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        <name>Bloom Energy Corp.</name>
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        <name>Blueprint Medicines Corp.</name>
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        <name>CECO Environmental Corp.</name>
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        <name>Centrus Energy Corp.</name>
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        <name>Comfort Systems USA, Inc.</name>
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        <title>Comfort Systems USA, Inc.</title>
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        <name>Construction Partners, Inc.</name>
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      <invstOrSec>
        <name>Crane Co.</name>
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        <name>Dave, Inc.</name>
        <lei>N/A</lei>
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        <name>DigitalOcean Holdings, Inc.</name>
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        <name>Doximity, Inc.</name>
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        <name>Encompass Health Corp.</name>
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        <name>Energy Fuels, Inc.</name>
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        <name>Enova International, Inc.</name>
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        <name>Federal Signal Corp.</name>
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        <name>FormFactor, Inc.</name>
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        <name>Guardant Health, Inc.</name>
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        <name>Halozyme Therapeutics, Inc.</name>
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        <name>Hims &amp; Hers Health, Inc.</name>
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        <name>Huron Consulting Group, Inc.</name>
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        <name>IES Holdings, Inc.</name>
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        <name>iRhythm Technologies, Inc.</name>
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        <name>Insmed, Inc.</name>
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        <name>Installed Building Products, Inc.</name>
        <lei>549300I95Y9P9YM5FI86</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>InterDigital, Inc.</name>
        <lei>N/A</lei>
        <title>InterDigital, Inc.</title>
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      <invstOrSec>
        <name>IonQ, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Itron, Inc.</name>
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        <title>Itron, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>JBT Marel Corp.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Kinsale Capital Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Kratos Defense &amp; Security Solutions, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Kymera Therapeutics, Inc.</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Legence Corp.</name>
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          <isin value="US52476L1098"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Madrigal Pharmaceuticals, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Medpace Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Mercury Systems, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Merit Medical Systems, Inc.</name>
        <lei>549300OYTY138SP2CE83</lei>
        <title>Merit Medical Systems, Inc.</title>
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      <invstOrSec>
        <name>Mirion Technologies, Inc.</name>
        <lei>549300BNTOWVWFNVTJ65</lei>
        <title>Mirion Technologies, Inc., Class A</title>
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        <name>Nuvalent, Inc.</name>
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        <name>Ollie's Bargain Outlet Holdings, Inc.</name>
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        <title>Ollie's Bargain Outlet Holdings, Inc.</title>
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        <name>Parsons Corp.</name>
        <lei>549300ZXH0VRBSEPX752</lei>
        <title>Parsons Corp.</title>
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        <name>Patrick Industries, Inc.</name>
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        <name>Pegasystems, Inc.</name>
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        <name>Perella Weinberg Partners</name>
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        <name>Piper Sandler Cos.</name>
        <lei>QUQDBTUSOAKFEVMRMF78</lei>
        <title>Piper Sandler Cos.</title>
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        <name>Planet Fitness, Inc.</name>
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        <name>Putnam Short Term Investment Fund</name>
        <lei>549300S9JYWEMKQCLW53</lei>
        <title>Putnam Short Term Investment Fund, Class P</title>
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      <invstOrSec>
        <name>RadNet, Inc.</name>
        <lei>529900RECG94V2IZJ970</lei>
        <title>RadNet, Inc.</title>
        <cusip>750491102</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Rambus, Inc.</name>
        <lei>2549000211GDCQSLV833</lei>
        <title>Rambus, Inc.</title>
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      <invstOrSec>
        <name>RBC Bearings, Inc.</name>
        <lei>N/A</lei>
        <title>RBC Bearings, Inc.</title>
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      <invstOrSec>
        <name>Rhythm Pharmaceuticals, Inc.</name>
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        <title>Rhythm Pharmaceuticals, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Rocket Lab Corp.</name>
        <lei>N/A</lei>
        <title>Rocket Lab Corp.</title>
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      <invstOrSec>
        <name>SPX Technologies, Inc.</name>
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      <invstOrSec>
        <name>GeneDx Holdings Corp.</name>
        <lei>N/A</lei>
