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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number 811-07513

 

Putnam Funds Trust

(Exact name of registrant as specified in charter)

 

100 Federal Street, Boston, Massachusetts 02110

(Address of principal executive offices) (Zip code)

 

Stephen Tate, Vice President

100 Federal Street

Boston, Massachusetts 02110

 

Copy to:

 

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, New York 10036

 

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

 

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

 

Date of fiscal year end: November 30

 

Date of reporting period: May 31, 2025

 

 
 

 

ITEM 1. REPORT TO STOCKHOLDERS.

 

(a) The Report to Shareholders is filed herewith

Putnam Short-Term Municipal Income Fund
image
Class A   [PSMEX]
Semi-Annual Shareholder Report | May 31, 2025
image
This semi-annual shareholder report contains important information about Putnam Short-Term Municipal Income Fund for the period December 1, 2024, to May 31, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class A
$31
0.61%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of May 31, 2025)
Total Net Assets
$170,458,990
Total Number of Portfolio Holdings*
191
Portfolio Turnover Rate
9%
* Does not include derivatives, except purchased options, if any.  
WHAT DID THE FUND INVEST IN? (as of May 31, 2025)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Putnam Short-Term Municipal Income Fund  PAGE 1  39211-STSA-0725
20.920.512.89.68.58.58.43.63.52.01.10.6
 
Putnam Short-Term Municipal Income Fund
image
Class C   [PSMTX]
Semi-Annual Shareholder Report | May 31, 2025
image
This semi-annual shareholder report contains important information about Putnam Short-Term Municipal Income Fund for the period December 1, 2024, to May 31, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class C
$68
1.36%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of May 31, 2025)
Total Net Assets
$170,458,990
Total Number of Portfolio Holdings*
191
Portfolio Turnover Rate
9%
* Does not include derivatives, except purchased options, if any.  
WHAT DID THE FUND INVEST IN? (as of May 31, 2025)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Putnam Short-Term Municipal Income Fund  PAGE 1  39211-STSC-0725
20.920.512.89.68.58.58.43.63.52.01.10.6
 
Putnam Short-Term Municipal Income Fund
image
Class R6   [PYSTX]
Semi-Annual Shareholder Report | May 31, 2025
image
This semi-annual shareholder report contains important information about Putnam Short-Term Municipal Income Fund for the period December 1, 2024, to May 31, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class R6
$17
0.33%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of May 31, 2025)
Total Net Assets
$170,458,990
Total Number of Portfolio Holdings*
191
Portfolio Turnover Rate
9%
* Does not include derivatives, except purchased options, if any.  
WHAT DID THE FUND INVEST IN? (as of May 31, 2025)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Putnam Short-Term Municipal Income Fund  PAGE 1  39211-STSR6-0725
20.920.512.89.68.58.58.43.63.52.01.10.6
 
Putnam Short-Term Municipal Income Fund
image
Class Y   [PSMYX]
Semi-Annual Shareholder Report | May 31, 2025
image
This semi-annual shareholder report contains important information about Putnam Short-Term Municipal Income Fund for the period December 1, 2024, to May 31, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class Y
$18
0.36%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of May 31, 2025)
Total Net Assets
$170,458,990
Total Number of Portfolio Holdings*
191
Portfolio Turnover Rate
9%
* Does not include derivatives, except purchased options, if any.  
WHAT DID THE FUND INVEST IN? (as of May 31, 2025)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Putnam Short-Term Municipal Income Fund  PAGE 1  39211-STSY-0725
20.920.512.89.68.58.58.43.63.52.01.10.6
 

(b) Not applicable

 

Item 2. CODE OF ETHICS.

 

Not applicable.

 

Item 3. AUDIT COMMITTEE FINANCIAL EXPERT.

 

Not applicable.

 

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 

Not applicable.

 

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

 

Not applicable.

 

ITEM 6. SCHEDULE OF INVESTMENTS.

 

(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

 

(b) Not applicable.
 

 

