NPORT-EX 2 PFRIF.htm PART F
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
38963-Q1PH
1
Schedule
of
Investments
(unaudited)
Putnam
Floating
Rate
Income
Fund
2
Notes
to
Schedule
of
Investments
15
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited),
May
31,
2025
Putnam
Floating
Rate
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
6.5%
Broadline
Retail
0.4%
a
Wayfair
LLC
,
Senior
Secured
Note
,
144A,
7.25
%
,
10/31/29
....
United
States
1,500,000
$
1,464,648
Building
Products
0.6%
a
Smyrna
Ready
Mix
Concrete
LLC
,
Senior
Secured
Note
,
144A,
8.875
%
,
11/15/31
..................................
United
States
2,000,000
2,055,542
Construction
&
Engineering
0.2%
a
Brand
Industrial
Services,
Inc.
,
Senior
Secured
Note
,
144A,
10.375
%
,
8/01/30
..................................
United
States
1,000,000
898,176
Consumer
Finance
0.3%
a
Encore
Capital
Group,
Inc.
,
Senior
Secured
Note
,
144A,
9.25
%
,
4/01/29
.........................................
United
States
900,000
960,750
Entertainment
0.3%
a
Banijay
Entertainment
SAS
,
Senior
Secured
Note
,
144A,
8.125
%
,
5/01/29
.........................................
France
900,000
934,786
Financial
Services
0.3%
a
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
9.5
%
,
2/15/29
United
States
900,000
956,290
Household
Durables
0.3%
a
Newell
Brands,
Inc.
,
Senior
Note
,
144A,
8.5
%
,
6/01/28
.......
United
States
1,000,000
1,037,049
Insurance
0.3%
a
Acrisure
LLC
/
Acrisure
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
11/06/30
....................................
United
States
1,000,000
1,032,549
Media
1.0%
a
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
..................
United
States
1,000,000
985,029
a
Sinclair
Television
Group,
Inc.
,
Senior
Secured
Note
,
144A,
8.125
%
,
2/15/33
...................................
United
States
1,215,000
1,216,665
a
Univision
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
7.375
%
,
6/30/30
...................................
United
States
1,500,000
1,403,340
3,605,034
Metals
&
Mining
0.2%
a
Novelis
Corp.
,
Senior
Note
,
144A,
6.875
%
,
1/30/30
..........
United
States
587,000
605,701
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.6%
a
Starwood
Property
Trust,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
7/01/30
United
States
2,000,000
2,029,856
Oil,
Gas
&
Consumable
Fuels
0.3%
a
Venture
Global
LNG,
Inc.
,
Senior
Secured
Note
,
144A,
8.125
%
,
6/01/28
.........................................
United
States
1,000,000
1,024,135
Passenger
Airlines
0.6%
a
OneSky
Flight
LLC
,
Senior
Note
,
144A,
8.875
%
,
12/15/29
.....
United
States
2,000,000
2,018,078
Pharmaceuticals
0.3%
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
6.75
%
,
3/01/28
...................................
Israel
1,000,000
1,034,753
Software
0.5%
a
Central
Parent,
Inc.
/
CDK
Global,
Inc.
,
Senior
Secured
Note
,
144A,
7.25
%
,
6/15/29
...............................
United
States
2,000,000
1,773,549
Trading
Companies
&
Distributors
0.3%
a
EquipmentShare.com,
Inc.
,
Secured
Note
,
144A,
9
%
,
5/15/28
..
United
States
1,180,000
1,226,474
Total
Corporate
Bonds
(Cost
$22,763,198)
....................................
22,657,370
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Floating
Rate
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
87.8%
b
Aerospace
&
Defense
1.3%
Bleriot
US
Bidco,
Inc.,
First
Lien,
2023
CME
Term
Loan,
7.049%,
(3-month
SOFR
+
2.75%),
10/31/30
....................
United
States
491,294
$
492,522
GOAT
Holdco
LLC,
First
Lien,
CME
Term
Loan,
B,
7.329%,
(1-month
SOFR
+
3%),
1/27/32
.......................
United
States
1,475,000
1,472,006
TransDigm,
Inc.,
First
Lien,
CME
Term
Loan,
J,
6.799%,
(3-month
SOFR
+
2.5%),
2/28/31
.............................
United
States
2,298,555
2,301,071
Vertex
Aerospace
Services
Corp.,
First
Lien,
2024
CME
Term
Loan,
6.577%,
(1-month
SOFR
+
2.25%),
12/06/30
........
United
States
498,750
497,972
4,763,571
a
a
a
a
a
a
b
Automobile
Components
2.1%
Clarios
Global
LP,
First
Lien,
2024
Dollar
CME
Term
Loan,
6.827%,
(1-month
SOFR
+
2.5%),
5/06/30
...............
United
States
2,566,295
2,556,672
Clarios
Global
LP,
First
Lien,
Amendment
No.
6
Dollar
CME
Term
Loan,
7.077%,
(1-month
SOFR
+
2.75%),
1/28/32
.........
United
States
459,921
459,346
DexKo
Global,
Inc.,
First
Lien,
2023
Incremental
CME
Term
Loan,
8.577%,
(1-month
SOFR
+
4.25%),
10/04/28
.............
United
States
617,188
594,688
DexKo
Global,
Inc.,
First
Lien,
Closing
Date
Dollar
CME
Term
Loan,
8.191%,
(1-month
SOFR
+
3.75%),
10/04/28
........
United
States
982,278
941,872
First
Brands
Group
LLC,
Second
Lien,
2021
CME
Term
Loan,
13.041%,
(3-month
SOFR
+
8.5%),
3/30/28
..............
United
States
2,000,000
1,820,000
Lippert
Components,
Inc.,
First
Lien,
CME
Term
Loan,
6.827%,
(1-month
SOFR
+
2.5%),
3/25/32
......................
United
States
1,000,000
1,003,750
7,376,328
a
a
a
a
a
a
Automobiles
0.5%
b
American
Trailer
World
Corp.,
First
Lien,
CME
Term
Loan,
B,
8.177%,
(1-month
SOFR
+
3.75%),
3/03/28
..............
United
States
2,110,850
1,754,939
b
Beverages
0.0%
†
c
Naked
Juice
LLC,
First
Lien,
2nd
Out
CME
Term
Loan,
7.558%,
(3-month
SOFR
+
3.25%),
1/24/29
.....................
United
States
70,000
50,125
Naked
Juice
LLC,
First
Lien,
3rd
Out
CME
Term
Loan,
10.308%,
(3-month
SOFR
+
6%),
1/24/30
.......................
United
States
280,000
105,000
155,125
a
a
a
a
a
a
Broadline
Retail
0.4%
b
Peer
Holding
III
BV,
First
Lien,
CME
Term
Loan,
B5B,
6.799%,
(3-month
SOFR
+
2.5%),
7/01/31
......................
Netherlands
1,246,875
1,251,239
b
Building
Products
4.5%
AZEK
Group
LLC
(The),
First
Lien,
Closing
Date
CME
Term
Loan,
6.327%,
(1-month
SOFR
+
2%),
9/26/31
................
United
States
993,750
996,443
Chariot
Buyer
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.677%,
(1-month
SOFR
+
3.25%),
11/03/28
....................