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          <isin value="US81663L2007"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SiTime Corp.</name>
        <lei>N/A</lei>
        <title>SiTime Corp.</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Skyward Specialty Insurance Group, Inc.</name>
        <lei>549300GXGXJG0YH4VN21</lei>
        <title>Skyward Specialty Insurance Group, Inc.</title>
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          <isin value="US8309401029"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>StepStone Group, Inc.</name>
        <lei>N/A</lei>
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          <isin value="US85914M1071"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Sterling Infrastructure, Inc.</name>
        <lei>549300RZIK6K1215XU51</lei>
        <title>Sterling Infrastructure, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Talen Energy Corp.</name>
        <lei>N/A</lei>
        <title>Talen Energy Corp.</title>
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          <isin value="US87422Q1094"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Tarsus Pharmaceuticals, Inc.</name>
        <lei>N/A</lei>
        <title>Tarsus Pharmaceuticals, Inc.</title>
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          <isin value="US87650L1035"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Texas Roadhouse, Inc.</name>
        <lei>5299002Y1CNRPDGXTQ75</lei>
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        <name>UFP Technologies, Inc.</name>
        <lei>549300RJ8LY41HS70C91</lei>
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        <name>VSE Corp.</name>
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        <title>VSE Corp.</title>
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        <name>Vertex, Inc.</name>
        <lei>549300QMYW171MP1PL50</lei>
        <title>Vertex, Inc., Class A</title>
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        <name>Putnam</name>
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      <invstOrSec>
        <name>Waystar Holding Corp.</name>
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        <name>Xenon Pharmaceuticals, Inc.</name>
        <lei>549300XV44Q9Z1MIPQ03</lei>
        <title>Xenon Pharmaceuticals, Inc.</title>
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        <name>Aritzia, Inc.</name>
        <lei>549300U83HKFRL1EX527</lei>
        <title>Aritzia, Inc.</title>
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        <name>Colliers International Group, Inc.</name>
        <lei>D3O8K13PHLEXXD1DT480</lei>
        <title>Colliers International Group, Inc.</title>
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        <invCountry>CA</invCountry>
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      <invstOrSec>
        <name>CES Energy Solutions Corp.</name>
        <lei>984500NF54914EB1B646</lei>
        <title>CES Energy Solutions Corp.</title>
        <cusip>15713J104</cusip>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
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        <name>Canadian Dollar</name>
        <lei>N/A</lei>
        <title>Canadian Dollar</title>
        <cusip>N/A</cusip>
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        <balance>-0.02000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Credo Technology Group Holding Ltd.</name>
        <lei>N/A</lei>
        <title>Credo Technology Group Holding Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG254571055"/>
          <other otherDesc="Inhouse Asset ID" value="1186479"/>
        </identifiers>
        <balance>326957.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>47045842.73000000</valUSD>
        <pctVal>1.666196037227</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Establishment Labs Holdings, Inc.</name>
        <lei>549300BCBQ714JNJ7V58</lei>
        <title>Establishment Labs Holdings, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="VGG312491084"/>
          <other otherDesc="Inhouse Asset ID" value="917162"/>
        </identifiers>
        <balance>94662.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6898966.56000000</valUSD>
        <pctVal>0.244336801642</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fabrinet</name>
        <lei>5493004TETZ6IYF7CV44</lei>
        <title>Fabrinet</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG3323L1005"/>
          <other otherDesc="Inhouse Asset ID" value="471611"/>
        </identifiers>
        <balance>104013.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>47355038.64000000</valUSD>
        <pctVal>1.677146654117</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FTAI Aviation Ltd.</name>
        <lei>N/A</lei>
        <title>FTAI Aviation Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG3730V1059"/>
          <other otherDesc="Inhouse Asset ID" value="603559"/>
        </identifiers>
        <balance>130820.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25751917.00000000</valUSD>
        <pctVal>0.912041097928</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Camtek Ltd.</name>
        <lei>5493000H80W07HCKGS43</lei>
        <title>Camtek Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IL0010952641"/>
          <other otherDesc="Inhouse Asset ID" value="816237"/>
        </identifiers>
        <balance>274630.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29205527.35000000</valUSD>
        <pctVal>1.034355664856</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="25958814.50000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nova Ltd.</name>
        <lei>529900B2DSWE5V3SC292</lei>
        <title>Nova Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IL0010845571"/>
          <other otherDesc="Inhouse Asset ID" value="809160"/>
        </identifiers>
        <balance>225684.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>74112368.76000000</valUSD>
        <pctVal>2.624795900589</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="27913150.00000000"/>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-01-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Putnam Funds Trust</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