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

Putnam
Short-Term
Municipal
Income
Fund
Financial
Statements
and
Other
Important
Information
Semi-Annual
|
May
31, 2025
Table
of
Contents
franklintempleton.com
Financial
Statements
and
Other
Important
Information—Semiannual
1
Financial
Highlights
and
Schedule
of
Investments
2
Financial
Statements
15
Notes
to
Financial
Statements
19
Changes
In
and
Disagreements
with
Accountants
28
Results
of
Meeting(s)
of
Shareholders
28
Remuneration
Paid
to
Directors,
Officers
and
Others
28
Board
Approval
of
Management
and
Subadvisory
Agreements
28
Putnam
Funds
Trust
Financial
Highlights
Putnam
Short-Term
Municipal
Income
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
Six
Months
Ended
May
31,
2025
(unaudited)
Year
Ended
November
30,
2024
2023
2022
2021
2020
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$9.90
$9.82
$9.77
$10.17
$10.15
$10.08
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.16
0.31
0.25
0.10
0.07
0.12
Net
realized
and
unrealized
gains
(losses)
(0.06)
0.08
0.05
(0.36)
0.04
0.07
Total
from
investment
operations
........
0.10
0.39
0.30
(0.26)
0.11
0.19
Less
distributions
from:
Net
investment
income
..............
(0.16)
(0.31)
(0.25)
(0.10)
(0.07)
(0.12)
Net
realized
gains
.................
—
—
—
(0.04)
(0.02)
(—)
c
Total
distributions
...................
(0.16)
(0.31)
(0.25)
(0.14)
(0.09)
(0.12)
Net
asset
value,
end
of
period
..........
$9.84
$9.90
$9.82
$9.77
$10.17
$10.15
Total
return
d
.......................
0.97%
4.01%
3.11%
(2.56)%
1.00%
1.95%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.72%
0.72%
0.82%
0.90%
0.91%
1.06%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.61%
0.61%
0.62%
0.60%
0.59%
0.59%
Net
investment
income
...............
3.18%
3.16%
2.62%
1.09%
0.63%
1.19%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$24,452
$28,845
$33,561
$30,735
$27,661
$20,955
Portfolio
turnover
rate
................
9%
38%
38%
39%
54%
51%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Amount
rounds
to
less
than
$0.01
per
share.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Putnam
Funds
Trust
Financial
Highlights
Putnam
Short-Term
Municipal
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
3
,2
a
Six
Months
Ended
May
31,
2025
(unaudited)
Year
Ended
November
30,
2024
2023
2022
2021
2020
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$9.87
$9.78
$9.73
$10.15
$10.15
$10.08
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.12
0.24
0.18
0.05
0.01
0.04
Net
realized
and
unrealized
gains
(losses)
(0.07)
0.08
0.04
(0.39)
0.02
0.08
Total
from
investment
operations
........
0.05
0.32
0.22
(0.34)
0.03
0.12
Less
distributions
from:
Net
investment
income
..............
(0.12)
(0.23)
(0.17)
(0.04)
(0.01)
(0.05)
Net
realized
gains
.................
—
—
—
(0.04)
(0.02)
(—)
c
Total
distributions
...................
(0.12)
(0.23)
(0.17)
(0.08)
(0.03)
(0.05)
Net
asset
value,
end
of
period
..........
$9.80
$9.87
$9.78
$9.73
$10.15
$10.15
Total
return
d
.......................
0.49%
3.33%
2.34%
(3.31)%
0.21%
1.22%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.47%
1.47%
1.57%
1.65%
1.66%
1.81%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
1.36%
1.36%
1.37%
1.35%
1.34%
1.34%
Net
investment
income
(loss)
..........
2.43%
2.41%
1.85%
0.34%
(0.07)%
0.37%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$165
$280
$340
$444
$374
$423
Portfolio
turnover
rate
................
9%
38%
38%
39%
54%
51%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Amount
rounds
to
less
than
$0.01
per
share.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Putnam
Funds
Trust
Financial
Highlights
Putnam
Short-Term
Municipal
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
a
Six
Months
Ended
May
31,
2025
(unaudited)
Year
Ended
November
30,
2024
2023
2022
2021
2020
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$9.89
$9.81
$9.76
$10.17
$10.15
$10.08
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.17
0.34
0.28
0.13
0.09
0.14
Net
realized
and
unrealized
gains
(losses)
(0.06)
0.07
0.05
(0.37)
0.04
0.08
Total
from
investment
operations
........
0.11
0.41
0.33
(0.24)
0.13
0.22
Less
distributions
from:
Net
investment
income
..............
(0.17)
(0.33)
(0.28)
(0.13)
(0.09)
(0.15)
Net
realized
gains
.................
—
—
—
(0.04)
(0.02)
(—)
c
Total
distributions
...................
(0.17)
(0.33)
(0.28)
(0.17)
(0.11)
(0.15)
Net
asset
value,
end
of
period
..........
$9.83
$9.89
$9.81
$9.76
$10.17
$10.15
Total
return
d
.......................
1.11%
4.30%
3.40%
(2.36)%
1.27%
2.22%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.44%
0.44%
0.53%
0.63%
0.65%
0.80%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.33%
0.33%
0.33%
0.33%
0.33%
0.33%
Net
investment
income
...............
3.47%
3.44%
2.90%
1.44%
0.91%
1.42%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$8,648
$5,025
$5,313
$4,940
$2,715
$2,313
Portfolio
turnover
rate
................
9%
38%
38%
39%
54%
51%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Amount
rounds
to
less
than
$0.01
per
share.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Putnam
Funds
Trust
Financial
Highlights
Putnam
Short-Term
Municipal
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
5
a
Six
Months
Ended
May
31,
2025
(unaudited)
Year
Ended
November
30,
2024
2023
2022
2021
2020
Class
Y
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$9.90
$9.82
$9.76
$10.17
$10.15
$10.08
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.17
0.34
0.28
0.13
0.09
0.14
Net
realized
and
unrealized
gains
(losses)
(0.06)
0.07
0.05
(0.38)
0.04
0.08
Total
from
investment
operations
........
0.11
0.41
0.33
(0.25)
0.13
0.22
Less
distributions
from:
Net
investment
income
..............
(0.17)
(0.33)
(0.27)
(0.12)
(0.09)
(0.15)
Net
realized
gains
.................
—
—
—
(0.04)
(0.02)
(—)
c
Total
distributions
...................
(0.17)
(0.33)
(0.27)
(0.16)
(0.11)
(0.15)
Net
asset
value,
end
of
period
..........
$9.84
$9.90
$9.82
$9.76
$10.17
$10.15
Total
return
d
.......................
1.10%
4.27%
3.47%
(2.39)%
1.26%
2.21%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.47%
0.47%
0.57%
0.65%
0.66%
0.81%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.36%
0.36%
0.37%
0.35%
0.34%
0.34%
Net
investment
income
...............
3.43%
3.40%
2.98%
1.44%
0.91%
1.38%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$137,194
$121,496
$116,180
$44,906
$21,666
$22,819
Portfolio
turnover
rate
................
9%
38%
38%
39%
54%
51%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Amount
rounds
to
less
than
$0.01
per
share.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited),
May
31,
2025
Putnam
Short-Term
Municipal
Income
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
96.4%
Alabama
4.0%
a
Southeast
Energy
Authority
A
Cooperative
District
,
Revenue,
2021
B,
Mandatory
Put,
4%,
12/01/31
...........................
$
2,000,000
$
1,956,780
Revenue,
2022
A-1,
Mandatory
Put,
5.5%,
12/01/29
........................
500,000
527,615
Revenue,
2025
B,
Mandatory
Put,
5.25%,
1/01/33
.........................
1,750,000
1,806,952
b
Water
Works
Board
of
the
City
of
Birmingham
(The)
,
Revenue
,
144A,
2024
,
3.75
%
,
9/01/26
.........................................................
2,500,000
2,489,435
6,780,782
Alaska
0.9%
Alaska
Industrial
Development
&
Export
Authority
,
Dena'
Nena'
Henash
,
Revenue
,
2019
A
,
5
%
,
10/01/28
...............................................
1,530,000
1,603,883
Arizona
3.0%
Arizona
Board
of
Regents
,
University
of
Arizona
(The)
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
6/01/46
......................................................
3,265,000
3,302,112
a
Coconino
County
Pollution
Control
Corp.
,
Nevada
Power
Co.
,
Revenue
,
2017
B
,
Refunding
,
Mandatory
Put
,
3.75
%
,
3/31/26
...............................
750,000
748,869
Salt
Verde
Financial
Corp.
,
Revenue
,
2007-1
,
5.25
%
,
12/01/25
.................
1,000,000
1,007,008
5,057,989
California
10.7%
a
California
Community
Choice
Financing
Authority
,
Revenue
,
2024
G
,
Mandatory
Put
,
5
%
,
8/01/32
......................................................
2,000,000
2,057,651
California
Enterprise
Development
Authority
,
Provident
Group-SDSU
Properties
LLC
,
Revenue,
First
Tier
,
2020
A
,
5
%
,
8/01/26
................................
100,000
101,446
California
Health
Facilities
Financing
Authority
,
Adventist
Health
System/West
Obligated
Group,
Revenue,
2013
A,
4%,
3/01/43
...
230,000
194,369
Episcopal
Communities
&
Services
for
Seniors
Obligated
Group,
Revenue,
2024
A,
3.85%,
11/15/27
.................................................
1,500,000
1,503,150
a
California
Housing
Finance
Agency
,
Revenue
,
2023
A-2
,
FHA
Insured
,
Mandatory
Put
,
3.6
%
,
8/01/26
....................................................
2,500,000
2,504,952
California
Municipal
Finance
Authority
,
California
Lutheran
University,
Revenue,
2018,
Refunding,
5%,
10/01/26
........
570,000
580,613
HumanGood
California
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
10/01/30
165,000
165,648
Palomar
Health
Obligated
Group,
COP,
2022
A,
Refunding,
AGMC
Insured,
5%,
11/01/27
.......................................................
100,000
103,515
Palomar
Health
Obligated
Group,
COP,
2022
A,
Refunding,
AGMC
Insured,
5%,
11/01/28
.......................................................
115,000
120,101
b
California
School
Finance
Authority
,
Alliance
for
College
Ready
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2015
A
,
4
%
,
7/01/25
.....................
1,345,000
1,344,510
a
California
State
University
,
Revenue
,
2016
B-2
,
Refunding
,
Mandatory
Put
,
0.55
%
,
