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Schedules
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
2
Putnam
Short
Duration
Bond
Fund
29
Notes
to
Schedule
of
Investments
50
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited),
January
31,
2026
Putnam
Core
Bond
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Management
Investment
Companies
1.9%
Capital
Markets
1.9%
a
Franklin
Ultra
Short
Bond
ETF
..........................
United
States
1,113,980
$
27,955,328
Total
Management
Investment
Companies
(Cost
$
27,720,882
)
..................
27,955,328
Principal
Amount
*
Corporate
Bonds
27.5%
Aerospace
&
Defense
1.4%
b
BAE
Systems
plc
,
Senior
Bond
,
144A,
5.3
%
,
3/26/34
.....................
United
Kingdom
2,650,000
2,742,351
Senior
Bond
,
144A,
5.5
%
,
3/26/54
.....................
United
Kingdom
350,000
352,355
Senior
Note
,
144A,
5.125
%
,
3/26/29
...................
United
Kingdom
745,000
767,453
Boeing
Co.
(The)
,
Senior
Bond
,
2.95
%
,
2/01/30
.........................
United
States
1,633,000
1,550,836
Senior
Bond
,
6.125
%
,
2/15/33
........................
United
States
943,000
1,019,295
Senior
Bond
,
3.6
%
,
5/01/34
..........................
United
States
504,000
458,949
Senior
Bond
,
3.25
%
,
2/01/35
.........................
United
States
389,000
340,633
Senior
Bond
,
3.5
%
,
3/01/39
..........................
United
States
795,000
652,312
Senior
Bond
,
6.875
%
,
3/15/39
........................
United
States
870,000
982,984
Senior
Bond
,
3.9
%
,
5/01/49
..........................
United
States
862,000
644,636
Senior
Bond
,
6.858
%
,
5/01/54
........................
United
States
333,000
375,750
Senior
Bond
,
3.95
%
,
8/01/59
.........................
United
States
730,000
517,451
Senior
Note
,
2.196
%
,
2/04/26
........................
United
States
690,000
689,883
Senior
Note
,
2.7
%
,
2/01/27
..........................
United
States
1,183,000
1,169,060
Senior
Note
,
6.259
%
,
5/01/27
........................
United
States
39,000
40,008
Senior
Note
,
6.298
%
,
5/01/29
........................
United
States
60,000
63,749
Senior
Note
,
5.15
%
,
5/01/30
.........................
United
States
3,365,000
3,459,597
Howmet
Aerospace,
Inc.
,
Senior
Bond
,
6.75
%
,
1/15/28
.........................
United
States
500,000
525,940
Senior
Bond
,
5.95
%
,
2/01/37
.........................
United
States
915,000
991,435
Senior
Note
,
3
%
,
1/15/29
...........................
United
States
4,584,000
4,459,876
21,804,553
Automobiles
0.3%
b
Hyundai
Capital
America
,
Senior
Bond
,
144A,
6.375
%
,
4/08/30
...................
United
States
60,000
64,139
Senior
Note
,
144A,
4.875
%
,
11/01/27
..................
United
States
1,565,000
1,586,893
Senior
Note
,
144A,
6.5
%
,
1/16/29
.....................
United
States
1,530,000
1,623,108
Senior
Note
,
144A,
5.35
%
,
3/19/29
....................
United
States
959,000
988,647
Senior
Note
,
144A,
5.4
%
,
1/08/31
.....................
United
States
158,000
163,895
4,426,682
Banks
3.4%
b
Australia
&
New
Zealand
Banking
Group
Ltd.
,
Sub.
Bond
,
144A,
2.57%
to
11/24/30,
FRN
thereafter
,
11/25/35
..............
Australia
200,000
180,705
Banco
Santander
SA
,
Sub.
Bond
,
6.921
%
,
8/08/33
..........
Spain
1,200,000
1,323,484
Bank
of
America
Corp.
,
Senior
Bond
,
2.496%
to
2/12/30,
FRN
thereafter
,
2/13/31
...
United
States
1,880,000
1,752,935
Senior
Bond
,
5.468%
to
1/22/34,
FRN
thereafter
,
1/23/35
...
United
States
90,000
93,349
Senior
Bond
,
5.511%
to
1/23/35,
FRN
thereafter
,
1/24/36
...
United
States
1,549,000
1,608,563
Senior
Note
,
6.204%
to
11/09/27,
FRN
thereafter
,
11/10/28
..
United
States
1,020,000
1,058,605
Senior
Note
,
5.162%
to
1/23/30,
FRN
thereafter
,
1/24/31
....
United
States
1,551,000
1,599,776
Sub.
Bond
,
5.425%
to
8/14/34,
FRN
thereafter
,
8/15/35
.....
United
States
1,945,000
1,976,038
Sub.
Bond
,
3.846%
to
3/07/32,
FRN
thereafter
,
3/08/37
.....
United
States
1,729,000
1,623,616
L
,
Sub.
Bond
,
4.183
%
,
11/25/27
......................
United
States
450,000
450,637
Bank
of
Nova
Scotia
(The)
,
Junior
Sub.
Bond
,
7.35%
to
4/26/30,
FRN
thereafter
,
4/27/85
.............................
Canada
1,665,000
1,745,346
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(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)
b
Banque
Federative
du
Credit
Mutuel
SA
,
Senior
Preferred
Note
,
144A,
4.541
%
,
1/15/31
..............................
France
1,160,000
$
1,157,629
Barclays
plc
,
Senior
Note
,
5.367%
to
2/24/30,
FRN
thereafter
,
2/25/31
.........................................
United
Kingdom
1,250,000
1,290,813
b
CaixaBank
SA
,
Senior
Non-Preferred
Note
,
144A,
4.634%
to
7/02/28,
FRN
thereafter
,
7/03/29
.................................
Spain
1,140,000
1,152,256
Senior
Non-Preferred
Note
,
144A,
5.673%
to
3/14/29,
FRN
thereafter
,
3/15/30
.................................
Spain
950,000
987,564
Citigroup,
Inc.
,
c
Junior
Sub.
Bond
,
6.625%
to
2/14/31,
FRN
thereafter
,
Perpetual
.......................................
United
States
1,230,000
1,252,908
c
CC
,
Junior
Sub.
Bond
,
7.125%
to
8/14/29,
FRN
thereafter
,
Perpetual
.......................................
United
States
567,000
587,201
c
GG
,
Junior
Sub.
Bond
,
6.875%
to
8/14/30,
FRN
thereafter
,
Perpetual
.......................................
United
States
2,231,000
2,280,631
Senior
Note
,
4.503%
to
9/10/30,
FRN
thereafter
,
9/11/31
....
United
States
3,120,000
3,123,523
Sub.
Bond
,
4.45
%
,
9/29/27
..........................
United
States
918,000
924,124
Sub.
Bond
,
6.174%
to
5/24/33,
FRN
thereafter
,
5/25/34
.....
United
States
923,000
977,615
Sub.
Bond
,
4.75
%
,
5/18/46
..........................
United
States
90,000
79,089
b
Commonwealth
Bank
of
Australia
,
Sub.
Bond
,
144A,
2.688
%
,
3/11/31
....................
Australia
1,790,000
1,631,333
Sub.
Bond
,
144A,
5.837
%
,
3/13/34
....................
Australia
960,000
1,009,927
b
Credit
Agricole
SA
,
Sub.
Bond
,
144A,
4%
to
1/09/28,
FRN
thereafter
,
1/10/33
.................................
France
250,000
247,838
Fifth
Third
Bancorp
,
Senior
Note
,
6.339%
to
7/26/28,
FRN
thereafter
,
7/27/29
....
United
States
930,000
978,177
Senior
Note
,
4.895%
to
9/05/29,
FRN
thereafter
,
9/06/30
....
United
States
360,000
366,322
ING
Groep
NV
,
Senior
Note
,
6.083%
to
9/10/26,
FRN
thereafter
,
9/11/27
.........................................
Netherlands
505,000
511,230
JPMorgan
Chase
&
Co.
,
Senior
Bond
,
4.946%
to
10/21/34,
FRN
thereafter
,
10/22/35
.
United
States
2,790,000
2,802,740
Senior
Bond
,
5.502%
to
1/23/35,
FRN
thereafter
,
1/24/36
...
United
States
650,000
676,277
Senior
Note
,
4.323%
to
4/25/27,
FRN
thereafter
,
4/26/28
....
United
States
445,000
446,840
Senior
Note
,
4.603%
to
10/21/29,
FRN
thereafter
,
10/22/30
..
United
States
2,790,000
2,830,826
Senior
Note
,
5.14%
to
1/23/30,
FRN
thereafter
,
1/24/31
.....
United
States
1,655,000
1,707,956
Sub.
Bond
,
2.956%
to
5/12/30,
FRN
thereafter
,
5/13/31
.....
United
States
2,695,000
2,540,614
Sub.
Bond
,
5.717%
to
9/13/32,
FRN
thereafter
,
9/14/33
.....
United
States
1,471,000
1,552,686
Sub.
Bond
,
5.576%
to
7/22/35,
FRN
thereafter
,
7/23/36
.....
United
States
500,000
513,869
NatWest
Group
plc
,
Senior
Note
,
5.847%
to
3/01/26,
FRN
thereafter
,
3/02/27
.................................
United
Kingdom
230,000
230,318
PNC
Financial
Services
Group,
Inc.
(The)
,
Senior
Bond
,
5.373%
to
7/20/35,
FRN
thereafter
,
7/21/36
...
United
States
340,000
348,251
Sub.
Bond
,
4.626%
to
6/05/32,
FRN
thereafter
,
6/06/33
.....
United
States
2,530,000
2,508,965
Toronto-Dominion
Bank
(The)
,
Junior
Sub.
Bond
,
8.125%
to
10/30/27,
FRN
thereafter
,
10/31/82
.....................
Canada
465,000
487,424
d
Truist
Bank
,
Sub.
Bond
,
FRN
,
4.632
%
,
(
5-year
CMT
T-Note
+
1.15
%
),
9/17/29
...................................
United
States
420,000
422,772
Truist
Financial
Corp.
,
Senior
Bond
,
5.711%
to
1/23/34,
FRN
thereafter
,
1/24/35
.................................
United
States
576,000
603,472
US
Bancorp
,
Sub.
Bond
,
2.491%
to
11/02/31,
FRN
thereafter
,
11/03/36
........................................
United
States
324,000
283,728
Wells
Fargo
&
Co.
,
Senior
Note
,
5.574%
to
7/24/28,
FRN
thereafter
,
7/25/29
.................................
United
States
1,380,000
1,428,073
Wells
Fargo
Bank
NA
,
Sub.
Bond
,
6.6
%
,
1/15/38
............
United
States
330,000
368,426
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(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)
Westpac
Banking
Corp.
,
Sub.
Bond
,
4.421
%
,
7/24/39
.........................
Australia
108,000
$
99,886
Sub.
Bond
,
2.963
%
,
11/16/40
........................
Australia
131,000
100,192
51,924,549
Biotechnology
0.6%
Amgen,
Inc.
,
Senior
Bond
,
5.25
%
,
3/02/33
.........................
United
States
900,000
931,627
Senior
Bond
,
5.65
%
,
3/02/53
.........................
United
States
659,000
649,109
Senior
Bond
,
5.75
%
,
3/02/63
.........................
United
States
450,000
440,294
Senior
Note
,
5.25
%
,
3/02/30
.........................
United
States
1,886,000
1,957,327
Biogen,
Inc.
,
Senior
Bond
,
2.25
%
,
5/01/30
.................
United
States
2,084,000
1,916,310
Regeneron
Pharmaceuticals,
Inc.
,
Senior
Bond
,
1.75
%
,
9/15/30
United
States
3,365,000
3,011,050
8,905,717
Building
Products
0.0%
†
Carlisle
Cos.,
Inc.
,
Senior
Bond
,
5.25
%
,
9/15/35
............
United
States
580,000
590,902
Capital
Markets
1.9%
Ares
Capital
Corp.
,
Senior
Note
,
7
%
,
1/15/27
..............
United
States
605,000
621,336
Blackstone
Private
Credit
Fund
,
Senior
Note
,
3.25
%
,
3/15/27
..
United
States
1,525,000
1,502,140
Deutsche
Bank
AG
,
Senior
Non-Preferred
Note
,
2.311%
to
11/15/26,
FRN
thereafter
,
11/16/27
.....................
Germany
584,000
575,832
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond
,
4.223%
to
4/30/28,
FRN
thereafter
,
5/01/29
...
United
States
665,000
666,654
Senior
Bond
,
5.065%
to
1/20/36,
FRN
thereafter
,
1/21/37
...
United
States
580,000
577,737
Senior
Note
,
4.153%
to
10/20/28,
FRN
thereafter
,
10/21/29
..
United
States
1,501,000
1,500,377
Intercontinental
Exchange,
Inc.
,
Senior
Bond
,
1.85
%
,
9/15/32
.........................
United
States
103,000
87,842
Senior
Note
,
4.35
%
,
6/15/29
.........................
United
States
146,000
147,527
b
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
5/01/33
...............................
United
States
1,410,000
1,467,258
Jefferies
Financial
Group,
Inc.
,
Senior
Note
,
4.5
%
,
9/15/26
....
United
States
1,730,000
1,735,019
b
KKR
Group
Finance
Co.
VI
LLC
,
Senior
Bond
,
144A,
3.75
%
,
7/01/29
.........................................
United
States
1,022,000
1,003,709
LPL
Holdings,
Inc.
,
Senior
Note
,
6.75
%
,
11/17/28
........................
United
States
300,000
319,205
Senior
Note
,
5.2
%
,
3/15/30
..........................
United
States
1,461,000
1,494,794
b
Senior
Note
,
144A,
4
%
,
3/15/29
......................
United
States
1,155,000
1,139,346
Morgan
Stanley
,
Senior
Bond
,
5.073%
to
1/29/36,
FRN
thereafter
,
1/30/37
...
United
States
895,000
891,877
Senior
Note
,
2.475%
to
1/20/27,
FRN
thereafter
,
1/21/28
....
United
States
3,000,000
2,958,198
Senior
Note
,
5.123%
to
1/31/28,
FRN
thereafter
,
2/01/29
....
United
States
2,085,000
2,127,481
Senior
Note
,
4.994%
to
4/11/28,
FRN
thereafter
,
4/12/29
....
United
States
1,530,000
1,558,288
Senior
Note
,
5.23%
to
1/14/30,
FRN
thereafter
,
1/15/31
.....
United
States
820,000
844,375
Senior
Note
,
4.493%
to
1/15/31,
FRN
thereafter
,
1/16/32
....
United
States
865,000
864,620
Sub.
Bond
,
4.35
%
,
9/08/26
..........................
United
States
1,270,000
1,273,651
Sub.
Bond
,
5.948%
to
1/18/33,
FRN
thereafter
,
1/19/38
.....
United
States
214,000
223,907
Sub.
Bond
,
5.942%
to
2/06/34,
FRN
thereafter
,
2/07/39
.....
United
States
459,000
480,488
b
MSCI,
Inc.
,
Senior
Bond
,
144A,
3.625
%
,
9/01/30
............
United
States
1,980,000
1,893,814
Nasdaq,
Inc.
,
Senior
Bond
,
5.55
%
,
2/15/34
................
United
States
58,000
60,646
S&P
Global,
Inc.
,
Senior
Bond
,
2.5
%
,
12/01/29
.............
United
States
1,880,000
1,778,658
b
UBS
Group
AG
,
Senior
Note
,
144A,
1.305%
to
2/01/26,
FRN
thereafter
,
2/02/27
Switzerland
250,000
250,000
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(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)
Capital
Markets
(continued)
b
UBS
Group
AG,
(continued)
Senior
Note
,
144A,
5.428%
to
2/07/29,
FRN
thereafter
,
2/08/30
Switzerland
815,000
$
842,389
28,887,168
Chemicals
0.1%
FMC
Corp.
,
Sub.
Bond
,
8.45%
to
10/31/30,
FRN
thereafter
,
11/01/55
........................................
United
States
1,715,000
1,376,809
Commercial
Services
&
Supplies
0.2%
Republic
Services,
Inc.
,
Senior
Note
,
5
%
,
11/15/29
..........
United
States
1,095,000
1,131,362
Waste
Connections,
Inc.
,
Senior
Bond
,
5
%
,
3/01/34
..........
United
States
1,948,000
1,982,833
Waste
Management,
Inc.
,
Senior
Note
,
4.875
%
,
2/15/29
......
United
States
397,000
407,509
3,521,704
Communications
Equipment
0.1%
Motorola
Solutions,
Inc.
,
Senior
Bond
,
2.3
%
,
11/15/30
.........................
United
States
290,000
263,293
Senior
Note
,
4.85
%
,
8/15/30
.........................
United
States
333,000
339,886
Senior
Note
,
5.2
%
,
8/15/32
..........................
United
States
1,134,000
1,170,604
1,773,783
Construction
&
Engineering
0.1%
MasTec,
Inc.
,
Senior
Note
,
5.9
%
,
6/15/29
.................
United
States
765,000
801,177
Consumer
Finance
1.2%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond
,
3.3
%
,
1/30/32
..........................
Ireland
2,195,000
2,031,353
Senior
Note
,
5.1
%
,
1/19/29
..........................
Ireland
1,435,000
1,468,973
Senior
Note
,
4.125
%
,
2/28/29
........................
Ireland
395,000
393,711
b
Aircastle
Ltd.
/
Aircastle
Ireland
DAC
,
Senior
Note
,
144A,
5.25
%
,
3/15/30
.........................................
United
States
695,000
711,293
Ally
Financial,
Inc.
,
Senior
Bond
,
8
%
,
11/01/31
.............
United
States
486,000
551,239
American
Express
Co.
,
Senior
Note
,
5.098%
to
2/15/27,
FRN
thereafter
,
2/16/28
.................................
United
States
1,000,000
1,011,745
b
Avolon
Holdings
Funding
Ltd.
,
Senior
Note
,
144A,
5.75
%
,
11/15/29
...................
Ireland
1,437,000
1,493,602
Senior
Note
,
144A,
4.9
%
,
10/10/30
....................
Ireland
1,465,000
1,474,262
Capital
One
Financial
Corp.
,
Senior
Note
,
4.493%
to
9/10/30,
FRN
thereafter
,
9/11/31
....
United
States
1,095,000
1,088,060
Senior
Note
,
7.624%
to
10/29/30,
FRN
thereafter
,
10/30/31
..
United
States
465,000
522,149
Senior
Note
,
4.722%
to
1/29/31,
FRN
thereafter
,
1/30/32
....
United
States
1,115,000
1,115,578
Sub.
Bond
,
2.359%
to
7/28/31,
FRN
thereafter
,
7/29/32
.....
United
States
211,000
184,638
Ford
Motor
Credit
Co.
LLC
,
Senior
Note
,
5.8
%
,
3/05/27
..........................
United
States
720,000
730,287
Senior
Note
,
4.125
%
,
8/17/27
........................
United
States
290,000
288,683
General
Motors
Financial
Co.,
Inc.
,
Senior
Bond
,
5.45
%
,
9/06/34
.........................
United
States
630,000
640,068
Senior
Note
,
4.2
%
,
10/27/28
.........................
United
States
450,000
451,248
Senior
Note
,
5.8
%
,
1/07/29
..........................
United
States
465,000
484,970
Senior
Note
,
4.9
%
,
10/06/29
.........................
United
States
380,000
386,210
b
Macquarie
Airfinance
Holdings
Ltd.
,
Senior
Note
,
144A,
6.4
%
,
3/26/29
.....................
United
Kingdom
2,345,000
2,464,014
Senior
Note
,
144A,
5.15
%
,
3/17/30
....................
United
Kingdom
49,000
49,662
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(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)
Consumer
Finance
(continued)
b
Macquarie
Airfinance
Holdings
Ltd.,
(continued)
Senior
Note
,
144A,
6.5
%
,
3/26/31
.....................
United
Kingdom
38,000
$
40,683
17,582,428
Consumer
Staples
Distribution
&
Retail
0.2%
b
7-Eleven,
Inc.
,
Senior
Bond
,
144A,
1.8
%
,
2/10/31
.....................
United
States
296,000
260,093
Senior
Note
,
144A,
1.3
%
,
2/10/28
.....................
United
States
2,322,000
2,198,505
b
Alimentation
Couche-Tard,
Inc.
,
Senior
Bond
,
144A,
3.55
%
,
7/26/27
.........................................
Canada
150,000
149,012
2,607,610
Containers
&
Packaging
0.1%
AptarGroup,
Inc.
,
Senior
Note
,
4.75
%
,
3/30/31
.............
United
States
775,000
780,090
WestRock
MWV
LLC
,
Senior
Bond
,
8.2
%
,
1/15/30
...........
United
States
103,000
117,098
897,188
Diversified
Consumer
Services
0.0%
†
Service
Corp.
International
,
Senior
Bond
,
3.375
%
,
8/15/30
....
United
States
140,000
131,030
Diversified
REITs
0.4%
GLP
Capital
LP
/
GLP
Financing
II,
Inc.
,
Senior
Bond
,
6.75
%
,
12/01/33
........................................
United
States
414,000
448,865
VICI
Properties
LP
,
Senior
Note
,
4.75
%
,
2/15/28
.........................
United
States
140,000
141,445
Senior
Note
,
5.125
%
,
11/15/31
.......................
United
States
815,000
824,567
b
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
2/15/27
....................
United
States
1,607,000
1,598,160
Senior
Note
,
144A,
4.5
%
,
1/15/28
.....................
United
States
1,485,000
1,489,889
Senior
Note
,
144A,
3.875
%
,
2/15/29
...................
United
States
640,000
629,454
5,132,380
Diversified
Telecommunication
Services
0.5%
AT&T,
Inc.
,
Senior
Bond
,
4.35
%
,
3/01/29
.........................
United
States
430,000
433,123
Senior
Bond
,
2.55
%
,
12/01/33
........................
United
States
2,361,000
2,009,259
e
Senior
Bond
,
5.125
%
,
4/30/36
........................
United
States
745,000
742,229
Senior
Note
,
4.1
%
,
2/15/28
..........................
United
States
430,000
431,154
b
Cipher
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.125
%
,
11/15/30
........................................
United
States
3,190,000
3,290,999
Sprint
Capital
Corp.
,
Senior
Bond
,
6.875
%
,
11/15/28
.........
United
States
265,000
284,359
Verizon
Communications,
Inc.
,
Senior
Bond
,
5.875
%
,
11/30/55
.......................
United
States
505,000
498,859
Senior
Note
,
4.75
%
,
1/15/33
.........................
United
States
1,045,000
1,045,604
8,735,586
Electric
Utilities
2.5%
American
Electric
Power
Co.,
Inc.
,
C
,
Junior
Sub.
Bond
,
5.8%
to
3/14/31,
FRN
thereafter
,
3/15/56
United
States
1,675,000
1,675,693
D
,
Junior
Sub.
Bond
,
6.05%
to
3/14/36,
FRN
thereafter
,
3/15/56
.........................................
United
States
560,000
556,290
J
,
Senior
Bond
,
4.3
%
,
12/01/28
.......................
United
States
305,000
307,262
b
American
Transmission
Systems,
Inc.
,
Senior
Bond
,
144A,
2.65
%
,
1/15/32
...................................
United
States
1,694,000
1,529,902
DTE
Electric
Co.
,
Senior
Bond
,
5.25
%
,
5/15/35
.............
United
States
1,350,000
1,384,165
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(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)
Electric
Utilities
(continued)
Duke
Energy
Corp.
,
Senior
Bond
,
5.75
%
,
9/15/33
.........................
United
States
157,000
$
166,378
Senior
Bond
,
5.8
%
,
6/15/54
..........................
United
States
113,000
111,846
Senior
Note
,
4.85
%
,
1/05/29
.........................
United
States
400,000
408,625
Duke
Energy
Ohio,
Inc.
,
Senior
Bond
,
3.65
%
,
2/01/29
.........................
United
States
89,000
88,250
Senior
Bond
,
5.25
%
,
4/01/33
.........................
United
States
900,000
932,348
b
Enel
Finance
International
NV
,
Senior
Bond
,
144A,
7.5
%
,
10/14/32
....................
Italy
600,000
690,150
Senior
Note
,
144A,
4.375
%
,
9/30/30
...................
Italy
1,105,000
1,102,809
b
Evergy
Missouri
West,
Inc.
,
Senior
Note
,
144A,
5.15
%
,
12/15/27
United
States
290,000
295,358
Eversource
Energy
,
Senior
Note
,
5.45
%
,
3/01/28
............
United
States
874,000
897,330
Exelon
Corp.
,
Senior
Bond
,
5.625
%
,
6/15/35
........................
United
States
1,427,000
1,489,472
Senior
Note
,
5.15
%
,
3/15/29
.........................
United
States
1,090,000
1,121,884
FirstEnergy
Transmission
LLC
,
Senior
Note
,
4.55
%
,
1/15/30
...
United
States
215,000
216,328
Georgia
Power
Co.
,
Senior
Bond
,
4.95
%
,
5/17/33
.........................
United
States
252,000
257,358
Senior
Bond
,
5.25
%
,
3/15/34
.........................
United
States
653,000
673,555
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Bond
,
3.55
%
,
5/01/27
.........................
United
States
1,194,000
1,188,552
Senior
Bond
,
5.9
%
,
3/15/55
..........................
United
States
445,000
447,949
Senior
Note
,
5.3
%
,
3/15/32
..........................
United
States
1,390,000
1,444,284
Northern
States
Power
Co.
,
Senior
Bond
,
5.05
%
,
5/15/35
.....
United
States
700,000
711,717
b
NRG
Energy,
Inc.
,
Senior
Secured
Note
,
144A,
2.45
%
,
12/02/27
United
States
3,400,000
3,289,032
Oncor
Electric
Delivery
Co.
LLC
,
Senior
Secured
Bond
,
4.95
%
,
9/15/52
..................
United
States
383,000
340,952
Senior
Secured
Note
,
3.7
%
,
11/15/28
..................
United
States
300,000
298,079
Pacific
Gas
and
Electric
Co.
,
Senior
Bond
,
5.9
%
,
6/15/32
..........................
United
States
1,227,000
1,291,722
Senior
Bond
,
4.95
%
,
7/01/50
.........................
United
States
162,000
137,467
Senior
Bond
,
6.75
%
,
1/15/53
.........................
United
States
1,915,000
2,042,099
Senior
Note
,
6.1
%
,
1/15/29
..........................
United
States
450,000
472,187
Southern
Co.
(The)
,
Senior
Bond
,
5.7
%
,
3/15/34
..........................
United
States
594,000
624,436
Senior
Note
,
5.5
%
,
3/15/29
..........................
United
States
70,000
72,721
Virginia
Electric
and
Power
Co.
,
Senior
Bond
,
5.05
%
,
8/15/34
.........................
United
States
1,460,000
1,481,036
C
,
Senior
Bond
,
4.9
%
,
9/15/35
.......................
United
States
1,310,000
1,302,645
b
Vistra
Operations
Co.
LLC
,
Senior
Secured
Bond
,
144A,
4.3
%
,
7/15/29
..............
United
States
1,015,000
1,010,219
Senior
Secured
Bond
,
144A,
6.95
%
,
10/15/33
............
United
States
604,000
670,050
Senior
Secured
Bond
,
144A,
6
%
,
4/15/34
...............
United
States
517,000
542,632
Senior
Secured
Bond
,
144A,
5.7
%
,
12/30/34
.............
