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Putnam Funds Trust

01/28/2026 | Press release | Distributed by Public on 01/28/2026 07:55

Semi-Annual Report by Investment Company (Form N-CSRS)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07513

Putnam Funds Trust

(Exact name of registrant as specified in charter)

100 Federal Street, Boston, Massachusetts 02110

(Address of principal executive offices) (Zip code)

Stephen Tate, Vice President

100 Federal Street

Boston, Massachusetts 02110

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, New York 10036

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

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

Date of fiscal year end: May 31

Date of reporting period: November 30, 2025

ITEM 1. REPORT TO STOCKHOLDERS.

(a) The Report to Shareholders is filed herewith

Putnam Dynamic Asset Allocation Equity Fund
Class A  
Semi-Annual Shareholder Report | November 30, 2025
This semi-annual shareholder reportcontains important information about Putnam Dynamic Asset Allocation Equity Fund for the period June 1, 2025, to November 30, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-internalusefunds-documents. You can also request this information by contacting us at (800) 225-1581.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class A
$36
0.66%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of November 30, 2025)
Total Net Assets
$31,675,316
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
554
Portfolio Turnover Rate
30%
WHAT DID THE FUND INVEST IN? (as of November 30, 2025)
Portfolio Composition(% of Total Net Assets)
U.S. Money Markets, if any, represent the market value weights of cash, short-term securities, and derivative notional offsets in the portfolio. Holdings and allocations may vary over time.
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-internalusefunds-documents, including its:
• proxy voting information • financial information • holdings • tax information
Putnam Dynamic Asset Allocation Equity Fund PAGE 1 39117-STSA-0126
Putnam Dynamic Asset Allocation Equity Fund
Class P  
Semi-Annual Shareholder Report | November 30, 2025
This semi-annual shareholder reportcontains important information about Putnam Dynamic Asset Allocation Equity Fund for the period June 1, 2025, to November 30, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-internalusefunds-documents. You can also request this information by contacting us at (800) 225-1581.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class P
$32
0.60%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of November 30, 2025)
Total Net Assets
$31,675,316
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
554
Portfolio Turnover Rate
30%
WHAT DID THE FUND INVEST IN? (as of November 30, 2025)
Portfolio Composition(% of Total Net Assets)
U.S. Money Markets, if any, represent the market value weights of cash, short-term securities, and derivative notional offsets in the portfolio. Holdings and allocations may vary over time.
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-internalusefunds-documents, including its:
• proxy voting information • financial information • holdings • tax information
Putnam Dynamic Asset Allocation Equity Fund PAGE 1 39117-STSP-0126