United
States
2,902,500
2,895,084
Cornerstone
Building
Brands,
Inc.,
First
Lien,
New
CME
Term
Loan,
B,
7.679%,
(1-month
SOFR
+
3.25%),
4/12/28
.......
United
States
1,321,918
1,183,665
CP
Atlas
Buyer,
Inc.,
First
Lien,
CME
Term
Loan,
B,
8.177%,
(1-month
SOFR
+
3.75%),
11/23/27
....................
United
States
2,060,949
1,960,839
EMRLD
Borrower
LP,
First
Lien,
Second
Amendment
Incremental
CME
Term
Loan,
6.799%,
(3-month
SOFR
+
2.5%),
8/04/31
..
United
States
1,990,000
1,982,856
Janus
International
Group
LLC,
First
Lien,
CME
Term
Loan,
B,
6.78%,
(3-month
SOFR
+
2.5%),
8/05/30
................
United
States
1,777,600
1,769,823
Quikrete
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
6.577%,
(1-month
SOFR
+
2.25%),
4/14/31
.....................
United
States
1,485,646
1,480,915
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Floating
Rate
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
b
Building
Products
(continued)
TAMKO
Building
Products
LLC,
First
Lien,
2024
CME
Term
Loan,
7.061%,
(
1-month
SOFR
+
2.75%;
3-month
SOFR
+
2.75%),
9/20/30
.........................................
United
States
1,990,389
$
1,997,027
Watlow
Electric
Manufacturing
Co.,
First
Lien,
Initial
CME
Term
Loan,
7.28%,
(3-month
SOFR
+
3%),
3/02/28
.............
United
States
1,314,552
1,318,252
15,584,904
a
a
a
a
a
a
b
Capital
Markets
2.7%
Aretec
Group,
Inc.,
First
Lien,
CME
Term
Loan,
B3,
7.827%,
(1-month
SOFR
+
3.5%),
8/09/30
......................
United
States
2,212,106
2,211,475
Celestial-Saturn
Parent,
Inc.,
Second
Lien,
Initial
CME
Term
Loan,
10.941%,
(1-month
SOFR
+
6.5%),
6/04/29
..............
United
States
2,500,000
2,437,500
Dragon
Buyer,
Inc.,
First
Lien,
CME
Term
Loan,
7.299%,
(3-month
SOFR
+
3%),
9/30/31
...............................
United
States
1,505,660
1,512,564
Jane
Street
Group
LLC,
First
Lien,
Extended
CME
Term
Loan,
6.313%,
(3-month
SOFR
+
2%),
12/15/31
................
United
States
3,589,412
3,584,603
9,746,142
a
a
a
a
a
a
b
Chemicals
5.9%
A-AP
Buyer,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.077%,
(1-month
SOFR
+
2.75%),
9/09/31
.....................
United
States
997,500
998,747
ARC
Falcon
I,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.927%,
(1-month
SOFR
+
3.5%),
10/02/28
.....................
United
States
1,979,566
1,982,971
Geon
Performance
Solutions
LLC,
First
Lien,
Initial
CME
Term
Loan,
8.811%,
(3-month
SOFR
+
4.25%),
8/18/28
.........
United
States
965,737
937,248
Hexion
Holdings
Corp.,
Second
Lien,
Initial
CME
Term
Loan,
11.859%,
(1-month
SOFR
+
7.438%),
3/15/30
............
United
States
1,751,765
1,698,117
INEOS
US
Finance
LLC,
First
Lien,
New
2031
CME
Term
Loan,
7.327%,
(1-month
SOFR
+
3%),
2/07/31
................
Luxembourg
221,665
214,683
Minerals
Technologies,
Inc.,
First
Lien,
CME
Term
Loan,
B,
6.329%,
(1-month
SOFR
+
2%),
11/26/31
................
United
States
1,108,223
1,111,686
Nouryon
Finance
BV,
First
Lien,
November
2024
Dollar
CME
Term
Loan,
B1,
7.51%,
(3-month
SOFR
+
3.25%),
4/03/28
...
Netherlands
1,428,566
1,435,116
Nouryon
Finance
BV,
First
Lien,
November
2024
Dollar
CME
Term
Loan,
B2,
7.55%,
(3-month
SOFR
+
3.25%),
4/03/28
...
Netherlands
740,658
743,898
Olympus
Water
US
Holding
Corp.,
First
Lien,
6
Dollar
CME
Term
Loan,
B6,
7.299%,
(3-month
SOFR
+
3%),
6/23/31
.........
United
States
2,261,893
2,250,448
Plastipak
Packaging,
Inc.,
First
Lien,
CME
Term
Loan,
B,
6.577%,
(1-month
SOFR
+
2.25%),
12/01/28
....................
United
States
400,000
400,876
SCIH
Salt
Holdings,
Inc.,
First
Lien,
Incremental
CME
Term
Loan,
B1,
7.28%,
(3-month
SOFR
+
3%),
1/31/29
..............
United
States
2,081,457
2,079,022
Tronox
Finance
LLC,
First
Lien,
2024-B2
CME
Term
Loan,
6.549%,
(3-month
SOFR
+
2.25%),
4/04/29
..............
United
States
1,977,500
1,938,454
Vibrantz
Technologies,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
8.642%,
(3-month
SOFR
+
4.25%),
4/23/29
..............
United
States
2,707,882
2,392,252
WR
Grace
Holdings
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.549%,
(3-month
SOFR
+
3.25%),
9/22/28
..............
United
States
1,954,595
1,953,618
20,137,136
a
a
a
a
a
a
Commercial
Services
&
Supplies
3.5%
b
Allied
Universal
Holdco
LLC,
First
Lien,
Initial
USD
CME
Term
Loan,
8.177%,
(1-month
SOFR
+
3.75%),
5/12/28
.........
United
States
1,934,849
1,939,841
b
Anticimex
Global
AB,
First
Lien,
CME
Term
Loan,
B6,
7.66%,
(1-
day
SOFR
+
3.4%),
11/16/28
.........................
Sweden
495,000
496,856
b
Aramark
Services,
Inc.,
First
Lien,
CME
Term
Loan,
B8,
6.327%,
(1-month
SOFR
+
2%),
6/24/30
.......................
United
States
720,281
722,457
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Floating
Rate
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
Commercial
Services
&
Supplies
(continued)
b
BIFM
CA
Buyer,
Inc.,
First
Lien,
CME
Term
Loan,
8.077%,
(1-month
SOFR
+
3.75%),
5/31/28
.....................
United
States
1,355,577
$
1,358,545
Cimpress
USA,
Inc.,
First
Lien,
2024-2
Refinancing
Term
Loan,
B1,
6.822%,
5/17/28
...............................
Ireland
306,919
305,257
b
Enviri
Corp.,
First
Lien,
CME
Term
Loan,
B3,
6.691%,
(1-month
SOFR
+
2.25%),
6/09/28
............................
United
States
1,925,000
1,905,269
b
Kingpin
Intermediate
Holdings
LLC,
First
Lien,
CME
Term
Loan,
B,
7.827%,
(1-month
SOFR
+
3.5%),
2/08/28
.............
United
States
331,645
327,500
b
Latham
Pool
Products,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
8.427%,
(1-month
SOFR
+
4%),
2/23/29
................