United
States
1,895,000
1,943,915
Senior
Secured
Bond
,
144A,
5.25
%
,
10/15/35
............
United
States
575,000
569,664
Senior
Secured
Note
,
144A,
3.7
%
,
1/30/27
..............
United
States
650,000
648,063
Senior
Secured
Note
,
144A,
4.6
%
,
10/15/30
.............
United
States
545,000
543,562
Wisconsin
Electric
Power
Co.
,
Senior
Bond
,
4.6
%
,
10/01/34
...
United
States
813,000
807,821
Xcel
Energy,
Inc.
,
Senior
Bond
,
5.6
%
,
4/15/35
..............
United
States
1,700,000
1,757,439
37,543,246
Electrical
Equipment
0.5%
Regal
Rexnord
Corp.
,
Senior
Note
,
6.05
%
,
4/15/28
..........
United
States
2,580,000
2,675,009
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(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)
Electrical
Equipment
(continued)
b
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
........................................
United
States
4,050,000
$
3,990,973
6,665,982
Electronic
Equipment,
Instruments
&
Components
0.1%
Amphenol
Corp.
,
Senior
Note
,
4.4
%
,
2/15/33
...............
United
States
1,425,000
1,409,068
Entertainment
0.1%
b
Netflix,
Inc.
,
Senior
Bond
,
144A,
5.375
%
,
11/15/29
..........
United
States
1,230,000
1,282,189
Financial
Services
0.0%
†
Corebridge
Financial,
Inc.
,
Senior
Note
,
3.85
%
,
4/05/29
.......
United
States
615,000
608,900
Food
Products
1.0%
JBS
NV
/
JBS
USA
Foods
Group
Holdings,
Inc.
/
JBS
USA
Food
Co.
Holdings
,
Senior
Note
,
3
%
,
2/02/29
...........................
United
States
1,583,000
1,532,709
Senior
Note
,
5.75
%
,
4/01/33
.........................
United
States
106,000
110,684
Senior
Note
,
6.75
%
,
3/15/34
.........................
United
States
1,346,000
1,484,797
JBS
NV/JBS
USA
Foods
Group
Holdings,
Inc.
/
JBS
USA
Food
Co.
Holdings
,
Senior
Note
,
5.95
%
,
4/20/35
...............
United
States
315,000
331,330
Kellanova
,
Senior
Bond
,
4.5
%
,
4/01/46
..........................
United
States
159,000
140,358
B
,
Senior
Bond
,
7.45
%
,
4/01/31
.......................
United
States
1,627,000
1,867,169
Kraft
Heinz
Foods
Co.
,
Senior
Bond
,
6.875
%
,
1/26/39
........................
United
States
420,000
470,040
Senior
Bond
,
4.625
%
,
10/01/39
.......................
United
States
420,000
379,525
Senior
Bond
,
5
%
,
6/04/42
...........................
United
States
1,760,000
1,606,257
b
Mars,
Inc.
,
Senior
Bond
,
144A,
5.65
%
,
5/01/45
....................
United
States
3,430,000
3,461,858
Senior
Bond
,
144A,
5.7
%
,
5/01/55
.....................
United
States
1,415,000
1,411,293
Senior
Bond
,
144A,
5.8
%
,
5/01/65
.....................
United
States
325,000
326,369
Senior
Note
,
144A,
4.65
%
,
4/20/31
....................
United
States
854,000
871,703
Senior
Note
,
144A,
5
%
,
3/01/32
......................
United
States
180,000
185,020
Senior
Note
,
144A,
5.2
%
,
3/01/35
.....................
United
States
1,045,000
1,070,297
Pilgrim's
Pride
Corp.
,
Senior
Note
,
3.5
%
,
3/01/32
...........
United
States
609,000
563,332
15,812,741
Gas
Utilities
0.0%
†
CenterPoint
Energy
Resources
Corp.
,
Senior
Bond
,
5.4
%
,
7/01/34
.........................................
United
States
342,000
353,353
Ground
Transportation
0.3%
b
Ashtead
Capital,
Inc.
,
Senior
Bond
,
144A,
4.375
%
,
8/15/27
...................
United
Kingdom
305,000
304,596
Senior
Bond
,
144A,
5.95
%
,
10/15/33
...................
United
Kingdom
1,890,000
1,993,515
Senior
Bond
,
144A,
5.8
%
,
4/15/34
.....................
United
Kingdom
375,000
393,282
Burlington
Northern
Santa
Fe
LLC
,
Senior
Bond
,
5.55
%
,
3/15/56
United
States
680,000
673,170
b
Penske
Truck
Leasing
Co.
LP
/
PTL
Finance
Corp.
,
Senior
Note
,
144A,
4.4
%
,
7/01/27
...............................
United
States
150,000
150,559
Ryder
System,
Inc.
,
Senior
Note
,
4.95
%
,
9/01/29
............
United
States
700,000
716,034
b
SMBC
Aviation
Capital
Finance
DAC
,
Senior
Note
,
144A,
5.3
%
,
4/03/29
.........................................
Ireland
575,000
590,705
4,821,861
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Health
Care
Equipment
&
Supplies
0.4%
GE
HealthCare
Technologies,
Inc.
,
Senior
Note
,
5.65
%
,
11/15/27
........................
United
States
155,000
$
159,444
Senior
Note
,
4.8
%
,
8/14/29
..........................
United
States
240,000
244,944
b
Medline
Borrower
LP
,
Senior
Secured
Note
,
144A,
3.875
%
,
4/01/29
.........................................
United
States
5,595,000
5,474,737
5,879,125
Health
Care
Providers
&
Services
0.6%
CVS
Health
Corp.
,
Junior
Sub.
Bond
,
7%
to
3/09/30,
FRN
thereafter
,
3/10/55
...
United
States
855,000
895,263
Senior
Bond
,
1.875
%
,
2/28/31
........................
United
States
555,000
488,901
Senior
Bond
,
4.78
%
,
3/25/38
.........................
United
States
1,726,000
1,620,771
Senior
Note
,
5.4
%
,
6/01/29
..........................
United
States
3,000,000
3,107,082
HCA,
Inc.
,
Senior
Bond
,
4.5
%
,
2/15/27
..........................
United
States
150,000
150,337
Senior
Bond
,
5.6
%
,
4/01/34
..........................
United
States
527,000
547,589
Senior
Bond
,
6
%
,
4/01/54
...........................
United
States
692,000
687,090
Senior
Note
,
3.625
%
,
3/15/32
........................
United
States
77,000
72,679
Senior
Note
,
4.6
%
,
11/15/32
.........................
United
States
690,000
683,776
Humana,
Inc.
,
Senior
Note
,
5.75
%
,
3/01/28
................
United
States
285,000
293,435
Icon
Investments
Six
DAC
,
Senior
Secured
Note
,
5.809
%
,
5/08/27
.................
United
States
300,000
305,717
Senior
Secured
Note
,
5.849
%
,
5/08/29
.................
United
States
200,000
208,636
UnitedHealth
Group,
Inc.
,
Senior
Bond
,
4.625
%
,
7/15/35
........................
United
States
270,000
264,713
Senior
Bond
,
5.875
%
,
2/15/53
........................
United
States
574,000
577,158
9,903,147
Hotels,
Restaurants
&
Leisure
0.7%
b
Carnival
Corp.
,
Senior
Note
,
144A,
5.125
%
,
5/01/29
...................
United
States
1,725,000
1,746,028
Senior
Note
,
144A,
5.75
%
,
3/15/30
....................
United
States
1,815,000
1,869,857
Senior
Note
,
144A,
5.75
%
,
8/01/32
....................
United
States
1,270,000
1,305,908
Senior
Secured
Note
,
144A,
4
%
,
8/01/28
................
United
States
3,374,000
3,340,776
Hyatt
Hotels
Corp.
,
Senior
Note
,
5.75
%
,
1/30/27
.........................
United
States
664,000
674,492
Senior
Note
,
5.25
%
,
6/30/29
.........................
United
States
495,000
510,508
Senior
Note
,
5.375
%
,
12/15/31
.......................
United
States
335,000
345,273
Las
Vegas
Sands
Corp.
,
Senior
Note
,
3.5
%
,
8/18/26
.........
United
States
635,000
632,252
10,425,094
Household
Durables
0.3%
DR
Horton,
Inc.
,
Senior
Bond
,
5
%
,
10/15/34
...............
United
States
2,120,000
2,138,579
Toll
Brothers
Finance
Corp.
,
Senior
Bond
,
4.35
%
,
2/15/28
.........................
United
States
987,000
992,413
Senior
Bond
,
3.8
%
,
11/01/29
.........................
United
States
1,355,000
1,337,233
4,468,225
Independent
Power
and
Renewable
Electricity
Producers
0.5%
b
Alexander
Funding
Trust
II
,
Senior
Secured
Note
,
144A,
7.467
%
,
7/31/28
.........................................
United
States
1,060,000
1,128,999
Constellation
Energy
Generation
LLC
,
Senior
Bond
,
6.125
%
,
1/15/34
........................
United
States
229,000
247,284
Senior
Bond
,
6.5
%
,
10/01/53
.........................
United
States
558,000
604,366
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
10
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Independent
Power
and
Renewable
Electricity
Producers
(continued)
Constellation
Energy
Generation
LLC,
(continued)
Senior
Bond
,
5.75
%
,
3/15/54
.........................
United
States
450,000
$
444,215
Senior
Note
,
5.6
%
,
3/01/28
..........................
United
States
1,005,000
1,036,439
Senior
Note
,
4.4
%
,
1/15/31
..........................
United
States
620,000
618,718
Southern
Power
Co.
,
B
,
Senior
Bond
,
4.9
%
,
10/01/35
.......................
United
States
760,000
747,120
A
,
Senior
Note
,
4.25
%
,
10/01/30
......................
United
States
2,100,000
2,095,504
6,922,645
Insurance
0.7%
Arthur
J
Gallagher
&
Co.
,
Senior
Note
,
4.85
%
,
12/15/29
......
United
States
695,000
711,329
b
Athene
Global
Funding
,
Secured
Note
,
144A,
5.526
%
,
7/11/31
..................
United
States
810,000
831,840
Secured
Note
,
144A,
5.322
%
,
11/13/31
.................
United
States
935,000
951,693
Senior
Secured
Bond
,
144A,
5.543
%
,
8/22/35
............
United
States
1,285,000
1,289,151
Athene
Holding
Ltd.
,
Senior
Bond
,
5.875
%
,
1/15/34
........................
United
States
505,000
524,510
Senior
Bond
,
6.25
%
,
4/01/54
.........................
United
States
306,000
298,133
Brown
&
Brown,
Inc.
,
Senior
Bond
,
5.55
%
,
6/23/35
.........................
United
States
630,000
644,932
Senior
Note
,
4.9
%
,
6/23/30
..........................
United
States
1,310,000
1,330,466
Senior
Note
,
5.25
%
,
6/23/32
.........................
United
States
471,000
480,650
CNA
Financial
Corp.
,
Senior
Bond
,
5.125
%
,
2/15/34
.........
United
States
368,000
370,315
b
CNO
Global
Funding
,
Secured
Note
,
144A,
2.65
%
,
1/06/29
...................
United
States
642,000
614,183
Secured
Note
,
144A,
4.95
%
,
9/09/29
...................
United
States
797,000
810,673
F&G
Annuities
&
Life,
Inc.
,
Senior
Note
,
6.5
%
,
6/04/29
.......
United
States
950,000
987,680
Fairfax
Financial
Holdings
Ltd.
,
Senior
Note
,
4.85
%
,
4/17/28
...
Canada
220,000
223,208
b
Metropolitan
Life
Global
Funding
I
,
Senior
Secured
Bond
,
144A,
2.95
%
,
4/09/30
...................................
United
States
360,000
342,475
b
Mutual
of
Omaha
Cos.
Global
Funding
,
Secured
Note
,
144A,
5.8
%
,
7/27/26
....................................
United
States
250,000
252,077
b
Protective
Life
Global
Funding
,
Secured
Note
,
144A,
5.467
%
,
12/08/28
........................................
United
States
595,000
616,919
11,280,234
Interactive
Media
&
Services
0.1%
Meta
Platforms,
Inc.
,
Senior
Bond
,
5.75
%
,
5/15/63
.........................
United
States
607,000
577,195
Senior
Bond
,
5.55
%
,
8/15/64
.........................
United
States
939,000
862,736
1,439,931
Leisure
Products
0.1%
Brunswick
Corp.
,
Senior
Bond
,
2.4
%
,
8/18/31
..........................
United
States
1,232,000
1,086,625
Senior
Note
,
5.85
%
,
3/18/29
.........................
United
States
375,000
390,220
1,476,845
Life
Sciences
Tools
&
Services
0.0%
†
Illumina,
Inc.
,
Senior
Note
,
4.65
%
,
9/09/26
................
United
States
431,000
432,147
Media
0.5%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
Corp.
,
Senior
Secured
Bond
,
5.85
%
,
12/01/35
.................
United
States
630,000
627,278
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Media
(continued)
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
Corp.,
(continued)
Senior
Secured
Bond
,
3.5
%
,
6/01/41
...................
United
States
1,500,000
$
1,074,262
Senior
Secured
Bond
,
4.8
%
,
3/01/50
...................
United
States
59,000
44,746
Omnicom
Group,
Inc.
,
Senior
Note
,
2.4
%
,
3/01/31
...........
United
States
98,000
88,254
Paramount
Global
,
Senior
Bond
,
4.2
%
,
6/01/29
..........................
United
States
435,000
423,409
Senior
Note
,
3.7
%
,
6/01/28
..........................
United
States
507,000
494,206
Time
Warner
Cable
Enterprises
LLC
,
Senior
Secured
Bond
,
8.375
%
,
7/15/33
...................................
United
States
3,560,000
4,095,245
6,847,400
Metals
&
Mining
0.1%
b
Glencore
Funding
LLC
,
Senior
Bond
,
144A,
2.5
%
,
9/01/30
.....................
Australia
396,000
364,594
Senior
Bond
,
144A,
5.634
%
,
4/04/34
...................
Australia
936,000
980,428
Senior
Note
,
144A,
6.375
%
,
10/06/30
..................
Australia
422,000
455,210
1,800,232
Multi-Utilities
0.5%
Ameren
Corp.
,
Senior
Note
,
5
%
,
1/15/29
..................
United
States
565,000
578,971
Dominion
Energy,
Inc.
,
Junior
Sub.
Bond
,
6.2%
to
2/14/36,
FRN
thereafter
,
2/15/56
.................................
United
States
820,000
823,197
DTE
Energy
Co.
,
Senior
Bond
,
5.85
%
,
6/01/34
.........................
United
States
160,000
170,194
Senior
Note
,
4.95
%
,
7/01/27
.........................
United
States
2,190,000
2,218,016
NiSource,
Inc.
,
Senior
Note
,
5.2
%
,
7/01/29
................
United
States
755,000
778,924
Puget
Sound
Energy,
Inc.
,
Senior
Bond
,
5.448
%
,
6/01/53
.....
United
States
170,000
164,142
Sempra,
Inc.
,
Senior
Bond
,
5.5
%
,
8/01/33
.................
United
States
301,000
313,442
Southern
Co.
Gas
Capital
Corp.
,
Senior
Bond
,
4.95
%
,
9/15/34
.
United
States
810,000
811,523
5,858,409
Oil,
Gas
&
Consumable
Fuels
1.9%
b
Aker
BP
ASA
,
Senior
Bond
,
144A,
5.8
%
,
10/01/54
...........
Norway
1,520,000
1,401,859
Canadian
Natural
Resources
Ltd.
,
Senior
Bond
,
7.2
%
,
1/15/32
..........................
Canada
621,000
695,880
Senior
Note
,
5
%
,
12/15/29
..........................
Canada
1,144,000
1,175,540
Cheniere
Energy
Partners
LP
,
Senior
Bond
,
3.25
%
,
1/31/32
.........................
United
States
2,767,000
2,554,341
Senior
Note
,
4.5
%
,
10/01/29
.........................
United
States
910,000
913,840
b
Columbia
Pipelines
Operating
Co.
LLC
,
Senior
Note
,
144A,
5.927
%
,
8/15/30
...................................
United
States
229,000
242,863
b
DT
Midstream,
Inc.
,
Senior
Secured
Bond
,
144A,
5.8
%
,
12/15/34
United
States
1,485,000
1,541,872
Eastern
Energy
Gas
Holdings
LLC
,
Senior
Bond
,
5.8
%
,
1/15/35
..........................
United
States
989,000
1,045,292
Senior
Bond
,
5.65
%
,
10/15/54
........................
United
States
376,000
366,248
Energy
Transfer
LP
,
c
B
,
Junior
Sub.
Bond
,
6.625%
to
2/14/28,
FRN
thereafter
,
Perpetual
.......................................
United
States
1,471,000
1,491,906
Senior
Note
,
5.25
%
,
7/01/29
.........................
United
States
1,190,000
1,226,918
Senior
Note
,
5.2
%
,
4/01/30
..........................
United
States
1,389,000
1,433,610
Kinder
Morgan,
Inc.
,
Senior
Bond
,
7.75
%
,
1/15/32
.........................
United
States
1,683,000
1,956,783
Senior
Note
,
5
%
,
2/01/29
...........................
United
States
205,000
210,412
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
12
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
Occidental
Petroleum
Corp.
,
Senior
Bond
,
7.5
%
,
5/01/31
......
United
States
486,000
$
548,118
ONEOK,
Inc.
,
Senior
Note
,
4.75
%
,
10/15/31
...............
United
States
1,115,000
1,120,337
South
Bow
USA
Infrastructure
Holdings
LLC
,
Senior
Note
,
5.026
%
,
10/01/29
.......................
Canada
1,475,000
1,498,008
Senior
Note
,
5.584
%
,
10/01/34
.......................
Canada
975,000
983,810
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp.
,
Senior
Bond
,
5
%
,
1/15/28
...........................
United
States
840,000
841,105
Senior
Bond
,
4.875
%
,
2/01/31
........................
United
States
221,000
223,121
b
Transcontinental
Gas
Pipe
Line
Co.
LLC
,
Senior
Bond
,
144A,
5.1
%
,
3/15/36
....................................
United
States
795,000
798,366
b
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Note
,
144A,
6.25
%
,
1/15/30
...................................
United
States
2,360,000
2,419,739
Viper
Energy
Partners
LLC
,
Senior
Bond
,
5.7
%
,
8/01/35
..........................
United
States
706,000
719,146
Senior
Note
,
4.9
%
,
8/01/30
..........................
United
States
740,000
749,749
Williams
Cos.,
Inc.
(The)
,
Senior
Bond
,
5.6
%
,
3/15/35
........
United
States
992,000
1,030,937
27,189,800
Paper
&
Forest
Products
0.1%
b
Georgia-Pacific
LLC
,
Senior
Note
,
144A,
4.95
%
,
6/30/32
......
United
States
1,440,000
1,482,007
Passenger
Airlines
0.2%
b
AS
Mileage
Plan
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.021
%
,
10/20/29
........................................
United
States
2,500,000
2,529,174
Personal
Care
Products
0.3%
Haleon
US
Capital
LLC
,
Senior
Note
,
3.375
%
,
3/24/27
.......
United
States
1,315,000
1,306,886
Kenvue,
Inc.
,
Senior
Note
,
4.85
%
,
5/22/32
.........................
United
States
1,475,000
1,506,338
Senior
Note
,
4.9
%
,
3/22/33
..........................
United
States
1,034,000
1,053,131
3,866,355
Pharmaceuticals
1.2%
Bristol-Myers
Squibb
Co.
,
Senior
Bond
,
4.125
%
,
6/15/39
......
United
States
2,180,000
1,970,657
Merck
&
Co.,
Inc.
,
Senior
Bond
,
4.75
%
,
12/04/35
........................
United
States
595,000
590,139
Senior
Note
,
4.45
%
,
12/04/32
........................
United
States
370,000
371,021
Novartis
Capital
Corp.
,
Senior
Note
,
4.1
%
,
11/05/30
.........
United
States
2,655,000
2,655,758
Pfizer
Investment
Enterprises
Pte.
Ltd.
,
Senior
Bond
,
4.75
%
,
5/19/33
.........................
United
States
1,230,000
1,242,761
Senior
Bond
,
5.3
%
,
5/19/53
..........................
United
States
1,474,000
1,398,974
Senior
Note
,
4.45
%
,
5/19/28
.........................
United
States
234,000
236,496
Pharmacia
LLC
,
Senior
Bond
,
6.6
%
,
12/01/28
..............
United
States
295,000
316,051
Royalty
Pharma
plc
,
Senior
Bond
,
5.4
%
,
9/02/34
..........................
United
States
974,000
997,894
Senior
Bond
,
5.2
%
,
9/25/35
..........................
United
States
845,000
849,712
Senior
Note
,
5.15
%
,
9/02/29
.........................
United
States
967,000
996,147
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Bond
,
4.1
%
,
10/01/46
...................................
Israel
160,000
122,528
Zoetis,
Inc.
,
Senior
Bond
,
2
%
,
5/15/30
...........................
United
States
2,646,000
2,423,545
Senior
Bond
,
5
%
,
8/17/35
...........................
United
States
2,910,000
2,931,224
17,102,907
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Professional
Services
0.1%
Paychex,
Inc.
,
Senior
Note
,
5.1
%
,
4/15/30
.................
United
States
1,650,000
$
1,698,009
Semiconductors
&
Semiconductor
Equipment
0.9%
Broadcom,
Inc.
,
Senior
Bond
,
4.15
%
,
11/15/30
........................
United
States
288,000
286,550
Senior
Bond
,
4.95
%
,
1/15/36
.........................
United
States
690,000
689,584
Senior
Bond
,
5.7
%
,
1/15/56
..........................
United
States
100,000
100,843
b
Senior
Bond
,
144A,
4.926
%
,
5/15/37
...................
United
States
2,606,000
2,567,672
Senior
Note
,
5.05
%
,
7/12/29
.........................
United
States
2,275,000
2,344,239
b
Foundry
JV
Holdco
LLC
,
Senior
Secured
Bond
,
144A,
6.4
%
,
1/25/38
..............
United
States
735,000
787,771
Senior
Secured
Note
,
144A,
5.5
%
,
1/25/31
..............
United
States
380,000
393,779
Senior
Secured
Note
,
144A,
6.15
%
,
1/25/32
.............
United
States
2,424,000
2,582,804
Senior
Secured
Note
,
144A,
5.9
%
,
1/25/33
..............
United
States
575,000
603,594
Intel
Corp.
,
Senior
Bond
,
4.15
%
,
8/05/32
..................
United
States
2,075,000
2,012,906
Marvell
Technology,
Inc.
,
Senior
Note
,
5.75
%
,
2/15/29
.........................
United
States
400,000
416,998
Senior
Note
,
4.75
%
,
7/15/30
.........................
United
States
265,000
268,452
Senior
Note
,
5.95
%
,
9/15/33
.........................
United
States
368,000
392,152
13,447,344
Software
0.3%
Oracle
Corp.
,
Senior
Bond
,
4.3
%
,
7/08/34
..........................
United
States
923,000
833,927
Senior
Bond
,
3.65
%
,
3/25/41
.........................
United
States
258,000
188,418
Senior
Note
,
4.45
%
,
9/26/30
.........................
United
States
745,000
727,490
Senior
Note
,
4.8
%
,
9/26/32
..........................
United
States
1,000,000
968,513
Synopsys,
Inc.
,
Senior
Bond
,
5.15
%
,
4/01/35
.........................
United
States
1,265,000
1,282,828
Senior
Bond
,
5.7
%
,
4/01/55
..........................
United
States
90,000
88,849
4,090,025
Specialized
REITs
0.7%
American
Tower
Corp.
,
Senior
Bond
,
3.95
%
,
3/15/29
.........................
United
States
925,000
920,034
Senior
Bond
,
3.8
%
,
8/15/29
..........................
United
States
600,000
591,813
Senior
Bond
,
2.9
%
,
1/15/30
..........................
United
States
481,000
457,066
Senior
Bond
,
2.7
%
,
4/15/31
..........................
United
States
1,670,000
1,536,054
Senior
Note
,
5.5
%
,
3/15/28
..........................
United
States
225,000
231,359
Senior
Note
,
4.7
%
,
12/15/32
.........................
United
States
465,000
465,551
Crown
Castle,
Inc.
,
Senior
Bond
,
3.65
%
,
9/01/27
.........................
United
States
505,000
501,616
Senior
Bond
,
3.8
%
,
2/15/28
..........................
United
States
125,000
124,227
Senior
Note
,
4.9
%
,
9/01/29
..........................
United
States
3,825,000
3,893,223
EPR
Properties
,
Senior
Bond
,
4.5
%
,
6/01/27
...............
United
States
144,000
144,266
Equinix,
Inc.
,
Senior
Bond
,
3.2
%
,
11/18/29
................
United
States
760,000
731,851
9,597,060
Specialty
Retail
0.1%
Dick's
Sporting
Goods,
Inc.
,
Senior
Bond
,
3.15
%
,
1/15/32
.........................
United
States
325,000
299,765
Senior
Bond
,
4.1
%
,
1/15/52
..........................
United
States
1,960,000
1,434,327
1,734,092
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
14
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Technology
Hardware,
Storage
&
Peripherals
0.1%
Hewlett
Packard
Enterprise
Co.
,
Senior
Note
,
4.55
%
,
10/15/29
........................
United
States
435,000
$
438,278
Senior
Note
,
4.85
%
,
10/15/31
........................
United
States
1,506,000
1,519,252
1,957,530
Textiles,
Apparel
&
Luxury
Goods
0.1%
Tapestry,
Inc.
,
Senior
Bond
,
3.05
%
,
3/15/32
.........................
United
States
319,000
290,773
Senior
Bond
,
5.5
%
,
3/11/35
..........................
United
States
824,000
840,867
Senior
Note
,
5.1
%
,
3/11/30
..........................
United
States
691,000
708,912
1,840,552
Tobacco
0.6%
BAT
Capital
Corp.
,
Senior
Bond
,
4.39
%
,
8/15/37
.........................
United
Kingdom
850,000
780,701
Senior
Note
,
4.625
%
,
3/22/33
........................
United
Kingdom
3,120,000
3,092,754
Philip
Morris
International,
Inc.
,
Senior
Note
,
5.125
%
,
2/15/30
........................
United
States
2,013,000
2,078,597
Senior
Note
,
4.75
%
,
11/01/31
........................
United
States
2,460,000
2,506,985
8,459,037
Trading
Companies
&
Distributors
0.5%
Air
Lease
Corp.
,
Senior
Note
,
5.85
%
,
12/15/27
.............
United
States
805,000
829,585
b
Aircastle
Ltd.
,
Senior
Note
,
144A,
6.5
%
,
7/18/28
............
United
States
3,265,000
3,432,423
b
Aviation
Capital
Group
LLC
,
Senior
Note
,
144A,
5.375
%
,
7/15/29
...................
United
States
1,920,000
1,973,708
Senior
Note
,
144A,
5.125
%
,
4/10/30
...................
United
States
770,000
782,797
7,018,513
Wireless
Telecommunication
Services
0.9%
Rogers
Communications,
Inc.
,
Senior
Note
,
5
%
,
2/15/29
...........................
Canada
740,000
755,277
Senior
Note
,
3.8
%
,
3/15/32
..........................
Canada
2,653,000
2,514,656
Sub.
Bond
,
7.125%
to
4/14/35,
FRN
thereafter
,
4/15/55
.....