(b) Not applicable

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.
(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.
(b) Not applicable.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Putnam
Dynamic
Asset
Allocation
Equity
Fund
Financial
Statements
and
Other
Important
Information
Semi-Annual
|
November
30,
2025
Table
of
Contents
franklintempleton.com
Financial
Statements
and
Other
Important
Information-Semiannual
1
Financial
Highlights
and
Schedule
of
Investments
2
Financial
Statements
22
Notes
to
Financial
Statements
26
Changes
In
and
Disagreements
with
Accountants
39
Results
of
Meeting(s)
of
Shareholders
39
Remuneration
Paid
to
Directors,
Officers
and
Others
39
Board
Approval
of
Management
and
Subadvisory
Agreements
39
Putnam
Funds
Trust
Financial
Highlights
Putnam
Dynamic
Asset
Allocation
Equity
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
Six
Months
Ended
November
30,
2025
(unaudited)
Year
Ended
May
31,
2025
2024
2023
2022
2021
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$15.01
$14.32
$11.17
$13.01
$15.86
$11.45
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.08
0.24
0.17
0.28
0.13
0.11
Net
realized
and
unrealized
gains
(losses)
2.16
1.70
3.21
0.09
(0.96)
4.73
Total
from
investment
operations
........
2.24
1.94
3.38
0.37
(0.83)
4.84
Less
distributions
from:
Net
investment
income
..............
-
(0.21)
(0.06)
(0.11)
(0.10)
(0.10)
Net
realized
gains
.................
-
(1.04)
(0.17)
(1.81)
(1.92)
(0.33)
Tax
return
of
capital
................
-
-
-
(0.29)
-
-
Total
distributions
...................
-
(1.25)
(0.23)
(2.21)
(2.02)
(0.43)
Net
asset
value,
end
of
period
..........
$17.25
$15.01
$14.32
$11.17
$13.01
$15.86
Total
return
c
.......................
15.00%
13.84%
30.58%
3.23%
(6.69)%
42.70%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.27%
1.70%
2.48%
1.08%
1.12%
1.21%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.66%
0.66%
e
0.68%
e
0.70%
e
0.83%
e
0.86%
e
Net
investment
income
...............
1.00%
1.62%
1.34%
2.67%
0.82%
0.81%
Supplemental
data
Net
assets
,
end
of
period
(000's)
........
$8,034
$6,985
$6,665
$5,108
$28
$31
Portfolio
turnover
rate
................
30%
74%
64%
67%
76%
64%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund's
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Putnam
Funds
Trust
Financial
Highlights
Putnam
Dynamic
Asset
Allocation
Equity
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
3
a
Six
Months
Ended
November
30,
2025
(unaudited)
Year
Ended
May
31,
2025
2024
2023
2022
2021
Class
P
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$14.95
$14.27
$11.14
$12.99
$15.86
$11.45
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.09
0.25
0.18
0.15
0.16
0.14
Net
realized
and
unrealized
gains
(losses)
2.15
1.69
3.19
0.24
(0.97)
4.73
Total
from
investment
operations
........
2.24
1.94
3.37
0.39
(0.81)
4.87
Less
distributions
from:
Net
investment
income
..............
-
(0.22)
(0.07)
(0.14)
(0.14)
(0.13)
Net
realized
gains
.................
-
(1.04)
(0.17)
(1.81)
(1.92)
(0.33)
Tax
return
of
capital
................
-
-
-
(0.29)
-
-
Total
distributions
...................
-
(1.26)
(0.24)
(2.24)
(2.06)
(0.46)
Net
asset
value,
end
of
period
..........
$17.19
$14.95
$14.27
$11.14
$12.99
$15.86
Total
return
c
.......................
15.06%
13.90%
30.55%
3.45%
(6.61)%
42.98%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.20%
1.63%
2.40%
1.00%
0.90%
0.97%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.60%
0.59%
e
0.60%
e
0.62%
e
0.61%
e
0.62%
e
Net
investment
income
...............
1.07%
1.69%
1.44%
1.26%
1.04%
1.05%
Supplemental
data
Net
assets
,
end
of
period
(000's)
........
$23,642
$19,997
$8,398
$4,680
$79,557
$78,855
Portfolio
turnover
rate
................
30%
74%
64%
67%
76%
64%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund's
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited),
November
30,
2025
Putnam
Dynamic
Asset
Allocation
Equity
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
85.9%
Aerospace
&
Defense
2.0%
Airbus
SE
.........................................
France
257
$
60,444
a
Boeing
Co.
(The)
...................................
United
States
67
12,663
BWX
Technologies,
Inc.
..............................
United
States
73
13,058
Curtiss-Wright
Corp.
.................................
United
States
26
14,672
General
Dynamics
Corp.
..............................
United
States
79
26,989
General
Electric
Co.
.................................
United
States
390
116,395
Hanwha
Aerospace
Co.
Ltd.
...........................
South
Korea
33
19,156
Leonardo
DRS,
Inc.
.................................
United
States
375
12,814
Lockheed
Martin
Corp.
...............................
United
States
356
162,998
Northrop
Grumman
Corp.
.............................
United
States
99
56,653
RTX
Corp.
........................................
United
States
444
77,660
Thales
SA
.........................................
France
132
34,570
TransDigm
Group,
Inc.
...............................
United
States
16
21,763
629,835
Air
Freight
&
Logistics
0.3%
Expeditors
International
of
Washington,
Inc.
...............
United
States
95
13,956
FedEx
Corp.
.......................................
United
States
231
63,682
United
Parcel
Service,
Inc.
,
B
..........................
United
States
137
13,123
90,761
Automobile
Components
0.1%
Aisin
Corp.
........................................
Japan
1,600
28,494
BorgWarner,
Inc.
....................................
United
States
292
12,573
41,067
Automobiles
1.9%
General
Motors
Co.
..................................
United
States
1,075
79,034
Mahindra
&
Mahindra
Ltd.
.............................
India
2,127
89,546
Stellantis
NV
.......................................
United
States
2,854
30,549
Subaru
Corp.
......................................
Japan
600
13,400
a
Tesla,
Inc.
.........................................
United
States
916
394,036
Toyota
Motor
Corp.
..................................
Japan
400
8,069
614,634
Banks
6.3%
Abu
Dhabi
Islamic
Bank
PJSC
.........................
United
Arab
Emirates
12,090
65,530
AIB
Group
plc
......................................
Ireland
2,084
21,443
Al
Rajhi
Bank
......................................
Saudi
Arabia
3,092
79,784
Banco
Bilbao
Vizcaya
Argentaria
SA
.....................
Spain
1,664
35,965
Banco
de
Sabadell
SA
...............................
Spain
2,401
8,728
Banco
Santander
SA
.................................
Spain
6,322
67,815
Bank
Central
Asia
Tbk.
PT
............................
Indonesia
92,300
45,962
Bank
Hapoalim
BM
..................................
Israel
1,363
29,716
Bank
Leumi
Le-Israel
BM
.............................
Israel
2,047
43,365
Bank
of
America
Corp.
...............................
United
States
2,268
121,678
Bank
of
China
Ltd.
,
H
................................
China
198,000
119,298
Barclays
plc
.......................................
United
Kingdom
9,409
53,376
BNP
Paribas
SA
....................................
France
175
14,959
BOC
Hong
Kong
Holdings
Ltd.
.........................
China
1,000
4,828
Citigroup,
Inc.
......................................
United
States
3,180
329,448
Citizens
Financial
Group,
Inc.
..........................
United
States
247
13,363
Credit
Agricole
SA