11/01/26
........................................................
2,000,000
1,910,682
City
of
Fontana
,
Community
Facilities
District
No.
109,
Special
Tax,
2024,
5%,
9/01/30
..........
235,000
248,198
Community
Facilities
District
No.
109,
Special
Tax,
2024,
5%,
9/01/31
..........
245,000
259,742
Community
Facilities
District
No.
109,
Special
Tax,
2024,
5%,
9/01/32
..........
260,000
276,097
Community
Facilities
District
No.
109,
Special
Tax,
2024,
5%,
9/01/34
..........
400,000
424,397
a
City
of
San
Jose
,
Allied
1510
Parkmoor
LP
,
Revenue
,
2023
F-2
,
Mandatory
Put
,
5
%
,
6/01/26
.........................................................
2,000,000
2,029,006
FHLMC,
Multi-family
ML
Pass-Through
Certificates
,
2019-ML05,
ACA,
3.35%,
11/25/33
.....................................
455,395
426,737
2019-ML06,
A-US,
2.543%,
6/25/37
....................................
928,630
803,436
Los
Angeles
Department
of
Water
&
Power
,
Power
System,
Revenue,
2018
A,
Refunding,
5%,
7/01/33
...................
1,240,000
1,271,772
Power
System,
Revenue,
2025
A,
Refunding,
5%,
7/01/28
...................
1,000,000
1,037,537
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Short-Term
Municipal
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
c
Mountain
View
School
District
,
School
Facilities
Improvement
District
No.
2
,
GO
,
2024
,
3.87
%,
7/01/29
...................................................
$
1,000,000
$
856,463
18,220,022
Colorado
0.9%
a
Colorado
Health
Facilities
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
B-2
,
Mandatory
Put
,
5
%
,
8/01/26
..................................
1,000,000
1,008,077
b
Southern
Ute
Indian
Tribe
of
the
Southern
Ute
Reservation
of
Colorado
,
GO
,
144A,
2025
A
,
5
%
,
4/01/35
................................................
525,000
553,491
1,561,568
Connecticut
0.6%
a
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Yale
University
,
Revenue
,
2014
A
,
Mandatory
Put
,
2.8
%
,
2/10/26
..................................
1,000,000
992,216
Florida
7.8%
a
Broward
County
Housing
Finance
Authority
,
Pinnacle
441
Phase
2
LLC,
Revenue,
2023,
Mandatory
Put,
4.05%,
3/01/26
......
1,000,000
1,005,091
St.
Joseph
Manor
II
LLLP,
Revenue,
2023,
Mandatory
Put,
3.5%,
4/01/26
........
1,000,000
999,855
County
of
Miami-Dade
,
Aviation
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
10/01/30
.......
1,250,000
1,327,779
Florida
Housing
Finance
Corp.
,
Revenue,
2022-1,
GNMA
Insured,
3.5%,
7/01/52
..........................
1,760,000
1,749,948
a
Northside
Property
III
Ltd.,
Revenue,
2023
B,
GNMA
Insured,
Mandatory
Put,
5%,
2/01/26
........................................................
2,295,000
2,319,268
Lakewood
Ranch
Stewardship
District
,
Assessments
,
Special
Assessment
,
2023
,
5.4
%
,
5/01/28
.........................................................
145,000
147,507
a
Miami-Dade
County
Housing
Finance
Authority
,
Fairfield
Miami
Gardens
LP,
Revenue,
2023
B,
Mandatory
Put,
4.05%,
9/01/25
....
1,500,000
1,501,731
Quail
Roost
Transit
Village
I
Ltd.,
Revenue,
2023,
Mandatory
Put,
5%,
9/01/25
....
500,000
501,967
Pinellas
County
Industrial
Development
Authority
,
Drs
Kiran
&
Pallavi
Patel
2017
Foundation
for
Global
Understanding,
Inc.
,
Revenue
,
2019
,
5
%
,
7/01/29
.........
455,000
459,534
a
Polk
County
Housing
Finance
Authority
,
Episcopal
Catholic
Apartments
Owner
LLLP
,
Revenue
,
2023
,
Mandatory
Put
,
4.15
%
,
6/01/26
...........................
3,000,000
3,024,893
St.
Johns
County
Industrial
Development
Authority
,
Life
Care
Ponte
Vedra
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
12/15/28
........................
200,000
193,797
13,231,370
Georgia
2.5%
DeKalb
County
Housing
Authority
,
HADC
Park
at
500
LLC
,
Revenue
,
2024
,
4
%
,
3/01/34
.........................................................
780,000
761,544
a
Development
Authority
of
Burke
County
(The)
,
Georgia
Power
Co.
,
Revenue,
First
Series
,
2012-1
,
Refunding
,
Mandatory
Put
,
2.875
%
,
8/19/25
..................
500,000
498,857
a
Development
Authority
of
Monroe
County
(The)
,
Georgia
Power
Co.
,
Revenue,
Second
Series
,
2009-2
,
Mandatory
Put
,
3.875
%
,
3/06/26
..........................
500,000
500,907
a
Main
Street
Natural
Gas,
Inc.
,
Revenue,
2021
A,
Mandatory
Put,
4%,
9/01/27
............................
1,000,000
999,766
Revenue,
2021
C,
Mandatory
Put,
4%,
12/01/28
...........................
1,000,000
1,001,337
Revenue,
2024
D,
Mandatory
Put,
5%,
4/01/31
...........................
500,000
523,307
4,285,718
Hawaii
0.3%
a
City
&
County
of
Honolulu
,
Komohale
Maunakea
Venture
LP
,
Revenue
,
2023
,
Mandatory
Put
,
5
%
,
6/01/26
..........................................
535,000
543,865
Idaho
0.2%
Idaho
Housing
&
Finance
Association
,
Revenue
,
2016
H
,
GNMA
Insured
,
3
%
,
9/21/46
387,445
334,822
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Short-Term
Municipal
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
1.3%
Cook
&
DuPage
Counties
Combined
School
District
No.
113A
Lemont
Bromberek
,
GO
,
2021
,
3
%
,
1/01/35
.................................................
$
725,000
$
652,599
a
Illinois
Finance
Authority
,
University
of
Chicago
Medical
Center
Obligated
Group
,
Revenue
,
2022
B-1
,
Mandatory
Put
,
5
%
,
8/15/25
..........................
500,000
500,319
a
Illinois
Housing
Development
Authority
,
South
Shore
IL
Preservation
LP
,
Revenue
,
2023
,
FHA
Insured
,
Mandatory
Put
,
4
%
,
6/01/25
...........................
1,000,000
1,000,000
2,152,918
Indiana
1.8%
City
of
Rockport
,
AEP
Generating
Co.
,
Revenue
,
1995
B
,
Refunding
,
3.125
%
,
7/01/25
500,000
499,729
a
City
of
Whiting
,
BP
Products
North
America,
Inc.
,
Revenue
,
2019
A
,
Refunding
,
Mandatory
Put
,
5
%
,
6/05/26
..........................................
1,000,000
1,008,920
Indiana
Finance
Authority
,
Indiana
Masonic
Home,
Inc.
Obligated
Group,
Revenue,
2025
B,
5%,
5/01/28
....
755,000
775,276
Indiana
Masonic
Home,
Inc.
Obligated
Group,
Revenue,
2025
B,
5%,
5/01/29
....
795,000
821,398
3,105,323
Kentucky
4.5%
a
County
of
Owen
,
American
Water/Kentucky-American
Water
Co.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
Mandatory
Put
,
3.875
%
,
9/01/28
.................
2,250,000
2,212,749
a
County
of
Trimble
,
Louisville
Gas
and
Electric
Co.
,
Revenue
,
2023
A
,
Mandatory
Put
,
4.7
%
,
6/01/27
....................................................
1,000,000
1,006,490
Kentucky
Public
Energy
Authority
,
a
Revenue,
2020
A,
Mandatory
Put,
4%,
6/01/26
............................
1,040,000
1,042,724
Revenue,
2024
A,
5%,
7/01/27
........................................
525,000
538,627
Revenue,
2024
A,
5%,
7/01/28
........................................
1,000,000
1,037,030
a
Revenue,
2024
B,
Refunding,
Mandatory
Put,
5%,
8/01/32
...................
750,000
788,955
a
Revenue,
2025
A,
Refunding,
Mandatory
Put,
5.25%,
12/01/29
................
1,000,000
1,049,162
7,675,737
Louisiana
3.2%
a
Louisiana
Offshore
Terminal
Authority
,
Loop
LLC
,
Revenue
,
2013
C
,
Refunding
,
Mandatory
Put
,
4.2
%
,
9/01/28
........................................
1,500,000
1,497,370
Louisiana
Public
Facilities
Authority
,
a,b
ElementUS
Minerals
LLC,
Revenue,
144A,
2023,
Mandatory
Put,
5%,
11/01/25
...
1,000,000
1,003,495
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2025
B,
Refunding,
5%,
5/15/30
........................................................
1,000,000
1,068,463
a
Parish
of
St.
John
the
Baptist
,
Marathon
Oil
Corp.
,
Revenue
,
2017
C
,
Refunding
,
Mandatory
Put
,
3.3
%
,
7/03/28
........................................
2,000,000
1,960,776
5,530,104
Maryland
0.1%
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
6/01/29
...............................
200,000
207,675
Massachusetts
0.9%
Massachusetts
Development
Finance
Agency
,
b
CHF
Merrimack,
Inc.,
Revenue,
144A,
2024
A,
4.25%,
7/01/34
................
450,000
440,364
Emerson
College,
Revenue,
2025,
Refunding,
5%,
1/01/27
..................
1,010,000
1,035,238
1,475,602
Michigan
1.0%
City
of
Detroit
,
GO
,
2023
B
,
6.844
%
,
5/01/28
...............................
295,000
304,700
Detroit
Downtown
Development
Authority
,
Catalyst
Development
Area
,
Tax
Allocation
,
2024
,
Refunding
,
5
%
,
7/01/48
........................................
1,000,000
1,007,866
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Short-Term
Municipal
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Flint
Hospital
Building
Authority
,
Hurley
Medical
Center
,
Revenue
,
2013
B
,
4.75
%
,
7/01/28
.........................................................
$
425,000
$
419,417
Michigan
Finance
Authority
,
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
A-1
,
Refunding
,
2.326
%
,
6/01/30
..........................................
17,107
17,107
1,749,090
Minnesota
1.0%
City
of
Minneapolis
,
Fairview
Health
Services
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
11/15/36
............................................
825,000
838,095
City
of
Wadena
,
Astera
Health,
Revenue,
2024
A,
5%,
12/01/26
...........................
195,000
199,695
Astera
Health,
Revenue,
2024
A,
5%,
12/01/30
...........................
375,000
402,518
Northern
Municipal
Power
Agency
,
Revenue
,
2023
,
5
%
,
1/01/26
................
255,000
257,647
1,697,955
Missouri
2.5%
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
CoxHealth
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
11/15/39
........
725,000
725,316
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis,
Revenue,
2023
A,
Refunding,
5%,
5/01/28
....................................................
500,000
500,073
Kansas
City
Industrial
Development
Authority
,
City
of
Kansas
City
Airport,
Revenue,
