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Schedule
of
Investments
(unaudited)
Putnam
Mortgage
Opportunities
Fund
2
Notes
to
Schedule
of
Investments
16
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited),
August
31,
2026
Putnam
Mortgage
Opportunities
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Principal
Amount
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
0.0%
†
Software
0.0%
†
a,b
CoreWeave
Financing
DDTL
V
LLC,
First
Lien,
Delayed
Draw
CME
Term
Loan
,
8.14
%
,
(
1-day
SOFR
+
4.5
%
),
11/17/31
.......................................
$
93,760
$
94,710
Total
Senior
Floating
Rate
Interests
(Cost
$92,837)
..............................
94,710
U.S.
Government
and
Agency
Securities
1.3%
c
U.S.
Treasury
Notes,
0.625%,
8/15/30
....................................
7,848,800
6,767,447
Total
U.S.
Government
and
Agency
Securities
(Cost
$6,767,447)
..................
6,767,447
Asset-Backed
Securities
6.5%
Capital
Markets
0.1%
b
Merrill
Lynch
Mortgage
Investors
Trust
,
2006-HE3
,
A4
,
FRN
,
4.282
%
,
(
1-month
SOFR
+
0.614
%
),
6/25/37
................................................
742,117
182,100
Financial
Services
6.4%
d
Aligned
Data
Centers
Issuer
LLC
,
2026-1A
,
A2I
,
144A,
5.909
%
,
6/15/56
..........
2,256,000
2,242,504
d
Castlelake
Aircraft
Structured
Trust
,
2025-2A
,
A
,
144A,
5.465
%
,
8/15/50
..........
1,045,269
1,039,387
b
Citigroup
Mortgage
Loan
Trust,
Inc.
,
2007-AMC3
,
A2D
,
FRN
,
4.132
%
,
(
1-month
SOFR
+
0.464
%
),
3/25/37
................................................
130,972
113,687
d
Cross
Mortgage
Trust
,
2026-CES1
,
A1A
,
144A,
5.649
%
,
8/25/61
................
2,345,511
2,340,142
d,e
FIGRE
Trust
,
2025-HE5
,
A
,
144A,
FRN
,
5.285
%
,
8/25/55
.....................
337,836
333,501
b
GS
Mortgage-Backed
Securities
Trust
,
d
2024-HE1,
A1,
144A,
FRN,
5.243%,
(
30-day
SOFR
Average
+
1.6%),
8/25/54
....
1,920,635
1,928,147
2026-HE2,
A1,
FRN,
5.043%,
(30-day
SOFR
Average
+
1.4%),
10/25/66
........
460,000
461,149
GSAA
Home
Equity
Trust
,
b
2006-8,
2A2,
FRN,
4.142%,
(1-month
SOFR
+
0.474%),
5/25/36
..............
74,820
14,231
b
2006-1,
A1,
FRN,
3.962%,
(1-month
SOFR
+
0.294%),
1/25/36
...............
949,552
241,665
b
2006-17,
A1,
FRN,
3.902%,
(1-month
SOFR
+
0.234%),
11/25/36
..............
8,096,985
1,734,293
2007-2,
AF4A,
6.483%,
3/25/37
.......................................
1,113,017
283,749
d
HTAP
Trust
,
2024-1
,
A
,
144A,
7
%
,
4/25/37
................................
1,367,833
1,362,343
b,d
J.P.
Morgan
Mortgage
Trust
,
2024-HE2
,
A1
,
144A,
FRN
,
4.839
%
,
(
30-day
SOFR
Average
+
1.2
%
),
10/20/54
...........................................
460,315
461,112
b
Lehman
XS
Trust
,
2006-17
,
1A4A
,
FRN
,
4.122
%
,
(
1-month
SOFR
+
0.454
%
),
8/25/46
2,553,619
2,446,093
d
Lohrasp
Enterprise
II
LLC
,
2026-1A
,
A21
,
144A,
5.512
%
,
7/17/56
...............
760,000
756,130
d
MAST
Ltd.
,
2026-1A
,
A
,
144A,
5.134
%
,
2/15/51
.............................
2,213,036
2,158,719
a,d
MFA
LLC
,
2026-NPL1
,
A1
,
144A,
5.889
%
,
8/25/31
...........................
1,757,000
1,760,170
d
New
Economy
Assets
-
Phase
1
Sponsor
LLC
,
2021-1
,
A1
,
144A,
1.91
%
,
10/20/61
..
1,431,000
1,111,105
d
PK
ALIFT
Loan
Funding
7
LP
,
2025-2
,
A
,
144A,
4.75
%
,
3/15/43
.................
272,325
269,082
d
PRET
LLC
,
2025-NPL9,
A1,
144A,
5.391%,
8/25/55
.................................
2,537,063
2,539,305
2026-NPL3,
A1,
144A,
4.968%,
2/25/56
.................................
1,552,015
1,534,346
2026-RN2,
A1,
144A,
5.77%,
7/25/56
...................................
1,158,442
1,155,175
d
PRET
Trust
,
2026-RN1
,
A1
,
144A,
5.668
%
,
6/25/66
..........................
398,080
398,959
b,d
PRMI
Securitization
Trust
,
2024-CMG1
,
A1
,
144A,
FRN
,
5.071
%
,
(
30-day
SOFR
Average
+
1.45
%
),
7/25/54
...........................................
3,056,862
3,054,401
d
Sabey
Data
Center
Issuer
LLC
,
2026-1
,
A2
,
144A,
5.482
%
,
1/20/51
..............
809,000
783,972
d
SF
ABS
Issuer
LLC
,
2025-1A
,
A2
,
144A,
5.377
%
,
11/25/55
....................
1,262,000
1,215,187
d,f
Tricolor
Auto
Securitization
Trust
,
2024-1A
,
A
,
144A,
6.61
%
,
10/15/27
............
647,275
603,519
d
Unlock
Hea
Trust
,
2023-1
,
A
,
144A,
7
%
,
10/25/38
...........................
613,329
614,337
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Mortgage
Opportunities
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Principal
Amount
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
d
VCAT
LLC
,
2026-NPL1
,
A1
,
144A,
5.101
%
,
1/25/56
..........................
$
220,206
$
218,174
33,174,584
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$33,768,090)
...............................
33,356,684
Commercial
Mortgage-Backed
Securities
22.0%
Financial
Services
22.0%
e
Banc
of
America
Commercial
Mortgage
Trust
,
2015-UBS7
,
C
,
FRN
,
4.286
%
,
9/15/48
.
1,751,000
1,699,893
BANK
Trust
,
e
2019-BN19,
C,
FRN,
4.03%,
8/15/61
...................................
334,000
250,870
d
2018-BN11,
D,
144A,
3%,
3/15/61
.....................................
1,309,000
1,140,573
e,g
2020-BN30,
XA,
IO,
FRN,
1.237%,
12/15/53
.............................
16,704,593
682,167
e,g
2024-BNK48,
XA,
IO,
FRN,
1.142%,
10/15/57
............................
9,270,077
676,340
e,g
2020-BN26,
XA,
IO,
FRN,
1.189%,
3/15/63
..............................
13,869,633
405,834
e
BANK5
Trust
,
2026-5YR22,
C,
FRN,
5.962%,
6/15/59
.................................
937,000
927,165
g
2024-5YR10,
XA,
IO,
FRN,
1.186%,
10/15/57
.............................
17,610,605
542,833
d
Barclays
Commercial
Mortgage
Trust
,
2019-C4,
D,
144A,
3.25%,
8/15/52
.....................................
1,010,000
675,989
2019-C5,
D,
144A,
2.5%,
11/15/52
.....................................
1,845,754
1,534,418
2019-C4,
E,
144A,
3.25%,
8/15/52
.....................................
793,000
440,887
2019-C5,
E,
144A,
2.5%,
11/15/52
.....................................
1,281,000
984,625
e
2019-C5,
F,
144A,
FRN,
2.538%,
11/15/52
...............................
1,881,000
1,133,690
e,g
2019-C5,
XF,
IO,
144A,
FRN,
1.25%,
11/15/52
............................
3,894,000
131,094
BBCMS
Mortgage
Trust
,
d
2026-5C40,
E,
144A,
4.25%,
2/15/59
...................................
1,188,000
834,388
e,g
2024-5C29,
XA,
IO,
FRN,
1.596%,
9/15/57
...............................
24,913,994
1,016,957
e,g
2025-C32,
XA,
IO,
FRN,
1.116%,
2/15/62
................................
12,136,330
906,711
d,e,g
2026-5C40,
XE,
IO,
144A,
FRN,
2.126%,
2/15/59
..........................
1,188,000
96,032
Benchmark
Mortgage
Trust
,
e
2018-B1,
C,
FRN,
4.2%,
1/15/51
......................................
608,000
492,097
e
2025-V14,
C,
FRN,
6.39%,
4/15/57
....................................
1,500,000
1,516,273
d
2018-B1,
D,
144A,
2.75%,
1/15/51
.....................................
1,021,000
377,094
d,e
2018-B3,
D,
144A,
FRN,
3.044%,
4/10/51
...............................
1,729,000
1,210,612
d
2019-B11,
D,
144A,
3%,
5/15/52
......................................
963,000
531,636
d
2019-B13,
D,
144A,
2.5%,
8/15/57
.....................................