...................................
France
507
9,719
CTBC
Financial
Holding
Co.
Ltd.
........................
Taiwan
36,000
49,879
Erste
Group
Bank
AG
................................
Austria
213
23,282
First
Horizon
Corp.
..................................
United
States
621
13,873
Grupo
Financiero
Banorte
SAB
de
CV
,
O
..................
Mexico
4,169
40,130
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Equity
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
5
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Banks
(continued)
HSBC
Holdings
plc
..................................
United
Kingdom
5,559
$
78,777
ICICI
Bank
Ltd.
.....................................
India
6,460
100,597
Intesa
Sanpaolo
SpA
.................................
Italy
4,109
26,655
JPMorgan
Chase
&
Co.
...............................
United
States
191
59,798
KB
Financial
Group,
Inc.
..............................
South
Korea
812
69,267
Lloyds
Banking
Group
plc
.............................
United
Kingdom
42,139
53,442
Mitsubishi
UFJ
Financial
Group,
Inc.
.....................
Japan
2,400
37,631
National
Bank
of
Greece
SA
...........................
Greece
2,742
42,967
NatWest
Group
plc
..................................
United
Kingdom
5,560
46,406
a
NU
Holdings
Ltd.
,
A
..................................
Brazil
3,473
60,395
OTP
Bank
Nyrt.
.....................................
Hungary
453
47,154
PNC
Financial
Services
Group,
Inc.
(The)
.................
United
States
311
59,314
Popular,
Inc.
.......................................
United
States
113
12,962
UniCredit
SpA
......................................
Italy
645
48,016
US
Bancorp
.......................................
United
States
279
13,685
Wells
Fargo
&
Co.
...................................
United
States
195
16,741
Zions
Bancorp
NA
...................................
United
States
256
13,627
1,979,575
Beverages
0.8%
a
Boston
Beer
Co.,
Inc.
(The)
,
A
..........................
United
States
66
12,857
Carlsberg
A/S
,
B
....................................
Denmark
39
4,850
a
Celsius
Holdings,
Inc.
................................
United
States
306
12,528
Coca-Cola
Co.
(The)
.................................
United
States
1,280
93,594
Coca-Cola
Consolidated,
Inc.
..........................
United
States
83
13,525
Coca-Cola
HBC
AG
.................................
Italy
451
22,626
Keurig
Dr.
Pepper,
Inc.
...............................
United
States
467
13,029
a
Monster
Beverage
Corp.
..............................
United
States
991
74,315
PepsiCo,
Inc.
......................................
United
States
87
12,940
260,264
Biotechnology
1.8%
AbbVie,
Inc.
.......................................
United
States
945
215,177
a
Alnylam
Pharmaceuticals,
Inc.
..........................
United
States
29
13,086
Amgen,
Inc.
.......................................
United
States
39
13,473
CSL
Ltd.
..........................................
United
States
57
6,956
a
Exelixis,
Inc.
.......................................
United
States
1,341
59,232
a
Genmab
A/S
.......................................
Denmark
57
18,313
a
Incyte
Corp.
.......................................
United
States
904
94,432
a
Insmed,
Inc.
.......................................
United
States
79
16,414
a
Natera,
Inc.
........................................
United
States
73
17,433
a
Neurocrine
Biosciences,
Inc.
...........................
United
States
190
28,910
Regeneron
Pharmaceuticals,
Inc.
.......................
United
States
101
78,799
a
Vertex
Pharmaceuticals,
Inc.
...........................
United
States
30
13,008
575,233
Broadline
Retail
3.3%
Alibaba
Group
Holding
Ltd.
............................
China
8,600
169,203
a
Amazon.com,
Inc.
...................................
United
States
3,335
777,789
eBay,
Inc.
.........................................
United
States
156
12,915
a
Etsy,
Inc.
..........................................
United
States
229
12,416
Next
plc
..........................................
United
Kingdom
50
9,352
Prosus
NV
........................................
China
768
48,418
a
Sea
Ltd.
,
ADR
......................................
Singapore
199
27,663
1,057,756
Building
Products
0.5%
Allegion
plc
........................................
United
States
81
13,448
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Equity
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Building
Products
(continued)
Cie
de
Saint-Gobain
SA
..............................
France
363
$
36,230
Johnson
Controls
International
plc
.......................
United
States
456
53,037
Trane
Technologies
plc
...............................
United
States
114
48,049
150,764
Capital
Markets
2.9%
3i
Group
plc
.......................................
United
Kingdom
808
33,787
Affiliated
Managers
Group,
Inc.
.........................
United
States
51
13,710
Ameriprise
Financial,
Inc.
.............................
United
States
28
12,761
Bank
of
New
York
Mellon
Corp.
(The)
....................
United
States
125
14,012
BlackRock,
Inc.
.....................................
United
States
31
32,466
Charles
Schwab
Corp.
(The)
...........................
United
States
750
69,548
CME
Group,
Inc.
....................................
United
States
203
57,136
Deutsche
Boerse
AG
.................................
Germany
108
28,868
b
Euronext
NV
,
144A
,
Reg
S
............................
Netherlands
96
14,711
Goldman
Sachs
Group,
Inc.
(The)
.......................
United
States
325
268,463
b
HDFC
Asset
Management
Co.
Ltd.
,
144A
,
Reg
S
...........
India
782
23,411
Hong
Kong
Exchanges
&
Clearing
Ltd.
...................
Hong
Kong
100
5,318
Interactive
Brokers
Group,
Inc.
,
A
.......................
United
States
198
12,874
Intercontinental
Exchange,
Inc.
.........................
United
States
82
12,899
Invesco
Ltd.
.......................................
United
States
549
13,423
Morgan
Stanley
.....................................
United
States
87
14,760
Nasdaq,
Inc.
.......................................
United
States
309
28,094
Northern
Trust
Corp.
.................................
United
States
102
13,397
Raymond
James
Financial,
Inc.
.........................
United
States
39
6,105
a
Robinhood
Markets,
Inc.
,
A
............................
United
States
106
13,620
State
Street
Corp.
...................................
United
States
1,243
147,942
UBS
Group
AG
.....................................
Switzerland
1,545
59,628
Virtu
Financial,
Inc.
,
A
................................
United
States
385
13,768
910,701
Chemicals
1.1%
Air
Liquide
SA
......................................
France
123
23,573
a
Axalta
Coating
Systems
Ltd.
...........................
United
States
469
14,131
CF
Industries
Holdings,
Inc.
...........................
United
States
788
62,016
Corteva,
Inc.
.......................................
United
States
705
47,566
DuPont
de
Nemours,
Inc.
.............................
United
States
495
19,686
Eastman
Chemical
Co.
...............................
United
States
182
11,298
Ecolab,
Inc.
........................................
United
States
50
13,758
Linde
plc
..........................................
United
States
30
12,310
Mosaic
Co.
(The)
...................................
United
States
502
12,294
NewMarket
Corp.