United
States
495,793
484,018
b
Madison
IAQ
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.762%,
(6-month
SOFR
+
2.5%),
6/21/28
......................
United
States
2,772,449
2,774,182
b
TRC
Cos.,
Inc.,
First
Lien,
2025
Refinancing
CME
Term
Loan,
7.327%,
(1-month
SOFR
+
3%),
12/08/28
................
United
States
1,974,695
1,965,809
12,279,734
a
a
a
a
a
a
Communications
Equipment
0.3%
b
Viasat,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
8.941%,
(1-month
SOFR
+
4.5%),
3/02/29
.............................
United
States
974,937
925,747
b
Construction
&
Engineering
1.0%
Brand
Industrial
Services,
Inc.,
First
Lien,
CME
Term
Loan,
C,
8.776%,
(3-month
SOFR
+
4.5%),
8/01/30
...............
United
States
876,589
738,342
Chromalloy
Corp.,
First
Lien,
CME
Term
Loan,
8.038%,
(3-month
SOFR
+
3.75%),
3/27/31
............................
United
States
744,375
743,512
Construction
Partners,
Inc.,
First
Lien,
Closing
Date
CME
Term
Loan,
6.829%,
(1-month
SOFR
+
2.5%),
11/03/31
.........
United
States
287,249
287,878
Kodiak
Building
Partners,
Inc.,
First
Lien,
CME
Term
Loan,
B,
8.035%,
(3-month
SOFR
+
3.75%),
12/04/31
.............
United
States
2,010,582
1,918,316
3,688,048
a
a
a
a
a
a
Consumer
Finance
0.6%
b
Neon
Maple
US
Debt
Mergersub,
Inc.,
First
Lien,
Term
Loan,
B1,
7.322%,
(1-month
SOFR
+
3%),
11/17/31
................
United
States
2,000,000
1,999,590
b
Containers
&
Packaging
1.6%
Clydesdale
Acquisition
Holdings,
Inc.,
First
Lien,
2025
Incremental
Closing
Date
CME
Term
Loan,
B,
7.548%,
(3-month
SOFR
+
3.25%),
4/01/32
...................................
United
States
1,549,270
1,539,223
c
Clydesdale
Acquisition
Holdings,
Inc.,
First
Lien,
2025
Incremental
Delayed
Draw
CME
Term
Loan,
B,
7.48%,
(3-month
SOFR
+
3.25%),
4/01/32
...................................
United
States
27,085
26,909
Klockner
Pentaplast
of
America,
Inc.,
First
Lien,
USD
CME
Term
Loan,
B,
9.227%,
(6-month
SOFR
+
4.725%),
2/09/26
......
Luxembourg
1,952,633
1,785,039
Mauser
Packaging
Solutions
Holding
Co.,
First
Lien,
Initial
CME
Term
Loan,
7.324%,
(1-month
SOFR
+
3%),
4/15/27
.......
United
States
1,454,318
1,448,413
c
Pregis
TopCo
LLC,
First
Lien,
CME
Term
Loan,
7.825%,
(12-month
SOFR
+
4%),
2/28/29
......................
United
States
947,500
949,869
5,749,453
a
a
a
a
a
a
b
Distributors
1.8%
Core
&
Main
LP,
First
Lien,
CME
Term
Loan,
D,
6.27%,
(6-month
SOFR
+
2%),
7/27/28
...............................
United
States
1,243,123
1,245,460
c
Gloves
Buyer,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
8.327%,
(1-month
SOFR
+
4%),
1/20/32
.......................
United
States
2,000,000
1,942,750
Verde
Purchaser
LLC,
First
Lien,
Second
Refinancing
CME
Term
Loan,
8.299%,
(3-month
SOFR
+
4%),
11/30/30
...........
United
States
1,743,215
1,746,545
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Floating
Rate
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
b
Distributors
(continued)
Windsor
Holdings
III
LLC,
First
Lien,
2025
Refinancing
CME
Term
Loan,
B,
7.075%,
(1-month
SOFR
+
2.75%),
8/01/30
.......
United
States
985,081
$
983,697
5,918,452
a
a
a
a
a
a
b
Diversified
Consumer
Services
2.1%
Ascend
Learning
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.327%,
(1-month
SOFR
+
3%),
12/11/28
......................
United
States
1,961,880
1,955,131
Ascend
Learning
LLC,
Second
Lien,
Initial
CME
Term
Loan,
10.177%,
(1-month
SOFR
+
5.75%),
12/10/29
............
United
States
573,642
572,028
Garda
World
Security
Corp.,
First
Lien,
Twelfth
Additional
CME
Term
Loan,
7.333%,
(1-month
SOFR
+
3%),
2/01/29
.......
Canada
3,075,591
3,071,101
HomeServe
USA
Corp.,
First
Lien,
Amendment
No.
1
Refinancing
CME
Term
Loan,
6.573%,
(1-month
SOFR
+
2.25%),
10/21/30
United
Kingdom
990,000
989,075
KUEHG
Corp.,
First
Lien,
2024
Refinancing
CME
Term
Loan,
7.549%,
(3-month
SOFR
+
3.25%),
6/12/30
..............
United
States
309,421
310,969
6,898,304
a
a
a
a
a
a
b
Diversified
Telecommunication
Services
0.8%
Altice
France
SA,
First
Lien,
CME
Term
Loan,
B14,
9.756%,
(3-month
SOFR
+
5.5%),
8/15/28
......................
France
1,525,997
1,408,923
Frontier
Communications
Holdings
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.792%,
(6-month
SOFR
+
2.5%),
7/01/31
......
United
States
1,496,250
1,498,592
2,907,515
a
a
a
a
a
a
b
Electric
Utilities
0.0%
†
c
Invenergy
Thermal
Operating
I
LLC,
First
Lien,
CME
Term
Loan,
B,
7.914%,
(1-day
SOFR
+
3.5%),
5/06/32
...............
United
States
90,144
90,895
c
Invenergy
Thermal
Operating
I
LLC,
First
Lien,
CME
Term
Loan,
C,
7.914%,
(1-day
SOFR
+
3.5%),
5/06/32
...............
United
States
6,010
6,060
96,955
a
a
a
a
a
a
b
Electrical
Equipment
0.6%
Roper
Industrial
Products
Investment
Co.
LLC,
First
Lien,
Dollar
CME
Term
Loan,
D,
7.049%,
(3-month
SOFR
+
2.75%),
11/22/29
........................................
United
States
982,612
979,728
WEC
US
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.574%,
(1-month
SOFR
+
2.25%),
1/27/31
..............
United
States
992,500
991,795
1,971,523
a
a
a
a
a
a
b
Electronic
Equipment,
Instruments
&
Components
0.2%
Ingram
Micro,
Inc.,
First
Lien,
CME
Term
Loan,
B,
7.053%,
(3-month
SOFR
+
2.75%),
9/19/31
.....................
United
States
799,898
804,901
Minimax
Viking
GmbH,
First
Lien,
Senior
(USD)
CME
Term
Loan,
B,
6.577%,
(1-month
SOFR
+
2.25%),
2/20/32
............
Germany
181,370
181,823
986,724
a
a
a
a
a
a
Energy
Equipment
&
Services
0.3%
b
ChampionX
Corp.,
First
Lien,
CME
Term
Loan,
B1,
7.178%,
(1-month
SOFR
+
2.75%),
6/07/29
.....................