1,295,000
813,812
d
2025-V18,
D,
144A,
4.5%,
10/15/58
....................................
1,436,000
1,247,087
e,g
2024-V11,
XA,
IO,
FRN,
0.56%,
11/15/57
................................
38,672,660
629,061
d,e,g
2025-V18,
XD,
IO,
144A,
FRN,
1.949%,
10/15/58
..........................
5,200,000
362,217
b,d
BIKE
Pass-Through
Trust
,
2026-BAND
,
C
,
144A,
FRN
,
11.139
%
,
(
1-month
SOFR
+
7.5
%
),
7/15/43
....................................................
899,000
902,279
e,g
BMO
Mortgage
Trust
,
2024-5C6
,
XA
,
IO,
FRN
,
1.353
%
,
9/15/57
................
15,360,441
512,461
d,e
BWAY
Mortgage
Trust
,
2022-26BW
,
F
,
144A,
FRN
,
4.866
%
,
2/10/44
.............
2,210,000
1,039,218
b,d
BX
Trust
,
2026-CLS,
A,
144A,
FRN,
5.039%,
(1-month
SOFR
+
1.4%),
5/15/43
...........
1,341,000
1,344,582
2026-CLS,
D,
144A,
FRN,
7.089%,
(1-month
SOFR
+
3.45%),
5/15/43
..........
1,469,000
1,482,772
e
Cantor
Commercial
Real
Estate
Lending
LP
,
d
2019-CF3,
E,
144A,
FRN,
2.5%,
1/15/53
................................
207,000
132,875
g
2019-CF3,
XA,
IO,
FRN,
0.671%,
1/15/53
...............................
11,619,168
210,764
CD
Mortgage
Trust
,
e
2017-CD3,
B,
FRN,
3.984%,
2/10/50
...................................
888,000
578,947
e
2017-CD4,
B,
FRN,
3.947%,
5/10/50
...................................
1,712,000
1,627,990
e
2017-CD3,
C,
FRN,
4.559%,
2/10/50
...................................
615,000
188,538
d
2017-CD3,
D,
144A,
3.25%,
2/10/50
....................................
616,194
20,975
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Mortgage
Opportunities
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Principal
Amount
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
CD
Mortgage
Trust,
(continued)
d
2019-CD8,
D,
144A,
3%,
8/15/57
......................................
$
507,000
$
338,042
d,e
CFCRE
Commercial
Mortgage
Trust
,
2011-C2
,
E
,
144A,
FRN
,
5.249
%
,
12/15/47
....
1,801,000
1,696,633
Citigroup
Commercial
Mortgage
Trust
,
e
2014-GC21,
C,
FRN,
4.78%,
5/10/47
...................................
152,513
150,252
e
2017-P7,
C,
FRN,
4.423%,
4/14/50
....................................
373,000
316,670
e
2015-GC33,
C,
FRN,
4.336%,
9/10/58
..................................
1,242,000
1,068,531
d
2014-GC25,
D,
144A,
3.548%,
10/10/47
.................................
215,484
96,319
d,e
2015-GC27,
D,
144A,
FRN,
4.378%,
2/10/48
.............................
833,040
817,920
e
2015-GC31,
D,
FRN,
3.659%,
6/10/48
..................................
1,541,000
89,330
2015-GC33,
D,
3.172%,
9/10/58
.......................................
700,000
374,486
d
2015-GC27,
E,
144A,
3%,
2/10/48
.....................................
2,077,000
1,969,978
COMM
Mortgage
Trust
,
2013-CR12,
AM,
4.3%,
10/10/46
......................................
801,844
769,121
e
2014-UBS5,
AM,
FRN,
4.193%,
9/10/47
.................................
479,302
476,060
d
2012-CR4,
B,
144A,
3.703%,
10/15/45
..................................
1,072,000
712,773
2014-CR17,
B,
4.377%,
5/10/47
.......................................
490,318
480,070
d,e
2013-CR6,
C,
144A,
FRN,
3.777%,
3/10/46
..............................
885,000
853,782
e
2014-CR14,
C,
FRN,
3.189%,
2/10/47
..................................
1,154,000
1,139,839
e
2014-CR16,
C,
FRN,
4.729%,
4/10/47
..................................
991,747
968,892
e
2014-CR17,
C,
FRN,
4.78%,
5/10/47
...................................
1,493,500
1,443,647
e
2014-UBS3,
C,
FRN,
4.583%,
6/10/47
..................................
301,000
280,484
e
2014-UBS4,
C,
FRN,
4.615%,
8/10/47
..................................
324,000
282,478
d,e
2012-LC4,
D,
144A,
FRN,
5.383%,
12/10/44
.............................
2,406,479
1,946,917
d,e
2013-CR7,
D,
144A,
FRN,
4.247%,
3/10/46
..............................
836,221
823,489
d,e
2013-LC13,
D,
144A,
FRN,
5.369%,
8/10/46
.............................
265,852
249,010
d,e
2013-CR13,
D,
144A,
FRN,
4.841%,
11/10/46
............................
2,158,998
1,222,446
d,e
2014-CR14,
D,
144A,
FRN,
3.189%,
2/10/47
.............................
1,479,000
1,254,192
d,e
2014-CR15,
D,
144A,
FRN,
3.864%,
2/10/47
.............................
923,000
856,859
d,e
2014-CR17,
D,
144A,
FRN,
4.844%,
5/10/47
.............................
1,247,000
1,099,037
e
2015-CR26,
D,
FRN,
3.683%,
10/10/48
.................................
875,000
718,625
d
2017-COR2,
D,
144A,
3%,
9/10/50
.....................................
1,656,000
1,513,888
d
2013-LC6,
E,
144A,
3.5%,
1/10/46
.....................................
460,000
433,679
d,e
2014-CR17,
E,
144A,
FRN,
4.844%,
5/10/47
.............................
804,000
588,685
d,e
2015-LC19,
E,
144A,
FRN,
4.421%,
2/10/48
..............................
1,070,000
989,205
CSAIL
Commercial
Mortgage
Trust
,
e
2015-C3,
C,
FRN,
4.198%,
8/15/48
....................................
1,033,926
1,002,438
e
2015-C1,
C,
FRN,
3.766%,
4/15/50
....................................
1,009,000
988,807
e
2015-C2,
C,
FRN,
4.177%,
6/15/57
....................................
145,397
139,379
d
2019-C17,
D,
144A,
2.5%,
9/15/52
.....................................
594,000
349,561
e
2015-C2,
D,
FRN,
4.177%,
6/15/57
....................................
1,121,000
991,161
GS
Mortgage
Securities
Trust
,
e
2014-GC24,
B,
FRN,
4.356%,
9/10/47
..................................
824,860
806,775
e
2015-GC30,
B,
FRN,
3.961%,
5/10/50
..................................
1,476,905
1,437,398
d,e
2013-GC13,
D,
144A,
FRN,
3.725%,
7/10/46
.............................
739,000
556,467
d,e
2014-GC24,
D,
144A,
FRN,
4.377%,
9/10/47
.............................
1,920,000
1,361,568
d,e
2017-GS5,
D,
144A,
FRN,
3.509%,
3/10/50
..............................
3,043,000
214,563
d
2019-GC38,
D,
144A,
3%,
2/10/52
.....................................
439,000
377,456
d,e
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
2011-C3,
D,
144A,
FRN,
5.526%,
2/15/46
...............................
450,000
432,267
2012-LC9,
D,
144A,
FRN,
3.573%,
12/15/47
.............................
1,799,000
1,757,297
2007-CB20,
E,
144A,
FRN,
10.841%,
2/12/51
............................
9,430
13,296
2012-C6,
G,
144A,
FRN,
2.972%,
5/15/45
...............................
100,000
91,475
e
JPMBB
Commercial
Mortgage
Securities
Trust
,
2014-C25,
B,
FRN,
4.347%,
11/15/47
...................................
1,947,000
1,860,748
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Mortgage
Opportunities
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Principal
Amount
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
e
JPMBB
Commercial
Mortgage
Securities
Trust,
(continued)
2013-C12,
D,
FRN,
3.94%,
7/15/45
....................................
$
1,000,000
$
951,912
d
2014-C18,
D,
144A,
FRN,
4.51%,
2/15/47
...............................
1,135,000
1,043,774
d
2014-C23,
D,
144A,
FRN,
4.022%,
9/15/47
..............................
2,857,000
2,655,169
d
2014-C25,
D,
144A,
FRN,
3.904%,
11/15/47
..............................
1,390,000
646,350
d
2013-C12,
E,
144A,
FRN,
3.94%,
7/15/45
...............................
625,000
464,756
d
2013-C14,
F,
144A,
FRN,
3.598%,
8/15/46
...............................
402,000
33,548
d,e
JPMCC
Commercial
Mortgage
Securities
Trust
,
2017-JP7
,
D
,
144A,
FRN
,
4.414
%
,
9/15/50
.........................................................
388,000
293,465
JPMDB
Commercial
Mortgage
Securities
Trust
,
2017-C5,
A4,
3.414%,
3/15/50
........................................
40,868
40,709
d,e
2016-C2,
D,
144A,
FRN,
3.299%,
6/15/49
...............................
1,101,000
526,278
d,e
MAD
Commercial
Mortgage
Trust
,
2025-11MD
,
D
,
144A,
FRN
,
6.359
%
,
10/15/42
...