2019
B,
5%,
3/01/27
...................
1,000,000
1,023,985
City
of
Kansas
City
Airport,
Revenue,
2019
B,
5%,
3/01/30
...................
1,000,000
1,044,690
City
of
Kansas
City
Airport,
Revenue,
2020
A,
5%,
3/01/26
...................
500,000
505,832
Poplar
Bluff
Regional
Transportation
Development
District
,
Sales
Tax
,
Revenue
,
2023
B
,
Refunding
,
3.375
%
,
12/01/31
.......................................
435,000
414,072
4,213,968
Montana
0.8%
City
of
Forsyth
,
NorthWestern
Corp.
,
Revenue
,
2023
,
Refunding
,
3.875
%
,
7/01/28
...
1,300,000
1,312,995
Montana
Board
of
Housing
,
Revenue
,
2014
A-2
,
3
%
,
12/01/43
.................
5,000
4,966
1,317,961
Nebraska
1.8%
Central
Plains
Energy
Project
,
Revenue,
2017
A,
Refunding,
5%,
9/01/30
...............................
1,000,000
1,051,302
a
Revenue,
2019,
Refunding,
Mandatory
Put,
4%,
8/01/25
....................
2,000,000
2,000,567
3,051,869
Nevada
0.9%
County
of
Clark
Department
of
Aviation
,
Jet
Aviation
Fuel
Tax
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
7/01/26
.............................................
500,000
508,559
County
of
Humboldt
,
Sierra
Pacific
Power
Co.
,
Revenue
,
2016
B
,
Refunding
,
3.55
%
,
10/01/29
........................................................
1,000,000
1,002,803
1,511,362
New
Jersey
2.6%
City
of
Newark
,
GO
,
2025
B
,
4.5
%
,
5/07/26
................................
1,000,000
1,009,316
Jersey
City
Municipal
Utilities
Authority
,
Water
Fund
,
Revenue
,
2025
A
,
5
%
,
5/01/26
.
2,000,000
2,031,574
a
New
Jersey
Economic
Development
Authority
,
New
Jersey-American
Water
Co.,
Inc.
,
Revenue
,
2019
A
,
Refunding
,
Mandatory
Put
,
2.2
%
,
12/03/29
.................
500,000
433,803
New
Jersey
Higher
Education
Student
Assistance
Authority
,
Revenue,
Senior
Lien
,
2018
B
,
Refunding
,
5
%
,
12/01/26
......................................
1,015,000
1,033,185
4,507,878
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Short-Term
Municipal
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Mexico
2.5%
City
of
Farmington
,
a
Public
Service
Co.
of
New
Mexico,
Revenue,
2010
B,
Refunding,
Mandatory
Put,
3.875%,
6/01/29
.................................................
$
1,000,000
$
1,002,660
Public
Service
Co.
of
New
Mexico,
Revenue,
2016
B,
Refunding,
2.15%,
4/01/33
..
250,000
207,761
a
New
Mexico
Mortgage
Finance
Authority
,
JLG
NM
ABQ
2023
LLLP,
Revenue,
2023,
Mandatory
Put,
5%,
9/01/25
.........
2,000,000
2,006,794
d
JLG
NM
SAF
2023
LLLP,
Revenue,
2023,
Mandatory
Put,
3.73%,
12/01/25
......
1,000,000
1,000,275
4,217,490
New
York
3.2%
a
Long
Island
Power
Authority
,
Revenue,
2020
B,
Refunding,
Mandatory
Put,
0.85%,
9/01/25
................
500,000
495,935
Revenue,
2021
B,
Refunding,
Mandatory
Put,
1.5%,
9/01/26
.................
200,000
194,782
b
Monroe
County
Industrial
Development
Corp.
,
Eugenio
Maria
de
Hostos
Charter
School
,
Revenue
,
144A,
2024
A
,
5
%
,
7/01/34
.............................
825,000
824,960
New
York
State
Dormitory
Authority
,
Pace
University,
Revenue,
2024
A,
5.25%,
5/01/27
.........................
175,000
181,124
Pace
University,
Revenue,
2024
A,
5.25%,
5/01/28
.........................
300,000
313,326
Pace
University,
Revenue,
2024
A,
5.25%,
5/01/29
.........................
225,000
237,362
St.
Joseph's
University,
Revenue,
2021,
5%,
7/01/26
.......................
200,000
200,762
St.
Joseph's
University,
Revenue,
2021,
5%,
7/01/28
.......................
75,000
75,474
St.
Joseph's
University,
Revenue,
2021,
5%,
7/01/29
.......................
75,000
75,387
St.
Joseph's
University,
Revenue,
2021,
5%,
7/01/30
.......................
75,000
75,131
New
York
Transportation
Development
Corp.
,
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/25
..............................
225,000
226,214
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
207th
,
Refunding
,
5
%
,
9/15/25
..
960,000
963,831
Triborough
Bridge
&
Tunnel
Authority
,
Metropolitan
Transportation
Authority
Payroll
Mobility
Tax
,
Revenue
,
2025
B-1
,
5
%
,
3/15/27
............................
1,500,000
1,553,443
5,417,731
North
Carolina
3.4%
a
Charlotte-Mecklenburg
Hospital
Authority
(The)
,
Atrium
Health
Obligated
Group
,
Revenue
,
2018
E
,
Mandatory
Put
,
0.8
%
,
8/01/25
..........................
2,000,000
1,974,295
a
Cumberland
County
Industrial
Facilities
&
Pollution
Control
Financing
Authority
,
American
Titanium
Metal
LLC
,
Revenue
,
2024
,
Mandatory
Put
,
3.75
%
,
11/01/25
...
3,000,000
3,000,985
North
Carolina
Medical
Care
Commission
,
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2024
B-1,
4.25%,
10/01/28
.............................................
250,000
250,032
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2024
B-2,
3.75%,
10/01/28
.............................................
500,000
499,494
5,724,806
North
Dakota
0.9%
Cass
County
Joint
Water
Resource
District
,
Revenue
,
2024
A
,
Refunding
,
3.45
%
,
4/01/27
.........................................................
1,000,000
998,175
City
of
Horace
,
GO
,
2024
B
,
Refunding
,
4.85
%
,
8/01/26
......................
500,000
500,330
1,498,505
Ohio
4.1%
Akron
Bath
Copley
Joint
Township
Hospital
District
,
Summa
Health
System
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
11/15/25
255,000
256,428
Summa
Health
System
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
11/15/27
180,000
185,782
Dayton-Montgomery
County
Port
Authority
,
Dayton
Regional
STEM
Schools,
Inc.
,
Revenue
,
2024
,
5
%
,
12/01/32
........................................
375,000
397,296
a
Lancaster
Port
Authority
,
Revenue
,
2024
A
,
Refunding
,
Mandatory
Put
,
5
%
,
8/01/30
.
1,250,000
1,306,343
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Short-Term
Municipal
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
a
Ohio
Air
Quality
Development
Authority
,
Duke
Energy
Corp.
,
Revenue
,
2022
B
,
Refunding
,
Mandatory
Put
,
4
%
,
6/01/27
.................................
$
500,000
$
503,829
Ohio
Higher
Educational
Facility
Commission
,
Ashtabula
County
Medical
Center
Obligated
Group,
Revenue,
2022,
5%,
1/01/26
..
100,000
100,469
Cleveland
Institute
of
Music
(The),
Revenue,
2022,
5%,
12/01/27
..............
435,000
441,780
a
Ohio
Housing
Finance
Agency
,
At
Main
LLC
,
Revenue
,
2025
,
Mandatory
Put
,
3.7
%
,
5/01/28
.........................................................
500,000
502,811
State
of
Ohio
,
Department
of
Transportation
,
Revenue
,
2015
,
5
%
,
12/31/25
........
1,820,000
1,821,556
Youngstown
State
University
,
Revenue
,
2016
,
Refunding
,
5
%
,
12/15/30
...........
1,535,000
1,566,140
7,082,434
Pennsylvania
2.8%
Chester
County
Industrial
Development
Authority
,
Avon
Grove
Charter
School
,
Revenue
,
2024
,
5
%
,
3/01/27
.........................................
800,000
810,969
Pennsylvania
Economic
Development
Financing
Authority
,
Commonwealth
of
Pennsylvania
Motor
License
Fund
,
Revenue
,
2022
,
5
%
,
12/31/29
..............
270,000
284,897
Pennsylvania
Housing
Finance
Agency
,
Revenue
,
2021-135
A
,
3
%
,
10/01/51
......
1,185,000
1,169,693
Pennsylvania
Turnpike
Commission
,
Revenue,
Third
Series,
2016
A-3,
Refunding,
5%,
12/01/36
..................
1,000,000
1,015,662
Oil
Franchise
Tax,
Revenue,
2018
A,
5%,
12/01/48
.........................
1,215,000
1,220,091
Philadelphia
Authority
for
Industrial
Development
,
Independence
Charter
School
West
,
Revenue
,
2019
,
4
%
,
6/15/29
.........................................
305,000
294,868
4,796,180
South
Carolina
0.3%
South
Carolina
Public
Service
Authority
,
Revenue,
2022
C,
Refunding,
5%,
12/01/25
..............................
355,000
358,156
Revenue,
2022
E,
5%,
12/01/25
.......................................
150,000
151,333
509,489
Tennessee
3.7%
a
Knoxville's
Community
Development
Corp.
,
DGA
Grosvenor
Square
LP,
Revenue,
2022,
Mandatory
Put,
4%,
6/01/26
........
3,000,000
3,008,227
DGA
Holston
LP,
Revenue,
2022,
Mandatory
Put,
3.75%,
6/01/26
..............
1,750,000
1,757,709
Metropolitan
Nashville
Airport
Authority
(The)
,
Revenue
,
2022
B
,
5
%
,
7/01/26
......
50,000
50,909
a
Tennergy
Corp.
,
Revenue
,
2021
A
,
Mandatory
Put
,
4
%
,
9/01/28
.................
1,500,000
1,498,305
6,315,150
Texas
10.4%
a
City
of
Dallas
Housing
Finance
Corp.
,
Ash
Creek
Housing
LLC
,
Revenue
,
2023
,
FHA
Insured
,
Mandatory
Put
,
5
%
,
12/01/25
..................................
2,750,000
2,771,192
City
of
Galveston
,
Wharves
&
Terminal,
Revenue,
First
Lien,
2024
A,
5%,
8/01/28
................
500,000
514,982
Wharves
&
Terminal,
Revenue,
First
Lien,
2024
A,
5%,
8/01/29
................
350,000
362,562
Wharves
&
Terminal,
Revenue,
First
Lien,
2024
A,
5%,
8/01/30
................
500,000
520,634
Wharves
&
Terminal,
Revenue,
First
Lien,
2024
A,
5%,
8/01/31
................
1,000,000
1,042,019
City
of
Houston
,
Airport
System
,
Revenue,
Sub.
Lien
,
2023
A
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/26
...............................................
1,000,000
1,017,652
City
of
Pflugerville
,
GO,
2025,
5%,
8/01/25
.............................................
1,000,000
1,003,543
GO,
2025,
5%,
8/01/26
.............................................
1,000,000
1,022,736
a
Clear
Creek
Independent
School
District
,
GO
,
2013
B
,
PSF
Guaranty
,
Mandatory
Put
,
3.6
%
,
8/15/25
....................................................
300,000
300,134
Clifton
Higher
Education
Finance
Corp.
,
International
Leadership
of
Texas,
Inc.
,
Revenue
,
2018
D
,
5.25
%
,
8/15/27
.....................................
500,000
500,966
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Short-Term
Municipal
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
County
of
Harris
,