United
States
977,613
981,738
b
Financial
Services
2.1%
Boost
Newco
Borrower
LLC,
First
Lien,
CME
Term
Loan,
B2,
8.474%,
(3-month
SOFR
+
4.175%),
1/31/31
.............
United
States
1,330,000
1,333,950
Greystone
Select
Financial
LLC,
First
Lien,
Initial
CME
Term
Loan,
9.534%,
(3-month
SOFR
+
5%),
6/16/28
............
United
States
1,426,154
1,423,480
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Floating
Rate
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
b
Financial
Services
(continued)
Osaic
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B4,
7.827%,
(1-month
SOFR
+
3.5%),
8/17/28
......................
United
States
2,650,878
$
2,663,058
Red
Planet
Borrower
LLC,
First
Lien,
CME
Term
Loan,
B,
7.927%,
(1-month
SOFR
+
3.5%),
10/02/28
.....................
United
States
1,930,000
1,916,558
7,337,046
a
a
a
a
a
a
Food
Products
0.1%
b
Solina
Group
Services
SAS,
First
Lien,
Additional
CME
Term
Loan,
7,
7.549%,
(3-month
SOFR
+
3.25%),
3/12/29
.......
France
333,334
333,750
b
Ground
Transportation
0.5%
Genesee
&
Wyoming,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.049%,
(3-month
SOFR
+
1.75%),
4/10/31
..............
United
States
626,850
624,650
d
LaserShip,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
PIK,
6.061%,
(3-month
SOFR
+
1.5%),
8/10/29
......................
United
States
495,498
307,821
d
LaserShip,
Inc.,
First
Lien,
CME
Term
Loan,
D,
PIK,
6.061%,
(3-month
SOFR
+
1.5%),
8/10/29
......................
United
States
358,809
105,619
Savage
Enterprises
LLC,
First
Lien,
Refinancing
CME
Term
Loan,
7.079%,
(1-month
SOFR
+
2.75%),
9/15/28
..............
United
States
663,274
665,658
1,703,748
a
a
a
a
a
a
b
Health
Care
Equipment
&
Supplies
1.8%
Bausch
+
Lomb
Corp.,
First
Lien,
Initial
CME
Term
Loan,
7.679%,
(1-month
SOFR
+
3.25%),
5/10/27
.....................
United
States
2,648,762
2,643,941
Bausch
+
Lomb
Corp.,
First
Lien,
New
CME
Term
Loan,
8.327%,
(1-month
SOFR
+
4%),
9/29/28
.......................
United
States
594,456
594,703
Medline
Borrower
LP,
First
Lien,
Dollar
Incremental
CME
Term
Loan,
6.577%,
(1-month
SOFR
+
2.25%),
10/23/28
........
United
States
2,651,277
2,651,688
5,890,332
a
a
a
a
a
a
b
Health
Care
Providers
&
Services
3.7%
Charlotte
Buyer,
Inc.,
First
Lien,
Second
Refinancing
CME
Term
Loan,
8.583%,
(1-month
SOFR
+
4.25%),
2/11/28
.........
United
States
987,487
988,193
Concentra
Health
Services,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
6.327%,
(1-month
SOFR
+
2%),
7/28/31
................
United
States
997,500
1,002,488
Covetrus,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
9.299%,
(3-month
SOFR
+
5%),
10/15/29
......................
United
States
977,532
882,916
DaVita,
Inc.,
First
Lien,
Extended
CME
Term
Loan,
B1,
6.327%,
(1-month
SOFR
+
2%),
4/25/31
.......................
United
States
1,278,575
1,280,851
LifePoint
Health,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
8.006%,
(3-month
SOFR
+
3.75%),
5/19/31
.....................
United
States
1,494,229
1,477,187
Phoenix
Guarantor,
Inc.,
First
Lien,
CME
Term
Loan,
B5,
6.827%,
(1-month
SOFR
+
2.5%),
2/21/31
......................
United
States
1,980,050
1,984,327
Phoenix
Newco,
Inc.,
First
Lien,
Sixth
Amendment
CME
Term
Loan,
6.827%,
(1-month
SOFR
+
2.5%),
11/15/28
.........
United
States
2,797,557
2,801,851
Surgery
Center
Holdings,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan,
7.079%,
(1-month
SOFR
+
2.75%),
12/19/30
....
United
States
1,980,000
1,986,088
12,403,901
a
a
a
a
a
a
Health
Care
Technology
0.6%
b
AthenaHealth
Group,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.327%,
(1-month
SOFR
+
3%),
2/15/29
................
United
States
2,223,962
2,218,402
b
Hotels,
Restaurants
&
Leisure
4.8%
Bally's
Corp.,
First
Lien,
CME
Term
Loan,
B,
7.784%,
(3-month
SOFR
+
3.25%),
10/02/28
...........................
United
States
1,418,750
1,256,090
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Floating
Rate
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
8
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
b
Hotels,
Restaurants
&
Leisure
(continued)
Caesars
Entertainment,
Inc.,
First
Lien,
2023
Incremental
CME
Term
Loan,
B,
6.577%,
(1-month
SOFR
+
2.25%),
2/06/30
...
United
States
1,640,000
$
1,638,975
Fertitta
Entertainment
LLC,
First
Lien,
Initial
CME
Term
Loan,
B,
7.827%,
(1-month
SOFR
+
3.5%),
1/29/29
...............
United
States
932,897
928,718
Flutter
Financing
BV,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B,
6.049%,
(3-month
SOFR
+
1.75%),
12/02/30
......
Ireland
397,985
397,426
Flynn
Restaurant
Group
LP,
First
Lien,
2025
CME
Term
Loan,
8.072%,
(1-month
SOFR
+
3.75%),
1/28/32
..............
United
States
1,716,952
1,706,006
Golden
State
Foods
LLC,
First
Lien,
Initial
CME
Term
Loan,
8.592%,
(1-month
SOFR
+
4.25%),
12/04/31
.............
United
States
562,161
566,335
Great
Canadian
Gaming
Corp.,
First
Lien,
CME
Term
Loan,
B,
9.053%,
(3-month
SOFR
+
4.75%),
11/01/29
.............
Canada
2,545,030
2,508,763
IRB
Holding
Corp.,
First
Lien,
2024
Second
Replacement
CME
Term
Loan,
B,
6.827%,
(1-month
SOFR
+
2.5%),
12/15/27
...
United
States
962,517
962,704
Light
&
Wonder
International,
Inc.,
First
Lien,
CME
Term
Loan,
B2,
6.573%,
(1-month
SOFR
+
2.25%),
4/16/29
...........
United
States
2,444,062
2,444,673
Scientific
Games
Holdings
LP,
First
Lien,
2024
Refinancing
Dollar
CME
Term
Loan,
7.285%,
(3-month
SOFR
+
3%),
4/04/29
...
United
States
2,940,225
2,927,009
SeaWorld
Parks
&
Entertainment,
Inc.,
First
Lien,
CME
Term
Loan,
B3,
6.327%,
(1-month
SOFR
+
2%),
12/04/31
........