919,000
920,791
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
e
2013-C10,
B,
FRN,
3.949%,
7/15/46
...................................
1,400,160
1,333,464
e
2012-C6,
C,
FRN,
4.536%,
11/15/45
...................................
694,593
641,668
e
2013-C9,
C,
FRN,
3.699%,
5/15/46
....................................
917,000
857,937
e
2013-C10,
C,
FRN,
3.949%,
7/15/46
...................................
1,543,000
1,431,766
e
2015-C22,
C,
FRN,
3.962%,
4/15/48
...................................
2,015,000
1,699,110
e
2017-C34,
C,
FRN,
4.166%,
11/15/52
...................................
691,000
630,897
d,e
2013-C12,
D,
144A,
FRN,
4.69%,
10/15/46
..............................
1,139,000
1,089,531
d
2014-C19,
D,
144A,
3.25%,
12/15/47
...................................
260,418
257,260
d
2015-C26,
D,
144A,
3.06%,
10/15/48
...................................
355,106
341,089
d
2017-C34,
D,
144A,
2.7%,
11/15/52
....................................
663,000
539,747
d,e
2012-C6,
E,
144A,
FRN,
4.345%,
11/15/45
...............................
1,303,000
892,542
d,e
2013-C12,
E,
144A,
FRN,
4.69%,
10/15/46
...............................
405,000
331,355
d,e
2013-C10,
F,
144A,
FRN,
3.949%,
7/15/46
...............................
1,286,000
251,459
d,e
2012-C6,
G,
144A,
FRN,
4.5%,
11/15/45
................................
1,441,000
71,855
d,e
2013-C9,
G,
144A,
FRN,
3.787%,
5/15/46
...............................
1,500,000
1,175,024
Morgan
Stanley
Capital
I
Trust
,
e
2016-BNK2,
C,
FRN,
3.873%,
11/15/49
.................................
571,000
515,876
d
2015-UBS8,
D,
144A,
3.18%,
12/15/48
..................................
1,922,000
1,828,254
d
2018-H3,
D,
144A,
3%,
7/15/51
.......................................
1,299,000
1,116,992
d
2018-L1,
D,
144A,
3%,
10/15/51
.......................................
1,055,000
901,176
d,e
2011-C3,
G,
144A,
FRN,
4.905%,
7/15/49
...............................
753,000
736,893
e
UBS
Commercial
Mortgage
Trust
,
2018-C11,
C,
FRN,
4.862%,
6/15/51
...................................
641,000
567,781
d
2017-C1,
D,
144A,
FRN,
4.837%,
6/15/50
...............................
1,223,000
1,102,535
d
2018-C11,
D,
144A,
FRN,
3%,
6/15/51
..................................
2,195,000
1,485,617
d
2018-C15,
D,
144A,
FRN,
5.135%,
12/15/51
.............................
403,000
366,519
d
2012-C1,
E,
144A,
FRN,
5%,
5/10/45
...................................
503,038
479,773
Wells
Fargo
Commercial
Mortgage
Trust
,
e
2013-LC12,
C,
FRN,
3.74%,
7/15/46
...................................
1,248,955
1,188,146
e
2017-RB1,
C,
FRN,
4.311%,
3/15/50
...................................
365,000
307,477
d,e
2013-LC12,
D,
144A,
FRN,
3.74%,
7/15/46
..............................
381,000
273,320
d,e
2014-LC18,
D,
144A,
FRN
,
3.957%,
12/15/47
.............................
1,610,772
1,589,262
2015-C31,
D,
3.852%,
11/15/48
.......................................
1,422,147
1,342,133
d,e
2016-C34,
D,
144A,
FRN,
5.22%,
6/15/49
...............................
1,214,330
1,192,147
d
2017-RB1,
D,
144A,
3.401%,
3/15/50
...................................
1,112,000
496,626
d
2014-LC16,
D,
144A,
3.938%,
8/15/50
..................................
214,475
25,927
d
2019-C50,
D,
144A,
3%,
5/15/52
......................................
292,000
235,612
d
2020-C55,
D,
144A,
2.5%,
2/15/53
.....................................
919,000
671,920
e
2016-NXS5,
D,
FRN,
4.796%,
1/15/59
..................................
371,000
140,980
d
2016-C33,
D,
144A,
3.123%,
3/15/59
...................................
242,829
238,102
d,e
2015-C31,
E,
144A,
FRN,
4.762%,
11/15/48
..............................
2,466,500
1,769,382
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Mortgage
Opportunities
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
a
a
Principal
Amount
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
Wells
Fargo
Commercial
Mortgage
Trust,
(continued)
e,g
2019-C52,
XA,
IO,
FRN,
1.541%,
8/15/52
................................
$
15,603,465
$
569,798
e,g
2021-C59,
XA,
IO,
FRN,
1.463%,
4/15/54
................................
22,899,969
1,134,920
e,g
2026-5C9,
XA,
IO,
FRN,
1.235%,
5/15/59
................................
8,921,045
446,658
e
WFRBS
Commercial
Mortgage
Trust
,
2013-C15,
C,
FRN,
4.148%,
8/15/46
...................................
1,593,000
1,481,457
2014-C21,
C,
FRN,
4.234%,
8/15/47
...................................
556,927
548,817
d
2013-C11,
D,
144A,
FRN,
4.215%,
3/15/45
...............................
1,379,099
1,263,185
d
2013-C15,
D,
144A,
FRN,
4.148%,
8/15/46
..............................
1,317,468
942,015
d
2011-C4,
E,
144A,
FRN,
4.984%,
6/15/44
................................
806,022
773,270
b,d
X-Caliber
Funding
LLC
,
2026-HRP
,
A
,
144A,
FRN
,
9.92
%
,
(
1-month
SOFR
+
6.25
%
),
7/15/46
.........................................................
828,000
831,008
113,388,785
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$117,131,840)
...............
113,388,785
Mortgage-Backed
Securities
19.6%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
16.3%
h
Uniform
Mortgage-Backed
Securities,
2.5%,
TBA,
9/25/56
.....................
2,000,000
1,631,721
h
Uniform
Mortgage-Backed
Securities,
3%,
TBA,
9/25/56
......................
6,000,000
5,114,244
h
Uniform
Mortgage-Backed
Securities,
3.5%,
TBA,
9/25/56
.....................
1,000,000
886,758
h
Uniform
Mortgage-Backed
Securities,
4.5%,
TBA,
9/25/56
.....................
3,000,000
2,815,720
h
Uniform
Mortgage-Backed
Securities,
5%,
TBA,
9/25/56
......................
4,000,000
3,859,144
h
Uniform
Mortgage-Backed
Securities,
5.5%,
TBA,
9/25/56
.....................
70,500,000
69,785,768
84,093,355
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
3.3%
h
GNMA
II,
Single-family,
30
Year,
5%,
9/15/56
...............................
1,000,000
968,390
h
GNMA
II,
Single-family,
30
Year,
5.5%,
9/15/56
.............................
3,000,000
2,979,137
h
GNMA
II,
Single-family,
30
Year,
6%,
9/15/56
...............................
13,000,000
13,182,269
17,129,796
Total
Mortgage-Backed
Securities
(Cost
$101,336,601)
...........................
101,223,151
Residential
Mortgage-Backed
Securities
13.4%
Financial
Services
13.4%
d
A&D
Mortgage
Trust
,
2023-NQM2,
A1,
144A,
6.132%,
5/25/68
................................
552,868
551,487
2024-NQM1,
A1,
144A,
6.195%,
2/25/69
................................
1,151,482
1,152,143
2023-NQM4,
A2,
144A,
7.826%,
9/25/68
................................
1,836,777
1,835,399
Alternative
Loan
Trust
,
2006-43CB,
1A10,
6%,
2/25/37
.......................................
3,363,931
1,597,868
b
2006-OA10,
3A1,
FRN,
4.162%,
(1-month
SOFR
+
0.494%),
8/25/46
...........
146,386
140,229
b
2006-OA10,
4A1,
FRN,
4.162%,
(
1-month
SOFR
+
0.494%),
8/25/46
...........
173,816
152,454
b
2006-OA19,
A1,
FRN,
3.947%,
(1-month
SOFR
+
0.294%),
2/20/47
............
879,657
708,050
d
Arroyo
Mortgage
Trust
,
2020-1
,
M1
,
144A,
4.277
%
,
3/25/55
...................
442,000
399,395
Bear
Stearns
ALT-A
Trust
,
b
2005-10,
11A1,
FRN,
4.282%,
(1-month
SOFR
+
0.614%),
1/25/36
.............
65,535
63,978
e
2005-8,
21A1,
FRN,
4.852%,
10/25/35
..................................
196,064
161,820
b
Bear
Stearns
Mortgage
Funding
Trust
,
2006-AR2
,
2A1
,
FRN
,
4.242
%
,
(
1-month
SOFR
+
0.574
%
),
9/25/46
................................................
1,666,328
1,601,512
d
CAFL
Issuer
LP
,
2025-RRTL1
,
M1
,
144A,
8.16
%
,
5/28/40
.....................
577,000
579,703
d,e
Cascade
Funding
Mortgage
Trust
,
2025-HB16,
M2,
144A,
FRN,
3%,
3/25/35
...............................