Toll
Road
,
Revenue,
Senior
Lien
,
2015
B
,
Refunding
,
5
%
,
8/15/36
.
$
1,100,000
$
1,102,334
a
El
Paso
Independent
School
District
,
GO
,
2020
,
Mandatory
Put
,
5
%
,
8/01/26
.......
2,500,000
2,526,953
Fort
Bend
Independent
School
District
,
a
GO,
2021
B,
Refunding,
PSF
Guaranty,
Mandatory
Put,
0.72%,
8/01/26
.........
820,000
789,395
GO,
2025
A,
Refunding,
PSF
Guaranty,
5%,
8/15/26
.......................
1,000,000
1,024,353
a
Houston
Housing
Finance
Corp.
,
Summerdale
Apartments
LP
,
Revenue
,
2023
,
Mandatory
Put
,
5
%
,
8/01/26
..........................................
600,000
608,928
a
Prosper
Independent
School
District
,
GO
,
2019
B
,
PSF
Guaranty
,
Mandatory
Put
,
4
%
,
8/15/26
.........................................................
1,000,000
1,006,020
SA
Energy
Acquisition
Public
Facility
Corp.
,
Revenue
,
2007
,
5.5
%
,
8/01/25
........
75,000
75,191
a
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
,
Baylor
Scott
&
White
Health
Obligated
Group
,
Revenue
,
2022
E
,
Mandatory
Put
,
5
%
,
5/15/26
..............
650,000
658,141
Texas
State
Affordable
Housing
Corp.
,
Revenue
,
2011
A
,
GNMA
Insured
,
5.25
%
,
9/01/28
.........................................................
30,000
30,521
Town
of
Trophy
Club
,
Public
Improvement
District
No.
1
,
Special
Assessment
,
2025
,
Refunding
,
5
%
,
9/01/28
.............................................
110,000
113,530
University
of
North
Texas
System
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
4/15/28
......
785,000
830,099
17,821,885
Utah
1.0%
City
of
Salt
Lake
City
,
Airport
,
Revenue
,
2017
A
,
5
%
,
7/01/29
...................
500,000
511,498
Utah
Infrastructure
Agency
,
Revenue,
2019,
5%,
10/15/27
........................................
455,000
468,245
Revenue,
2019,
5%,
10/15/29
........................................
500,000
522,670
Revenue,
2021,
3%,
10/15/26
........................................
250,000
247,425
1,749,838
Virgin
Islands
0.9%
Matching
Fund
Special
Purpose
Securitization
Corp.
,
United
States
Virgin
Islands
Federal
Excise
Tax,
Revenue,
2022
A,
Refunding,
5%,
10/01/25
.......................................................
125,000
125,475
United
States
Virgin
Islands
Federal
Excise
Tax,
Revenue,
2022
A,
Refunding,
5%,
10/01/30
.......................................................
1,000,000
1,021,399
e
Virgin
Islands
Transportation
&
Infrastructure
Corp.
,
Revenue,
2025,
Refunding,
5%,
9/01/26
.................................
200,000
203,968
Revenue,
2025,
Refunding,
5%,
9/01/27
.................................
160,000
165,765
1,516,607
Virginia
1.9%
James
City
County
Economic
Development
Authority
,
Williamsburg
Landing,
Inc.
Obligated
Group
,
Revenue
,
2024
C-2
,
5.5
%
,
12/01/28
......................
170,000
170,056
Virginia
Public
School
Authority
,
Revenue
,
2014
B
,
Refunding
,
3
%
,
8/01/26
........
2,000,000
1,998,493
a
Virginia
Small
Business
Financing
Authority
,
Pure
Salmon
Virginia
LLC
,
Revenue
,
2022
,
Mandatory
Put
,
4
%
,
11/20/25
....................................
1,000,000
1,000,239
3,168,788
Washington
5.0%
a
City
of
Seattle
,
Municipal
Light
&
Power
,
Revenue
,
2021
B
,
Refunding
,
Mandatory
Put
,
2.22
%
,
(
SIFMA
Municipal
Swap
Index
+
0.25
%
),
11/01/26
...................
1,500,000
1,482,882
Grays
Harbor
County
Public
Hospital
District
No.
1
,
Revenue
,
2023
,
Refunding
,
5.75
%
,
12/01/26
........................................................
660,000
674,329
King
County
Housing
Authority
,
Revenue
,
2008
,
5.5
%
,
5/01/38
.................
2,500,000
2,502,986
Port
of
Seattle
,
Revenue,
2018
B,
5%,
5/01/27
........................................
1,000,000
1,029,275
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Short-Term
Municipal
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
See
Abbreviations
on
page
27
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Washington
(continued)
Port
of
Seattle,
(continued)
Revenue,
2024
B,
Refunding,
5%,
7/01/28
...............................
$
1,500,000
$
1,563,981
Washington
State
Housing
Finance
Commission
,
Eastside
Retirement
Association
Obligated
Group,
Revenue,
2023
A,
Refunding,
5%,
7/01/25
........................................................
350,000
350,145
b
Provident
Group
-
SH
II
Properties
LLC,
Revenue,
144A,
2025
A,
BAM
Insured,
5%,
7/01/29
........................................................
630,000
661,032
b
Provident
Group
-
SH
II
Properties
LLC,
Revenue,
144A,
2025
A,
BAM
Insured,
5%,
7/01/30
........................................................
300,000
318,051
8,582,681
Wisconsin
0.3%
Public
Finance
Authority
,
Northwest
Nazarene
University,
Inc.
,
Revenue
,
2018
,
Refunding
,
5
%
,
10/01/25
............................................
500,000
501,125
U.S.
Territories
2.7%
District
of
Columbia
1.4%
District
of
Columbia
,
International
School
Obligated
Group,
Revenue,
2019,
5%,
7/01/27
............
300,000
307,847
Plenary
Infrastructure
DC
LLC,
Revenue,
2022
A,
5%,
8/31/25
................
500,000
501,358
Metropolitan
Washington
Airports
Authority
,
Aviation,
Revenue,
2015
B,
Refunding,
5%,
10/01/34
.......................
1,070,000
1,071,063
Aviation,
Revenue,
2018
A,
Refunding,
5%,
10/01/33
.......................
500,000
513,724
2,393,992
Puerto
Rico
1.3%
Commonwealth
of
Puerto
Rico
,
c,f
FRN,
2.27%,
11/01/51
..............................................
12,329
6,365
GO,
2022
A-1,
5.375%,
7/01/25
.......................................
199,724
199,866
GO,
2022
A-1,
5.625%,
7/01/27
.......................................
1,000,000
1,026,524
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
SS
,
Refunding
,
NATL
Insured
,
5
%
,
7/01/25
.........................................................
1,000,000
1,000,005
2,232,760
Total
U.S.
Territories
....................................................................
4,626,752
Total
Municipal
Bonds
(Cost
$164,469,336)
.....................................
164,339,138
a
a
a
a
Short
Term
Investments
3.1%
Shares
a
Money
Market
Funds
3.1%
g,h
Putnam
Short
Term
Investment
Fund,
Class
P,
4.555%
.......................
5,277,659
5,277,659
Total
Money
Market
Funds
(Cost
$5,277,659)
...................................
5,277,659
Total
Short
Term
Investments
(Cost
$5,277,659)
.................................
5,277,659
a
Total
Investments
(Cost
$169,746,995)
99.5%
...................................
$169,616,797
Other
Assets,
less
Liabilities
0.5%
.............................................
842,193
Net
Assets
100.0%
...........................................................
$170,458,990
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Short-Term
Municipal
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
The
maturity
date
shown
represents
the
mandatory
put
date.
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
May
31,
2025,
the
aggregate
value
of
these
securities
was
$7,635,338,
representing
4.5%
of
net
assets.
c
The
rate
shown
represents
the
yield
at
period
end.
d
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1
(
b
).
e
Security
purchased
on
a
when-issued
basis.
See
Note
1
(
b
).
f
The
coupon
rate
shown
represents
the
rate
at
period
end.
g
See
Note
3
(
g
)
regarding
investments
in
affiliated
management
investment
companies.
h
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Putnam
Funds
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
May
31,
2025
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
15
Putnam
Short-
Term
Municipal
Income
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$164,469,336
Cost
-
Non-controlled
affiliates
(Note
3
g
)
........................................................
5,277,659
Value
-
Unaffiliated
issuers
..................................................................
$164,339,138
Value
-
Non-controlled
affiliates
(Note
3
g
)
.......................................................
5,277,659
Receivables:
Capital
shares
sold
........................................................................
814,360
Dividends
and
interest
.....................................................................
2,215,054
Prepaid
expenses
..........................................................................
63,349
Total
assets
..........................................................................
172,709,560
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
1,369,126
Capital
shares
redeemed
...................................................................
767,436
Management
fees
.........................................................................
20,841
Administrative
fees
........................................................................
483
Distribution
fees
..........................................................................
5,207
Transfer
agent
fees
........................................................................
34,441
Trustees'
fees
and
expenses
.................................................................
2,905
Accrued
expenses
and
other
liabilities
...........................................................
50,131
Total
liabilities
.........................................................................
2,250,570
Net
assets,
at
value
.................................................................
$170,458,990
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$170,437,983
Total
distributable
earnings
(losses)
.............................................................
21,007
Net
assets,
at
value
.................................................................
$170,458,990
Putnam
Funds
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
May
31,
2025
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