...................................
United
States
36
27,487
PPG
Industries,
Inc.
.................................
United
States
239
23,909
Sherwin-Williams
Co.
(The)
............................
United
States
106
36,431
Shin-Etsu
Chemical
Co.
Ltd.
...........................
Japan
1,100
32,938
a
Solstice
Advanced
Materials,
Inc.
.......................
United
States
345
16,450
353,847
Commercial
Services
&
Supplies
0.3%
Republic
Services,
Inc.
,
A
.............................
United
States
62
13,458
TOPPAN
Holdings,
Inc.
...............................
Japan
700
22,599
Veralto
Corp.
.......................................
United
States
127
12,855
Waste
Connections,
Inc.
..............................
United
States
100
17,655
Waste
Management,
Inc.
..............................
United
States
58
12,637
79,204
Communications
Equipment
0.8%
a
Arista
Networks,
Inc.
.................................
United
States
742
96,965
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Equity
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Communications
Equipment
(continued)
a
Ciena
Corp.
.......................................
United
States
97
$
19,808
Cisco
Systems,
Inc.
.................................
United
States
1,399
107,639
Telefonaktiebolaget
LM
Ericsson
,
B
......................
Sweden
1,558
15,034
Ubiquiti,
Inc.
.......................................
United
States
23
13,411
252,857
Construction
&
Engineering
0.4%
ACS
Actividades
de
Construccion
y
Servicios
SA
............
Spain
154
14,253
Comfort
Systems
USA,
Inc.
............................
United
States
15
14,654
Gamuda
Bhd.
......................................
Malaysia
25,376
32,879
Larsen
&
Toubro
Ltd.
.................................
India
595
27,126
Vinci
SA
..........................................
France
352
49,953
138,865
Construction
Materials
0.6%
CRH
plc
..........................................
United
States
438
52,543
Heidelberg
Materials
AG
..............................
Germany
16
4,108
Holcim
AG
........................................
United
States
460
43,153
UltraTech
Cement
Ltd.
...............................
India
361
46,937
Vulcan
Materials
Co.
.................................
United
States
110
32,696
179,437
Consumer
Finance
0.5%
Ally
Financial,
Inc.
...................................
United
States
326
13,464
American
Express
Co.
...............................
United
States
37
13,515
Capital
One
Financial
Corp.
...........................
United
States
533
116,764
SLM
Corp.
........................................
United
States
492
14,416
Synchrony
Financial
.................................
United
States
170
13,151
171,310
Consumer
Staples
Distribution
&
Retail
1.2%
a
BJ's
Wholesale
Club
Holdings,
Inc.
......................
United
States
202
18,025
Coles
Group
Ltd.
....................................
Australia
141
2,061
Costco
Wholesale
Corp.
..............................
United
States
14
12,790
Dollar
General
Corp.
.................................
United
States
122
13,358
a
Dollar
Tree,
Inc.
....................................
United
States
130
14,405
Koninklijke
Ahold
Delhaize
NV
..........................
Netherlands
808
33,450
a
Maplebear,
Inc.
.....................................
United
States
327
13,737
Marks
&
Spencer
Group
plc
...........................
United
Kingdom
362
1,667
Target
Corp.
.......................................
United
States
189
17,127
Tesco
plc
.........................................
United
Kingdom
3,049
18,183
Walmart,
Inc.
......................................
United
States
2,044
225,882
370,685
Containers
&
Packaging
0.2%
Avery
Dennison
Corp.
................................
United
States
75
12,928
Ball
Corp.
.........................................
United
States
257
12,729
Crown
Holdings,
Inc.
.................................
United
States
135
13,072
Packaging
Corp.
of
America
...........................
United
States
66
13,469
52,198
Diversified
Consumer
Services
0.1%
ADT,
Inc.
..........................................
United
States
1,585
13,076
a
Duolingo,
Inc.
,
A
....................................
United
States
39
7,465
20,541
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Equity
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Diversified
REITs
0.0%
†
WP
Carey,
Inc.
.....................................
United
States
182
$
12,261
Diversified
Telecommunication
Services
0.5%
AT&T,
Inc.
.........................................
United
States
2,583
67,210
Deutsche
Telekom
AG
................................
Germany
1,825
58,852
Telstra
Group
Ltd.
...................................
Australia
6,049
19,505
Verizon
Communications,
Inc.
..........................
United
States
321
13,196
158,763
Electric
Utilities
1.4%
American
Electric
Power
Co.,
Inc.
.......................
United
States
108
13,367
Constellation
Energy
Corp.
............................
United
States
119
43,359
Duke
Energy
Corp.
..................................
United
States
101
12,518
Edison
International
.................................
United
States
246
14,487
Eversource
Energy
..................................
United
States
178
11,958
Exelon
Corp.
.......................................
United
States
272
12,817
Iberdrola
SA
.......................................
Spain
811
17,118
Kansai
Electric
Power
Co.,
Inc.
(The)
....................
Japan
2,200
37,612
Korea
Electric
Power
Corp.
............................
South
Korea
1,570
56,458
NextEra
Energy,
Inc.
.................................
United
States
902
77,834
NRG
Energy,
Inc.
...................................
United
States
598
101,355
PG&E
Corp.
.......................................
United
States
778
12,541
PPL
Corp.
.........................................
United
States
891
32,878
444,302
Electrical
Equipment
1.3%
ABB
Ltd.
..........................................
Switzerland
782
56,276
AMETEK,
Inc.
......................................
United
States
63
12,467
GE
Vernova
T&D
India
Ltd.
............................
India
902
29,056
GE
Vernova,
Inc.
....................................
United
States
316
189,527
Harbin
Electric
Co.
Ltd.
,
H
.............................
China
18,000
33,006
Mitsubishi
Electric
Corp.
..............................
Japan
1,600
43,261
Nidec
Corp.
.......................................
Japan
600
7,572
Rockwell
Automation,
Inc.
.............................
United
States
37
14,647
Sieyuan
Electric
Co.
Ltd.
,
A
............................
China
1,100
22,356
Vertiv
Holdings
Co.
,
A
................................
United
States
101
18,153
426,321
Electronic
Equipment,
Instruments
&
Components
0.2%
Elite
Material
Co.
Ltd.
................................
Taiwan
1,000
48,854
Jabil,
Inc.
.........................................
United
States
64
13,486
62,340
Energy
Equipment
&
Services
0.3%
Halliburton
Co.
.....................................
United
States
480
12,585
TechnipFMC
plc
....................................
United
Kingdom
1,684
76,218
88,803
Entertainment
1.3%
a
Live
Nation
Entertainment,
Inc.
.........................
United
States
117
15,380
a
Netflix,
Inc.
........................................
United
States
2,647
284,764
Nexon
Co.
Ltd.
.....................................
Japan
300
7,306
Nintendo