United
States
990,013
986,300
16,322,999
a
a
a
a
a
a
b
Household
Durables
1.2%
Hunter
Douglas,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
7.549%,
(3-month
SOFR
+
3.25%),
1/16/32
.....................
Netherlands
2,659,050
2,629,136
TGP
Holdings
III
LLC,
First
Lien,
Closing
Date
CME
Term
Loan,
7.677%,
(1-month
SOFR
+
3.25%),
6/29/28
..............
United
States
1,499,013
1,334,969
3,964,105
a
a
a
a
a
a
b
Independent
Power
and
Renewable
Electricity
Producers
0.8%
Calpine
Construction
Finance
Co.
LP,
First
Lien,
Refinancing
CME
Term
Loan,
6.327%,
(1-month
SOFR
+
2%),
7/19/30
...
United
States
2,014,258
2,016,403
Talen
Energy
Supply
LLC,
First
Lien,
2024-1
Incremental
CME
Term
Loan,
B,
6.808%,
(3-month
SOFR
+
2.5%),
12/11/31
...
United
States
357,848
358,882
Talen
Energy
Supply
LLC,
First
Lien,
Initial
CME
Term
Loan,
B,
6.808%,
(3-month
SOFR
+
2.5%),
5/17/30
...............
United
States
298,887
299,867
2,675,152
a
a
a
a
a
a
b
Insurance
2.2%
Acrisure
LLC,
First
Lien,
CME
Term
Loan,
B6,
7.327%,
(1-month
SOFR
+
3%),
11/06/30
..............................
United
States
1,492,509
1,487,226
Alliant
Holdings
Intermediate
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.075%,
(1-month
SOFR
+
2.75%),
9/19/31
.........
United
States
2,729,998
2,721,398
AssuredPartners,
Inc.,
First
Lien,
2024
CME
Term
Loan,
7.827%,
(1-month
SOFR
+
3.5%),
2/14/31
......................
United
States
1,619,731
1,624,201
Asurion
LLC,
First
Lien,
New
CME
Term
Loan,
B8,
7.691%,
(1-month
SOFR
+
3.25%),
12/23/26
....................
United
States
1,899
1,900
HUB
International
Ltd.,
First
Lien,
2025
Incremental
CME
Term
Loan,
6.769%,
(3-month
SOFR
+
2.5%),
6/20/30
..........
United
States
1,598,853
1,600,612
7,435,337
a
a
a
a
a
a
b
IT
Services
3.7%
Ahead
DB
Holdings
LLC,
First
Lien,
CME
Term
Loan,
B3,
7.299%,
(3-month
SOFR
+
3%),
2/03/31
.......................
United
States
2,709,021
2,714,859
Fortress
Intermediate
3,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.827%,
(1-month
SOFR
+
3.5%),
6/27/31
...............
United
States
572,125
573,555
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Floating
Rate
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
b
IT
Services
(continued)
Genuine
Financial
Holdings
LLC,
First
Lien,
2025
Replacement
CME
Term
Loan,
7.572%,
(1-month
SOFR
+
3.25%),
9/27/30
.
United
States
1,488,712
$
1,457,077
Hoya
Midco
LLC,
First
Lien,
2025
Refinancing
CME
Term
Loan,
6.53%,
(3-month
SOFR
+
2.25%),
2/05/29
...............
United
States
300,000
286,032
MH
Sub
I
LLC
(Micro
Holding
Corp.),
First
Lien,
CME
Term
Loan,
8.572%,
(1-month
SOFR
+
4.25%),
5/03/28
..............
United
States
1,642,983
1,583,425
MH
Sub
I
LLC,
First
Lien,
2024
December
New
CME
Term
Loan,
8.577%,
(1-month
SOFR
+
4.25%),
12/31/31
.............
United
States
1,111,956
1,019,247
Peraton
Corp.,
First
Lien,
CME
Term
Loan,
B,
8.177%,
(1-month
SOFR
+
3.75%),
2/01/28
............................
United
States
1,500,000
1,303,387
Tempo
Acquisition
LLC,
First
Lien,
Seventh
Incremental
CME
Term
Loan,
6.077%,
(1-month
SOFR
+
1.75%),
8/31/28
.....
United
States
1,094,699
1,091,278
Tenable,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.191%,
(1-month
SOFR
+
2.75%),
7/07/28
............................
United
States
483,750
483,750
Voyage
Australia
Pty.
Ltd.,
First
Lien,
Initial
U.S.
CME
Term
Loan,
8.034%,
(3-month
SOFR
+
3.5%),
7/20/28
...............
Australia
1,930,000
1,939,052
12,451,662
a
a
a
a
a
a
b
Leisure
Products
2.7%
Fender
Musical
Instruments
Corp.,
First
Lien,
Initial
CME
Term
Loan,
8.427%,
(1-month
SOFR
+
4%),
12/01/28
...........
United
States
1,857,909
1,690,697
GBT
US
III
LLC,
First
Lien,
CME
Term
Loan,
B1,
6.783%,
(3-month
SOFR
+
2.5%),
7/25/31
......................
United
States
997,500
998,168
Horizon
US
Finco
LP,
First
Lien,
CME
Term
Loan,
B,
9.03%,
(3-month
SOFR
+
4.75%),
10/31/31
....................
United
States
1,793,017
1,683,194
MajorDrive
Holdings
IV
LLC,
First
Lien,
Initial
CME
Term
Loan,
8.561%,
(3-month
SOFR
+
4%),
6/01/28
................
United
States
2,067,923
2,020,433
Motion
Finco
SARL,
First
Lien,
CME
Term
Loan,
B3,
7.799%,
(3-month
SOFR
+
3.5%),
11/13/29
.....................
Luxembourg
1,980,075
1,877,150
Topgolf
Callaway
Brands
Corp.,
First
Lien,
Initial
CME
Term
Loan,
7.327%,
(1-month
SOFR
+
3%),
3/18/30
................
United
States
1,175,000
1,149,738
9,419,380
a
a
a
a
a
a
b
Machinery
3.1%
Chart
Industries,
Inc.,
First
Lien,
Amendment
No.
7
CME
Term
Loan,
6.788%,
(3-month
SOFR
+
2.5%),
3/15/30
..........
United
States
2,406,682
2,416,466
CPM
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
8.824%,
(1-month
SOFR
+
4.5%),
9/28/28
......................
United
States
1,343,148
1,331,752
Filtration
Group
Corp.,
First
Lien,
2025
Incremental
Dollar
CME
Term
Loan,
7.327%,
(1-month
SOFR
+
3%),
10/23/28
......
United
States
2,426,043
2,436,487
Oregon
Tool
Lux
LP,
Second
Lien,
CME
Term
Loan,
B,
8.586%,
(3-month
SOFR
+
4%),
10/15/29
......................
United
States
820,049
649,036
Pro
Mach
Group,
Inc.,
First
Lien,
Amendment
No.
5
Refinancing
CME
Term
Loan,
7.072%,
(1-month
SOFR
+
2.75%),
8/31/28
.
United
States
2,926,152
2,931,800
Terex
Corp.,
First
Lien,
U.S.
CME
Term
Loan,
6.299%,
(3-month
SOFR
+
2%),
10/08/31
..............................
United
States
923,077
925,675
10,691,216
a
a
a
a
a
a
Media
2.1%
b
Advantage
Sales
&
Marketing,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
8.789%,
(3-month
SOFR
+
4.25%),
10/28/27
..........