932,000
904,234
2025-HB16,
M3,
144A,
FRN,
3%,
3/25/35
...............................
1,000,000
966,356
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Mortgage
Opportunities
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Principal
Amount
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b,d
Chase
Home
Lending
Mortgage
Trust
,
2025-3
,
A11
,
144A,
FRN
,
4.943
%
,
(
30-day
SOFR
Average
+
1.3
%
),
2/25/56
......................................
$
356,908
$
358,372
b,d
Chevy
Chase
Funding
LLC
,
2006-4A
,
A2
,
144A,
FRN
,
3.962
%
,
(
1-month
SOFR
+
0.294
%
),
11/25/47
.................................................
634,824
565,395
b
CHL
Mortgage
Pass-Through
Trust
,
2006-OA5
,
2A1
,
FRN
,
4.182
%
,
(
1-month
SOFR
+
0.514
%
),
4/25/46
..................................................
23,525
20,944
d,e
CIM
Trust
,
2024-R1
,
A1
,
144A,
FRN
,
4.75
%
,
6/25/64
.........................
497,307
485,660
e
CSMC
Mortgage-Backed
Trust
,
2007-1
,
1A3
,
FRN
,
5.989
%
,
2/25/37
.............
5,393,343
1,199,362
d,e
CSMC
Trust
,
2020-SPT1
,
M1
,
144A,
FRN
,
3.388
%
,
4/25/65
...................
392,000
382,955
Deutsche
Alt-B
Securities
Mortgage
Loan
Trust
,
2006-AB4
,
A4B
,
6
%
,
10/25/36
.....
1,621,798
1,396,583
b
FHLMC
STACR
Debt
Notes
,
2017-DNA1
,
B2
,
FRN
,
13.758
%
,
(
30-day
SOFR
Average
+
10.114
%
),
7/25/29
................................................
515,476
530,372
b,d
FHLMC
STACR
REMIC
Trust
,
2021-DNA3,
B2,
144A,
FRN,
9.893%,
(30-day
SOFR
Average
+
6.25%),
10/25/33
.
2,879,000
3,661,690
2022-HQA1,
B2,
144A,
FRN,
14.643%,
(30-day
SOFR
Average
+
11%),
3/25/42
...
2,600,000
2,736,109
2020-HQA1,
B2,
144A,
FRN,
8.858%,
(30-day
SOFR
Average
+
5.214%),
1/25/50
.
800,000
888,692
2020-DNA3,
B2,
144A,
FRN,
13.108%,
(30-day
SOFR
Average
+
9.464%),
6/25/50
750,000
953,649
2021-DNA1,
B2,
144A,
FRN,
8.393%,
(30-day
SOFR
Average
+
4.75%),
1/25/51
..
1,100,000
1,234,398
2022-DNA5,
M2,
144A,
FRN,
10.393%,
(30-day
SOFR
Average
+
6.75%),
6/25/42
.
1,471,000
1,536,515
b,d
FHLMC
STACR
Trust
,
2019-FTR3,
B2,
144A,
FRN,
8.558%,
(30-day
SOFR
Average
+
4.914%),
9/25/47
.
2,655,000
2,918,756
2019-FTR1,
B2,
144A,
FRN,
12.108%,
(30-day
SOFR
Average
+
8.464%),
1/25/48
3,900,000
4,569,832
2018-DNA3,
B2,
144A,
FRN,
11.508%,
(30-day
SOFR
Average
+
7.864%),
9/25/48
1,131,000
1,269,951
2018-HQA2,
B2,
144A,
FRN,
14.758%,
(
30-day
SOFR
Average
+
11.114%),
10/25/48
3,028,000
3,622,395
2019-DNA1,
B2,
144A,
FRN,
14.508%,
(30-day
SOFR
Average
+
10.864%),
1/25/49
439,000
523,582
2019-HQA3,
B2,
144A,
FRN,
11.258%,
(30-day
SOFR
Average
+
7.614%),
9/25/49
1,000,000
1,115,696
b
FNMA
Connecticut
Avenue
Securities
Trust
,
2016-C06,
1B,
FRN,
13.008%,
(30-day
SOFR
Average
+
9.364%),
4/25/29
.......
1,541,428
1,559,115
d
2023-R08,
1B1,
144A,
FRN,
7.193%,
(30-day
SOFR
Average
+
3.55%),
10/25/43
..
1,500,000
1,564,486
d
2022-R06,
1B2,
144A,
FRN,
14.243%,
(30-day
SOFR
Average
+
10.6%),
5/25/42
..
500,000
532,125
2016-C07,
2B,
FRN,
13.258%,
(30-day
SOFR
Average
+
9.614%),
5/25/29
.......
590,749
601,702
d
2022-R02,
2B1,
144A,
FRN,
8.143%,
(
30-day
SOFR
Average
+
4.5%),
1/25/42
...
2,146,000
2,173,985
d
2022-R05,
2B1,
144A,
FRN,
8.143%,
(30-day
SOFR
Average
+
4.5%),
4/25/42
...
2,540,000
2,593,071
d
2022-R09,
2B1,
144A,
FRN,
10.393%,
(30-day
SOFR
Average
+
6.75%),
9/25/42
..
500,000
527,811
d
2023-R03,
2B1,
144A,
FRN,
9.993%,
(30-day
SOFR
Average
+
6.35%),
4/25/43
...
850,000
915,643
d
2026-R01,
2M2,
144A,
FRN,
4.993%,
(30-day
SOFR
Average
+
1.35%),
1/25/46
..
118,000
117,809
d
GS
Mortgage-Backed
Securities
Trust
,
2024-RPL4
,
A1
,
144A,
3.9
%
,
9/25/61
.......
262,858
255,945
b
GSR
Mortgage
Loan
Trust
,
2007-OA1
,
2A3A
,
FRN
,
4.092
%
,
(
1-month
SOFR
+
0.424
%
),
5/25/37
..................................................
267,624
143,843
b,d
Home
Re
Ltd.
,
2022-1
,
B1
,
144A,
FRN
,
12.643
%
,
(
30-day
SOFR
Average
+
9
%
),
10/25/34
........................................................
900,000
969,116
d
HOMES
Trust
,
2024-NQM1
,
A1
,
144A,
5.915
%
,
7/25/69
......................
551,617
552,892
d
Imperial
Fund
Mortgage
Trust
,
2023-NQM1,
A1,
144A,
5.941%,
2/25/68
................................
674,411
671,018
2022-NQM4,
A3,
144A,
6.04%,
6/25/67
.................................
894,426
885,579
e
IndyMac
INDX
Mortgage
Loan
Trust
,
2006-AR11
,
2A1
,
FRN
,
3.838
%
,
6/25/36
......
17,220
15,394
d
J.P.
Morgan
Mortgage
Trust
,
e
2026-NQX2,
A1,
144A,
FRN,
5.628%,
10/25/66
...........................
1,147,832
1,142,692
b
2024-10,
A11,
144A,
FRN,
4.893%,
(30-day
SOFR
Average
+
1.25%),
3/25/55
....
988,563
988,789
MFA
Trust
,
2024-NPL1,
A1,
6.33%,
9/25/54
.......................................
210,369
210,786
d
2023-NQM3,
A1,
144A,
6.617%,
7/25/68
................................
353,516
352,611
b,d
Morgan
Stanley
Re-REMIC
Trust
,
2010-R4
,
4B
,
144A,
FRN
,
3.015
%
,
(
1-month
SOFR
+
0.344
%
),
2/26/37
................................................
263,089
254,234
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Mortgage
Opportunities
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
8
a
a
Principal
Amount
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
d
Morgan
Stanley
Residential
Mortgage
Loan
Trust
,
2024-NQM1,
A1,
144A,
6.152%,
12/25/68
...............................
$
716,478
$
717,303
b
2024-3,
AF,
144A,
FRN,
4.993%,
(30-day
SOFR
Average
+
1.35%),
7/25/54
......
1,620,675
1,624,233
d,e
OBX
Trust
,
2026-NQM9
,
A1
,
144A,
FRN
,
5.47
%
,
4/25/66
.....................
708,643
706,151
d,e
Onity
Loan
Investment
Trust
,
2026-HB3
,
M2
,
144A,
FRN
,
3
%
,
6/25/39
............
206,000
189,326
d
PRET
LLC
,
2026-NPL1
,
A1
,
144A,
5.18
%
,
1/25/56
..........................
269,164
266,778
d
PRPM
LLC
,
2026-1
,
A1
,
144A,
5.185
%
,
2/25/31
............................
578,023
568,933
d
PRPM
Trust
,
2024-NQM2,
A1,
144A,
6.327%,
6/25/69
................................
584,765
587,106
e
2026-NQM3,
A1,
144A,
FRN,
5.845%,
7/25/71
............................
793,000
793,026
b,d
Radian
Mortgage
Capital
Trust
,
2025-J4
,
A25
,
144A,
FRN
,
5.193
%
,
(
30-day
SOFR
Average
+
1.55
%
),
3/25/56
...........................................
2,303,791
2,316,465
d
RCO
VIII
Mortgage
LLC
,
2025-3
,
A1
,
144A,
6.434
%
,
5/25/30
...................
447,355
447,957
d
Saluda
Grade
Alternative
Mortgage
Trust
,
2024-RTL6
,
A1
,
144A,
7.439
%
,
7/25/30
...