Putnam
Short-
Term
Municipal
Income
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$24,452,427
Shares
outstanding
........................................................................
2,484,778
Net
asset
value
per
share
a
,b
..................................................................
$9.84
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
97
.75
%
)
b
................................
$10.07
Class
C:
Net
assets,
at
value
.......................................................................
$165,012
Shares
outstanding
........................................................................
16,831
Net
asset
value
and
maximum
offering
price
per
share
a
,b
............................................
$9.80
Class
R6:
Net
assets,
at
value
.......................................................................
$8,647,580
Shares
outstanding
........................................................................
879,564
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$9.83
Class
Y:
Net
assets,
at
value
.......................................................................
$137,193,971
Shares
outstanding
........................................................................
13,946,144
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$9.84
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
b
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Putnam
Funds
Trust
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
May
31,
2025
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
17
Putnam
Short-
Term
Municipal
Income
Fund
Investment
income:
Dividends:
Non-controlled
affiliates
(Note
3
g
)
.............................................................
$130,358
Interest:
Unaffiliated
issuers
........................................................................
2,925,406
Total
investment
income
...................................................................
3,055,764
Expenses:
Management
fees
(Note
3
a
)
...................................................................
212,661
Administrative
fees
(Note
3
b
)
..................................................................
1,770
Distribution
fees:
(Note
3c
)
Class
A
................................................................................
34,359
Class
C
................................................................................
1,024
Transfer
agent
fees:
(Note
3e
)
Class
A
................................................................................
11,675
Class
C
................................................................................
87
Class
R6
...............................................................................
1,517
Class
Y
................................................................................
54,058
Custodian
fees
(Note
4
)
......................................................................
3,107
Reports
to
shareholders
fees
..................................................................
10,437
Registration
and
filing
fees
....................................................................
42,269
Professional
fees
...........................................................................
36,808
Trustees'
fees
and
expenses
..................................................................
2,597
Other
....................................................................................
1,451
Total
expenses
.........................................................................
413,820
Expense
reductions
(Note
4
)
...............................................................
(78)
Expenses
waived/paid
by
affiliates
(Note
3
g
and
3
h
)
..............................................
(87,962)
Net
expenses
.........................................................................
325,780
Net
investment
income
................................................................
2,729,984
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
4,758
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
(1,029,266)
Net
realized
and
unrealized
gain
(loss)
............................................................
(1,024,508)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$1,705,476
Putnam
Funds
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
Putnam
Short-Term
Municipal
Income
Fund
Six
Months
Ended
May
31,
2025
(unaudited)
Year
Ended
November
30,
2024
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$2,729,984
$5,612,034
Net
realized
gain
(loss)
.................................................
4,758
256,816
Net
change
in
unrealized
appreciation
(depreciation)
...........................
(1,029,266)
1,013,370
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
1,705,476
6,882,220
Distributions
to
shareholders:
Class
A
.............................................................
(433,612)
(1,058,999)
Class
C
.............................................................
(2,464)
(6,840)
Class
R6
............................................................
(104,218)
(169,125)
Class
Y
.............................................................
(2,169,681)
(4,296,088)
Total
distributions
to
shareholders
..........................................
(2,709,975)
(5,531,052)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
(4,186,489)
(4,979,394)
Class
C
.............................................................
(113,928)
(62,334)
Class
R6
............................................................
3,650,899
(332,600)
Class
Y
.............................................................
16,466,546
4,275,661
Total
capital
share
transactions
............................................
15,817,028
(1,098,667)
Net
increase
(decrease)
in
net
assets
...................................
14,812,529
252,501
Net
assets:
Beginning
of
period
.....................................................
155,646,461
155,393,960
End
of
period
..........................................................
$170,458,990
$155,646,461
Putnam
Funds
Trust
19
franklintempleton.com
Semiannual
Report
Notes
to
Financial
Statements
(unaudited)
Putnam
Short-Term
Municipal
Income
Fund
1.
Organization
and
Significant
Accounting
Policies
Putnam
Funds
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of sixteen
separate
funds.
The
Trust
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
Putnam
Short-Term
Municipal
Income
Fund
(Fund)
is
included
in
this
report.
The
Fund
offers four
classes
of
shares:
Class
A,
Class
C,
Class
R6
and
Class
Y. Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
Each
class
of
shares
may
differ
by
its
initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees. 
The
following
summarizes
the Fund's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Fund's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Debt
securities
generally
trade
in
the over-the-counter
(OTC)
market
rather
than
on
a
securities
exchange.
The
Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
b.
Securities
Purchased
on
a
When-Issued,
Forward
Commitment or
Delayed
Delivery
Basis
The
Fund
may
purchase
securities
on
a when-issued,
forward
commitment
or
delayed
delivery basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Fund
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities, it
may
sell
the
securities
before
the
settlement
date.
c.
Income
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
20
franklintempleton.com
Semiannual
Report
Putnam
Short-Term
Municipal
Income
Fund
(continued)
its income
and
net
realized
gains
to
relieve
it
from
federal
income
and excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
May
31,
2025, the Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the Fund
invests.
d.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income
(including
interest
income
from
payment-in-kind
securities,
if
any)
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income.
Dividend
income
is
recorded
on
the
ex-dividend
date.
Dividends
from
net
investment
income
are
normally
declared
daily;
these
dividends
may
be
reinvested
or
paid
monthly
to
shareholders.
Distributions
from
realized
capital
gains
and
other
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Common
expenses
incurred
by
the
Trust
are
allocated
among
the
Funds
based
on
the
ratio
of
net
assets
of
each
Fund
to
the
combined
net
assets
of
the
Trust
or
based
on
the
ratio
of
number
of
shareholders
of
each
Fund
to
the
combined
number
of
shareholders
of
the
Trust.
Fund
specific
expenses
are
charged
directly
to
the
Fund
that
incurred
the
expense.
Realized
and
unrealized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
e.
Insurance
The
scheduled
payments
of
interest
and
principal
for
each
insured
municipal
security
in
the
Fund are
insured
by
either
a
new
issue
insurance
policy
or
a
secondary
insurance
policy.
Some
municipal
securities
in
the
Fund
are
secured
by
collateral
guaranteed
by
an
agency
of
the
U.S.
government.
Depending
on
the
type
of
coverage,
premiums
for
insurance
are
either
added
to
the
cost
basis
of
the
security
or
paid
by
a
third
party.
Insurance
companies
typically
insure
municipal
bonds
that
tend
to
be
of
very
high
quality,
with
the
majority
of
underlying
municipal
bonds
rated
A
or
better.
However,
an
event
involving
an
insurer
could
have
an
adverse
effect
on
the
value
of
the
securities
insured
by
that
insurance
company.
There
can
be
no
assurance
the
insurer
will
be
able
to
fulfill
its
obligations
under
the
terms
of
the
policy.
f.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
1.
Organization
and
Significant
Accounting
Policies
(continued)
c.
Income
Taxes
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
21
franklintempleton.com