Canada
790,000
828,773
NC5
,
Sub.
Bond
,
7%
to
4/14/30,
FRN
thereafter
,
4/15/55
....
Canada
1,570,000
1,629,223
T-Mobile
USA,
Inc.
,
Senior
Bond
,
5.05
%
,
7/15/33
.........................
United
States
497,000
505,162
Senior
Bond
,
4.95
%
,
11/15/35
........................
United
States
1,940,000
1,923,870
Senior
Bond
,
5
%
,
2/15/36
...........................
United
States
1,390,000
1,376,403
Senior
Note
,
2.05
%
,
2/15/28
.........................
United
States
595,000
572,577
Senior
Note
,
3.375
%
,
4/15/29
........................
United
States
460,000
449,134
Senior
Note
,
5.125
%
,
5/15/32
........................
United
States
1,410,000
1,449,671
Senior
Note
,
6.7
%
,
12/15/33
.........................
United
States
1,050,000
1,171,920
13,176,666
Total
Corporate
Bonds
(Cost
$
401,849,185
)
...................................
409,519,111
U.S.
Government
and
Agency
Securities
38.0%
U.S.
Treasury
Bonds
,
6.25
%,
5/15/30
...................................
United
States
10,000
10,982
4.375
%,
11/15/39
.................................
United
States
58,800,000
57,775,593
4.625
%,
2/15/40
..................................
United
States
5,470,000
5,506,538
4.25
%,
11/15/40
..................................
United
States
12,780,000
12,283,777
3.375
%,
8/15/42
..................................
United
States
12,370,000
10,425,832
5
%,
5/15/45
.....................................
United
States
3,870,000
3,955,866
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
15
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
U.S.
Government
and
Agency
Securities
(continued)
U.S.
Treasury
Bonds,
(continued)
1.875
%,
11/15/51
.................................
United
States
40,090,000
$
22,084,735
f
2.875
%,
5/15/52
..................................
United
States
80,230,000
55,844,468
3
%,
8/15/52
.....................................
United
States
11,530,000
8,225,034
4.625
%,
11/15/55
.................................
United
States
3,820,000
3,661,828
U.S.
Treasury
Notes
,
0.5
%,
2/28/26
....................................
United
States
4,410,000
4,399,776
2.625
%,
5/31/27
..................................
United
States
13,500,000
13,341,797
3.375
%,
12/31/27
.................................
United
States
5,160,000
5,145,286
1
%,
7/31/28
.....................................
United
States
15,400,000
14,465,773
1.875
%,
2/28/29
..................................
United
States
78,290,000
74,357,150
3.25
%,
6/30/29
...................................
United
States
56,230,000
55,510,651
3.125
%,
8/31/29
..................................
United
States
16,900,000
16,590,387
3.625
%,
12/31/30
.................................
United
States
30,740,000
30,502,245
4.125
%,
2/29/32
..................................
United
States
5,290,000
5,342,073
4
%,
2/15/34
.....................................
United
States
2,750,000
2,727,764
4.25
%,
11/15/34
..................................
United
States
64,320,000
64,625,269
4.625
%,
2/15/35
..................................
United
States
69,140,000
71,330,334
4.25
%,
8/15/35
...................................
United
States
27,250,000
27,277,676
Total
U.S.
Government
and
Agency
Securities
(Cost
$
571,945,380
)
..............
565,390,834
Asset-Backed
Securities
6.9%
Automobiles
0.1%
Volkswagen
Auto
Loan
Enhanced
Trust
,
2025-1
,
A2A
,
4.51
%
,
1/20/28
.
.........................................
United
States
840,220
842,214
Banks
0.0%
†
Capital
One
Multi-Asset
Execution
Trust
,
2023-A1
,
A
,
4.42
%
,
5/15/28
.
.........................................
United
States
500,000
500,920
Capital
Markets
0.2%
b
,g
Magnetite
XL
Ltd.
,
2024-40A
,
A1
,
144A,
FRN
,
5.122
%
,
(
3-month
SOFR
+
1.45
%
),
7/15/37
.
............................
United
States
3,200,000
3,211,198
Consumer
Finance
0.9%
Capital
One
Prime
Auto
Receivables
Trust
,
2024-1
,
A2A
,
4.61
%
,
10/15/27
........................
United
States
394,058
394,524
2025-1
,
A3
,
3.85
%
,
7/15/30
..........................
United
States
2,013,000
2,015,196
GM
Financial
Consumer
Automobile
Receivables
Trust
,
2023-3
,
A3
,
5.45
%
,
6/16/28
.
................................
United
States
1,026,487
1,033,591
Harley-Davidson
Motorcycle
Trust
,
2023-B
,
A3
,
5.69
%
,
8/15/28
.
United
States
522,362
527,147
Hyundai
Auto
Receivables
Trust
,
2023-B
,
A3
,
5.48
%
,
4/17/28
..........................
United
States
998,260
1,005,009
g
2025-C
,
A2B
,
FRN
,
4.057
%
,
(
30-day
SOFR
Average
+
0.35
%
),
7/17/28
.........................................
United
States
4,908,000
4,912,346
Toyota
Auto
Receivables
Owner
Trust
,
2023-B
,
A3
,
4.71
%
,
2/15/28
..........................
United
States
134,330
134,847
2023-C
,
A3
,
5.16
%
,
4/17/28
..........................
United
States
313,163
315,181
g
2025-D
,
A2B
,
FRN
,
4.027
%
,
(
30-day
SOFR
Average
+
0.32
%
),
8/15/28
.........................................
United
States
1,848,000
1,849,258
2026-A
,
A3
,
3.86
%
,
9/16/30
..........................
United
States
1,011,000
1,012,892
World
Omni
Auto
Receivables
Trust
,
2024-A
,
A3
,
4.86
%
,
3/15/29
.
United
States
397,405
399,922
13,599,913
a
a
a
a
a
a
Financial
Services
5.7%
b
,g
Allegro
CLO
XII
Ltd.
,
2020-1A
,
A1R
,
144A,
FRN
,
5.11
%
,
(
3-month
SOFR
+
1.44
%
),
7/21/37
.
............................
United
States
450,000
451,575
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
16
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
b
,g
Angel
Oak
Mortgage
Trust
,
2025-HB1
,
A1
,
144A,
FRN
,
5.497
%
,
(
30-day
SOFR
Average
+
1.8
%
),
2/25/55
.
................
United
States
586,684
$
591,168
b
,g
Apex
Credit
CLO
LLC
,
2021-2A
,
A1AR
,
144A,
FRN
,
4.848
%
,
(
3-month
SOFR
+
1.18
%
),
10/20/34
.
...................
United
States
5,650,000
5,657,826
b
,g
Bain
Capital
Credit
CLO
Ltd.
,
2022-2A
,
A1R
,
144A,
FRN
,
4.819
%
,
(
3-month
SOFR
+
1.15
%
),
4/22/35
.
....................
United
States
500,000
500,499
b
Bank
of
America
Auto
Trust
,
2023-2A
,
A4
,
144A,
5.66
%
,
11/15/29
.
United
States
1,075,000
1,095,600
b
,g
Battalion
CLO
X
Ltd.
,
2016-10A
,
A1R3
,
144A,
FRN
,
4.808
%
,
(
3-month
SOFR
+
1.14
%
),
1/24/35
.
....................
United
States
2,195,990
2,198,846
b
Bayview
Opportunity
Master
Fund
VII
Trust
,
2023-1A
,
A
,
144A,
6.93
%
,
10/28/60
.
..................................
United
States
196,841
200,777
b
,g
BDS
Ltd.
,
2021-FL10
,
A
,
144A,
FRN
,
5.14
%
,
(
1-month
SOFR
+
1.464
%
),
12/16/36
.
.................................
United
States
85,751
85,867
b
,g
Beechwood
Park
CLO
Ltd.
,
2019-1A
,
A2RR
,
144A,
FRN
,
4.998
%
,
(
3-month
SOFR
+
1.33
%
),
1/17/35
.
....................
Jersey
2,750,000
2,753,279
b
,g
Birch
Grove
CLO
2
Ltd.
,
2021-2A
,
A1R
,
144A,
FRN
,
5.068
%
,
(
3-month
SOFR
+
1.4
%
),
10/19/37
.
....................
United
States
700,000
702,849
b
,g
Birch
Grove
CLO
8
Ltd.
,
2024-8A
,
A1
,
144A,
FRN
,
5.298
%
,
(
3-month
SOFR
+
1.63
%
),
4/20/37
.
....................
Jersey
750,000
753,459
b
,g
Black
Diamond
CLO
Ltd.
,
2021-1A
,
A1AR
,
144A,
FRN
,
4.919
%
,
(
3-month
SOFR
+
1.25
%
),
11/22/34
.
....................
United
States
250,000
250,353
BMW
Vehicle
Owner
Trust
,
2023-A
,
A3
,
5.47
%
,
2/25/28
.
......
United
States
187,014
188,175
b
BofA
Auto
Trust
,
2024-1A
,
A3
,
144A,
5.35
%
,
11/15/28
.
........
United
States
708,015
714,244
b
BRAVO
Residential
Funding
Trust
,
2024-CES1
,
A1A
,
144A,
6.377
%
,
4/25/54
................
United
States
1,719,130
1,744,888
g
2025-HE1
,
A1
,
144A,
FRN
,
5.047
%
,
(
30-day
SOFR
Average
+
1.35
%
),
9/25/72
...................................
United
States
1,416,593
1,420,717
CarMax
Auto
Owner
Trust
,
2026-1
,
A2A
,
3.87
%
,
4/16/29
.........................
United
States
901,000
901,850
2026-1
,
A3
,
4.04
%
,
3/17/31
..........................
United
States
721,000
724,150
b
,g
Cathedral
Lake
VIII
Ltd.
,
2021-8A
,
A1R
,
144A,
FRN
,
4.798
%
,
(
3-month
SOFR
+
1.13
%
),
1/20/35
.
....................
United
States
1,540,000
1,541,574
b
Chase
Auto
Owner
Trust
,
2022-AA
,
A4
,
144A,
3.99
%
,
3/27/28
....................
United
States
152,940
152,948
2025-1A
,
A3
,
144A,
4.29
%
,
6/25/30
....................
United
States
1,352,000
1,364,663
b
,g
CIFC
Funding
Ltd.
,
2020-1A
,
A1R
,
144A,
FRN
,
5.084
%
,
(
3-month
SOFR
+
1.412
%
),
7/15/36
..................................
United
States
2,720,000
2,723,375
2021-4A
,
AR
,
144A,
FRN
,
5.031
%
,
(
3-month
SOFR
+
1.36
%
),
7/23/37
.........................................
United
States
500,000
501,809
b
Citizens
Auto
Receivables
Trust
,
2024-1
,
A3
,
144A,
5.11
%
,
4/17/28
.
.........................................
United
States
2,615,536
2,629,192
b
Compass
Datacenters
Issuer
II
LLC
,
2024-2A
,
A1
,
144A,
5.022
%
,
8/25/49
...................
United
States
2,072,000
2,077,168
2025-2A
,
A1
,
144A,
4.926
%
,
11/25/50
..................
United
States
3,370,000
3,359,440
b
,g
Crown
Point
CLO
10
Ltd.
,
2021-10A
,
A
,
144A,
FRN
,
5.099
%
,
(
3-month
SOFR
+
1.432
%
),
7/20/34
.
...................
United
States
500,000
500,716
b
,g
Danby
Park
CLO
Ltd.
,
2022-1A
,
AR
,
144A,
FRN
,
5.03
%
,
(
3-month
SOFR
+
1.36
%
),
10/21/37
.
...........................
Jersey
2,510,000
2,522,541
b
,g
Diameter
Capital
CLO
7
Ltd.
,
2024-7A
,
A1A
,
144A,
FRN
,
5.148
%
,
(
3-month
SOFR
+
1.48
%
),
7/20/37
.
....................
United
States
500,000
502,275
b
,g
Elevation
CLO
Ltd.
,
2018-10A
,
AR
,
144A,
FRN
,
4.588
%
,
(
3-month
SOFR
+
0.92
%
),
10/20/31
........................................
United
States
2,518
2,518
2021-13A
,
A1R
,
144A,
FRN
,
4.732
%
,
(
3-month
SOFR
+
1.06
%
),
7/15/34
...................................
United
States
500,000
500,487
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
17
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
b
,g
Elmwood
CLO
33
Ltd.
,
2024-9RA
,
AR
,
144A,
FRN
,
5.05
%
,
(
3-month
SOFR
+
1.38
%
),
10/21/37
.
...................
United
States
750,000
$
752,744
b
,g
Elmwood
CLO
I
Ltd.
,
e
2019-1A
,
A1R3
,
144A,
FRN
,
Zero
Cpn.,
(
3-month
SOFR
+
1.12
%
),
4/20/37
...................................
United
States
1,000,000
1,000,250
2019-1A
,
A1RR
,
144A,
FRN
,
5.188
%
,
(
3-month
SOFR
+
1.52
%
),
4/20/37
...................................
United
States
1,000,000
1,000,700
b
,g
Elmwood
CLO
III
Ltd.
,
2019-3A
,
A1RR
,
144A,
FRN
,
5.048
%
,
(
3-month
SOFR
+
1.38
%
),
7/18/37
.
....................
United
States
850,000
853,003
b
FIGRE
Trust
,
2025-FL1
,
A1
,
144A,
5.265
%
,
7/25/55
..................
United
States
826,565
832,021
h
2025-HE3
,
A
,
144A,
FRN
,
5.56
%
,
5/25/55
...............
United
States
310,868
317,057
h
2025-HE4
,
A
,
144A,
FRN
,
5.408
%
,
7/25/55
..............
United
States
314,745
319,601
g
Ford
Credit
Auto
Owner
Trust
,
2025-B
,
A2B
,
FRN
,
4.007
%
,
(
30-
day
SOFR
Average
+
0.3
%
),
6/15/28
.
...................
United
States
531,000
531,202
b
GM
Financial
Revolving
Receivables
Trust
,
2024-1
,
A
,
144A,
4.98
%
,
12/11/36
.
..................................
United
States
1,868,000
1,923,987
b
,g
GoldenTree
Loan
Management
US
CLO
9
Ltd.
,
2021-9A
,
AR
,
144A,
FRN
,
5.168
%
,
(
3-month
SOFR
+
1.5
%
),
4/20/37
.
.....
United
States
800,000
803,394
b
,g
HalseyPoint
CLO
3
Ltd.
,
2020-3A
,
A1R
,
144A,
FRN
,
5.147
%
,
(
3-month
SOFR
+
1.48
%
),
7/30/37
.
....................
United
States
3,152,000
3,164,486
Honda
Auto
Receivables
Owner
Trust
,
2023-3
,
A3
,
5.41
%
,
2/18/28
..........................
United
States
819,501
825,314
2025-4
,
A2A
,
4.04
%
,
6/15/28
.........................
United
States
3,799,000
3,809,316
b
J.P.
Morgan
Mortgage
Trust
,
g
2023-HE1
,
A1
,
144A,
FRN
,
5.452
%
,
(
30-day
SOFR
Average
+
1.75
%
),
11/25/53
..................................
United
States
129,493
129,973
2024-CES1
,
A1A
,
144A,
5.919
%
,
6/25/54
................
United
States
459,455
464,286
g
2024-HE3
,
A1
,
144A,
FRN
,
4.902
%
,
(
30-day
SOFR
Average
+
1.2
%
),
2/25/55
....................................
United
States
515,225
516,250
b
,g
KKR
CLO
43
Ltd.
,
2022-43A
,
A1R
,
144A,
FRN
,
5.422
%
,
(
3-month
SOFR
+
1.75
%
),
1/15/36
.
............................
Jersey
750,000
752,615
b
,g
KKR
CLO
54
Ltd.
,
2024-54A
,
A
,
144A,
FRN
,
4.992
%
,
(
3-month
SOFR
+
1.32
%
),
1/15/38
.
............................
United
States
2,275,000
2,279,267
b
Lendbuzz
Securitization
Trust
,
2024-3A
,
A2
,
144A,
4.97
%
,
10/15/29
.
........................................
United
States
1,073,167
1,073,808
b
,g
Madison
Park
Funding
XXX
Ltd.
,
2018-30A
,
A1R
,
144A,
FRN
,
5.031
%
,
(
3-month
SOFR
+
1.36
%
),
7/16/37
.
..............
United
States
1,180,000
1,184,177
b
,g
Nassau
Ltd.
,
2020-1A
,
A1R
,
144A,
FRN
,
5.224
%
,
(
3-month
SOFR
+
1.552
%
),
1/15/35
.
................................
United
States
245,417
245,818
b
,g
Neuberger
Berman
Loan
Advisers
CLO
48
Ltd.
,
2022-48A
,
A2R
,
144A,
FRN
,
5.118
%
,
(
3-month
SOFR
+
1.45
%
),
4/25/36
.
....
United
States
400,000
400,343
b
,g
Neuberger
Berman
Loan
Advisers
CLO
51
Ltd.
,
2022-51A
,
AR
,
144A,
FRN
,
4.951
%
,
(
3-month
SOFR
+
1.28
%
),
10/23/36
.
...
Jersey
1,200,000
1,203,000
b
,g
Oaktree
CLO
Ltd.
,
2019-4A
,
ARR
,
144A,
FRN
,
5.178
%
,
(
3-month
SOFR
+
1.51
%
),
7/20/37
.........................................
United
States
500,000
502,205
2021-1A
,
A1R
,
144A,
FRN
,
5.022
%
,
(
3-month
SOFR
+
1.35
%
),
1/15/38
.........................................
United
States
938,000
942,454
b
OCCU
Auto
Receivables
Trust
,
2025-1A
,
A3
,
144A,
4.81
%
,
11/15/29
.
........................................
United
States
561,000
565,841
b
,g
OHA
Loan
Funding
Ltd.
,
2016-1A
,
A1R2
,
144A,
FRN
,
5.128
%
,
(
3-month
SOFR
+
1.46
%
),
7/20/37
.
....................
United
States
2,043,000
2,048,406
b
PK
Alift
Loan
Funding
7
LP
,
2025-2
,
A
,
144A,
4.75
%
,
3/15/43
.
..
United
States
592,411
593,552
b
,g
PRMI
Securitization
Trust
,
2024-CMG1
,
A1
,
144A,
FRN
,
5.25
%
,
(
30-day
SOFR
Average
+
1.45
%
),
7/25/54
.
...............
United
States
595,783
597,562
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
18
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
b
,g
RR
14
Ltd.
,
2021-14A
,
A1
,
144A,
FRN
,
5.054
%
,
(
3-month
SOFR
+
1.382
%
),
4/15/36
.
................................
United
States
1,000,000
$
1,001,164
b
,g
Signal
Peak
CLO
5
Ltd.
,
2018-5A
,
A1R
,
144A,
FRN
,
5.218
%
,
(
3-month
SOFR
+
1.55
%
),
4/25/37
.
....................
United
States
600,000
602,534
b
,g
Sound
Point
CLO
XXXII
Ltd.
,
2021-4A
,
A
,
144A,
FRN
,
5.08
%
,
(
3-month
SOFR
+
1.412
%
),
10/25/34
.
..................
United
States
500,000
500,000
b
,g
Symphony
CLO
XXIII
Ltd.
,
2020-23A
,
AR2
,
144A,
FRN
,
4.572
%
,
(
3-month
SOFR
+
0.9
%
),
1/15/34
.
.....................
United
States
1,185,904
1,186,495
b
Towd
Point
Mortgage
Trust
,
2024-CES4
,
A1
,
144A,
5.122
%
,
9/25/64
.................
United
States
295,367
296,156
g
2025-HE1
,
A1A
,
144A,
FRN
,
5.047
%
,
(
30-day
SOFR
Average
+
1.35
%
),
7/25/65
...................................
United
States
732,239
735,458
b
,g
Trinitas
CLO
XV
Ltd.
,
2021-15A
,
A1R
,
144A,
FRN
,
4.789
%
,
(
3-month
SOFR
+
1.12
%
),
4/22/34
.
....................
United
States
2,900,000
2,903,872
b
,g
Trinitas
CLO
XVII
Ltd.
,
2021-17A
,
B1R
,
144A,
FRN
,
5.318
%
,
(
3-month
SOFR
+
1.65
%
),
10/20/34
.
...................
United
States
3,000,000
3,008,312
b
,g
Venture
XV
CLO
Ltd.
,
2013-15A
,
AR3
,
144A,
FRN
,
5.114
%
,
(
3-month
SOFR
+
1.442
%
),
7/15/32
.
...................
United
States
193,144
193,652
b
,g
Venture
XXVII
CLO
Ltd.
,
2017-27A
,
BR
,
144A,
FRN
,
5.529
%
,
(
3-month
SOFR
+
1.862
%
),
7/20/30
.
...................
United
States
262,982
263,680
b
,g
Warwick
Capital
CLO
3
Ltd.
,
2024-3A
,
A1
,
144A,
FRN
,
5.318
%
,
(
3-month
SOFR
+
1.65
%
),
4/20/37
.
....................
Jersey
800,000
803,700
b
,g
Wind
River
CLO
Ltd.
,
2021-1A
,
A2R
,
144A,
FRN
,
5.368
%
,
(
3-month
SOFR
+
1.7
%
),
7/20/37
.
.....................
United
States
350,000
351,749
b
,g
Wise
CLO
Ltd.
,
2023-2A
,
A
,
144A,
FRN
,
5.472
%
,
(
3-month
SOFR
+
1.8
%
),
1/15/37
.........................................
United
States
1,000,000
1,005,174
2024-2A
,
A
,
144A,
FRN
,
5.132
%
,
(
3-month
SOFR
+
1.46
%
),
7/15/37
.........................................
United
States
750,000
752,940
b
,g
Zais
CLO
16
Ltd.
,
2020-16A
,
A1R2
,
144A,
FRN
,
4.798
%
,
(
3-month
SOFR
+
1.13
%
),
10/20/34
.
...................
United
States
1,560,000
1,559,147
84,111,493
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$
102,080,547
)
............................
102,265,738
Commercial
Mortgage-Backed
Securities
4.8%
Financial
Services
4.8%
b
,g
AREIT
Trust
,
2022-CRE6
,
A
,
144A,
FRN
,
4.952
%
,
(
30-day
SOFR
Average
+
1.25
%
),
1/20/37
...........................
United
States
254,967
255,192
h
Banc
of
America
Commercial
Mortgage
Trust
,
2015-UBS7
,
B
,
FRN
,
4.199
%
,
9/15/48
..............................
United
States
2,908,000
2,872,652
BANK
,
h,i
2017-BNK9
,
XA
,
IO,
FRN
,
0.706
%
,
11/15/54
.............
United
States
29,821,089
313,554
h,i
2018-BN10
,
XA
,
IO,
FRN
,
0.683
%
,
2/15/61
..............
United
States
37,246,728
421,324
2019-BN18
,
A2
,
3.474
%
,
5/15/62
......................
United
States
1,209,000
1,182,975
h
,i
BANK5
Trust
,
2024-5YR10
,
XA
,
IO,
FRN
,
1.188
%
,
10/15/57
.............
United
States
17,502,030
665,919
2024-5YR12
,
XA
,
IO,
FRN
,
0.497
%
,
12/15/57
.............
United
States
113,259,250
1,988,674
Barclays
Commercial
Mortgage
Trust
,
2019-C3
,
A2
,
3.438
%
,
5/15/52
........................
United
States
565,635
558,834
2019-C5
,
C
,
3.71
%
,
11/15/52
.........................
United
States
3,072,000
2,778,044
h
BBCMS
Mortgage
Trust
,
2023-C21
,
A3
,
FRN
,
6.296
%
,
9/15/56
...................
United
States
1,014,000
1,078,999
i
2024-5C29
,
XA
,
IO,
FRN
,
1.581
%
,
9/15/57
...............
United
States
28,034,401
1,407,831
i
2024-5C31
,
XA
,
IO,
FRN
,
1.061
%
,
12/15/57
..............
United
States
15,164,554
549,767
2025-5C37
,
AS
,
FRN
,
5.382
%
,
9/15/58
.................
United
States
1,752,000
1,796,000
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
19
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
Benchmark
Mortgage
Trust
,
2019-B13
,
A2
,
2.889
%
,
8/15/57
.......................
United
States
3,053,609
$
2,954,289
2019-B14
,
A2
,
2.915
%
,
12/15/62
......................
United
States
984,204
957,086
2020-B17
,
A2
,
2.211
%
,
3/15/53
.......................
United
States
2,693,160
2,556,060
e
2026-V20
,
AM
,
5.436
%
,
2/15/59
.......................
United
States
1,760,000
1,817,721
h
,i
BMO
Mortgage
Trust
,
2024-5C8
,
XA
,
IO,
FRN
,
1.021
%
,
12/15/57
United
States
18,566,437
671,010
b
BX
Trust
,
h
2025-ARIA
,
A
,
144A,
FRN
,
5.031
%
,
12/13/42
.............
United
States
2,046,000
2,082,826
h
2025-ARIA
,
B
,
144A,
FRN
,
5.177
%
,
12/13/42
.............
United
States
1,574,000
1,595,216
g
2025-VOLT
,
A
,
144A,
FRN
,
5.38
%
,
(
1-month
SOFR
+
1.7
%
),
12/15/44
........................................
United
States
851,000
856,431
h
,i
Cantor
Commercial
Real
Estate
Lending
LP
,
2019-CF3
,
XA
,
IO,
FRN
,
0.689
%
,
1/15/53
..............................
United
States
8,362,893
184,676
CD
Mortgage
Trust
,
2016-CD1
,
A4
,
2.724
%
,
8/10/49
.........
United
States
1,350,000
1,332,213
h
,i
CFCRE
Commercial
Mortgage
Trust
,
2016-C4
,
XA
,
IO,
FRN
,
1.337
%
,
5/10/58
...................................
United
States
2,116,540
792
h
CGMS
Commercial
Mortgage
Trust
,
2017-B1
,
AS
,
FRN
,
3.711
%
,
8/15/50
.........................................
United
States
1,136,000
1,116,384
Citigroup
Commercial
Mortgage
Trust
,
2016-C3
,
A4
,
3.154
%
,
11/15/49
.......................
United
States
1,960,000
1,943,241
h
2016-P6
,
A5
,
FRN
,
3.72
%
,
12/10/49
....................
United
States
423,000
416,493
2020-GC46
,
A2
,
2.708
%
,
2/15/53
......................
United
States
993,911
955,143
COMM
Mortgage
Trust
,
h
2014-CR14
,
B
,
FRN
,
3.62
%
,
2/10/47
...................
United
States
306,875
300,458
h
2014-CR17
,
C
,
FRN
,
4.866
%
,
5/10/47
..................
United
States
989,000
941,909
2014-UBS4
,
AM
,
3.968
%
,
8/10/47
.....................
United
States
1,033,324
1,003,164
h,i
2014-UBS4
,
XA
,
IO,
FRN
,
0.842
%
,
8/10/47
..............
United
States
1,127,651
3,698
2015-DC1
,
AM
,
3.724
%
,
2/10/48
......................
United
States
1,153,049
1,135,695
h
2015-LC19
,
C
,
FRN
,
4.426
%
,
2/10/48
..................
United
States
312,228
304,640
CSAIL
Commercial
Mortgage
Trust
,
2016-C6
,
AS
,
3.346
%
,
1/15/49
........................
United
States
458,000
455,234
2017-CX10
,
A3
,
3.398
%
,
11/15/50
.....................
