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Schedules
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
2
Putnam
Short
Duration
Bond
Fund
32
Notes
to
Schedules
of
Investments
55
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited),
July
31,
2026
Putnam
Core
Bond
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Management
Investment
Companies
2.0%
Capital
Markets
2.0%
a
Franklin
Ultra
Short
Bond
ETF
..........................
United
States
1,304,342
$
32,673,767
Total
Management
Investment
Companies
(Cost
$32,478,029)
..................
32,673,767
Principal
Amount
*
Corporate
Bonds
28.8%
Aerospace
&
Defense
1.4%
b
BAE
Systems
plc
,
Senior
Bond,
144A,
5.3%,
3/26/34
.....................
United
Kingdom
2,650,000
2,649,217
Senior
Note,
144A,
5.125%,
3/26/29
...................
United
Kingdom
745,000
752,327
Boeing
Co.
(The)
,
Senior
Bond,
2.95%,
2/01/30
.........................
United
States
1,633,000
1,527,919
Senior
Bond,
3.6%,
5/01/34
..........................
United
States
1,674,000
1,483,123
Senior
Bond,
3.25%,
2/01/35
.........................
United
States
389,000
331,582
Senior
Bond,
3.5%,
3/01/39
..........................
United
States
795,000
636,761
Senior
Bond,
6.875%,
3/15/39
........................
United
States
870,000
954,466
Senior
Bond,
3.9%,
5/01/49
..........................
United
States
1,622,000
1,159,219
Senior
Bond,
6.858%,
5/01/54
........................
United
States
333,000
356,959
Senior
Bond,
3.95%,
8/01/59
.........................
United
States
730,000
490,984
Senior
Bond,
5.93%,
5/01/60
.........................
United
States
410,000
383,059
Senior
Note,
5.15%,
5/01/30
.........................
United
States
3,365,000
3,382,489
b
Honeywell
Aerospace,
Inc.
,
Senior
Bond,
144A,
4.95%,
3/16/36
....................
United
States
1,150,000
1,109,001
Senior
Bond,
144A,
5.732%,
3/16/56
...................
United
States
650,000
619,530
Senior
Bond,
144A,
5.852%,
3/16/66
...................
United
States
435,000
413,894
Senior
Note,
144A,
4.6%,
3/16/33
.....................
United
States
575,000
556,099
Howmet
Aerospace,
Inc.
,
Senior
Bond,
5.95%,
2/01/37
.........................
United
States
915,000
949,772
Senior
Note,
3%,
1/15/29
...........................
United
States
4,584,000
4,404,406
22,160,807
Automobiles
0.2%
b
Hyundai
Capital
America
,
Senior
Bond,
144A,
6.375%,
4/08/30
...................
United
States
60,000
62,247
Senior
Note,
144A,
6.5%,
1/16/29
.....................
United
States
1,530,000
1,582,121
Senior
Note,
144A,
5.35%,
3/19/29
....................
United
States
959,000
967,395
Senior
Note,
144A,
5.4%,
1/08/31
.....................
United
States
158,000
159,185
Senior
Note,
144A,
5%,
6/18/31
......................
United
States
395,000
390,657
3,161,605
Banks
3.3%
b
Australia
&
New
Zealand
Banking
Group
Ltd.
,
Sub.
Bond
,
144A,
2.57%
to
11/24/30,
FRN
thereafter
,
11/25/35
..............
Australia
200,000
178,010
Banco
Santander
SA
,
Sub.
Bond
,
6.921
%
,
8/08/33
..........
Spain
1,200,000
1,280,337
Bank
of
America
Corp.
,
Senior
Bond,
2.496%
to
2/12/30,
FRN
thereafter,
2/13/31
...
United
States
1,880,000
1,727,498
Senior
Bond,
5.468%
to
1/22/34,
FRN
thereafter,
1/23/35
...
United
States
90,000
90,387
Senior
Bond,
5.511%
to
1/23/35,
FRN
thereafter,
1/24/36
...
United
States
1,549,000
1,550,206
Senior
Note,
6.204%
to
11/09/27,
FRN
thereafter,
11/10/28
..
United
States
1,020,000
1,039,944
Senior
Note,
5.162%
to
1/23/30,
FRN
thereafter,
1/24/31
....
United
States
1,551,000
1,559,034
Sub.
Bond,
5.425%
to
8/14/34,
FRN
thereafter,
8/15/35
.....
United
States
1,945,000
1,913,166
Sub.
Bond,
3.846%
to
3/07/32,
FRN
thereafter,
3/08/37
.....
United
States
1,729,000
1,589,843
Bank
of
Nova
Scotia
(The)
,
Junior
Sub.
Bond
,
7.35%
to
4/26/30,
FRN
thereafter
,
4/27/85
.............................
Canada
1,665,000
1,718,348
b
Banque
Federative
du
Credit
Mutuel
SA
,
Senior
Preferred
Note
,
144A,
4.541
%
,
1/15/31
..............................
France
1,160,000
1,129,247
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
Barclays
plc
,
Senior
Note
,
5.367%
to
2/24/30,
FRN
thereafter
,
2/25/31
.........................................
United
Kingdom
1,250,000
$
1,257,329
b
CaixaBank
SA
,
Senior
Non-Preferred
Note,
144A,
4.634%
to
7/02/28,
FRN
thereafter,
7/03/29
.................................
Spain
1,140,000
1,136,610
Senior
Non-Preferred
Note,
144A,
5.673%
to
3/14/29,
FRN
thereafter,
3/15/30
.................................
Spain
950,000
967,303
Citibank
NA
,
Senior
Note
,
4.846%
to
6/17/31,
FRN
thereafter
,
6/18/32
.........................................
United
States
2,390,000
2,362,163
Citigroup,
Inc.
,
c
Junior
Sub.
Bond,
6.625%
to
2/14/31,
FRN
thereafter,
Perpetual
.......................................
United
States
1,230,000
1,236,401
c
CC,
Junior
Sub.
Bond,
7.125%
to
8/14/29,
FRN
thereafter,
Perpetual
.......................................
United
States
567,000
577,050
c
GG,
Junior
Sub.
Bond,
6.875%
to
8/14/30,
FRN
thereafter,
Perpetual
.......................................
United
States
2,231,000
2,254,033
Senior
Note,
4.503%
to
9/10/30,
FRN
thereafter,
9/11/31
....
United
States
3,120,000
3,049,231
Sub.
Bond,
6.174%
to
5/24/33,
FRN
thereafter,
5/25/34
.....
United
States
923,000
947,551
Sub.
Bond,
4.75%,
5/18/46
..........................
United
States
90,000
74,465
b
Commonwealth
Bank
of
Australia
,
Sub.
Bond,
144A,
2.688%,
3/11/31
....................
Australia
1,790,000
1,605,830
Sub.
Bond,
144A,
5.837%,
3/13/34
....................
Australia
960,000
973,983
b
Credit
Agricole
SA
,
Sub.
Bond
,
144A,
4%
to
1/09/28,
FRN
thereafter
,
1/10/33
.................................
France
250,000
245,840
Fifth
Third
Bancorp
,
Senior
Note,
6.339%
to
7/26/28,
FRN
thereafter,
7/27/29
....
United
States
930,000
956,615
Senior
Note,
4.895%
to
9/05/29,
FRN
thereafter,
9/06/30
....
United
States
360,000
359,027
ING
Groep
NV
,
Senior
Note
,
6.083%
to
9/10/26,
FRN
thereafter
,
9/11/27
.........................................
Netherlands
505,000
505,746
JPMorgan
Chase
&
Co.
,
Senior
Bond,
4.946%
to
10/21/34,
FRN
thereafter,
10/22/35
.
United
States
2,790,000
2,702,729
Senior
Bond,
5.502%
to
1/23/35,
FRN
thereafter,
1/24/36
...
United
States
650,000
651,146
Senior
Note,
4.323%
to
4/25/27,
FRN
thereafter,
4/26/28
....
United
States
445,000
444,139
Senior
Note,
4.603%
to
10/21/29,
FRN
thereafter,
10/22/30
..
United
States
2,790,000
2,762,414
Senior
Note,
5.14%
to
1/23/30,
FRN
thereafter,
1/24/31
.....
United
States
1,655,000
1,661,451
Senior
Note,
5.041%
to
7/22/31,
FRN
thereafter,
7/23/32
....
United
States
695,000
692,117
Sub.
Bond,
2.956%
to
5/12/30,
FRN
thereafter,
5/13/31
.....
United
States
2,695,000
2,499,051
Sub.
Bond,
5.717%
to
9/13/32,
FRN
thereafter,
9/14/33
.....
United
States
1,471,000
1,498,508
Sub.
Bond,
5.576%
to
7/22/35,
FRN
thereafter,
7/23/36
.....
United
States
500,000
495,496
Sub.
Bond,
5.803%
to
7/22/36,
FRN
thereafter,
7/23/41
.....
United
States
720,000
712,993
PNC
Financial
Services
Group,
Inc.
(The)
,
Senior
Bond,
5.373%
to
7/20/35,
FRN
thereafter,
7/21/36
...
United
States
340,000
336,157
Sub.
Bond,
4.626%
to
6/05/32,
FRN
thereafter,
6/06/33
.....
United
States
2,530,000
2,425,781
Toronto-Dominion
Bank
(The)
,
Junior
Sub.
Bond
,
8.125%
to
10/30/27,
FRN
thereafter
,
10/31/82
.....................
Canada
465,000
479,420
d
Truist
Bank
,
Sub.
Bond
,
FRN
,
4.632
%
,
(
5-year
CMT
T-Note
+
1.15
%
),
9/17/29
...................................
United
States
420,000
414,726
Truist
Financial
Corp.
,
Senior
Bond
,
5.711%
to
1/23/34,
FRN
thereafter
,
1/24/35
.................................
United
States
576,000
582,010
US
Bancorp
,
Sub.
Bond
,
2.491%
to
11/02/31,
FRN
thereafter
,
11/03/36
........................................
United
States
324,000
279,780
Wells
Fargo
&
Co.
,
Senior
Note,
5.574%
to
7/24/28,
FRN
thereafter,
7/25/29
....
United
States
1,380,000
1,401,201
Senior
Note,
4.844%
to
5/19/31,
FRN
thereafter,
5/20/32
....
United
States
1,635,000
1,613,155
Wells
Fargo
Bank
NA
,
Sub.
Bond
,
6.6
%
,
1/15/38
............
United
States
330,000
351,726
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
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
$
94,372
Sub.
Bond,
2.963%,
11/16/40
........................
Australia
131,000
94,363
54,477,932
Beverages
0.0%
†
Keurig
Dr.
Pepper,
Inc.
,
Senior
Bond
,
5.3
%
,
3/15/34
.........
United
States
765,000
755,824
Biotechnology
0.6%
AbbVie,
Inc.
,
Senior
Bond,
4.75%,
3/15/36
.........................
United
States
295,000
282,386
Senior
Note,
4.4%,
3/15/33
..........................
United
States
855,000
824,213
Amgen,
Inc.
,
Senior
Bond,
5.25%,
3/02/33
.........................
United
States
900,000
902,241
Senior
Bond,
5.65%,
3/02/53
.........................
United
States
659,000
612,989
Senior
Bond,
5.75%,
3/02/63
.........................
United
States
450,000
415,701
Senior
Note,
5.25%,
3/02/30
.........................
United
States
1,886,000
1,909,011
Biogen,
Inc.
,
Senior
Bond
,
2.25
%
,
5/01/30
.................
United
States
2,084,000
1,891,990
Regeneron
Pharmaceuticals,
Inc.
,
Senior
Bond
,
1.75
%
,
9/15/30
United
States
3,365,000
2,959,298
9,797,829
Broadline
Retail
0.3%
Amazon.com,
Inc.
,
Senior
Bond,
4.875%,
3/13/36
........................
United
States
1,037,000
992,915
Senior
Bond,
6%,
7/09/46
...........................
United
States
1,605,000
1,561,199
Senior
Bond,
5.8%,
3/13/56
..........................
United
States
145,000
133,424
Senior
Bond,
6.05%,
3/13/76
.........................
United
States
929,000
859,682
Senior
Note,
4.55%,
3/13/33
.........................
United
States
700,000
676,496
Senior
Note,
5.1%,
7/09/33
..........................
United
States
1,290,000
1,278,383
5,502,099
Building
Products
0.0%
†
Carlisle
Cos.,
Inc.
,
Senior
Bond
,
5.25
%
,
9/15/35
............
United
States
580,000
566,556
Capital
Markets
2.0%
Ares
Capital
Corp.
,
Senior
Note
,
7
%
,
1/15/27
..............
United
States
605,000
611,041
Blackstone
Private
Credit
Fund
,
Senior
Note
,
3.25
%
,
3/15/27
..
United
States
1,525,000
1,508,911
Deutsche
Bank
AG
,
Senior
Non-Preferred
Note
,
2.311%
to
11/15/26,
FRN
thereafter
,
11/16/27
.....................
Germany
584,000
580,065
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond,
4.223%
to
4/30/28,
FRN
thereafter,
5/01/29
...
United
States
665,000
658,250
Senior
Bond,
5.065%
to
1/20/36,
FRN
thereafter,
1/21/37
...
United
States
580,000
552,628
Senior
Bond,
5.425%
to
6/02/36,
FRN
thereafter,
6/03/37
...
United
States
635,000
620,582
Senior
Bond,
5.655%
to
7/20/36,
FRN
thereafter,
7/21/37
...
United
States
510,000
507,869
Senior
Note,
4.153%
to
10/20/28,
FRN
thereafter,
10/21/29
..
United
States
1,501,000
1,477,333
Senior
Note,
5.094%
to
4/19/33,
FRN
thereafter,
4/20/34
....
United
States
510,000
499,371
Intercontinental
Exchange,
Inc.
,
Senior
Bond,
1.85%,
9/15/32
.........................
United
States
103,000
85,951
Senior
Note,
4.35%,
6/15/29
.........................
United
States
146,000
144,577
b
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
5/01/33
...............................
United
States
1,410,000
1,437,987
Jefferies
Financial
Group,
Inc.
,
Senior
Note
,
4.5
%
,
9/15/26
....
United
States
1,730,000
1,728,898
b
KKR
Group
Finance
Co.
VI
LLC
,
Senior
Bond
,
144A,
3.75
%
,
7/01/29
.........................................
United
States
1,022,000
984,234
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
See
Notes
to
Schedules
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)
LPL
Holdings,
Inc.
,
Senior
Note,
6.75%,
11/17/28
........................
United
States
300,000
$
311,305
Senior
Note,
5.2%,
3/15/30
..........................
United
States
1,461,000
1,459,681
b
Senior
Note,
144A,
4%,
3/15/29
......................
United
States
1,155,000
1,121,816
Morgan
Stanley
,
Senior
Bond,
5.073%
to
1/29/36,
FRN
thereafter,
1/30/37
...
United
States
895,000
859,013
Senior
Bond,
5.605%
to
7/16/36,
FRN
thereafter,
7/17/37
...
United
States
675,000
671,193
Senior
Bond,
5.9%
to
3/12/46,
FRN
thereafter,
3/13/47
.....
United
States
920,000
890,551
Senior
Note,
2.475%
to
1/20/27,
FRN
thereafter,
1/21/28
....
United
States
3,000,000
2,971,871
Senior
Note,
5.123%
to
1/31/28,
FRN
thereafter,
2/01/29
....
United
States
2,085,000
2,094,640
Senior
Note,
4.994%
to
4/11/28,
FRN
thereafter,
4/12/29
....
United
States
1,530,000
1,535,342
Senior
Note,
5.23%
to
1/14/30,
FRN
thereafter,
1/15/31
.....
United
States
820,000
824,385
Senior
Note,
4.493%
to
1/15/31,
FRN
thereafter,
1/16/32
....
United
States
865,000
839,846
Senior
Note,
4.708%
to
3/11/31,
FRN
thereafter,
3/12/32
....
United
States
1,315,000
1,285,449
Sub.
Bond,
4.35%,
9/08/26
..........................
United
States
1,270,000
1,270,145
Sub.
Bond,
5.948%
to
1/18/33,
FRN
thereafter,
1/19/38
.....
United
States
214,000
217,081
Sub.
Bond,
5.942%
to
2/06/34,
FRN
thereafter,
2/07/39
.....
United
States
459,000
462,584
b
MSCI,
Inc.
,
Senior
Bond
,
144A,
3.625
%
,
9/01/30
............
United
States
1,980,000
1,858,554
Nasdaq,
Inc.
,
Senior
Bond
,
5.55
%
,
2/15/34
................
United
States
58,000
58,657
b
UBS
Group
AG
,
Senior
Note
,
144A,
5.428%
to
2/07/29,
FRN
thereafter
,
2/08/30
.................................
Switzerland
815,000
823,678
30,953,488
Commercial
Services
&
Supplies
0.3%
Republic
Services,
Inc.
,
Senior
Note,
5%,
11/15/29
...........................
United
States
520,000
524,586
Senior
Note,
4.75%,
7/15/31
.........................
United
States
439,000
436,169
Waste
Connections,
Inc.
,
Senior
Bond,
5%,
3/01/34
...........................
United
States
1,948,000
1,919,023
Senior
Bond,
4.8%,
7/15/36
..........................
United
States
1,070,000
1,022,852
3,902,630
Communications
Equipment
0.1%
Motorola
Solutions,
Inc.
,
Senior
Bond,
2.3%,
11/15/30
.........................
United
States
290,000
259,449
Senior
Bond,
5.4%,
4/15/34
..........................
United
States
1,550,000
1,537,567
Senior
Note,
4.85%,
8/15/30
.........................
United
States
333,000
330,577
2,127,593
Construction
&
Engineering
0.0%
†
MasTec
,
Inc.
,
Senior
Note
,
5.9
%
,
6/15/29
.................
United
States
765,000
782,169
Consumer
Finance
1.2%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond,
3.3%,
1/30/32
..........................
Ireland
2,195,000
1,986,684
Senior
Note,
5.1%,
1/19/29
..........................
Ireland
1,435,000
1,441,377
Senior
Note,
4.125%,
2/28/29
........................
Ireland
395,000
387,934
b
Aircastle
Ltd.
/
Aircastle
Ireland
DAC
,
Senior
Note
,
144A,
5.25
%
,
3/15/30
.........................................
United
States
695,000
693,798
Ally
Financial,
Inc.
,
Senior
Bond
,
8
%
,
11/01/31
.............
United
States
1,276,000
1,408,560
American
Express
Co.
,
Senior
Note
,
5.098%
to
2/15/27,
FRN
thereafter
,
2/16/28
.................................
United
States
1,000,000
1,003,467
b
Avolon
Holdings
Funding
Ltd.
,
Senior
Note,
144A,
5.75%,
11/15/29
...................
Ireland
1,437,000
1,460,779
Senior
Note,
144A,
4.9%,
10/10/30
....................
Ireland
1,855,000
1,823,249
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Consumer
Finance
(continued)
Capital
One
Financial
Corp.
,
Senior
Note,
4.493%
to
9/10/30,
FRN
thereafter,
9/11/31
....
United
States
1,095,000
$
1,067,466
Senior
Note,
7.624%
to
10/29/30,
FRN
thereafter,
10/30/31
..
United
States
465,000
505,803
Senior
Note,
4.722%
to
1/29/31,
FRN
thereafter,
1/30/32
....
United
States
1,115,000
1,090,580
Sub.
Bond,
2.359%
to
7/28/31,
FRN
thereafter,
7/29/32
.....
United
States
211,000
181,470
Ford
Motor
Credit
Co.
LLC
,
Senior
Note,
5.8%,
3/05/27
..........................
United
States
720,000
723,746
Senior
Note,
4.125%,
8/17/27
........................
United
States
290,000
287,805
General
Motors
Financial
Co.,
Inc.
,
Senior
Bond,
5.45%,
9/06/34
.........................
United
States
630,000
620,215
Senior
Note,
4.2%,
10/27/28
.........................
United
States
450,000
444,581
Senior
Note,
5.8%,
1/07/29
..........................
United
States
465,000
474,560
Senior
Note,
4.9%,
10/06/29
.........................
United
States
380,000
379,714
b
Macquarie
Airfinance
Holdings
Ltd.
,
Senior
Note,
144A,
6.4%,
3/26/29
.....................
United
Kingdom
2,345,000
2,407,905
Senior
Note,
144A,
5.15%,
3/17/30
....................
United
Kingdom
49,000
48,564
Senior
Note,
144A,
6.5%,
3/26/31
.....................
United
Kingdom
38,000
39,464
18,477,721
Consumer
Staples
Distribution
&
Retail
0.2%
b
7-Eleven,
Inc.
,
Senior
Bond,
144A,
1.8%,
2/10/31
.....................
United
States
296,000
256,234
Senior
Note,
144A,
1.3%,
2/10/28
.....................
United
States
2,322,000
2,205,777
2,462,011
Containers
&
Packaging
0.0%
†
AptarGroup,
Inc.
,
Senior
Note
,
4.75
%
,
3/30/31
.............
United
States
775,000
762,290
WestRock
MWV
LLC
,
Senior
Bond
,
8.2
%
,
1/15/30
...........
United
States
103,000
113,382
875,672
Diversified
Consumer
Services
0.0%
†
Service
Corp.
International
,
Senior
Bond
,
3.375
%
,
8/15/30
....
United
States
140,000
129,318
Diversified
REITs
0.4%
Equinix
Asia
Financing
Corp.
Pte.
Ltd.
,
Senior
Note
,
4.4
%
,
3/15/31
.........................................
United
States
1,095,000
1,056,953
VICI
Properties
LP
,
Senior
Note,
4.75%,
2/15/28
.........................
United
States
140,000
139,768
Senior
Note,
5.125%,
11/15/31
.......................
United
States
815,000
799,793
b
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note,
144A,
3.75%,
2/15/27
....................
United
States
1,607,000
1,598,728
Senior
Note,
144A,
4.5%,
1/15/28
.....................
United
States
1,485,000
1,473,617
Senior
Note,
144A,
3.875%,
2/15/29
...................
United
States
640,000
620,740
5,689,599
Diversified
Telecommunication
Services
0.6%
AT&T,
Inc.
,
Senior
Bond,
2.55%,
12/01/33
........................
United
States
2,361,000
1,945,461
Senior
Bond,
5.125%,
4/30/36
........................
United
States
745,000
710,294
Senior
Bond,
6.2%,
10/30/56
.........................
United
States
267,000
247,361
b
Beacon
Point
DC
LLC
,
Senior
Secured
Bond
,
144A,
6.129
%
,
11/30/42
........................................
United
States
730,000
700,902
b
Cipher
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.125
%
,
11/15/30
........................................
United
States
315,000
321,697
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Diversified
Telecommunication
Services
(continued)
b
RD
Michigan
Property
Owner
I
LLC
,
Senior
Secured
Bond
,
144A,
7.5
%
,
3/30/45
....................................
United
States
2,225,000
$
2,158,186
b
Space
Exploration
Technologies
Corp.
,
Senior
Note
,
144A,
5.35
%
,
7/15/31
...................................
United
States
1,170,000
1,139,207
Sprint
Capital
Corp.
,
Senior
Bond
,
6.875
%
,
11/15/28
.........
United
States
265,000
276,646
b
SV
RNO
Property
Owner
1
LLC
,
Senior
Secured
Note
,
144A,
5.875
%
,
3/01/31
...................................
United
States
1,050,000
976,359
Verizon
Communications,
Inc.
,
Junior
Sub.
Bond,
6.05%
to
5/13/33,
FRN
thereafter,
5/14/58
.
United
States
1,325,000
1,303,567
Senior
Bond,
5.25%,
4/02/35
.........................
United
States
1,045,000
1,019,231
10,798,911
Electric
Utilities
2.9%
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
1,645,963
D,
Junior
Sub.
Bond,
6.05%
to
3/14/36,
FRN
thereafter,
3/15/56
.........................................
United
States
560,000
550,550
b
American
Transmission
Systems,
Inc.
,
Senior
Bond
,
144A,
2.65
%
,
1/15/32
...................................
United
States
1,694,000
1,499,478
DTE
Electric
Co.
,
Senior
Bond,
5.25%,
5/15/35
.........................
United
States
1,350,000
1,338,478
A,
Senior
Bond,
4.85%,
3/01/36
.......................
United
States
865,000
826,650
Duke
Energy
Corp.
,
Senior
Bond,
5.75%,
9/15/33
.........................
United
States
157,000
161,196
Senior
Bond,
5.8%,
6/15/54
..........................
United
States
113,000
104,336
Senior
Note,
4.85%,
1/05/29
.........................
United
States
400,000
401,225
Duke
Energy
Indiana
LLC
,
DDDD
,
Senior
Bond
,
4.95
%
,
3/15/36
United
States
725,000
697,836
Duke
Energy
Ohio,
Inc.
,
Senior
Bond
,
5.25
%
,
4/01/33
........
United
States
900,000
903,529
b
ENEL
Finance
International
NV
,
Senior
Bond,
144A,
7.5%,
10/14/32
....................
Italy
600,000
666,371
Senior
Note,
144A,
4.375%,
9/30/30
...................
Italy
1,105,000
1,077,238
Senior
Note,
144A,
4.875%,
7/13/31
...................
Italy
1,400,000
1,378,607
Entergy
Mississippi
LLC
,
Senior
Bond
,
5.05
%
,
4/15/36
.......
United
States
985,000
947,342
b
Evergy
Missouri
West,
Inc.
,
Senior
Note
,
144A,
5.15
%
,
12/15/27
United
States
290,000
291,501
Eversource
Energy
,
Senior
Note
,
5.45
%
,
3/01/28
............
United
States
874,000
883,579
Exelon
Corp.
,
Senior
Bond,
5.625%,
6/15/35
........................
United
States
1,427,000
1,430,678
Senior
Note,
5.15%,
3/15/29
.........................
United
States
1,090,000
1,099,593
FirstEnergy
Transmission
LLC
,
Senior
Note
,
4.55
%
,
1/15/30
...
United
States
215,000
212,169
Georgia
Power
Co.
,
Senior
Bond,
4.95%,
5/17/33
.........................
United
States
252,000
249,538
Senior
Bond,
5.25%,
3/15/34
.........................
United
States
653,000
651,809
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Bond,
5.9%,
3/15/55
..........................
United
States
445,000
416,243
AA,
Senior
Bond,
6%
to
9/30/31,
FRN
thereafter,
10/01/56
...
United
States
780,000
767,221
Senior
Note,
5.3%,
3/15/32
..........................
United
States
1,390,000
1,398,315
Northern
States
Power
Co.
,
Senior
Bond
,
5.05
%
,
5/15/35
.....
United
States
700,000
687,094
b
NRG
Energy,
Inc.
,
Senior
Secured
Bond,
144A,
5.407%,
10/15/35
...........
United
States
2,662,000
2,550,697
Senior
Secured
Note,
144A,
2.7%,
12/02/27
.............
United
States
3,400,000
3,297,463
Oncor
Electric
Delivery
Co.
LLC
,
Senior
Secured
Bond
,
4.95
%
,
9/15/52
.........................................
United
States
383,000
324,927
Pacific
Gas
and
Electric
Co.
,
Senior
Bond,
5.9%,
6/15/32
..........................
United
States
1,227,000
1,257,879
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
8
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Electric
Utilities
(continued)
Pacific
Gas
and
Electric
Co.,
(continued)
Senior
Bond,
5.2%,
5/01/36
..........................
United
States
415,000
$
395,141
e
Senior
Bond,
5.85%,
11/01/36
........................
United
States
650,000
649,211
Senior
Bond,
4.95%,
7/01/50
.........................
United
States
162,000
130,780
Senior
Bond,
6.75%,
1/15/53
.........................
United
States
1,915,000
1,939,523
Senior
Note,
6.1%,
1/15/29
..........................
United
States
450,000
461,888
Senior
Note,
5.05%,
11/15/31
........................
United
States
970,000
960,070
Progress
Energy,
Inc.
,
Senior
Bond
,
7.75
%
,
3/01/31
.........
United
States
1,000,000
1,108,144
Southern
Co.
(The)
,
Senior
Bond,
5.7%,
3/15/34
..........................
United
States
594,000
605,312
Senior
Note,
5.5%,
3/15/29
..........................
United
States
70,000
71,249
Virginia
Electric
and
Power
Co.
,
Senior
Bond,
5.05%,
8/15/34
.........................
United
States
1,460,000
1,431,070
Senior
Bond,
4.95%,
3/15/36
.........................
United
States
1,680,000
1,598,846
C,
Senior
Bond,
4.9%,
9/15/35
.......................
United
States
1,310,000
1,253,078
b
Vistra
Operations
Co.
LLC
,
Senior
Bond,
144A,
6.95%,
10/15/33
...................
United
States
604,000
643,107
Senior
Bond,
144A,
6%,
4/15/34
......................
United
States
517,000
523,022
Senior
Bond,
144A,
5.7%,
12/30/34
....................
United
States
1,895,000
1,870,878
Senior
Bond,
144A,
5.25%,
10/15/35
...................
United
States
575,000
548,412
Senior
Note,
144A,
4.6%,
10/15/30
....................