United
States
580,039
487,888
b
Cengage
Learning,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan,
7.828%,
(1-month
SOFR
+
3.5%;
3-month
SOFR
+
3.5%),
3/24/31
....................................
United
States
1,687,271
1,691,295
b
Clear
Channel
Outdoor
Holdings,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan,
8.441%,
(1-month
SOFR
+
4%),
8/23/28
.........................................
United
States
722,888
711,141
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Floating
Rate
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
10
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
Media
(continued)
b
Cogeco
Financing
2
LP,
First
Lien,
CME
Term
Loan,
B,
6.941%,
(1-month
SOFR
+
2.5%),
9/01/28
......................
United
States
1,725,254
$
1,712,746
b
CSC
Holdings
LLC,
First
Lien,
Term
Loan,
B5,
9%,
(PRIME
+
1.5%),
4/15/27
....................................
United
States
1,227,332
1,205,853
b
DIRECTV
Financing
LLC,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B,
9.791%,
(3-month
SOFR
+
5.25%),
8/02/29
.......
United
States
769,405
759,968
Virgin
Media
Bristol
LLC,
First
Lien,
Term
Loan,
Y3,
7.577%,
3/31/31
.........................................
United
States
1,000,000
986,420
7,555,311
a
a
a
a
a
a
b
Metals
&
Mining
0.8%
AMG
Critical
Materials
NV,
First
Lien,
Initial
CME
Term
Loan,
7.941%,
(1-month
SOFR
+
3.5%),
11/30/28
..............
Netherlands
494,885
488,699
Arsenal
AIC
Parent
LLC,
First
Lien,
2025
Refinancing
CME
Term
Loan,
B,
7.077%,
(1-month
SOFR
+
2.75%),
8/19/30
.......
United
States
985,081
983,850
TMS
International
Corp.,
First
Lien,
New
CME
Term
Loan,
B7,
7.792%,
(1-month
SOFR
+
3.5%;
3-month
SOFR
+
3.5%),
3/04/30
.........................................
United
States
1,473,909
1,475,751
2,948,300
a
a
a
a
a
a
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.4%
b
Apollo
Commercial
Real
Estate
Finance,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
7.941%,
(1-month
SOFR
+
3.5%),
3/06/28
...
United
States
1,392,000
1,388,520
b
Oil,
Gas
&
Consumable
Fuels
2.3%
BCP
Renaissance
Parent
LLC,
First
Lien,
Initial
CME
Term
Loan,
B6,
7.299%,
(3-month
SOFR
+
3%),
10/31/28
............
United
States
1,554,988
1,557,515
CQP
Holdco
LP,
First
Lien,
Initial
CME
Term
Loan,
6.299%,
(3-month
SOFR
+
2%),
12/31/30
......................
United
States
1,735,257
1,735,977
GIP
II
Blue
Holding
LP,
First
Lien,
Initial
CME
Term
Loan,
8.072%,
(1-month
SOFR
+
3.75%),
9/29/28
.....................
United
States
929,399
933,269
GIP
Pilot
Acquisition
Partners
LP,
First
Lien,
Initial
CME
Term
Loan,
6.277%,
(3-month
SOFR
+
2%),
10/04/30
...........
United
States
1,288,147
1,290,299
Hilcorp
Energy
I
LP,
First
Lien,
Initial
CME
Term
Loan,
6.325%,
(1-month
SOFR
+
2%),
2/06/30
.......................
United
States
685,714
686,283
Oryx
Midstream
Services
Permian
Basin
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.575%,
(1-month
SOFR
+
2.25%),
10/05/28
United
States
1,907,148
1,908,702
8,112,045
a
a
a
a
a
a
b
Paper
&
Forest
Products
0.9%
Asplundh
Tree
Expert
LLC,
First
Lien,
CME
Term
Loan,
B,
6.077%,
(1-month
SOFR
+
1.75%),
5/08/31
..............
United
States
991,500
994,291
Glatfelter
Corp.,
First
Lien,
CME
Term
Loan,
8.563%,
(3-month
SOFR
+
4.25%),
11/04/31
...........................
United
States
1,995,000
1,936,816
2,931,107
a
a
a
a
a
a
b
Passenger
Airlines
1.8%
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
CME
Term
Loan,
6.522%,
(3-month
SOFR
+
2.25%),
4/20/28
.....................
United
States
1,491,750
1,478,511
American
Airlines,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.507%,
(6-month
SOFR
+
2.25%),
6/04/29
.....................
United
States
2,913,571
2,881,099
SkyMiles
IP
Ltd.,
First
Lien,
Initial
CME
Term
Loan,
8.022%,
(3-month
SOFR
+
3.75%),
10/20/27
....................
United
States
1,973,292
1,988,832
6,348,442
a
a
a
a
a
a
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Floating
Rate
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
Personal
Care
Products
0.4%
b,c
Opal
LLC,
First
Lien,
CME
Term
Loan,
B2,
7.435%,
(6-month
SOFR
+
3.25%),
3/31/32
............................
United
States
1,500,000
$
1,503,750
b
Pharmaceuticals
1.7%
Endo
Finance
Holdings,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan,
8.327%,
(1-month
SOFR
+
4%),
4/23/31
.......
United
States
2,265,615
2,218,898
Grifols
Worldwide
Operations
USA,
Inc.,
First
Lien,
CME
Term
Loan,
B,
6.483%,
(3-month
SOFR
+
2%),
11/15/27
.........
Spain
1,414,912
1,411,997
Jazz
Financing
Lux
SARL,
First
Lien,
Dollar
CME
Term
Loan,
B2,
6.577%,
(1-month
SOFR
+
2.25%),
5/05/28
..............
United
States
2,577
2,579
Organon
&
Co.,
First
Lien,
2024
Refinancing
Dollar
CME
Term
Loan,
6.573%,
(1-month
SOFR
+
2.25%),
5/19/31
.........
United
States
1,079,750
1,054,106
Perrigo
Investments
LLC,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B,
6.327%,
(1-month
SOFR
+
2%),
4/20/29
..........
United
States
697,962
699,125
Southern
Veterinary
Partners
LLC,
First
Lien,
2024-3
New
CME
Term
Loan,
7.715%,
(3-month
SOFR
+
3.25%),
12/04/31
....
United
States
689,655
691,045
6,077,750
a
a
a
a
a
a
b
Professional
Services
2.0%
CHG
Healthcare
Services,
Inc.,
First
Lien,
Refinancing
CME
Term
Loan,
7.327%,
(1-month
SOFR
+
3%),
9/29/28
............
United
States
987,519
990,778
Dun
&
Bradstreet
Corp.
(The),
First
Lien,
Incremental
CME
Term
Loan,
B2,
6.575%,
(1-month
SOFR
+
2.25%),
1/18/29
......
United
States
1,802,168
1,803,295
Grant
Thornton
Advisors
LLC,
First
Lien,
2025
Incremental
CME
Term
Loan,
7.077%,
(1-month
SOFR
+
2.75%),
6/02/31
.....
United
States
1,990,013
1,986,301
c
Ingenovis
Health,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
8.697%,
(3-month
SOFR
+
4.25%),
3/06/28
.....................