United
States
750,476
749,293
h
2019-C17
,
C
,
FRN
,
3.934
%
,
9/15/52
...................
United
States
213,000
172,406
2019-C18
,
A2
,
2.845
%
,
12/15/52
......................
United
States
1,210,776
1,184,086
h
CSMC
Trust
,
2016-NXSR
,
AS
,
FRN
,
4.049
%
,
12/15/49
.......
United
States
651,000
641,026
b
,h
CSTL
Commercial
Mortgage
Trust
,
2025-GATE2
,
A
,
144A,
FRN
,
4.56
%
,
11/10/42
...................................
United
States
1,846,000
1,836,660
b
,h
DBUBS
Mortgage
Trust
,
2011-LC3A
,
D
,
144A,
FRN
,
5.382
%
,
8/10/44
.........................................
United
States
1,048,744
1,025,802
GS
Mortgage
Securities
Trust
,
h
2014-GC24
,
AS
,
FRN
,
4.162
%
,
9/10/47
.................
United
States
324,067
318,558
h
2016-GS2
,
B
,
FRN
,
3.759
%
,
5/10/49
...................
United
States
544,000
538,864
h,i
2019-GC38
,
XA
,
IO,
FRN
,
1.005
%
,
2/10/52
..............
United
States
34,166,333
892,466
2019-GC42
,
A2
,
2.933
%
,
9/10/52
......................
United
States
1,786,230
1,743,845
b
,h
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
2007-CB20
,
E
,
144A,
FRN
,
8.668
%
,
2/12/51
.............
United
States
8,973
12,693
2012-LC9
,
D
,
144A,
FRN
,
3.608
%
,
12/15/47
.............
United
States
327,000
314,267
h
JPMBB
Commercial
Mortgage
Securities
Trust
,
2014-C23
,
B
,
FRN
,
4.536
%
,
9/15/47
...................
United
States
1,245,000
1,224,928
i
2014-C24
,
XA
,
IO,
FRN
,
0.75
%
,
11/15/47
................
United
States
4,601,480
139
JPMCC
Commercial
Mortgage
Securities
Trust
,
2019-COR5
,
A2
,
3.15
%
,
6/13/52
...................................
United
States
444,618
441,053
h
JPMDB
Commercial
Mortgage
Securities
Trust
,
2018-C8
,
C
,
FRN
,
4.755
%
,
6/15/51
...................................
United
States
358,000
326,319
b
LSTAR
Commercial
Mortgage
Trust
,
2017-5
,
A5
,
144A,
3.549
%
,
3/10/50
.........................................
United
States
1,537,000
1,519,452
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
20
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
h
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
b
2012-C5
,
E
,
144A,
FRN
,
4.68
%
,
8/15/45
................
United
States
260,102
$
255,368
2013-C10
,
B
,
FRN
,
3.952
%
,
7/15/46
...................
United
States
1,297,773
1,240,094
b
2013-C10
,
F
,
144A,
FRN
,
3.952
%
,
7/15/46
...............
United
States
1,661,000
215,550
2015-C22
,
B
,
FRN
,
3.883
%
,
4/15/48
...................
United
States
506,000
477,713
2015-C22
,
C
,
FRN
,
3.973
%
,
4/15/48
...................
United
States
910,000
806,347
2016-C32
,
AS
,
FRN
,
3.994
%
,
12/15/49
.................
United
States
983,000
974,347
Morgan
Stanley
Capital
I
Trust
,
2016-BNK2
,
A4
,
3.049
%
,
11/15/49
.....................
United
States
875,000
859,666
h,i
2016-UB12
,
XA
,
IO,
FRN
,
0.639
%
,
12/15/49
.............
United
States
19,114,744
37,941
h
2018-L1
,
C
,
FRN
,
4.8
%
,
10/15/51
......................
United
States
1,150,056
1,065,992
b
One
Bryant
Park
Trust
,
2019-OBP
,
A
,
144A,
2.516
%
,
9/15/54
..
United
States
1,554,000
1,449,008
b
,g
SDR
Commercial
Mortgage
Trust
,
2024-DSNY
,
A
,
144A,
FRN
,
5.072
%
,
(
1-month
SOFR
+
1.392
%
),
5/15/39
.............
United
States
1,485,000
1,487,911
b
,g
SHRN
Trust
,
2025-MF18
,
A
,
144A,
FRN
,
4.88
%
,
(
1-month
SOFR
+
1.2
%
),
10/15/40
.................................
United
States
1,900,000
1,904,698
UBS
Commercial
Mortgage
Trust
,
2017-C1
,
AS
,
3.724
%
,
6/15/50
........................
United
States
472,000
464,432
h,i
2017-C7
,
XA
,
IO,
FRN
,
0.964
%
,
12/15/50
................
United
States
11,837,536
176,312
2018-C10
,
A4
,
4.313
%
,
5/15/51
.......................
United
States
366,000
365,768
2018-C14
,
A4
,
4.448
%
,
12/15/51
......................
United
States
681,000
683,838
h,i
2018-C8
,
XA
,
IO,
FRN
,
0.807
%
,
2/15/51
.................
United
States
25,288,722
343,059
h
2019-C16
,
B
,
FRN
,
4.32
%
,
4/15/52
....................
United
States
727,000
676,319
h
,i
Wachovia
Bank
Commercial
Mortgage
Trust
,
2006-C29
,
IO,
FRN
,
0.293
%
,
11/15/48
..................................
United
States
29,840
40
Wells
Fargo
Commercial
Mortgage
Trust
,
h
2016-C33
,
B
,
FRN
,
4.506
%
,
3/15/59
...................
United
States
1,187,000
1,176,954
2017-C39
,
B
,
4.025
%
,
9/15/50
........................
United
States
1,077,000
1,025,612
2017-RC1
,
AS
,
3.844
%
,
1/15/60
.......................
United
States
762,000
753,984
h,i
2018-C43
,
XA
,
IO,
FRN
,
0.567
%
,
3/15/51
................
United
States
26,747,017
282,700
2019-C50
,
AS
,
4.021
%
,
5/15/52
.......................
United
States
427,000
414,967
2019-C52
,
A5
,
2.892
%
,
8/15/52
.......................
United
States
261,000
248,153
h,i
2024-5C2
,
XA
,
IO,
FRN
,
0.543
%
,
11/15/57
...............
United
States
40,436,445
748,466
h,i
2025-5C3
,
XA
,
IO,
FRN
,
0.814
%
,
1/15/58
................
United
States
15,348,781
451,928
b
,h
WFRBS
Commercial
Mortgage
Trust
,
2011-C4
,
D
,
144A,
FRN
,
4.996
%
,
6/15/44
...................................
United
States
233,128
229,915
71,213,083
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$
71,681,337
)
..............
71,213,083
Mortgage-Backed
Securities
34.0%
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
1.6%
FHLMC
Pool,
15
Year
,
2
%,
9/01/35
......................
United
States
541,365
501,849
FHLMC
Pool,
30
Year
,
2
%,
3/01/51
-
1/01/52
...............
United
States
3,639,114
2,972,819
FHLMC
Pool,
30
Year
,
2.5
%,
10/01/50
-
4/01/52
............
United
States
5,991,509
5,204,229
FHLMC
Pool,
30
Year
,
3
%,
8/01/50
-
3/01/52
...............
United
States
2,241,379
2,021,735
FHLMC
Pool,
30
Year
,
3.5
%,
7/01/52
.....................
United
States
8,337,395
7,735,379
FHLMC
Pool,
30
Year
,
4
%,
4/01/52
......................
United
States
754,459
725,434
FHLMC
Pool,
30
Year
,
4.5
%,
2/01/53
.....................
United
States
271,480
268,535
FHLMC
Pool,
30
Year
,
5.5
%,
7/01/49
-
11/01/53
............
United
States
3,677,862
3,772,781
FHLMC
Pool,
30
Year
,
6
%,
5/01/53
......................
United
States
946,292
981,704
FHLMC
Pool,
30
Year
,
6.5
%,
5/01/53
.....................
United
States
27,307
28,272
24,212,737
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
26.9%
FNMA,
15
Year
,
2
%,
3/01/37
...........................
United
States
2,224,788
2,059,455
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
21
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
(continued)
FNMA,
30
Year
,
2
%,
9/01/50
-
3/01/52
....................
United
States
9,295,762
$
7,636,812
FNMA,
30
Year
,
2.5
%,
3/01/51
-
3/01/52
..................
United
States
2,136,862
1,854,960
FNMA,
30
Year
,
3
%,
9/01/50
-
4/01/51
....................
United
States
1,616,392
1,451,670
FNMA,
30
Year
,
3.5
%,
7/01/50
-
4/01/52
..................
United
States
4,579,069
4,274,576
FNMA,
30
Year
,
4
%,
5/01/52
-
5/01/53
....................
United
States
2,456,097
2,369,544
FNMA,
30
Year
,
4.5
%,
1/01/53
-
5/01/53
..................
United
States
2,379,149
2,358,440
FNMA,
30
Year
,
5
%,
1/01/49
-
8/01/49
....................
United
States
60,844
61,861
FNMA,
30
Year
,
5.5
%,
4/01/50
-
9/01/53
..................
United
States
1,605,547
1,652,398
FNMA,
30
Year
,
5.5
%,
11/01/53
.........................
United
States
6,381,511
6,546,973
FNMA,
30
Year
,
6
%,
4/01/53
-
10/01/53
...................
United
States
2,458,541
2,571,819
FNMA,
30
Year
,
6.5
%,
4/01/53
-
7/01/54
..................
United
States
1,239,562
1,290,457
j
Uniform
Mortgage-Backed
Securities
,
1.5
%
,
TBA,
2/25/41
.....
United
States
5,500,000
4,965,626
j
Uniform
Mortgage-Backed
Securities
,
2
%
,
TBA,
2/25/41
......
United
States
7,500,000
6,930,391
j
Uniform
Mortgage-Backed
Securities
,
2
%
,
TBA,
2/25/56
......
United
States
51,500,000
41,792,544
j
Uniform
Mortgage-Backed
Securities
,
2.5
%
,
TBA,
2/25/41
.....
United
States
2,500,000
2,361,648
j
Uniform
Mortgage-Backed
Securities
,
2.5
%
,
TBA,
2/25/56
.....
United
States
43,000,000
36,506,365
j
Uniform
Mortgage-Backed
Securities
,
3
%
,
TBA,
2/25/56
......
United
States
19,500,000
17,286,742
j
Uniform
Mortgage-Backed
Securities
,
3.5
%
,
TBA,
2/25/56
.....
United
States
6,000,000
5,550,399
j
Uniform
Mortgage-Backed
Securities
,
4
%
,
TBA,
3/25/56
......
United
States
13,500,000
12,880,489
j
Uniform
Mortgage-Backed
Securities
,
4.5
%,
TBA,
2/25/41
-
2/25/56
.........................................
United
States
10,000,000
9,835,730
j
Uniform
Mortgage-Backed
Securities
,
5
%,
TBA,
2/25/41
-
2/25/56
United
States
26,460,000
26,546,476
j
Uniform
Mortgage-Backed
Securities
,
5.5
%
,
TBA,
2/25/56
.....
United
States
112,840,000
114,427,293
j
Uniform
Mortgage-Backed
Securities
,
6
%
,
TBA,
2/25/56
......
United
States
36,000,000
36,868,884
j
Uniform
Mortgage-Backed
Securities
,
6.5
%
,
TBA,
2/25/56
.....
United
States
49,000,000
50,749,454
400,831,006
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
5.5%
GNMA
II,
30
Year
,
3
%,
6/20/50
-
4/20/52
..................
United
States
851,476
767,795
GNMA
II,
30
Year
,
5.5
%,
7/20/53
........................
United
States
779,895
799,804
j
GNMA
II,
Single-family,
30
Year
,
2
%,
2/15/56
...............
United
States
12,500,000
10,399,192
j
GNMA
II,
Single-family,
30
Year
,
2.5
%,
2/15/56
.............
United
States
19,500,000
16,893,415
GNMA
II,
Single-family,
30
Year
,
3
%,
7/20/50
-
1/20/54
.......
United
States
4,884,023
4,421,002
GNMA
II,
Single-family,
30
Year
,
3.5
%,
10/20/49
-
11/20/49
....
United
States
67,427
61,096
j
GNMA
II,
Single-family,
30
Year
,
3.5
%,
2/15/56
.............
United
States
6,960,000
6,377,178
GNMA
II,
Single-family,
30
Year
,
4
%,
6/20/49
-
1/20/51
.......
United
States
3,800,826
3,643,715
j
GNMA
II,
Single-family,
30
Year
,
4
%,
2/15/56
...............
United
States
1,000,000
945,794
GNMA
II,
Single-family,
30
Year
,
4.5
%,
11/20/54
-
12/20/54
....
United
States
5,688,013
5,563,872
j
GNMA
II,
Single-family,
30
Year
,
4.5
%,
2/15/56
.............
United
States
1,000,000
976,681
GNMA
II,
Single-family,
30
Year
,
5
%,
5/20/49
-
8/20/53
.......
United
States
813,869
820,360
j
GNMA
II,
Single-family,
30
Year
,
5
%,
2/15/56
...............
United
States
8,500,000
8,499,971
GNMA
II,
Single-family,
30
Year
,
5.5
%,
5/20/49
-
7/20/53
......
United
States
1,303,077
1,331,961
j
GNMA
II,
Single-family,
30
Year
,
5.5
%,
2/15/56
.............
United
States
13,420,000
13,568,682
GNMA
II,
Single-family,
30
Year
,
6
%,
2/20/53
-
7/20/54
.......
United
States
3,934,872
4,090,042
GNMA
II,
Single-family,
30
Year
,
6.5
%,
9/20/53
-
11/20/53
.....
United
States
2,280,729
2,387,599
81,548,159
Total
Mortgage-Backed
Securities
(Cost
$
504,603,675
)
.........................
506,591,902
Residential
Mortgage-Backed
Securities
5.6%
Financial
Services
5.6%
b
A&D
Mortgage
Trust
,
2023-NQM2
,
A1
,
144A,
6.132
%
,
5/25/68
................
United
States
775,448
776,455
2023-NQM3
,
A1
,
144A,
6.733
%
,
7/25/68
................
United
States
1,113,866
1,122,975
2023-NQM5
,
A1
,
144A,
7.049
%
,
11/25/68
...............
United
States
3,297,913
3,340,071
2024-NQM3
,
A1
,
144A,
6.451
%
,
7/25/69
................
United
States
2,945,262
2,993,234
h
Alternative
Loan
Trust
,
2006-OA7
,
1A1
,
FRN
,
3.087
%
,
6/25/46
.
United
States
309,102
288,264
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
22
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b
Angel
Oak
Mortgage
Trust
,
2024-9
,
A1
,
144A,
5.138
%
,
9/25/69
.
United
States
654,740
$
658,006
b
,h
Arroyo
Mortgage
Trust
,
2019-1
,
A3
,
144A,
FRN
,
4.208
%
,
1/25/49
United
States
85,558
84,272
b
BRAVO
Residential
Funding
Trust
,
2023-NQM5
,
A1
,
144A,
6.505
%
,
6/25/63
................
United
States
536,948
540,011
2023-NQM6
,
A1
,
144A,
6.602
%
,
9/25/63
................
United
States
588,703
593,032
2024-NQM2
,
A1
,
144A,
6.285
%
,
2/25/64
................
United
States
1,363,125
1,377,718
2024-NQM3
,
A1
,
144A,
6.191
%
,
3/25/64
................
United
States
1,742,917
1,765,652
2024-NQM5
,
A1
,
144A,
5.803
%
,
6/25/64
................
United
States
669,217
677,982
b
CAFL
Issuer
LP
,
2025-RRTL1
,
A1
,
144A,
5.684
%
,
5/28/40
.....
United
States
425,000
428,860
b
,g
Chase
Home
Lending
Mortgage
Trust
,
2024-10
,
A11
,
144A,
FRN
,
4.947
%
,
(
30-day
SOFR
Average
+
1.25
%
),
10/25/55
..................................
United
States
3,229,854
3,245,027
2025-10
,
A11
,
144A,
FRN
,
4.997
%
,
(
30-day
SOFR
Average
+
1.3
%
),
7/25/56
....................................
United
States
554,359
557,053
2025-3
,
A11
,
144A,
FRN
,
4.997
%
,
(
30-day
SOFR
Average
+
1.3
%
),
2/25/56
....................................
United
States
758,894
762,516
2025-7
,
A11
,
144A,
FRN
,
5.097
%
,
(
30-day
SOFR
Average
+
1.4
%
),
5/25/56
....................................
United
States
475,265
478,072
2026-1
,
A11
,
144A,
FRN
,
4.786
%
,
(
30-day
SOFR
Average
+
1.1
%
),
5/25/56
....................................
United
States
4,487,000
4,498,169
b
,h
CIM
Trust
,
2023-R4
,
A1
,
144A,
FRN
,
5
%
,
5/25/62
...........
United
States
371,202
371,951
b
,g
Citigroup
Mortgage
Loan
Trust
,
2025-4
,
A28
,
144A,
FRN
,
4.997
%
,
(
30-day
SOFR
Average
+
1.3
%
),
10/25/55
...............
United
States
824,325
828,193
b
Cross
Mortgage
Trust
,
2024-H1
,
A1
,
144A,
6.085
%
,
12/25/68
..................
United
States
2,977,661
3,006,540
2024-H4
,
A1
,
144A,
6.147
%
,
7/25/69
...................
United
States
2,673,123
2,712,565
2024-H5
,
A1
,
144A,
5.854
%
,
8/26/69
...................
United
States
726,626
735,628
b
,g
EFMT
,
2025-NQM4
,
A1F
,
144A,
FRN
,
4.897
%
,
(
30-day
SOFR
Average
+
1.2
%
),
9/25/70
............................
United
States
1,294,204
1,296,434
g
FHLMC
STACR
Debt
Notes
,
2017-DNA3
,
M2B
,
FRN
,
6.312
%
,
(
30-day
SOFR
Average
+
2.614
%
),
3/25/30
..............
United
States
289,634
295,270
b
,g
FHLMC
STACR
REMIC
Trust
,
2021-DNA5
,
M2
,
144A,
FRN
,
5.347
%
,
(
30-day
SOFR
Average
+
1.65
%
),
1/25/34
.................................
United
States
84,090
84,415
2021-DNA6
,
M2
,
144A,
FRN
,
5.197
%
,
(
30-day
SOFR
Average
+
1.5
%
),
10/25/41
.................................
United
States
581,220
583,351
2021-DNA7
,
M1
,
144A,
FRN
,
4.547
%
,
(
30-day
SOFR
Average
+
0.85
%
),
11/25/41
.................................
United
States
53,960
53,931
2021-DNA7
,
M2
,
144A,
FRN
,
5.497
%
,
(
30-day
SOFR
Average
+
1.8
%
),
11/25/41
..................................
United
States
4,286,351
4,320,735
2022-DNA2
,
M1A
,
144A,
FRN
,
4.997
%
,
(
30-day
SOFR
Average
+
1.3
%
),
2/25/42
..................................
United
States
32,807
32,850
2022-DNA3
,
M1B
,
144A,
FRN
,
6.597
%
,
(
30-day
SOFR
Average
+
2.9
%
),
4/25/42
..................................
United
States
16,000
16,373
2022-DNA5
,
M1A
,
144A,
FRN
,
6.647
%
,
(
30-day
SOFR
Average
+
2.95
%
),
6/25/42
.................................
United
States
180,473
183,429
2022-DNA6
,
M1A
,
144A,
FRN
,
5.847
%
,
(
30-day
SOFR
Average
+
2.15
%
),
9/25/42
.................................
United
States
228,271
229,269
2022-DNA6
,
M1B
,
144A,
FRN
,
7.397
%
,
(
30-day
SOFR
Average
+
3.7
%
),
9/25/42
..................................
United
States
42,000
43,752
2022-HQA1
,
M1A
,
144A,
FRN
,
5.797
%
,
(
30-day
SOFR
Average
+
2.1
%
),
3/25/42
..................................
United
States
2,061
2,066
2023-DNA1
,
M1A
,
144A,
FRN
,
5.797
%
,
(
30-day
SOFR
Average
+
2.1
%
),
3/25/43
..................................
United
States
292,060
295,651
2023-HQA2
,
M1A
,
144A,
FRN
,
5.697
%
,
(
30-day
SOFR
Average
+
2
%
),
6/25/43
....................................
United
States
40,806
40,886
2023-HQA3
,
A1
,
144A,
FRN
,
5.547
%
,
(
30-day
SOFR
Average
+
1.85
%
),
11/25/43
..................................
United
States
178,055
179,559
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
23
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b,g
FHLMC
STACR
REMIC
Trust,
(continued)
2023-HQA3
,
M1
,
144A,
FRN
,
5.547
%
,
(
30-day
SOFR
Average
+
1.85
%
),
11/25/43
.................................
United
States
22,877
$
22,981
2024-DNA1
,
A1
,
144A,
FRN
,
5.047
%
,
(
30-day
SOFR
Average
+
1.35
%
),
2/25/44
...................................
United
States
195,306
196,303
2024-DNA2
,
A1
,
144A,
FRN
,
4.947
%
,
(
30-day
SOFR
Average
+
1.25
%
),
5/25/44
...................................
United
States
175,082
175,880
2024-DNA2
,
M2
,
144A,
FRN
,
5.397
%
,
(
30-day
SOFR
Average
+
1.7
%
),
5/25/44
..................................
United
States
38,000
38,234
2025-DNA1
,
A1
,
144A,
FRN
,
4.647
%
,
(
30-day
SOFR
Average
+
0.95
%
),
1/25/45
...................................
United
States
363,800
364,438
2025-DNA2
,
A1
,
144A,
FRN
,
4.797
%
,
(
30-day
SOFR
Average
+
1.1
%
),
5/25/45
....................................
United
States
324,100
324,987
2025-DNA3
,
M1
,
144A,
FRN
,
4.797
%
,
(
30-day
SOFR
Average
+
1.1
%
),
9/25/45
..................................
United
States
1,582,674
1,586,260
2025-DNA4
,
M1
,
144A,
FRN
,
4.797
%
,
(
30-day
SOFR
Average
+
1.1
%
),
10/25/45
.................................
United
States
1,027,488
1,030,541
b
,g
FHLMC
STACR
Trust
,
2019-HQA2
,
M2
,
144A,
FRN
,
5.862
%
,
(
30-
day
SOFR
Average
+
2.164
%
),
4/25/49
.................
United
States
3,129
3,178
g
FNMA
Connecticut
Avenue
Securities
Trust
,
2016-C01
,
1M2
,
FRN
,
10.562
%
,
(
30-day
SOFR
Average
+
6.864
%
),
8/25/28
..................................
United
States
1,324
1,330
2016-C01
,
2M2
,
FRN
,
10.762
%
,
(
30-day
SOFR
Average
+
7.064
%
),
8/25/28
..................................
United
States
3,674
3,691
2016-C02
,
1M2
,
FRN
,
9.812
%
,
(
30-day
SOFR
Average
+
6.114
%
),
9/25/28
..................................
United
States
3,283
3,300
2016-C03
,
2M2
,
FRN
,
9.712
%
,
(
30-day
SOFR
Average
+
6.014
%
),
10/25/28
.................................
United
States
15,273
15,371
2016-C07
,
2M2
,
FRN
,
8.162
%
,
(
30-day
SOFR
Average
+
4.464
%
),
5/25/29
..................................
United
States
245,366
250,690
2017-C02
,
2M2C
,
FRN
,
7.462
%
,
(
30-day
SOFR
Average
+
3.764
%
),
9/25/29
..................................
United
States
114,271
116,663
2017-C06
,
2M2C
,
FRN
,
6.612
%
,
(
30-day
SOFR
Average
+
2.914
%
),
2/25/30
..................................
United
States
44,897
45,576
2017-C07
,
2M2
,
FRN
,
6.312
%
,
(
30-day
SOFR
Average
+
2.614
%
),
5/25/30
..................................
United
States
11,640
11,882
2018-C02
,
2M2
,
FRN
,
6.012
%
,
(
30-day
SOFR
Average
+
2.314
%
),
8/25/30
..................................
United
States
30,225
30,657
b
2021-R01
,
1M2
,
144A,
FRN
,
5.247
%
,
(
30-day
SOFR
Average
+
1.55
%
),
10/25/41
..................................
United
States
38,351
38,525
b
2021-R03
,
1M2
,
144A,
FRN
,
5.347
%
,
(
30-day
SOFR
Average
+
1.65
%
),
12/25/41
..................................
United
States
590,000
593,864
b
2022-R03
,
1M2
,
144A,
FRN
,
7.197
%
,
(
30-day
SOFR
Average
+
3.5
%
),
3/25/42
....................................
United
States
390,000
401,078
b
2022-R04
,
1M2
,
144A,
FRN
,
6.797
%
,
(
30-day
SOFR
Average
+
3.1
%
),
3/25/42
....................................
United
States
390,000
399,174
b
2022-R05
,
2M1
,
144A,
FRN
,
5.597
%
,
(
30-day
SOFR
Average
+
1.9
%
),
4/25/42
....................................
United
States
183,945
184,185
b
2022-R09
,
2M1
,
144A,
FRN
,
6.197
%
,
(
30-day
SOFR
Average
+
2.5
%
),
9/25/42
....................................
United
States
39,044
39,479
b
2023-R01
,
1M1
,
144A,
FRN
,
6.097
%
,
(
30-day
SOFR
Average
+
2.4
%
),
12/25/42
...................................
United
States
121,795
124,243
b
2023-R02
,
1M1
,
144A,
FRN
,
5.997
%
,
(
30-day
SOFR
Average
+
2.3
%
),
1/25/43
....................................
United
States
252,780
258,310
b
2023-R03
,
2M1
,
144A,
FRN
,
6.197
%
,
(
30-day
SOFR
Average
+
2.5
%
),
4/25/43
....................................
United
States
1,398,560
1,412,773
b
2023-R06
,
1M1
,
144A,
FRN
,
5.397
%
,
(
30-day
SOFR
Average
+
1.7
%
),
7/25/43
....................................
United
States
197,145
197,984
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
24
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
g
FNMA
Connecticut
Avenue
Securities
Trust,
(continued)
b
2023-R07
,
2M1
,
144A,
FRN
,
5.647
%
,
(
30-day
SOFR
Average
+
1.95
%
),
9/25/43
...................................
United
States
33,282
$
33,422
b
2024-R02
,
1M1
,
144A,
FRN
,
4.797
%
,
(
30-day
SOFR
Average
+
1.1
%
),
2/25/44
....................................
United
States
7,492
7,503
b
2024-R03
,
2M1
,
144A,
FRN
,
4.847
%
,
(
30-day
SOFR
Average
+
1.15
%
),
3/25/44
...................................
United
States
40,120
40,177
b
2024-R04
,
1M1
,
144A,
FRN
,
4.797
%
,
(
30-day
SOFR
Average
+
1.1
%
),
5/25/44
....................................
United
States
86,980
87,032
b
2024-R05
,
2M1
,
144A,
FRN
,
4.697
%
,
(
30-day
SOFR
Average
+
1
%
),
7/25/44
.....................................
United
States
10,438
10,440
b
2024-R06
,
1A1
,
144A,
FRN
,
4.847
%
,
(
30-day
SOFR
Average
+
1.15
%
),
9/25/44
...................................
United
States
142,024
142,442
b
2025-R01
,
1A1
,
144A,
FRN
,
4.647
%
,
(
30-day
SOFR
Average
+
0.95
%
),
1/25/45
...................................