2,372,630
2,371,817
b
Structured
Asset
Mortgage
Investments
II
Trust
,
2007-AR1,
2A1,
FRN,
4.142%,
(1-month
SOFR
+
0.474%),
1/25/37
............
19,533
17,669
2006-AR7,
A1BG,
FRN,
3.902%,
(1-month
SOFR
+
0.234%),
8/25/36
...........
122,462
107,700
d,e
Verus
Securitization
Trust
,
2026-R6
,
A1
,
144A,
FRN
,
5.765
%
,
7/25/68
............
407,526
407,023
b
WaMu
Mortgage
Pass-Through
Certificates
Trust
,
2005-AR13
,
A1C4
,
FRN
,
4.642
%
,
(
1-month
SOFR
+
0.974
%
),
10/25/45
...................................
25,622
24,194
68,959,863
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$65,858,538)
.................
68,959,863
Agency
Commercial
Mortgage-Backed
Securities
26.8%
Financial
Services
26.8%
g
FHLMC
,
4949,
IO,
4%,
1/25/50
..............................................
9,515,154
1,973,696
5274,
IO,
2.5%,
1/25/51
.............................................
12,167,931
2,038,508
5457,
IO,
5%,
10/25/54
.............................................
12,444,514
2,767,504
5116,
BI,
IO,
4%,
1/25/50
............................................
9,253,575
1,836,622
5529,
EI,
IO,
4.5%,
11/25/51
.........................................
4,743,097
1,043,419
5119,
IB,
IO,
3%,
6/25/41
............................................
3,404,033
335,467
5349,
IB,
IO,
4%,
12/15/46
...........................................
308,425
64,572
5459,
KI,
IO,
5%,
7/25/48
............................................
11,831,781
1,872,098
5065,
MI,
IO,
3.5%,
1/25/51
..........................................
2,536,479
472,415
5077,
NI,
IO,
3.5%,
2/25/51
..........................................
12,845,128
2,333,920
b
4915,
SD,
IO,
FRN,
2.292%,
(-1
x
30-day
SOFR
Average
+
5.936%),
9/25/49
.....
1,228,189
101,647
b
5558,
SG,
IO,
FRN,
2.757%,
(-1
x
30-day
SOFR
Average
+
6.4%),
7/25/55
.......
29,062,805
2,395,196
5159,
TI,
IO,
3%,
10/25/51
...........................................
15,284,465
1,824,114
b
4839,
WS,
IO,
FRN,
2.349%,
(-1
x
30-day
SOFR
Average
+
5.986%),
8/15/56
....
11,295,256
1,226,544
b,d
FHLMC
Multi-family
Structured
Credit
Risk
Trust
,
2021-MN1,
M1,
144A,
FRN,
5.643%,
(30-day
SOFR
Average
+
2%),
1/25/51
.....
114,803
114,751
2021-MN1,
M2,
144A,
FRN,
7.393%,
(30-day
SOFR
Average
+
3.75%),
1/25/51
...
1,350,000
1,375,350
2021-MN3,
M2,
144A,
FRN,
7.643%,
(30-day
SOFR
Average
+
4%),
11/25/51
....
2,059,000
2,109,402
FNMA
,
g
2015-69,
IO,
6%,
9/25/45
............................................
136,301
27,151
g
427,
C93,
IO,
4.5%,
8/25/42
..........................................
9,011,149
1,520,874
g
2022-13,
CI,
IO,
3%,
12/25/51
........................................
11,516,115
1,692,797
b
2025-25,
FB,
FRN,
4.593%,
(30-day
SOFR
Average
+
0.95%),
4/25/55
..........
991,330
992,667
b
2024-54,
FC,
FRN,
4.613%,
(30-day
SOFR
Average
+
0.97%),
8/25/54
.........
276,684
278,797
b
2024-82,
FE,
FRN,
4.593%,
(
30-day
SOFR
Average
+
0.95%),
11/25/54
.........
897,821
899,207
g
2020-62,
GI,
IO,
4%,
6/25/48
.........................................
10,097,808
1,991,906
g
2021-17,
GI,
IO,
4%,
2/25/51
.........................................
1,562,011
332,859
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Mortgage
Opportunities
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Principal
Amount
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
FNMA,
(continued)
b,g
2012-74,
IB,
IO,
FRN,
2.292%,
(-1
x
30-day
SOFR
Average
+
5.936%),
7/25/42
...
$
8,218,678
$
637,151
g
2020-99,
IB,
IO,
3.5%,
5/25/50
........................................
6,748,510
1,171,353
g
2021-3,
IB,
IO,
2.5%,
2/25/51
.........................................
9,177,569
1,469,622
g
2021-8,
ID,
IO,
3.5%,
3/25/51
.........................................
6,570,194
1,419,071
g
2021-28,
IQ,
IO,
2.5%,
3/25/51
........................................
14,327,258
1,912,454
g
2021-15,
JI,
IO,
4.5%,
4/25/51
........................................
1,883,560
492,030
g
2021-17,
KI,
IO,
4.5%,
4/25/51
........................................
1,919,032
445,890
g
2016-3,
NI,
IO,
6%,
2/25/46
..........................................
24,121
3,250
g
2020-98,
OI,
IO,
4.5%,
1/25/51
........................................
7,650,906
2,116,811
g
2021-5,
PI,
IO,
3.5%,
2/25/51
.........................................
2,285,013
424,624
b,g
2022-43,
SB,
IO,
FRN,
1.757%,
(-1
x
30-day
SOFR
Average
+
5.4%),
7/25/52
....
11,219,962
498,789
b,g
2025-52,
SB,
IO,
FRN,
2.157%,
(-1
x
30-day
SOFR
Average
+
5.8%),
7/25/55
....
34,078,186
1,765,032
GNMA
,
g
2014-132,
IO,
5%,
9/20/44
...........................................
457,051
87,742
1.6%,
2/20/49
....................................................
12,156,656
626,299
g
2022-139,
IO,
4.5%,
9/20/49
.........................................
8,066,032
1,539,210
g
2024-186,
IO,
3%,
9/20/51
...........................................
8,423,447
1,284,977
e,g
2024-32,
IO,
FRN,
0.699%,
6/16/63
....................................
15,725,755
809,342
e,g
2016-H24,
IO,
FRN,
2%,
9/20/66
......................................
63,929
3,832
e,g
2017-H09,
IO,
FRN,
1.81%,
4/20/67
....................................
90,286
2,813
e,g
2021-H08,
IO,
FRN,
1.345%,
1/20/71
...................................
22,930,507
705,893
g
2021-214,
AI,
IO,
4%,
12/20/51
.......................................
10,727,335
1,970,018
e,g
2014-H21,
AI,
IO,
FRN,
2.193%,
10/20/64
...............................
154,430
8,011
e,g
2015-H04,
AI,
IO,
FRN,
1.974%,
12/20/64
...............................
497,268
17,404
e,g
2015-H13,
AI,
IO,
FRN,
2.197%,
6/20/65
................................
36,100
2,310
e,g
2015-H20,
AI,
IO,
FRN,
1.865%,
8/20/65
................................
16,157
622
e,g
2015-H25,
AI,
IO,
FRN,
1.672%,
9/20/65
................................
19,764
487
e,g
2016-H15,
AI,
IO,
FRN,
2.484%,
7/20/66
................................
1,576,892
91,515
e,g
2016-H19,
AI,
IO,
FRN,
2.559%,
9/20/66
................................
736,290
29,387
e,g
2018-H01,
AI,
IO,
FRN,
2.36%,
1/20/68
.................................
3,905,687
162,734
e,g
2020-H04,
AI,
IO,
FRN,
2.508%,
2/20/70
................................
3,468,142
153,327
b,g
2023-56,
AS,
IO,
FRN,
2.521%,
(-1
x
30-day
SOFR
Average
+
6.16%),
4/20/53
...
17,505,788
1,093,434
b,g
2024-4,
AS,
IO,
FRN,
3.311%,
(-1
x
30-day
SOFR
Average
+
6.95%),
1/20/54
.....
14,097,890
1,243,262
e,g
2015-H23,
BI,
IO,
FRN,
1.758%,
9/20/65
................................
9,433
271
e,g
2016-H09,
BI,
IO,
FRN,
1.896%,
4/20/66
................................
721,163
29,278
e,g
2017-H02,
BI,
IO,
FRN,
2.253%,
1/20/67
................................
377,706
16,750
e,g
2017-H06,
BI,
IO,
FRN,
2.38%,
2/20/67
.................................
143,973
5,515
e,g
2017-H04,
BI,
IO,
FRN,
2.419%,
2/20/67
................................
858,748
37,439
e,g
2018-H05,
BI,
IO,
FRN,
2.405%,
2/20/68
................................
479,819
19,541
b,g
2022-125,
BS,
IO,
FRN,
2.411%,
(-1
x
30-day
SOFR
Average
+
6.05%),
7/20/52
...
11,166,361
770,933
g
2021-149,
CI,
IO,
2.5%,
8/20/51
.......................................
12,675,098
1,820,747
e,g
2015-H10,
CI,
IO,
FRN,
1.766%,
4/20/65
................................
12,960
422
e,g
2015-H20,
CI,
IO,
FRN,
2.505%,
8/20/65
................................
207,180
12,888
e,g
2015-H25,
CI,
IO,
FRN,
2.342%,
10/20/65
...............................