United
States
1,000,000
485,000
Soliant
Lower
Intermediate
LLC,
First
Lien,
Initial
CME
Term
Loan,
8.002%,
(3-month
SOFR
+
3.75%),
7/18/31
.........
United
States
490,998
485,170
WestJet
Loyalty
LP,
First
Lien,
Initial
CME
Term
Loan,
7.549%,
(3-month
SOFR
+
3.25%),
2/14/31
.....................
Canada
1,386,000
1,377,095
7,127,639
a
a
a
a
a
a
b
Real
Estate
Management
&
Development
0.2%
Cushman
&
Wakefield
US
Borrower
LLC,
First
Lien,
2024-3
CME
Term
Loan,
7.577%,
(1-month
SOFR
+
3.25%),
1/31/30
.....
United
States
389,000
391,918
Greystar
Real
Estate
Partners
LLC,
First
Lien,
CME
Term
Loan,
B2,
7.079%,
(1-month
SOFR
+
2.75%),
8/21/30
...........
United
States
496,250
496,250
888,168
a
a
a
a
a
a
Semiconductors
&
Semiconductor
Equipment
0.8%
b
Altar
Bidco,
Inc.,
Second
Lien,
Initial
CME
Term
Loan,
9.747%,
(12-month
SOFR
+
5.6%),
2/01/30
.....................
United
States
2,872,500
2,714,513
b
Software
10.4%
Adeia,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B6,
6.827%,
(1-month
SOFR
+
2.5%),
6/08/28
......................
United
States
1,160,477
1,160,477
Boxer
Parent
Co.,
Inc.,
First
Lien,
2031
Replacement
Dollar
CME
Term
Loan,
7.333%,
(3-month
SOFR
+
3%),
7/30/31
.......
United
States
2,365,630
2,351,944
Central
Parent
LLC,
First
Lien,
2024
Refinancing
CME
Term
Loan,
7.549%,
(3-month
SOFR
+
3.25%),
7/06/29
.........
United
States
1,982,538
1,769,762
Cloud
Software
Group,
Inc.,
First
Lien,
Incremental
CME
Term
Loan,
B,
8.049%,
(3-month
SOFR
+
3.75%),
3/21/31
.......
United
States
970,125
968,912
Cloud
Software
Group,
Inc.,
First
Lien,
Initial
Dollar
CME
Term
Loan,
B,
7.799%,
(3-month
SOFR
+
3.5%),
3/30/29
........
United
States
2,862,793
2,859,229
Cloudera,
Inc.,
Second
Lien,
Initial
CME
Term
Loan,
10.422%,
(1-month
SOFR
+
6%),
10/10/29
......................
United
States
2,000,000
1,887,500
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Floating
Rate
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
12
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
b
Software
(continued)
ConnectWise
LLC,
First
Lien,
Initial
CME
Term
Loan,
8.061%,
(3-month
SOFR
+
3.5%),
9/29/28
......................
United
States
1,343,374
$
1,347,995
Gen
Digital,
Inc.,
First
Lien,
Second
Amendment
Incremental
CME
Term
Loan,
B,
6.077%,
(1-month
SOFR
+
1.75%),
4/16/32
United
States
1,300,000
1,299,350
Genesys
Cloud
Services,
Inc.,
First
Lien,
2025
Dollar
CME
Term
Loan,
6.827%,
(1-month
SOFR
+
2.5%),
1/30/32
..........
United
States
2,376,170
2,372,356
IGT
Holding
IV
AB,
First
Lien,
CME
Term
Loan,
B2,
7.972%,
(1-
day
SOFR
+
3.4%),
3/31/28
..........................
Sweden
2,928,000
2,935,320
Ivanti
Software,
Inc.,
First
Lien,
CME
Term
Loan,
B,
8.793%,
(3-month
SOFR
+
4.25%),
12/01/27
....................
United
States
1,930,300
1,641,363
McAfee
Corp.,
First
Lien,
CME
Term
Loan,
B1,
7.329%,
(1-month
SOFR
+
3%),
3/01/29
...............................
United
States
2,985,724
2,881,970
d
Physician
Partners
LLC,
First
Lien,
CME
Term
Loan,
C,
PIK,
9.949%,
(3-month
SOFR
+
5.5%),
12/31/30
..............
United
States
171,587
40,256
Physician
Partners
LLC,
First
Lien,
Initial
CME
Term
Loan,
B1,
8.449%,
(3-month
SOFR
+
4%),
12/31/29
................
United
States
171,062
88,097
Proofpoint,
Inc.,
First
Lien,
CME
Term
Loan,
7.327%,
(1-month
SOFR
+
3%),
8/31/28
...............................
United
States
1,955,000
1,956,769
RealPage,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.561%,
(3-month
SOFR
+
3%),
4/24/28
.......................
United
States
2,916,877
2,897,815
Rocket
Software,
Inc.,
First
Lien,
CME
Term
Loan,
8.577%,
(1-month
SOFR
+
4.25%),
11/28/28
....................
United
States
2,535,179
2,541,859
Skopima
Consilio
Parent
LLC,
First
Lien,
Amendment
No.
5
CME
Term
Loan,
8.077%,
(1-month
SOFR
+
3.75%),
5/12/28
.....
United
States
990,019
987,366
UKG,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.329%,
(1-month
SOFR
+
3%),
2/10/31
...............................
United
States
2,608,930
2,616,874
Vision
Solutions,
Inc.,
First
Lien,
New
CME
Term
Loan,
B,
8.541%,
(3-month
SOFR
+
4%),
4/24/28
................
United
States
1,822,778
1,713,867
36,319,081
a
a
a
a
a
a
b
Specialty
Retail
4.3%
Great
Outdoors
Group
LLC,
First
Lien,
CME
Term
Loan,
B,
7.577%,
(1-month
SOFR
+
3.25%),
1/23/32
..............
United
States
2,882,023
2,864,370
Harbor
Freight
Tools
USA,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.827%,
(1-month
SOFR
+
2.5%),
6/11/31
...............
United
States
997,487
966,027
Johnstone
Supply
LLC,
First
Lien,
CME
Term
Loan,
6.823%,
(1-month
SOFR
+
2.5%),
6/09/31
......................
United
States
994,994
994,447
LBM
Acquisition
LLC,
First
Lien,
Amendment
No.
3
Incremental
CME
Term
Loan,
8.175%,
(1-month
SOFR
+
3.75%),
6/06/31
.
United
States
2,731,875
2,462,594
Petco
Health
&
Wellness
Co.,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.811%,
(3-month
SOFR
+
3.25%),
3/03/28
.........
United
States
1,876,765
1,743,880
PetSmart
LLC,
First
Lien,
Initial
CME
Term
Loan,
8.177%,
(1-month
SOFR
+
3.75%),
2/11/28
.....................
United
States
1,552,371
1,549,461
Queen
MergerCo,
Inc.,
First
Lien,
CME
Term
Loan,
B,
7.28%,
(3-month
SOFR
+
3%),
4/30/32
.......................
United
States
119,929
120,461
RelaDyne,
Inc.,
First
Lien,
CME
Term
Loan,
8.322%,
(1-month
SOFR
+
4%),
12/23/30
..............................