United
States
346,464
346,834
b
2025-R01
,
1M1
,
144A,
FRN
,
4.797
%
,
(
30-day
SOFR
Average
+
1.1
%
),
1/25/45
....................................
United
States
252,977
253,562
b
2025-R02
,
1A1
,
144A,
FRN
,
4.697
%
,
(
30-day
SOFR
Average
+
1
%
),
2/25/45
.....................................
United
States
510,170
510,850
b
2025-R02
,
1M1
,
144A,
FRN
,
4.847
%
,
(
30-day
SOFR
Average
+
1.15
%
),
2/25/45
...................................
United
States
883,821
885,098
b
2025-R03
,
2A1
,
144A,
FRN
,
5.147
%
,
(
30-day
SOFR
Average
+
1.45
%
),
3/25/45
...................................
United
States
802,392
807,253
b
2025-R04
,
1A1
,
144A,
FRN
,
4.697
%
,
(
30-day
SOFR
Average
+
1
%
),
5/25/45
.....................................
United
States
473,168
473,838
b
2025-R04
,
1M1
,
144A,
FRN
,
4.897
%
,
(
30-day
SOFR
Average
+
1.2
%
),
5/25/45
....................................
United
States
1,117,908
1,120,498
b
2025-R06
,
1A1
,
144A,
FRN
,
4.597
%
,
(
30-day
SOFR
Average
+
0.9
%
),
9/25/45
....................................
United
States
1,484,341
1,485,668
b
GCAT
Trust
,
2020-NQM2
,
A3
,
144A,
3.935
%
,
4/25/65
........
United
States
244,015
239,919
b
HOMES
Trust
,
2024-NQM1
,
A1
,
144A,
5.915
%
,
7/25/69
......
United
States
2,344,386
2,374,670
b
J.P.
Morgan
Mortgage
Trust
,
g
2024-10
,
A11
,
144A,
FRN
,
4.947
%
,
(
30-day
SOFR
Average
+
1.25
%
),
3/25/55
...................................
United
States
1,597,054
1,604,646
2024-VIS2
,
A1
,
144A,
5.853
%
,
11/25/64
.................
United
States
347,321
351,585
g
2025-1
,
A11
,
144A,
FRN
,
4.947
%
,
(
30-day
SOFR
Average
+
1.25
%
),
6/25/55
...................................
United
States
936,702
941,174
b
,h
LHOME
Mortgage
Trust
,
2025-RTL2
,
A1
,
144A,
FRN
,
5.612
%
,
4/25/40
.........................................
United
States
670,000
676,930
b
MFA
Trust
,
2023-INV2
,
A1
,
144A,
6.775
%
,
10/25/58
.........
United
States
886,666
894,611
b
Mill
City
Mortgage
Loan
Trust
,
2023-NQM1
,
A1
,
144A,
6.05
%
,
10/25/67
................
United
States
293,891
293,559
2023-NQM2
,
A1
,
144A,
6.24
%
,
12/25/67
................
United
States
444,920
444,893
b
,g
Morgan
Stanley
Residential
Mortgage
Loan
Trust
,
2024-3
,
AF
,
144A,
FRN
,
5.047
%
,
(
30-day
SOFR
Average
+
1.35
%
),
7/25/54
United
States
2,033,596
2,040,426
b
OBX
Trust
,
2023-NQM7
,
A1
,
144A,
6.844
%
,
4/25/63
................
United
States
317,549
320,756
g
2025-J2
,
AF
,
144A,
FRN
,
4.997
%
,
(
30-day
SOFR
Average
+
1.3
%
),
9/25/55
....................................
United
States
709,097
712,487
g
2025-NQM14
,
A1F
,
144A,
FRN
,
4.897
%
,
(
30-day
SOFR
Average
+
1.2
%
),
7/25/65
............................
United
States
930,211
931,814
b
,h
Onity
Loan
Investment
Trust
,
2025-HB1
,
A
,
144A,
FRN
,
3
%
,
6/25/38
.........................................
United
States
144,710
142,568
b
PRKCM
Trust
,
2023-AFC2
,
A1
,
144A,
6.482
%
,
6/25/58
.......
United
States
1,031,580
1,033,342
b
PRPM
Trust
,
2024-NQM2
,
A1
,
144A,
6.327
%
,
6/25/69
........
United
States
312,031
316,987
b
,g
Radian
Mortgage
Capital
Trust
,
2025-J3
,
A25
,
144A,
FRN
,
5.197
%
,
(
30-day
SOFR
Average
+
1.5
%
),
12/25/55
........
United
States
1,042,735
1,049,670
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
25
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
g
RALI
Trust
,
2006-QO5
,
1A1
,
FRN
,
4.217
%
,
(
1-month
SOFR
+
0.544
%
),
5/25/46
..................................
United
States
543,306
$
492,287
b
,h
Residential
Mortgage
Loan
Trust
,
2020-2
,
A3
,
144A,
FRN
,
2.911
%
,
5/25/60
...................................
United
States
381,000
374,301
b
,g
Station
Place
Securitization
Trust
,
2025-1
,
A
,
144A,
FRN
,
4.573
%
,
(
1-month
SOFR
+
0.9
%
),
7/23/26
.........................................
United
States
3,921,000
3,968,863
2025-3
,
A
,
144A,
FRN
,
4.573
%
,
(
1-month
SOFR
+
0.9
%
),
9/23/26
.........................................
United
States
4,030,000
4,043,758
2025-7
,
A
,
144A,
FRN
,
4.573
%
,
(
1-month
SOFR
+
0.9
%
),
11/24/26
........................................
United
States
4,495,000
4,506,094
b
Verus
Securitization
Trust
,
2023-6
,
A1
,
144A,
6.665
%
,
9/25/68
....................
United
States
553,808
558,841
2023-INV2
,
A1
,
144A,
6.443
%
,
8/25/68
.................
United
States
1,719,208
1,728,375
2024-2
,
A1
,
144A,
6.095
%
,
2/25/69
....................
United
States
192,182
194,254
2024-5
,
A1
,
144A,
6.192
%
,
6/25/69
....................
United
States
447,304
454,182
84,267,403
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$
83,784,724
)
...............
84,267,403
Agency
Commercial
Mortgage-Backed
Securities
1.5%
Financial
Services
1.5%
g
FHLMC
,
413
,
F23
,
FRN
,
4.747
%
,
(
30-day
SOFR
Average
+
1.05
%
),
5/25/54
.........................................
United
States
2,448,876
2,463,951
5391
,
FC
,
FRN
,
4.797
%
,
(
30-day
SOFR
Average
+
1.1
%
),
3/25/54
.........................................
United
States
958,541
966,487
5471
,
FD
,
FRN
,
4.547
%
,
(
30-day
SOFR
Average
+
0.85
%
),
11/25/54
........................................
United
States
1,141,107
1,144,666
h
,i
FHLMC,
Multi-family
Structured
Pass-Through
Certificates
,
K743
,
X1
,
IO,
FRN
,
0.904
%
,
5/25/28
........................
United
States
10,046,947
184,526
g
FNMA
,
2024-89
,
FA
,
FRN
,
4.897
%
,
(
30-day
SOFR
Average
+
1.2
%
),
12/25/54
........................................
United
States
4,124,794
4,161,008
2024-93
,
FD
,
FRN
,
4.747
%
,
(
30-day
SOFR
Average
+
1.05
%
),
12/25/54
........................................
United
States
3,040,942
3,059,494
2024-98
,
FA
,
FRN
,
4.847
%
,
(
30-day
SOFR
Average
+
1.15
%
),
12/25/53
........................................
United
States
2,292,022
2,310,018
2025-41
,
FA
,
FRN
,
4.847
%
,
(
30-day
SOFR
Average
+
1.15
%
),
6/25/54
.........................................
United
States
2,790,216
2,811,868
GNMA
,
h,i
2020-190
,
IO,
FRN
,
1.051
%
,
11/16/62
..................
United
States
5,256,200
401,140
h,i
2021-17
,
IO,
FRN
,
1.053
%
,
1/16/61
....................
United
States
5,613,997
440,374
g
2024-78
,
QF
,
FRN
,
4.803
%
,
(
30-day
SOFR
Average
+
1.1
%
),
5/20/54
.........................................
United
States
4,240,696
4,277,262
22,220,794
a
a
a
a
a
a
Total
Agency
Commercial
Mortgage-Backed
Securities
(Cost
$
21,890,157
)
.......
22,220,794
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
26
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Municipal
Bonds
0.0%
†
California
0.0%
†
County
of
Fresno
,
Revenue
,
2004
A
,
NATL
Insured
,
4.62
%,
8/15/32
.........................................
United
States
965,000
$
718,433
Total
Municipal
Bonds
(Cost
$
719,002
)
.......................................
718,433
Total
Long
Term
Investments
(Cost
$
1,786,274,889
)
...........................
1,790,142,626
a
Short
Term
Investments
7.5%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Commercial
Papers
4.9%
b
,k
Alimentation
Couche-Tard,
Inc.
,
144A,
5
.77
%
,
2/02/26
........
Canada
2,725,000
2,724,126
b
,k
AutoNation,
Inc.
,
144A,
6
.03
%
,
2/02/26
...................
United
States
8,415,000
8,412,181
b
,k
AvalonBay
Communities,
Inc.
,
144A,
4
.19
%
,
2/10/26
................................
United
States
2,640,000
2,636,929
144A,
5
.67
%
,
2/02/26
................................
United
States
4,085,000
4,083,714
144A,
5
.05
%
,
2/03/26
................................
United
States
3,410,000
3,408,567
144A,
4
.56
%
,
2/05/26
................................
United
States
3,305,000
3,302,910
13,432,120
b
,k
Boston
Properties
LP
,
144A,
4
.03
%
,
3/04/26
...............
United
States
2,685,000
2,675,423
b
,k
Conagra
Brands,
Inc.
,
144A,
5
.89
%
,
2/02/26
...............
United
States
8,325,000
8,322,275
b
,k
ERAC
USA
Finance
LLC
,
144A,
4
.12
%
,
2/19/26
................................
United
States
2,250,000
2,245,116
144A,
4
.12
%
,
2/20/26
................................
United
States
5,950,000
5,936,412
8,181,528
b
,k
Extra
Space
Storage
LP
,
144A,
3
.97
%
,
3/12/26
.............
United
States
2,525,000
2,513,903
b
,k
Intercontinental
Exchange,
Inc.
,
144A,
4
.12
%
,
2/13/26
........
United
States
3,040,000
3,035,486
k
Macquarie
Group
Ltd.
,
3
.97
%
,
3/19/26
...................
Australia
2,640,000
2,626,399
b
,k
Mid-America
Apartments
LP
,
144A,
4
.16
%
,
2/11/26
..........
United
States
3,465,000
3,460,601
b
,k
ONEOK,
Inc.
,
144A,
4
.23
%
,
2/09/26
.....................
United
States
2,665,000
2,662,184
k
Penske
Truck
Leasing
Co.
LP
,
4
.25
%
,
2/12/26
..............
United
States
4,320,000
4,313,884
b
,k
Targa
Resources
Corp.
,
144A,
4
.21
%
,
2/11/26
................................
United
States
2,635,000
2,631,614
144A,
4
.51
%
,
2/06/26
................................
United
States
3,770,000
3,767,170
6,398,784
b
,k
UDR,
Inc.
,
144A,
5
.02
%
,
2/03/26
................................
United
States
2,350,000
2,349,018
144A,
4
.14
%
,
2/11/26
................................
United
States
2,330,000
2,327,057
4,676,075
Total
Commercial
Papers
(Cost
$
73,450,936
)
.................................
73,434,969
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
27
See
Abbreviations
on
page
53
.
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Management
Investment
Companies
2.6%
a,l
Putnam
Short
Term
Investment
Fund
,
Class
P
,
3.863
%
.......
United
States
38,543,850
$
38,543,850
Total
Management
Investment
Companies
(Cost
$
38,543,850
)
..................
38,543,850
Total
Short
Term
Investments
(Cost
$
111,994,786
)
.............................
111,978,819
a
Total
Investments
(Cost
$
1,898,269,675
)
127.7
%
..............................
$1,902,121,445
TBA
Sale
Commitments
(
4.1
)
%
..............................................
(
60,386,544
)
Other
Assets,
less
Liabilities
(
23.6
)
%
........................................
(352,890,966)
Net
Assets
100.0%
.........................................................
$1,488,843,935
a
a
a
Principal
Amount
*
m
TBA
Sale
Commitments
(4.1)%
Mortgage-Backed
Securities
(4.1)%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
(3.6)%
Uniform
Mortgage-Backed
Securities
,
4.5
%
,
TBA,
2/25/56
................................
United
States
(19,500,000)
(
19,133,745
)
5
%
,
TBA,
2/25/56
..................................
United
States
(33,000,000)
(
33,046,224
)
(52,179,969)
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
(0.5)%
GNMA
II,
Single-family,
30
Year
,
6
%
,
2/15/56
......................................
United
States
(6,000,000)
(
6,138,169
)
6.5
%
,
2/15/56
....................................
United
States
(2,000,000)
(
2,068,406
)
(8,206,575)
Total
TBA
Sale
Commitments
(Proceeds
$
(
60,416,081
)
)
........................
$(60,386,544)
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
January
31,
2026,
the
aggregate
value
of
these
securities
was
$356,476,709,
representing
23.9%
of
net
assets.
c
Perpetual
security
with
no
stated
maturity
date.
d
The
coupon
rate
shown
represents
the
rate
at
period
end.
e
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
f
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
certain
derivative
contracts.
At
January
31,
2026,
the
value
of
this
security
pledged
amounted
to
$620,672,
representing
less
than
0.1%
of
net
assets.
g
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
h
Adjustable
rate
security
with
an
interest
rate
that
is
not
based
on
a
published
reference
index
and
spread.
The
rate
is
based
on
the
structure
of
the
agreement
and
current
market
conditions.
The
coupon
rate
shown
represents
the
rate
at
period
end.
i
Investment
in
an
interest-only
security
entitles
holders
to
receive
only
the
interest
payment
on
the
underlying
instruments.
The
principal
amount
shown
is
the
notional
amount
of
the
underlying
instruments.
j
Security
purchased
on
a
to-be-announced
(TBA)
basis.
k
The
rate
shown
represents
the
yield
at
period
end.
l
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
28
m
Security
sold
on
a
to-be-announced
(TBA)
basis
resulting
in
a
short
position.
As
such,
the
Fund
is
not
subject
to
fees
and
expenses
associated
with
short
sale
transactions.
PUTNAM
FUNDS
TRUST
Schedule
of
Investments
(unaudited),
January
31,
2026
Putnam
Short
Duration
Bond
Fund
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
29
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Management
Investment
Companies
2.5%
Capital
Markets
2.5%
a
Franklin
Ultra
Short
Bond
ETF
..........................
United
States
1,367,280
$
34,311,892
Total
Management
Investment
Companies
(Cost
$34,024,973)
..................
34,311,892
Principal
Amount
*
Corporate
Bonds
53.5%
Aerospace
&
Defense
2.4%
b
BAE
Systems
plc
,
Senior
Note
,
144A,
5.125
%
,
3/26/29
.......
United
Kingdom
3,760,000
3,873,322
Boeing
Co.
(The)
,
Senior
Bond,
2.95%,
2/01/30
.........................
United
States
448,000
425,459
Senior
Note,
2.75%,
2/01/26
.........................
United
States
10,330,000
10,330,000
Senior
Note,
6.259%,
5/01/27
........................
United
States
858,000
880,177
Senior
Note,
6.298%,
5/01/29
........................
United
States
9,354,000
9,938,406
General
Electric
Co.
,
Senior
Note
,
4.3
%
,
7/29/30
............
United
States
1,025,000
1,032,420
Howmet
Aerospace,
Inc.
,
Senior
Note
,
3
%
,
1/15/29
..........
United
States
2,599,000
2,528,625
Spirit
AeroSystems,
Inc.
,
Senior
Bond
,
4.6
%
,
6/15/28
........
United
States
3,175,000
3,197,545
32,205,954
Automobiles
0.9%
b
Hyundai
Capital
America
,
Senior
Note,
144A,
5.3%,
1/08/29
.....................
United
States
8,255,000
8,495,057
Senior
Note,
144A,
6.5%,
1/16/29
.....................
United
States
2,590,000
2,747,614
Senior
Note,
144A,
5.35%,
3/19/29
....................
United
States
1,288,000
1,327,818
Senior
Note,
144A,
4.55%,
9/26/29
....................
United
States
170,000
171,414
12,741,903
Banks
9.0%
b
ABN
AMRO
Bank
NV
,
Senior
Non-Preferred
Note
,
144A,
6.339%
to
9/17/26,
FRN
thereafter
,
9/18/27
.....................
Netherlands
4,100,000
4,157,146
Banco
Bilbao
Vizcaya
Argentaria
SA
,
Senior
Preferred
Note
,
5.381
%
,
3/13/29
...................................
Spain
3,800,000
3,940,077
Banco
Santander
SA
,
Senior
Non-Preferred
Note
,
1.722%
to
9/13/26,
FRN
thereafter
,
9/14/27
......................
Spain
19,600,000
19,317,918
Bank
of
America
Corp.
,
B,
Junior
Sub.
Bond,
8.05%,
6/15/27
...................
United
States
1,310,000
1,373,083
Senior
Note,
6.204%
to
11/09/27,
FRN
thereafter,
11/10/28
..
United
States
8,601,000
8,926,532
b
Banque
Federative
du
Credit
Mutuel
SA
,
Senior
Preferred
Note,
144A,
1.604%,
10/04/26
...........
France
5,000,000
4,925,297
Senior
Preferred
Note,
144A,
4.541%,
1/15/31
...........
France
1,075,000
1,072,803
Barclays
plc
,
Senior
Note,
6.496%
to
9/12/26,
FRN
thereafter,
9/13/27
....
United
Kingdom
2,300,000
2,333,263
Senior
Note,
5.367%
to
2/24/30,
FRN
thereafter,
2/25/31
....
United
Kingdom
1,550,000
1,600,609
b
CaixaBank
SA
,
Senior
Non-Preferred
Note,
144A,
4.634%
to
7/02/28,
FRN
thereafter,
7/03/29
.................................
Spain
2,960,000
2,991,823
Senior
Non-Preferred
Note,
144A,
5.673%
to
3/14/29,
FRN
thereafter,
3/15/30
.................................
Spain
1,295,000
1,346,206
Citibank
NA
,
Senior
Note
,
4.914
%
,
5/29/30
................
United
States
3,470,000
3,561,853
Citigroup,
Inc.
,
Senior
Note,
4.503%
to
9/10/30,
FRN
thereafter,
9/11/31
....
United
States
3,710,000
3,714,189
Sub.
Bond,
4.45%,
9/29/27
..........................
United
States
10,945,000
11,018,010
b
Credit
Agricole
SA
,
Senior
Non-Preferred
Note
,
144A,
5.335%
to
1/09/29,
FRN
thereafter
,
1/10/30
......................
France
1,880,000
1,935,448
b
Danske
Bank
A/S
,
Senior
Preferred
Note
,
144A,
1.549%
to
9/09/26,
FRN
thereafter
,
9/10/27
......................
Denmark
2,111,000
2,080,231
PUTNAM
FUNDS
TRUST
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
30
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
b
Federation
des
Caisses
Desjardins
du
Quebec
,
Senior
Note
,
144A,
4.565
%
,
8/26/30
..............................
Canada
1,925,000
$
1,937,076
Fifth
Third
Bancorp
,
Senior
Note,
6.339%
to
7/26/28,
FRN
thereafter,
7/27/29
....
United
States
880,000
925,587
Senior
Note,
4.895%
to
9/05/29,
FRN
thereafter,
9/06/30
....
United
States
2,000,000
2,035,120
First-Citizens
Bank
&
Trust
Co.
,
Sub.
Bond
,
6.125
%
,
3/09/28
...
United
States
6,917,000
7,160,546
ING
Groep
NV
,
Senior
Note,
6.083%
to
9/10/26,
FRN
thereafter,
9/11/27
....
Netherlands
4,000,000
4,049,349
Senior
Note,
4.858%
to
3/24/28,
FRN
thereafter,
3/25/29
....
Netherlands
1,900,000
1,930,722
JPMorgan
Chase
&
Co.
,
Senior
Bond,
3.54%
to
4/30/27,
FRN
thereafter,
5/01/28
....
United
States
6,250,000
6,218,370
Senior
Note,
1.47%
to
9/21/26,
FRN
thereafter,
9/22/27
.....
United
States
3,250,000
3,199,024
Lloyds
Banking
Group
plc
,
Senior
Note
,
4.818%
to
6/12/28,
FRN
thereafter
,
6/13/29
.................................
United
Kingdom
8,410,000
8,548,801
NatWest
Group
plc
,
Senior
Note
,
5.847%
to
3/01/26,
FRN
thereafter
,
3/02/27
.................................
United
Kingdom
1,765,000
1,767,441
b
NatWest
Markets
plc
,
Senior
Note
,
144A,
4.412
%
,
11/06/30
....
United
Kingdom
2,375,000
2,372,495
PNC
Bank
NA
,
Sub.
Bond
,
4.05
%
,
7/26/28
................
United
States
6,300,000
6,302,697
Santander
Holdings
USA,
Inc.
,
Senior
Note
,
2.49%
to
1/05/27,
FRN
thereafter
,
1/06/28
.............................
United
States
4,000,000
3,940,186
124,681,902
Biotechnology
0.4%
Amgen,
Inc.
,
Senior
Note
,
5.15
%
,
3/02/28
.................
United
States
4,720,000
4,832,319
Broadline
Retail
0.1%
Amazon.com,
Inc.
,
Senior
Note
,
4.1
%
,
11/20/30
............
United
States
900,000
900,403
Capital
Markets
7.2%
Ares
Capital
Corp.
,
Senior
Note,
2.15%,
7/15/26
.........................
United
States
4,299,000
4,258,675
Senior
Note,
7%,
1/15/27
...........................
United
States
765,000
785,656
Senior
Note,
2.875%,
6/15/27
........................
United
States
4,581,000
4,498,389
Bank
of
New
York
Mellon
(The)
,
Senior
Note
,
4.729%
to
4/19/28,
FRN
thereafter
,
4/20/29
.............................
United
States
1,615,000
1,642,634
Blackstone
Private
Credit
Fund
,
Senior
Note
,
3.25
%
,
3/15/27
..
United
States
1,482,000
1,459,784
Deutsche
Bank
AG
,
Senior
Non-Preferred
Note,
2.311%
to
11/15/26,
FRN
thereafter,
11/16/27
........................................
Germany
5,921,000
5,838,190
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Note,
1.431%
to
3/08/26,
FRN
thereafter,
3/09/27
....
United
States
4,000,000
3,989,203
Senior
Note,
1.948%
to
10/20/26,
FRN
thereafter,
10/21/27
..
United
States
15,000,000
14,777,989
Senior
Note,
4.153%
to
10/20/28,
FRN
thereafter,
10/21/29
..
United
States
3,964,000
3,962,354
b
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/15/29
...............................
United
States
3,500,000
3,450,970
Jefferies
Financial
Group,
Inc.
,
Senior
Note
,
4.5
%
,
9/15/26
....
United
States
2,015,000
2,020,846
LPL
Holdings,
Inc.
,
Senior
Note,
6.75%,
11/17/28
........................
United
States
399,000
424,542
Senior
Note,
5.2%,
3/15/30
..........................
United
States
358,000
366,281
b
Senior
Note,
144A,
4.625%,
11/15/27
..................
United
States
2,000,000
1,991,824
b
Senior
Note,
144A,
4%,
3/15/29
......................
United
States
510,000
503,088
Morgan
Stanley
,
Senior
Note,
4.21%
to
4/19/27,
FRN
thereafter,
4/20/28
.....
United
States
6,435,000
6,450,640
Senior
Note,
5.123%
to
1/31/28,
FRN
thereafter,
2/01/29
....
United
States
2,445,000
2,494,816
Senior
Note,
4.994%
to
4/11/28,
FRN
thereafter,
4/12/29
....
United
States
1,672,000
1,702,913
PUTNAM
FUNDS
TRUST
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
31
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Capital
Markets
(continued)
Morgan
Stanley,
(continued)
Senior
Note,
4.493%
to
1/15/31,
FRN
thereafter,
1/16/32
....
United
States
800,000
$
799,648
I,
Senior
Note,
4.133%
to
10/17/28,
FRN
thereafter,
10/18/29
United
States
1,420,000
1,419,181
Sub.
Bond,
3.95%,
4/23/27
..........................
United
States
10,000,000
10,000,224
b
MSCI,
Inc.
,
Senior
Bond,
144A,
4%,
11/15/29
.....................
United
States
3,200,000
3,135,971
Senior
Bond,
144A,
3.625%,
9/01/30
...................
United
States
432,000
413,196
UBS
AG
,
Senior
Note
,
1.25
%
,
8/07/26
....................
Switzerland
887,000
876,057
UBS
Group
AG
,
Senior
Note,
4.55%,
4/17/26
.........................
Switzerland
5,586,000
5,594,949
b
Senior
Note,
144A,
1.305%
to
2/01/26,
FRN
thereafter,
2/02/27
Switzerland
10,500,000
10,500,000
b
Senior
Note,
144A,
5.428%
to
2/07/29,
FRN
thereafter,
2/08/30
Switzerland
5,750,000
5,943,236
99,301,256
Chemicals
0.8%
Celanese
US
Holdings
LLC
,
Senior
Note
,
1.4
%
,
8/05/26
......
United
States
10,693,000
10,532,801
Commercial
Services
&
Supplies
0.1%
Republic
Services,
Inc.
,
Senior
Note
,
5
%
,
11/15/29
..........
United
States
900,000
929,887
Communications
Equipment
0.2%
Motorola
Solutions,
Inc.
,
Senior
Bond,
2.3%,
11/15/30
.........................
United
States
1,106,000
1,004,146
Senior
Note,
4.85%,
8/15/30
.........................
United
States
1,284,000
1,310,553
2,314,699
Consumer
Finance
3.6%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Note,
2.45%,
10/29/26
........................
Ireland
2,900,000
2,867,853
Senior
Note,
6.1%,
1/15/27
..........................
Ireland
10,000,000
10,191,560
Senior
Note,
4.125%,
2/28/29
........................
Ireland
370,000
368,792
Ally
Financial,
Inc.
,
Senior
Note
,
4.75
%
,
6/09/27
............
United
States
2,715,000
2,738,473
b
Avolon
Holdings
Funding
Ltd.
,
Senior
Note,
144A,
5.75%,
11/15/29
...................
Ireland
5,414,000
5,627,253
Senior
Note,
144A,
4.9%,
10/10/30
....................
Ireland
1,790,000
1,801,317
Capital
One
Financial
Corp.
,
Senior
Note,
4.493%
to
9/10/30,
FRN
thereafter,
9/11/31
....
United
States
3,555,000
3,532,469
Senior
Note,
4.722%
to
1/29/31,
FRN
thereafter,
1/30/32
....
United
States
1,025,000
1,025,532
Ford
Motor
Credit
Co.
LLC
,
Senior
Note
,
5.8
%
,
3/05/27
.......
United
States
8,280,000
8,398,292
General
Motors
Financial
Co.,
Inc.
,
Senior
Note,
1.5%,
6/10/26
..........................
United
States
11,250,000
11,153,732
Senior
Note,
4.2%,
10/27/28
.........................