United
States
545,000
530,681
Senior
Secured
Bond,
144A,
4.3%,
7/15/29
..............
United
States
1,015,000
991,258
Wisconsin
Electric
Power
Co.
,
Senior
Bond
,
4.6
%
,
10/01/34
...
United
States
813,000
784,064
Xcel
Energy,
Inc.
,
Senior
Bond
,
5.6
%
,
4/15/35
..............
United
States
1,700,000
1,700,945
45,914,184
Electrical
Equipment
0.7%
Eaton
Corp.
,
Senior
Bond
,
4.8
%
,
3/06/36
.................
United
States
1,000,000
958,914
Regal
Rexnord
Corp.
,
Senior
Note,
6.05%,
4/15/28
.........................
United
States
2,580,000
2,629,303
Senior
Note,
6.4%,
4/15/33
..........................
United
States
1,605,000
1,674,515
b
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
........................................
United
States
4,050,000
4,005,623
Vertiv
Holdings
Co.
,
Senior
Bond,
4.85%,
3/15/36
.........................
United
States
1,512,000
1,424,514
Senior
Bond,
5.8%,
3/15/56
..........................
United
States
350,000
322,275
11,015,144
Electronic
Equipment,
Instruments
&
Components
0.1%
Amphenol
Corp.
,
Senior
Note
,
4.4
%
,
2/15/33
...............
United
States
1,425,000
1,367,310
Entertainment
0.1%
Netflix,
Inc.
,
Senior
Bond,
5.25%,
8/15/36
.........................
United
States
1,095,000
1,080,057
b
Senior
Bond,
144A,
5.375%,
11/15/29
..................
United
States
1,230,000
1,252,158
2,332,215
Financial
Services
0.1%
Corebridge
Financial,
Inc.
,
Senior
Note
,
3.85
%
,
4/05/29
.......
United
States
615,000
599,053
b
SMBC
Aviation
Capital
Finance
DAC
,
Senior
Note,
144A,
5.3%,
4/03/29
.....................
Ireland
575,000
579,406
Senior
Note,
144A,
5.1%,
4/01/30
.....................
Ireland
1,600,000
1,596,026
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Financial
Services
(continued)
Woodside
Finance
Ltd.
,
Senior
Bond
,
6
%
,
5/19/35
...........
Australia
846,000
$
864,013
3,638,498
Food
Products
0.7%
JBS
NV
/
JBS
USA
Foods
Group
Holdings,
Inc.
/
JBS
USA
Food
Co.
Holdings
,
b
Senior
Bond,
144A,
5.625%,
3/10/37
...................
United
States
340,000
331,940
b
Senior
Bond,
144A,
6.4%,
5/10/57
.....................
United
States
330,000
313,523
Senior
Note,
3%,
2/02/29
...........................
United
States
1,583,000
1,514,015
Senior
Note,
5.75%,
4/01/33
.........................
United
States
106,000
107,574
Senior
Note,
6.75%,
3/15/34
.........................
United
States
125,000
134,155
Senior
Note,
5.95%,
4/20/35
.........................
United
States
315,000
318,565
Kellanova
,
Senior
Bond,
4.5%,
4/01/46
..........................
United
States
159,000
131,467
B,
Senior
Bond,
7.45%,
4/01/31
.......................
United
States
1,627,000
1,795,611
Kraft
Heinz
Foods
Co.
,
Senior
Bond,
6.875%,
1/26/39
........................
United
States
420,000
449,357
Senior
Bond,
4.625%,
10/01/39
.......................
United
States
420,000
363,518
Senior
Bond,
5%,
6/04/42
...........................
United
States
1,760,000
1,523,062
b
Mars,
Inc.
,
Senior
Bond,
144A,
5.65%,
5/01/45
....................
United
States
1,795,000
1,715,902
Senior
Bond,
144A,
5.7%,
5/01/55
.....................
United
States
1,415,000
1,336,285
Senior
Note,
144A,
4.65%,
4/20/31
....................
United
States
854,000
845,452
Senior
Note,
144A,
5%,
3/01/32
......................
United
States
180,000
179,475
Senior
Note,
144A,
5.2%,
3/01/35
.....................
United
States
1,045,000
1,030,958
Pilgrim's
Pride
Corp.
,
Senior
Note
,
3.5
%
,
3/01/32
...........
United
States
609,000
548,455
12,639,314
Gas
Utilities
0.0%
†
CenterPoint
Energy
Resources
Corp.
,
Senior
Bond
,
5.4
%
,
7/01/34
.........................................
United
States
342,000
342,578
Ground
Transportation
0.2%
b
Ashtead
Capital,
Inc.
,
Senior
Bond,
144A,
4.375%,
8/15/27
...................
United
Kingdom
305,000
304,083
Senior
Bond,
144A,
5.95%,
10/15/33
...................
United
Kingdom
1,890,000
1,924,662
Senior
Bond,
144A,
5.8%,
4/15/34
.....................
United
Kingdom
375,000
376,882
Burlington
Northern
Santa
Fe
LLC
,
Senior
Bond
,
5.55
%
,
3/15/56
United
States
680,000
634,604
b
Penske
Truck
Leasing
Co.
LP
/
PTL
Finance
Corp.
,
Senior
Note
,
144A,
4.4
%
,
7/01/27
...............................
United
States
150,000
149,812
Ryder
System,
Inc.
,
Senior
Note
,
4.95
%
,
9/01/29
............
United
States
700,000
701,901
4,091,944
Health
Care
Equipment
&
Supplies
0.4%
GE
HealthCare
Technologies,
Inc.
,
Senior
Note
,
4.8
%
,
8/14/29
.
United
States
240,000
240,203
b
Medline
Borrower
LP
,
Senior
Secured
Note
,
144A,
3.875
%
,
4/01/29
.........................................
United
States
5,595,000
5,415,223
b
Medline
Borrower
LP
/
Medline
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
5.25
%
,
6/15/33
..........................
United
States
1,040,000
1,023,784
b
VSP
Optical
Group,
Inc.
,
Senior
Bond,
144A,
5.65%,
6/01/36
....................
United
States
155,000
153,859
Senior
Note,
144A,
5.4%
,
6/01/33
.....................
United
States
280,000
277,208
7,110,277
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
10
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Health
Care
Providers
&
Services
1.1%
CVS
Health
Corp.
,
Junior
Sub.
Bond,
7%
to
3/09/30,
FRN
thereafter,
3/10/55
...
United
States
1,465,000
$
1,509,256
Senior
Bond,
1.875%,
2/28/31
........................
United
States
555,000
483,419
Senior
Bond,
4.78%,
3/25/38
.........................
United
States
1,726,000
1,576,558
Senior
Note,
5.4%,
6/01/29
..........................
United
States
3,000,000
3,048,207
HCA,
Inc.
,
Senior
Bond,
4.5%,
2/15/27
..........................
United
States
150,000
150,025
Senior
Bond,
5.6%,
4/01/34
..........................
United
States
527,000
530,078
Senior
Bond,
6%,
4/01/54
...........................
United
States
692,000
649,663
Senior
Note,
3.625%,
3/15/32
........................
United
States
77,000
70,876
Senior
Note,
4.6%,
11/15/32
.........................
United
States
690,000
663,693
b
Horseshoe
Funding
Trust
I
,
Senior
Note
,
144A,
6.062
%
,
2/15/36
United
States
1,510,000
1,505,982
Humana,
Inc.
,
Junior
Sub.
Bond,
6.625%
to
9/14/31,
FRN
thereafter,
9/15/56
United
States
2,310,000
2,274,059
Senior
Note,
5.75%,
3/01/28
.........................
United
States
285,000
289,108
Senior
Note,
5.375%,
4/15/31
........................
United
States
2,500,000
2,511,302
Icon
Investments
Six
DAC
,
Senior
Secured
Note,
5.809%,
5/08/27
.................
United
States
300,000
302,235
Senior
Secured
Note,
5.849%,
5/08/29
.................
United
States
582,000
593,954
UnitedHealth
Group,
Inc.
,
Senior
Bond,
4.625%,
7/15/35
........................
United
States
270,000
256,493
Senior
Bond,
5.875%,
2/15/53
........................
United
States
574,000
552,895
16,967,803
Hotels,
Restaurants
&
Leisure
1.2%
b
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.125
%
,
6/15/29
..............................
Canada
2,405,000
2,431,444
Airbnb,
Inc.
,
Senior
Bond,
5.25%,
3/16/36
.........................
United
States
345,000
336,293
Senior
Note,
4.65%,
3/16/31
.........................
United
States
685,000
675,503
b
Carnival
Corp.
Ltd.
,
Senior
Note,
144A,
4%,
8/01/28
......................
United
States
3,374,000
3,306,560
Senior
Note,
144A,
5.125%,
5/01/29
...................
United
States
1,725,000
1,712,487
Senior
Note,
144A,
5.75%,
3/15/30
....................
United
States
1,815,000
1,819,243
Senior
Note,
144A,
5.75%,
8/01/32
....................
United
States
1,650,000
1,636,856
b
Flutter
Treasury
DAC
,
Senior
Secured
Note
,
144A,
5.875
%
,
6/04/31
.........................................
United
Kingdom
1,200,000
1,182,686
Hyatt
Hotels
Corp.
,
Senior
Note,
5.75%,
1/30/27
.........................
United
States
664,000
667,048
Senior
Note,
5.25%,
6/30/29
.........................
United
States
495,000
499,274
Senior
Note,
5.375%,
12/15/31
.......................
United
States
335,000
336,732
Las
Vegas
Sands
Corp.
,
Senior
Bond
,
3.9
%
,
8/08/29
.........
United
States
1,000,000
964,438
Marriott
International,
Inc.
,
Senior
Note
,
4.5
%
,
5/01/33
........
United
States
930,000
887,707
16,456,271
Household
Durables
0.1%
DR
Horton,
Inc.
,
Senior
Bond
,
5
%
,
10/15/34
...............
United
States
535,000
519,559
Toll
Brothers
Finance
Corp.
,
Senior
Bond,
4.35%,
2/15/28
.........................
United
States
987,000
981,864
Senior
Bond,
3.8%,
11/01/29
.........................
United
States
1,355,000
1,308,363
2,809,786
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Independent
Power
and
Renewable
Electricity
Producers
0.6%
b
Alexander
Funding
Trust
II
,
Senior
Secured
Note
,
144A,
7.467
%
,
7/31/28
.........................................
United
States
1,060,000
$
1,104,390
Constellation
Energy
Generation
LLC
,
Senior
Bond,
6.125%,
1/15/34
........................
United
States
158,000
164,883
Senior
Bond,
6.5%,
10/01/53
.........................
United
States
558,000
572,665
Senior
Bond,
5.75%,
3/15/54
.........................
United
States
450,000
421,869
Senior
Note,
5.6%,
3/01/28
..........................
United
States
1,005,000
1,018,867
Senior
Note,
4.4%,
1/15/31
..........................
United
States
620,000
603,905
Senior
Note,
4.8%,
1/15/32
..........................
United
States
2,860,000
2,805,066
Southern
Power
Co.
,
B,
Senior
Bond,
4.9%,
10/01/35
.......................
United
States
760,000
722,986
A,
Senior
Note,
4.25%,
10/01/30
......................
United
States
2,100,000
2,046,884
9,461,515
Insurance
0.5%
Arthur
J
Gallagher
&
Co.
,
Senior
Note
,
4.85
%
,
12/15/29
......
United
States
695,000
695,349
b
Athene
Global
Funding
,
Secured
Note,
144A,
5.322%,
11/13/31
.................
United
States
935,000
921,549
Senior
Secured
Bond,
144A,
5.543%,
8/22/35
............
United
States
1,285,000
1,251,695
Senior
Secured
Note,
144A,
5.526%,
7/11/31
............
United
States
810,000
808,109
Athene
Holding
Ltd.
,
Senior
Bond,
5.875%,
1/15/34
........................
United
States
505,000
503,702
Senior
Bond,
6.25%,
4/01/54
.........................
United
States
306,000
273,557
Brown
&
Brown,
Inc.
,
Senior
Note,
4.9%,
6/23/30
..........................
United
States
1,310,000
1,298,476
Senior
Note,
5.25%,
6/23/32
.........................
United
States
471,000
465,560
CNA
Financial
Corp.
,
Senior
Bond
,
5.125
%
,
2/15/34
.........
United
States
368,000
359,208
b
CNO
Global
Funding
,
Secured
Note,
144A,
2.65%,
1/06/29
...................
United
States
642,000
607,203
Secured
Note,
144A,
4.95%,
9/09/29
...................
United
States
797,000
794,236
F&G
Annuities
&
Life,
Inc.
,
Senior
Note
,
6.5
%
,
6/04/29
.......
United
States
950,000
969,239
Fairfax
Financial
Holdings
Ltd.
,
Senior
Note
,
4.85
%
,
4/17/28
...
Canada
220,000
220,225
b
Metropolitan
Life
Global
Funding
I
,
Senior
Secured
Bond
,
144A,
2.95
%
,
4/09/30
...................................
United
States
360,000
336,516
b
Protective
Life
Global
Funding
,
Secured
Note
,
144A,
5.467
%
,
12/08/28
........................................
United
States
595,000
603,839
10,108,463
Interactive
Media
&
Services
0.1%
Meta
Platforms,
Inc.
,
Senior
Bond,
5.25%,
5/15/36
.........................
United
States
512,000
491,105
Senior
Bond,
6.3%,
5/15/56
..........................
United
States
735,000
675,168
1,166,273
IT
Services
0.1%
b
Beignet
Investor
LLC
,
Senior
Secured
Bond
,
144A,
6.581
%
,
5/30/49
.........................................
United
States
587,000
569,533
b
Sopaipilla
Investor
LLC
,
Senior
Secured
Bond
,
144A,
7.534
%
,
11/30/48
........................................
United
States
1,105,000
1,146,078
1,715,611
Leisure
Products
0.1%
Brunswick
Corp.
,
Senior
Bond,
2.4%,
8/18/31
..........................
United
States
1,232,000
1,069,127
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
12
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Leisure
Products
(continued)
Brunswick
Corp.,
(continued)
Senior
Note,
5.85%,
3/18/29
.........................
United
States
375,000
$
382,307
1,451,434
Life
Sciences
Tools
&
Services
0.0%
†
Illumina,
Inc.
,
Senior
Note
,
4.65
%
,
9/09/26
................
United
States
431,000
431,145
Thermo
Fisher
Scientific,
Inc.
,
Senior
Bond
,
4.902
%
,
2/12/36
...
United
States
780,000
754,411
1,185,556
Media
0.2%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
Corp.
,
Senior
Secured
Bond,
5.85%,
12/01/35
.................
United
States
630,000
588,622
Senior
Secured
Bond,
4.8%,
3/01/50
...................
United
States
59,000
41,302
Omnicom
Group,
Inc.
,
Senior
Note
,
2.4
%
,
3/01/31
...........
United
States
98,000
87,291
Time
Warner
Cable
Enterprises
LLC
,
Senior
Secured
Bond
,
8.375
%
,
7/15/33
...................................
United
States
3,560,000
3,894,730
4,611,945
Metals
&
Mining
0.3%
b
Anglo
American
Capital
plc
,
Senior
Note
,
144A,
5
%
,
3/21/33
...
South
Africa
1,225,000
1,199,290
b
Glencore
Funding
LLC
,
Senior
Bond,
144A,
2.5%,
9/01/30
.....................
Australia
396,000
358,513
Senior
Bond,
144A,
5.634%,
4/04/34
...................
Australia
936,000
942,163
Senior
Bond,
144A,
5.508%,
4/01/36
...................
Australia
1,250,000
1,232,520
Senior
Note,
144A,
6.375%,
10/06/30
..................
Australia
422,000
441,122
4,173,608
Multi-Utilities
0.5%
Ameren
Corp.
,
Senior
Note
,
5
%
,
1/15/29
..................
United
States
565,000
568,103
Dominion
Energy,
Inc.
,
Junior
Sub.
Bond,
6.2%
to
2/14/36,
FRN
thereafter,
2/15/56
..
United
States
820,000
807,640
Senior
Bond,
5.35%,
6/15/36
.........................
United
States
1,770,000
1,722,519
DTE
Energy
Co.
,
Senior
Bond,
5.85%,
6/01/34
.........................
United
States
160,000
164,311
Senior
Note,
5.2%,
4/01/30
..........................
United
States
2,500,000
2,516,725
NiSource,
Inc.
,
Senior
Note
,
5.2
%
,
7/01/29
................
United
States
755,000
764,339
Puget
Sound
Energy,
Inc.
,
Senior
Bond
,
5.448
%
,
6/01/53
.....
United
States
170,000
155,663
Sempra,
Inc.
,
Senior
Bond
,
5.5
%
,
8/01/33
.................
United
States
301,000
303,813
Southern
Co.
Gas
Capital
Corp.
,
Senior
Bond
,
4.95
%
,
9/15/34
.
United
States
810,000
787,450
7,790,563
Oil,
Gas
&
Consumable
Fuels
1.8%
b
Aker
BP
ASA
,
Senior
Bond
,
144A,
5.8
%
,
10/01/54
...........
Norway
1,520,000
1,361,561
Canadian
Natural
Resources
Ltd.
,
Senior
Bond,
7.2%,
1/15/32
..........................
Canada
621,000
679,747
Senior
Note,
5%,
12/15/29
..........................
Canada
1,144,000
1,150,813
Cheniere
Energy
Partners
LP
,
Senior
Bond
,
3.25
%
,
1/31/32
....
United
States
2,767,000
2,504,241
b
Cheniere
Energy,
Inc.
,
Senior
Bond
,
144A,
5.2
%
,
7/30/36
.....
United
States
245,000
237,083
b
Columbia
Pipelines
Operating
Co.
LLC
,
Senior
Note
,
144A,
5.927
%
,
8/15/30
...................................
United
States
229,000
236,655
b
DT
Midstream,
Inc.
,
Senior
Bond
,
144A,
5.8
%
,
12/15/34
......
United
States
1,485,000
1,488,070
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
Eastern
Energy
Gas
Holdings
LLC
,
Senior
Bond,
5.8%,
1/15/35
..........................
United
States
989,000
$
1,005,389
Senior
Bond,
5.65%,
10/15/54
........................
United
States
376,000
344,039
Energy
Transfer
LP
,
Junior
Sub.
Bond,
6.7%
to
1/14/37,
FRN
thereafter,
1/15/57
..
United
States
1,350,000
1,330,689
c
B,
Junior
Sub.
Bond,
6.625%
to
2/14/28,
FRN
thereafter,
Perpetual
.......................................
United
States
1,471,000
1,476,955
Senior
Note,
4.55%,
1/15/31
.........................
United
States
2,500,000
2,448,255
b
Eni
SpA
,
Senior
Bond
,
144A,
5.25
%
,
5/18/36
...............
Italy
1,715,000
1,655,719
Kinder
Morgan,
Inc.
,
Senior
Bond,
7.75%,
1/15/32
.........................
United
States
1,683,000
1,889,990
Senior
Note,
5%,
2/01/29
...........................
United
States
205,000
206,201
Occidental
Petroleum
Corp.
,
Senior
Bond
,
7.5
%
,
5/01/31
......
United
States
486,000
531,982
ONEOK,
Inc.
,
Senior
Note
,
4.75
%
,
10/15/31
...............
United
States
1,115,000
1,091,894
South
Bow
USA
Infrastructure
Holdings
LLC
,
Senior
Note
,
5.026
%
,
10/01/29
..................................
Canada
1,475,000
1,470,892
Targa
Resources
Corp.
,
Senior
Note
,
4.35
%
,
4/15/31
........
United
States
745,000
721,580
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp.
,
Senior
Bond,
5%,
1/15/28
...........................
United
States
840,000
839,437
Senior
Bond,
4.875%,
2/01/31
........................
United
States
221,000
218,625
Transcontinental
Gas
Pipe
Line
Co.
LLC
,
Senior
Note
,
5.1
%
,
3/15/36
.........................................
United
States
795,000
770,053
b
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Note
,
144A,
6.25
%
,
1/15/30
...................................
United
States
1,160,000
1,182,299
b
Venture
Global
Plaquemines
LNG
LLC
,
Senior
Secured
Bond,
144A,
7.75%,
5/01/35
.............
United
States
1,155,000
1,280,747
Senior
Secured
Note,
144A,
6.125%,
12/15/30
...........
United
States
835,000
848,776
Viper
Energy
Partners
LLC
,
Senior
Bond,
5.7%,
8/01/35
..........................
United
States
706,000
702,124
Senior
Note,
4.9%,
8/01/30
..........................
United
States
740,000
730,828
Williams
Cos.,
Inc.
(The)
,
Senior
Bond
,
5.6
%
,
3/15/35
........
United
States
992,000
993,623
29,398,267
Paper
&
Forest
Products
0.1%
b
Georgia-Pacific
LLC
,
Senior
Note
,
144A,
4.9
%
,
5/15/33
.......
United
States
2,135,000
2,098,319
Passenger
Airlines
0.2%
b
AS
Mileage
Plan
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.021
%
,
10/20/29
........................................
United
States
2,500,000
2,464,309
Personal
Care
Products
0.3%
Haleon
US
Capital
LLC
,
Senior
Note
,
3.375
%
,
3/24/27
.......
United
States
1,315,000
1,306,260
Kenvue
,
Inc.
,
Senior
Note,
4.85%,
5/22/32
.........................
United
States
1,475,000
1,467,563
Senior
Note,
4.9%,
3/22/33
..........................
United
States
1,034,000
1,022,085
3,795,908
Pharmaceuticals
1.1%
Bristol-Myers
Squibb
Co.
,
Senior
Bond
,
4.125
%
,
6/15/39
......
United
States
2,180,000
1,892,594
Merck
&
Co.,
Inc.
,
Senior
Bond,
4.75%,
12/04/35
........................
United
States
595,000
571,561
Senior
Bond,
5.2%,
5/22/36
..........................
United
States
1,030,000
1,022,914
Senior
Note,
4.45%,
12/04/32
........................
United
States
370,000
360,136
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
14
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Pharmaceuticals
(continued)
Novartis
Capital
Corp.
,
Senior
Bond,
4.9%,
3/18/36
..........................
United
States
1,015,000
$
986,683
Senior
Bond,
5.7%,
3/18/56
..........................
United
States
545,000
527,060
Senior
Note,
4.1%,
11/05/30
.........................
United
States
2,655,000
2,585,906
Senior
Note,
4.6%,
3/18/33
..........................
United
States
820,000
800,567
Pfizer
Investment
Enterprises
Pte.
Ltd.
,
Senior
Bond,
4.75%,
5/19/33
.........................
United
States
1,230,000
1,201,043
Senior
Bond,
5.3%,
5/19/53
..........................
United
States
1,474,000
1,322,981
Royalty
Pharma
plc
,
Senior
Bond,
5.4%,
9/02/34
..........................
United
States
974,000
968,730
Senior
Bond,
5.2%,
9/25/35
..........................
United
States
845,000
823,061
Senior
Note,
2.2%,
9/02/30
..........................
United
States
967,000
868,629
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Bond
,
4.1
%
,
10/01/46
...................................
Israel
1,550,000
1,143,359
Zoetis,
Inc.
,
Senior
Bond
,
2
%
,
5/15/30
....................
United
States
2,646,000
2,380,636
17,455,860
Professional
Services
0.1%
Paychex,
Inc.
,
Senior
Note
,
5.1
%
,
4/15/30
.................
United
States
1,650,000
1,651,719
Semiconductors
&
Semiconductor
Equipment
1.0%
Broadcom,
Inc.
,
Senior
Bond,
4.15%,
11/15/30
........................
United
States
288,000
276,940
Senior
Bond,
4.95%,
1/15/36
.........................
United
States
690,000
647,999
b
Foundry
JV
Holdco
LLC
,
Senior
Secured
Note,
144A,
5.5%,
1/25/31
..............
United
States
380,000
383,530
Senior
Secured
Note,
144A,
6.15%,
1/25/32
.............
United
States
2,424,000
2,504,716
Senior
Secured
Note,
144A,
5.9%,
1/25/33
..............
United
States
1,310,000
1,335,216
Intel
Corp.
,
Senior
Bond,
4.15%,
8/05/32
.........................
United
States
2,075,000
1,953,403
Senior
Bond,
5.3%,
5/15/36
..........................
United
States
751,000
725,484
Senior
Bond,
6.125%,
5/15/56
........................
United
States
462,000
433,876
Marvell
Technology,
Inc.
,
Senior
Bond,
5.3%,
4/15/36
..........................
United
States
1,395,000
1,345,424
Senior
Note,
5.75%,
2/15/29
.........................
United
States
400,000
408,223
Senior
Note,
4.75%,
7/15/30
.........................
United
States
265,000
261,670
Senior
Note,
5.95%,
9/15/33
.........................
United
States
368,000
376,424
NVIDIA
Corp.
,
Senior
Bond,
5.55%,
6/15/46
.........................
United
States
1,324,000
1,222,701
Senior
Bond,
5.625%,
6/15/56
........................
United
States
587,000
531,533
Senior
Note,
4.75%,
6/15/33
.........................
United
States
1,305,000
1,265,739
Senior
Note,
4.95%,
6/15/36
.........................
United
States
1,305,000
1,249,189
14,922,067
Software
0.6%
Oracle
Corp.
,
Senior
Bond,
4.3%,
7/08/34
..........................
United
States
923,000
791,471
Senior
Bond,
3.9%,
5/15/35
..........................
United
States
824,000
673,884
Senior
Bond,
5.7%,
2/04/36
..........................
United
States
781,000
723,571
Senior
Bond,
3.65%,
3/25/41
.........................
United
States
258,000
175,147
Senior
Bond,
6.55%,
2/04/46
.........................
United
States
540,000
478,270
Senior
Bond,
6.7%,
2/04/56
..........................
United
States
525,000
463,410
Senior
Note,
4.45%,
9/26/30
.........................
United
States
745,000
703,422
Senior
Note,
4.95%,
2/04/31
.........................
United
States
1,715,000
1,638,588
Senior
Note,
4.8%,
9/26/32
..........................
United
States
1,000,000
920,727
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
15
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Software
(continued)
Oracle
Corp.,
(continued)
Senior
Note,
5.35%,
5/04/33
.........................
United
States
575,000
$
540,637
Synopsys,
Inc.
,
Senior
Bond,
5.15%,
4/01/35
.........................
United
States
2,940,000
2,853,986
Senior
Bond,
5.7%,
4/01/55
..........................
United
States
90,000
82,618
10,045,731
Specialized
REITs
0.5%
American
Tower
Corp.
,
Senior
Bond,
2.9%,
1/15/30
..........................
United
States
481,000
449,727
Senior
Bond,
2.7%,
4/15/31
..........................
United
States
1,670,000
1,505,022
Senior
Note,
4.7%,
12/15/32
.........................
United
States
465,000
450,948
Crown
Castle,
Inc.
,
Senior
Bond,
3.65%,
9/01/27
.........................
United
States
505,000
499,997
Senior
Bond,
2.5%,
7/15/31
..........................
United
States
1,745,000
1,535,721
Senior
Note,
4.9%,
9/01/29
..........................
United
States
3,825,000
3,815,366
EPR
Properties
,
Senior
Bond
,
4.5
%
,
6/01/27
...............
United
States
144,000
143,751
Equinix,
Inc.
,
Senior
Bond
,
3.2
%
,
11/18/29
................
United
States
760,000
718,544
9,119,076
Specialty
Retail
0.2%
Dick's
Sporting
Goods,
Inc.
,
Senior
Bond,
3.15%,
1/15/32
.........................
United
States
325,000
294,195
Senior
Bond,
4.1%,
1/15/52
..........................
United
States
1,960,000
1,355,163
Senior
Note,
4%,
10/01/29
..........................
United
States
1,000,000
971,714
2,621,072
Technology
Hardware,
Storage
&
Peripherals
0.2%
Dell
International
LLC
/
EMC
Corp.
,
Senior
Bond,
5.25%,
2/15/37
.........................
United
States
1,280,000
1,229,307
Senior
Note,
4.75%,
7/15/31
.........................
United
States
340,000
334,396
Hewlett
Packard
Enterprise
Co.
,
Senior
Note,
4.55%,
10/15/29
........................
United
States
435,000
430,385
Senior
Note,
4.85%,
10/15/31
........................
United
States
1,506,000
1,484,238
3,478,326
Textiles,
Apparel
&
Luxury
Goods
0.1%
Tapestry,
Inc.
,
Senior
Bond,
3.05%,
3/15/32
.........................
United
States
319,000
286,569
Senior
Bond,
5.5%,
3/11/35
..........................
United
States
824,000
815,764
Senior
Note,
5.1%,
3/11/30
..........................
United
States
691,000
692,022
1,794,355
Tobacco
0.7%
BAT
Capital
Corp.
,
Senior
Bond,
4.39%,
8/15/37
.........................
United
Kingdom
850,000
760,044
Senior
Note,
4.625%,
3/22/33
........................
United
Kingdom
3,120,000
3,008,934
b
Imperial
Brands
Finance
plc
,
Senior
Bond,
144A,
5.875%,
7/01/34
...................