Semiannual
Report
Putnam
Short-Term
Municipal
Income
Fund
(continued)
g.
Guarantees
and
Indemnifications
Under
the Fund's
organizational
documents,
its
officers
and trustees
are
indemnified
by
the
Fund against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Fund.
Additionally,
in
the
normal
course
of
business,
the
Fund
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Fund's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Fund
that
have
not
yet
occurred.
Currently,
the Fund
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
May
31,
2025,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
were
as
follows:
Six
Months
Ended
May
31,
2025
Year
Ended
November
30,
2024
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
921,241
$9,078,778
2,942,881
$28,996,534
Shares
issued
in
reinvestment
of
distributions
..........
43,420
428,316
106,826
1,053,292
Shares
redeemed
...............................
(1,392,754)
(13,693,583)
(3,554,877)
(35,029,220)
Net
increase
(decrease)
..........................
(428,093)
$(4,186,489)
(505,170)
$(4,979,394)
Class
C
Shares:
Shares
issued
in
reinvestment
of
distributions
..........
251
$2,461
697
$6,840
Shares
redeemed
a
..............................
(11,820)
(116,389)
(7,054)
(69,174)
Net
increase
(decrease)
..........................
(11,569)
$(113,928)
(6,357)
$(62,334)
Class
R6
Shares:
Shares
sold
...................................
414,646
$4,074,053
160,201
$1,579,210
Shares
issued
in
reinvestment
of
distributions
..........
10,617
104,607
17,208
169,125
Shares
redeemed
...............................
(53,549)
(527,761)
(211,174)
(2,080,935)
Net
increase
(decrease)
..........................
371,714
$3,650,899
(33,765)
$(332,600)
Class
Y
Shares:
Shares
sold
...................................
4,602,539
$45,331,247
5,250,280
$51,780,775
Shares
issued
in
reinvestment
of
distributions
..........
220,289
2,172,333
436,856
4,296,019
Shares
redeemed
...............................
(3,149,816)
(31,037,034)
(5,250,793)
(51,801,133)
Net
increase
(decrease)
..........................
1,673,012
$16,466,546
436,343
$4,275,661
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
1.
Organization
and
Significant
Accounting
Policies
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
22
franklintempleton.com
Semiannual
Report
Putnam
Short-Term
Municipal
Income
Fund
(continued)
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and
trustees
of
the Fund are
also
officers
and/or
trustees of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays Advisers
a
management
fee
(based
on
the
Fund’s
average
net
assets
and
computed
and
paid
monthly)
at
annual
rates
that
may
vary
based
on
the
average
of
the
aggregate
net
assets
of
all
open-end
mutual
funds
sponsored
by
Putnam
Management
(including
open-end
funds
managed
by
affiliates
of
Putnam
Management
that
have
been
deemed
to
be
sponsored
by
Putnam
Management
for
this
purpose)
(excluding
net
assets
of
such
funds
that
are
invested
in,
or
that
are
invested
in
by,
other
such
funds
to
the
extent
necessary
to
avoid
“double
counting”
of
those
assets).
Such
annual
rates
may
vary
as
follows:
For
the
period
ended
May
31,
2025,
the
annualized
gross
effective
investment
management
fee
rate
was 0.264%
of
the
Fund’s
average daily
net
assets.
Advisers
retained
Putnam
Management
as
subadvisor
for
the
Fund
pursuant
to
a
new
subadvisory
agreement.
Pursuant
to
the
agreement,
Putnam
Management
provides
certain
advisory
and
related
services
to
the
Fund.
Advisers
pays
a
monthly
fee
to
Putnam
Management
based
on
the
costs
of
Putnam
Management
in
providing
these
services
to
the
Fund,
which
may
include
a
mark-up
not
to
exceed
15%
over
such
costs. 
Under
a
subadvisory
agreement,
FTIML
provides
subadvisory
services
to
the
Fund.
The
subadvisory
fee
is
paid by Advisers
based
on
the
average
net
assets
managed
by
FTIML,
and
is
not
an
additional
expense
of
the
Fund.
b.
Administrative
Fees
Under
an
agreement
with
Advisers,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by Advisers
based
on
the Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Investment
Management
Limited
(FTIML)
Subadvisor
Putnam
Investment
Management,
LLC
(Putnam
Management)
Subadvisor
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Putnam
Investor
Services,
Inc.
(PSERV)
Transfer
agent
Annualized
Fee
Rate
Net
Assets
0.440%
of
the
first
$5
billion,
0.390%
of
the
next
$5
billion,
0.340%
of
the
next
$10
billion,
0.290%
of
the
next
$10
billion,
0.240%
of
the
next
$50
billion,
0.220%
of
the
next
$50
billion,
0.210%
of
the
next
$100
billion
and
0.205%
of
any
excess
thereafter.
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
23
franklintempleton.com
Semiannual
Report
Putnam
Short-Term
Municipal
Income
Fund
(continued)
The
Fund
reimburses
Advisers
an
allocated
amount
for
the
compensation
and
related
expenses
of
certain
officers
of
the
Fund
and
their
staff
who
provide
administrative
services
to
the
Fund.
The
aggregate
amount
of
all
such
reimbursements
is
determined
annually
by
the
Trustees.
c.
Distribution
Fees
The
Fund
has
adopted
distribution
plans
(the
Plans)
with
respect
to
the
following
share
classes
pursuant
to
Rule
12b–1
under
the
1940
Act.
The
purpose
of
the
Plans
is
to
compensate
Distributors
for
services
provided
and
expenses
incurred
in
distributing
shares
of
the
Fund.
The
Plans
provide
payments
by
the
Fund
to
Distributors
at
an
annual
rate
of
up
to
the
following
amounts
(Maximum
%)
of
the
average
net
assets
attributable
to
each
class.
The
Trustees
have
approved
payment
by
the
Fund
at
the
following
annual
rate
(Approved
%)
of
the
average
net
assets
attributable
to
each
class.
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Fund's
shares
for
the
period:
e.
Transfer
Agent
Fees
PSERV,
an
affiliate
of
Advisers,
provides
investor
servicing
agent
functions
to
the
Fund.
PSERV
received
fees
for
investor
servicing
for
Class
A,
Class
C
and
Class
Y
shares
that
included
(1)
a
per
account
fee
for
each
direct
and
underlying
non-
defined
contribution
account
(retail
account)
of
the
Fund;
(2)
a
specified
rate
of
the
Fund’s
assets
attributable
to
defined
contribution
plan
accounts;
and
(3)
a
specified
rate
based
on
the
average
net
assets
in
retail
accounts.
PSERV
has
agreed
that
the
aggregate
investor
servicing
fees
for
each
Fund’s
retail
and
defined
contribution
accounts
for
these
share
classes
will
not
exceed
an
annual
rate
of
0.25%
of
the
Fund’s
average
assets
attributable
to
such
accounts.
Class R6
shares
paid
a
monthly
fee
based
on
the
average
net
assets
of
Class R6
shares
at
an
annual
rate
of
0.05%.
f.
Trustee
Fees
The
Fund
has
adopted
a
Trustee
Fee
Deferral
Plan
(the
Deferral
Plan)
which
allows
the
Trustees to
defer
the
receipt
of
all
or
a
portion
of
Trustees'
fees
payable
from
July
1,
1995
through
December
31,
2023.
The
deferred
fees
remain
invested
in
certain
Putnam
funds
until
distribution
in
accordance
with
the
Deferral
Plan.
The
Fund
has
adopted
an
unfunded
noncontributory
defined
benefit
pension
plan
(the
Pension
Plan)
covering
all
Trustees
of
the
Fund
who
have
served
as
a
Trustee
for
at
least
five
years
and
were
first
elected
prior
to
2004.
Benefits
under
the
Pension
Plan
are
equal
to
50%
of
the
Trustee's
average
annual
attendance
and
retainer
fees
for
the
three
years
ended
December
31,
2005.
The
retirement
benefit
is
payable
during
a
Trustee's
lifetime,
beginning
the
year
following
retirement,
for
the
number
of
Maximum
%
Approved
%
Class
A
...................................................................
0.35%
0.25%
Class
C
...................................................................
1.00%
1.00%
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$1,331
CDSC
retained
..............................................................................
$27
3.
Transactions
with
Affiliates
(continued)
b.
Administrative
Fees
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
24
franklintempleton.com
Semiannual
Report
Putnam
Short-Term
Municipal
Income
Fund
(continued)
years
of
service
through
December
31,
2006.
Pension
expense
for
the
Fund
is
included
in
the
Trustees' fees
and
expenses
in
the
Statement
of
Operations.
Accrued
pension
liability
is
included
in
Payable
for
Trustees' fees
and
expenses
in
the
Statement
of
Assets
and
Liabilities.
The
Trustees
have
terminated
the
Pension
Plan
with
respect
to
any
Trustee
first
elected
after
2003.
g.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees,
if
applicable, paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
May
31,
2025,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
h.
Waiver
and
Expense
Reimbursements
Advisers has
contractually
agreed,
through
March
30,
2027,
to
waive
fees
and/or
reimburse
the
Fund’s
expenses
to
the
extent
necessary
to
limit
the
cumulative
expenses
of
the
Fund,
exclusive
of
brokerage,
interest,
taxes,
investment-related
expenses,
extraordinary
expenses,
acquired
fund
fees
and
expenses
and
payments
under
the
Fund’s
investor
servicing
contract,
investment
management
contract
and
distribution
plans,
on
a
fiscal
year-to-date
basis
to
an
annual
rate
of
0.20%
of
the
Fund’s
average
net
assets
over
such
fiscal
year-to-date
period.
Advisers
has
also
contractually
agreed
to
waive
fees
(and,
to
the
extent
necessary,
bear
other
expenses)
of
the
Fund
through
March
30,
2027,
to
the
extent
that
total
expenses
of
the
Fund
(excluding
brokerage,
interest,
taxes,
investment-related
expenses,
payments
under
distribution
plans,
extraordinary
expenses,
payments
under
the
Fund’s
investor
servicing
contract
and
acquired
fund
fees
and
expenses,
but
including
payments
under
the
Fund’s
investment
management
contract)
would
exceed
an
annual
rate