Co.
Ltd.
...................................
Japan
100
8,476
a
ROBLOX
Corp.
,
A
...................................
United
States
561
53,312
a
Spotify
Technology
SA
................................
United
States
56
33,537
402,775
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Equity
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Financial
Services
2.2%
a
Aditya
Birla
Capital
Ltd.
...............................
India
7,923
$
31,823
Apollo
Global
Management,
Inc.
........................
United
States
284
37,445
a
Berkshire
Hathaway,
Inc.
,
B
............................
United
States
69
35,453
Corebridge
Financial,
Inc.
.............................
United
States
449
13,479
Equitable
Holdings,
Inc.
...............................
United
States
1,402
65,459
EXOR
NV
.........................................
Netherlands
180
15,165
a
Fiserv,
Inc.
........................................
United
States
107
6,577
Investor
AB
,
B
......................................
Sweden
1,447
49,271
Mastercard,
Inc.
,
A
..................................
United
States
621
341,879
MGIC
Investment
Corp.
...............................
United
States
443
12,559
PayPal
Holdings,
Inc.
................................
United
States
208
13,040
b
Poste
Italiane
SpA
,
144A
,
Reg
S
........................
Italy
173
4,141
Visa,
Inc.
,
A
........................................
United
States
188
62,875
689,166
Food
Products
0.4%
Ajinomoto
Co.,
Inc.
..................................
Japan
400
9,281
Archer-Daniels-Midland
Co.
...........................
United
States
209
12,695
Associated
British
Foods
plc
...........................
United
Kingdom
826
23,371
Ingredion,
Inc.
......................................
United
States
121
13,012
Nestle
SA
.........................................
United
States
121
12,035
Nissin
Foods
Holdings
Co.
Ltd.
.........................
Japan
200
3,629
Tyson
Foods,
Inc.
,
A
.................................
United
States
231
13,410
b
WH
Group
Ltd.
,
144A
,
Reg
S
..........................
Hong
Kong
36,000
37,701
125,134
Gas
Utilities
0.1%
National
Fuel
Gas
Co.
................................
United
States
161
13,275
Tokyo
Gas
Co.
Ltd.
..................................
Japan
500
20,265
33,540
Ground
Transportation
0.3%
Canadian
Pacific
Kansas
City
Ltd.
.......................
Canada
256
18,578
CSX
Corp.
........................................
United
States
356
12,588
JB
Hunt
Transport
Services,
Inc.
........................
United
States
81
14,091
a
Lyft,
Inc.
,
A
........................................
United
States
684
14,384
Norfolk
Southern
Corp.
...............................
United
States
45
13,144
a
Uber
Technologies,
Inc.
...............................
United
States
142
12,431
Union
Pacific
Corp.
..................................
United
States
59
13,678
98,894
Health
Care
Equipment
&
Supplies
1.1%
Abbott
Laboratories
..................................
United
States
100
12,890
Becton
Dickinson
&
Co.
...............................
United
States
218
42,296
BioMerieux
........................................
France
61
7,643
a
Boston
Scientific
Corp.
...............................
United
States
346
35,146
a
Dexcom,
Inc.
.......................................
United
States
225
14,281
a
Edwards
Lifesciences
Corp.
...........................
United
States
152
13,174
a
Hologic,
Inc.
.......................................
United
States
177
13,270
Hoya
Corp.
........................................
Japan
300
45,066
a
IDEXX
Laboratories,
Inc.
..............................
United
States
47
35,385
a
Insulet
Corp.
.......................................
United
States
41
13,415
a
Intuitive
Surgical,
Inc.
................................
United
States
77
44,158
Medtronic
plc
......................................
United
States
495
52,138
Olympus
Corp.
.....................................
Japan
1,500
20,168
349,030
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Equity
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Providers
&
Services
0.9%
Apollo
Hospitals
Enterprise
Ltd.
.........................
India
571
$
46,925
Cardinal
Health,
Inc.
.................................
United
States
64
13,585
Cencora,
Inc.
......................................
United
States
41
15,126
Cigna
Group
(The)
..................................
United
States
48
13,309
CVS
Health
Corp.
...................................
United
States
160
12,858
Fresenius
SE
&
Co.
KGaA
.............................
Germany
61
3,351
HCA
Healthcare,
Inc.
.................................
United
States
27
13,724
McKesson
Corp.
....................................
United
States
104
91,636
a
Tenet
Healthcare
Corp.
...............................
United
States
67
14,528
UnitedHealth
Group,
Inc.
..............................
United
States
178
58,699
Universal
Health
Services,
Inc.
,
B
.......................
United
States
59
14,374
298,115
Health
Care
REITs
0.0%
†
Omega
Healthcare
Investors,
Inc.
.......................
United
States
302
13,868
Health
Care
Technology
0.3%
a
Doximity,
Inc.
,
A
....................................
United
States
263
13,529
a
Veeva
Systems,
Inc.
,
A
...............................
United
States
382
91,791
105,320
Hotels,
Restaurants
&
Leisure
1.5%
a
Airbnb,
Inc.
,
A
......................................
United
States
772
90,316
Aristocrat
Leisure
Ltd.
................................
Australia
862
32,946
Booking
Holdings,
Inc.
...............................
United
States
6
29,488
Compass
Group
plc
.................................
United
Kingdom
953
29,964
a
DoorDash,
Inc.
,
A
...................................
United
States
481
95,416
a
Eternal
Ltd.
........................................
India
7,771
26,185
FDJ
United
........................................
France
66
1,860
Hilton
Worldwide
Holdings,
Inc.
.........................
United
States
256
72,968
Indian
Hotels
Co.
Ltd.
(The)
,
A
..........................
India
5,878
49,057
InterContinental
Hotels
Group
plc
.......................
United
Kingdom
79
10,488
Las
Vegas
Sands
Corp.
...............................
United
States
200
13,632
Starbucks
Corp.
....................................
United
States
275
23,955
476,275
Household
Durables
0.3%
a
Amber
Enterprises
India
Ltd.
...........................
India
130
10,468
Garmin
Ltd.
........................................
United
States
67
13,087
PulteGroup,
Inc.
....................................
United
States
517
65,757
89,312
Household
Products
0.8%
Colgate-Palmolive
Co.
...............................
United
States
1,788
143,737
Kimberly-Clark
Corp.
.................................
United
States
127
13,858
Procter
&
Gamble
Co.
(The)
...........................
United
States
439
65,042
Reckitt
Benckiser
Group
plc
...........................
United
Kingdom
272
21,080
Unilever
Indonesia
Tbk.
PT
............................
Indonesia
102,300
15,991
259,708
Independent
Power
and
Renewable
Electricity
Producers
0.3%
NTPC
Ltd.
.........................................
India
19,168
70,186
RWE
AG
..........................................
Germany
183
9,295
a
Talen
Energy
Corp.
..................................
United
States
36
14,194
Vistra
Corp.
........................................
United