United
Kingdom
1,600,000
1,624,895
Senior
Bond,
144A,
5.5%,
7/07/36
.....................
United
Kingdom
1,600,000
1,556,504
Philip
Morris
International,
Inc.
,
Senior
Note,
5.125%,
2/15/30
........................
United
States
2,013,000
2,028,885
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
16
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Tobacco
(continued)
Philip
Morris
International,
Inc.,
(continued)
Senior
Note,
4.75%,
11/01/31
........................
United
States
2,460,000
$
2,442,551
11,421,813
Trading
Companies
&
Distributors
0.5%
b
Aircastle
Ltd.
,
Senior
Note
,
144A,
6.5
%
,
7/18/28
............
United
States
3,265,000
3,354,781
b
Aviation
Capital
Group
LLC
,
Senior
Note,
144A,
5.375%,
7/15/29
...................
United
States
1,920,000
1,934,613
Senior
Note,
144A,
5.125%,
4/10/30
...................
United
States
770,000
766,163
Sumisho
Air
Lease
Corp.
,
Senior
Note
,
5.85
%
,
12/15/27
......
United
States
805,000
816,311
6,871,868
Water
Utilities
0.2%
Essential
Utilities,
Inc.
,
Senior
Bond,
2.4%,
5/01/31
..........................
United
States
2,000,000
1,775,877
Senior
Bond,
5.125%,
3/15/36
........................
United
States
1,035,000
997,891
2,773,768
Wireless
Telecommunication
Services
0.6%
Rogers
Communications,
Inc.
,
Senior
Note,
5%,
2/15/29
...........................
Canada
740,000
741,041
Sub.
Bond,
7.125%
to
4/14/35,
FRN
thereafter,
4/15/55
.....
Canada
790,000
797,670
NC5,
Sub.
Bond,
7%
to
4/14/30,
FRN
thereafter,
4/15/55
....
Canada
785,000
790,127
T-Mobile
USA,
Inc.
,
Senior
Bond,
5.05%,
7/15/33
.........................
United
States
497,000
486,163
Senior
Bond,
4.95%,
11/15/35
........................
United
States
1,940,000
1,839,347
Senior
Bond,
5%,
2/15/36
...........................
United
States
1,390,000
1,317,988
Senior
Note,
3.375%,
4/15/29
........................
United
States
460,000
442,574
Senior
Note,
5.125%,
5/15/32
........................
United
States
2,410,000
2,395,937
Senior
Note,
6.7%,
12/15/33
.........................
United
States
1,050,000
1,126,805
9,937,652
Total
Corporate
Bonds
(Cost
$474,279,893)
...................................
468,822,166
Foreign
Government
and
Agency
Securities
0.2%
b,c
Electricite
de
France
SA
,
Junior
Sub.
Bond
,
144A,
9.125%
to
6/14/33,
FRN
thereafter
,
Perpetual
.....................
France
2,600,000
3,011,955
Total
Foreign
Government
and
Agency
Securities
(Cost
$3,031,850)
.............
3,011,955
U.S.
Government
and
Agency
Securities
35.8%
U.S.
Treasury
Bonds
,
4.375%,
11/15/39
.................................
United
States
27,070,000
25,545,198
4.25%,
11/15/40
..................................
United
States
1,570,000
1,443,480
3.375%,
8/15/42
..................................
United
States
5,220,000
4,189,866
5%,
5/15/45
.....................................
United
States
3,870,000
3,750,347
4.625%,
2/15/46
..................................
United
States
77,530,000
71,442,684
5%,
5/15/46
.....................................
United
States
1,170,000
1,131,884
1.875%,
11/15/51
.................................
United
States
23,870,000
12,414,265
f
2.875%,
5/15/52
..................................
United
States
80,230,000
52,727,720
3%,
8/15/52
.....................................
United
States
11,530,000
7,766,536
4.75%,
8/15/55
...................................
United
States
8,540,000
7,887,157
4.625%,
11/15/55
.................................
United
States
9,500,000
8,598,242
5%,
5/15/56
.....................................
United
States
10,340,000
9,946,595
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
17
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
U.S.
Government
and
Agency
Securities
(continued)
U.S.
Treasury
Notes
,
1.875%,
2/28/29
..................................
United
States
1,520,000
$
1,430,492
3.5%,
3/15/29
....................................
United
States
114,360,000
112,063,866
4.125%,
6/15/29
..................................
United
States
4,250,000
4,227,090
3.25%,
6/30/29
...................................
United
States
56,230,000
54,581,538
4.125%,
7/15/29
..................................
United
States
15,330,000
15,244,368
3.125%,
8/31/29
..................................
United
States
5,080,000
4,904,383
3.625%,
12/31/30
.................................
United
States
30,740,000
29,779,375
3.5%,
2/28/31
....................................
United
States
55,750,000
53,672,442
3.875%,
4/30/31
..................................
United
States
10,000
9,769
4.125%,
6/30/31
..................................
United
States
16,150,000
15,938,031
4.125%,
2/29/32
..................................
United
States
5,290,000
5,201,558
4.25%,
6/30/33
...................................
United
States
6,410,000
6,292,817
4%,
2/15/34
.....................................
United
States
2,750,000
2,645,640
4.25%,
11/15/34
..................................
United
States
1,100,000
1,070,395
4.625%,
2/15/35
..................................
United
States
66,830,000
66,683,809
4%,
11/15/35
.....................................
United
States
2,060,000
1,953,137
Total
U.S.
Government
and
Agency
Securities
(Cost
$604,967,945)
..............
582,542,684
Asset-Backed
Securities
8.1%
Automobiles
0.0%
†
Volkswagen
Auto
Loan
Enhanced
Trust
,
2025-1
,
A2A
,
4.51
%
,
1/20/28
.
.........................................
United
States
265,900
266,065
Capital
Markets
0.2%
b,g
Magnetite
XL
Ltd.
,
2024-40A
,
A1
,
144A,
FRN
,
5.203
%
,
(
3-month
SOFR
+
1.45
%
),
7/15/37
.
............................
United
States
3,200,000
3,200,000
Consumer
Finance
1.0%
Capital
One
Prime
Auto
Receivables
Trust
,
2025-1
,
A3
,
3.85
%
,
7/15/30
.
.........................................
United
States
2,013,000
1,994,519
GM
Financial
Consumer
Automobile
Receivables
Trust
,
2023-3
,
A3
,
5.45
%
,
6/16/28
.
................................
United
States
497,283
499,099
Harley-Davidson
Motorcycle
Trust
,
2023-B
,
A3
,
5.69
%
,
8/15/28
.
United
States
258,272
259,346
Hyundai
Auto
Receivables
Trust
,
2023-B,
A3,
5.48%,
4/17/28
..........................
United
States
427,567
428,823
g
2025-C,
A2B,
FRN,
3.975%,
(30-day
SOFR
Average
+
0.35%),
7/17/28
.........................................
United
States
3,397,376
3,397,873
g
2026-A,
A2B,
FRN,
3.965%,
(30-day
SOFR
Average
+
0.34%),
2/15/29
.........................................
United
States
4,540,000
4,541,731
Toyota
Auto
Receivables
Owner
Trust
,
2023-B,
A3,
4.71%,
2/15/28
..........................
United
States
63,813
63,913
2023-C,
A3,
5.16%,
4/17/28
..........................
United
States
154,271
154,721
g
2025-D,
A2B,
FRN,
3.945%,
(30-day
SOFR
Average
+
0.32%),
8/15/28
.........................................
United
States
1,283,639
1,284,146
2026-A,
A3,
3.86%,
9/16/30
..........................
United
States
1,011,000
1,000,591
World
Omni
Auto
Receivables
Trust
,
2024-A,
A3,
4.86%,
3/15/29
..........................
United
States
250,209
251,024
2026-A,
A3,
3.86%,
5/15/31
..........................
United
States
1,579,000
1,558,033
2026-B,
A3,
4.37%,
6/16/31
..........................
United
States
1,366,000
1,361,557
16,795,376
a
a
a
a
a
a
Financial
Services
6.9%
b,g
Allegro
CLO
XII
Ltd.
,
2020-1A
,
A1R
,
144A,
FRN
,
5.174
%
,
(
3-month
SOFR
+
1.44
%
),
7/21/37
.
....................
United
States
450,000
450,927
b,g
Angel
Oak
Mortgage
Trust
,
2025-HB1
,
A1
,
144A,
FRN
,
5.416
%
,
(
30-day
SOFR
Average
+
1.8
%
),
2/25/55
.
................
United
States
485,659
488,972
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
18
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
b,g
Apex
Credit
CLO
LLC
,
2021-2A
,
A1AR
,
144A,
FRN
,
4.909
%
,
(
3-month
SOFR
+
1.18
%
),
10/20/34
.
...................
United
States
5,150,000
$
5,154,114
b,g
Ares
LXIX
CLO
Ltd.
,
2024-69A
,
A1R
,
144A,
FRN
,
5.003
%
,
(
3-month
SOFR
+
1.25
%
),
4/15/36
.
....................
Jersey
6,075,000
6,082,424
b,g
Bain
Capital
Credit
CLO
Ltd.
,
2020-3A,
A1R3,
144A,
FRN,
4.742%,
(3-month
SOFR
+
0.99%),
10/23/34
..................................
United
States
7,650,000
7,646,941
2022-2A,
A1R,
144A,
FRN,
4.883%,
(3-month
SOFR
+
1.15%),
4/22/35
.........................................
United
States
500,000
500,449
b
Bank
of
America
Auto
Trust
,
2023-2A
,
A4
,
144A,
5.66
%
,
11/15/29
.
United
States
1,075,000
1,082,551
b,g
Battalion
CLO
X
Ltd.
,
2016-10A
,
A1R3
,
144A,
FRN
,
4.915
%
,
(
3-month
SOFR
+
1.14
%
),
1/24/35
.
....................
United
States
1,729,799
1,731,310
b
Bayview
Opportunity
Master
Fund
VII
Trust
,
2023-1A
,
A
,
144A,
6.93
%
,
10/28/60
.
..................................
United
States
180,627
181,583
b,g
Beechwood
Park
CLO
Ltd.
,
2019-1A
,
A2RR
,
144A,
FRN
,
5.08
%
,
(
3-month
SOFR
+
1.33
%
),
1/17/35
.
....................
Jersey
2,750,000
2,751,434
b,g
Birch
Grove
CLO
2
Ltd.
,
2021-2A
,
A1R
,
144A,
FRN
,
5.129
%
,
(
3-month
SOFR
+
1.4
%
),
10/19/37
.
....................
United
States
700,000
701,758
b,g
Black
Diamond
CLO
Ltd.
,
2021-1A
,
A1AR
,
144A,
FRN
,
4.983
%
,
(
3-month
SOFR
+
1.25
%
),
11/22/34
.
....................
United
States
250,000
250,208
BMW
Vehicle
Owner
Trust
,
2023-A
,
A3
,
5.47
%
,
2/25/28
.
......
United
States
68,181
68,381
b
BofA
Auto
Trust
,
2024-1A
,
A3
,
144A,
5.35
%
,
11/15/28
.
........
United
States
403,598
405,491
b
BRAVO
Residential
Funding
Trust
,
2024-CES1,
A1A,
144A,
6.377%,
4/25/54
................
United
States
1,422,767
1,429,609
g
2025-HE1,
A1,
144A,
FRN,
4.966%,
(30-day
SOFR
Average
+
1.35%),
9/25/72
...................................
United
States
1,179,954
1,183,253
CarMax
Auto
Owner
Trust
,
2026-1,
A2A,
3.87%,
4/16/29
.........................
United
States
901,000
898,708
2026-1,
A3,
4.04%,
3/17/31
..........................
United
States
721,000
715,421
2026-2,
A3,
4.22%,
6/16/31
..........................
United
States
850,000
843,423
2026-3,
A3,
4.6%,
9/15/31
...........................
United
States
2,354,000
2,353,800
b,g
Cathedral
Lake
VIII
Ltd.
,
2021-8A
,
A1R
,
144A,
FRN
,
4.859
%
,
(
3-month
SOFR
+
1.13
%
),
1/20/35
.
....................
United
States
1,540,000
1,541,289
b,e,g
Cedar
Funding
IX
CLO
Ltd.
,
2018-9AR
,
ARR
,
144A,
FRN
,
Zero
Cpn
.,
(
3-month
SOFR
+
1.23
%
),
7/20/37
.
................
United
States
3,000,000
3,000,765
b
Chase
Auto
Owner
Trust
,
2022-AA,
A4,
144A,
3.99%,
3/27/28
....................
United
States
63,884
63,871
2025-1A,
A3,
144A,
4.29%,
6/25/30
....................
United
States
1,352,000
1,350,731
2026-1A,
A3,
144A,
4.53%,
6/25/31
....................
United
States
674,000
673,131
b,g
CIFC
Funding
Ltd.
,
2021-4A
,
AR
,
144A,
FRN
,
5.112
%
,
(
3-month
SOFR
+
1.36
%
),
7/23/37
.
............................
United
States
500,000
500,300
b
Citizens
Auto
Receivables
Trust
,
2024-1
,
A3
,
144A,
5.11
%
,
4/17/28
.
.........................................
United
States
1,193,379
1,196,263
b
Compass
Datacenters
Issuer
II
LLC
,
2024-2A,
A1,
144A,
5.022%,
8/25/49
...................
United
States
2,072,000
2,044,363
2025-2A,
A1,
144A,
4.926%,
11/25/50
..................
United
States
3,370,000
3,281,004
b,g
Crown
Point
CLO
10
Ltd.
,
2021-10A
,
A
,
144A,
FRN
,
5.161
%
,
(
3-month
SOFR
+
1.432
%
),
7/20/34
.
...................
United
States
500,000
500,833
b,g
Danby
Park
CLO
Ltd.
,
2022-1A
,
AR
,
144A,
FRN
,
5.094
%
,
(
3-month
SOFR
+
1.36
%
),
10/21/37
.
...................
Jersey
2,510,000
2,514,265
b,g
Elevation
CLO
Ltd.
,
2021-13A
,
A1R
,
144A,
FRN
,
4.813
%
,
(
3-month
SOFR
+
1.06
%
),
7/15/34
.
....................
United
States
500,000
500,236
b,g
Elmwood
CLO
16
Ltd.
,
2022-3A
,
BRR
,
144A,
FRN
,
5.179
%
,
(
3-month
SOFR
+
1.45
%
),
4/20/37
.
....................
United
States
3,025,000
3,036,149
b,g
Elmwood
CLO
33
Ltd.
,
2024-9RA
,
AR
,
144A,
FRN
,
5.114
%
,
(
3-month
SOFR
+
1.38
%
),
10/21/37
.
...................
United
States
750,000
751,276
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
19
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
b,g
Elmwood
CLO
I
Ltd.
,
2019-1A
,
A1R3
,
144A,
FRN
,
4.849
%
,
(
3-month
SOFR
+
1.12
%
),
4/20/37
.
....................
United
States
1,000,000
$
1,000,459
b,g
Elmwood
CLO
III
Ltd.
,
2019-3A
,
A1RR
,
144A,
FRN
,
5.109
%
,
(
3-month
SOFR
+
1.38
%
),
7/18/37
.
....................
United
States
850,000
851,743
b
FIGRE
Trust
,
2025-FL1,
A1,
144A,
5.265%,
7/25/55
..................
United
States
701,506
698,442
h
2025-HE3,
A,
144A,
FRN,
5.56%,
5/25/55
...............
United
States
268,401
267,845
h
2025-HE4,
A,
144A,
FRN,
5.408%,
7/25/55
..............
United
States
268,822
266,662
g
Ford
Credit
Auto
Owner
Trust
,
2025-B
,
A2B
,
FRN
,
3.925
%
,
(
30-
day
SOFR
Average
+
0.3
%
),
6/15/28
.
...................
United
States
361,997
361,983
b
GM
Financial
Revolving
Receivables
Trust
,
2024-1
,
A
,
144A,
4.98
%
,
12/11/36
.
..................................
United
States
1,868,000
1,884,664
b,g
HalseyPoint
CLO
3
Ltd.
,
2020-3A
,
A1R
,
144A,
FRN
,
5.323
%
,
(
3-month
SOFR
+
1.48
%
),
7/30/37
.
....................
United
States
3,152,000
3,158,399
Honda
Auto
Receivables
Owner
Trust
,
2023-3,
A3,
5.41%,
2/18/28
..........................
United
States
366,651
368,017
2025-4,
A2A,
4.04%,
6/15/28
.........................
United
States
3,063,099
3,062,199
2026-1,
A2A,
3.71%,
9/21/28
.........................
United
States
2,555,000
2,547,928
b
J.P.
Morgan
Mortgage
Trust
,
g
2023-HE1,
A1,
144A,
FRN,
5.371%,
(30-day
SOFR
Average
+
1.75%),
11/25/53
..................................
United
States
93,366
93,463
2024-CES1,
A1A,
144A,
5.919%,
6/25/54
................
United
States
356,577
357,323
g
2024-HE3,
A1,
144A,
FRN,
4.821%,
(
30-day
SOFR
Average
+
1.2%),
2/25/55
....................................
United
States
421,926
422,982
g
2026-HE1,
A1,
144A,
FRN,
4.871%,
(30-day
SOFR
Average
+
1.25%),
9/20/56
...................................
United
States
338,242
339,691
b,g
KKR
CLO
43
Ltd.
,
2022-43A
,
A1R2
,
144A,
FRN
,
4.853
%
,
(
3-month
SOFR
+
1.1
%
),
4/15/38
.
.....................
Jersey
300,000
299,399
b,g
KKR
CLO
54
Ltd.
,
2024-54A
,
A
,
144A,
FRN
,
5.073
%
,
(
3-month
SOFR
+
1.32
%
),
1/15/38
.
............................
United
States
2,275,000
2,278,410
b,g
LCM
39
Ltd.
,
39A
,
A2R2
,
144A,
FRN
,
5.053
%
,
(
3-month
SOFR
+
1.3
%
),
10/15/34
.
..................................
Jersey
1,000,000
1,000,412
b
Lendbuzz
Securitization
Trust
,
2024-3A
,
A2
,
144A,
4.97
%
,
10/15/29
.
........................................
United
States
676,848
677,396
b
Lohrasp
Enterprise
II
LLC
,
2026-1A
,
A21
,
144A,
5.512
%
,
7/17/56
.
United
States
530,000
529,530
b,g
Madison
Park
Funding
XXX
Ltd.
,
2018-30A
,
A1R
,
144A,
FRN
,
5.153
%
,
(
3-month
SOFR
+
1.36
%
),
7/16/37
.
..............
United
States
1,180,000
1,181,953
b,g
Neuberger
Berman
Loan
Advisers
CLO
48
Ltd.
,
2022-48A
,
A2R
,
144A,
FRN
,
5.26
%
,
(
3-month
SOFR
+
1.45
%
),
4/25/36
.
.....
United
States
400,000
400,324
b,g
Neuberger
Berman
Loan
Advisers
CLO
51
Ltd.
,
2022-51A,
AR2,
144A,
FRN,
4.752%,
(3-month
SOFR
+
1%),
10/23/36
........................................
Jersey
1,200,000
1,201,156
2022-51A,
BR2,
144A,
FRN,
5.152%,
(3-month
SOFR
+
1.4%),
10/23/36
........................................
Jersey
2,850,000
2,855,757
b,g
Oaktree
CLO
Ltd.
,
2019-4A,
AR3,
144A,
FRN,
4.959%,
(3-month
SOFR
+
1.23%),
7/20/37
.........................................
United
States
1,600,000
1,600,758
2021-1A,
A1R,
144A,
FRN,
5.103%,
(3-month
SOFR
+
1.35%),
1/15/38
.........................................
United
States
938,000
939,924
b
OCCU
Auto
Receivables
Trust
,
2025-1A
,
A3
,
144A,
4.81
%
,
11/15/29
.
........................................
United
States
561,000
562,594
b,g
OHA
Loan
Funding
Ltd.
,
2016-1A
,
A1R2
,
144A,
FRN
,
5.189
%
,
(
3-month
SOFR
+
1.46
%
),
7/20/37
.
....................
United
States
2,043,000
2,047,985
b
PK
ALIFT
Loan
Funding
7
LP
,
2025-2
,
A
,
144A,
4.75
%
,
3/15/43
.
United
States
559,126
552,991
b
PK
ALIFT
Loan
Funding
8
LP
,
2026-1
,
A
,
144A,
4.614
%
,
9/15/43
.
United
States
1,144,000
1,124,088
b,g
PRMI
Securitization
Trust
,
2024-CMG1
,
A1
,
144A,
FRN
,
5.082
%
,
(
30-day
SOFR
Average
+
1.45
%
),
7/25/54
.
...............
United
States
524,574
524,318
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
20
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
b,g
Regatta
X
Funding
Ltd.
,
2017-3A
,
AR2
,
144A,
FRN
,
5.036
%
,
(
3-month
SOFR
+
1.23
%
),
7/17/37
.
....................
United
States
2,300,000
$
2,300,575
b,g
RR
14
Ltd.
,
2021-14A
,
A1
,
144A,
FRN
,
5.135
%
,
(
3-month
SOFR
+
1.382
%
),
4/15/36
.
................................
United
States
1,000,000
1,000,549
b,g
Signal
Peak
CLO
5
Ltd.
,
2018-5A
,
A1R2
,
144A,
FRN
,
5.04
%
,
(
3-month
SOFR
+
1.23
%
),
4/25/37
.
....................
United
States
600,000
600,507
b,g
Sound
Point
CLO
XXXII
Ltd.
,
2021-4A
,
AR
,
144A,
FRN
,
4.84
%
,
(
3-month
SOFR
+
1.03
%
),
10/25/34
.
...................
United
States
500,000
500,407
b,g
Symphony
CLO
XXIII
Ltd.
,
2020-23A
,
AR2
,
144A,
FRN
,
4.653
%
,
(
3-month
SOFR
+
0.9
%
),
1/15/34
.
.....................
United
States
505,630
505,627
b,g
TCW
CLO
Ltd.
,
2020-1A
,
A1R3
,
144A,
FRN
,
4.779
%
,
(
3-month
SOFR
+
1.05
%
),
4/20/34
.
............................
United
States
7,847,167
7,852,020
b
Towd
Point
Mortgage
Trust
,
2024-CES4,
A1,
144A,
5.122%,
9/25/64
.................
United
States
239,909
239,128
g
2025-HE1,
A1A
,
144A,
FRN,
4.966%,
(30-day
SOFR
Average
+
1.35%),
7/25/65
...................................
United
States
613,027
614,672
b,g
Trinitas
CLO
XV
Ltd.
,
2021-15A
,
A1R
,
144A,
FRN
,
4.853
%
,
(
3-month
SOFR
+
1.12
%
),
4/22/34
.
....................
United
States
2,696,907
2,700,146
b,g
Trinitas
CLO
XVII
Ltd.
,
2021-17A
,
B1R
,
144A,
FRN
,
5.379
%
,
(
3-month
SOFR
+
1.65
%
),
10/20/34
.
...................
United
States
3,000,000
3,007,203
b,g
Venture
XV
CLO
Ltd.
,
2013-15A
,
AR3
,
144A,
FRN
,
5.195
%
,
(
3-month
SOFR
+
1.442
%
),
7/15/32
.
...................
United
States
99,551
99,615
b,g
Venture
XXVII
CLO
Ltd.
,
2017-27A
,
BR
,
144A,
FRN
,
5.591
%
,
(
3-month
SOFR
+
1.862
%
),
7/20/30
.
...................
United
States
23,990
24,052
b,g
Wind
River
CLO
Ltd.
,
2021-1A
,
A2R
,
144A,
FRN
,
5.429
%
,
(
3-month
SOFR
+
1.7
%
),
7/20/37
.
.....................
United
States
350,000
351,726
b,g
Wise
CLO
Ltd.
,
2024-2A
,
A
,
144A,
FRN
,
5.213
%
,
(
3-month
SOFR
+
1.46
%
),
7/15/37
.
.................................
United
States
750,000
751,805
b,g
Zais
CLO
16
Ltd.
,
2020-16A
,
A1R2
,
144A,
FRN
,
4.859
%
,
(
3-month
SOFR
+
1.13
%
),
10/20/34
.
...................
United
States
1,560,000
1,562,044
111,444,104
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$131,963,204)
............................
131,705,545
Commercial
Mortgage-Backed
Securities
5.7%
Financial
Services
5.7%
b,h
1301
Trust
,
2025-1301
,
A
,
144A,
FRN
,
5.059
%
,
8/11/42
.......
United
States
1,878,000
1,863,964
b,g
AREIT
Trust
,
2022-CRE6
,
A
,
144A,
FRN
,
4.871
%
,
(
30-day
SOFR
Average
+
1.25
%
),
1/20/37
...........................
United
States
87,146
87,348
h
Banc
of
America
Commercial
Mortgage
Trust
,
2015-UBS7
,
B
,
FRN
,
4.286
%
,
9/15/48
..............................
United
States
1,185,048
1,182,234
BANK
Trust
,
h,i
2017-BNK9,
XA,
IO,
FRN,
0.704%,
11/15/54
.............
United
States
29,528,229
203,104
h,i
2018-BN10,
XA,
IO,
FRN,
0.682%,
2/15/61
..............
United
States
36,960,674
280,997
2019-BN18,
A2,
3.474%,
5/15/62
......................
United
States
820,313
796,161
BANK5
Trust
,
h,i
2024-5YR10,
XA,
IO,
FRN,
1.186%,
10/15/57
.............
United
States
17,474,470
558,079
h,i
2024-5YR12,
XA,
IO,
FRN,
0.496%,
12/15/57
.............
United
States
113,207,088
1,679,523
2026-5YR20,
AS,
5.336%,
2/15/59
.....................
United
States
899,000
894,317
h
2026-5YR22,
AS,
FRN,
6.019%,
6/15/59
................
United
States
2,390,000
2,444,585
h,i
2026-5YR22,
XA,
IO,
FRN,
0.524%,
6/15/59
.............
United
States
60,034,406
1,470,930
Barclays
Commercial
Mortgage
Trust
,
2019-C3,
A2,
3.438%,
5/15/52
........................
United
States
565,635
554,547
2019-C5,
C,
3.71%,
11/15/52
.........................
United
States
3,672,000
3,375,348
BBCMS
Mortgage
Trust
,
h
2023-C21,
A3,
FRN,
6.296%,
9/15/56
...................
United
States
1,014,000
1,040,450
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
21
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
BBCMS
Mortgage
Trust,
(continued)
h,i
2024-5C29,
XA,
IO,
FRN,
1.596%,
9/15/57
...............
United
States
28,001,869
$
1,183,404
h,i
2024-5C31,
XA,
IO,
FRN,
1.061%,
12/15/57
..............
United
States
15,162,753
465,521
h
2025-5C37,
AS,
FRN,
5.382%,
9/15/58
.................
United
States
1,752,000
1,748,538
h,i
2026-5C41,
XA,
IO,
FRN,
1.159%,
5/15/69
...............
United
States
29,418,983
1,422,408
2026-5C42,
AS,
5.902%,
6/15/59
......................
United
States
1,282,000
1,307,765
Benchmark
Mortgage
Trust
,
2019-B13,
A2,
2.889%,
8/15/57
.......................
United
States
3,053,609
2,945,280
2019-B14,
A2,
2.915%,
12/15/62
......................
United
States
984,204
960,215
2019-B15,
A2,
2.914%,
12/15/72
......................
United
States
2,041,948
2,019,414
2020-B17,
A2,
2.211%,
3/15/53
.......................
United
States
1,412,582
1,336,757
2020-B19,
AS,
2.148%,
9/15/53
.......................
United
States
1,811,000
1,513,275
2026-V20,
AM,
5.436%,
2/15/59
.......................
United
States
1,760,000
1,759,076
2026-V21,
AS,
5.506%,
3/15/59
.......................
United
States
1,602,000
1,602,141
h,i
2026-V21,
XA,
IO,
FRN,
1.43%,
3/15/59
.................
United
States
13,696,131
788,002
h,i
BMO
Mortgage
Trust
,
2024-5C8
,
XA
,
IO,
FRN
,
1.02
%
,
12/15/57
United
States
18,563,359
564,664
b,g
BX
Commercial
Mortgage
Trust
,
2026-CSMO
,
A
,
144A,
FRN
,
5.076
%
,
(
1-month
SOFR
+
1.4
%
),
2/15/43
...............
United
States
2,236,000
2,245,264
b
BX
Trust
,
h
2025-ARIA,
A,
144A,
FRN,
5.031%,
12/13/42
.............
United
States
2,046,000
2,034,178
h
2025-ARIA,
B,
144A,
FRN,
5.177%,
12/13/42
.............
United
States
1,574,000
1,557,566
g
2025-VOLT,
A,
144A,
FRN,
5.376%,
(
1-month
SOFR
+
1.7%),
12/15/44
........................................
United
States
851,000
850,317
g
2026-CLS,
A,
144A,
FRN,
5.076%,
(1-month
SOFR
+
1.4%),
5/15/43
.........................................
United
States
1,718,000
1,723,686
h,i
Cantor
Commercial
Real
Estate
Lending
LP
,
2019-CF3
,
XA
,
IO,
FRN
,
0.671
%
,
1/15/53
..............................