United
States
440,000
441,220
b
Macquarie
Airfinance
Holdings
Ltd.
,
Senior
Note
,
144A,
5.15
%
,
3/17/30
.........................................
United
Kingdom
932,000
944,592
49,091,085
Consumer
Staples
Distribution
&
Retail
0.4%
b
7-Eleven,
Inc.
,
Senior
Note
,
144A,
1.3
%
,
2/10/28
............
United
States
4,302,000
4,073,198
Walmart,
Inc.
,
Senior
Note
,
4.35
%
,
4/28/30
................
United
States
1,285,000
1,306,098
5,379,296
Containers
&
Packaging
1.4%
AptarGroup,
Inc.
,
Senior
Note
,
4.75
%
,
3/30/31
.............
United
States
850,000
855,583
PUTNAM
FUNDS
TRUST
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
32
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Containers
&
Packaging
(continued)
Berry
Global,
Inc.
,
Senior
Secured
Note,
1.65%,
1/15/27
..................
United
States
10,380,000
$
10,158,833
Senior
Secured
Note,
5.5%,
4/15/28
...................
United
States
870,000
897,023
b
Senior
Secured
Note,
144A,
4.875%,
7/15/26
............
United
States
3,000
3,002
b
Graphic
Packaging
International
LLC
,
Senior
Secured
Note
,
144A,
1.512
%
,
4/15/26
..............................
United
States
7,461,000
7,412,329
19,326,770
Diversified
REITs
0.7%
VICI
Properties
LP
,
Senior
Note
,
4.75
%
,
2/15/28
............
United
States
2,339,000
2,363,134
b
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note,
144A,
4.5%,
9/01/26
.....................
United
States
1,410,000
1,411,266
Senior
Note,
144A,
3.75%,
2/15/27
....................
United
States
876,000
871,181
Senior
Note,
144A,
4.5%,
1/15/28
.....................
United
States
2,935,000
2,944,663
Senior
Note,
144A,
3.875%,
2/15/29
...................
United
States
1,365,000
1,342,508
8,932,752
Diversified
Telecommunication
Services
0.8%
b
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond,
144A,
5.125%,
5/01/27
...................
United
States
3,680,000
3,683,236
Senior
Bond,
144A,
5%,
2/01/28
......................
United
States
3,675,000
3,656,512
b
Cipher
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.125
%
,
11/15/30
........................................
United
States
3,070,000
3,167,199
Sprint
Capital
Corp.
,
Senior
Bond
,
6.875
%
,
11/15/28
.........
United
States
1,484,000
1,592,412
12,099,359
Electric
Utilities
2.5%
b
Enel
Finance
International
NV
,
Senior
Note
,
144A,
4.125
%
,
9/30/28
.........................................
Italy
745,000
745,163
Eversource
Energy
,
Senior
Note
,
5.45
%
,
3/01/28
............
United
States
1,000,000
1,026,693
FirstEnergy
Corp.
,
B
,
Senior
Bond
,
3.9
%
,
7/15/27
...........
United
States
3,500,000
3,492,920
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Note,
4.685%,
9/01/27
........................
United
States
755,000
763,864
Senior
Note,
5.05%,
3/15/30
.........................
United
States
2,540,000
2,619,813
Pacific
Gas
and
Electric
Co.
,
Senior
Note,
3%,
6/15/28
...........................
United
States
8,686,000
8,454,224
Senior
Note,
6.1%,
1/15/29
..........................
United
States
785,000
823,704
b
Palomino
Funding
Trust
I
,
Senior
Secured
Note
,
144A,
7.233
%
,
5/17/28
.........................................
United
States
1,320,000
1,396,124
Southern
Co.
(The)
,
Senior
Bond,
3.25%,
7/01/26
.........................
United
States
4,950,000
4,940,640
Senior
Note,
5.5%,
3/15/29
..........................
United
States
1,960,000
2,036,193
b
Vistra
Operations
Co.
LLC
,
Senior
Secured
Note,
144A,
5.05%,
12/30/26
............
United
States
4,250,000
4,290,426
Senior
Secured
Note,
144A,
4.3%,
10/15/28
.............
United
States
2,105,000
2,106,187
Senior
Secured
Note,
144A,
4.7%,
1/31/31
..............
United
States
875,000
874,185
Wisconsin
Electric
Power
Co.
,
Senior
Note
,
4.15
%
,
10/15/30
...
United
States
1,120,000
1,116,696
34,686,832
Electrical
Equipment
0.4%
Regal
Rexnord
Corp.
,
Senior
Note
,
6.05
%
,
4/15/28
..........
United
States
2,460,000
2,550,590
b
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
........................................
United
States
2,796,000
2,755,249
5,305,839
PUTNAM
FUNDS
TRUST
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
33
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Electronic
Equipment,
Instruments
&
Components
0.1%
Amphenol
Corp.
,
Senior
Note
,
3.9
%
,
11/15/28
..............
United
States
985,000
$
984,959
Entertainment
0.4%
b
Netflix,
Inc.
,
Senior
Bond
,
144A,
5.375
%
,
11/15/29
..........
United
States
5,659,000
5,899,111
Financial
Services
1.1%
Block,
Inc.
,
Senior
Note
,
2.75
%
,
6/01/26
..................
United
States
10,575,000
10,517,871
Corebridge
Financial,
Inc.
,
Senior
Note
,
3.65
%
,
4/05/27
.......
United
States
4,715,000
4,695,554
b
Nationwide
Building
Society
,
Senior
Non-Preferred
Note
,
144A,
4.649%
to
7/13/28,
FRN
thereafter
,
7/14/29
..............
United
Kingdom
890,000
899,595
16,113,020
Food
Products
1.5%
Bunge
Ltd.
Finance
Corp.
,
Senior
Note
,
3.2
%
,
4/21/31
.......
United
States
472,000
444,653
JBS
NV
/
JBS
USA
Foods
Group
Holdings,
Inc.
/
JBS
USA
Food
Co.
Holdings
,
Senior
Note
,
3
%
,
2/02/29
.................
United
States
1,660,000
1,607,263
b
JDE
Peet's
NV
,
Senior
Note
,
144A,
1.375
%
,
1/15/27
.........
Netherlands
680,000
663,010
Kellanova
,
B
,
Senior
Bond
,
7.45
%
,
4/01/31
................
United
States
300,000
344,284
b
Mars,
Inc.
,
Senior
Note,
144A,
4.6%,
3/01/28
.....................
United
States
1,620,000
1,641,862
Senior
Note,
144A,
4.8%,
3/01/30
.....................
United
States
6,470,000
6,612,341
Senior
Note,
144A,
4.65%,
4/20/31
....................
United
States
157,000
160,255
b
Mondelez
International
Holdings
Netherlands
BV
,
Senior
Note
,
144A,
1.25
%
,
9/24/26
...............................
United
States
10,000,000
9,828,721
21,302,389
Ground
Transportation
0.9%
b
Ashtead
Capital,
Inc.
,
Senior
Note
,
144A,
1.5
%
,
8/12/26
......
United
Kingdom
9,275,000
9,137,428
b
SMBC
Aviation
Capital
Finance
DAC
,
Senior
Note
,
144A,
5.3
%
,
4/03/29
.........................................
Ireland
3,195,000
3,282,268
12,419,696
Health
Care
Equipment
&
Supplies
0.4%
GE
HealthCare
Technologies,
Inc.
,
Senior
Note,
4.15%,
12/15/28
........................
United
States
735,000
737,407
Senior
Note,
4.8%,
8/14/29
..........................
United
States
610,000
622,566
b
Medline
Borrower
LP
,
Senior
Secured
Note
,
144A,
3.875
%
,
4/01/29
.........................................
United
States
4,650,000
4,550,049
5,910,022
Health
Care
Providers
&
Services
1.1%
CVS
Health
Corp.
,
Senior
Bond,
1.875%,
2/28/31
........................
United
States
510,000
449,261
Senior
Note,
5.4%,
6/01/29
..........................
United
States
7,750,000
8,026,629
HCA,
Inc.
,
Senior
Note
,
5.2
%
,
6/01/28
....................
United
States
4,800,000
4,918,662
Icon
Investments
Six
DAC
,
Senior
Secured
Note,
5.809%,
5/08/27
.................
United
States
1,267,000
1,291,145
Senior
Secured
Note,
5.849%,
5/08/29
.................
United
States
543,000
566,445
15,252,142
Hotels,
Restaurants
&
Leisure
1.3%
b
Carnival
Corp.
,
Senior
Note,
144A,
5.125%,
5/01/29
...................
United
States
1,905,000
1,928,223
Senior
Note,
144A,
5.75%,
3/15/30
....................
United
States
184,000
189,561
Senior
Secured
Note,
144A,
4%,
8/01/28
................
United
States
8,243,000
8,161,831
PUTNAM
FUNDS
TRUST
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
34
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Hotels,
Restaurants
&
Leisure
(continued)
Hyatt
Hotels
Corp.
,
Senior
Note,
5.75%,
1/30/27
.........................
United
States
3,362,000
$
3,415,126
Senior
Note,
5.05%,
3/30/28
.........................
United
States
2,055,000
2,094,471
Las
Vegas
Sands
Corp.
,
Senior
Note
,
3.5
%
,
8/18/26
.........
United
States
1,763,000
1,755,371
b
Royal
Caribbean
Cruises
Ltd.
,
Senior
Note
,
144A,
5.5
%
,
8/31/26
United
States
1,185,000
1,186,266
18,730,849
Household
Durables
0.6%
DR
Horton,
Inc.
,
Senior
Note
,
1.3
%
,
10/15/26
..............
United
States
5,320,000
5,229,400
Toll
Brothers
Finance
Corp.
,
Senior
Bond,
4.35%,
2/15/28
.........................
United
States
287,000
288,574
Senior
Bond,
3.8%,
11/01/29
.........................
United
States
2,140,000
2,111,941
7,629,915
Independent
Power
and
Renewable
Electricity
Producers
0.7%
b
Alexander
Funding
Trust
II
,
Senior
Secured
Note
,
144A,
7.467
%
,
7/31/28
.........................................
United
States
2,165,000
2,305,928
Constellation
Energy
Generation
LLC
,
Senior
Note,
5.6%,
3/01/28
..........................
United
States
3,000,000
3,093,849
Senior
Note,
4.4%,
1/15/31
..........................
United
States
575,000
573,811
Southern
Power
Co.
,
A
,
Senior
Note
,
4.25
%
,
10/01/30
........
United
States
650,000
648,609
b,c
Vistra
Corp.
,
Junior
Sub.
Bond
,
144A,
8%
to
10/14/26,
FRN
thereafter
,
Perpetual
...............................
United
States
2,050,000
2,089,139
8,711,336
Insurance
2.0%
b
AEGON
Funding
Co.
LLC
,
Senior
Note
,
144A,
5.5
%
,
4/16/27
..
Netherlands
2,580,000
2,618,405
Arthur
J
Gallagher
&
Co.
,
Senior
Note
,
4.85
%
,
12/15/29
......
United
States
660,000
675,507
b
Athene
Global
Funding
,
Secured
Note
,
144A,
1.73
%
,
10/02/26
.
United
States
12,044,000
11,868,050
Brown
&
Brown,
Inc.
,
Senior
Note
,
4.7
%
,
6/23/28
...........
United
States
2,885,000
2,924,346
b
CNO
Global
Funding
,
Secured
Note,
144A,
1.75%,
10/07/26
..................
United
States
3,340,000
3,289,774
Secured
Note,
144A,
2.65%,
1/06/29
...................
United
States
403,000
385,539
Secured
Note,
144A,
4.95%,
9/09/29
...................
United
States
500,000
508,578
F&G
Annuities
&
Life,
Inc.
,
Senior
Note
,
6.5
%
,
6/04/29
.......
United
States
2,230,000
2,318,448
Willis
North
America,
Inc.
,
Senior
Note
,
4.65
%
,
6/15/27
.......
United
States
2,635,000
2,656,265
27,244,912
Interactive
Media
&
Services
0.3%
Alphabet,
Inc.
,
Senior
Note
,
4.1
%
,
11/15/30
................
United
States
2,005,000
2,007,192
Meta
Platforms,
Inc.
,
Senior
Note
,
4.2
%
,
11/15/30
...........
United
States
3,045,000
3,040,437
5,047,629
Leisure
Products
0.1%
Brunswick
Corp.
,
Senior
Bond
,
2.4
%
,
8/18/31
..............
United
States
2,248,000
1,982,738
Life
Sciences
Tools
&
Services
0.1%
Illumina,
Inc.
,
Senior
Note
,
4.65
%
,
9/09/26
................
United
States
1,067,000
1,069,840
Media
0.2%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
Corp.
,
Senior
Secured
Note
,
2.25
%
,
1/15/29
...................................
United
States
1,000,000
939,489
PUTNAM
FUNDS
TRUST
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
35
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Media
(continued)
Paramount
Global
,
Senior
Bond,
4.2%,
6/01/29
..........................
United
States
700,000
$
681,349
Senior
Note,
3.7%,
6/01/28
..........................
United
States
794,000
773,963
2,394,801
Metals
&
Mining
0.5%
b
Glencore
Funding
LLC
,
Senior
Note,
144A,
1.625%,
4/27/26
...................
Australia
2,500,000
2,485,685
Senior
Note,
144A,
5.4%,
5/08/28
.....................
Australia
1,429,000
1,469,043
Senior
Note,
144A,
6.125%,
10/06/28
..................
Australia
2,500,000
2,621,036
6,575,764
Multi-Utilities
0.3%
Dominion
Energy,
Inc.
,
Senior
Note
,
4.6
%
,
5/15/28
..........
United
States
2,575,000
2,608,319
Southern
Co.
Gas
Capital
Corp.
,
A
,
Senior
Note
,
4.05
%
,
9/15/28
United
States
725,000
725,831
3,334,150
Oil,
Gas
&
Consumable
Fuels
2.7%
Boardwalk
Pipelines
LP
,
Senior
Bond
,
5.95
%
,
6/01/26
........
United
States
3,805,000
3,811,959
Canadian
Natural
Resources
Ltd.
,
Senior
Note
,
5
%
,
12/15/29
..
Canada
2,389,000
2,454,864
Cheniere
Energy
Partners
LP
,
Senior
Note
,
4.5
%
,
10/01/29
....
United
States
5,380,000
5,402,705
Coterra
Energy
Operating
Co.
,
Senior
Bond
,
3.9
%
,
5/15/27
....
United
States
3,874,000
3,807,499
Diamondback
Energy,
Inc.
,
Senior
Note
,
5.15
%
,
1/30/30
......
United
States
2,195,000
2,257,749
Enbridge,
Inc.
,
Senior
Note
,
1.6
%
,
10/04/26
...............
Canada
1,900,000
1,870,408
Energy
Transfer
LP
,
Senior
Note,
6.05%,
12/01/26
........................
United
States
5,000,000
5,080,163
Senior
Note,
5.25%,
7/01/29
.........................
United
States
960,000
989,783
Senior
Note,
5.2%,
4/01/30
..........................
United
States
430,000
443,810
ONEOK,
Inc.
,
Senior
Note
,
5.65
%
,
11/01/28
...............
United
States
3,000,000
3,116,450
South
Bow
USA
Infrastructure
Holdings
LLC
,
Senior
Note,
4.911%,
9/01/27
........................
Canada
1,500,000
1,516,477
Senior
Note,
5.026%,
10/01/29
.......................
Canada
920,000
934,351
b
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Note
,
144A,
6.25
%
,
1/15/30
...................................
United
States
3,275,000
3,357,900
Viper
Energy
Partners
LLC
,
Senior
Note
,
4.9
%
,
8/01/30
.......
United
States
1,029,000
1,042,557
36,086,675
Paper
&
Forest
Products
0.7%
b
Georgia-Pacific
LLC
,
Senior
Note,
144A,
0.95%,
5/15/26
....................
United
States
8,790,000
8,719,430
Senior
Note,
144A,
4.4%,
6/30/28
.....................
United
States
920,000
929,994
9,649,424
Passenger
Airlines
0.3%
b
AS
Mileage
Plan
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.021
%
,
10/20/29
........................................
United
States
2,065,000
2,089,097
b
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
4/15/29
United
States
835,000
834,623
2,923,720
Personal
Care
Products
0.3%
Haleon
US
Capital
LLC
,
Senior
Note
,
3.375
%
,
3/24/27
.......
United
States
4,040,000
4,015,073
PUTNAM
FUNDS
TRUST
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
36
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Pharmaceuticals
0.6%
Novartis
Capital
Corp.
,
Senior
Note
,
4.1
%
,
11/05/30
.........
United
States
2,910,000
$
2,910,831
Royalty
Pharma
plc
,
Senior
Note,
5.15%,
9/02/29
.........................
United
States
3,000,000
3,090,425
Senior
Note,
4.45%,
3/25/31
.........................
United
States
2,140,000
2,137,129
8,138,385
Professional
Services
0.1%
Paychex,
Inc.
,
Senior
Note
,
5.1
%
,
4/15/30
.................
United
States
2,010,000
2,068,484
Semiconductors
&
Semiconductor
Equipment
0.9%
Broadcom,
Inc.
,
Senior
Note,
5.05%,
7/12/29
.........................
United
States
885,000
911,935
Senior
Note,
4.6%,
7/15/30
..........................
United
States
2,820,000
2,860,210
Senior
Note,
4.2%,
10/15/30
.........................
United
States
1,810,000
1,805,175
b
Foundry
JV
Holdco
LLC
,
Senior
Secured
Note,
144A,
5.9%,
1/25/30
..............
United
States
2,105,000
2,207,716
Senior
Secured
Note,
144A,
5.5%,
1/25/31
..............
United
States
1,180,000
1,222,788
Senior
Secured
Note,
144A,
6.15%,
1/25/32
.............
United
States
664,000
707,501
Marvell
Technology,
Inc.
,
Senior
Note,
5.75%,
2/15/29
.........................
United
States
1,750,000
1,824,365
Senior
Note,
4.75%,
7/15/30
.........................
United
States
365,000
369,755
11,909,445
Software
1.2%
Oracle
Corp.
,
Senior
Note,
1.65%,
3/25/26
.........................
United
States
3,400,000
3,388,093
Senior
Note,
4.45%,
9/26/30
.........................
United
States
825,000
805,610
Synopsys,
Inc.
,
Senior
Note,
4.55%,
4/01/27
.........................
United
States
2,475,000
2,493,136
Senior
Note,
4.65%,
4/01/28
.........................
United
States
1,115,000
1,129,473
VMware
LLC
,
Senior
Note
,
1.4
%
,
8/15/26
.................
United
States
8,989,000
8,872,681
16,688,993
Specialized
REITs
0.7%
American
Tower
Corp.
,
Senior
Note,
2.75%,
1/15/27
.........................
United
States
4,403,000
4,355,853
Senior
Note,
4.9%,
3/15/30
..........................
United
States
665,000
679,567
Crown
Castle,
Inc.
,
Senior
Note
,
4.9
%
,
9/01/29
.............
United
States
3,585,000
3,648,942
Equinix,
Inc.
,
Senior
Note
,
2.9
%
,
11/18/26
.................
United
States
718,000
712,199
9,396,561
Specialty
Retail
0.5%
b
Dick's
Sporting
Goods,
Inc.
,
Senior
Note
,
144A,
4
%
,
10/01/29
..
United
States
6,695,000
6,603,323
Technology
Hardware,
Storage
&
Peripherals
0.4%
Hewlett
Packard
Enterprise
Co.
,
Senior
Note
,
4.55
%
,
10/15/29
.
United
States
5,700,000
5,742,959
Textiles,
Apparel
&
Luxury
Goods
0.1%
Tapestry,
Inc.
,
Senior
Note
,
5.1
%
,
3/11/30
.................
United
States
1,635,000
1,677,383
Tobacco
1.1%
BAT
Capital
Corp.
,
Senior
Bond,
4.906%,
4/02/30
........................
United
Kingdom
5,460,000
5,570,862
Senior
Note,
6.343%,
8/02/30
........................
United
Kingdom
1,275,000
1,378,409
PUTNAM
FUNDS
TRUST
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
37
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Tobacco
(continued)
Philip
Morris
International,
Inc.
,
Senior
Note,
4.625%,
11/01/29
.......................
United
States
815,000
$
829,618
Senior
Note,
5.125%,
2/15/30
........................
United
States
3,897,000
4,023,990
Senior
Note,
4.375%,
4/30/30
........................
United
States
2,970,000
2,988,549
14,791,428
Trading
Companies
&
Distributors
0.5%
Air
Lease
Corp.
,
Senior
Note
,
5.3
%
,
6/25/26
...............
United
States
3,426,000
3,442,141
b
Aircastle
Ltd.
,
Senior
Note
,
144A,
6.5
%
,
7/18/28
............
United
States
2,805,000
2,948,835
b
Aviation
Capital
Group
LLC
,
Senior
Note
,
144A,
5.375
%
,
7/15/29
United
States
1,860,000
1,912,030
8,303,006
Wireless
Telecommunication
Services
0.9%
Rogers
Communications,
Inc.
,
Senior
Note
,
5
%
,
2/15/29
......
Canada
4,205,000
4,291,810
T-Mobile
USA,
Inc.
,
Senior
Note
,
1.5
%
,
2/15/26
.............
United
States
8,000,000
7,991,047
12,282,857
Total
Corporate
Bonds
(Cost
$727,910,845)
...................................
734,144,046
Foreign
Government
and
Agency
Securities
0.3%
b
Electricite
de
France
SA
,
Senior
Note,
144A,
5.7%,
5/23/28
.....................
France
3,500,000
3,619,900
Senior
Note,
144A,
5.65%,
4/22/29
.....................
France
430,000
448,904
Total
Foreign
Government
and
Agency
Securities
(Cost
$3,977,005)
.............
4,068,804
U.S.
Government
and
Agency
Securities
5.2%
U.S.
Treasury
Notes
,
3.875%,
5/31/27
..................................
United
States
70,500,000
70,811,191
d
0.625%,
11/30/27
.................................
United
States
113,000
107,255
Total
U.S.
Government
and
Agency
Securities
(Cost
$70,485,310)
...............
70,918,446
Asset-Backed
Securities
8.2%
Automobiles
0.2%
Volkswagen
Auto
Loan
Enhanced
Trust
,
2023-1,
A3,
5.02%,
6/20/28
..........................
United
States
323,777
325,663
2025-1,
A2A,
4.51%,
1/20/28
.........................
United
States
2,637,808
2,644,069
2,969,732
a
a
a
a
a
a
Consumer
Finance
1.8%
Capital
One
Prime
Auto
Receivables
Trust
,
2024-1,
A2A,
4.61%,
10/15/27
........................
United
States
459,734
460,278
2025-1,
A3,
3.85%,
7/15/30
..........................
United
States
439,000
439,479
GM
Financial
Consumer
Automobile
Receivables
Trust
,
2023-1
,
A3
,
4.66
%
,
2/16/28
.
................................
United
States
686,992
688,808
Harley-Davidson
Motorcycle
Trust
,
2025-A
,
A3
,
4.67
%
,
4/15/30
.
United
States
4,230,000
4,280,657
Hyundai
Auto
Receivables
Trust
,
2023-B,
A3,
5.48%,
4/17/28
..........................
United
States
3,137,389
3,158,601
2024-C,
A3,
4.41%,
5/15/29
..........................
United
States
1,132,000
1,140,916
2025-B,
A3,
4.36%,
12/17/29
.........................
United
States
1,675,000
1,692,758
e
2025-C,
A2B,
FRN,
4.057%,
(30-day
SOFR
Average
+
0.35%),
7/17/28
.........................................
United
States
5,595,000
5,599,954
Nissan
Auto
Receivables
Owner
Trust
,
2025-A
,
A3
,
4.49
%
,
12/17/29
.
........................................
United
States
1,900,000
1,923,605
PUTNAM
FUNDS
TRUST
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
38
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Consumer
Finance
(continued)
Toyota
Auto
Receivables
Owner
Trust
,
2023-B,
A3,
4.71%,
2/15/28
..........................
United
States
787,488
$
790,518
2024-A,
A3,
4.83%,
10/16/28
.........................
United
States
4,406,568
4,435,818
2026-A,
A3,
3.86%,
9/16/30
..........................
United
States
1,035,000
1,036,936
25,648,328
a
a
a
a
a
a
Financial
Services
6.2%
b,e
AIMCO
CLO
17
Ltd.
,
2022-17A
,
A1R
,
144A,
FRN
,
5.019
%
,
(
3-month
SOFR
+
1.35
%
),
7/20/37
.
....................
Jersey
1,500,000
1,505,320
b,e
Allegro
CLO
XII
Ltd.
,
2020-1A
,
A1R
,
144A,
FRN
,
5.11
%
,
(
3-month
SOFR
+
1.44
%
),
7/21/37
.
............................
United
States
410,000
411,435
b,e
Angel
Oak
Mortgage
Trust
,
2025-HB1
,
A1
,
144A,
FRN
,
5.497
%
,
(
30-day
SOFR
Average
+
1.8
%
),
2/25/55
.
................
United
States
725,750
731,297
b,e
Bain
Capital
Credit
CLO
Ltd.
,
2022-2A
,
A1R
,
144A,
FRN
,
4.819
%
,
(
3-month
SOFR
+
1.15
%
),
4/22/35
.
....................
United
States
1,650,000
1,651,648
b,e
BDS
Ltd.
,
2021-FL10
,
A
,
144A,
FRN
,
5.14
%
,
(
1-month
SOFR
+
1.464
%
),
12/16/36
.
.................................
United
States
745,759
746,772
b,e
Birch
Grove
CLO
8
Ltd.
,
2024-8A
,
A1
,
144A,
FRN
,
5.298
%
,
(
3-month
SOFR
+
1.63
%
),
4/20/37
.
....................
Jersey
1,500,000
1,506,919
b,e
Black
Diamond
CLO
Ltd.
,
2021-1A
,
A1AR
,
144A,
FRN
,
4.919
%
,
(
3-month
SOFR
+
1.25
%
),
11/22/34
.
....................
United
States
854,000
855,205
b
BofA
Auto
Trust
,
2024-1A
,
A3
,
144A,
5.35
%
,
11/15/28
.
........
United
States
1,165,322
1,175,575
b,e
BRAVO
Residential
Funding
Trust
,
2025-HE1
,
A1
,
144A,
FRN
,
5.047
%
,
(
30-day
SOFR
Average
+
1.35
%
),
9/25/72
.
........
United
States
1,540,242
1,544,727
Carmax
Auto
Owner
Trust
,
2025-2
,
A2A
,
4.59
%
,
7/17/28
.
.....
United
States
1,145,625
1,149,314
CarMax
Auto
Owner
Trust
,
2026-1,
A2A,
3.87%,
4/16/29
.........................
United
States
924,000
924,871
2026-1,
A3,
4.04%,
3/17/31
..........................
United
States
739,000
742,229
b,e
Cathedral
Lake
VIII
Ltd.
,
2021-8A
,
A1R
,
144A,
FRN
,
4.798
%
,
(
3-month
SOFR
+
1.13
%
),
1/20/35
.
....................
United
States
3,790,000
3,793,873
b
Chase
Auto
Owner
Trust
,
2025-1A
,
A3
,
144A,
4.29
%
,
6/25/30
.
..
United
States
2,664,000
2,688,952
b,e
CIFC
Funding
Ltd.
,
2020-1A,
A1R,
144A,
FRN,
5.084%,
(3-month
SOFR
+
1.412%),
7/15/36
..................................
