
6.09%,
10/15/26
...................
United
States
6,080
6,085
2024-1,
A2A,
144A,
5.43%,
10/15/26
...................
United
States
19,582
19,606
Honda
Auto
Receivables
Owner
Trust
,
2023-1
,
A3
,
5.04
%
,
4/21/27
.
.........................................
United
States
8,183
8,203
135,305
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$1,089,291)
..............................
1,092,763
Total
Long
Term
Investments
(Cost
$24,348,049)
..............................
24,406,626
a
Short
Term
Investments
12.2%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Commercial
Papers
11.8%
d
Agree
LP,
4.78%,
5/02/25
.............................
United
States
250,000
249,934
d
Alexandria
Real
Estate
Equities,
Inc.,
4.55%,
5/09/25
........
United
States
250,000
249,716
d
AutoNation,
Inc.,
5%,
5/01/25
..........................
United
States
250,000
249,965
d
Boston
Properties
LP,
4.68%,
5/23/25
....................
United
States
250,000
249,255
d
CRH
America
Finance,
Inc.,
4.65%,
5/21/25
...............
United
States
250,000
249,324
d
Enbridge
US,
Inc.,
4.64%,
5/20/25
.......................
United
States
250,000
249,357
d
Intercontinental
Exchange,
Inc.,
4.63%,
5/05/25
.............
United
States
250,000
249,839
d
Marsh
&
McLennan
Cos.,
Inc.,
4.61%,
5/12/25
.............
United
States
250,000
249,617
d
Mid-America
Apartments
LP,
4.59%,
5/06/25
...............
United
States
250,000
249,809
d
National
Grid
North
America,
Inc.,
4.63%,
5/16/25
...........
United
States
250,000
249,487
d
Targa
Resources
Corp.,
4.89%,
5/05/25
..................
United
States
250,000
249,830
d
UDR,
Inc.,
4.59%,
5/08/25
.............................
United
States
250,000
249,745
d
WEC
Energy
Group,
Inc.,
4.61%,
5/12/25
.................
United
States
250,000
249,617
Total
Commercial
Papers
(Cost
$3,245,859)
...................................
3,245,495
Shares
Money
Market
Funds
0.4%
e,f
Putnam
Short
Term
Investment
Fund,
Class
P,
4.468%
.......
United
States
120,070
120,070
Total
Money
Market
Funds
(Cost
$120,070)
...................................
120,070
Total
Short
Term
Investments
(Cost
$3,365,929
)
...............................
3,365,565
a
Total
Investments
(Cost
$27,713,978)
100.9%
.................................
$27,772,191
Other
Assets,
less
Liabilities
(0.9)%
.........................................
(269,381)
Net
Assets
100.0%
.........................................................
$27,502,810
a
a
a
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Ultra
Short
MAC
Series
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
10
See
Abbreviations
on
page
12
.
*
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
April
30,
2025,
the
aggregate
value
of
these
securities
was
$11,037,479,
representing
40.1%
of
net
assets.
b
The
coupon
rate
shown
represents
the
rate
at
period
end.
c
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
d
The
rate
shown
represents
the
yield
at
period
end.
e
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
f
The
rate
shown
is
the
annualized
seven-day
yield
at
period
end.
Putnam
Funds
Trust
11
Quarterly
Schedule
of
Investments
Notes
to
Schedule
of
Investments
(unaudited)
1.
Organization
Putnam
Funds
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of
sixteen
separate
funds,
one
of
which is
included
in
this
report
(Fund).
The Fund
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.
2. 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.
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. 
3.
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.
During
the
period
ended
April
30,
2025,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Putnam
Funds
Trust
Notes
to
Schedule
of
Investments
(unaudited)
12
Quarterly
Schedule
of
Investments
4. Fair
Value
Measurements
The Fund
follows a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
April
30,
2025,
in
valuing
the Fund's
assets
carried
at
fair
value,
is
as
follows:  
Abbreviations
    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
Ultra
Short
MAC
Series
Non-Controlled
Affiliates
Dividends
Putnam
Short
Term
Investment
Fund,
Class
P,
4.468%
......
$—
$18,748,609
$(18,628,539)
$—
$—
$120,070
120,070
$8,919
Total
Affiliated
Securities
...
$—
$18,748,609
$(18,628,539)
$—
$—
$120,070
$8,919
Level
1
Level
2
Level
3
Total
Putnam
Ultra
Short
MAC
Series
Assets:
Investments
in
Securities:
Corporate
Bonds
........................
$
—
$
23,157,584
$
—
$
23,157,584
Foreign
Government
and
Agency
Securities
....
—
24,865
—
24,865
U.S.
Government
and
Agency
Securities
.......
—
131,414
—
131,414
Asset-Backed
Securities
...................
—
1,092,763
—
1,092,763
Short
Term
Investments
...................
120,070
3,245,495
—
3,365,565
Total
Investments
in
Securities
...........
$120,070
$27,652,121
$—
$27,772,191
Selected
Portfolio
FRN
Floating
Rate
Note
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
3.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.