States
74
13,235
106,910
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Equity
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Industrial
Conglomerates
0.4%
3M
Co.
...........................................
United
States
79
$
13,592
DCC
plc
..........................................
United
Kingdom
124
8,205
Honeywell
International,
Inc.
...........................
United
States
247
47,471
Samsung
C&T
Corp.
.................................
South
Korea
313
48,064
Sekisui
Chemical
Co.
Ltd.
.............................
Japan
500
8,521
Siemens
AG
.......................................
Germany
11
2,917
Smiths
Group
plc
...................................
United
Kingdom
367
11,881
140,651
Industrial
REITs
0.1%
Prologis,
Inc.
.......................................
United
States
263
33,803
Insurance
2.2%
Aflac,
Inc.
.........................................
United
States
117
12,906
Allianz
SE
.........................................
Germany
127
54,820
Allstate
Corp.
(The)
..................................
United
States
280
59,634
American
International
Group,
Inc.
......................
United
States
625
47,600
AXA
SA
...........................................
France
82
3,705
Axis
Capital
Holdings
Ltd.
.............................
United
States
351
35,886
a
Brighthouse
Financial,
Inc.
............................
United
States
200
13,110
Chubb
Ltd.
........................................
United
States
44
13,032
Dai-ichi
Life
Holdings,
Inc.
.............................
Japan
700
5,461
Everest
Group
Ltd.
..................................
United
States
40
12,572
Globe
Life,
Inc.
.....................................
United
States
228
30,719
Hanover
Insurance
Group,
Inc.
(The)
.....................
United
States
75
13,916
MetLife,
Inc.
.......................................
United
States
779
59,640
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
Germany
82
51,678
Old
Republic
International
Corp.
........................
United
States
303
13,968
PICC
Property
&
Casualty
Co.
Ltd.
,
H
....................
China
36,000
81,881
Powszechny
Zaklad
Ubezpieczen
SA
....................
Poland
1,494
25,761
Primerica,
Inc.
......................................
United
States
51
13,123
Progressive
Corp.
(The)
..............................
United
States
57
13,041
Prudential
Financial,
Inc.
..............................
United
States
117
12,665
QBE
Insurance
Group
Ltd.
............................
Australia
442
5,574
a
Rasan
Information
Technology
Co.
......................
Saudi
Arabia
1,145
35,497
Reinsurance
Group
of
America,
Inc.
.....................
United
States
65
12,342
RenaissanceRe
Holdings
Ltd.
..........................
United
States
49
12,797
Talanx
AG
.........................................
Germany
146
18,972
Travelers
Cos.,
Inc.
(The)
.............................
United
States
46
13,472
Unipol
Assicurazioni
SpA
..............................
Italy
148
3,399
Unum
Group
.......................................
United
States
173
13,143
Zurich
Insurance
Group
AG
............................
Switzerland
30
21,570
711,884
Interactive
Media
&
Services
6.1%
Alphabet,
Inc.
,
A
....................................
United
States
2,719
870,569
Alphabet,
Inc.
,
C
....................................
United
States
547
175,106
LY
Corp.
..........................................
Japan
7,200
19,337
Meta
Platforms,
Inc.
,
A
...............................
United
States
789
511,232
a
Reddit,
Inc.
,
A
......................................
United
States
64
13,854
Tencent
Holdings
Ltd.
................................
China
4,500
355,552
1,945,650
IT
Services
0.5%
Accenture
plc
,
A
....................................
United
States
199
49,750
Coforge
Ltd.
.......................................
India
1,059
22,706
Fujitsu
Ltd.
........................................
Japan
200
5,306
a
GoDaddy,
Inc.
,
A
....................................
United
States
99
12,658
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Equity
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
IT
Services
(continued)
a
International
Business
Machines
Corp.
...................
United
States
43
$
13,269
NEC
Corp.
........................................
Japan
300
11,335
a
Snowflake,
Inc.
,
A
...................................
United
States
145
36,430
VeriSign,
Inc.
......................................
United
States
51
12,852
164,306
Leisure
Products
0.2%
Bandai
Namco
Holdings,
Inc.
..........................
Japan
1,300
38,148
Hasbro,
Inc.
.......................................
United
States
167
13,794
51,942
Life
Sciences
Tools
&
Services
0.4%
Lonza
Group
AG
....................................
Switzerland
34
23,339
a
Medpace
Holdings,
Inc.
...............................
United
States
22
13,034
Thermo
Fisher
Scientific,
Inc.
..........................
United
States
124
73,263
b
WuXi
AppTec
Co.
Ltd.
,
H
,
144A
,
Reg
S
...................
China
1,990
26,001
135,637
Machinery
1.4%
Allison
Transmission
Holdings,
Inc.
......................
United
States
155
13,742
Caterpillar,
Inc.
.....................................
United
States
330
190,001
Cummins,
Inc.
......................................
United
States
32
15,935
Deere
&
Co.
.......................................
United
States
27
12,541
GEA
Group
AG
.....................................
Germany
265
17,956
Graco,
Inc.
........................................
United
States
157
12,943
Ingersoll
Rand,
Inc.
..................................
United
States
417
33,502
Kawasaki
Heavy
Industries
Ltd.
.........................
Japan
100
6,334
Komatsu
Ltd.
......................................
Japan
300
9,855
Lincoln
Electric
Holdings,
Inc.
..........................
United
States
57
13,648
Mitsubishi
Heavy
Industries
Ltd.
........................
Japan
300
7,599
Otis
Worldwide
Corp.
................................
United
States
266
23,634
Parker-Hannifin
Corp.
................................
United
States
16
13,787
Pentair
plc
........................................
United
States
113
11,892
Rational
AG
.......................................
Germany
4
2,990
a
Samsung
Heavy
Industries
Co.
Ltd.
......................
South
Korea
1,605
26,910
Schindler
Holding
AG
................................
Switzerland
69
24,669
437,938
Marine
Transportation
0.0%
†
SITC
International
Holdings
Co.
Ltd.
.....................
China
4,000
13,753
Media
0.1%
a
Charter
Communications,
Inc.
,
A
........................
United
States
66
13,208
Comcast
Corp.
,
A
...................................
United
States
923
24,635
Informa
plc
........................................
United
Kingdom
659
8,380
46,223
Metals
&
Mining
1.1%
Anglogold
Ashanti
plc
................................
Australia
558
47,577
ArcelorMittal
SA
....................................
Luxembourg
202
8,754
BHP
Group
Ltd.
,
(
AUD
Traded)
.........................
Australia
2,074
56,751
BHP
Group
Ltd.
,
(
GBP
Traded)
.........................
Australia
100
2,738
a
Boliden
AB
........................................
Sweden
103
4,943
Fortescue
Ltd.
......................................
Australia
2,966
41,686
Freeport-McMoRan,
Inc.
..............................
United
States
1,277
54,885
Glencore
plc
.......................................