United
States
3,320,000
3,324,119
2021-7A,
AR,
144A,
FRN,
4.761%,
(3-month
SOFR
+
1.09%),
1/23/35
.........................................
United
States
5,785,000
5,794,531
b
Citizens
Auto
Receivables
Trust
,
2024-1
,
A3
,
144A,
5.11
%
,
4/17/28
.
.........................................
United
States
5,330,921
5,358,756
b
Corporate
One
Auto
Receivables
Trust
,
2026-1A
,
A2
,
144A,
4.13
%
,
9/15/28
.
...................................
United
States
1,319,000
1,319,285
b,e
Elevation
CLO
Ltd.
,
2018-10A
,
AR
,
144A,
FRN
,
4.588
%
,
(
3-month
SOFR
+
0.92
%
),
10/20/31
.
...........................
United
States
3,128
3,128
b,e
Elmwood
CLO
I
Ltd.
,
f
2019-1A,
A1R3,
144A,
FRN,
Zero
Cpn.,
(3-month
SOFR
+
1.12%),
4/20/37
...................................
United
States
1,250,000
1,250,312
2019-1A,
A1RR,
144A,
FRN,
5.188%,
(3-month
SOFR
+
1.52%),
4/20/37
...................................
United
States
1,250,000
1,250,875
b,e
Elmwood
CLO
III
Ltd.
,
2019-3A
,
A1RR
,
144A,
FRN
,
5.048
%
,
(
3-month
SOFR
+
1.38
%
),
7/18/37
.
....................
United
States
1,750,000
1,756,182
b
FIGRE
Trust
,
2025-FL1
,
A1
,
144A,
5.265
%
,
7/25/55
.
.........
United
States
640,440
644,667
e
First
Franklin
Mortgage
Loan
Trust
,
2006-FF15
,
A5
,
FRN
,
3.947
%
,
(
1-month
SOFR
+
0.274
%
),
11/25/36
.
............
United
States
28,995
30,829
Ford
Credit
Auto
Owner
Trust
,
2024-A,
A3,
5.09%,
12/15/28
.........................
United
States
3,133,969
3,162,507
2024-B,
A3,
5.1%,
4/15/29
...........................
United
States
1,741,000
1,762,331
PUTNAM
FUNDS
TRUST
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
39
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
b,e
FS
Rialto
,
2021-FL3
,
A
,
144A,
FRN
,
5.042
%
,
(
1-month
SOFR
+
1.364
%
),
11/16/36
.
.................................
United
States
1,241,180
$
1,241,265
b
GM
Financial
Revolving
Receivables
Trust
,
2024-1
,
A
,
144A,
4.98
%
,
12/11/36
.
..................................
United
States
3,817,000
3,931,402
b,e
GoldenTree
Loan
Management
US
CLO
9
Ltd.
,
2021-9A
,
AR
,
144A,
FRN
,
5.168
%
,
(
3-month
SOFR
+
1.5
%
),
4/20/37
.
.....
United
States
1,250,000
1,255,303
e
GSAA
Home
Equity
Trust
,
2006-8
,
2A2
,
FRN
,
4.147
%
,
(
1-month
SOFR
+
0.474
%
),
5/25/36
.
...........................
United
States
460,712
94,088
Honda
Auto
Receivables
Owner
Trust
,
2024-1,
A3,
5.21%,
8/15/28
..........................
United
States
4,169,225
4,205,090
2025-4,
A2A,
4.04%,
6/15/28
.........................
United
States
1,275,000
1,278,462
b
J.P.
Morgan
Mortgage
Trust
,
e
2023-HE2,
A1,
144A,
FRN,
5.402%,
(30-day
SOFR
Average
+
1.7%),
3/20/54
....................................
United
States
882,634
886,546
2024-CES1,
A1A,
144A,
5.919%,
6/25/54
................
United
States
569,258
575,244
b,e
KKR
CLO
43
Ltd.
,
2022-43A
,
A1R
,
144A,
FRN
,
5.422
%
,
(
3-month
SOFR
+
1.75
%
),
1/15/36
.
............................
Jersey
2,100,000
2,107,321
b,e,f
Madison
Park
Funding
L
Ltd.
,
2021-50A
,
AR
,
144A,
FRN
,
Zero
Cpn.,
(
3-month
SOFR
+
0.97
%
),
4/19/34
.
................
United
States
2,100,000
2,100,525
b,e
Madison
Park
Funding
XXX
Ltd.
,
2018-30A
,
A1R
,
144A,
FRN
,
5.031
%
,
(
3-month
SOFR
+
1.36
%
),
7/16/37
.
..............
United
States
1,840,000
1,846,514
b,e
Nassau
Ltd.
,
2020-1A
,
A1R
,
144A,
FRN
,
5.224
%
,
(
3-month
SOFR
+
1.552
%
),
1/15/35
.
................................
United
States
1,624,658
1,627,313
b,e
Neuberger
Berman
Loan
Advisers
CLO
25
Ltd.
,
2017-25A
,
AR2
,
144A,
FRN
,
5.068
%
,
(
3-month
SOFR
+
1.4
%
),
7/18/38
.
.....
United
States
2,000,000
2,007,973
b,e
Oaktree
CLO
Ltd.
,
2019-4A,
ARR,
144A,
FRN,
5.178%,
(3-month
SOFR
+
1.51%),
7/20/37
.........................................
United
States
1,250,000
1,255,513
2021-1A,
A1R,
144A,
FRN,
5.022%,
(3-month
SOFR
+
1.35%),
1/15/38
.........................................
United
States
1,270,000
1,276,031
b
OCCU
Auto
Receivables
Trust
,
2025-1A
,
A3
,
144A,
4.81
%
,
11/15/29
.
........................................
United
States
1,124,000
1,133,699
e
Park
Place
Securities,
Inc.
,
2004-WCW2
,
M3
,
FRN
,
4.837
%
,
(
1-month
SOFR
+
1.164
%
),
10/25/34
.
..................
United
States
42,320
42,057
b
PK
Alift
Loan
Funding
7
LP
,
2025-2
,
A
,
144A,
4.75
%
,
3/15/43
.
..
United
States
678,684
679,991
b,e
PRMI
Securitization
Trust
,
2024-CMG1
,
A1
,
144A,
FRN
,
5.25
%
,
(
30-day
SOFR
Average
+
1.45
%
),
7/25/54
.
...............
United
States
2,182,704
2,189,221
b,e
Prodigy
Finance
DAC
,
2021-1A
,
A
,
144A,
FRN
,
5.037
%
,
(
1-month
SOFR
+
1.364
%
),
7/25/51
.
...........................
Ireland
166,268
166,010
b,e
Signal
Peak
CLO
5
Ltd.
,
2018-5A
,
A1R
,
144A,
FRN
,
5.218
%
,
(
3-month
SOFR
+
1.55
%
),
4/25/37
.
....................
United
States
1,500,000
1,506,334
b,e
Sound
Point
CLO
XXXII
Ltd.
,
2021-4A
,
A
,
144A,
FRN
,
5.08
%
,
(
3-month
SOFR
+
1.412
%
),
10/25/34
.
..................
United
States
1,250,000
1,250,000
b,e
Symphony
CLO
XXIII
Ltd.
,
2020-23A
,
AR2
,
144A,
FRN
,
4.572
%
,
(
3-month
SOFR
+
0.9
%
),
1/15/34
.
.....................
United
States
1,491,661
1,492,405
b,e
Towd
Point
Mortgage
Trust
,
2025-HE1
,
A1A
,
144A,
FRN
,
5.047
%
,
(
30-day
SOFR
Average
+
1.35
%
),
7/25/65
.
...............
United
States
649,011
651,864
b,e
Voya
CLO
Ltd.
,
2019-3A
,
AR
,
144A,
FRN
,
5.009
%
,
(
3-month
SOFR
+
1.342
%
),
10/17/32
.
..........................
United
States
916,419
919,475
b,e
Wise
CLO
Ltd.
,
2023-2A,
A,
144A,
FRN,
5.472%,
(3-month
SOFR
+
1.8%),
1/15/37
.........................................
United
States
1,500,000
1,507,761
PUTNAM
FUNDS
TRUST
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
40
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
b,e
Wise
CLO
Ltd.,
(continued)
2024-2A,
A,
144A,
FRN,
5.132%,
(3-month
SOFR
+
1.46%),
7/15/37
.........................................
United
States
1,250,000
$
1,254,900
83,567,966
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$111,872,535)
............................
112,186,026
Commercial
Mortgage-Backed
Securities
3.1%
Financial
Services
3.1%
BANK
,
g,h
2017-BNK8,
XA,
IO,
FRN,
0.704%,
11/15/50
.............
United
States
24,974,744
218,806
g,h
2017-BNK9,
XA,
IO,
FRN,
0.706%,
11/15/54
.............
United
States
43,152,260
453,725
2019-BN18,
A2,
3.474%,
5/15/62
......................
United
States
1,085,000
1,061,644
Barclays
Commercial
Mortgage
Trust
,
2019-C3
,
A2
,
3.438
%
,
5/15/52
.........................................
United
States
507,312
501,212
Benchmark
Mortgage
Trust
,
2019-B13
,
A2
,
2.889
%
,
8/15/57
...
United
States
2,165,901
2,095,454
b,h
BX
Trust
,
2025-ARIA
,
B
,
144A,
FRN
,
5.177
%
,
12/13/42
.......
United
States
1,464,000
1,483,733
g,h
CD
Mortgage
Trust
,
2016-CD1,
XA,
IO,
FRN,
1.33%,
8/10/49
................
United
States
6,835,691
8,557
2017-CD6,
XA,
IO,
FRN,
0.875%,
11/13/50
..............
United
States
14,301,323
157,711
h
CFCRE
Commercial
Mortgage
Trust
,
b
2011-C2,
D,
144A,
FRN,
5.08%,
12/15/47
...............
United
States
51,738
51,090
g
2016-C4,
XA,
IO,
FRN,
1.337%,
5/10/58
.................
United
States
9,340,436
3,497
h
CGMS
Commercial
Mortgage
Trust
,
2017-B1
,
AS
,
FRN
,
3.711
%
,
8/15/50
.........................................
United
States
1,324,000
1,301,138
Citigroup
Commercial
Mortgage
Trust
,
2016-C3,
A4,
3.154%,
11/15/49
.......................
United
States
1,968,000
1,951,173
2020-GC46,
A2,
2.708%,
2/15/53
......................
United
States
891,485
856,712
COMM
Mortgage
Trust
,
2014-CR16,
B,
4.582%,
4/10/47
.......................
United
States
290,791
285,847
h
2014-CR17,
C,
FRN,
4.866%,
5/10/47
..................
United
States
1,040,000
990,480
CSAIL
Commercial
Mortgage
Trust
,
2016-C6,
AS,
3.346%,
1/15/49
........................
United
States
1,876,000
1,864,669
g,h
2018-CX12,
XA,
IO,
FRN,
0.546%,
8/15/51
..............
United
States
163,663,837
1,844,541
2019-C18,
A2,
2.845%,
12/15/52
......................
United
States
1,086,143
1,062,200
g,h
CSMC
Trust
,
2016-NXSR
,
XA
,
IO,
FRN
,
0.604
%
,
12/15/49
....
United
States
46,221,402
99,723
b,h
DBUBS
Mortgage
Trust
,
2011-LC3A
,
D
,
144A,
FRN
,
5.382
%
,
8/10/44
.........................................
United
States
2,820,690
2,758,987
g,h
GS
Mortgage
Securities
Trust
,
2014-GC24
,
XA
,
IO,
FRN
,
0.356
%
,
9/10/47
.........................................
United
States
5,541,925
94
b,h
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
2011-C3,
B,
144A,
FRN,
5.013%,
2/15/46
................
United
States
695,843
683,261
2012-C6,
E,
144A,
FRN,
4.964%,
5/15/45
...............
United
States
532,000
526,041
2012-LC9,
D,
144A,
FRN,
3.608%,
12/15/47
.............
United
States
173,000
166,264
h
JPMBB
Commercial
Mortgage
Securities
Trust
,
2013-C12,
C,
FRN,
3.981%,
7/15/45
...................
United
States
1,322,197
1,293,274
2014-C23,
B,
FRN,
4.536%,
9/15/47
...................
United
States
1,513,000
1,488,607
h
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
b
2012-C5,
E,
144A,
FRN,
4.68%,
8/15/45
................
United
States
1,856,704
1,822,914
2013-C10,
B,
FRN,
3.952%,
7/15/46
...................
United
States
1,167,075
1,115,205
b,g
2013-C7,
XB,
IO,
144A,
FRN,
0.116%,
2/15/46
............
United
States
1,173,342
9
2013-C9,
C,
FRN,
3.706%,
5/15/46
....................
United
States
3,168,000
2,971,275
b
2013-C9,
D,
144A,
FRN,
3.794%,
5/15/46
...............
United
States
1,481,000
1,372,271
g
2016-C32,
XA,
IO,
FRN,
0.633%,
12/15/49
...............
United
States
88,592,451
388,097
g
2017-C34,
XA,
IO,
FRN,
0.761%,
11/15/52
...............
United
States
218,153,172
2,092,765
PUTNAM
FUNDS
TRUST
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
41
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
g,h
Morgan
Stanley
Capital
I
Trust
,
2016-UB12,
XA,
IO,
FRN,
0.639%,
12/15/49
.............
United
States
23,669,980
$
46,982
2018-H4,
XA,
IO,
FRN,
0.807%,
12/15/51
................
United
States
57,161,310
1,102,282
2018-L1,
XA,
IO,
FRN,
0.502%,
10/15/51
................
United
States
69,866,805
773,782
b
One
Bryant
Park
Trust
,
2019-OBP
,
A
,
144A,
2.516
%
,
9/15/54
..
United
States
1,949,000
1,817,321
g,h
UBS
Commercial
Mortgage
Trust
,
2017-C7
,
XA
,
IO,
FRN
,
0.964
%
,
12/15/50
..................................
United
States
15,526,764
231,260
g,h
Wachovia
Bank
Commercial
Mortgage
Trust
,
2006-C29
,
IO,
FRN
,
0.293
%
,
11/15/48
..................................
United
States
7,182
10
Wells
Fargo
Commercial
Mortgage
Trust
,
b,h
2013-LC12,
D,
144A,
FRN,
3.79%,
7/15/46
..............
United
States
763,000
520,755
g,h
2015-LC20,
XB,
IO,
FRN,
0.683%,
4/15/50
...............
United
States
1,244,938
28
g,h
2016-BNK1,
XA,
IO,
FRN,
1.669%,
8/15/49
..............
United
States
19,365,137
45,651
g,h
2016-C37,
XA,
IO,
FRN,
0.791%,
12/15/49
...............
United
States
4,465,113
12,954
g,h
2017-C41,
XA,
IO,
FRN,
1.144%,
11/15/50
...............
United
States
22,111,498
325,928
2017-RB1,
A5,
3.635%,
3/15/50
.......................
United
States
2,032,771
1,997,320
g,h
2018-C44,
XA,
IO,
FRN,
0.712%,
5/15/51
................
United
States
66,113,135
849,759
g,h
2018-C48,
XA,
IO,
FRN,
0.928%,
1/15/52
................
United
States
18,617,967
394,347
g,h
2019-C50,
XA,
IO,
FRN,
1.412%,
5/15/52
................
United
States
14,929,913
504,921
h
WFRBS
Commercial
Mortgage
Trust
,
b
2011-C4,
D,
144A,
FRN,
4.996%,
6/15/44
...............
United
States
745,035
734,767
2012-C10,
C,
FRN,
4.31%,
12/15/45
...................
United
States
267,000
227,684
g
2014-C22,
XA,
IO,
FRN,
0.274%,
9/15/57
................
United
States
2,548,887
283
g
2014-C23,
XA,
IO,
FRN,
0.068%,
10/15/57
...............
United
States
5,867,802
6,838
42,563,848
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$44,237,793)
..............
42,563,848
Mortgage-Backed
Securities
0.2%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
0.2%
FNMA,
2.73%,
9/01/29
...............................
United
States
1,553,990
1,492,239
FNMA,
5.28%,
12/01/28
..............................
United
States
1,308,000
1,353,983
2,846,222
Total
Mortgage-Backed
Securities
(Cost
$2,715,110)
...........................
2,846,222
Residential
Mortgage-Backed
Securities
6.3%
Financial
Services
6.3%
b
A&D
Mortgage
Trust
,
2023-NQM4,
A1,
144A,
7.472%,
9/25/68
................
United
States
4,292,382
4,350,542
2023-NQM5,
A1,
144A,
7.049%,
11/25/68
...............
United
States
2,102,987
2,129,870
b
Anchor
Mortgage
Trust
,
2025-RTL1
,
A1
,
144A,
5.718
%
,
5/25/40
United
States
1,813,000
1,824,609
b
Angel
Oak
Mortgage
Trust
,
h
2020-5,
A3,
144A,
FRN,
2.041%,
5/25/65
................
United
States
271,381
264,525
h
2021-5,
A2,
144A,
FRN,
1.208%,
7/25/66
................
United
States
2,691,139
2,370,798
2023-3,
A1,
144A,
4.8%,
9/26/67
......................
United
States
669,853
669,277
2024-9,
A1,
144A,
5.138%,
9/25/69
....................
United
States
881,408
885,805
b,h
Arroyo
Mortgage
Trust
,
2019-1,
A3,
144A,
FRN,
4.208%,
1/25/49
................
United
States
280,676
276,456
2019-3,
A3,
144A,
FRN,
3.416%,
10/25/48
...............
United
States
87,223
84,452
e
BankUnited
Trust
,
2005-1
,
1A1
,
FRN
,
4.387
%
,
(
1-month
SOFR
+
0.714
%
),
9/25/45
..................................
United
States
48,546
46,450
b,e
Bellemeade
Re
Ltd.
,
2021-3A
,
B1
,
144A,
FRN
,
7.547
%
,
(
30-day
SOFR
Average
+
3.85
%
),
9/25/31
.....................
United
States
724,000
748,088
b
BRAVO
Residential
Funding
Trust
,
h
2020-NQM1,
A3,
144A,
FRN,
2.406%,
5/25/60
............
United
States
80,309
79,306
PUTNAM
FUNDS
TRUST
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
42
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b
BRAVO
Residential
Funding
Trust,
(continued)
2023-NQM8,
A1,
144A,
6.394%,
10/25/63
...............
United
States
268,968
$
271,253
2024-NQM2,
A1,
144A,
6.285%,
2/25/64
................
United
States
1,512,537
1,528,730
b,h
Bunker
Hill
Loan
Depositary
Trust
,
2020-1
,
A2
,
144A,
FRN
,
2.6
%
,
2/25/55
.........................................
United
States
3,434,232
3,402,677
b
CAFL
Issuer
LP
,
2025-RRTL1
,
A1
,
144A,
5.684
%
,
5/28/40
.....
United
States
528,000
532,795
e
CHL
Mortgage
Pass-Through
Trust
,
2005-3
,
1A1
,
FRN
,
4.407
%
,
(
1-month
SOFR
+
0.734
%
),
4/25/35
....................
United
States
56,682
53,388
h
Citigroup
Mortgage
Loan
Trust,
Inc.
,
2005-2
,
1A2A
,
FRN
,
5.808
%
,
5/25/35
.........................................
United
States
35,579
35,178
b
Cross
Mortgage
Trust
,
2024-H3,
A1,
144A,
6.272%,
6/25/69
...................
United
States
831,563
842,930
2024-H4,
A1,
144A,
6.147%,
7/25/69
...................
United
States
5,032,503
5,106,758
h
2025-H1,
A1,
144A,
FRN,
5.735%,
2/25/70
...............
United
States
1,530,197
1,551,005
h
2025-H3,
A1,
144A,
FRN,
5.883%,
4/25/70
...............
United
States
572,602
582,093
b,e
EFMT
,
2025-NQM4
,
A1F
,
144A,
FRN
,
4.897
%
,
(
30-day
SOFR
Average
+
1.2
%
),
9/25/70
............................
United
States
1,099,933
1,101,828
b,e
FHLMC
STACR
REMIC
Trust
,
2021-DNA5,
M2,
144A,
FRN,
5.347%,
(30-day
SOFR
Average
+
1.65%),
1/25/34
.................................
United
States
59,345
59,574
2021-DNA6,
M2,
144A,
FRN,
5.197%,
(30-day
SOFR
Average
+
1.5%),
10/25/41
.................................
United
States
518,723
520,625
2021-DNA7,
M2,
144A,
FRN,
5.497%,
(30-day
SOFR
Average
+
1.8%),
11/25/41
..................................
United
States
1,590,000
1,602,755
2022-DNA2,
M1A,
144A,
FRN,
4.997%,
(30-day
SOFR
Average
+
1.3%),
2/25/42
..................................
United
States
16,609
16,631
2022-DNA3,
M1B,
144A,
FRN,
6.597%,
(
30-day
SOFR
Average
+
2.9%),
4/25/42
..................................
United
States
50,000
51,164
2022-DNA5,
M1A,
144A,
FRN,
6.647%,
(30-day
SOFR
Average
+
2.95%),
6/25/42
.................................
United
States
891,914
906,522
2022-DNA6,
M1A,
144A,
FRN,
5.847%,
(30-day
SOFR
Average
+
2.15%),
9/25/42
.................................
United
States
20,291
20,380
2022-DNA6,
M1B,
144A,
FRN,
7.397%,
(30-day
SOFR
Average
+
3.7%),
9/25/42
..................................
United
States
46,000
47,919
2022-HQA1,
M1A,
144A,
FRN,
5.797%,
(30-day
SOFR
Average
+
2.1%),
3/25/42
..................................
United
States
9,741
9,765
2023-DNA1,
M1A,
144A,
FRN,
5.797%,
(30-day
SOFR
Average
+
2.1%),
3/25/43
..................................
United
States
241,755
244,728
2023-HQA2,
M1A,
144A,
FRN,
5.697%,
(30-day
SOFR
Average
+
2%),
6/25/43
....................................
United
States
29,210
29,267
2023-HQA3,
A1,
144A,
FRN,
5.547%,
(
30-day
SOFR
Average
+
1.85%),
11/25/43
..................................
United
States
179,783
181,302
2023-HQA3,
M1,
144A,
FRN,
5.547%,
(30-day
SOFR
Average
+
1.85%),
11/25/43
.................................
United
States
89,390
89,798
2024-DNA1,
A1,
144A,
FRN,
5.047%,
(30-day
SOFR
Average
+
1.35%),
2/25/44
...................................
United
States
200,932
201,958
2024-DNA2,
A1,
144A,
FRN,
4.947%,
(30-day
SOFR
Average
+
1.25%),
5/25/44
...................................
United
States
193,166
194,046
2024-DNA2,
M2,
144A,
FRN,
5.397%,
(30-day
SOFR
Average
+
1.7%),
5/25/44
..................................
United
States
15,000
15,092
2025-DNA1,
A1,
144A,
FRN,
4.647%,
(30-day
SOFR
Average
+
0.95%),
1/25/45
...................................
United
States
1,691,135
1,694,102
2025-DNA3,
M1,
144A,
FRN,
4.797%,
(30-day
SOFR
Average
+
1.1%),
9/25/45
..................................
United
States
1,808,186
1,812,284
2025-DNA4,
M1,
144A,
FRN,
4.797%,
(30-day
SOFR
Average
+
1.1%),
10/25/45
.................................
United
States
1,003,998
1,006,981
b,e
FHLMC
STACR
Trust
,
2019-HQA2
,
M2
,
144A,
FRN
,
5.862
%
,
(
30-
day
SOFR
Average
+
2.164
%
),
4/25/49
.................
United
States
3,129
3,178
PUTNAM
FUNDS
TRUST
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
43
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
e
FNMA
Connecticut
Avenue
Securities
Trust
,
2016-C01,
1M2,
FRN,
10.562%,
(30-day
SOFR
Average
+
6.864%),
8/25/28
..................................
United
States
611
$
614
2016-C01,
2M2,
FRN,
10.762%,
(30-day
SOFR
Average
+
7.064%),
8/25/28
..................................
United
States
10,674
10,725
2016-C03,
2M2,
FRN,
9.712%,
(30-day
SOFR
Average
+
6.014%),
10/25/28
.................................
United
States
31,403
31,605
2016-C07,
2M2,
FRN,
8.162%,
(30-day
SOFR
Average
+
4.464%),
5/25/29
..................................
United
States
490,349
500,989
2017-C06,
2M2,
FRN,
6.612%,
(
30-day
SOFR
Average
+
2.914%),
2/25/30
..................................
United
States
609,944
625,939
2017-C06,
2M2C,
FRN,
6.612%,
(30-day
SOFR
Average
+
2.914%),
2/25/30
..................................
United
States
130,276
132,244
2018-C02,
2M2,
FRN,
6.012%,
(30-day
SOFR
Average
+
2.314%),
8/25/30
..................................
United
States
41,283
41,872
b
2021-R01,
1M2,
144A,
FRN,
5.247%,
(30-day
SOFR
Average
+
1.55%),
10/25/41
..................................
United
States
7,117
7,149
b
2021-R03,
1M1,
144A,
FRN,
4.547%,
(30-day
SOFR
Average
+
0.85%),
12/25/41
..................................
United
States
881
881
b
2021-R03,
1M2,
144A,
FRN,
5.347%,
(30-day
SOFR
Average
+
1.65%),
12/25/41
..................................
United
States
524,000
527,432
b
2022-R01,
1M1,
144A,
FRN,
4.697%,
(30-day
SOFR
Average
+
1%),
12/25/41
....................................
United
States
346,877
346,899
b
2022-R02,
2M2,
144A,
FRN,
6.697%,
(
30-day
SOFR
Average
+
3%),
1/25/42
.....................................
United
States
2,389,179
2,429,725
b
2022-R03,
1M2,
144A,
FRN,
7.197%,
(30-day
SOFR
Average
+
3.5%),
3/25/42
....................................
United
States
241,000
247,845
b
2022-R04,
1M2,
144A,
FRN,
6.797%,
(30-day
SOFR
Average
+
3.1%),
3/25/42
....................................
United
States
230,000
235,410
b
2022-R09,
2M1,
144A,
FRN,
6.197%,
(30-day
SOFR
Average
+
2.5%),
9/25/42
....................................
United
States
1,175,887
1,188,974
b
2023-R01,
1M1,
144A,
FRN,
6.097%,
(30-day
SOFR
Average
+
2.4%),
12/25/42
...................................
United
States
68,866
70,249
b
2023-R02,
1M1,
144A,
FRN,
5.997%,
(30-day
SOFR
Average
+
2.3%),
1/25/43
....................................
United
States
135,671
138,639
b
2023-R06,
1M1,
144A,
FRN,
5.397%,
(30-day
SOFR
Average
+
1.7%),
7/25/43
....................................
United
States
55,884
56,122
b
2023-R07,
2M1,
144A,
FRN,
5.647%,
(30-day
SOFR
Average
+
1.95%),
9/25/43
...................................
United
States
33,605
33,746
b
2024-R02,
1M1,
144A,
FRN,
4.797%,
(30-day
SOFR
Average
+
1.1%),
2/25/44
....................................
United
States
9,195
9,208
b
2024-R03,
2M1,
144A,
FRN,
4.847%,
(30-day
SOFR
Average
+
1.15%),
3/25/44
...................................
United
States
46,807
46,874
b
2024-R04,
1M1,
144A,
FRN,
4.797%,
(30-day
SOFR
Average
+
1.1%),
5/25/44
....................................