United
States
495,013
496,151
Restoration
Hardware,
Inc.,
First
Lien,
2022
Incremental
CME
Term
Loan,
7.677%,
(1-month
SOFR
+
3.25%),
10/20/28
....
United
States
1,989,796
1,916,949
White
Cap
Supply
Holdings
LLC,
First
Lien,
CME
Term
Loan,
C,
7.577%,
(1-month
SOFR
+
3.25%),
10/19/29
.............
United
States
2,309,421
2,290,841
15,405,181
a
a
a
a
a
a
b
Textiles,
Apparel
&
Luxury
Goods
0.9%
Flash
Charm,
Inc.,
First
Lien,
CME
Term
Loan,
B2,
7.776%,
(3-month
SOFR
+
3.5%),
3/02/28
......................
United
States
1,985,000
1,890,722
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Floating
Rate
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
b
Textiles,
Apparel
&
Luxury
Goods
(continued)
Hanesbrands,
Inc.,
First
Lien,
CME
Term
Loan,
B,
7.077%,
(1-month
SOFR
+
2.75%),
3/08/32
.....................
United
States
1,253,461
$
1,259,728
3,150,450
a
a
a
a
a
a
Trading
Companies
&
Distributors
0.4%
b
DXP
Enterprises,
Inc.,
First
Lien,
2024
Incremental
CME
Term
Loan,
8.072%,
(1-month
SOFR
+
3.75%),
10/11/30
........
United
States
1,477,575
1,486,115
b
Wireless
Telecommunication
Services
0.9%
Connect
Finco
SARL,
First
Lien,
Amendment
No.
4
CME
Term
Loan,
8.822%,
(1-month
SOFR
+
4.5%),
9/13/29
..........
United
Kingdom
1,868,085
1,715,145
Crown
Subsea
Communications
Holding,
Inc.,
First
Lien,
2024
Term
Loan,
8.324%,
(1-month
SOFR
+
4%),
1/30/31
.......
United
States
1,488,750
1,497,124
3,212,269
a
a
a
a
a
a
Total
Senior
Floating
Rate
Interests
(Cost
$310,072,725)
.......................
305,188,838
Total
Long
Term
Investments
(Cost
$332,835,923)
.............................
327,846,208
a
Short
Term
Investments
4.3%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
4.3%
e,f
Putnam
Short
Term
Investment
Fund,
Class
P,
4.555%
.......
United
States
14,945,842
14,945,842
Total
Money
Market
Funds
(Cost
$
14,945,842)
................................
14,945,842
Total
Short
Term
Investments
(Cost
$14,945,842
)
..............................
14,945,842
a
Total
Investments
(Cost
$347,781,765)
98.6%
.................................
$342,792,050
Other
Assets,
less
Liabilities
1.4%
...........................................
4,840,728
Net
Assets
100.0%
.........................................................
$347,632,778
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2025,
the
aggregate
value
of
these
securities
was
$21,622,617,
representing
6.2%
of
net
assets.
b
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
c
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
d
Income
may
be
received
in
additional
securities
and/or
cash.
e
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
f
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Floating
Rate
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
14
At
May
31,
2025,
the
Fund
had
the
following credit
default
swap
contracts outstanding.
See
A
bbreviations
on
page
17
.
Credit
Default
Swap
Contracts
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
(a)
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
(b)
Centrally
Cleared
Swap
Contracts
Contracts
to
Sell
Protection
(c)(d)
Traded
Index
CDX.NA.HY.44
.
5.00%
Quarterly
6/20/30
14,375,000
$
1,030,662
$
693,249
$
337,413
Non-
Investment
Grade
Total
Centrally
Cleared
Swap
Contracts
.....................................
$1,030,662
$693,249
$337,413
Total
Credit
Default
Swap
Contracts
....................................
$1,030,662
$
693,249
$337,413
(a)
In
U.S.
dollars
unless
otherwise
indicated.
For
contracts
to
sell
protection,
the
notional
amount
is
equal
to
the
maximum
potential
amount
of
the
future
payments
and
no
recourse
provisions
have
been
entered
into
in
association
with
the
contracts.
(b)
Based
on
Standard
and
Poor's
(S&P)
Rating
for
single
name
swaps
and
internal
ratings
for
index
swaps.
Internal
ratings
based
on
mapping
into
equivalent
ratings
from
external
vendors.
(c)
Performance
triggers
for
settlement
of
contract
include
default,
bankruptcy
or
restructuring
for
single
name
swaps,
and
failure
to
pay
or
bankruptcy
of
the
underlying
securities
for
traded
index
swaps.
(d)
The
fund
enters
contracts
to
sell
protection
to
create
a
long
credit
position.
Putnam
Funds
Trust
15
Quarterly
Schedule
of
Investments
Notes
to
Schedule
of
Investments
(unaudited)
Putnam
Floating
Rate
Income
Fund
1.
Organization
Putnam
Funds
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of sixteen
separate
funds,
one
of
which is
included
in
this
report
(Fund).
The Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the 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.
Certain
derivative
financial
instruments
trade
in
the
OTC
market.
The Fund’s
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The Fund’s
net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets. 
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund’s
business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund’s
portfolio securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
Putnam
Funds
Trust
Notes
to
Schedule
of
Investments
(unaudited)
16
Quarterly
Schedule
of
Investments
Putnam
Floating
Rate
Income
Fund
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund’s
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund’s
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund for
financial
reporting
purposes.
3.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
"Controlled
Affiliate"
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund's
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
May
31,
2025,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
4. Fair
Value
Measurements
The Fund
follows a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
May
31,
2025,
in
valuing
the Fund's
assets
carried
at
fair
value,
is
as
follows:  
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Putnam
Floating
Rate
Income
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Short
Term
Investment
Fund,
Class
P,
4.555%
......
$34,157,610
$21,453,959
$(40,665,727)
$—
$—
$14,945,842
14,945,842
$272,791
Total
Affiliated
Securities
...
$34,157,610
$21,453,959
$(40,665,727)
$—
$—
$14,945,842
$272,791
Level
1
Level
2
Level
3
Total
Putnam
Floating
Rate
Income
Fund
Assets:
Investments
in
Securities:
Corporate
Bonds
........................
$
—
$
22,657,370
$
—
$
22,657,370
Senior
Floating
Rate
Interests
...............
—
305,188,838
—
305,188,838
Short
Term
Investments
...................
14,945,842
—
—
14,945,842
Total
Investments
in
Securities
...........
$14,945,842
$327,846,208
$—
$342,792,050
2. Financial
Instrument
Valuation
(continued)
Putnam
Funds
Trust
Notes
to
Schedule
of
Investments
(unaudited)
17
Quarterly
Schedule
of
Investments
Putnam
Floating
Rate
Income
Fund
Abbreviations
Level
1
Level
2
Level
3
Total
Putnam
Floating
Rate
Income
Fund
(continued)
Assets:
(continued)
Other
Financial
Instruments:
Swap
Contracts
.........................
$—
$337,413
$—
$337,413
Total
Other
Financial
Instruments
.........
$—
$337,413
$—
$337,413
Cu
r
rency
USD
United
States
Dollar
Index
CDX.NA.HY.
Series
number
CDX
North
America
High
Yield
Index
Selected
Portfolio
CME
Chicago
Mercantile
Exchange
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
4. Fair
Value
Measurements
(continued)
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.