Australia
3,289
15,722
Norsk
Hydro
ASA
...................................
Norway
970
6,953
Rio
Tinto
plc
.......................................
Australia
417
29,942
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Equity
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Metals
&
Mining
(continued)
Southern
Copper
Corp.
...............................
Mexico
99
$
13,343
Zijin
Mining
Group
Co.
Ltd.
,
H
..........................
China
14,000
55,672
338,966
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.0%
†
Rithm
Capital
Corp.
..................................
United
States
1,187
13,639
Multi-Utilities
0.4%
Consolidated
Edison,
Inc.
.............................
United
States
130
13,047
DTE
Energy
Co.
....................................
United
States
93
12,744
E.ON
SE
..........................................
Germany
1,422
25,329
Engie
SA
.........................................
France
1,818
46,261
Public
Service
Enterprise
Group,
Inc.
....................
United
States
154
12,862
110,243
Office
REITs
0.1%
Vornado
Realty
Trust
.................................
United
States
617
22,718
Oil,
Gas
&
Consumable
Fuels
2.2%
Antero
Midstream
Corp.
..............................
United
States
707
12,733
Cheniere
Energy,
Inc.
................................
United
States
530
110,484
Chevron
Corp.
.....................................
United
States
85
12,846
ConocoPhillips
.....................................
United
States
479
42,482
ENEOS
Holdings,
Inc.
................................
Japan
3,300
21,748
Eni
SpA
..........................................
Italy
360
6,731
Equinor
ASA
.......................................
Norway
1,442
33,160
Exxon
Mobil
Corp.
...................................
United
States
815
94,475
HF
Sinclair
Corp.
...................................
United
States
233
12,328
Inpex
Corp.
........................................
Japan
2,100
44,793
Kinder
Morgan,
Inc.
..................................
United
States
462
12,622
Marathon
Petroleum
Corp.
............................
United
States
72
13,949
PetroChina
Co.
Ltd.
,
H
...............................
China
80,000
89,409
Repsol
SA
.........................................
Spain
500
9,265
Shell
plc
,
(
EUR
Traded)
...............................
United
States
1,074
39,604
Shell
plc
,
(
GBP
Traded)
...............................
United
States
234
8,600
TotalEnergies
SE
...................................
France
912
59,998
Valero
Energy
Corp.
.................................
United
States
291
51,437
Williams
Cos.,
Inc.
(The)
..............................
United
States
204
12,430
689,094
Passenger
Airlines
0.5%
Delta
Air
Lines,
Inc.
..................................
United
States
213
13,653
International
Consolidated
Airlines
Group
SA
...............
United
Kingdom
1,810
9,520
Qantas
Airways
Ltd.
.................................
Australia
4,728
30,945
Ryanair
Holdings
plc
.................................
Italy
1,341
43,909
Southwest
Airlines
Co.
...............................
United
States
1,376
47,899
a
United
Airlines
Holdings,
Inc.
...........................
United
States
137
13,969
159,895
Personal
Care
Products
0.2%
a
APR
Corp.
........................................
South
Korea
134
23,280
Estee
Lauder
Cos.,
Inc.
(The)
,
A
........................
United
States
148
13,923
Unilever
plc
........................................
United
Kingdom
407
24,488
61,691
Pharmaceuticals
3.5%
AstraZeneca
plc
....................................
United
Kingdom
60
11,124
AstraZeneca
plc
,
ADR
................................
United
Kingdom
519
48,122
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Equity
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Pharmaceuticals
(continued)
Bristol-Myers
Squibb
Co.
..............................
United
States
1,292
$
63,566
Chugai
Pharmaceutical
Co.
Ltd.
........................
Japan
400
21,419
a
Corcept
Therapeutics,
Inc.
............................
United
States
167
13,260
Daiichi
Sankyo
Co.
Ltd.
...............................
Japan
1,500
36,971
Eli
Lilly
&
Co.
......................................
United
States
177
190,358
Galderma
Group
AG
.................................
Switzerland
153
30,545
GSK
plc
..........................................
United
States
945
22,487
Ipsen
SA
..........................................
France
69
9,962
Johnson
&
Johnson
.................................
United
States
902
186,642
Merck
&
Co.,
Inc.
...................................
United
States
2,086
218,675
Novartis
AG
.......................................
United
States
643
83,886
Novo
Nordisk
A/S
,
ADR
...............................
Denmark
564
27,833
Novo
Nordisk
A/S
,
B
.................................
Denmark
653
32,339
Otsuka
Holdings
Co.
Ltd.
.............................
Japan
300
16,991
Pfizer,
Inc.
.........................................
United
States
533
13,719
Roche
Holding
AG
..................................
United
States
22
8,428
Sanofi
SA
.........................................
United
States
742
74,005
1,110,332
Professional
Services
0.8%
Automatic
Data
Processing,
Inc.
........................
United
States
573
146,287
Broadridge
Financial
Solutions,
Inc.
......................
United
States
55
12,545
Experian
plc
.......................................
United
States
125
5,493
Leidos
Holdings,
Inc.
.................................
United
States
70
13,377
a
Paylocity
Holding
Corp.
...............................
United
States
86
12,670
Recruit
Holdings
Co.
Ltd.
.............................
Japan
700
35,803
Verisk
Analytics,
Inc.
,
A
...............................
United
States
60
13,504
239,679
Real
Estate
Management
&
Development
0.3%
a
CBRE
Group,
Inc.
,
A
.................................
United
States
318
51,462
Emaar
Properties
PJSC
..............................
United
Arab
Emirates
10,483
37,981
89,443
Residential
REITs
0.2%
Camden
Property
Trust
...............................
United
States
127
13,505
Equity
Residential
...................................
United
States
208
12,844
Invitation
Homes,
Inc.
................................
United
States
456
12,859
Mid-America
Apartment
Communities,
Inc.
................
United
States
98
13,317
Sun
Communities,
Inc.
...............................
United
States
98
12,627
65,152
Retail
REITs
0.3%
Brixmor
Property
Group,
Inc.
...........................
United
States
494
12,913
Simon
Property
Group,
Inc.
............................
United
States
495
92,229
105,142
Semiconductors
&
Semiconductor
Equipment
10.9%
a
Advanced
Micro
Devices,
Inc.
..........................
United
States
314
68,304
Applied
Materials,
Inc.
................................
United
States
57
14,378
ASML
Holding
NV
...................................
Netherlands
106
112,111
a
Astera
Labs,
Inc.
....................................
United
States
91
14,339
Broadcom,
Inc.
.....................................
United
States
1,359
547,623
a
Cirrus
Logic,
Inc.
....................................
United
States
106
12,756
King
Yuan
Electronics
Co.
Ltd.
.........................
Taiwan
7,000
51,272
KLA
Corp.
.........................................
United
States
12
14,106
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Equity
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
