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        <fairValLevel>2</fairValLevel>
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        <name>Chariot Funding LLC</name>
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        <name>Commonwealth Bank of Australia</name>
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        <name>Commonwealth Bank of Australia</name>
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      <invstOrSec>
        <name>Cooperatieve Rabobank UA</name>
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        <name>Credit Agricole Corporate and Investment Bank</name>
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        <name>Credit Agricole Corporate and Investment Bank SA</name>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-03</maturityDt>
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      <invstOrSec>
        <name>DNB Bank ASA</name>
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        <invCountry>NO</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Danske Bank A/S</name>
        <lei>MAES062Z21O4RZ2U7M96</lei>
        <title>Danske Bank A/S</title>
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        <invCountry>DK</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-27</maturityDt>
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        <name>Danske Bank A/S</name>
        <lei>MAES062Z21O4RZ2U7M96</lei>
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      <invstOrSec>
        <name>John Deere Financial, Inc.</name>
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        <name>Export Development Canada</name>
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        <invCountry>CA</invCountry>
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          <maturityDt>2026-05-14</maturityDt>
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        <name>Fairway Finance Co. LLC</name>
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        <name>Gotham Funding Corp.</name>
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        <title>Gotham Funding Corp.</title>
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        <name>Gotham Funding Corp.</name>
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        <title>Gotham Funding Corp.</title>
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        <name>ING Bank NV</name>
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        <title>ING Bank NV</title>
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      <invstOrSec>
        <name>Johnson &amp; Johnson</name>
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        <title>Johnson &amp; Johnson</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Liberty Street Funding LLC</name>
        <lei>549300F33VRHM10B9391</lei>
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        <name>Lloyds Bank plc</name>
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        <name>Mitsubishi UFJ Trust &amp; Banking Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Mizuho Bank Ltd.</name>
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        <name>MUFG Bank Ltd.</name>
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        <name>National Australia Bank Ltd.</name>
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        <name>National Bank of Canada</name>
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      <invstOrSec>
        <name>National Bank of Canada</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Nationwide Building Society</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Nationwide Building Society</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-17</maturityDt>
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        <name>Nestle Capital Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-07</maturityDt>
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        <name>Nestle Finance International Ltd.</name>
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        <invCountry>LU</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-05</maturityDt>
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        <name>Nestle Finance International Ltd.</name>
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        <title>Nestle Finance International Ltd.</title>
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        <invCountry>LU</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-04</maturityDt>
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      <invstOrSec>
        <name>Nordea Bank Abp</name>
        <lei>529900ODI3047E2LIV03</lei>
        <title>Nordea Bank Abp</title>
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          <isin value="US65557RHV50"/>
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        <balance>8250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8251313.22000000</valUSD>
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        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-23</maturityDt>
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        <name>Nordea Bank Abp</name>
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          <isin value="US65558KEJ97"/>
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        <balance>8250000.00000000</balance>
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        <invCountry>FI</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-18</maturityDt>
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        <name>Nordea Bank Abp</name>
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        <balance>9900000.00000000</balance>
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        <valUSD>9879758.46000000</valUSD>
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        <invCountry>FI</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-20</maturityDt>
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        <name>Nordea Bank Abp</name>
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        <invCountry>FI</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-10-26</maturityDt>
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          <annualizedRt>0.00000000</annualizedRt>
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        <name>Procter &amp; Gamble Co. (The)</name>
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        <balance>10000000.00000000</balance>
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        <valUSD>9964040.00000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-05</maturityDt>
          <couponKind>None</couponKind>
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        <name>Procter &amp; Gamble Co. (The)</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2026-06-25</maturityDt>
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        <name>Royal Bank of Canada</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-01</maturityDt>
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        <name>Royal Bank of Canada</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-12</maturityDt>
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        <name>Sanofi SA</name>
        <lei>549300E9PC51EN656011</lei>
        <title>Sanofi SA</title>
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        <invCountry>FR</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>Sanofi SA</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-09-17</maturityDt>
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      <invstOrSec>
        <name>Santander UK plc</name>
        <lei>PTCQB104N23FMNK2RZ28</lei>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-27</maturityDt>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Toyota Credit de Puerto Rico Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Toyota Credit de Puerto Rico Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Unilever Finance Netherlands BV</name>
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      <invstOrSec>
        <name>U.S. Treasury Bills</name>
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      <invstOrSec>
        <name>Walmart, Inc.</name>
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        <name>Walmart, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Wells Fargo Bank NA</name>
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        <name>Wells Fargo Bank NA</name>
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        <name>Westpac Banking Corp.</name>
        <lei>EN5TNI6CI43VEPAMHL14</lei>
        <title>Westpac Banking Corp.</title>
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        <invCountry>AU</invCountry>
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        <name>Westpac Banking Corp.</name>
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        <name>BNP Paribas SA</name>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Goldman Sachs Group, Inc. (The)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group, Inc. (The)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Inhouse Asset ID" value="1613085"/>
        </identifiers>
        <balance>395294000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>395294000.00000000</valUSD>
        <pctVal>20.68454486289</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="784F5XWPLTWKTBV3E584" name="Goldman Sachs Group, Inc. (The)"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.65000000</repurchaseRt>
          <maturityDt>2026-05-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>953371394.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>403199881.02000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>ADAS</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HSBC Securities (USA) Inc.</name>
        <lei>CYYGQCGNHMHPSMRL3R97</lei>
        <title>HSBC Securities (USA) Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Inhouse Asset ID" value="1613089"/>
        </identifiers>
        <balance>113224593.31000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>113224593.31000000</valUSD>
        <pctVal>5.924702069608</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="CYYGQCGNHMHPSMRL3R97" name="HSBC Securities (USA) Inc."/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.65000000</repurchaseRt>
          <maturityDt>2026-05-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>210942704.69858821</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>115500794.49679233</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>ADAS</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Global Markets, Inc.</name>
        <lei>MBNUM2BPBDO7JBLYG310</lei>
        <title>Citigroup Global Markets, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Inhouse Asset ID" value="1613083"/>
        </identifiers>
        <balance>50057272.05000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50057272.05000000</valUSD>
        <pctVal>2.619346333190</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="MBNUM2BPBDO7JBLYG310" name="Citigroup Global Markets, Inc."/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.65000000</repurchaseRt>
          <maturityDt>2026-05-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>50036529.30450554</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>51058437.01544885</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BofA Securities</name>
        <lei>549300HN4UKV1E2R3U73</lei>
        <title>BofA Securities</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Inhouse Asset ID" value="1613097"/>
        </identifiers>
        <balance>56652831.05000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>56652831.05000000</valUSD>
        <pctVal>2.964472077652</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="549300HN4UKV1E2R3U73" name="BofA Securities"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.65000000</repurchaseRt>
          <maturityDt>2026-05-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>83422270.05679279</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>57785887.66873530</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>ADAS</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Inhouse Asset ID" value="1613095"/>
        </identifiers>
        <balance>22028892.24000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22028892.24000000</valUSD>
        <pctVal>1.152705605999</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="R0MUWSFPU8MPRO8K5P83" name="BNP Paribas SA"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.65000000</repurchaseRt>
          <maturityDt>2026-05-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>38702271.50769890</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>22471748.24160582</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>ADAS</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </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>2026-06-01</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>
  <documents>XXXX</documents>
</edgarSubmission>