12,262
547
e,g
2016-H24,
CI,
IO,
FRN,
1.657%,
10/20/66
...............................
470,196
14,076
e,g
2015-H16,
DI,
IO,
FRN,
2.71%,
7/20/65
.................................
493,803
42,670
e,g
2015-H26,
DI,
IO,
FRN,
2.428%,
10/20/65
...............................
14,220
706
e,g
2017-H11,
DI,
IO,
FRN,
2.032%,
5/20/67
................................
49,986
2,634
e,g
2019-H02,
DI,
IO,
FRN,
2.558%,
11/20/68
...............................
6,176,619
290,869
g
2021-98,
EI,
IO,
3%,
6/20/51
.........................................
3,612,391
561,554
e,g
2015-H26,
EI,
IO,
FRN,
1.706%,
10/20/65
...............................
26,342
958
e,g
2015-H25,
EI,
IO,
FRN,
1.808%,
10/20/65
...............................
11,299
423
e,g
2016-H27,
EI,
IO,
FRN,
2.099%,
12/20/66
...............................
4,735,370
208,205
e,g
2019-H07,
EI,
IO,
FRN,
2.375%,
3/20/69
................................
7,674,463
326,579
e,g
2022-H01,
EI,
IO,
FRN,
2.639%,
1/20/72
................................
2,456,708
130,614
b,g
2023-35,
ES,
IO,
FRN,
2.561%,
(-1
x
30-day
SOFR
Average
+
6.2%),
2/20/53
....
10,280,653
711,425
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Mortgage
Opportunities
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
10
a
a
Principal
Amount
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
GNMA,
(continued)
b,g
2023-173,
ES,
IO,
FRN,
3.311%,
(-1
x
30-day
SOFR
Average
+
6.95%),
11/20/53
..
$
8,470,732
$
544,546
b,g
2024-4,
ES,
IO,
FRN,
3.311%,
(-1
x
30-day
SOFR
Average
+
6.95%),
1/20/54
....
17,772,275
1,359,664
b
2025-169,
FC,
FRN,
4.639%,
(30-day
SOFR
Average
+
1%),
10/20/55
..........
869,729
872,360
g
2015-79,
GI,
IO,
5%,
10/20/39
........................................
32,046
6,283
g
2017-104,
GI,
IO,
4%,
7/20/47
........................................
4,862,688
958,280
g
2024-4,
GI,
IO,
5%,
2/20/53
..........................................
6,787,730
1,662,524
e,g
2019-H12,
GI,
IO,
FRN,
2.5%,
7/20/69
..................................
3,646,028
168,972
e,g
2022-H09,
GI,
IO,
FRN,
2.638%,
4/20/72
................................
10,429,905
540,819
b,g
2024-4,
GS,
IO,
FRN,
2.061%,
(-1
x
30-day
SOFR
Average
+
5.7%),
1/20/54
.....
14,873,076
794,621
g
2021-191,
HI,
IO,
3%,
10/20/51
.......................................
2,392,426
410,942
e,g
2015-H10,
HI,
IO,
FRN,
1.999%,
4/20/65
................................
18,207
1,055
e,g
2016-H24,
HI,
IO,
FRN,
2.743%,
9/20/66
................................
2,769,532
189,322
b,g
2025-62,
HS,
IO,
FRN,
2.433%,
(-1
x
1-month
SOFR
+
6.086%),
11/20/47
.......
11,930,922
1,088,320
b,g
2023-101,
HS,
IO,
FRN,
2.361%,
(-1
x
30-day
SOFR
Average
+
6%),
7/20/53
.....
15,556,629
884,425
b,g
2024-51,
HS,
IO,
FRN,
2.361%,
(-1
x
30-day
SOFR
Average
+
6%),
3/20/54
......
32,996,834
1,996,315
g
2021-176,
IA,
IO,
3.5%,
10/20/51
......................................
11,197,499
1,909,092
g
2022-160,
IB,
IO,
4.5%,
2/20/50
.......................................
14,579,187
2,957,149
e,g
2019-H14,
IB,
IO,
FRN,
2.449%,
8/20/69
................................
85,560
3,440
e,g
2023-H16,
ID,
IO,
FRN,
0.662%,
4/20/72
................................
15,237,492
517,502
e,g
2022-H09,
IG,
IO,
FRN,
2.457%,
4/20/72
................................
7,536,216
371,625
g
2022-213,
IH,
IO,
6%,
12/20/52
.......................................
1,796,053
353,608
e,g
2019-H15,
IH,
IO,
FRN,
1.604%,
9/20/69
................................
4,974,357
181,708
g
2021-176,
IK,
IO,
5.5%,
10/20/51
......................................
3,700,970
743,559
e,g
2021-H12,
IY,
IO,
FRN
,
0.327%,
8/20/71
................................
91,772,204
2,041,234
e,g
2017-H16,
JI,
IO,
FRN,
2.098%,
8/20/67
.................................
115,209
4,734
e,g
2022-H04,
JI,
IO,
FRN,
1.055%,
2/20/72
.................................
22,160,822
1,089,054
g
2025-214,
KI,
IO,
5.5%,
12/20/55
......................................
6,984,116
1,479,019
e,g
2016-H04,
KI,
IO,
FRN,
1.771%,
2/20/66
................................
2,199,389
56,637
e,g
2016-H11,
KI,
IO,
FRN,
2.141%,
5/20/66
................................
15,888,901
688,275
g
2015-105,
LI,
IO,
5%,
10/20/39
........................................
300,735
61,581
g
2016-75,
LI,
IO,
6%,
1/20/40
.........................................
14,523
1,950
g
2015-89,
LI,
IO,
5%,
12/20/44
.........................................
277,722
46,586
b,g
2024-126,
LS,
IO,
FRN,
3.011%,
(-1
x
30-day
SOFR
Average
+
6.65%),
8/20/54
...
19,099,810
1,289,485
g
2015-53,
MI,
IO,
4%,
4/16/45
.........................................
49,619
9,586
g
2020-151,
MI,
IO,
2.5%,
10/20/50
......................................
3,495,989
500,123
g
2020-173,
MI,
IO,
2.5%
,
11/20/50
......................................
8,855,654
1,279,800
g
2021-7,
MI,
IO,
2.5%,
1/20/51
.........................................
13,658,953
1,914,401
e,g
2017-H06,
MI,
IO,
FRN,
2.227%,
2/20/67
................................
213,501
8,986
e,g
2017-H10,
MI,
IO,
FRN,
1.878%,
4/20/67
................................
914,984
26,371
e,g
2017-H19,
MI,
IO,
FRN,
2.029%,
4/20/67
................................
728,431
24,057
g
2021-97,
NI,
IO,
2.5%,
8/20/49
........................................
12,402,184
1,319,012
e,g
2016-H23,
NI,
IO,
FRN,
2.726%,
10/20/66
...............................
29,242
1,417
e,g
2017-H08,
NI,
IO,
FRN,
2.188%,
3/20/67
................................
70,022
2,744
b,g
2024-4,
NS,
IO,
FRN,
2.111%,
(-1
x
30-day
SOFR
Average
+
5.75%),
1/20/54
....
14,765,371
714,238
g
2020-167,
PI,
IO,
3.5%,
11/20/50
......................................
1,919,474
426,045
g
2025-171,
PI,
IO,
6%,
10/20/55
.......................................
5,507,339
1,138,457
e,g
2016-H18,
QI,
IO,
FRN,
2.238%,
6/20/66
................................
236,663
13,905
b,g
2010-26,
QS,
IO,
FRN,
2.483%,
(-1
x
1-month
SOFR
+
6.136%),
2/20/40
........
13,879,204
1,129,032
b,g
2024-64,
QS,
IO,
FRN,
2.361%,
(-1
x
30-day
SOFR
Average
+
6%),
4/20/54
......
38,413,535
2,395,572
b,g
2020-189,
S,
IO,
FRN,
2.283%,
(-1
x
1-month
SOFR
+
5.936%),
12/20/49
.......
12,921,047
1,121,645
b,g
2024-11,
S,
IO,
FRN,
2.761%,
(-1
x
30-day
SOFR
Average
+
6.4%),
1/20/54
......
13,022,638
780,613
b,g
2020-47,
SA,
IO,
FRN,
2.233%,
(-1
x
1-month
SOFR
+
5.886%),
5/20/44
........
2,558,650
184,231
b,g
2024-7,
SA,
IO,
FRN,
2.761%,
(-1
x
30-day
SOFR
Average
+
6.4%),
1/20/54
.....
12,525,952
772,729
b,g
2023-13,
SB,
IO,
FRN,
2.611%,
(-1
x
30-day
SOFR
Average
+
6.25%),
1/20/53
...
19,867,397
1,292,712
b,g
2023-20,
SB,
IO,
FRN,
3.361%,
(-1
x
30-day
SOFR
Average
+
7%),
2/20/53
......
15,986,519
1,396,838
b,g
2023-114,
SB,
IO,
FRN,
2.411%,
(-1
x
30-day
SOFR
Average
+
6.05%),
8/20/53
...
31,933,572
2,059,846
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Mortgage
Opportunities
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Principal
Amount
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
GNMA,
(continued)
b,g
2026-2,
SB,
IO,
FRN,
2.481%,
(-1
x
30-day
SOFR
Average
+
6.12%),
1/20/56
....