United
States
8,085,267
151,020
CD
Mortgage
Trust
,
2016-CD1
,
A4
,
2.724
%
,
8/10/49
.........
United
States
470,226
468,784
h
CGMS
Commercial
Mortgage
Trust
,
2017-B1
,
AS
,
FRN
,
3.711
%
,
8/15/50
.........................................
United
States
1,136,000
1,116,309
Citigroup
Commercial
Mortgage
Trust
,
2016-C3,
A4,
3.154%,
11/15/49
.......................
United
States
1,960,000
1,951,578
h
2016-P6,
A5,
FRN,
3.72%,
12/10/49
....................
United
States
423,000
420,500
2020-GC46,
A2,
2.708%,
2/15/53
......................
United
States
993,911
939,972
COMM
Mortgage
Trust
,
h
2014-CR14,
B,
FRN,
3.189%,
2/10/47
..................
United
States
303,854
301,473
h
2014-CR17,
C,
FRN,
4.78%,
5/10/47
...................
United
States
841,000
820,389
2015-DC1,
AM,
3.724%,
2/10/48
......................
United
States
819,412
807,040
h
2015-LC19,
C,
FRN,
4.421%,
2/10/48
..................
United
States
264,201
257,773
CSAIL
Commercial
Mortgage
Trust
,
2016-C6,
AS,
3.346%,
1/15/49
........................
United
States
45,525
45,397
2017-CX10,
A3,
3.398%,
11/15/50
.....................
United
States
98,149
98,114
h
2019-C17,
C,
FRN,
3.934%,
9/15/52
...................
United
States
213,000
171,399
2019-C18,
A2,
2.845%,
12/15/52
......................
United
States
1,192,986
1,130,654
h
CSMC
Trust
,
2016-NXSR
,
AS
,
FRN
,
4.049
%
,
12/15/49
.......
United
States
651,000
643,473
b,h
CSTL
Commercial
Mortgage
Trust
,
2025-GATE2
,
A
,
144A,
FRN
,
4.56
%
,
11/10/42
...................................
United
States
1,679,000
1,640,571
b,h
DBUBS
Mortgage
Trust
,
2011-LC3A
,
D
,
144A,
FRN
,
5.356
%
,
8/10/44
.........................................
United
States
1,042,792
1,019,900
GS
Mortgage
Securities
Trust
,
h
2016-GS2,
B,
FRN,
3.759%,
5/10/49
...................
United
States
544,000
521,892
h,i
2019-GC38,
XA,
IO,
FRN,
1.005%,
2/10/52
..............
United
States
34,041,994
712,908
2019-GC42,
A2,
2.933%,
9/10/52
......................
United
States
1,731,434
1,651,536
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
b,h
2007-CB20,
E,
144A,
FRN,
10.084%,
2/12/51
............
United
States
5,621
7,930
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
22
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust,
(continued)
2016-JP3,
AS,
3.144%,
8/15/49
.......................
United
States
1,400,000
$
1,360,034
h
JPMBB
Commercial
Mortgage
Securities
Trust
,
2014-C23,
B,
FRN,
4.522%,
9/15/47
...................
United
States
1,101,089
1,090,948
i
2014-C24,
XA,
IO,
FRN,
0.695%,
11/15/47
...............
United
States
4,462,577
45
JPMDB
Commercial
Mortgage
Securities
Trust
,
h
2018-C8,
C,
FRN,
4.754%,
6/15/51
....................
United
States
358,000
325,757
2019-COR6,
A2,
2.946%,
11/13/52
.....................
United
States
2,435,627
2,373,905
b
LSTAR
Commercial
Mortgage
Trust
,
2017-5
,
A5
,
144A,
3.549
%
,
3/10/50
.........................................
United
States
1,464,732
1,457,864
b,h
MAD
Commercial
Mortgage
Trust
,
2025-11MD,
A,
144A,
FRN,
4.754%,
10/15/42
............
United
States
1,790,000
1,761,733
2025-11MD,
C,
144A,
FRN,
5.631%,
10/15/42
............
United
States
1,611,000
1,606,002
2025-11MD,
D,
144A,
FRN,
6.359%,
10/15/42
............
United
States
750,000
756,410
h
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
b
2012-C5,
E,
144A,
FRN,
4.667%,
8/15/45
...............
United
States
92,204
91,804
2013-C10,
B,
FRN,
3.949%,
7/15/46
...................
United
States
1,208,447
1,149,739
b
2013-C10,
F,
144A,
FRN,
3.949%,
7/15/46
...............
United
States
1,661,000
294,546
2015-C22,
B,
FRN,
3.883%,
4/15/48
...................
United
States
506,000
463,310
2015-C22,
C,
FRN,
3.962%,
4/15/48
...................
United
States
910,000
767,349
2016-C32,
AS,
FRN,
3.994%,
12/15/49
.................
United
States
983,000
973,178
Morgan
Stanley
Capital
I
Trust
,
2016-BNK2,
A4,
3.049%,
11/15/49
.....................
United
States
875,000
863,033
h,i
2016-UB12,
XA,
IO,
FRN,
0.654%,
12/15/49
.............
United
States
16,516,823
165
h
2018-L1,
C,
FRN,
4.78%,
10/15/51
.....................
United
States
1,150,056
1,048,313
b
One
Bryant
Park
Trust
,
2019-OBP
,
A
,
144A,
2.516
%
,
9/15/54
..
United
States
1,554,000
1,432,118
b,g
SDR
Commercial
Mortgage
Trust
,
2024-DSNY
,
A
,
144A,
FRN
,
5.068
%
,
(
1-month
SOFR
+
1.392
%
),
5/15/39
.............
United
States
1,485,000
1,487,674
b,g
SHRN
Trust
,
2025-MF18
,
A
,
144A,
FRN
,
4.876
%
,
(
1-month
SOFR
+
1.2
%
),
10/15/40
.................................
United
States
1,900,000
1,902,152
UBS
Commercial
Mortgage
Trust
,
2017-C1,
AS,
3.724%,
6/15/50
........................
United
States
472,000
464,210
h
2017-C3,
B,
FRN,
4.092%,
8/15/50
....................
United
States
1,313,000
1,270,041
h,i
2017-C7,
XA,
IO,
FRN,
0.962%,
12/15/50
................
United
States
11,691,368
118,048
2018-C10,
A4,
4.313%,
5/15/51
.......................
United
States
366,000
361,838
2018-C14,
A4,
4.448%,
12/15/51
......................
United
States
681,000
672,557
h,i
2018-C8,
XA,
IO,
FRN,
0.806%,
2/15/51
.................
United
States
25,117,433
237,975
h
2019-C16,
B,
FRN,
4.32%,
4/15/52
....................
United
States
727,000
669,104
2019-C18,
A2,
2.994%,
12/15/52
......................
United
States
3,273,729
3,237,553
h,i
Wachovia
Bank
Commercial
Mortgage
Trust
,
2006-C29
,
IO,
FRN
,
0.293
%
,
11/15/48
..................................
United
States
13,760
6
Wells
Fargo
Commercial
Mortgage
Trust
,
2017-C39,
B,
4.025%,
9/15/50
........................
United
States
1,077,000
1,021,541
2017-RC1,
AS,
3.844%,
1/15/60
.......................
United
States
762,000
756,580
h,i
2018-C43,
XA,
IO,
FRN,
0.565%,
3/15/51
................
United
States
26,459,909
222,091
2019-C50,
AS,
4.021%,
5/15/52
.......................
United
States
427,000
409,764
2019-C52,
A5,
2.892%,
8/15/52
.......................
United
States
261,000
245,296
h,i
2024-5C2,
XA,
IO,
FRN,
0.542%,
11/15/57
...............
United
States
40,408,846
627,255
h,i
2025-5C3,
XA,
IO,
FRN,
0.813%,
1/15/58
................
United
States
15,326,079
392,820
h,i
2026-5C10,
XA,
IO,
FRN,
0.985%,
6/15/59
...............
United
States
21,569,962
924,916
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
23
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b,h
WFRBS
Commercial
Mortgage
Trust
,
2011-C4
,
D
,
144A,
FRN
,
4.984
%
,
6/15/44
...................................
United
States
223,408
$
220,279
92,395,623
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$93,871,369)
..............
92,395,623
Mortgage-Backed
Securities
26.2%
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
1.3%
FHLMC
Pool,
15
Year,
2%,
9/01/35
......................
United
States
498,907
452,917
FHLMC
Pool,
30
Year,
2%,
3/01/51
-
1/01/52
...............
United
States
3,492,834
2,746,297
FHLMC
Pool,
30
Year,
2.5%,
10/01/50
-
4/01/52
............
United
States
5,706,014
4,767,085
FHLMC
Pool,
30
Year,
3%,
8/01/50
-
3/01/52
...............
United
States
2,134,428
1,859,504
FHLMC
Pool,
30
Year,
3.5%,
7/01/52
.....................
United
States
8,114,731
7,208,329
FHLMC
Pool,
30
Year,
4%,
4/01/52
......................
United
States
701,565
644,159
FHLMC
Pool,
30
Year,
4.5%,
2/01/53
.....................
United
States
252,376
239,379
FHLMC
Pool,
30
Year,
5.5%,
7/01/49
-
11/01/53
............
United
States
3,274,286
3,280,634
FHLMC
Pool,
30
Year,
6%,
5/01/53
......................
United
States
868,000
888,789
FHLMC
Pool,
30
Year,
6.5%,
5/01/53
.....................
United
States
27,085
27,944
22,115,037
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
20.1%
FNMA,
15
Year,
2%,
3/01/37
...........................
United
States
2,045,802
1,853,121
FNMA,
30
Year,
2%,
9/01/50
-
3/01/52
....................
United
States
8,348,807
6,608,251
FNMA,
30
Year,
2.5%,
3/01/51
-
3/01/52
..................
United
States
2,040,637
1,705,773
FNMA,
30
Year,
3%,
9/01/50
-
4/01/51
....................
United
States
1,561,351
1,350,552
FNMA,
30
Year,
3.5%,
7/01/50
-
4/01/52
..................
United
States
4,296,703
3,848,153
FNMA,
30
Year,
4%,
5/01/52
-
5/01/53
....................
United
States
2,338,853
2,154,540
FNMA,
30
Year,
4.5%,
1/01/53
-
5/01/53
..................
United
States
2,295,695
2,181,186
FNMA,
30
Year,
5%,
1/01/49
-
8/01/49
....................
United
States
57,228
56,231
FNMA,
30
Year,
5.5%,
4/01/50
-
9/01/53
..................
United
States
1,512,572
1,521,079
FNMA,
30
Year,
5.5%,
11/01/53
.........................
United
States
6,146,894
6,148,127
FNMA,
30
Year,
6%,
4/01/53
-
10/01/53
...................
United
States
2,278,265
2,340,538
FNMA,
30
Year,
6.5%,
4/01/53
-
7/01/54
..................
United
States
1,102,675
1,141,785
j
Uniform
Mortgage-Backed
Securities,
1.5%,
TBA,
8/25/41
.....
United
States
5,500,000
4,855,152
j
Uniform
Mortgage-Backed
Securities,
2%,
TBA,
8/25/41
......
United
States
7,500,000
6,778,865
j
Uniform
Mortgage-Backed
Securities,
2%,
TBA,
8/25/56
......
United
States
57,100,000
44,493,391
j
Uniform
Mortgage-Backed
Securities,
2.5%,
TBA,
8/25/41
.....
United
States
2,500,000
2,311,911
j
Uniform
Mortgage-Backed
Securities,
2.5%,
TBA,
8/25/56
.....
United
States
50,000,000
40,772,888
j
Uniform
Mortgage-Backed
Securities,
3%,
TBA,
8/25/56
......
United
States
19,500,000
16,627,553
j
Uniform
Mortgage-Backed
Securities,
3.5%,
TBA,
8/25/56
.....
United
States
16,000,000
14,195,625
j
Uniform
Mortgage-Backed
Securities,
4%,
TBA,
8/25/56
......
United
States
24,500,000
22,369,266
j
Uniform
Mortgage-Backed
Securities,
4.5%,
TBA,
8/25/41
.....
United
States
500,000
488,466
j
Uniform
Mortgage-Backed
Securities,
4.5%,
TBA,
8/25/56
.....
United
States
12,500,000
11,739,529
j
Uniform
Mortgage-Backed
Securities,
5%,
TBA,
8/25/41
......
United
States
3,500,000
3,483,303
j
Uniform
Mortgage-Backed
Securities,
5%,
TBA,
8/25/56
......
United
States
28,960,000
27,952,201
j
Uniform
Mortgage-Backed
Securities,
5.5%,
TBA,
8/25/56
.....
United
States
13,840,000
13,698,299
j
Uniform
Mortgage-Backed
Securities,
6%,
TBA,
8/25/56
......
United
States
36,000,000
36,402,047
j
Uniform
Mortgage-Backed
Securities,
6.5%,
TBA,
8/25/56
.....
United
States
49,000,000
50,588,473
327,666,305
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
4.8%
GNMA
II,
30
Year,
3%,
6/20/50
-
4/20/52
..................
United
States
823,033
717,082
GNMA
II,
30
Year,
5.5%,
7/20/53
........................
United
States
741,347
748,454
j
GNMA
II,
Single-family,
30
Year,
2%,
8/15/56
...............
United
States
12,500,000
10,011,719
j
GNMA
II,
Single-family,
30
Year,
2.5%,
8/15/56
.............
United
States
19,500,000
16,279,239
GNMA
II,
Single-family,
30
Year,
3%,
7/20/50
-
1/20/54
.......
United
States
4,584,428
3,995,298
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
24
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
(continued)
GNMA
II,
Single-family,
30
Year,
3.5%,
10/20/49
-
11/20/49
....
United
States
66,538
$
57,642
j
GNMA
II,
Single-family,
30
Year,
3.5%,
8/15/56
.............
United
States
6,960,000
6,093,650
GNMA
II,
Single-family,
30
Year,
4%,
6/20/49
-
1/20/51
.......
United
States
3,589,124
3,313,547
j
GNMA
II,
Single-family,
30
Year,
4%,
8/15/56
...............
United
States
1,000,000
904,827
GNMA
II,
Single-family,
30
Year,
4.5%,
11/20/54
-
12/20/54
....
United
States
5,438,164
5,110,679
j
GNMA
II,
Single-family,
30
Year,
4.5%,
8/15/56
.............
United
States
1,000,000
937,459
GNMA
II,
Single-family,
30
Year,
5%,
5/20/49
-
8/20/53
.......
United
States
759,066
741,465
j
GNMA
II,
Single-family,
30
Year,
5%,
8/15/56
...............
United
States
8,500,000
8,225,505
GNMA
II,
Single-family,
30
Year,
5.5%,
5/20/49
-
7/20/53
......
United
States
1,219,775
1,231,338
j
GNMA
II,
Single-family,
30
Year,
5.5%,
8/15/56
.............
United
States
13,420,000
13,333,319
GNMA
II,
Single-family,
30
Year,
6%,
2/20/53
-
7/20/54
.......
United
States
3,699,606
3,828,930
GNMA
II,
Single-family,
30
Year,
6.5%,
9/20/53
-
11/20/53
.....
United
States
2,023,977
2,117,511
77,647,664
Total
Mortgage-Backed
Securities
(Cost
$435,077,017)
.........................
427,429,006
Residential
Mortgage-Backed
Securities
6.2%
Financial
Services
6.2%
b
A&D
Mortgage
Trust
,
2023-NQM2,
A1,
144A,
6.132%,
5/25/68
................
United
States
637,360
635,837
2023-NQM3,
A1,
144A,
6.733%,
7/25/68
................
United
States
919,861
917,637
2023-NQM5,
A1,
144A,
7.049%,
11/25/68
...............
United
States
2,738,403
2,746,740
2024-NQM3,
A1,
144A,
6.451%,
7/25/69
................
United
States
2,628,709
2,643,166
h
Alternative
Loan
Trust
,
2006-OA7
,
1A1
,
FRN
,
3
%
,
6/25/46
.....
United
States
285,190
261,680
b
Angel
Oak
Mortgage
Trust
,
2024-9
,
A1
,
144A,
5.138
%
,
9/25/69
.
United
States
537,257
536,460
b,h
Arroyo
Mortgage
Trust
,
2019-1
,
A3
,
144A,
FRN
,
4.208
%
,
1/25/49
United
States
64,878
63,437
b
BRAVO
Residential
Funding
Trust
,
2023-NQM5,
A1,
144A,
6.505%,
6/25/63
................
United
States
462,077
462,407
2023-NQM6,
A1,
144A,
6.602%,
9/25/63
................
United
States
499,557
498,352
2024-NQM2,
A1,
144A,
6.285%,
2/25/64
................
United
States
1,091,747
1,094,877
2024-NQM3,
A1,
144A,
6.191%,
3/25/64
................
United
States
1,443,105
1,450,574
2024-NQM5,
A1,
144A,
5.803%,
6/25/64
................
United
States
552,717
554,821
b
CAFL
Issuer
LP
,
2025-RRTL1
,
A1
,
144A,
5.684
%
,
5/28/40
.....
United
States
425,000
426,152
b,g
Chase
Home
Lending
Mortgage
Trust
,
2024-10,
A11,
144A,
FRN,
4.866%,
(30-day
SOFR
Average
+
1.25%),
10/25/55
..................................
United
States
2,424,980
2,432,893
2025-10,
A11,
144A,
FRN,
4.916%,
(
30-day
SOFR
Average
+
1.3%),
7/25/56
....................................
United
States
480,122
481,372
2025-3,
A11,
144A,
FRN,
4.916%,
(30-day
SOFR
Average
+
1.3%),
2/25/56
....................................
United
States
649,879
650,017
2025-7,
A11,
144A,
FRN,
5.016%,
(30-day
SOFR
Average
+
1.4%),
5/25/56
....................................
United
States
402,784
404,925
2026-1,
A11,
144A,
FRN,
4.716%,
(30-day
SOFR
Average
+
1.1%),
11/25/56
...................................
United
States
4,065,854
4,032,337
b,h
CIM
Trust
,
2023-R4
,
A1
,
144A,
FRN
,
5
%
,
5/25/62
...........
United
States
343,695
340,357
b,g
Citigroup
Mortgage
Loan
Trust
,
2025-4
,
A28
,
144A,
FRN
,
4.916
%
,
(
30-day
SOFR
Average
+
1.3
%
),
10/25/55
...............
United
States
615,640
617,634
b
Cross
Mortgage
Trust
,
2024-H1,
A1,
144A,
6.085%,
12/25/68
..................
United
States
2,278,587
2,281,853
2024-H4,
A1,
144A,
6.147%,
7/25/69
...................
United
States
2,205,425
2,220,882
2024-H5,
A1,
144A,
5.854%,
8/26/69
...................
United
States
588,597
590,418
b,g
EFMT
,
2025-NQM4
,
A1F
,
144A,
FRN
,
4.816
%
,
(
30-day
SOFR
Average
+
1.2
%
),
9/25/70
............................
United
States
1,088,752
1,091,724
g
FHLMC
STACR
Debt
Notes
,
2017-DNA3
,
M2B
,
FRN
,
6.231
%
,
(
30-day
SOFR
Average
+
2.614
%
),
3/25/30
..............
United
States
256,197
259,577
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
See
Notes
to
Schedules
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)
b,g
FHLMC
STACR
REMIC
Trust
,
2021-DNA5,
M2,
144A,
FRN,
5.266%,
(30-day
SOFR
Average
+
1.65%),
1/25/34
.................................
United
States
47,813
$
47,877
2021-DNA6,
M2,
144A,
FRN,
5.116%,
(30-day
SOFR
Average
+
1.5%),
10/25/41
...................................
United
States
497,777
498,427
2021-DNA7,
M2,
144A,
FRN,
5.416%,
(30-day
SOFR
Average
+
1.8%),
11/25/41
..................................
United
States
4,204,244
4,216,494
2021-HQA3,
M2,
144A,
FRN,
5.716%,
(30-day
SOFR
Average
+
2.1%),
9/25/41
..................................
United
States
6,893,000
6,904,224
2022-DNA2,
M1A,
144A,
FRN,
4.916%,
(30-day
SOFR
Average
+
1.3%),
2/25/42
..................................
United
States
9,857
9,858
2022-DNA3,
M1B,
144A,
FRN,
6.516%,
(30-day
SOFR
Average
+
2.9%),
4/25/42
..................................
United
States
16,000
16,215
2022-DNA5,
M1A,
144A,
FRN,
6.566%,
(30-day
SOFR
Average
+
2.95%),
6/25/42
.................................
United
States
126,628
127,945
2022-DNA6,
M1A,
144A,
FRN,
5.766%,
(
30-day
SOFR
Average
+
2.15%),
9/25/42
.................................
United
States
70,060
70,150
2022-DNA6,
M1B,
144A,
FRN,
7.316%,
(30-day
SOFR
Average
+
3.7%),
9/25/42
..................................
United
States
42,000
43,146
2023-DNA1,
M1A,
144A,
FRN,
5.717%,
(30-day
SOFR
Average
+
2.1%),
3/25/43
..................................
United
States
234,817
237,309
2023-HQA2,
M1A,
144A,
FRN,
5.616%,
(30-day
SOFR
Average
+
2%),
6/25/43
....................................
United
States
32,086
32,119
2023-HQA3,
A1,
144A,
FRN,
5.466%,
(30-day
SOFR
Average
+
1.85%),
11/25/43
..................................
United
States
174,880
175,777
2023-HQA3,
M1,
144A,
FRN,
5.466%,
(30-day
SOFR
Average
+
1.85%),
11/25/43
.................................
United
States
19,348
19,442
2024-DNA1,
A1,
144A,
FRN,
4.966%,
(30-day
SOFR
Average
+
1.35%),
2/25/44
...................................
United
States
179,219
180,019
2024-DNA2,
A1,
144A,
FRN,
4.866%,
(
30-day
SOFR
Average
+
1.25%),
5/25/44
...................................
United
States
159,623
160,351
2024-DNA2,
M2,
144A,
FRN,
5.316%,
(30-day
SOFR
Average
+
1.7%),
5/25/44
..................................
United
States
38,000
38,207
2025-DNA1,
A1,
144A,
FRN,
4.566%,
(30-day
SOFR
Average
+
0.95%),
1/25/45
...................................
United
States
302,600
302,914
2025-DNA2,
A1,
144A,
FRN,
4.716%,
(30-day
SOFR
Average
+
1.1%),
5/25/45
....................................
United
States
240,760
241,474
2025-DNA3,
M1,
144A,
FRN,
4.716%,
(30-day
SOFR
Average
+
1.1%),
9/25/45
..................................
United
States
1,009,146
1,009,512
2025-DNA4,
M1,
144A,
FRN,
4.716%,
(30-day
SOFR
Average
+
1.1%),
10/25/45
.................................
United
States
836,274
838,563
b,g
FHLMC
STACR
Trust
,
2019-HQA2
,
M2
,
144A,
FRN
,
5.781
%
,
(
30-
day
SOFR
Average
+
2.164
%
),
4/25/49
.................
United
States
2,671
2,696
g
FNMA
Connecticut
Avenue
Securities
Trust
,
2016-C07,
2M2,
FRN,
8.081%,
(30-day
SOFR
Average
+
4.464%),
5/25/29
..................................
United
States
204,665
206,675
2017-C07,
2M2,
FRN,
6.231%,
(30-day
SOFR
Average
+
2.614%),
5/25/30
..................................
United
States
10,207
10,355
2018-C02,
2M2,
FRN,
5.931%,
(30-day
SOFR
Average
+
2.314%),
8/25/30
..................................
United
States
26,842
27,190
b
2021-R01,
1M2,
144A,
FRN,
5.166%,
(30-day
SOFR
Average
+
1.55%),
10/25/41
..................................
United
States
27,288
27,308
b
2021-R03,
1M2,
144A,
FRN,
5.266%,
(
30-day
SOFR
Average
+
1.65%),
12/25/41
..................................
United
States
551,276
552,412
b
2022-R03,
1M2,
144A,
FRN,
7.116%,
(30-day
SOFR
Average
+
3.5%),
3/25/42
....................................
United
States
390,000
396,338
b
2022-R04,
1M2,
144A,
FRN,
6.716%,
(30-day
SOFR
Average
+
3.1%),
3/25/42
....................................
United
States
390,000
394,972
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
26
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
2022-R09,
2M1,
144A,
FRN,
6.116%,
(30-day
SOFR
Average
+
2.5%),
9/25/42
....................................
United
States
26,484
$
26,685
b
2023-R03,
2M1,
144A,
FRN,
6.116%,
(30-day
SOFR
Average
+
2.5%),
4/25/43
....................................
United
States
844,800
849,855
b
2023-R06,
1M1,
144A,
FRN,
5.316%,
(30-day
SOFR
Average
+
1.7%),
7/25/43
....................................
United
States
119,328
119,605
b
2023-R07,
2M1,
144A,
FRN,
5.566%,
(30-day
SOFR
Average
+
1.95%),
9/25/43
...................................
United
States
14,020
14,039
b
2024-R02,
1M1,
144A,
FRN,
4.716%,
(30-day
SOFR
Average
+
1.1%),
2/25/44
....................................
United
States
1,732
1,731
b
2024-R03,
2M1,
144A,
FRN,
4.766%,
(30-day
SOFR
Average
+
1.15%),
3/25/44
...................................
United
States
13,115
13,116
b
2024-R06,
1A1,
144A,
FRN,
4.766%,
(
30-day
SOFR
Average
+
1.15%),
9/25/44
...................................
United
States
114,143
114,433
b
2025-R01,
1A1,
144A,
FRN,
4.566%,
(30-day
SOFR
Average
+
0.95%),
1/25/45
...................................
United
States
275,259
275,438
b
2025-R01,
1M1,
144A,
FRN,
4.716%,
(30-day
SOFR
Average
+
1.1%),
1/25/45
....................................
United
States
112,161
112,193
b
2025-R02,
1A1,
144A,
FRN,
4.616%,
(30-day
SOFR
Average
+
1%),
2/25/45
.....................................
United
States
385,607
385,964
b
2025-R02,
1M1,
144A,
FRN,
4.766%,
(30-day
SOFR
Average
+
1.15%),
2/25/45
...................................
United
States
322,371
322,431
b
2025-R03,
2A1,
144A,
FRN,
5.066%,
(30-day
SOFR
Average
+
1.45%),
3/25/45
...................................
United
States
604,028
606,850
b
2025-R04,
1A1,
144A,
FRN,
4.616%,
(30-day
SOFR
Average
+
1%),
5/25/45
.....................................
United
States
372,795
373,274
b
2025-R04,
1M1,
144A,
FRN,
4.816%,
(30-day
SOFR
Average
+
1.2%),
5/25/45
....................................
United
States
641,259
641,890
b
2025-R06,
1A1,
144A,
FRN,
4.516%,
(30-day
SOFR
Average
+
0.9%),
9/25/45
....................................
United
States
1,324,352
1,324,900
b
2026-R01,
2A1,
144A,
FRN,
4.466%,
(
30-day
SOFR
Average
+
0.85%),
1/25/46
...................................
United
States
2,715,861
2,715,532
b
2026-R01,
2M1,
144A,
FRN,
4.616%,
(30-day
SOFR
Average
+
1%),
1/25/46
.....................................
United
States
2,449,472
2,450,104
b
2026-R02,
1M1,
144A,
FRN,
4.666%,
(
30-day
SOFR
Average
+
1.05%),
2/25/46
...................................
United
States
1,499,791
1,499,871
b
2026-R03,
2A1,
144A,
FRN,
4.716%,
(30-day
SOFR
Average
+
1.1%),
4/25/46
....................................
United
States
2,343,246
2,349,401
b
GCAT
Trust
,
2020-NQM2
,
A3
,
144A,
3.935
%
,
4/25/65
........
United
States
225,607
220,100
b
HOMES
Trust
,
2024-NQM1
,
A1
,
144A,
5.915
%
,
7/25/69
......
United
States
1,952,167
1,958,985
b
J.P.
Morgan
Mortgage
Trust
,
g
2024-10,
A11,
144A,
FRN,
4.866%,
(30-day
SOFR
Average
+
1.25%),
3/25/55
...................................
United
States
1,258,991
1,259,278
2024-VIS2,
A1,
144A,
5.853%,
11/25/64
.................
United
States
311,922
312,352
g
2025-1,
A11,
144A,
FRN,
4.866%,
(30-day
SOFR
Average
+
1.25%),
6/25/55
...................................
United
States
803,520
803,340
h
2026-NQX2,
A1,
144A,
FRN,
5.628%,
10/25/66
...........
United
States
3,244,107
3,235,199
b,h
LHOME
Mortgage
Trust
,
2025-RTL2
,
A1
,
144A,
FRN
,
5.612
%
,
4/25/40
.........................................
United
States
670,000
672,199
b
MFA
Trust
,
2023-INV2
,
A1
,
144A,
6.775
%
,
10/25/58
.........
United
States
791,771
791,422
b,g
Morgan
Stanley
Residential
Mortgage
Loan
Trust
,
2024-3,
AF,
144A,
FRN,
4.966%,
(30-day
SOFR
Average
+
1.35%),
7/25/54
...................................