of
0.28%
of
the
Fund’s
average
net
assets.
4.
Expense
Offset
Arrangement
The Fund has
entered
into
arrangements
with
PSERV
and
its
custodian
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Fund’s
transfer
agent
and
custodian
fees,
respectively.
During
the
period
ended
May
31,
2025,
the
fees
were
reduced
as
noted
in
the
Statement
of
Operations.
Effective
March
10,
2025,
earned
credits
on
custodian
fees,
if
any,
are
recognized
as
income.
    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
Short-Term
Municipal
Income
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Short
Term
Investment
Fund,
Class
P,
4.555%
......
$2,600,107
$46,162,281
$(43,484,729)
$—
$—
$5,277,659
5,277,659
$130,358
Total
Affiliated
Securities
...
$2,600,107
$46,162,281
$(43,484,729)
$—
$—
$5,277,659
$130,358
3.
Transactions
with
Affiliates
(continued)
f.
Trustee
Fees
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
25
franklintempleton.com
Semiannual
Report
Putnam
Short-Term
Municipal
Income
Fund
(continued)
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
November
30,
2024,
the
capital
loss
carryforwards
were
as
follows:
At
May
31,
2025,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation) for
income
tax
purposes
were
as
follows:
6.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
May
31,
2025,
aggregated
$34,674,150 and
$14,332,553,
respectively. 
7.
Concentration
of
Risk
The
Fund
invests
a
large
percentage
of
its total
assets
in
obligations
of
issuers
within
its respective
state
and
U.S.
territories.
Such
concentration
may
subject
the
Fund
to
risks
associated
with
industrial
or
regional
matters,
and
economic,
political
or
legal
developments
occurring
within
those
states
and
U.S.
territories.
Investments
in
these
securities
are
sensitive
to
interest
rate
changes
and
credit
risk
of
the
issuer
and
may
subject
the
Fund
to
increased
market
volatility.
The
market
for
these
investments
may
be
limited,
which
may
make
them
difficult
to
buy
or
sell.
8.
Upcoming
Reorganization
On
May
16,
2025,
the
Board
approved
a
proposal
to
reorganize
the
Fund
with
and
into
a
newly-organized
exchange
traded
fund
(ETF).
Upon
completion
of
the
reorganization,
and
subject
to
certain
conditions,
on
or
around
the
fourth
quarter
of
2025
or
the
first
quarter
of
2026,
substantially
all
net
assets
in
the
Fund
will
be
transferred
into
the
ETF
and
ETF
shares
will
be
distributed
to
the
Fund’s
shareholders
in
complete
liquidation
of
the
Fund.
9.
Credit
Facility
Effective
January
31,
2025,
the
Fund,
together
with
other
U.S.
registered
and
foreign
investment
Funds
(collectively,
Borrowers)
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.995
billion
(Global
Credit
Facility)
which
matures
on
January
30,
2026.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
Capital
loss
carryforwards
not
subject
to
expiration:
Long
term
................................................................................
$
46,726
Cost
of
investments
..........................................................................
$169,676,629
Unrealized
appreciation
........................................................................
$942,121
Unrealized
depreciation
........................................................................
(1,001,953)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(59,832)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
26
franklintempleton.com
Semiannual
Report
Putnam
Short-Term
Municipal
Income
Fund
(continued)
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
During
the
reporting
period,
the
Fund
did
not
use
the
Global
Credit
Facility.
Prior
to
January
31,
2025,
the
Fund
participated,
along
with
other
Putnam
Funds,
in
a
$320
million
syndicated
unsecured
committed
line
of
credit,
provided
by
State
Street
($160
million)
and
JPMorgan
($160
million),
and
a
$235.5
million
unsecured
uncommitted
line
of
credit,
provided
by
State
Street.
Borrowings
may
have
been
made
for
temporary
or
emergency
purposes,
including
the
funding
of
shareholder
redemption
requests
and
trade
settlements.
Interest
was
charged
to
the
Fund
based
on
the
Fund’s
borrowings.
A
closing
fee
equal
to
0.04%
of
the
committed
line
of
credit
and
0.04%
of
the
uncommitted
line
of
credit
was
paid
by
the
participating
Funds
and
a
$75,000
fee
was
paid
by
the
participating
Funds
to
State
Street
as
agent
of
the
syndicated
committed
line
of
credit.
In
addition,
a
commitment
fee
of
0.21%
per
annum
on
any
unutilized
portion
of
the
committed
line
of
credit
was
allocated
to
the
participating
Funds
based
on
their
relative
net
assets
and
paid
quarterly.
During
the
reporting
period,
the
Fund
had
no
borrowings
against
these
arrangements.
10.
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 May
31,
2025,
in
valuing
the
Fund's
assets
carried
at
fair
value,
is
as
follows:
11.
Operating
Segments
The
Fund has adopted
the
FASB
Accounting
Standards
Update
(ASU)
2023-07,
Segment
Reporting
(Topic
280)
-
Improvements
to
Reportable
Segment
Disclosures.
The
update
is
limited
to
disclosure
requirements
and
does
not
impact
the Fund's
financial
position
or
results
of
operations.
Level
1
Level
2
Level
3
Total
Putnam
Short-Term
Municipal
Income
Fund
Assets:
Investments
in
Securities:
a
Municipal
Bonds
.........................
$
—
$
164,339,138
$
—
$
164,339,138
Short
Term
Investments
...................
5,277,659
—
—
5,277,659
Total
Investments
in
Securities
...........
$5,277,659
$164,339,138
$—
$169,616,797
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
9.
Credit
Facility
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
27
franklintempleton.com
Semiannual
Report
Putnam
Short-Term
Municipal
Income
Fund
(continued)
The Fund operates
as
a
single
operating
segment,
which
is
an
investment
portfolio.
The
Fund's Investment
manager
serves
as
the
Chief
Operating
Decision
Maker
(CODM),
evaluating
fund-wide
results
and
performance
under
a
unified
investment
strategy.
The
CODM
uses
these
measures
to
assess
fund
performance
and
allocate
resources
effectively.
Internal
reporting
provided
to
the
CODM
aligns
with
the
accounting
policies
and
measurement
principles
used
in
the financial
statements.
For
information
regarding
segment
assets,
segment
profit
or
loss,
and
significant
expenses,
refer
to
the Statement
of
Assets
and
Liabilities
and
the Statement
of
Operations,
along
with
the
related
notes
to
the financial
statements.
The Schedule
of
Investments
provides
details
of
the Fund's
investments
that
generate
returns
such
as
interest,
dividends,
and
realized
and
unrealized
gains
or
losses.
Performance
metrics,
including
portfolio
turnover
and
expense
ratios,
are
disclosed
in
the Financial
Highlights. 
12.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
in
addition
to
those
events
previously
disclosed,
the
following
subsequent
event
requires
disclosure:
Effective
July
21,
2025,
any
front-end
sales
charges
applicable
to
the
purchase
of
Fund
shares
or
contingent
deferred
sales
charges
applicable
to
the
redemption
of
Fund
shares
will
be
waived. 
Abbreviations
Selected
Portfolio
AGMC
Assured
Guaranty
Municipal
Corp.
BAM
Build
America
Mutual
Assurance
Co.
COP
Certificate
of
Participation
FHA
Federal
Housing
Administration
FHLMC
Federal
Home
Loan
Mortgage
Corp.
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
NATL
National
Reinsurance
Corp.
PSF
Permanent
School
Fund
SIFMA
Securities
Industry
and
Financial
Markets
Association
11.
Operating
Segments
(continued)
Putnam
Funds
Trust
28
franklintempleton.com
Semiannual
Report
Changes
In
and
Disagreements
with
Accountants
For
the
period
covered
by
this
report
Not
applicable.
Results
of
Meeting(s)
of
Shareholders
For
the
period
covered
by
this
report
Not
applicable.
Remuneration
Paid
to
Directors,
Officers
and
Others
For
the
period
covered
by
this
report
Refer
to
the
financial
statements
included
herein.
Remuneration
to
officers
is
paid
by
the
Fund’s
investment
manager
according
to
the
terms
of
the
agreement.
Board
Approval
of
Management
and
Subadvisory
Agreements
For
the
period
covered
by
this
report
Not
applicable
39211-SFSOI
07/25
©
2025
Franklin
Templeton.
All
rights
reserved.

 

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Not applicable.

 

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

 

Not applicable.

 

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

 

Not applicable.

 

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

 

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

 

ITEM 16. CONTROLS AND PROCEDURES.

 

(a) The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

 

(b) During the period covered by this report, the Registrant transitioned to a new third-party service provider who performs certain accounting and administrative services for the Registrant that are subject to Franklin Templeton’s oversight.

 

 

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

 

(a) Not applicable.

 

(b) Not applicable.

 

ITEM 19. EXHIBITS.

 

(a) (1) Not applicable.

Exhibit 99.CODE ETH

 

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

Exhibit 99.CERT

 

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

Exhibit 99.906CERT

 

 

SIGNATURES

 

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

 

 

Putnam Funds Trust

 

By: /s/ Jonathan S. Horwitz  
  Jonathan S. Horwitz  
  Principal Executive Officer  
     
Date: July 28, 2025  

 

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

 

By: /s/ Jonathan S. Horwitz  
  Jonathan S. Horwitz  
  Principal Executive Officer  
     
Date: July 28, 2025  

 

By: /s/ Jeffrey White  
  Jeffrey White  
  Principal Financial Officer  
     
Date: July 28, 2025