$
26,919,397
$
2,614,759
b,g
2024-197,
SC,
IO,
FRN,
2.361%,
(-1
x
30-day
SOFR
Average
+
6%),
12/20/54
....
18,230,574
1,166,883
b,g
2026-51,
SC,
IO,
FRN,
3.161%,
(-1
x
30-day
SOFR
Average
+
6.8%),
3/20/56
....
14,180,221
1,755,138
b,g
2025-120,
SD,
IO,
FRN,
2.233%,
(-1
x
1-month
SOFR
+
5.886%),
10/20/49
......
26,108,708
2,251,122
b,g
2019-121,
SD,
IO,
FRN,
2.233%,
(-1
x
1-month
SOFR
+
5.886%),
10/20/49
......
2,658,296
237,882
b,g
2022-179,
SD,
IO,
FRN,
2.333%,
(-1
x
1-month
SOFR
+
5.986%),
11/20/49
......
9,701,955
823,335
b,g
2021-57,
SD,
IO,
FRN,
2.533%,
(-1
x
1-month
SOFR
+
6.186%),
3/20/51
........
7,581,232
835,352
b,g
2023-149,
SE,
IO,
FRN,
2.811%,
(-1
x
30-day
SOFR
Average
+
6.45%),
9/20/63
...
16,228,361
1,015,592
b,g
2022-128,
SH,
IO,
FRN,
2.341%,
(-1
x
30-day
SOFR
Average
+
5.98%),
7/20/52
..
21,463,910
1,507,498
b,g
2022-120,
SH,
IO,
FRN,
2.411%,
(-1
x
30-day
SOFR
Average
+
6.05%),
7/20/52
..
32,906,017
2,520,463
b,g
2023-35,
SH,
IO,
FRN,
2.811%,
(-1
x
30-day
SOFR
Average
+
6.45%),
2/20/53
...
9,785,851
755,873
b,g
2026-135,
SH,
IO,
FRN,
3.114%,
(-1
x
30-day
SOFR
Average
+
6.75%),
8/20/56
..
34,433,869
2,620,772
b,g
2011-156,
SK,
IO,
FRN,
2.833%,
(-1
x
1-month
SOFR
+
6.486%),
4/20/38
.......
19,431
1,659
b,g
2023-103,
SK,
IO,
FRN,
2.361%,
(-1
x
30-day
SOFR
Average
+
6%),
7/20/53
.....
32,469,263
1,805,184
b,g
2023-114,
SK,
IO,
FRN,
2.211%,
(-1
x
30-day
SOFR
Average
+
5.85%),
8/20/53
...
28,866,355
1,484,923
b,g
2023-13,
SL,
IO,
FRN,
2.611%,
(-1
x
30-day
SOFR
Average
+
6.25%),
1/20/53
....
13,032,746
882,668
b,g
2023-152,
SL,
IO,
FRN,
2.661%,
(-1
x
30-day
SOFR
Average
+
6.3%),
10/20/53
...
16,736,884
1,064,558
b,g
2013-182,
SP,
IO,
FRN,
2.933%,
(-1
x
1-month
SOFR
+
6.586%),
12/20/43
......
449,316
48,759
b,g
2022-45,
SP,
IO,
FRN,
2.161%,
(-1
x
30-day
SOFR
Average
+
5.8%),
5/20/50
.....
28,057,717
1,862,045
b,g
2023-20,
SP,
IO,
FRN,
3.361%,
(-1
x
30-day
SOFR
Average
+
7%),
2/20/53
......
14,115,343
1,156,340
b,g
2023-24,
SQ,
IO,
FRN,
2.611%,
(-1
x
30-day
SOFR
Average
+
6.25%),
2/20/53
...
12,664,602
874,677
b,g
2024-30,
SU,
IO,
FRN,
2.211%,
(-1
x
30-day
SOFR
Average
+
5.85%),
2/20/54
...
24,426,816
1,325,790
b,g
2019-96,
SY,
IO,
FRN,
2.333%,
(-1
x
1-month
SOFR
+
5.986%),
8/20/49
........
11,899,972
1,134,471
g
2021-29,
TI,
IO,
2.5%,
2/20/51
........................................
18,721,772
3,092,987
g
2020-162,
UI,
IO,
2.5%,
10/20/50
......................................
11,763,306
1,647,958
g
2017-179,
WI,
IO,
5%,
12/20/47
.......................................
215,258
50,847
b,g
2024-30,
WS,
IO,
FRN,
2.161%,
(-1
x
30-day
SOFR
Average
+
5.8%),
2/20/54
....
26,054,051
1,126,947
e,g
2015-H16,
XI,
IO,
FRN,
2.445%,
7/20/65
................................
1,112,898
61,908
138,328,659
a
a
a
a
a
Total
Agency
Commercial
Mortgage-Backed
Securities
(Cost
$135,469,991)
........
138,328,659
Total
Long
Term
Investments
(Cost
$460,425,344)
...............................
462,119,299
a
a
a
a
a
Short
Term
Investments
22.1%
Shares
a
Management
Investment
Companies
21.2%
i,j
Putnam
Short
Term
Investment
Fund,
Class
P,
3.863%
.......................
109,492,730
109,492,730
Total
Management
Investment
Companies
(Cost
$109,492,730)
...................
109,492,730
Principal
Amount
U.S.
Government
and
Agency
Securities
0.9%
k,l
U.S.
Treasury
Bills
,
3.68%,
10/22/26
...................................................
2,600,000
2,586,264
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Mortgage
Opportunities
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
12
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
U.S.
Government
and
Agency
Securities
(continued)
k,l
U.S.
Treasury
Bills,
(continued)
3.75%,
12/10/26
...................................................
$
2,100,000
$
2,078,134
4,664,398
Total
U.S.
Government
and
Agency
Securities
(Cost
$4,664,433)
..................
4,664,398
Total
Short
Term
Investments
(Cost
$114,157,163)
...............................
114,157,128
a
Total
Investments
(Cost
$574,582,507)
111.7%
..................................
$576,276,427
TBA
Sale
Commitments
(0.2)%
................................................
(912,578)
Other
Assets,
less
Liabilities
(11.5)%
..........................................
(59,557,074)
Net
Assets
100.0%
...........................................................
$515,806,775
a
a
a
a
a
TBA
Sale
Commitments
(0.2)%
Mortgage-Backed
Securities
(0.2)%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
(0.2)%
m
Uniform
Mortgage-Backed
Securities,
TBA,
4%,
9/25/56
......................
(1,000,000)
(912,578)
Total
TBA
Sale
Commitments
(Cost
$(911,875))
.................................
$(912,578)
†
Rounds
to
less
than
0.1%
of
net
assets.
a
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
b
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
c
This
security
was
pledged,
or
purchased
with
cash
that
was
pledged,
to
the
Fund
for
collateral
on
certain
derivative
contracts.
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
August
31,
2026,
the
aggregate
value
of
these
securities
was
$159,092,695,
representing
30.8%
of
net
assets.
e
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.
f
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
g
Investment
in
an
interest-only
security
entitles
holders
to
receive
only
the
interest
payment
on
the
underlying
instruments.
The
principal
amount
shown
is
the
notional
amount
of
the
underlying
instruments.
h
Security
purchased
on
a
to-be-announced
(TBA)
basis.
i
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
j
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
k
The
rate
shown
represents
the
yield
at
period
end.
l
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
certain
derivative
contracts
and
TBA
securities.
At
August
31,
2026,
the
aggregate
value
of
these
securities
pledged
amounted
to
$296,438,
representing
0.1%
of
net
assets.
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)
Putnam
Mortgage
Opportunities
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
13
At
August
31,
2026,
the
Fund
had
the
following forward
premium
swap
options contracts
outstanding.
At
August
31,
2026,
the
Fund
had
the
following credit
default
swap
contracts outstanding.
Forward
Premium
Swap
Option
Contracts
Fixed
right
or
obligation
to
receive
or
(pay)/
Floating
rate
index/Maturity
date
Counter
par
t
y
Expiration
date/strike
Notional/
Contract
amount
*
Premium
receivable/
(payable)
Unrealized
appreciation/
(depreciation)
a
a
a
a
a
(3.7%)/1-day
SOFR/Nov-28/(Purchased)
BOFA
11/06/26
/
3.7%
626,037,300
$
3,255,785
$
3,436,351
3.69%/1-day
SOFR/Nov-28/(Written)
BOFA
11/06/26
/
3.69%
626,037,300
(3,396,252)
3,173,172
(4.453%)/1-day
SOFR/Jun-39/(Purchased)
BOFA
6/18/29
/
4.453%
18,632,600
663,787
203,514
3.953%/1-day
SOFR/Jun-39/(Purchased)
BOFA
6/18/29
/
3.953%
18,632,600
663,786
(221,386)
Unrealized
appreciation
6,813,037
Unrealized
(depreciation)
(221,386)
Total
$6,591,651
*
In
U.S.
dollars
unless
otherwise
indicated.