United
States
1,526,487
1,529,860
2026-INV1,
A9,
144A,
FRN,
4.766%,
(30-day
SOFR
Average
+
1.15%),
2/25/61
...................................
United
States
4,717,801
4,685,673
b
OBX
Trust
,
2023-NQM7,
A1,
144A,
6.844%,
4/25/63
................
United
States
250,065
249,912
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
27
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b
OBX
Trust,
(continued)
g
2025-J2,
AF,
144A,
FRN,
4.916%,
(30-day
SOFR
Average
+
1.3%),
9/25/55
....................................
United
States
569,850
$
571,499
g
2025-NQM14,
A1F,
144A,
FRN,
4.816%,
(30-day
SOFR
Average
+
1.2%),
7/25/65
............................
United
States
771,974
773,723
b,h
Onity
Loan
Investment
Trust
,
2025-HB1
,
A
,
144A,
FRN
,
3
%
,
6/25/38
.........................................
United
States
110,624
108,604
b
PRKCM
Trust
,
2023-AFC2
,
A1
,
144A,
6.482
%
,
6/25/58
.......
United
States
764,750
762,875
b
PRPM
Trust
,
2024-NQM2,
A1,
144A,
6.327%,
6/25/69
................
United
States
265,058
267,204
h
2026-NQM3,
A1,
144A,
FRN,
5.845%,
7/25/71
............
United
States
2,748,000
2,755,980
b,g
Radian
Mortgage
Capital
Trust
,
2025-J3,
A25,
144A,
FRN,
5.116%,
(30-day
SOFR
Average
+
1.5%),
12/25/55
...................................
United
States
831,100
835,365
2025-J4,
A25,
144A,
FRN,
5.166%,
(30-day
SOFR
Average
+
1.55%),
3/25/56
...................................
United
States
841,339
845,985
g
RALI
Trust
,
2006-QO5
,
1A1
,
FRN
,
4.269
%
,
(
1-month
SOFR
+
0.544
%
),
5/25/46
..................................
United
States
526,283
469,428
b,h
Residential
Mortgage
Loan
Trust
,
2020-2
,
A3
,
144A,
FRN
,
2.911
%
,
5/25/60
...................................
United
States
299,300
295,688
b,g
Sequoia
Mortgage
Trust
,
2026-2
,
A26F
,
144A,
FRN
,
4.766
%
,
(
30-
day
SOFR
Average
+
1.15
%
),
3/25/56
..................
United
States
2,804,208
2,779,842
b,g
Station
Place
Securitization
Trust
,
2025-3,
A,
144A,
FRN,
4.593%,
(1-month
SOFR
+
0.9%),
9/23/26
.........................................
United
States
4,030,000
4,050,260
2025-7,
A,
144A,
FRN,
4.593%,
(1-month
SOFR
+
0.9%),
11/24/26
........................................
United
States
4,495,000
4,518,998
2026-2,
A,
144A,
FRN,
4.526%,
(1-month
SOFR
+
0.85%),
8/23/27
.........................................
United
States
5,717,000
5,729,646
b,g
Structured
Agency
Credit
Risk
,
2026-DNA1
,
M1
,
144A,
FRN
,
4.616
%
,
(
30-day
SOFR
Average
+
1
%
),
2/25/46
...........
United
States
459,191
458,852
b
Verus
Securitization
Trust
,
2023-6,
A1,
144A,
6.665%,
9/25/68
....................
United
States
418,857
418,561
2024-2,
A1,
144A,
6.095%,
2/25/69
....................
United
States
142,287
142,596
2024-5,
A1,
144A,
6.192%,
6/25/69
....................
United
States
356,224
358,224
g
2026-2,
A1F,
144A,
FRN,
4.766%,
(30-day
SOFR
Average
+
1.15%),
2/25/71
...................................
United
States
996,945
996,263
101,539,323
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$101,523,176)
..............
101,539,323
Agency
Commercial
Mortgage-Backed
Securities
2.7%
Financial
Services
2.7%
g
FHLMC
,
413,
F23,
FRN,
4.666%,
(
30-day
SOFR
Average
+
1.05%),
5/25/54
.........................................
United
States
1,862,973
1,874,834
5387,
DF,
FRN,
4.816%,
(30-day
SOFR
Average
+
1.2%),
3/25/54
.........................................
United
States
1,845,810
1,866,161
5391,
FC,
FRN,
4.716%,
(30-day
SOFR
Average
+
1.1%),
3/25/54
.........................................
United
States
823,511
832,402
5393,
FA,
FRN,
4.816%,
(30-day
SOFR
Average
+
1.2%),
12/25/53
........................................
United
States
1,968,809
1,990,507
5396,
FG,
FRN,
4.616%,
(30-day
SOFR
Average
+
1%),
4/25/54
.........................................
United
States
1,093,683
1,098,994
5440,
FH,
FRN,
4.716%,
(30-day
SOFR
Average
+
1.1%),
7/25/54
.........................................
United
States
2,459,821
2,479,288
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
28
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
g
FHLMC,
(continued)
5446,
DF,
FRN,
4.766%,
(30-day
SOFR
Average
+
1.15%),
8/25/54
.........................................
United
States
1,961,329
$
1,979,775
5466,
FG,
FRN,
4.566%,
(30-day
SOFR
Average
+
0.95%),
10/25/54
........................................
United
States
8,478,754
8,509,644
5471,
FD,
FRN,
4.466%,
(30-day
SOFR
Average
+
0.85%),
11/25/54
........................................
United
States
964,691
967,913
h,i
FHLMC,
Multi-family
Structured
Pass-Through
Certificates
,
K743
,
X1
,
IO,
FRN
,
0.899
%
,
5/25/28
........................
United
States
9,992,364
136,769
g
FNMA
,
2024-77,
DF,
FRN,
4.816%,
(30-day
SOFR
Average
+
1.2%),
10/25/53
........................................
United
States
1,481,083
1,497,666
2024-82,
FE,
FRN,
4.566%,
(30-day
SOFR
Average
+
0.95%),
11/25/54
........................................
United
States
1,783,177
1,789,657
2024-89,
FA,
FRN,
4.816%,
(30-day
SOFR
Average
+
1.2%),
12/25/54
........................................
United
States
3,321,472
3,358,001
2024-93,
FD,
FRN,
4.666%,
(30-day
SOFR
Average
+
1.05%),
12/25/54
........................................
United
States
2,293,797
2,308,441
2024-98,
FA,
FRN,
4.766%,
(
30-day
SOFR
Average
+
1.15%),
12/25/53
........................................
United
States
1,712,794
1,729,068
2025-25,
FB,
FRN,
4.566%,
(30-day
SOFR
Average
+
0.95%),
4/25/55
.........................................
United
States
1,492,209
1,497,776
2025-41,
FA,
FRN,
4.766%,
(30-day
SOFR
Average
+
1.15%),
6/25/54
.........................................
United
States
2,211,978
2,233,176
GNMA
,
h,i
2020-190,
IO,
FRN,
1.051%,
11/16/62
..................
United
States
5,196,530
395,028
h,i
2021-17,
IO,
FRN,
1.053%,
1/16/61
....................
United
States
5,544,310
431,009
g
2024-78,
QF,
FRN,
4.721%,
(
30-day
SOFR
Average
+
1.1%),
5/20/54
.........................................
United
States
4,890,653
4,927,426
g
2025-169,
FC,
FRN,
4.621%,
(30-day
SOFR
Average
+
1%),
10/20/55
........................................
United
States
1,306,046
1,313,008
h,i
2025-206,
IO,
FRN,
0.803%,
4/16/64
...................
United
States
21,723,438
1,321,867
44,538,410
a
a
a
a
a
a
Total
Agency
Commercial
Mortgage-Backed
Securities
(Cost
$44,208,244)
.......
44,538,410
Municipal
Bonds
0.9%
California
0.4%
California
Health
Facilities
Financing
Authority
,
State
of
California
Personal
Income
Tax
,
Revenue
,
2022
,
4.19
%
,
6/01/37
......
United
States
1,625,000
1,495,980
City
of
Orange
,
Revenue
,
2021
,
Refunding
,
2.65
%
,
6/01/34
....
United
States
735,000
616,937
City
of
Pomona
,
Revenue
,
2020
BJ
,
3.716
%
,
8/01/40
........
United
States
450,000
376,688
County
of
Fresno
,
Revenue
,
2004
A
,
NATL
Insured
,
5.07
%,
8/15/32
.........................................
United
States
965,000
715,624
County
of
Tulare
,
Revenue
,
2018
,
4.445
%
,
6/01/37
..........
United
States
1,410,000
1,308,614
State
of
California
,
GO
,
4.35
%
,
11/01/32
..................
United
States
2,015,000
1,964,820
6,478,663
Florida
0.1%
State
Board
of
Administration
Finance
Corp.
,
Florida
Hurricane
Catastrophe
Fund
,
Revenue
,
2024
A
,
5.526
%
,
7/01/34
......
United
States
1,450,000
1,486,949
Georgia
0.0%
†
Georgia
Higher
Education
Facilities
Authority
,
University
System
of
Georgia
,
Revenue
,
2026
A
,
5.273
%
,
1/01/40
...........
United
States
345,000
334,558
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
29
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
0.1%
State
of
Illinois
,
GO
,
2026
A
,
4.954
%
,
4/01/33
..............
United
States
1,350,000
$
1,340,308
New
Jersey
0.0%
†
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2010
B
,
6.561
%
,
12/15/40
.............
United
States
300,000
321,674
New
York
0.1%
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured
,
Revenue
,
2026
F-2
,
4.66
%
,
2/01/36
....................
United
States
1,085,000
1,046,702
Ohio
0.0%
†
JobsOhio
Beverage
System
,
Revenue,
Senior
Lien
,
2020
A
,
ETM,
2.833
%
,
1/01/38
...................................
United
States
890,000
733,690
Pennsylvania
0.2%
Pennsylvania
Economic
Development
Financing
Authority
,
Revenue
,
2025
,
5.689
%
,
6/01/54
......................
United
States
1,045,000
1,005,254
Redevelopment
Authority
of
the
City
of
Philadelphia
,
City
of
Philadelphia
,
Revenue
,
2026
A
,
5.002
%
,
11/01/38
.........
United
States
1,635,000
1,581,102
2,586,356
Total
Municipal
Bonds
(Cost
$14,898,692)
....................................
14,328,900
Total
Long
Term
Investments
(Cost
$1,936,299,419)
...........................
1,898,987,379
a
Short
Term
Investments
4.9%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Commercial
Papers
4.2%
b,k
Agree
LP
,
144A,
4.12%
,
8/06/26
........................
United
States
6,795,000
6,790,333
b,k
AutoNation,
Inc.
,
144A,
4.1%
,
8/03/26
....................
United
States
15,440,000
15,434,730
b,k
Cabot
Corp.
,
144A,
3.88%
,
8/03/26
......................
United
States
3,090,000
3,089,000
b,k
Enbridge
US,
Inc.
,
144A,
3.88%
,
8/03/26
..................
United
States
4,200,000
4,198,641
b,k
Honeywell
Aerospace,
Inc.
,
144A,
3.89%
,
8/04/26
...........
United
States
3,360,000
3,358,548
b,k
Intercontinental
Exchange,
Inc.
,
144A,
4.04%,
8/18/26
................................
United
States
2,555,000
2,549,855
144A,
4.05%,
8/19/26
................................
United
States
3,850,000
3,841,792
6,391,647
b,k
Kenvue
,
Inc.
,
144A,
3.68%
,
8/28/26
......................
United
States
2,590,000
2,582,598
b,k
Mid-America
Apartments
LP
,
144A,
3.93%,
8/11/26
................................
United
States
1,870,000
1,867,758
144A,
3.93%,
8/12/26
................................
United
States
2,325,000
2,321,956
4,189,714
b,k
O'Reilly
Automotive,
Inc.
,
144A,
3.95%
,
8/19/26
.............
United
States
2,315,000
2,310,185
k
Penske
Corp.
,
4.07%
,
8/20/26
..........................
United
States
2,150,000
2,145,146
k
Ryder
System,
Inc.
,
3.91%
,
8/07/26
......................
United
States
1,760,000
1,758,662
b,k
Simon
Property
Group
LP
,
144A,
3.94%
,
8/13/26
............
United
States
1,535,000
1,532,817
b,k
Targa
Resources
Corp.
,
144A,
3.85%
,
8/03/26
.............
United
States
7,660,000
7,657,541
b,k
UDR,
Inc.
,
144A,
3.9%
,
8/05/26
.........................
United
States
5,680,000
5,676,927
b,k
WEC
Energy
Group,
Inc.
,
144A,
3.93%
,
8/10/26
............
United
States
1,455,000
1,453,414
Total
Commercial
Papers
(Cost
$68,577,809)
.................................
68,569,903
a
a
a
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
30
See
Abbreviations
on
page
58
.
Short
Term
Investments
(continued)
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.7%
k
FNMA,
3.59%,
8/03/26
...............................
United
States
11,750,000
$
11,746,490
Total
U.S.
Government
and
Agency
Securities
(Cost
$11,747,709)
...............
11,746,490
Shares
Management
Investment
Companies
0.0%
†
a,l
Putnam
Short
Term
Investment
Fund,
Class
P,
3.819%
.......
United
States
95,758
95,758
Total
Management
Investment
Companies
(Cost
$95,758)
......................
95,758
Total
Short
Term
Investments
(Cost
$80,421,276
)
..............................
80,412,151
a
Total
Investments
(Cost
$2,016,720,695)
121.5%
..............................
$1,979,399,530
TBA
Sale
Commitments
(2.9)%
..............................................
(47,412,355)
Other
Assets,
less
Liabilities
(18.6)%
........................................
(303,629,904)
Net
Assets
100.0%
.........................................................
$1,628,357,271
a
a
a
Principal
Amount
*
m
TBA
Sale
Commitments
(2.9)%
Mortgage-Backed
Securities
(2.9)%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
(2.4)%
Uniform
Mortgage-Backed
Securities,
TBA,
6.5%,
8/25/56
.....
United
States
(38,000,000)
(39,246,875)
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
(0.5)%
GNMA
II,
Single-family,
30
Year
,
6%,
8/15/56
......................................
United
States
(6,000,000)
(6,098,793)
6.5%,
8/15/56
....................................
United
States
(2,000,000)
(2,066,687)
(8,165,480)
Total
TBA
Sale
Commitments
(Proceeds
$(47,433,125))
........................
$(47,412,355)
*
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
July
31,
2026,
the
aggregate
value
of
these
securities
was
$426,004,933,
representing
26.2%
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
TBA
securities.
At
July
31,
2026,
the
aggregate
value
of
these
securities
pledged
amounted
to
$6,178,797,
representing
0.4%
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.
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Core
Bond
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
31
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.
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),
July
31,
2026
Putnam
Short
Duration
Bond
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
32
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Management
Investment
Companies
2.4%
Capital
Markets
2.4%
a
Franklin
Ultra
Short
Bond
ETF
..........................
United
States
1,367,280
$
34,250,364
Total
Management
Investment
Companies
(Cost
$34,024,973)
..................
34,250,364
Principal
Amount
*
Corporate
Bonds
53.9%
Aerospace
&
Defense
2.0%
b
BAE
Systems
plc
,
Senior
Note,
144A,
5.125%,
3/26/29
...................
United
Kingdom
3,760,000
3,796,981
Senior
Note,
144A,
5.25%,
3/26/31
....................
United
Kingdom
3,510,000
3,555,944
Boeing
Co.
(The)
,
Senior
Bond,
2.95%,
2/01/30
.........................
United
States
448,000
419,172
Senior
Note,
6.259%,
5/01/27
........................
United
States
858,000
868,181
Senior
Note,
6.298%,
5/01/29
........................
United
States
9,354,000
9,691,261
General
Electric
Co.
,
Senior
Note
,
4.3
%
,
7/29/30
............
United
States
1,025,000
1,007,849
Hexcel
Corp.
,
Senior
Note
,
4.9
%
,
5/15/31
.................
United
States
2,090,000
2,064,832
b
Honeywell
Aerospace,
Inc.
,
Senior
Note
,
144A,
4.3
%
,
3/16/31
..
United
States
1,750,000
1,703,104
Howmet
Aerospace,
Inc.
,
Senior
Note
,
3
%
,
1/15/29
..........
United
States
2,599,000
2,497,176
Spirit
AeroSystems,
Inc.
,
Senior
Bond
,
4.6
%
,
6/15/28
........
United
States
3,175,000
3,161,762
28,766,262
Automobiles
0.4%
b
Hyundai
Capital
America
,
Senior
Note,
144A,
6.5%,
1/16/29
.....................
United
States
2,590,000
2,678,231
Senior
Note,
144A,
5.35%,
3/19/29
....................
United
States
1,288,000
1,299,275
Senior
Note,
144A,
4.55%,
9/26/29
....................
United
States
170,000
167,960
Senior
Note,
144A,
5%,
6/18/31
......................
United
States
1,180,000
1,167,027
5,312,493
Banks
11.2%
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
4,108,827
Banco
Bilbao
Vizcaya
Argentaria
SA
,
Senior
Preferred
Note
,
5.381
%
,
3/13/29
...................................
Spain
3,800,000
3,853,621
Banco
Santander
SA
,
Senior
Non-Preferred
Note
,
1.722%
to
9/13/26,
FRN
thereafter
,
9/14/27
......................
Spain
19,600,000
19,539,396
Bank
of
America
Corp.
,
B,
Junior
Sub.
Bond,
8.05%,
6/15/27
...................
United
States
1,310,000
1,342,217
Senior
Note,
6.204%
to
11/09/27,
FRN
thereafter,
11/10/28
..
United
States
8,601,000
8,769,172
Senior
Note,
4.695%
to
4/22/31,
FRN
thereafter,
4/23/32
....
United
States
5,225,000
5,128,579
b
Bank
of
New
Zealand
,
Senior
Note
,
144A,
4.757
%
,
6/10/31
....
New
Zealand
2,125,000
2,108,447
Bank
of
Nova
Scotia
(The)
,
Senior
Note
,
4.904%
to
6/04/31,
FRN
thereafter
,
6/05/32
.................................
Canada
1,695,000
1,673,462
b
Banque
Federative
du
Credit
Mutuel
SA
,
Senior
Preferred
Note,
144A,
1.604%,
10/04/26
...........
France
5,000,000
4,980,757
Senior
Preferred
Note,
144A,
4.541%,
1/15/31
...........
France
1,075,000
1,046,501
Barclays
plc
,
Senior
Note,
6.496%
to
9/12/26,
FRN
thereafter,
9/13/27
....
United
Kingdom
2,300,000
2,304,887
Senior
Note,
5.367%
to
2/24/30,
FRN
thereafter,
2/25/31
....
United
Kingdom
1,550,000
1,559,087
b
CaixaBank
SA
,
Senior
Non-Preferred
Note,
144A,
4.634%
to
7/02/28,
FRN
thereafter,
7/03/29
.................................
Spain
2,960,000
2,951,199
Senior
Non-Preferred
Note,
144A,
5.673%
to
3/14/29,
FRN
thereafter,
3/15/30
.................................
Spain
1,295,000
1,318,586
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)
Banks
(continued)
b
CaixaBank
SA,
(continued)
Senior
Non-Preferred
Note,
144A,
4.818%
to
4/21/31,
FRN
thereafter,
4/22/32
.................................
Spain
1,155,000
$
1,134,259
Citibank
NA
,
Senior
Note,
4.914%,
5/29/30
........................
United
States
3,470,000
3,475,979
Senior
Note,
4.846%
to
6/17/31,
FRN
thereafter,
6/18/32
....
United
States
2,150,000
2,124,958
Citigroup,
Inc.
,
Senior
Note,
4.503%
to
9/10/30,
FRN
thereafter,
9/11/31
....
United
States
3,710,000
3,625,849
Sub.
Bond,
4.45%,
9/29/27
..........................
United
States
10,945,000
10,919,196
b
Credit
Agricole
SA
,
Senior
Non-Preferred
Note
,
144A,
5.222%
to
5/26/30,
FRN
thereafter
,
5/27/31
......................
France
1,700,000
1,704,044
b
Danske
Bank
A/S
,
Senior
Preferred
Note
,
144A,
1.549%
to
9/09/26,
FRN
thereafter
,
9/10/27
......................
Denmark
2,111,000
2,104,319
b
Federation
des
Caisses
Desjardins
du
Quebec
,
Senior
Note
,
144A,
4.565
%
,
8/26/30
..............................
Canada
1,925,000
1,896,004
Fifth
Third
Bancorp
,
Senior
Note,
6.339%
to
7/26/28,
FRN
thereafter,
7/27/29
....
United
States
880,000
905,184
Senior
Note,
4.895%
to
9/05/29,
FRN
thereafter,
9/06/30
....
United
States
2,000,000
1,994,594
First-Citizens
Bank
&
Trust
Co.
,
Sub.
Bond
,
6.125
%
,
3/09/28
...
United
States
6,917,000
7,036,201
ING
Groep
NV
,
Senior
Note,
6.083%
to
9/10/26,
FRN
thereafter,
9/11/27
....
Netherlands
4,000,000
4,005,906
Senior
Note,
4.858%
to
3/24/28,
FRN
thereafter,
3/25/29
....
Netherlands
1,900,000
1,903,653
JPMorgan
Chase
&
Co.
,
Senior
Bond,
3.54%
to
4/30/27,
FRN
thereafter,
5/01/28
....
United
States
6,250,000
6,202,972
Senior
Note,
1.47%
to
9/21/26,
FRN
thereafter,
9/22/27
.....
United
States
3,250,000
3,236,936
Senior
Note,
4.864%
to
7/22/29,
FRN
thereafter,
7/23/30
....
United
States
1,972,198
1,968,313
Senior
Note,
4.622%
to
4/22/31,
FRN
thereafter,
4/23/32
....
United
States
1,730,000
1,692,891
Senior
Note,
5.041%
to
7/22/31,
FRN
thereafter,
7/23/32
....
United
States
595,000
592,532
Sub.
Bond,
2.956%
to
5/12/30,
FRN
thereafter,
5/13/31
.....
United
States
3,500,000
3,245,520
Lloyds
Banking
Group
plc
,
Senior
Note
,
4.818%
to
6/12/28,
FRN
thereafter
,
6/13/29
.................................
United
Kingdom
8,410,000
8,416,553
Morgan
Stanley
Private
Bank
NA
,
Senior
Note
,
4.466%
to
7/05/27,
FRN
thereafter
,
7/06/28
......................
United
States
10,000,000
9,986,125
b
NatWest
Markets
plc
,
Senior
Note
,
144A,
4.412
%
,
11/06/30
....
United
Kingdom
2,375,000
2,319,145
PNC
Bank
NA
,
Sub.
Bond
,
4.05
%
,
7/26/28
................
United
States
6,300,000
6,220,926
Santander
Holdings
USA,
Inc.
,
Senior
Note
,
2.49%
to
1/05/27,
FRN
thereafter
,
1/06/28
.............................
United
States
4,000,000
3,962,590
b
Skandinaviska
Enskilda
Banken
AB
,
Senior
Preferred
Note
,
144A,
4.375
%
,
3/12/31
...................................
Sweden
1,650,000
1,615,155
Wells
Fargo
&
Co.
,
Senior
Note
,
4.844%
to
5/19/31,
FRN
thereafter
,
5/20/32
.................................
United
States
4,395,000
4,336,279
157,310,821
Beverages
0.2%
Keurig
Dr.
Pepper,
Inc.
,
Senior
Bond
,
2.25
%
,
3/15/31
........
United
States
3,575,000
3,158,190
Biotechnology
0.4%
AbbVie,
Inc.
,
Senior
Note
,
4.125
%
,
3/15/31
................
United
States
1,170,000
1,134,474
Amgen,
Inc.
,
Senior
Note
,
5.15
%
,
3/02/28
.................
United
States
4,720,000
4,757,667
5,892,141
Broadline
Retail
0.4%
Amazon.com,
Inc.
,
Senior
Note,
4.1%,
11/20/30
.........................
United
States
900,000
872,076
Senior
Note,
4.25%,
3/13/31
.........................
United
States
1,300,000
1,261,419
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)
Broadline
Retail
(continued)
Amazon.com,
Inc.,
(continued)
Senior
Note,
4.8%,
7/09/31
..........................
United
States
3,528,000
$
3,495,488
5,628,983
Capital
Markets
5.2%
Ares
Capital
Corp.
,
Senior
Note,
7%,
1/15/27
...........................
United
States
765,000
772,639
Senior
Note,
2.875%,
6/15/27
........................
United
States
4,581,000
4,515,789
Bank
of
New
York
Mellon
(The)
,
Senior
Note
,
4.729%
to
4/19/28,
FRN
thereafter
,
4/20/29
.............................
United
States
1,615,000
1,618,739
Blackstone
Private
Credit
Fund
,
Senior
Note
,
3.25
%
,
3/15/27
..
United
States
1,482,000
1,466,365
Deutsche
Bank
AG
,
Senior
Non-Preferred
Note
,
2.311%
to
11/15/26,
FRN
thereafter
,
11/16/27
.....................
Germany
5,921,000
5,881,100
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Note,
1.948%
to
10/20/26,
FRN
thereafter,
10/21/27
..
United
States
15,000,000
14,918,475
Senior
Note,
4.153%
to
10/20/28,
FRN
thereafter,
10/21/29
..
United
States
3,964,000
3,901,496
Senior
Note,
4.594%
to
4/19/29,
FRN
thereafter,
4/20/30
....
United
States
1,310,000
1,296,091
Senior
Note,
4.972%
to
6/02/31,
FRN
thereafter,
6/03/32
....
United
States
1,175,000
1,159,338
Senior
Note,
5.24%
to
7/20/31,
FRN
thereafter,
7/21/32
.....
United
States
965,000
963,311
b
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/15/29
...............................
United
States
3,500,000
3,398,048
Jefferies
Financial
Group,
Inc.
,
Senior
Note
,
4.5
%
,
9/15/26
....
United
States
2,015,000
2,013,716
LPL
Holdings,
Inc.
,
Senior
Note,
6.75%,
11/17/28
........................
United
States
399,000
414,036
Senior
Note,
5.2%,
3/15/30
..........................
United
States
358,000
357,677
b
Senior
Note,
144A,
4.625%,
11/15/27
..................
United
States
2,000,000
1,989,217
b
Senior
Note,
144A,
4%,
3/15/29
......................
United
States
510,000
495,347
Morgan
Stanley
,
Senior
Note,
4.21%
to
4/19/27,
FRN
thereafter,
4/20/28
.....
United
States
6,435,000
6,417,342
Senior
Note,
5.123%
to
1/31/28,
FRN
thereafter,
2/01/29
....
United
States
2,445,000
2,456,304
Senior
Note,
4.994%
to
4/11/28,
FRN
thereafter,
4/12/29
....
United
States
1,672,000
1,677,838
Senior
Note,
4.493%
to
1/15/31,
FRN
thereafter,
1/16/32
....
United
States
800,000
776,736
Senior
Note,
4.708%
to
3/11/31,
FRN
thereafter,
3/12/32
....
United
States
1,200,000
1,173,034
Senior
Note,
5.17%
to
7/13/31,
FRN
thereafter,
7/14/32
.....
United
States
1,305,000
1,300,408
I,
Senior
Note,
4.133%
to
10/17/28,
FRN
thereafter,
10/18/29
United
States
1,420,000
1,398,126
b
MSCI,
Inc.
,
Senior
Bond,
144A,
4%,
11/15/29
.....................
United
States
6,690,000
6,453,709
Senior
Bond,
144A,
3.625%,
9/01/30
...................
United
States
432,000
405,503
UBS
AG
,
Senior
Note
,
1.25
%
,
8/07/26
....................
Switzerland
887,000
886,739
b
UBS
Group
AG
,
Senior
Note
,
144A,
5.428%
to
2/07/29,
FRN
thereafter
,
2/08/30
.................................
Switzerland
5,750,000
5,811,223
73,918,346
Chemicals
0.8%
Celanese
US
Holdings
LLC
,
Senior
Note
,
1.4
%
,
8/05/26
......
United
States
10,693,000
10,700,435
Commercial
Services
&
Supplies
0.1%
Republic
Services,
Inc.
,
Senior
Note,
5%,
11/15/29
...........................
United
States
428,000
431,775
Senior
Note,
4.75%,
7/15/31
.........................
United
States
756,000
751,124
1,182,899
Communications
Equipment
0.2%
Motorola
Solutions,
Inc.
,
Senior
Bond,
2.3%,
11/15/30
.........................
United
States
1,106,000
989,486
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)
Communications
Equipment
(continued)
Motorola
Solutions,
Inc.,
(continued)
Senior
Note,
4.85%,
8/15/30
.........................
United
States
1,284,000
$
1,274,657
2,264,143
Consumer
Finance
3.2%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Note,
2.45%,
10/29/26
........................
Ireland
2,900,000
2,887,220
Senior
Note,
6.1%,
1/15/27
..........................
Ireland
10,000,000
10,063,350
Senior
Note,
4.125%,
2/28/29
........................