United
States
61,321
61,358
b
2024-R05,
2M1,
144A,
FRN,
4.697%,
(30-day
SOFR
Average
+
1%),
7/25/44
.....................................
United
States
6,628
6,629
b
2024-R06,
1A1,
144A,
FRN,
4.847%,
(30-day
SOFR
Average
+
1.15%),
9/25/44
...................................
United
States
453,877
455,212
b
2025-R01,
1A1,
144A,
FRN,
4.647%,
(30-day
SOFR
Average
+
0.95%),
1/25/45
...................................
United
States
670,850
671,567
b
2025-R01,
1M1,
144A,
FRN,
4.797%,
(
30-day
SOFR
Average
+
1.1%),
1/25/45
....................................
United
States
488,642
489,772
b
2025-R02,
1A1,
144A,
FRN,
4.697%,
(30-day
SOFR
Average
+
1%),
2/25/45
.....................................
United
States
549,341
550,072
b
2025-R02,
1M1,
144A,
FRN,
4.847%,
(30-day
SOFR
Average
+
1.15%),
2/25/45
...................................
United
States
951,884
953,259
PUTNAM
FUNDS
TRUST
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
44
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
e
FNMA
Connecticut
Avenue
Securities
Trust,
(continued)
b
2025-R03,
2A1,
144A,
FRN,
5.147%,
(30-day
SOFR
Average
+
1.45%),
3/25/45
...................................
United
States
543,899
$
547,194
b
2025-R04,
1A1,
144A,
FRN,
4.697%,
(30-day
SOFR
Average
+
1%),
5/25/45
.....................................
United
States
678,182
679,142
b
2025-R04,
1M1,
144A,
FRN,
4.897%,
(30-day
SOFR
Average
+
1.2%),
5/25/45
....................................
United
States
1,603,925
1,607,641
b
2025-R06,
1A1,
144A,
FRN,
4.597%,
(30-day
SOFR
Average
+
0.9%),
9/25/45
....................................
United
States
1,335,067
1,336,261
b,h
Galton
Funding
Mortgage
Trust
,
2020-H1
,
A3
,
144A,
FRN
,
2.617
%
,
1/25/60
...................................
United
States
1,307,335
1,239,788
b
GCAT
Trust
,
2020-NQM2
,
A3
,
144A,
3.935
%
,
4/25/65
........
United
States
644,275
633,459
b,h
GS
Mortgage-Backed
Securities
Trust
,
2020-NQM1
,
A3
,
144A,
FRN
,
2.352
%
,
9/27/60
..............................
United
States
192,197
184,736
b,h
Imperial
Fund
Mortgage
Trust
,
2021-NQM1
,
A3
,
144A,
FRN
,
1.617
%
,
6/25/56
...................................
United
States
1,257,083
1,137,972
b
J.P.
Morgan
Mortgage
Trust
,
e
2024-10,
A11,
144A,
FRN,
4.947%,
(30-day
SOFR
Average
+
1.25%),
3/25/55
...................................
United
States
796,383
800,169
2024-VIS2,
A1,
144A,
5.853%,
11/25/64
.................
United
States
1,024,760
1,037,341
b
Legacy
Mortgage
Asset
Trust
,
2021-GS1,
A1,
144A,
5.892%,
10/25/66
.................
United
States
2,978,264
2,982,566
2021-GS3,
A1,
144A,
5.75%,
7/25/61
...................
United
States
1,427,890
1,429,812
2021-GS4,
A1,
144A,
5.65%,
11/25/60
..................
United
States
2,219,197
2,222,726
b,h
LHOME
Mortgage
Trust
,
2025-RTL2
,
A1
,
144A,
FRN
,
5.612
%
,
4/25/40
.........................................
United
States
829,000
837,575
b
MFA
Trust
,
h
2020-NQM1,
A3,
144A,
FRN,
3.3%,
8/25/49
..............
United
States
274,361
267,010
2025-NQM3,
A1,
144A,
5.261%,
8/25/70
................
United
States
935,040
943,009
b,h
Morgan
Stanley
Resecuritization
Trust
,
2015-R4
,
CB1
,
144A,
FRN
,
4.096
%
,
8/26/47
..............................
United
States
217,220
217,520
b
Morgan
Stanley
Residential
Mortgage
Loan
Trust
,
e
2024-3,
AF,
144A,
FRN,
5.047%,
(
30-day
SOFR
Average
+
1.35%),
7/25/54
...................................
United
States
409,271
410,646
2024-NQM1,
A1,
144A,
6.152%,
12/25/68
...............
United
States
1,729,921
1,748,391
b
New
Residential
Mortgage
Loan
Trust
,
e
2018-4A,
A1M,
144A,
FRN,
4.687%,
(1-month
SOFR
+
1.014%),
1/25/48
..................................
United
States
104,695
103,560
h
2019-NQM4,
A2,
144A,
FRN,
2.644%,
9/25/59
............
United
States
383,832
371,791
h
2019-NQM4,
A3,
144A,
FRN,
2.797%,
9/25/59
............
United
States
977,501
946,864
b
OBX
Trust
,
h
2018-EXP1,
1A3,
144A,
FRN,
4%,
4/25/48
...............
United
States
85,208
81,782
2024-NQM2,
A1,
144A,
5.878%,
12/25/63
...............
United
States
565,284
570,175
b,h
Onity
Loan
Investment
Trust
,
2024-HB2
,
A
,
144A,
FRN
,
5
%
,
8/25/37
.........................................
United
States
546,454
546,887
b,h
Residential
Mortgage
Loan
Trust
,
2021-1R
,
A1
,
144A,
FRN
,
0.859
%
,
1/25/65
...................................
United
States
63,686
61,994
b,e
Station
Place
Securitization
Trust
,
2025-1,
A,
144A,
FRN,
4.573%,
(1-month
SOFR
+
0.9%),
7/23/26
.........................................
United
States
4,786,000
4,844,423
2025-3,
A,
144A,
FRN,
4.573%,
(1-month
SOFR
+
0.9%),
9/23/26
.........................................
United
States
4,920,000
4,936,796
2025-7,
A,
144A,
FRN,
4.573%,
(1-month
SOFR
+
0.9%),
11/24/26
........................................
United
States
4,841,000
4,852,948
e
Structured
Asset
Mortgage
Investments
II
Trust
,
2007-AR7
,
1A1
,
FRN
,
4.637
%
,
(
1-month
SOFR
+
0.964
%
),
5/25/47
.........
United
States
357,996
297,244
b
Toorak
Mortgage
Trust
,
2025-RRTL1
,
A1
,
144A,
5.524
%
,
2/25/40
United
States
630,000
634,600
PUTNAM
FUNDS
TRUST
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
45
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b
Verus
Securitization
Trust
,
2024-1
,
A1
,
144A,
5.712
%
,
1/25/69
.
United
States
651,736
$
656,350
86,486,266
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$86,869,453)
...............
86,486,266
Agency
Commercial
Mortgage-Backed
Securities
2.0%
Financial
Services
2.0%
FHLMC
,
3539,
PM,
4.5%,
5/15/37
............................
United
States
3,036
2,914
3724,
CM,
5.5%,
6/15/37
............................
United
States
8,678
9,145
g,h
FHLMC,
Multi-family
Structured
Pass-Through
Certificates
,
K737,
X1,
IO,
FRN,
0.605%,
10/25/26
..................
United
States
57,666,944
169,708
K738,
XAM,
IO,
FRN,
1.372%,
3/25/27
..................
United
States
17,882,000
241,302
K739,
XAM,
IO,
FRN,
1.567%,
9/25/27
..................
United
States
36,816,638
728,855
FNMA
,
2010-81,
AP,
2.5%,
7/25/40
..........................
United
States
7,175
6,932
2011-60,
PA,
4%,
10/25/39
...........................
United
States
3,201
3,030
e
2024-89,
FA,
FRN,
4.897%,
(30-day
SOFR
Average
+
1.2%),
12/25/54
........................................
United
States
7,464,458
7,529,993
e
2024-98,
FA,
FRN,
4.847%,
(30-day
SOFR
Average
+
1.15%),
12/25/53
........................................
United
States
5,737,575
5,782,624
e
2025-41,
FA,
FRN,
4.847%,
(30-day
SOFR
Average
+
1.15%),
6/25/54
.........................................
United
States
2,786,156
2,807,776
GNMA
,
2009-32,
AB,
4%,
5/16/39
...........................
United
States
3,123
3,104
g,h
2021-17,
IO,
FRN,
1.053%,
1/16/61
....................
United
States
16,918,976
1,327,162
e
2024-78,
QF,
FRN,
4.803%,
(30-day
SOFR
Average
+
1.1%),
5/20/54
.........................................
United
States
8,134,088
8,204,223
26,816,768
a
a
a
a
a
a
Total
Agency
Commercial
Mortgage-Backed
Securities
(Cost
$26,518,525)
.......
26,816,768
Total
Long
Term
Investments
(Cost
$1,108,611,549)
...........................
1,114,342,318
a
Short
Term
Investments
17.6%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Commercial
Papers
14.3%
b,i
Agree
LP
,
144A,
4.84%
,
2/05/26
........................
United
States
4,370,000
4,367,062
b,i
Air
Lease
Corp.
,
144A,
8.154%
,
2/17/26
..................
United
States
2,030,000
2,025,861
b,i
Alimentation
Couche-Tard,
Inc.
,
144A,
5.77%
,
2/02/26
........
Canada
2,685,000
2,684,139
b,i
AutoNation,
Inc.
,
144A,
6.03%
,
2/02/26
...................
United
States
7,725,000
7,722,412
b,i
AvalonBay
Communities,
Inc.
,
144A,
4.19%,
2/10/26
................................
United
States
2,405,000
2,402,203
144A,
4.13%,
2/12/26
................................
United
States
1,710,000
1,707,647
144A,
5.67%,
2/02/26
................................
United
States
3,765,000
3,763,815
144A,
5.05%,
2/03/26
................................
United
States
3,130,000
3,128,684
144A,
4.56%,
2/05/26
................................
United
States
3,045,000
3,043,074
14,045,423
b,i
Bayer
Corp.
,
144A,
3.89%
,
7/20/26
......................
United
States
6,940,000
6,814,667
b,i
Boston
Properties
LP
,
144A,
4.03%,
3/04/26
................................
United
States
2,460,000
2,451,226
PUTNAM
FUNDS
TRUST
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
46
Short
Term
Investments
(continued)
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Commercial
Papers
(continued)
b,i
Boston
Properties
LP,
(continued)
144A,
4.1%,
2/19/26
.................................
United
States
1,500,000
$
1,496,764
3,947,990
b,i
Bunge
Ltd.
Finance
Corp.
,
144A,
5.06%
,
2/03/26
............
United
States
3,140,000
3,138,677
b,i
Charles
Schwab
Corp.
(The)
,
144A,
3.77%
,
5/08/26
.........
United
States
3,435,000
3,400,461
b,i
Conagra
Brands,
Inc.
,
144A,
5.89%
,
2/02/26
...............
United
States
7,645,000
7,642,498
b,i
Duke
Energy
Corp.
,
144A,
4.11%
,
2/09/26
.................
United
States
3,550,000
3,546,360
b,i
Enbridge
US,
Inc.
,
144A,
4%
,
2/27/26
....................
United
States
3,175,000
3,165,506
b,i
Enel
Finance
America
LLC
,
144A,
4.44%,
2/06/26
................................
Italy
3,105,000
3,102,706
144A,
3.96%,
3/06/26
................................
Italy
2,615,000
2,605,258
5,707,964
b,i
ERAC
USA
Finance
LLC
,
144A,
4.13%,
2/17/26
................................
United
States
2,425,000
2,420,280
144A,
4.12%,
2/19/26
................................
United
States
2,080,000
2,075,485
144A,
4.12%,
2/20/26
................................
United
States
5,500,000
5,487,440
9,983,205
b,i
Extra
Space
Storage
LP
,
144A,
4.02%,
2/26/26
................................
United
States
2,230,000
2,223,541
144A,
3.97%,
3/12/26
................................
United
States
2,320,000
2,309,804
144A,
4.52%,
2/05/26
................................
United
States
3,810,000
3,807,608
144A,
4.03%,
2/24/26
................................
United
States
2,590,000
2,583,064
10,924,017
b,i
Intercontinental
Exchange,
Inc.
,
144A,
4.59%,
2/05/26
................................
United
States
2,150,000
2,148,631
144A,
4.31%,
2/09/26
................................
United
States
2,325,000
2,322,496
144A,
4.12%,
2/13/26
................................
United
States
2,770,000
2,765,887
7,237,014
i
Macquarie
Group
Ltd.
,
3.97%,
3/19/26
.....................................
Australia
2,465,000
2,452,301
3.95%,
4/06/26
.....................................
Australia
5,240,000
5,202,928
7,655,229
b,i
Marriott
International,
Inc.
,
144A,
3.96%,
3/24/26
................................
United
States
3,110,000
3,092,316
144A,
3.97%,
3/13/26
................................
United
States
2,995,000
2,981,505
6,073,821
b,i
Mid-America
Apartments
LP
,
144A,
4.16%,
2/11/26
................................
United
States
3,410,000
3,405,671
144A,
4.74%,
2/04/26
................................
United
States
1,815,000
1,814,045
144A,
4.56%,
2/05/26
................................
United
States
2,440,000
2,438,457
144A,
4.03%,
2/19/26
................................
United
States
2,220,000
2,215,285
9,873,458
b,i
ONEOK,
Inc.
,
144A,
4.23%
,
2/09/26
.....................
United
States
2,440,000
2,437,422
b,i
O'Reilly
Automotive,
Inc.
,
144A,
4.11%
,
2/13/26
.............
United
States
4,715,000
4,708,010
i
Penske
Truck
Leasing
Co.
LP
,
5.15%,
2/03/26
.....................................
United
States
1,960,000
1,959,159
4.65%,
2/05/26
.....................................
United
States
2,875,000
2,873,144
PUTNAM
FUNDS
TRUST
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
47
Short
Term
Investments
(continued)
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Commercial
Papers
(continued)
i
Penske
Truck
Leasing
Co.
LP,
(continued)
4.25%,
2/12/26
.....................................
United
States
3,980,000
$
3,974,365
8,806,668
b,i
Phillips
66
,
144A,
4.17%
,
2/12/26
.......................
United
States
2,080,000
2,077,115
b,i
Plains
All
American
Pipeline
LP
,
144A,
5.02%,
2/03/26
................................
United
States
3,890,000
3,888,374
144A,
4.4%,
2/06/26
.................................
United
States
3,945,000
3,942,108
144A,
4.17%,
2/10/26
................................
United
States
3,205,000
3,201,293
144A,
4.12%,
2/12/26
................................
United
States
3,175,000
3,170,651
14,202,426
i
Ryder
System,
Inc.
,
4.71%,
2/04/26
.....................................
United
States
2,170,000
2,168,865
4.4%,
2/06/26
......................................
United
States
3,865,000
3,862,167
3.98%,
3/06/26
.....................................
United
States
3,105,000
3,093,363
9,124,395
b,i
Sempra,
Inc.
,
144A,
4.02%
,
2/23/26
.....................
United
States
2,435,000
2,428,761
b,i
Sumitomo
Mitsui
Trust
Bank
Ltd.
,
144A,
3.84%
,
3/09/26
......
Japan
4,135,000
4,118,761
b,i
Targa
Resources
Corp.
,
144A,
4.21%,
2/11/26
................................
United
States
2,415,000
2,411,897
144A,
4.51%,
2/06/26
................................
United
States
3,475,000
3,472,392
5,884,289
b,i
UDR,
Inc.
,
144A,
5.02%,
2/03/26
................................
United
States
2,165,000
2,164,095
144A,
4.14%,
2/11/26
................................
United
States
2,145,000
2,142,291
144A,
4.05%,
2/17/26
................................
United
States
10,190,000
10,170,573
14,476,959
b,i
WEC
Energy
Group,
Inc.
,
144A,
4.05%,
2/17/26
................................
United
States
3,580,000
3,573,175
144A,
4.02%,
2/20/26
................................
United
States
3,235,000
3,227,782
6,800,957
Total
Commercial
Papers
(Cost
$195,035,479)
................................
195,021,527
a
a
a
U.S.
Government
and
Agency
Securities
0.0%
†
i,j
U.S.
Treasury
Bills,
3.54%,
7/16/26
......................
United
States
100,000
98,394
Total
U.S.
Government
and
Agency
Securities
(Cost
$98,391)
...................
98,394
Shares
Management
Investment
Companies
3.3%
a,k
Putnam
Short
Term
Investment
Fund,
Class
P,
3.863%
.......
United
States
45,715,317
45,715,317
Total
Management
Investment
Companies
(Cost
$45,715,317)
..................
45,715,317
Total
Short
Term
Investments
(Cost
$240,849,187
)
.............................
240,835,238
a
Total
Investments
(Cost
$1,349,460,736)
98.9%
................................
$1,355,177,556
Other
Assets,
less
Liabilities
1.1%
...........................................
15,612,403
Net
Assets
100.0%
.........................................................
$1,370,789,959
a
a
a
PUTNAM
FUNDS
TRUST
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
48
At
January
31,
2026,
the
Fund
had
the
following futures
contracts
outstanding.
See
Note
1(). 
At
January
31,
2026,
the
Fund
had
the
following credit
default
swap
contracts outstanding.
See
Note
1(). 
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
January
31,
2026,
the
aggregate
value
of
these
securities
was
$570,120,218,
representing
41.6%
of
net
assets.
c
Perpetual
security
with
no
stated
maturity
date.
d
This
security
was
pledged,
or
purchased
with
cash
that
was
pledged,
to
the
Fund
for
collateral
on
certain
derivative
contracts.
e
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
f
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
g
Investment
in
an
interest-only
security
entitles
holders
to
receive
only
the
interest
payment
on
the
underlying
instruments.
The
principal
amount
shown
is
the
notional
amount
of
the
underlying
instruments.
h
Adjustable
rate
security
with
an
interest
rate
that
is
not
based
on
a
published
reference
index
and
spread.
The
rate
is
based
on
the
structure
of
the
agreement
and
current
market
conditions.
The
coupon
rate
shown
represents
the
rate
at
period
end.
i
The
rate
shown
represents
the
yield
at
period
end.
j
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
certain
derivative
contracts.
At
January
31,
2026,
the
value
of
this
security
pledged
amounted
to
$94,458,
representing
less
than
0.1%
of
net
assets.
k
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Interest
rate
contracts
U.S.
Treasury
2
Year
Notes
.....................
Long
779
$
162,415,414
3/31/26
$
(287,024)
Total
Futures
Contracts
......................................................................
$(287,024)
*
As
of
period
end.
Credit
Default
Swap
Contracts
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
a
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
b
OTC
Swap
Contracts
Contracts
to
Buy
Protection
c
Traded
Index
CMBX.NA.BB.7
.
(5.00)%
Monthly
MLCO
1/17/47
315,000
$
40,228
$
54,646
$
(14,418)
CMBX.NA.BBB-.6
(3.00)%
Monthly
CITI
5/11/63
515,000
21,786
30,480
(8,694)
Contracts
to
Sell
Protection
c,d
Traded
Index
CMBX.NA.BB.7
.
5.00%
Monthly
JPHQ
1/17/47
315,000
(40,228)
(154,241)
114,013
Non-
Investment
Grade
CMBX.NA.BBB-.6
3.00%
Monthly
BOFA
5/11/63
514,000
(21,744)
(30,971)
9,227
Investment
Grade
PUTNAM
FUNDS
TRUST
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
49
At
January
31,
2026,
the
Fund
had
the
following
interest
rate
swap
contracts
outstanding.
See
Note
1
(
). 
Credit
Default
Swap
Contracts
(continued)
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
a
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
b
OTC
Swap
Contracts
(continued)
Contracts
to
Sell
Protection
c,d
(continued)
Traded
Index
(continued)
CMBX.NA.BBB-.6
3.00%
Monthly
MLCO
5/11/63
1,000
$
(42)
$
(269)
$
227
Investment
Grade
Total
OTC
Swap
Contracts
..............................................
$—
$(100,355)
$100,355
Total
Credit
Default
Swap
Contracts
....................................
$—
$
(100,355)
$100,355
a
In
U.S.
dollars
unless
otherwise
indicated.
For
contracts
to
sell
protection,
the
notional
amount
is
equal
to
the
maximum
potential
amount
of
the
future
payments
and
no
recourse
provisions
have
been
entered
into
in
association
with
the
contracts.
b
Based
on
Standard
and
Poor's
(S&P)
Rating
for
single
name
swaps
and
internal
ratings
for
index
swaps.
Internal
ratings
based
on
mapping
into
equivalent
ratings
from
external
vendors.
c
Performance
triggers
for
settlement
of
contract
include
default,
bankruptcy
or
restructuring
for
single
name
swaps,
and
failure
to
pay
or
bankruptcy
of
the
underlying
securities
for
traded
index
swaps.
d
The
fund
enters
contracts
to
sell
protection
to
create
a
long
credit
position.
Interest
Rate
Swap
Contracts
Description
Payment
Frequency
Maturity
Date
Notional
Amount
*
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
Receive
Fixed
3.3%
...
Annual
Pay
Floating
1-day
SOFR
............
Annual
3/18/28
380,310,000
$
(384,130)
$
350,602
$
(
734,732)
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
3.45%
....
Annual
3/18/31
101,287,000
376,998
39,231
337,767
Total
Interest
Rate
Swap
Contracts
.................................
$(7,132)
$
389,833
$(396,965)
*
In
U.S.
dollars
unless
otherwise
indicated.
See
Abbreviations
on
page
53.
Putnam
Funds
Trust
Notes
to
Schedule
of
Investments
(unaudited)
50
Quarterly
Schedule
of
Investments
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 fourteen
separate
funds, two
of
which
are
included
in
this
report
(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.
2. Financial
Instrument
Valuation
The
Funds’
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
Funds
calculate
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
Funds'
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds'
administrator
in
performing
this
responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities,
exchange
traded
funds,
and
derivative
financial
instruments
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively. Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The
Funds’
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
Certain
derivative
financial
instruments
are
centrally
cleared
or
trade
in
the
OTC
market.
The
Funds’
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
Funds’ net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets. 
The
Funds
have procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily employ
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
Putnam
Funds
Trust
Notes
to
Schedule
of
Investments
(unaudited)
51
Quarterly
Schedule
of
Investments
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
Certain
or
all
Funds
invest
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
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
January
31,
2026,
investments
in
affiliated
management
investment
companies
were
as
follows: 
4. Fair
Value
Measurements
The Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the Funds' 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 Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
    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
Core
Bond
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Ultra
Short
Bond
ETF
.
$27,938,618
$—
$—
$—
$16,710
$27,955,328
1,113,980
$322,742
Putnam
Short
Term
Investment
Fund,
Class
P,
3.863%
......
72,763,644
250,930,200
(285,149,994)
—
—
38,543,850
38,543,850
674,041
Total
Affiliated
Securities
...
$100,702,262
$250,930,200
$(285,149,994)
$—
$16,710
$66,499,178
$996,783
Putnam
Short
Duration
Bond
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Ultra
Short
Bond
ETF
.
$34,291,382
$—
$—
$—
$20,510
$34,311,892
1,367,280
$396,128
Putnam
Short
Term
Investment
Fund,
Class
P,
3.863%
......
53,870,652
188,850,485
(197,005,820)
—
—
45,715,317
45,715,317
561,516
Total
Affiliated
Securities
...
$88,162,034
$188,850,485
$(197,005,820)
$—
$20,510
$80,027,209
$957,644
2. Financial
Instrument
Valuation
(continued)
Putnam
Funds
Trust
Notes
to
Schedule
of
Investments
(unaudited)
52
Quarterly
Schedule
of
Investments
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
January
31,
2026,
in
valuing
the
Funds'
assets
and
liabilities carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Putnam
Core
Bond
Fund
Assets:
Investments
in
Securities:
a
Management
Investment
Companies
.........
$
27,955,328
$
—
$
—
$
27,955,328
Corporate
Bonds
........................
—
409,519,111
—
409,519,111
U.S.
Government
and
Agency
Securities
.......
—
565,390,834
—
565,390,834
Asset-Backed
Securities
...................
—
102,265,738
—
102,265,738
Commercial
Mortgage-Backed
Securities
......
—
71,213,083
—
71,213,083
Mortgage-Backed
Securities
................
—
506,591,902
—
506,591,902
Residential
Mortgage-Backed
Securities
.......
—
84,267,403
—
84,267,403
Agency
Commercial
Mortgage-Backed
Securities
—
22,220,794
—
22,220,794
Municipal
Bonds
.........................
—
718,433
—
718,433
Short
Term
Investments
...................
38,543,850
73,434,969
—
111,978,819
Total
Investments
in
Securities
...........
$66,499,178
$1,835,622,267
$—
$1,902,121,445
Liabilities:
Other
Financial
Instruments:
TBA
Sale
Commitments
...................
$
—
$
60,386,544
$
—
$
60,386,544
Total
Other
Financial
Instruments
.........
$—
$60,386,544
$—
$60,386,544
Putnam
Short
Duration
Bond
Fund
Assets:
Investments
in
Securities:
a
Management
Investment
Companies
.........
34,311,892
—
—
34,311,892
Corporate
Bonds
........................
—
734,144,046
—
734,144,046
Foreign
Government
and
Agency
Securities
....
—
4,068,804
—
4,068,804
U.S.
Government
and
Agency
Securities
.......
—
70,918,446
—
70,918,446
Asset-Backed
Securities
...................
—
112,186,026
—
112,186,026
Commercial
Mortgage-Backed
Securities
......
—
42,563,848
—
42,563,848
Mortgage-Backed
Securities
................
—
2,846,222
—
2,846,222
Residential
Mortgage-Backed
Securities
.......
—
86,486,266
—
86,486,266
Agency
Commercial
Mortgage-Backed
Securities
—
26,816,768
—
26,816,768
Short
Term
Investments
...................
45,715,317
195,119,921
—
240,835,238
Total
Investments
in
Securities
...........
$80,027,209
$1,275,150,347
$—
$1,355,177,556
Other
Financial
Instruments:
Swap
Contracts
.........................
$—
$461,234
$—
$461,234
Total
Other
Financial
Instruments
.........
$—
$461,234
$—
$461,234
Liabilities:
Other
Financial
Instruments:
Futures
Contracts
........................
287,024
—
—
287,024
Swap
Contracts
.........................
—
757,844
—
757,844
Total
Other
Financial
Instruments
.........
$287,024
$757,844
$—
$1,044,868
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
4. Fair
Value
Measurements
(continued)
Putnam
Funds
Trust
Notes
to
Schedule
of
Investments
(unaudited)
53
Quarterly
Schedule
of
Investments
Abbreviations
Counterparty
BOFA
Bank
of
America
NA
CITI
Citibank
NA
JPHQ
JPMorgan
Chase
Bank
NA
MLCO
Merrill
Lynch
International
&
Co.
Index
CMBX.NA.
Series
number
CMBX
North
America
Index
Selected
Portfolio
CLO
Collateralized
Loan
Obligation
CMT
Constant
Monthly
U.S.
Treasury
Securities
Yield
Curve
Rate
Index
ETF
Exchange-Traded
Fund
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
IO
Interest
Only
NATL
National
Reinsurance
Corp.
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
SOFR
Secured
Overnight
Financing
Rate
STACR
Structured
Agency
Credit
Risk
T-Note
Treasury
Note
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
SOFR
........................
3.68%
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.