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.10
(5.00)%
Monthly
CITI
11/17/59
1,085,000
$
580,123
$
464,005
$
116,118
CMBX.NA.BB.10
(5.00)%
Monthly
GSCO
11/17/59
836,000
446,989
376,522
70,467
CMBX.NA.BB.10
(5.00)%
Monthly
MLCO
11/17/59
47,000
25,130
2,674
22,456
CMBX.NA.BB.13
(5.00)%
Monthly
GSCO
12/16/72
2,750,000
1,059,897
1,034,890
25,007
CMBX.NA.BB.14
(5.00)%
Monthly
GSCO
12/16/72
750,000
209,375
217,917
(8,542)
CMBX.NA.BB.15
(5.00)%
Monthly
GSCO
11/18/64
2,250,000
471,975
429,167
42,808
CMBX.NA.BB.6
.
(5.00)%
Monthly
GSCO
5/11/63
1,693,000
200,464
141,057
59,407
CMBX.NA.BB.8
.
(5.00)%
Monthly
CITI
10/17/57
576,000
188,675
249,406
(60,731)
CMBX.NA.BB.8
.
(5.00)%
Monthly
MSCO
10/17/57
326,000
106,785
143,186
(36,401)
CMBX.
NA.BBB-.10
..
(3.00)%
Monthly
GSCO
11/17/59
3,233,000
869,353
619,394
249,959
CMBX.
NA.BBB-.11
..
(3.00)%
Monthly
GSCO
11/18/54
2,375,000
242,992
306,375
(
63,383)
CMBX.
NA.BBB-.12
..
(3.00)%
Monthly
CITI
8/17/61
1,024,000
226,048
290,603
(64,555)
CMBX.
NA.BBB-.12
..
(3.00)%
Monthly
GSCO
8/17/61
7,038,000
1,553,639
1,660,789
(107,150)
CMBX.
NA.BBB-.12
..
(3.00)%
Monthly
MSCO
8/17/61
1,069,000
235,982
340,040
(104,058)
CMBX.
NA.BBB-.13
..
(3.00)%
Monthly
GSCO
12/16/72
4,750,000
1,009,969
995,917
14,052
CMBX.
NA.BBB-.19
..
(3.00)%
Monthly
GSCO
12/17/58
750,000
49,907
46,734
3,173
CMBX.NA.BBB-.8
(3.00)%
Monthly
MSCO
10/17/57
3,436,000
545,291
707,311
(162,020)
CMBX.NA.BBB-.9
(3.00)%
Monthly
MSCO
9/17/58
2,375,000
510,831
426,609
84,222
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Mortgage
Opportunities
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
14
Credit
Default
Swap
Contracts
(continued)
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
a
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
b
OTC
Swap
Contracts
(continued)
Contracts
to
Sell
Protection
c,d
Traded
Index
CMBX.NA.BB.10
5.00%
Monthly
JPHQ
11/17/59
289,000
$
(154,522)
$
(23,189)
$
(
131,333)
Non-
Investment
Grade
CMBX.NA.BB.13
5.00%
Monthly
CITI
12/16/72
1,293,000
(498,344)
(552,832)
54,488
Non-
Investment
Grade
CMBX.NA.BB.6
.
5.00%
Monthly
CITI
5/11/63
3,724,000
(440,948)
(647,506)
206,558
Non-
Investment
Grade
CMBX.NA.BB.6
.
5.00%
Monthly
JPHQ
5/11/63
1,567,000
(185,544)
(806,690)
621,146
Non-
Investment
Grade
CMBX.NA.BB.6
.
5.00%
Monthly
MLCO
5/11/63
200,000
(23,682)
(22,364)
(1,318)
Non-
Investment
Grade
CMBX.NA.BB.6
.
5.00%
Monthly
MSCO
5/11/63
1,500,000
(177,611)
(199,162)
21,551
Non-
Investment
Grade
CMBX.
NA.BBB-.16
..
3.00%
Monthly
CITI
4/17/65
221,000
(40,493)
(50,237)
9,744
Investment
Grade
CMBX.
NA.BBB-.16
..
3.00%
Monthly
GSCO
4/17/65
114,000
(20,887)
(
23,410)
2,523
Investment
Grade
CMBX.
NA.BBB-.16
..
3.00%
Monthly
MSCO
4/17/65
114,000
(20,888)
(25,914)
5,026
Investment
Grade
CMBX.
NA.BBB-.18
..
3.00%
Monthly
GSCO
12/17/57
750,000
(57,642)
(53,297)
(4,345)
Investment
Grade
Total
Credit
Default
Swap
Contracts
....................................
$6,912,864
$
6,047,995
$864,869
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.
Putnam
Mortgage
Opportunities
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
15
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
At
August
31,
2026,
the
Fund
had
the
following interest
rate swap
contracts
outstanding.
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
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.04%
....
Annual
9/16/28
463,901,000
$
1,684,350
$
(755,803)
$
2,440,153
Receive
Fixed
4.02%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
9/16/31
79,487,000
(758,404)
(352,758)
(405,646)
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.06%
....
Annual
9/16/33
204,280,000
2,725,809
1,328,935
1,396,874
Receive
Fixed
4.16%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
9/16/36
6,289,000
(111,476)
(47,156)
(64,320)
Receive
Fixed
4.3%
...
Annual
Pay
Floating
1-day
SOFR
............
Annual
9/16/56
14,745,000
(636,261)
232,037
(868,298)
Total
Interest
Rate
Swap
Contracts
.................................
$2,904,018
$
405,255
$2,498,763
*
In
U.S.
dollars
unless
otherwise
indicated.
See
A
bbreviations
on
page
18
.
Putnam
Funds
Trust
Notes
to
Schedule
of
Investments
(unaudited)
Putnam
Mortgage
Opportunities
Fund
16
Quarterly
Schedule
of
Investments
1.
Organization
Putnam
Funds
Trust (Trust)
is
registered under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of
fourteen
separate
funds.
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
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Trust's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's administrator
in
performing
this responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Debt
securities
generally
trade
in
the
over-the-counter
(OTC) market
rather
than
on
a
securities
exchange.
The Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
Certain
derivative
financial
instruments
are
centrally
cleared
or
trade
in
the
OTC
market.
The Fund’s
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The Fund’s
net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets. 
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
3.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
"Controlled
Affiliate"
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund's
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
August
31,
2026,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Putnam
Funds
Trust
Notes
to
Schedule
of
Investments
(unaudited)
17
Quarterly
Schedule
of
Investments
Putnam
Mortgage
Opportunities
Fund
4. Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
August
31,
2026,
in
valuing
the
Fund's assets
and
liabilities carried
at
fair
value,
is
as
follows:
    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
Mortgage
Opportunities
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Short
Term
Investment
Fund,
Class
P,
3.863%
......
$74,210,175
$112,895,002
$(77,612,447)
$—
$—
$109,492,730
109,492,730
$817,834
Total
Affiliated
Securities
...
$74,210,175
$112,895,002
$(77,612,447)
$—
$—
$109,492,730
$817,834
Level
1
Level
2
Level
3
Total
Putnam
Mortgage
Opportunities
Fund
Assets:
Investments
in
Securities:
a
Senior
Floating
Rate
Interests
...............
$
—
$
94,710
$
—
$
94,710
U.S.
Government
and
Agency
Securities
.......
—
6,767,447
—
6,767,447
Asset-Backed
Securities
...................
—
33,356,684
—
33,356,684
Commercial
Mortgage-Backed
Securities
......
—
113,388,785
—
113,388,785
Mortgage-Backed
Securities
................
—
101,223,151
—
101,223,151
Residential
Mortgage-Backed
Securities
.......
—
68,959,863
—
68,959,863
Agency
Commercial
Mortgage-Backed
Securities
—
138,328,659
—
138,328,659
Short
Term
Investments
...................
109,492,730
4,664,398
—
114,157,128
Total
Investments
in
Securities
...........
$109,492,730
$466,783,697
$—
$576,276,427
Other
Financial
Instruments:
Forward
Premium
Swap
Option
Contracts
.....
$—
$6,813,037
$—
$6,813,037
Swap
Contracts
.........................
—
5,445,732
—
5,445,732
Total
Other
Financial
Instruments
.........
$—
$12,258,769
$—
$12,258,769
–
–
–
–
Liabilities:
Other
Financial
Instruments:
TBA
Sale
Commitments
...................
$
—
$
912,578
$
—
$
912,578
Forward
Premium
Swap
Option
Contracts
......
—
221,386
—
221,386
Swap
Contracts
.........................
—
2,082,100
—
2,082,100
Total
Other
Financial
Instruments
.........
$—
$3,216,064
$—
$3,216,064
3.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Putnam
Funds
Trust
Notes
to
Schedule
of
Investments
(unaudited)
18
Quarterly
Schedule
of
Investments
Putnam
Mortgage
Opportunities
Fund
Abbreviations
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
Counterparty
BOFA
Bank
of
America
NA
CITI
Citibank
NA
GSCO
Goldman
Sachs
Group,
Inc.
JPHQ
JPMorgan
Chase
Bank
NA
MLCO
Merrill
Lynch
International
&
Co.
MSCO
Morgan
Stanley
Index
CMBX.NA
CMBX
North
America
Index
Selected
Portfolio
CME
Chicago
Mercantile
Exchange
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
IO
Interest
Only
REMIC
Real
Estate
Mortgage
Investment
Conduit
SOFR
Secured
Overnight
Financing
Rate
STACR
Structured
Agency
Credit
Risk
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
SOFR
........................
3.68%
4. Fair
Value
Measurements
(continued)
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.