Ireland
370,000
363,381
Ally
Financial,
Inc.
,
Senior
Bond
,
8
%
,
11/01/31
.............
United
States
700,000
772,721
b
Avolon
Holdings
Funding
Ltd.
,
Senior
Note,
144A,
5.75%,
11/15/29
...................
Ireland
5,414,000
5,503,588
Senior
Note,
144A,
4.9%,
10/10/30
....................
Ireland
3,257,000
3,201,252
Capital
One
Financial
Corp.
,
Senior
Note,
4.493%
to
9/10/30,
FRN
thereafter,
9/11/31
....
United
States
3,555,000
3,465,607
Senior
Note,
4.722%
to
1/29/31,
FRN
thereafter,
1/30/32
....
United
States
1,025,000
1,002,551
Caterpillar
Financial
Services
Corp.
,
L
,
Senior
Note
,
4.5
%
,
5/15/31
.........................................
United
States
7,065,000
6,967,283
Ford
Motor
Credit
Co.
LLC
,
Senior
Note
,
5.8
%
,
3/05/27
.......
United
States
8,280,000
8,323,083
b
Gabx
Leasing
LLC
,
Senior
Note
,
144A,
4.625
%
,
4/15/31
......
United
States
1,390,000
1,357,316
General
Motors
Financial
Co.,
Inc.
,
Senior
Note
,
4.2
%
,
10/27/28
United
States
440,000
434,701
b
Macquarie
Airfinance
Holdings
Ltd.
,
Senior
Note
,
144A,
5.15
%
,
3/17/30
.........................................
United
Kingdom
932,000
923,703
45,265,756
Consumer
Staples
Distribution
&
Retail
0.4%
b
7-Eleven,
Inc.
,
Senior
Note
,
144A,
1.3
%
,
2/10/28
............
United
States
4,302,000
4,086,672
Walmart,
Inc.
,
Senior
Note
,
4.35
%
,
4/28/30
................
United
States
1,285,000
1,277,480
5,364,152
Containers
&
Packaging
0.9%
AptarGroup,
Inc.
,
Senior
Note
,
4.75
%
,
3/30/31
.............
United
States
850,000
836,060
Berry
Global,
Inc.
,
Senior
Secured
Note,
1.65%,
1/15/27
..................
United
States
10,380,000
10,251,674
Senior
Secured
Note,
5.5%,
4/15/28
...................
United
States
870,000
881,896
11,969,630
Diversified
REITs
0.8%
Equinix
Asia
Financing
Corp.
Pte.
Ltd.
,
Senior
Note
,
4.4
%
,
3/15/31
.........................................
United
States
1,010,000
974,906
VICI
Properties
LP
,
Senior
Note
,
4.75
%
,
2/15/28
............
United
States
2,339,000
2,335,131
b
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note,
144A,
4.5%,
9/01/26
.....................
United
States
1,410,000
1,409,880
Senior
Note,
144A,
3.75%,
2/15/27
....................
United
States
876,000
871,490
Senior
Note,
144A,
4.5%,
1/15/28
.....................
United
States
2,935,000
2,912,502
Senior
Note,
144A,
3.875%,
2/15/29
...................
United
States
1,365,000
1,323,923
9,827,832
Diversified
Telecommunication
Services
0.7%
b
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond,
144A,
5.125%,
5/01/27
...................
United
States
1,132,000
1,130,405
Senior
Bond,
144A,
5%,
2/01/28
......................
United
States
3,675,000
3,631,120
b
Cipher
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.125
%
,
11/15/30
........................................
United
States
1,495,000
1,526,785
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)
Diversified
Telecommunication
Services
(continued)
b
Space
Exploration
Technologies
Corp.
,
Senior
Note
,
144A,
5.35
%
,
7/15/31
...................................
United
States
1,010,000
$
983,418
Sprint
Capital
Corp.
,
Senior
Bond
,
6.875
%
,
11/15/28
.........
United
States
1,484,000
1,549,218
b
SV
RNO
Property
Owner
1
LLC
,
Senior
Secured
Note
,
144A,
5.875
%
,
3/01/31
...................................
United
States
955,000
888,022
9,708,968
Electric
Utilities
2.4%
b
ENEL
Finance
International
NV
,
Senior
Note,
144A,
4.125%,
9/30/28
...................
Italy
745,000
735,254
Senior
Note,
144A,
4.625%,
7/13/29
...................
Italy
1,355,000
1,344,816
Eversource
Energy
,
Senior
Note
,
5.45
%
,
3/01/28
............
United
States
1,000,000
1,010,960
FirstEnergy
Corp.
,
B
,
Senior
Bond
,
3.9
%
,
7/15/27
...........
United
States
3,500,000
3,482,718
Hydro
One,
Inc.
,
Senior
Note
,
4.75
%
,
5/30/31
..............
Canada
2,135,000
2,111,124
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Note,
4.685%,
9/01/27
........................
United
States
755,000
756,364
Senior
Note,
5.05%,
3/15/30
.........................
United
States
2,540,000
2,556,864
Pacific
Gas
and
Electric
Co.
,
Senior
Note,
3%,
6/15/28
...........................
United
States
8,686,000
8,409,811
Senior
Note,
6.1%,
1/15/29
..........................
United
States
785,000
805,738
Senior
Note,
5.05%,
11/15/31
........................
United
States
855,000
846,247
c
Senior
Note,
5.25%,
2/01/32
.........................
United
States
1,265,000
1,261,385
b
Palomino
Funding
Trust
I
,
Senior
Secured
Note
,
144A,
7.233
%
,
5/17/28
.........................................
United
States
1,320,000
1,365,586
Southern
Co.
(The)
,
Senior
Note
,
5.5
%
,
3/15/29
............
United
States
1,960,000
1,994,968
b
Vistra
Operations
Co.
LLC
,
Senior
Note,
144A,
5.05%,
12/30/26
...................
United
States
4,250,000
4,262,639
Senior
Note,
144A,
4.3%,
10/15/28
....................
United
States
2,105,000
2,079,319
Senior
Note,
144A,
4.7%,
1/31/31
.....................
United
States
875,000
853,366
Senior
Note,
144A,
5%,
4/30/31
......................
United
States
1,540,000
1,516,867
Wisconsin
Electric
Power
Co.
,
Senior
Note
,
4.15
%
,
10/15/30
...
United
States
1,120,000
1,088,899
36,482,925
Electrical
Equipment
0.6%
Eaton
Corp.
,
Senior
Note
,
4.2
%
,
3/06/31
..................
United
States
1,175,000
1,139,860
Regal
Rexnord
Corp.
,
Senior
Note,
6.05%,
4/15/28
.........................
United
States
2,460,000
2,507,010
Senior
Note,
6.3%,
2/15/30
..........................
United
States
2,125,000
2,197,527
b
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
........................................
United
States
2,796,000
2,765,363
8,609,760
Electronic
Equipment,
Instruments
&
Components
0.1%
Amphenol
Corp.
,
Senior
Note
,
3.9
%
,
11/15/28
..............
United
States
985,000
971,472
Entertainment
0.4%
b
Netflix,
Inc.
,
Senior
Bond
,
144A,
5.375
%
,
11/15/29
..........
United
States
5,659,000
5,760,945
Financial
Services
0.7%
Corebridge
Financial,
Inc.
,
Senior
Note
,
3.65
%
,
4/05/27
.......
United
States
4,715,000
4,688,253
b
Nationwide
Building
Society
,
Senior
Non-Preferred
Note
,
144A,
4.649%
to
7/13/28,
FRN
thereafter
,
7/14/29
..............
United
Kingdom
890,000
889,053
b
SMBC
Aviation
Capital
Finance
DAC
,
Senior
Note,
144A,
5.3%,
4/03/29
.....................
Ireland
3,195,000
3,219,480
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)
Financial
Services
(continued)
b
SMBC
Aviation
Capital
Finance
DAC,
(continued)
Senior
Note,
144A,
5.1%,
4/01/30
.....................
Ireland
800,000
$
798,013
9,594,799
Food
Products
1.5%
Bunge
Ltd.
Finance
Corp.
,
Senior
Note
,
3.2
%
,
4/21/31
.......
United
States
472,000
436,859
JBS
NV
/
JBS
USA
Foods
Group
Holdings,
Inc.
/
JBS
USA
Food
Co.
Holdings
,
Senior
Note
,
3
%
,
2/02/29
.................
United
States
1,660,000
1,587,660
b
JDE
Peet's
NV
,
Senior
Note
,
144A,
1.375
%
,
1/15/27
.........
Netherlands
680,000
669,800
Kellanova
,
B
,
Senior
Bond
,
7.45
%
,
4/01/31
................
United
States
300,000
331,090
b
Mars,
Inc.
,
Senior
Note,
144A,
4.6%,
3/01/28
.....................
United
States
1,620,000
1,621,124
Senior
Note,
144A,
4.8%,
3/01/30
.....................
United
States
6,470,000
6,449,473
Senior
Note,
144A,
4.65%,
4/20/31
....................
United
States
157,000
155,429
McCormick
&
Co.,
Inc.
,
Senior
Note
,
4.15
%
,
2/15/29
.........
United
States
495,000
487,575
b
Mondelez
International
Holdings
Netherlands
BV
,
Senior
Note
,
144A,
1.25
%
,
9/24/26
...............................
United
States
10,000,000
9,957,100
21,696,110
Ground
Transportation
0.6%
b
Ashtead
Capital,
Inc.
,
Senior
Note
,
144A,
1.5
%
,
8/12/26
......
United
Kingdom
9,275,000
9,268,002
Health
Care
Equipment
&
Supplies
0.9%
GE
HealthCare
Technologies,
Inc.
,
Senior
Note,
4.15%,
12/15/28
........................
United
States
735,000
726,515
Senior
Note,
4.8%,
8/14/29
..........................
United
States
610,000
610,516
b
Medline
Borrower
LP
,
Senior
Secured
Note
,
144A,
3.875
%
,
4/01/29
.........................................
United
States
10,630,000
10,288,439
b
Medline
Borrower
LP
/
Medline
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
5
%
,
6/15/31
............................
United
States
935,000
922,699
12,548,169
Health
Care
Providers
&
Services
1.3%
CVS
Health
Corp.
,
Senior
Bond,
1.875%,
2/28/31
........................
United
States
510,000
444,223
Senior
Note,
5.4%,
6/01/29
..........................
United
States
7,750,000
7,874,534
HCA,
Inc.
,
Senior
Note
,
5.2
%
,
6/01/28
....................
United
States
4,800,000
4,839,385
Humana,
Inc.
,
Senior
Note
,
5.375
%
,
4/15/31
...............
United
States
3,205,000
3,219,489
Icon
Investments
Six
DAC
,
Senior
Secured
Note,
5.809%,
5/08/27
.................
United
States
1,267,000
1,276,436
Senior
Secured
Note,
5.849%,
5/08/29
.................
United
States
871,000
888,891
18,542,958
Hotels,
Restaurants
&
Leisure
1.6%
b
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.125
%
,
6/15/29
..............................
Canada
2,125,000
2,148,365
Airbnb,
Inc.
,
Senior
Note
,
4.65
%
,
3/16/31
.................
United
States
1,325,000
1,306,630
b
Carnival
Corp.
Ltd.
,
Senior
Note,
144A,
4%,
8/01/28
......................
United
States
4,243,000
4,158,190
Senior
Note,
144A,
5.125%,
5/01/29
...................
United
States
1,905,000
1,891,182
Senior
Note,
144A,
5.75%,
3/15/30
....................
United
States
184,000
184,430
Senior
Note,
144A,
5.875%,
6/15/31
...................
United
States
4,000,000
4,005,508
b
Flutter
Treasury
DAC
,
Senior
Secured
Note
,
144A,
5.875
%
,
6/04/31
.........................................
United
Kingdom
2,000,000
1,971,143
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
Corporate
Bonds
(continued)
Hotels,
Restaurants
&
Leisure
(continued)
Hyatt
Hotels
Corp.
,
Senior
Note,
5.75%,
1/30/27
.........................
United
States
3,362,000
$
3,377,435
Senior
Note,
5.05%,
3/30/28
.........................
United
States
2,055,000
2,063,164
Las
Vegas
Sands
Corp.
,
Senior
Note
,
5.3
%
,
5/15/31
.........
United
States
1,750,000
1,727,535
22,833,582
Household
Durables
1.0%
DR
Horton,
Inc.
,
Senior
Note
,
1.3
%
,
10/15/26
..............
United
States
5,320,000
5,289,886
b
Taylor
Morrison
Communities,
Inc.
,
Senior
Bond
,
144A,
5.125
%
,
8/01/30
.........................................
United
States
5,495,000
5,486,901
Toll
Brothers
Finance
Corp.
,
Senior
Bond,
4.35%,
2/15/28
.........................
United
States
287,000
285,506
Senior
Bond,
3.8%,
11/01/29
.........................
United
States
2,140,000
2,066,345
13,128,638
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
2,255,665
Constellation
Energy
Generation
LLC
,
Senior
Note,
5.6%,
3/01/28
..........................
United
States
3,000,000
3,041,395
Senior
Note,
4.4%,
1/15/31
..........................
United
States
575,000
560,073
Senior
Note,
4.8%,
1/15/32
..........................
United
States
1,490,000
1,461,381
Southern
Power
Co.
,
A
,
Senior
Note
,
4.25
%
,
10/01/30
........
United
States
650,000
633,559
b,d
Vistra
Corp.
,
Junior
Sub.
Bond
,
144A,
8%
to
10/14/26,
FRN
thereafter
,
Perpetual
...............................
United
States
2,050,000
2,060,539
10,012,612
Insurance
1.9%
b
AEGON
Funding
Co.
LLC
,
Senior
Note
,
144A,
5.5
%
,
4/16/27
..
United
States
2,580,000
2,594,848
Arthur
J
Gallagher
&
Co.
,
Senior
Note
,
4.85
%
,
12/15/29
......
United
States
660,000
660,331
b
Athene
Global
Funding
,
Secured
Bond,
144A,
2.55%,
11/19/30
.................
United
States
2,000,000
1,777,191
Senior
Secured
Note,
144A,
1.73%,
10/02/26
............
United
States
8,044,000
8,009,605
Senior
Secured
Note,
144A,
5.526%,
7/11/31
............
United
States
2,000,000
1,995,330
Brown
&
Brown,
Inc.
,
Senior
Note
,
4.7
%
,
6/23/28
...........
United
States
2,885,000
2,881,223
b
CNO
Global
Funding
,
Secured
Note,
144A,
1.75%,
10/07/26
..................
United
States
3,340,000
3,324,701
Secured
Note,
144A,
2.65%,
1/06/29
...................
United
States
403,000
381,157
Secured
Note,
144A,
4.95%,
9/09/29
...................
United
States
500,000
498,266
b
Corebridge
Global
Funding
,
Senior
Secured
Note
,
144A,
4.8
%
,
5/29/29
.........................................
United
States
385,000
383,957
F&G
Annuities
&
Life,
Inc.
,
Senior
Note
,
6.5
%
,
6/04/29
.......
United
States
2,230,000
2,275,162
Willis
North
America,
Inc.
,
Senior
Note
,
4.65
%
,
6/15/27
.......
United
States
2,635,000
2,637,620
27,419,391
Interactive
Media
&
Services
0.4%
Alphabet,
Inc.
,
Senior
Note,
4.1%,
11/15/30
.........................
United
States
2,005,000
1,949,291
Senior
Note,
4.1%,
2/15/31
..........................
United
States
1,560,000
1,512,712
Meta
Platforms,
Inc.
,
Senior
Note
,
4.2
%
,
11/15/30
...........
United
States
3,045,000
2,952,027
6,414,030
Leisure
Products
0.3%
Brunswick
Corp.
,
Senior
Bond
,
2.4
%
,
8/18/31
..............
United
States
2,248,000
1,950,810
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
Corporate
Bonds
(continued)
Leisure
Products
(continued)
Hasbro,
Inc.
,
Senior
Note
,
4.65
%
,
3/12/31
.................
United
States
2,940,000
$
2,881,967
4,832,777
Life
Sciences
Tools
&
Services
0.1%
Illumina,
Inc.
,
Senior
Note
,
4.65
%
,
9/09/26
................
United
States
1,067,000
1,067,358
Media
0.3%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
Corp.
,
Senior
Secured
Note
,
2.25
%
,
1/15/29
...................................
United
States
1,000,000
925,710
Cox
Communications,
Inc.
,
Senior
Bond
,
6.8
%
,
8/01/28
.......
United
States
1,300,000
1,337,016
Omnicom
Group,
Inc.
,
Senior
Note
,
4.2
%
,
3/02/29
...........
United
States
1,220,000
1,198,811
3,461,537
Metals
&
Mining
0.5%
b
Anglo
American
Capital
plc
,
Senior
Note
,
144A,
4.625
%
,
3/19/31
South
Africa
1,525,000
1,492,110
b
Glencore
Funding
LLC
,
Senior
Note,
144A,
5.4%,
5/08/28
.....................
Australia
1,429,000
1,443,042
Senior
Note,
144A,
6.125%,
10/06/28
..................
Australia
2,500,000
2,565,600
b
United
States
Steel
Corp.
,
Senior
Note
,
144A,
5.2
%
,
8/01/31
...
United
States
1,745,000
1,726,203
7,226,955
Multi-Utilities
0.5%
Dominion
Energy,
Inc.
,
Senior
Note
,
4.6
%
,
5/15/28
..........
United
States
2,575,000
2,571,445
NiSource,
Inc.
,
Senior
Note
,
4.75
%
,
5/18/31
...............
United
States
2,535,000
2,506,563
Public
Service
Enterprise
Group,
Inc.
,
Senior
Note
,
4.8
%
,
6/15/31
United
States
1,150,000
1,136,265
Southern
Co.
Gas
Capital
Corp.
,
A
,
Senior
Note
,
4.05
%
,
9/15/28
United
States
725,000
716,536
6,930,809
Oil,
Gas
&
Consumable
Fuels
2.6%
Canadian
Natural
Resources
Ltd.
,
Senior
Note
,
5
%
,
12/15/29
..
Canada
2,389,000
2,403,228
Cheniere
Energy
Partners
LP
,
Senior
Note
,
4.5
%
,
10/01/29
....
United
States
5,380,000
5,322,563
b
Devon
Energy
Corp.
,
Senior
Note
,
144A,
3.9
%
,
5/15/27
.......
United
States
3,874,000
3,863,155
Diamondback
Energy,
Inc.
,
Senior
Note
,
5.15
%
,
1/30/30
......
United
States
2,195,000
2,212,117
Enbridge,
Inc.
,
Senior
Note
,
1.6
%
,
10/04/26
...............
Canada
1,900,000
1,891,359
Energy
Transfer
LP
,
Senior
Note,
6.05%,
12/01/26
........................
United
States
5,000,000
5,021,030
Senior
Note,
5.25%,
7/01/29
.........................
United
States
960,000
971,356
Senior
Note,
5.2%,
4/01/30
..........................
United
States
430,000
433,098
b
Hess
Midstream
Operations
LP
,
Senior
Note
,
144A,
6.5
%
,
6/01/29
United
States
985,000
1,004,864
ONEOK,
Inc.
,
Senior
Note
,
5.65
%
,
11/01/28
...............
United
States
3,000,000
3,053,242
South
Bow
USA
Infrastructure
Holdings
LLC
,
Senior
Note,
4.911%,
9/01/27
........................
Canada
1,500,000
1,502,768
Senior
Note,
5.026%,
10/01/29
.......................
Canada
920,000
917,437
Targa
Resources
Corp.
,
Senior
Note
,
4.35
%
,
4/15/31
........
United
States
675,000
653,781
b
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Note
,
144A,
6.25
%
,
1/15/30
...................................
United
States
1,610,000
1,640,949
b
Venture
Global
Plaquemines
LNG
LLC
,
Senior
Secured
Note
,
144A,
6.125
%
,
12/15/30
.............................
United
States
710,000
721,713
Viper
Energy
Partners
LLC
,
Senior
Note
,
4.9
%
,
8/01/30
.......
United
States
2,529,000
2,497,653
34,110,313
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
Corporate
Bonds
(continued)
Paper
&
Forest
Products
0.2%
b
Georgia-Pacific
LLC
,
Senior
Note,
144A,
4.4%,
6/30/28
.....................
United
States
920,000
$
916,227
Senior
Note,
144A,
4.6%,
5/15/31
.....................
United
States
2,015,000
1,980,074
2,896,301
Passenger
Airlines
0.2%
b
AS
Mileage
Plan
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.021
%
,
10/20/29
........................................
United
States
2,065,000
2,035,519
b
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
4/15/29
United
States
835,000
821,144
2,856,663
Personal
Care
Products
0.3%
Haleon
US
Capital
LLC
,
Senior
Note
,
3.375
%
,
3/24/27
.......
United
States
4,040,000
4,013,149
Pharmaceuticals
1.4%
Eli
Lilly
&
Co.
,
Senior
Note
,
4.375
%
,
5/20/31
...............
United
States
2,320,000
2,279,382
Novartis
Capital
Corp.
,
Senior
Note,
4.1%,
11/05/30
.........................
United
States
2,910,000
2,834,270
Senior
Note,
4.4%,
3/18/31
..........................
United
States
2,420,000
2,379,730
Royalty
Pharma
plc
,
Senior
Note,
2.2%,
9/02/30
..........................
United
States
3,000,000
2,694,817
Senior
Note,
4.45%,
3/25/31
.........................
United
States
2,140,000
2,088,931
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note,
6.75%,
3/01/28
.........................
Israel
3,500,000
3,571,334
Senior
Note,
5.125%,
5/09/29
........................
Israel
1,750,000
1,745,790
Teva
Pharmaceutical
Finance
Netherlands
IV
BV
,
Senior
Note
,
5.75
%
,
12/01/30
...................................
Israel
1,730,000
1,752,770
19,347,024
Professional
Services
0.1%
Paychex,
Inc.
,
Senior
Note
,
5.1
%
,
4/15/30
.................
United
States
2,010,000
2,012,094
Residential
REITs
0.1%
ERP
Operating
LP
,
Senior
Note
,
4.95
%
,
6/15/32
............
United
States
1,217,000
1,209,606
Semiconductors
&
Semiconductor
Equipment
1.5%
Broadcom,
Inc.
,
Senior
Note,
4.6%,
7/15/30
..........................
United
States
2,820,000
2,770,455
Senior
Note,
4.2%,
10/15/30
.........................
United
States
1,810,000
1,747,161
b
Foundry
JV
Holdco
LLC
,
Senior
Secured
Note,
144A,
5.9%,
1/25/30
..............
United
States
2,105,000
2,152,025
Senior
Secured
Note,
144A,
5.5%,
1/25/31
..............
United
States
1,180,000
1,190,961
Senior
Secured
Note,
144A,
6.15%,
1/25/32
.............
United
States
664,000
686,110
Intel
Corp.
,
Senior
Note
,
4.65
%
,
6/01/31
..................
United
States
3,510,000
3,432,752
Marvell
Technology,
Inc.
,
Senior
Note,
5.75%,
2/15/29
.........................
United
States
1,750,000
1,785,977
Senior
Note,
4.75%,
7/15/30
.........................
United
States
365,000
360,413
NVIDIA
Corp.
,
Senior
Note
,
4.5
%
,
6/15/31
.................
United
States
7,620,000
7,459,895
21,585,749
Software
1.5%
Oracle
Corp.
,
Senior
Note,
4.55%,
2/04/29
.........................
United
States
2,860,000
2,788,867
Senior
Note,
4.45%,
9/26/30
.........................
United
States
825,000
778,958
Senior
Note,
4.95%,
2/04/31
.........................
United
States
3,235,000
3,090,865
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
Corporate
Bonds
(continued)
Software
(continued)
Salesforce,
Inc.
,
Senior
Note
,
4.5
%
,
3/15/28
...............
United
States
1,740,000
$
1,736,680
Synopsys,
Inc.
,
Senior
Note,
4.55%,
4/01/27
.........................
United
States
2,475,000
2,478,306
Senior
Note,
4.65%,
4/01/28
.........................
United
States
1,115,000
1,113,826
VMware
LLC
,
Senior
Note
,
1.4
%
,
8/15/26
.................
United
States
8,989,000
8,978,543
20,966,045
Specialized
REITs
0.7%
American
Tower
Corp.
,
Senior
Note,
2.75%,
1/15/27
.........................
United
States
4,403,000
4,370,623
Senior
Note,
4.9%,
3/15/30
..........................
United
States
665,000
662,516
Crown
Castle,
Inc.
,
Senior
Note
,
4.9
%
,
9/01/29
.............
United
States
3,585,000
3,575,970
Equinix,
Inc.
,
Senior
Note
,
2.9
%
,
11/18/26
.................
United
States
718,000
715,086
9,324,195
Specialty
Retail
0.5%
Dick's
Sporting
Goods,
Inc.
,
Senior
Note
,
4
%
,
10/01/29
.......
United
States
6,695,000
6,505,622
Technology
Hardware,
Storage
&
Peripherals
0.4%
Dell
International
LLC
/
EMC
Corp.
,
Senior
Note
,
4.75
%
,
7/15/31
United
States
605,000
595,028
Hewlett
Packard
Enterprise
Co.
,
Senior
Note
,
4.55
%
,
10/15/29
.
United
States
5,700,000
5,639,531
6,234,559
Textiles,
Apparel
&
Luxury
Goods
0.1%
Tapestry,
Inc.
,
Senior
Note
,
5.1
%
,
3/11/30
.................
United
States
1,635,000
1,637,418
Tobacco
1.0%
BAT
Capital
Corp.
,
Senior
Bond,
4.906%,
4/02/30
........................
United
Kingdom
5,460,000
5,446,385
Senior
Note,
6.343%,
8/02/30
........................
United
Kingdom
1,275,000
1,337,265
Philip
Morris
International,
Inc.
,
Senior
Note,
4.625%,
11/01/29
.......................
United
States
815,000
812,712
Senior
Note,
5.125%,
2/15/30
........................
United
States
3,897,000
3,927,752
Senior
Note,
4.375%,
4/30/30
........................
United
States
2,970,000
2,918,884
14,442,998
Trading
Companies
&
Distributors
0.3%
b
Aircastle
Ltd.
,
Senior
Note
,
144A,
6.5
%
,
7/18/28
............
United
States
2,805,000
2,882,132
b
Aviation
Capital
Group
LLC
,
Senior
Note
,
144A,
5.375
%
,
7/15/29
United
States
1,860,000
1,874,157
4,756,289
Wireless
Telecommunication
Services
0.3%
Rogers
Communications,
Inc.
,
Senior
Note
,
5
%
,
2/15/29
......
Canada
4,205,000
4,210,916
Total
Corporate
Bonds
(Cost
$761,634,264)
...................................
759,182,821
Foreign
Government
and
Agency
Securities
0.3%
b
Electricite
de
France
SA
,
Senior
Note,
144A,
5.7%,
5/23/28
.....................
France
3,500,000
3,555,675
Senior
Note,
144A,
5.65%,
4/22/29
.....................
France
430,000
439,337
Total
Foreign
Government
and
Agency
Securities
(Cost
$3,966,923)
.............
3,995,012
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
U.S.
Government
and
Agency
Securities
5.0%
U.S.
Treasury
Notes
,
e
3.875%,
5/31/27
..................................
United
States
70,500,000
$
70,367,305
f
0.625%,
11/30/27
.................................
United
States
113,000
107,827
Total
U.S.
Government
and
Agency
Securities
(Cost
$70,530,743)
...............
70,475,132
Asset-Backed
Securities
9.6%
Automobiles
0.1%
Volkswagen
Auto
Loan
Enhanced
Trust
,
2023-1,
A3,
5.02%,
6/20/28
..........................
United
States
161,000
161,452
2025-1,
A2A,
4.51%,
1/20/28
.........................
United
States
834,774
835,290
996,742
a
a
a
a
a
a
Consumer
Finance
1.6%
Capital
One
Prime
Auto
Receivables
Trust
,
2025-1
,
A3
,
3.85
%
,
7/15/30
.
.........................................
United
States
439,000
434,970
GM
Financial
Consumer
Automobile
Receivables
Trust
,
2023-1
,
A3
,
4.66
%
,
2/16/28
.
................................
United
States
212,300
212,477
Harley-Davidson
Motorcycle
Trust
,
2025-A
,
A3
,
4.67
%
,
4/15/30
.
United
States
4,230,000
4,243,136
Hyundai
Auto
Receivables
Trust
,
2023-B,
A3,
5.48%,
4/17/28
..........................
United
States
1,343,781
1,347,729
2024-C,
A3,
4.41%,
5/15/29
..........................
United
States
1,086,301
1,087,596
2025-B,
A3,
4.36%,
12/17/29
.........................
United
States
1,675,000
1,675,254
g
2025-C,
A2B,
FRN,
3.975%,
(30-day
SOFR
Average
+
0.35%),
7/17/28
.........................................
United
States
3,872,925
3,873,492
g
2026-A,
A2B,
FRN,
3.965%,
(30-day
SOFR
Average
+
0.34%),
2/15/29
.........................................
United
States
1,328,000
1,328,506
Nissan
Auto
Receivables
Owner
Trust
,
2025-A
,
A3
,
4.49
%
,
12/17/29
.
........................................
United
States
1,900,000
1,903,122
Toyota
Auto
Receivables
Owner
Trust
,
2023-B,
A3,
4.71%,
2/15/28
..........................
United
States
374,092
374,678
2024-A,
A3,
4.83%,
10/16/28
.........................
United
States
2,734,251
2,742,723
2026-A,
A3,
3.86%,
9/16/30
..........................
United
States
1,035,000
1,024,344
World
Omni
Auto
Receivables
Trust
,
2026-A
,
A3
,
3.86
%
,
5/15/31
.
United
States
2,649,000
2,613,825
22,861,852
a
a
a
a
a
a
Financial
Services
7.9%
b,g
AIMCO
CLO
17
Ltd.
,
2022-17A
,
A1R
,
144A,
FRN
,
5.083
%
,
(
3-month
SOFR
+
1.35
%
),
7/20/37
.
....................
Jersey
1,500,000
1,502,481
b,g
Allegro
CLO
XII
Ltd.
,
2020-1A
,
A1R
,
144A,
FRN
,
5.174
%
,
(
3-month
SOFR
+
1.44
%
),
7/21/37
.
....................
United
States
410,000
410,844
b,g
Angel
Oak
Mortgage
Trust
,
2025-HB1
,
A1
,
144A,
FRN
,
5.416
%
,
(
30-day
SOFR
Average
+
1.8
%
),
2/25/55
.
................
United
States
600,779
604,877
b,g
Ares
LXIX
CLO
Ltd.
,
2024-69A
,
A1R
,
144A,
FRN
,
5.003
%
,
(
3-month
SOFR
+
1.25
%
),
4/15/36
.
....................
Jersey
6,925,000
6,933,463
b,g
Bain
Capital
Credit
CLO
Ltd.
,
2020-3A,
A1R3,
144A,
FRN,
4.742%,
(3-month
SOFR
+
0.99%),
10/23/34
..................................
United
States
6,750,000
6,747,301
2022-2A,
A1R,
144A,
FRN,
4.883%,
(3-month
SOFR
+
1.15%),
4/22/35
.........................................
United
States
1,650,000
1,651,481
b,g
Black
Diamond
CLO
Ltd.
,
2021-1A
,
A1AR
,
144A,
FRN
,
4.983
%
,
(
3-month
SOFR
+
1.25
%
),
11/22/34
.
....................
United
States
854,000
854,710
b
BofA
Auto
Trust
,
2024-1A
,
A3
,
144A,
5.35
%
,
11/15/28
.
........
United
States
664,282
667,398
b,g
BRAVO
Residential
Funding
Trust
,
2025-HE1
,
A1
,
144A,
FRN
,
4.966
%
,
(
30-day
SOFR
Average
+
1.35
%
),
9/25/72
.
........
United
States
1,282,948
1,286,534
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
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
CarMax
Auto
Owner
Trust
,
2025-2,
A2A,
4.59%,
7/17/28
.........................
United
States
548,846
$
549,519
2026-1,
A2A,
3.87%,
4/16/29
.........................
United
States
924,000
921,650
2026-1,
A3,
4.04%,
3/17/31
..........................
United
States
739,000
733,281
b,g
Cathedral
Lake
VIII
Ltd.
,
2021-8A
,
A1R
,
144A,
FRN
,
4.859
%
,
(
3-month
SOFR
+
1.13
%
),
1/20/35
.
....................
United
States
3,790,000
3,793,173
b
Chase
Auto
Owner
Trust
,
2025-1A
,
A3
,
144A,
4.29
%
,
6/25/30
.
..
United
States
2,664,000
2,661,500
b,g
CIFC
Funding
Ltd.
,
2021-7A
,
AR
,
144A,
FRN
,
4.842
%
,
(
3-month
SOFR
+
1.09
%
),
1/23/35
.
............................
United
States
5,785,000
5,790,628
b
Citizens
Auto
Receivables
Trust
,
2024-1
,
A3
,
144A,
5.11
%
,
4/17/28
.
.........................................
United
States
2,432,316
2,438,194
b,g
Columbia
Cent
CLO
33
Ltd.
,
2024-33A
,
A1R
,
144A,
FRN
,
4.989
%
,
(
3-month
SOFR
+
1.26
%
),
4/20/37
.
..............
United
States
6,950,000
6,958,444
b
Corporate
One
Auto
Receivables
Trust
,
2026-1A
,
A2
,
144A,
4.13
%
,
9/15/28
.
...................................
United
States
1,204,837
1,204,225
b,g
Elmwood
CLO
I
Ltd.
,
2019-1A
,
A1R3
,
144A,
FRN
,
4.849
%
,
(
3-month
SOFR
+
1.12
%
),
4/20/37
.
....................
United
States
1,250,000
1,250,574
b,g
Elmwood
CLO
III
Ltd.
,
2019-3A
,
A1RR
,
144A,
FRN
,
5.109
%
,
(
3-month
SOFR
+
1.38
%
),
7/18/37
.
....................
United
States
1,750,000
1,753,588
b
FIGRE
Trust
,
2025-FL1
,
A1
,
144A,
5.265
%
,
7/25/55
.
.........
United
States
543,541
541,168
Ford
Credit
Auto
Owner
Trust
,
2024-A,
A3,
5.09%,
12/15/28
.........................
United
States
1,998,388
2,008,130
2024-B,
A3,
5.1%,
4/15/29
...........................
United
States
1,273,095
1,279,440
b,c,g
Fortress
Credit
BSL
XIV
Ltd.
,
2021-5AR
,
AR
,
144A,
FRN
,
Zero
Cpn.,
(
3-month
SOFR
+
1.03
%
),
10/23/34
.
...............
United
States
540,500
540,638
b,g
Fortress
Credit
BSL
XVII
Ltd.
,
2022-1A
,
A1R
,
144A,
FRN
,
4.802
%
,
(
3-month
SOFR
+
1.05
%
),
10/23/34
.
.............
United
States
379,085
379,268
b,g
FS
Rialto
,
2021-FL3
,
A
,
144A,
FRN
,
5.07
%
,
(
1-month
SOFR
+
1.364
%
),
11/16/36
.
.................................
United
States
1,144,272
1,145,395
b
GM
Financial
Revolving
Receivables
Trust
,
2024-1
,
A
,
144A,
4.98
%
,
12/11/36
.
..................................
United
States
3,817,000
3,851,051
g
GSAA
Home
Equity
Trust
,
2006-8
,
2A2
,
FRN
,
4.199
%
,
(
1-month
SOFR
+
0.474
%
),
5/25/36
.
...........................
United
States
460,712
88,167
Honda
Auto
Receivables
Owner
Trust
,
2024-1,
A3,
5.21%,
8/15/28
..........................
United
States
2,467,889
2,479,072
2025-4,
A2A,
4.04%,
6/15/28
.........................
United
States
1,028,021
1,027,719
2026-1,
A2A
,
3.71%,
9/21/28
.........................
United
States
6,262,000
6,244,667
b
Iskandar
Enterprise
LLC
,
2026-1A
,
A21
,
144A,
5.049
%
,
4/17/56
.
United
States
4,578,000
4,485,258
b
J.P.
Morgan
Mortgage
Trust
,
g
2023-HE2,
A1,
144A,
FRN,
5.321%,
(
30-day
SOFR
Average
+
1.7%),
3/20/54
....................................
United
States
651,852
653,350
2024-CES1,
A1A,
144A,
5.919%,
6/25/54
................
United
States
441,795
442,719
g
2026-HE1,
A1,
144A,
FRN,
4.871%,
(30-day
SOFR
Average
+
1.25%),
9/20/56
...................................
United
States
687,223
690,166
b,g
Madison
Park
Funding
L
Ltd.
,
2021-50A
,
AR
,
144A,
FRN
,
4.699
%
,
(
3-month
SOFR
+
0.97
%
),
4/19/34
.
....................
United
States
1,983,974
1,984,757
b,g
Madison
Park
Funding
XXX
Ltd.
,
2018-30A
,
A1R
,
144A,
FRN
,
5.153
%
,
(
3-month
SOFR
+
1.36
%
),
7/16/37
.
..............
United
States
1,840,000
1,843,045
b,g
Man
Capital
CLO
Ltd.
,
2021-1AR
,
A1R
,
144A,
FRN
,
Zero
Cpn.,
(
3-month
SOFR
+
1.15
%
),
10/15/38
.
...................
United
States
425,000
425,106
b,g
Mountain
View
CLO
XV
Ltd.
,
2019-2A
,
A1R2
,
144A,
FRN
,
5.043
%
,
(
3-month
SOFR
+
1.29
%
),
7/15/37
.
..............
United
States
2,375,000
2,377,958
b,g
Nassau
Ltd.
,
2020-1A
,
A1RR
,
144A,
FRN
,
4.853
%
,
(
3-month
SOFR
+
1.1
%
),
1/15/35
.
.............................
United
States
1,655,000
1,656,701
b,g
Neuberger
Berman
Loan
Advisers
CLO
25
Ltd.
,
2017-25A
,
AR2
,
144A,
FRN
,
5.129
%
,
(
3-month
SOFR
+
1.4
%
),
7/18/38
.
.....
United
States
2,000,000
2,004,918
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
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
b,g
Oaktree
CLO
Ltd.
,
2019-4A,
AR3,
144A,
FRN,
4.959%,
(3-month
SOFR
+
1.23%),
7/20/37
.........................................
United
States
1,250,000
$
1,250,592
2021-1A,
A1R,
144A,
FRN,
5.103%,
(3-month
SOFR
+
1.35%),
1/15/38
.........................................
United
States
1,270,000
1,272,605
b
OCCU
Auto
Receivables
Trust
,
2025-1A
,
A3
,
144A,
4.81
%
,
11/15/29
.
........................................
United
States
1,124,000
1,127,194
b,g
Octagon
Investment
Partners
49
Ltd.
,
2020-5A
,
ARR
,
144A,
FRN
,
4.873
%
,
(
3-month
SOFR
+
1.12
%
),
4/15/37
.
..............
United
States
5,700,000
5,687,206
g
Park
Place
Securities,
Inc.
,
2004-WCW2
,
M3
,
FRN
,
4.889
%
,
(
1-month
SOFR
+
1.164
%
),
10/25/34
.
..................
United
States
28,980
28,803
b
PK
ALIFT
Loan
Funding
7
LP
,
2025-2
,
A
,
144A,
4.75
%
,
3/15/43
.
United
States
640,552
633,523
b,g
PRMI
Securitization
Trust
,
2024-CMG1
,
A1
,
144A,
FRN
,
5.082
%
,
(
30-day
SOFR
Average
+
1.45
%
),
7/25/54
.
...............
United
States
1,921,823
1,920,886
b,g
Prodigy
Finance
DAC
,
2021-1A
,
A
,
144A,
FRN
,
5.089
%
,
(
1-month
SOFR
+
1.364
%
),
7/25/51
.
...........................
Ireland
138,341
138,143
b,g
Signal
Peak
CLO
5
Ltd.
,
2018-5A
,
A1R2
,
144A,
FRN
,
5.04
%
,
(
3-month
SOFR
+
1.23
%
),
4/25/37
.
....................
United
States
1,500,000
1,501,269
b,g
Sound
Point
CLO
XXXII
Ltd.
,
2021-4A
,
AR
,
144A,
FRN
,
4.84
%
,
(
3-month
SOFR
+
1.03
%
),
10/25/34
.
...................
United
States
1,250,000
1,251,017
b,g
Symphony
CLO
XXIII
Ltd.
,
2020-23A
,
AR2
,
144A,
FRN
,
4.653
%
,
(
3-month
SOFR
+
0.9
%
),
1/15/34
.
.....................
United
States
635,995
635,991
b,g
TCW
CLO
Ltd.
,
2020-1A
,
A1R3
,
144A,
FRN
,
4.779
%
,
(
3-month
SOFR
+
1.05
%
),
4/20/34
.
............................
United
States
7,053,109
7,057,470
b,g
Towd
Point
Mortgage
Trust
,
2025-HE1,
A1A,
144A,
FRN,
4.966%,
(30-day
SOFR
Average
+
1.35%),
7/25/65
...................................
United
States
543,349
544,807
2025-HE2,
A1A,
144A,
FRN,
4.966%,
(30-day
SOFR
Average
+
1.35%),
9/25/65
...................................
United
States
1,402,999
1,406,781
b,g
Voya
CLO
Ltd.
,
2019-3A
,
AR
,
144A,
FRN
,
5.091
%
,
(
3-month
SOFR
+
1.342
%
),
10/17/32
.
..........................
United
States
654,531
655,565
b,g
Wise
CLO
Ltd.
,
2024-2A
,
A
,
144A,
FRN
,
5.213
%
,
(
3-month
SOFR
+
1.46
%
),
7/15/37
.
.................................
United
States
1,250,000
1,253,008
111,227,418
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$135,335,810)
............................
135,086,012
Commercial
Mortgage-Backed
Securities
4.3%
Financial
Services
4.3%
BANK
Trust
,
h,i
2017-BNK8,
XA,
IO,
FRN,
0.702%,
11/15/50
.............
United
States
24,809,073
128,893
h,i
2017-BNK9,
XA,
IO,
FRN,
0.704%,
11/15/54
.............
United
States
42,728,481
293,899
2019-BN18,
A2,
3.474%,
5/15/62
......................
United
States
736,178
714,504
Barclays
Commercial
Mortgage
Trust
,
2019-C3
,
A2
,
3.438
%
,
5/15/52
.........................................
United
States
507,312
497,367
Benchmark
Mortgage
Trust
,
2019-B12,
A2,
3.001%,
8/15/52
.......................
United
States
2,212,938
2,172,717
2019-B13,
A2,
2.889%,
8/15/57
.......................
United
States
2,165,901
2,089,064
2019-B15,
A2,
2.914%,
12/15/72
......................
United
States
1,997,397
1,975,354
b,g
BIKE
Pass-Through
Trust
,
2026-BAND
,
A
,
144A,
FRN
,
5.826
%
,
(
1-month
SOFR
+
2.15
%
),
7/15/43
.....................
United
States
1,349,000
1,350,198
b,i
BX
Trust
,
2025-ARIA
,
B
,
144A,
FRN
,
5.177
%
,
12/13/42
.......
United
States
1,464,000
1,448,715
h,i
CD
Mortgage
Trust
,
2016-CD1,
XA,
IO,
FRN,
1.411%,
8/10/49
...............
United
States
2,514,985
25
2017-CD6,
XA,
IO,
FRN,
0.856%,
11/13/50
..............
United
States
13,912,794
99,041
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
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b,i
CFCRE
Commercial
Mortgage
Trust
,
2011-C2
,
D
,
144A,
FRN
,
5.249
%
,
12/15/47
..................................
United
States
50,927
$
50,086
i
CGMS
Commercial
Mortgage
Trust
,
2017-B1
,
AS
,
FRN
,
3.711
%
,
8/15/50
.........................................
United
States
1,324,000
1,301,050
Citigroup
Commercial
Mortgage
Trust
,
2016-C3,
A4,
3.154%,
11/15/49
.......................
United
States
1,968,000
1,959,543
2020-GC46,
A2,
2.708%,
2/15/53
......................
United
States
891,485
843,105
i
COMM
Mortgage
Trust
,
2014-CR17
,
C
,
FRN
,
4.78
%
,
5/10/47
..
United
States
884,000
862,335
CSAIL
Commercial
Mortgage
Trust
,
2016-C6,
AS,
3.346%,
1/15/49
........................
United
States
186,474
185,949
h,i
2018-CX12,
XA,
IO,
FRN
,
0.544%,
8/15/51
..............
United
States
162,667,761
1,388,256
2019-C18,
A2,
2.845%,
12/15/52
......................
United
States
1,070,184
1,014,268
h,i
CSMC
Trust
,
2016-NXSR
,
XA
,
IO,
FRN
,
0.72
%
,
12/15/49
.....
United
States
29,858,760
299
b,i
DBUBS
Mortgage
Trust
,
2011-LC3A
,
D
,
144A,
FRN
,
5.356
%
,
8/10/44
.........................................
United
States
2,804,683
2,743,112
b,i
GS
Mortgage
Securities
Corp.
Trust
,
2017-375H
,
A
,
144A,
FRN
,
3.475
%
,
9/10/37
...................................
United
States
2,000,000
1,949,538
GS
Mortgage
Securities
Trust
,
2017-GS5
,
A4
,
3.674
%
,
3/10/50
.
United
States
1,951,000
1,936,457
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
b,i
2011-C3,
B,
144A,
FRN,
5.013%,
2/15/46
................
United
States
623,452
621,070
b,i
2012-C6,
E,
144A,
FRN,
4.973%,
5/15/45
...............
United
States
99,571
98,591
b,i
2012-LC9,
D,
144A,
FRN,
3.573%,
12/15/47
.............
United
States
173,000
168,991
2016-JP3,
AS,
3.144%,
8/15/49
.......................
United
States
1,800,000
1,748,616
i
JPMBB
Commercial
Mortgage
Securities
Trust
,
2013-C12,
C,
FRN,
3.94%,
7/15/45
....................
United
States
1,105,287
1,091,886
2014-C23,
B,
FRN,
4.522%,
9/15/47
...................
United
States
1,338,110
1,325,787
i
JPMCC
Commercial
Mortgage
Securities
Trust
,
2017-JP5
,
AS
,
FRN
,
3.876
%
,
3/15/50
..............................
United
States
1,600,000
1,564,375
JPMDB
Commercial
Mortgage
Securities
Trust
,
2019-COR6
,
A2
,
2.946
%
,
11/13/52
..................................
United
States
2,145,518
2,091,148
i
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
b
2012-C5,
E,
144A,
FRN,
4.667%,
8/15/45
...............
United
States
658,185
655,332
2013-C10,
B,
FRN,
3.949%,
7/15/46
...................
United
States
1,086,745
1,033,949
b,h
2013-C7,
XB,
IO,
144A,
FRN,
0.116%,
2/15/46
............
United
States
1,103,824
218
2013-C9,
C,
FRN,
3.699%,
5/15/46
....................
United
States
3,168,000
2,958,583
b
2013-C9,
D,
144A,
FRN,
3.787%,
5/15/46
...............
United
States
1,481,000
1,365,337
2015-C21,
B,
FRN,
3.854%,
3/15/48
...................
United
States
419,870
411,705
h
2016-C32,
XA,
IO,
FRN,
0.619%,
12/15/49
...............
United
States
82,169,354
104,700
h
2017-C34,
XA,
IO,
FRN,
0.756%,
11/15/52
...............
United
States
213,689,249
1,279,700
h,i
Morgan
Stanley
Capital
I
Trust
,
2016-UB12,
XA,
IO,
FRN,
0.654%,
12/15/49
.............
United
States
20,452,948
205
2018-H4,
XA,
IO,
FRN,
0.798%,
12/15/51
................
United
States
55,528,726
857,547
2018-L1,
XA,
IO,
FRN,
0.465%,
10/15/51
................
United
States
63,416,977
494,151
b
One
Bryant
Park
Trust
,
2019-OBP
,
A
,
144A,
2.516
%
,
9/15/54
..
United
States
1,949,000
1,796,138
UBS
Commercial
Mortgage
Trust
,
2017-C3,
A2,
2.998%,
8/15/50
........................
United
States
2,179,235
2,146,855
i
2017-C3,
B,
FRN,
4.092%,
8/15/50
....................
United
States
1,149,000
1,111,406
h,i
2017-C7,
XA,
IO,
FRN,
0.962%,
12/15/50
................
United
States
15,335,043
154,838
2018-C14,
A4,
4.448%,
12/15/51
......................
United
States
1,279,000
1,263,143
2019-C18,
A2,
2.994%,
12/15/52
......................
United
States
2,832,168
2,800,871
h,i
Wachovia
Bank
Commercial
Mortgage
Trust
,
2006-C29
,
IO,
FRN
,
0.293
%
,
11/15/48
..................................
United
States
3,312
1
Wells
Fargo
Commercial
Mortgage
Trust
,
b,i
2013-LC12,
D,
144A,
FRN,
3.74%,
7/15/46
..............
United
States
763,000
528,370
h,i
2016-BNK1,
XA,
IO,
FRN,
1.776%,
8/15/49
..............
United
States
997,063
10
h,i
2016-C37,
XA,
IO,
FRN,
0.758%,
12/15/49
...............
United
States
4,087,110
41
PUTNAM
FUNDS
TRUST
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
46
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
Wells
Fargo
Commercial
Mortgage
Trust,
(continued)
2017-C39,
A5,
3.418%,
9/15/50
.......................
United
States
2,850,000
$
2,802,871
h,i
2017-C41,
XA,
IO,
FRN,
1.141%,
11/15/50
...............
United
States
21,854,297
197,567
2017-RB1,
A5,
3.635%,
3/15/50
.......................
United
States
2,032,771
2,006,621
h,i
2018-C44,
XA,
IO,
FRN,
0.703%,
5/15/51
................
United
States
64,508,545
620,972
h,i
2018-C48,
XA,
IO,
FRN,
0.927%,
1/15/52
................
United
States
18,462,183
309,577
h,i
2019-C50,
XA,
IO,
FRN,
1.397%,
5/15/52
................
United
States
14,765,140
426,974
h,i
2026-5C10,
XA,
IO,
FRN,
0.985%,
6/15/59
...............
United
States
18,767,486
804,746
i
WFRBS
Commercial
Mortgage
Trust
,
b
2011-C4,
D,
144A,
FRN,
4.984%,
6/15/44
...............
United
States
713,973
703,973
2012-C10,
C,
FRN,
4.279%,
12/15/45
..................
United
States
267,000
229,254
h
2014-C22,
XA,
IO,
FRN,
0.239%,
9/15/57
................
United
States
103,818
1
60,779,895
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$62,515,556)
..............
60,779,895
Mortgage-Backed
Securities
0.2%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
0.2%
FNMA,
2.73%,
9/01/29
...............................
United
States
1,538,249
1,456,851
FNMA,
5.28%,
12/01/28
..............................
United
States
1,308,000
1,324,378
2,781,229
Total
Mortgage-Backed
Securities
(Cost
$2,700,951)
...........................
2,781,229
Residential
Mortgage-Backed
Securities
6.1%
Financial
Services
6.1%
b
A&D
Mortgage
Trust
,
2023-NQM4,
A1,
144A,
7.472%,
9/25/68
................
United
States
3,654,933
3,662,395
2023-NQM5,
A1,
144A,
7.049%,
11/25/68
...............
United
States
1,746,203
1,751,519
b
Anchor
Mortgage
Trust
,
2025-RTL1
,
A1
,
144A,
5.718
%
,
5/25/40
United
States
1,813,000
1,807,985
b
Angel
Oak
Mortgage
Trust
,
i
2020-5,
A3,
144A,
FRN,
2.041%,
5/25/65
................
United
States
222,985
217,321
i
2021-5,
A2,
144A,
FRN,
1.208%,
7/25/66
................
United
States
2,432,217
2,111,469
2023-3,
A1,
144A,
4.8%,
9/26/67
......................
United
States
638,928
635,592
2024-9,
A1,
144A,
5.138%,
9/25/69
....................
United
States
723,254
722,180
b,i
Arroyo
Mortgage
Trust
,
2019-1,
A3,
144A,
FRN,
4.208%,
1/25/49
................
United
States
212,835
208,109
2019-3,
A3,
144A,
FRN,
3.416%,
10/25/48
...............
United
States
72,981
70,495
g
BankUnited
Trust
,
2005-1
,
1A1
,
FRN
,
4.439
%
,
(
1-month
SOFR
+
0.714
%
),
9/25/45
..................................
United
States
43,337
41,372
b,g
Bellemeade
Re
Ltd.
,
2021-3A
,
B1
,
144A,
FRN
,
7.466
%
,
(
30-day
SOFR
Average
+
3.85
%
),
9/25/31
.....................
United
States
724,000
740,738
b
BRAVO
Residential
Funding
Trust
,
2023-NQM8,
A1,
144A,
6.394%,
10/25/63
...............
United
States
209,612
209,777
2024-NQM2,
A1,
144A,
6.285%,
2/25/64
................
United
States
1,211,414
1,214,887
b,i
Bunker
Hill
Loan
Depositary
Trust
,
2020-1
,
A2
,
144A,
FRN
,
2.6
%
,
2/25/55
.........................................
United
States
920,354
916,727
b
CAFL
Issuer
LP
,
2025-RRTL1
,
A1
,
144A,
5.684
%
,
5/28/40
.....
United
States
528,000
529,432
g
CHL
Mortgage
Pass-Through
Trust
,
2005-3
,
1A1
,
FRN
,
4.459
%
,
(
1-month
SOFR
+
0.734
%
),
4/25/35
....................
United
States
49,496
46,650
i
Citigroup
Mortgage
Loan
Trust,
Inc.
,
2005-2
,
1A2A
,
FRN
,
5.68
%
,
5/25/35
.........................................
United
States
31,086
30,755
b
Cross
Mortgage
Trust
,
2024-H3,
A1,
144A,
6.272%,
6/25/69
...................
United
States
642,153
644,823
2024-H4,
A1,
144A,
6.147%,
7/25/69
...................
United
States
4,152,000
4,181,101
i
2025-H1,
A1,
144A,
FRN,
5.735%,
2/25/70
...............
United
States
1,232,930
1,237,256
PUTNAM
FUNDS
TRUST
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
47
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b
Cross
Mortgage
Trust,
(continued)
i
2025-H3,
A1,
144A,
FRN,
5.883%,
4/25/70
...............
United
States
488,979
$
491,460
b,g
EFMT
,
2025-NQM4
,
A1F
,
144A,
FRN
,
4.816
%
,
(
30-day
SOFR
Average
+
1.2
%
),
9/25/70
............................
United
States
925,321
927,847
b,g
FHLMC
STACR
REMIC
Trust
,
2021-DNA5,
M2,
144A,
FRN,
5.266%,
(30-day
SOFR
Average
+
1.65%),
1/25/34
.................................
United
States
33,743
33,788
2021-DNA6,
M2,
144A,
FRN,
5.116%,
(30-day
SOFR
Average
+
1.5%),
10/25/41
...................................
United
States
444,253
444,833
2021-DNA7,
M2,
144A,
FRN,
5.416%,
(
30-day
SOFR
Average
+
1.8%),
11/25/41
..................................
United
States
1,559,543
1,564,087
2022-DNA2,
M1A,
144A,
FRN,
4.916%,
(30-day
SOFR
Average
+
1.3%),
2/25/42
..................................
United
States
4,991
4,991
2022-DNA3,
M1B,
144A,
FRN,
6.516%,
(30-day
SOFR
Average
+
2.9%),
4/25/42
..................................
United
States
50,000
50,672
2022-DNA5,
M1A,
144A,
FRN,
6.566%,
(30-day
SOFR
Average
+
2.95%),
6/25/42
.................................
United
States
625,807
632,312
2022-DNA6,
M1A,
144A,
FRN,
5.766%,
(30-day
SOFR
Average
+
2.15%),
9/25/42
.................................
United
States
6,228
6,236
2022-DNA6,
M1B,
144A,
FRN,
7.316%,
(30-day
SOFR
Average
+
3.7%),
9/25/42
..................................
United
States
46,000
47,255
2023-DNA1,
M1A,
144A,
FRN,
5.717%,
(30-day
SOFR
Average
+
2.1%),
3/25/43
..................................
United
States
194,371
196,434
2023-HQA2,
M1A,
144A,
FRN,
5.616%,
(30-day
SOFR
Average
+
2%),
6/25/43
....................................
United
States
22,968
22,992
2023-HQA3,
A1,
144A,
FRN,
5.466%,
(30-day
SOFR
Average
+
1.85%),
11/25/43
..................................
United
States
176,578
177,484
2023-HQA3,
M1,
144A,
FRN,
5.466%,
(
30-day
SOFR
Average
+
1.85%),
11/25/43
.................................
United
States
75,600
75,966
2024-DNA1,
A1,
144A,
FRN,
4.966%,
(30-day
SOFR
Average
+
1.35%),
2/25/44
...................................
United
States
184,382
185,205
2024-DNA2,
A1,
144A,
FRN,
4.866%,
(30-day
SOFR
Average
+
1.25%),
5/25/44
...................................
United
States
176,110
176,913
2024-DNA2,
M2,
144A,
FRN,
5.316%,
(30-day
SOFR
Average
+
1.7%),
5/25/44
..................................
United
States
15,000
15,082
2025-DNA1,
A1,
144A,
FRN,
4.566%,
(30-day
SOFR
Average
+
0.95%),
1/25/45
...................................
United
States
1,406,645
1,408,105
2025-DNA3,
M1,
144A,
FRN,
4.716%,
(30-day
SOFR
Average
+
1.1%),
9/25/45
..................................
United
States
1,152,937
1,153,355
2025-DNA4,
M1,
144A,
FRN,
4.716%,
(30-day
SOFR
Average
+
1.1%),
10/25/45
.................................
United
States
817,156
819,392
b,g
FHLMC
STACR
Trust
,
2019-HQA2
,
M2
,
144A,
FRN
,
5.781
%
,
(
30-
day
SOFR
Average
+
2.164
%
),
4/25/49
.................
United
States
2,671
2,696
g
FNMA
Connecticut
Avenue
Securities
Trust
,
2016-C07,
2M2,
FRN,
8.081%,
(30-day
SOFR
Average
+
4.464%),
5/25/29
..................................
United
States
409,010
413,028
2018-C02,
2M2,
FRN,
5.931%,
(30-day
SOFR
Average
+
2.314%),
8/25/30
..................................
United
States
36,663
37,137
b
2021-R01,
1M2,
144A,
FRN,
5.166%,
(30-day
SOFR
Average
+
1.55%),
10/25/41
..................................
United
States
5,064
5,068
b
2021-R03,
1M2,
144A,
FRN,
5.266%,
(30-day
SOFR
Average
+
1.65%),
12/25/41
..................................
United
States
489,608
490,617
b
2022-R02,
2M2,
144A,
FRN,
6.616%,
(30-day
SOFR
Average
+
3%),
1/25/42
.....................................
United
States
2,149,763
2,169,852
b
2022-R03,
1M2,
144A,
FRN,
7.116%,
(
30-day
SOFR
Average
+
3.5%),
3/25/42
....................................
United
States
241,000
244,916
b
2022-R04,
1M2,
144A,
FRN,
6.716%,
(30-day
SOFR
Average
+
3.1%),
3/25/42
....................................
United
States
230,000
232,932
PUTNAM
FUNDS
TRUST
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
48
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
2022-R09,
2M1,
144A,
FRN,
6.116%,
(30-day
SOFR
Average
+
2.5%),
9/25/42
....................................
United
States
797,618
$
803,660
b
2023-R06,
1M1,
144A,
FRN,
5.316%,
(30-day
SOFR
Average
+
1.7%),
7/25/43
....................................
United
States
33,825
33,904
b
2023-R07,
2M1,
144A,
FRN,
5.566%,
(30-day
SOFR
Average
+
1.95%),
9/25/43
...................................
United
States
14,156
14,175
b
2024-R02,
1M1,
144A,
FRN,
4.716%,
(30-day
SOFR
Average
+
1.1%),
2/25/44
....................................
United
States
2,125
2,125
b
2024-R03,
2M1,
144A,
FRN,
4.766%,
(30-day
SOFR
Average
+
1.15%),
3/25/44
...................................
United
States
15,301
15,302
b
2024-R06,
1A1,
144A,
FRN,
4.766%,
(30-day
SOFR
Average
+
1.15%),
9/25/44
...................................
United
States
364,775
365,700
b
2025-R01,
1A1,
144A,
FRN,
4.566%,
(30-day
SOFR
Average
+
0.95%),
1/25/45
...................................
United
States
532,976
533,324
b
2025-R01,
1M1,
144A,
FRN,
4.716%,
(
30-day
SOFR
Average
+
1.1%),
1/25/45
....................................
United
States
216,647
216,708
b
2025-R02,
1A1,
144A,
FRN,
4.616%,
(30-day
SOFR
Average
+
1%),
2/25/45
.....................................
United
States
415,213
415,598
b
2025-R02,
1M1,
144A,
FRN,
4.766%,
(30-day
SOFR
Average
+
1.15%),
2/25/45
...................................
United
States
347,197
347,261
b
2025-R03,
2A1,
144A,
FRN,
5.066%,
(30-day
SOFR
Average
+
1.45%),
3/25/45
...................................
United
States
409,438
411,351
b
2025-R04,
1A1,
144A,
FRN,
4.616%,
(30-day
SOFR
Average
+
1%),
5/25/45
.....................................
United
States
534,319
535,006
b
2025-R04,
1M1,
144A,
FRN,
4.816%,
(30-day
SOFR
Average
+
1.2%),
5/25/45
....................................
United
States
920,050
920,955
b
2025-R06,
1A1,
144A,
FRN,
4.516%,
(30-day
SOFR
Average
+
0.9%),
9/25/45
....................................
United
States
1,191,168
1,191,660
b
2026-R01,
2A1,
144A,
FRN,
4.466%,
(30-day
SOFR
Average
+
0.85%),
1/25/46
...................................
United
States
2,493,294
2,492,992
b
2026-R01,
2M1,
144A,
FRN,
4.616%,
(30-day
SOFR
Average
+
1%),
1/25/46
.....................................
United
States
2,248,411
2,248,991
b
2026-R02,
1M1,
144A,
FRN,
4.666%,
(
30-day
SOFR
Average
+
1.05%),
2/25/46
...................................
United
States
784,126
784,168
b,i
Galton
Funding
Mortgage
Trust
,
2020-H1
,
A3
,
144A,
FRN
,
2.617
%
,
1/25/60
...................................
United
States
1,191,502
1,136,165
b
GCAT
Trust
,
2020-NQM2
,
A3
,
144A,
3.935
%
,
4/25/65
........
United
States
595,671
581,131
b,i
GS
Mortgage-Backed
Securities
Trust
,
2020-NQM1
,
A3
,
144A,
FRN
,
2.352
%
,
9/27/60
..............................
United
States
167,000
162,933
b,i
Imperial
Fund
Mortgage
Trust
,
2021-NQM1
,
A3
,
144A,
FRN
,
1.617
%
,
6/25/56
...................................
United
States
1,149,622
1,015,488
b
J.P.
Morgan
Mortgage
Trust
,
g
2024-10,
A11,
144A,
FRN,
4.866%,
(30-day
SOFR
Average
+
1.25%),
3/25/55
...................................
United
States
627,805
627,948
2024-VIS2,
A1,
144A,
5.853%,
11/25/64
.................
United
States
920,316
921,586
i
2026-NQX2,
A1,
144A,
FRN,
5.628%,
10/25/66
...........
United
States
3,619,000
3,609,063
b
Legacy
Mortgage
Asset
Trust
,
2021-GS1,
A1,
144A,
5.892%,
10/25/66
.................
United
States
2,149,361
2,151,997
2021-GS3,
A1,
144A,
5.75%,
7/25/61
...................
United
States
1,052,931
1,054,492
2021-GS4,
A1,
144A,
5.65%,
11/25/60
..................
United
States
1,734,371
1,736,764
b,i
LHOME
Mortgage
Trust
,
2025-RTL2
,
A1
,
144A,
FRN
,
5.612
%
,
4/25/40
.........................................
United
States
829,000
831,721
b
MFA
Trust
,
i
2020-NQM1,
A3,
144A,
FRN,
3.3%,
8/25/49
..............
United
States
225,044
218,958
2025-NQM3,
A1,
144A,
5.261%,
8/25/70
................
United
States
868,710
862,879
b,i
Morgan
Stanley
Resecuritization
Trust
,
2015-R4
,
CB1
,
144A,
FRN
,
4.061
%
,
8/26/47
..............................
United
States
93,172
93,228
PUTNAM
FUNDS
TRUST
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
49
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b
Morgan
Stanley
Residential
Mortgage
Loan
Trust
,
g
2024-3,
AF,
144A,
FRN,
4.966%,
(30-day
SOFR
Average
+
1.35%),
7/25/54
...................................
United
States
307,213
$
307,892
2024-NQM1,
A1,
144A,
6.152%,
12/25/68
...............
United
States
1,358,783
1,361,695
b
New
Residential
Mortgage
Loan
Trust
,
g
2018-4A,
A1M,
144A,
FRN,
4.739%,
(1-month
SOFR
+
1.014%),
1/25/48
..................................
United
States
92,763
91,989
i
2019-NQM4,
A2,
144A,
FRN,
2.644%,
9/25/59
............
United
States
323,855
311,835
i
2019-NQM4,
A3,
144A,
FRN,
2.797%,
9/25/59
............
United
States
824,758
795,373
b
OBX
Trust
,
i
2018-EXP1,
1A3,
144A,
FRN,
4%,
4/25/48
...............
United
States
65,318
60,549
2024-NQM2,
A1,
144A,
5.878%,
12/25/63
...............
United
States
467,288
467,683
i
2026-NQM9,
A1,
144A,
FRN,
5.47%,
4/25/66
.............
United
States
3,142,770
3,139,720
b,i
Onity
Loan
Investment
Trust
,
2024-HB2,
A,
144A,
FRN,
5%,
8/25/37
..................
United
States
399,451
399,738
2026-HB3,
A,
144A,
FRN,
3%,
6/25/39
..................
United
States
1,316,420
1,289,016
b,i
Residential
Mortgage
Loan
Trust
,
2021-1R
,
A1
,
144A,
FRN
,
0.859
%
,
1/25/65
...................................
United
States
43,499
42,504
b,g
Station
Place
Securitization
Trust
,
2025-3,
A,
144A,
FRN,
4.593%,
(1-month
SOFR
+
0.9%),
9/23/26
.........................................
United
States
4,920,000
4,944,734
2025-7,
A,
144A,
FRN,
4.593%,
(1-month
SOFR
+
0.9%),
11/24/26
........................................
United
States
4,841,000
4,866,845
2026-2,
A,
144A,
FRN,
4.526%,
(1-month
SOFR
+
0.85%),
8/23/27
.........................................
United
States
4,930,000
4,940,905
b,g
Structured
Agency
Credit
Risk
,
2026-DNA1
,
M1
,
144A,
FRN
,
4.616
%
,
(
30-day
SOFR
Average
+
1
%
),
2/25/46
...........
United
States
1,842,996
1,841,632
g
Structured
Asset
Mortgage
Investments
II
Trust
,
2007-AR7
,
1A1
,
FRN
,
5.539
%
,
(
1-month
SOFR
+
1.814
%
),
5/25/47
.........
United
States
352,790
290,381
b
Toorak
Mortgage
Trust
,
2025-RRTL1
,
A1
,
144A,
5.524
%
,
2/25/40
United
States
630,000
630,697
b
Verus
Securitization
Trust
,
2024-1,
A1,
144A,
5.712%,
1/25/69
....................
United
States
491,895
493,322
i
2026-R6,
A1,
144A,
FRN
,
5.765%,
7/25/68
...............
United
States
949,000
951,923
86,576,904
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$87,245,897)
...............
86,576,904
Agency
Commercial
Mortgage-Backed
Securities
4.5%
Financial
Services
4.5%
FHLMC
,
3539,
PM,
4.5%,
5/15/37
............................
United
States
2,929
2,750
3724,
CM,
5.5%,
6/15/37
............................
United
States
7,996
8,105
g
5396,
FG,
FRN,
4.616%,
(
30-day
SOFR
Average
+
1%),
4/25/54
.........................................
United
States
2,412,073
2,423,787
g
5397,
NF,
FRN,
4.666%,
(30-day
SOFR
Average
+
1.05%),
4/25/54
.........................................
United
States
3,111,038
3,131,786
g
5419,
AF,
FRN,
4.716%,
(30-day
SOFR
Average
+
1.1%),
6/25/54
.........................................
United
States
2,188,175
2,205,743
g
5438,
FC,
FRN,
4.716%,
(30-day
SOFR
Average
+
1.1%),
8/25/54
.........................................
United
States
1,801,856
1,815,918
g
5466,
FG,
FRN,
4.566%,
(30-day
SOFR
Average
+
0.95%),
10/25/54
........................................
United
States
4,729,758
4,746,989
g
5473,
GF,
FRN,
4.766%,
(30-day
SOFR
Average
+
1.15%),
11/25/54
........................................
United
States
1,196,907
1,204,744
g
5499,
CF,
FRN,
4.616%,
(30-day
SOFR
Average
+
1%),
2/25/55
United
States
1,287,193
1,293,585
g
5601,
FC,
FRN,
4.666%,
(30-day
SOFR
Average
+
1.05%),
11/25/55
........................................
United
States
2,569,090
2,585,299
PUTNAM
FUNDS
TRUST
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
50
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
h,i
FHLMC,
Multi-family
Structured
Pass-Through
Certificates
,
K737,
X1,
IO,
FRN,
0.536%,
10/25/26
..................
United
States
38,668,206
$
21,496
K738,
XAM,
IO,
FRN,
1.372%,
3/25/27
..................
United
States
17,882,000
116,067
K739,
XAM,
IO,
FRN,
1.568%,
9/25/27
..................
United
States
36,816,638
438,523
FNMA
,
2010-81,
AP,
2.5%,
7/25/40
..........................
United
States
6,640
6,352
2011-60,
PA,
4%,
10/25/39
...........................
United
States
2,933
2,713
g
2024-105,
AF,
FRN,
4.666%,
(
30-day
SOFR
Average
+
1.05%),
1/25/55
.........................................
United
States
3,268,129
3,287,387
g
2024-77,
DF,
FRN,
4.816%,
(30-day
SOFR
Average
+
1.2%),
10/25/53
........................................
United
States
1,046,337
1,058,053
g
2024-82,
FE,
FRN,
4.566%,
(30-day
SOFR
Average
+
0.95%),
11/25/54
........................................
United
States
1,266,157
1,270,759
g
2024-89,
FA,
FRN,
4.816%,
(30-day
SOFR
Average
+
1.2%),
12/25/54
........................................
United
States
6,010,723
6,076,827
g
2024-98,
FA,
FRN,
4.766%,
(30-day
SOFR
Average
+
1.15%),
12/25/53
........................................
United
States
4,287,604
4,328,344
g
2025-25,
FB,
FRN,
4.566%,
(30-day
SOFR
Average
+
0.95%),
4/25/55
.........................................
United
States
2,540,072
2,549,547
g
2025-41,
FA,
FRN,
4.766%,
(30-day
SOFR
Average
+
1.15%),
6/25/54
.........................................
United
States
2,208,760
2,229,926
g
2025-55,
FG,
FRN,
4.716%,
(
30-day
SOFR
Average
+
1.1%),
7/25/55
.........................................
United
States
5,657,921
5,704,583
g
2026-43,
FD,
FRN,
4.546%,
(30-day
SOFR
Average
+
0.93%),
6/25/56
.........................................
United
States
3,729,917
3,731,689
GNMA
,
2009-32,
AB,
4%,
5/16/39
...........................
United
States
2,809
2,744
h,i
2021-17,
IO,
FRN,
1.053%,
1/16/61
....................
United
States
16,708,960
1,298,936
g
2024-78,
QF,
FRN,
4.721%,
(30-day
SOFR
Average
+
1.1%),
5/20/54
.........................................
United
States
6,793,507
6,844,588
g
2025-169,
FB,
FRN,
4.621%,
(30-day
SOFR
Average
+
1%),
10/20/55
........................................
United
States
3,387,113
3,404,896
g
2025-169,
FC,
FRN,
4.621%,
(30-day
SOFR
Average
+
1%),
10/20/55
........................................
United
States
2,222,463
2,234,310
64,026,446
a
a
a
a
a
a
Total
Agency
Commercial
Mortgage-Backed
Securities
(Cost
$63,702,797)
.......
64,026,446
Municipal
Bonds
1.0%
Alabama
0.2%
Alabama
Economic
Settlement
Authority
,
BP
Settlement
Fund
,
Revenue
,
2016
B
,
4.263
%
,
9/15/32
....................
United
States
2,165,000
2,123,735
California
0.1%
State
of
California
,
GO
,
4.35
%
,
11/01/32
..................
United
States
1,850,000
1,803,928
Florida
0.1%
State
Board
of
Administration
Finance
Corp.
,
Florida
Hurricane
Catastrophe
Fund
,
Revenue
,
2024
A
,
5.526
%
,
7/01/34
......
United
States
1,325,000
1,358,764
Illinois
0.2%
City
of
Chicago
,
GO
,
2017
B
,
PEDM
,
7.045
%
,
1/01/29
........
United
States
690,000
701,030
State
of
Illinois
,
GO
,
2026
A
,
4.854
%
,
4/01/32
..............
United
States
1,535,000
1,524,689
2,225,719
PUTNAM
FUNDS
TRUST
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
51
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
0.1%
Philadelphia
Authority
for
Industrial
Development
,
City
of
Philadelphia
,
Revenue
,
2004
,
NATL
Insured
,
6.55
%
,
10/15/28
United
States
1,150,000
$
1,193,283
Redevelopment
Authority
of
the
City
of
Philadelphia
,
City
of
Philadelphia
,
Revenue
,
2026
A
,
4.132
%
,
11/01/30
.........
United
States
765,000
748,667
1,941,950
South
Carolina
0.2%
South
Carolina
Public
Service
Authority
,
Revenue
,
2009
F
,
5.74
%
,
1/01/30
.........................................
United
States
2,750,000
2,803,432
Virginia
0.1%
Virginia
Commonwealth
University
,
Revenue
,
2020
B
,
Refunding
,
2.124
%
,
11/01/30
..................................
United
States
1,360,000
1,229,944
Total
Municipal
Bonds
(Cost
$13,774,136)
....................................
13,487,472
Total
Long
Term
Investments
(Cost
$1,235,432,050)
...........................
1,230,641,287
a
Short
Term
Investments
11.7%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Commercial
Papers
9.3%
b,j
Agree
LP
,
144A,
4.12%,
8/06/26
................................
United
States
5,815,000
5,811,006
144A,
4.19%,
8/13/26
................................
United
States
2,430,000
2,426,332
8,237,338
b,j
Alimentation
Couche-Tard,
Inc.
,
144A,
3.89%
,
8/04/26
........
Canada
3,355,000
3,353,551
b,j
AutoNation,
Inc.
,
144A,
4.1%
,
8/03/26
....................
United
States
13,280,000
13,275,468
b,j
AvalonBay
Communities,
Inc.
,
144A,
3.88%,
8/03/26
................................
United
States
1,615,000
1,614,478
144A,
3.93%,
8/07/26
................................
United
States
4,505,000
4,501,558
144A,
3.92%,
8/10/26
................................
United
States
2,514,000
2,511,262
8,627,298
b,j
Boston
Scientific
Corp.
,
144A,
3.91%,
8/06/26
................................
United
States
1,410,000
1,409,083
144A,
3.99%,
8/21/26
................................
United
States
2,620,000
2,613,922
4,023,005
b,j
Bunge
Ltd.
Finance
Corp.
,
144A,
3.93%,
8/05/26
................................
United
States
2,385,000
2,383,700
144A,
3.96%
,
8/10/26
................................
United
States
3,450,000
3,446,210
144A,
4.01%,
8/19/26
................................
United
States
3,320,000
3,312,996
9,142,906
b,j
Cabot
Corp.
,
144A,
3.88%
,
8/03/26
......................
United
States
2,655,000
2,654,141
b,j
Enel
Finance
America
LLC
,
144A,
3.98%
,
9/18/26
...........
Italy
2,960,000
2,944,056
b,j
Extra
Space
Storage
LP
,
144A,
3.91%,
8/06/26
................................
United
States
2,990,000
2,988,055
144A,
3.94%,
8/11/26
................................
United
States
3,180,000
3,176,173
144A,
4%,
8/20/26
..................................
United
States
2,555,000
2,549,333
8,713,561
PUTNAM
FUNDS
TRUST
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
52
Short
Term
Investments
(continued)
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Commercial
Papers
(continued)
b,j
HCA,
Inc.
,
144A,
4.1%,
8/03/26
.................................
United
States
6,900,000
$
6,897,644
144A,
4.16%,
8/07/26
................................
United
States
2,420,000
2,418,043
9,315,687
b,j
Honeywell
Aerospace,
Inc.
,
144A,
3.89%
,
8/04/26
...........
United
States
1,720,000
1,719,257
b,j
Huntington
Ingalls
Industries,
Inc.
,
144A,
4.1%
,
8/03/26
.......
United
States
4,385,000
4,383,502
b,j
Intercontinental
Exchange,
Inc.
,
144A,
3.97%,
8/05/26
................................
United
States
2,470,000
2,468,639
144A,
4.09%,
8/06/26
................................
United
States
3,950,000
3,947,309
144A,
4.06%,
8/10/26
................................
United
States
1,440,000
1,438,377
144A,
4.05%,
8/19/26
................................
United
States
3,295,000
3,287,975
11,142,300
b,j
Kenvue,
Inc.
,
144A,
3.68%
,
8/28/26
......................
United
States
1,260,000
1,256,399
b,j
Mid-America
Apartments
LP
,
144A,
3.93%,
8/11/26
................................
United
States
1,600,000
1,598,081
144A,
3.93%,
8/12/26
................................
United
States
1,990,000
1,987,395
3,585,476
b,j
O'Reilly
Automotive,
Inc.
,
144A,
3.94%,
8/17/26
................................
United
States
2,400,000
2,395,539
144A,
3.95%,
8/19/26
................................
United
States
1,975,000
1,970,892
4,366,431
j
Penske
Truck
Leasing
Co.
LP
,
3.97%,
8/04/26
.....................................
United
States
2,020,000
2,019,109
4.03%,
8/12/26
.....................................
United
States
3,290,000
3,285,582
4.13%,
9/03/26
.....................................
United
States
5,445,000
5,423,834
10,728,525
j
Realty
Income
Corp.
,
3.88%
,
8/03/26
....................
United
States
4,540,000
4,538,531
j
Ryder
System,
Inc.
,
3.91%
,
8/07/26
......................
United
States
1,505,000
1,503,856
b,j
Simon
Property
Group
LP
,
144A,
3.94%
,
8/13/26
............
United
States
1,305,000
1,303,144
b,j
Targa
Resources
Corp.
,
144A,
3.85%
,
8/03/26
.............
United
States
6,590,000
6,587,885
b,j
UDR,
Inc.
,
144A,
3.9%,
8/05/26
.................................
United
States
2,775,000
2,773,498
144A,
3.94%,
8/13/26
................................
United
States
5,070,000
5,062,789
7,836,287
b,j
WEC
Energy
Group,
Inc.
,
144A,
3.93%
,
8/10/26
............
United
States
1,240,000
1,238,648
Total
Commercial
Papers
(Cost
$
130,492,726)
................................
130,477,252
PUTNAM
FUNDS
TRUST
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
53
At
July
31,
2026,
the
Fund
had
the
following futures
contracts
outstanding.
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Management
Investment
Companies
2.4%
a,k
Putnam
Short
Term
Investment
Fund,
Class
P,
3.819%
.......
United
States
34,444,773
$
34,444,773
Total
Management
Investment
Companies
(Cost
$34,444,773)
..................
34,444,773
Total
Short
Term
Investments
(Cost
$164,937,499
)
.............................
164,922,025
a
Total
Investments
(Cost
$1,400,369,549)
99.0%
................................
$1,395,563,312
Other
Assets,
less
Liabilities
1.0%
...........................................
13,317,226
Net
Assets
100.0%
.........................................................
$1,408,880,538
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
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
July
31,
2026,
the
aggregate
value
of
these
securities
was
$539,770,190,
representing
38.3%
of
net
assets.
c
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
d
Perpetual
security
with
no
stated
maturity
date.
e
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
certain
derivative
contracts.
At
July
31,
2026,
the
value
of
this
security
pledged
amounted
to
$95,819,
representing
less
than
0.1%
of
net
assets.
f
This
security
was
pledged,
or
purchased
with
cash
that
was
pledged,
to
the
Fund
for
collateral
on
certain
derivative
contracts.
g
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
h
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.
i
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.
j
The
rate
shown
represents
the
yield
at
period
end.
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
.....................
Short
219
$
45,028,453
9/30/26
$
195,750
Total
Futures
Contracts
......................................................................
$195,750
*
As
of
period
end.
PUTNAM
FUNDS
TRUST
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
54
At
July
31,
2026,
the
Fund
had
the
following credit
default
swap
contracts outstanding.
At
July
31,
2026,
the
Fund
had
the
following
interest
rate
swap
contracts
outstanding.
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
$
32,955
$
54,646
$
(21,691)
CMBX.NA.BBB-.6
(3.00)%
Monthly
CITI
5/11/63
515,000
37,124
30,480
6,644
Contracts
to
Sell
Protection
c,d
Traded
Index
CMBX.NA.BB.7
.
5.00%
Monthly
JPHQ
1/17/47
315,000
(32,955)
(154,241)
121,286
Non-
Investment
Grade
CMBX.NA.BBB-.6
3.00%
Monthly
BOFA
5/11/63
514,000
(37,052)
(30,971)
(6,081)
Investment
Grade
CMBX.NA.BBB-.6
3.00%
Monthly
MLCO
5/11/63
1,000
(72)
(269)
197
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
4.04%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
9/16/28
752,317,000
$
(1,738,305)
$
1,773,108
$
(3,511,413)
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.02%
....
Annual
9/16/31
181,747,000
1,101,580
(1,047,304)
2,148,884
Total
Interest
Rate
Swap
Contracts
.................................
$(636,725)
$
725,804
$(1,362,529)
*
In
U.S.
dollars
unless
otherwise
indicated.
See
Abbreviations
on
page
58.
Putnam
Funds
Trust
55
Quarterly
Schedule
of
Investments
Notes
to
Schedules
of
Investments
(unaudited)
1.
Organization
Putnam
Funds
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of 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
Schedules
of
Investments
(unaudited)
56
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
July
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
$4,757,147
$—
$—
$(21,998)
$32,673,767
1,304,342
$857,370
Putnam
Short
Term
Investment
Fund,
Class
P,
3.819%
......
72,763,644
734,746,651
(807,414,537)
—
—
95,758
95,758
1,625,403
Total
Affiliated
Securities
...
$100,702,262
$739,503,798
$(807,414,537)
$—
$(21,998)
$32,769,525
$2,482,773
Putnam
Short
Duration
Bond
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Ultra
Short
Bond
ETF
.
$34,291,382
$—
$—
$—
$(41,018)
$34,250,364
1,367,280
$1,020,880
Putnam
Short
Term
Investment
Fund,
Class
P,
3.819%
......
53,870,652
651,963,241
(671,389,120)
—
—
34,444,773
34,444,773
1,404,918
Total
Affiliated
Securities
...
$88,162,034
$651,963,241
$(671,389,120)
$—
$(41,018)
$68,695,137
$2,425,798
2. Financial
Instrument
Valuation
(continued)
Putnam
Funds
Trust
Notes
to
Schedules
of
Investments
(unaudited)
57
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
July
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
.........
$
32,673,767
$
—
$
—
$
32,673,767
Corporate
Bonds
........................
—
468,822,166
—
468,822,166
Foreign
Government
and
Agency
Securities
....
—
3,011,955
—
3,011,955
U.S.
Government
and
Agency
Securities
.......
—
582,542,684
—
582,542,684
Asset-Backed
Securities
...................
—
131,705,545
—
131,705,545
Commercial
Mortgage-Backed
Securities
......
—
92,395,623
—
92,395,623
Mortgage-Backed
Securities
................
—
427,429,006
—
427,429,006
Residential
Mortgage-Backed
Securities
.......
—
101,539,323
—
101,539,323
Agency
Commercial
Mortgage-Backed
Securities
—
44,538,410
—
44,538,410
Municipal
Bonds
.........................
—
14,328,900
—
14,328,900
Short
Term
Investments
...................
95,758
80,316,393
—
80,412,151
Total
Investments
in
Securities
...........
$32,769,525
$1,946,630,005
$—
$1,979,399,530
–
–
–
–
Liabilities:
Other
Financial
Instruments:
TBA
Sale
Commitments
...................
$
—
$
47,412,355
$
—
$
47,412,355
Total
Other
Financial
Instruments
.........
$—
$47,412,355
$—
$47,412,355
Putnam
Short
Duration
Bond
Fund
Assets:
Investments
in
Securities:
a
Management
Investment
Companies
.........
34,250,364
—
—
34,250,364
Corporate
Bonds
........................
—
759,182,821
—
759,182,821
Foreign
Government
and
Agency
Securities
....
—
3,995,012
—
3,995,012
U.S.
Government
and
Agency
Securities
.......
—
70,475,132
—
70,475,132
Asset-Backed
Securities
...................
—
135,086,012
—
135,086,012
Commercial
Mortgage-Backed
Securities
......
—
60,779,895
—
60,779,895
Mortgage-Backed
Securities
................
—
2,781,229
—
2,781,229
Residential
Mortgage-Backed
Securities
.......
—
86,576,904
—
86,576,904
Agency
Commercial
Mortgage-Backed
Securities
—
64,026,446
—
64,026,446
Municipal
Bonds
.........................
—
13,487,472
—
13,487,472
Short
Term
Investments
...................
34,444,773
130,477,252
—
164,922,025
Total
Investments
in
Securities
...........
$68,695,137
$1,326,868,175
$—
$1,395,563,312
Other
Financial
Instruments:
Futures
Contracts
.......................
$195,750
$—
$—
$195,750
Swap
Contracts
.........................
—
2,277,011
—
2,277,011
Total
Other
Financial
Instruments
.........
$195,750
$2,277,011
$—
$2,472,761
–
–
–
–
Liabilities:
Other
Financial
Instruments:
Swap
Contracts
.........................
$
—
$
3,539,185
$
—
$
3,539,185
Total
Other
Financial
Instruments
.........
$—
$3,539,185
$—
$3,539,185
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
4. Fair
Value
Measurements
(continued)
Putnam
Funds
Trust
Notes
to
Schedules
of
Investments
(unaudited)
58
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
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
ETM
Escrowed
to
Maturity
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
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
........................
3.66%
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.