15
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
Lam
Research
Corp.
.................................
United
States
1,419
$
221,364
Marvell
Technology,
Inc.
..............................
United
States
387
34,598
Micron
Technology,
Inc.
...............................
United
States
67
15,844
NAURA
Technology
Group
Co.
Ltd.
,
A
....................
China
640
38,885
NVIDIA
Corp.
......................................
United
States
8,189
1,449,453
Qnity
Electronics,
Inc.
................................
United
States
164
13,299
QUALCOMM,
Inc.
...................................
United
States
1,283
215,660
Renesas
Electronics
Corp.
............................
Japan
1,600
18,868
SCREEN
Holdings
Co.
Ltd.
............................
Japan
300
24,743
SK
Hynix,
Inc.
......................................
South
Korea
170
61,577
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.............
Taiwan
11,000
507,170
3,436,350
Software
6.0%
a
Adobe,
Inc.
........................................
United
States
572
183,114
a
AppLovin
Corp.
,
A
...................................
United
States
51
30,573
a
Atlassian
Corp.
,
A
...................................
United
States
86
12,859
a
Autodesk,
Inc.
......................................
United
States
331
100,406
a
Cadence
Design
Systems,
Inc.
.........................
United
States
190
59,250
a
Crowdstrike
Holdings,
Inc.
,
A
...........................
United
States
27
13,747
a
DocuSign,
Inc.
,
A
...................................
United
States
190
13,177
a
Dropbox,
Inc.
,
A
....................................
United
States
447
13,356
a
Fortinet,
Inc.
.......................................
United
States
78
6,328
a
Guidewire
Software,
Inc.
..............................
United
States
58
12,527
Intuit,
Inc.
.........................................
United
States
20
12,682
a
Manhattan
Associates,
Inc.
............................
United
States
73
12,881
Microsoft
Corp.
.....................................
United
States
2,350
1,156,224
a
Nice
Ltd.
..........................................
Israel
125
13,215
Oracle
Corp.
.......................................
United
States
122
24,638
Oracle
Corp.
Japan
..................................
Japan
100
8,601
a
Palantir
Technologies,
Inc.
,
A
...........................
United
States
134
22,572
Pegasystems,
Inc.
...................................
United
States
220
12,049
a
RingCentral,
Inc.
,
A
..................................
United
States
485
13,696
a
Rubrik,
Inc.
,
A
......................................
United
States
623
43,186
Salesforce,
Inc.
.....................................
United
States
54
12,449
SAP
SE
..........................................
Germany
155
37,419
a
ServiceNow,
Inc.
....................................
United
States
61
49,557
a
Workday,
Inc.
,
A
....................................
United
States
54
11,643
a
Zoom
Communications,
Inc.
,
A
.........................
United
States
156
13,254
a
Zscaler,
Inc.
.......................................
United
States
43
10,815
1,900,218
Specialized
REITs
0.4%
American
Tower
Corp.
................................
United
States
399
72,327
EPR
Properties
.....................................
United
States
255
13,329
Public
Storage
.....................................
United
States
47
12,903
VICI
Properties,
Inc.
,
A
...............................
United
States
414
11,931
110,490
Specialty
Retail
0.9%
a
AutoZone,
Inc.
.....................................
United
States
3
11,863
Avolta
AG
.........................................
Switzerland
92
5,071
a
Chewy,
Inc.
,
A
......................................
United
States
390
13,560
Home
Depot,
Inc.
(The)
...............................
United
States
36
12,849
JUMBO
SA
........................................
Greece
251
7,969
Ross
Stores,
Inc.
...................................
United
States
84
14,814
TJX
Cos.,
Inc.
(The)
.................................
United
States
1,247
189,444
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Equity
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Specialty
Retail
(continued)
a
Ulta
Beauty,
Inc.
....................................
United
States
24
$
12,932
268,502
Technology
Hardware,
Storage
&
Peripherals
5.4%
Apple,
Inc.
........................................
United
States
4,958
1,382,538
Asia
Vital
Components
Co.
Ltd.
.........................
Taiwan
1,000
44,024
a
Pure
Storage,
Inc.
,
A
.................................
United
States
154
13,700
Samsung
Electronics
Co.
Ltd.
..........................
South
Korea
2,795
191,969
a
Sandisk
Corp.
......................................
United
States
88
19,649
Seagate
Technology
Holdings
plc
.......................
United
States
140
38,736
a,b
Xiaomi
Corp.
,
B
,
144A
,
Reg
S
..........................
China
3,449
18,334
1,708,950
Textiles,
Apparel
&
Luxury
Goods
0.3%
Asics
Corp.
........................................
Japan
500
11,976
Hermes
International
SCA
.............................
France
10
24,404
a
Lululemon
Athletica,
Inc.
..............................
United
States
40
7,367
LVMH
Moet
Hennessy
Louis
Vuitton
SE
..................
France
9
6,652
Pandora
A/S
.......................................
Denmark
161
19,266
Tapestry,
Inc.
......................................
United
States
129
14,097
83,762
Tobacco
0.8%
Imperial
Brands
plc
..................................
United
Kingdom
1,004
42,651
Philip
Morris
International,
Inc.
.........................
United
States
1,249
196,692
239,343
Trading
Companies
&
Distributors
0.4%
Bunzl
plc
..........................................
United
Kingdom
131
3,753
Mitsubishi
Corp.
....................................
Japan
1,100
26,044
Mitsui
&
Co.
Ltd.
....................................
Japan
1,900
50,476
United
Rentals,
Inc.
..................................
United
States
42
34,238
114,511
Transportation
Infrastructure
0.2%
b
Aena
SME
SA
,
144A
,
Reg
S
...........................
Spain
673
18,329
International
Container
Terminal
Services,
Inc.
..............
Philippines
6,480
59,985
78,314
Water
Utilities
0.2%
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
..
Brazil
2,400
63,392
Wireless
Telecommunication
Services
1.1%
Bharti
Airtel
Ltd.
....................................
India
4,085
96,374
Etihad
Etisalat
Co.
..................................
Saudi
Arabia
2,515
41,465
Far
EasTone
Telecommunications
Co.
Ltd.
................
Taiwan
9,000
25,277
KDDI
Corp.
........................................
Japan
1,900
32,688
MTN
Group
Ltd.
....................................
South
Africa
3,205
29,623
TIM
SA
...........................................
Brazil
14,800
69,538
T-Mobile
US,
Inc.
...................................
United
States
211
44,101
339,066
Total
Common
Stocks
(Cost
$
18,069,391
)
....................................
27,201,050
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Equity
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
17
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Management
Investment
Companies
2.2%
Capital
Markets
2.2%
iShares
Core
MSCI
Emerging
Markets
ETF
................
United
States
2,700
$
181,170
iShares
MSCI
Taiwan
ETF
............................
United
States
785
50,640
SPDR
S&P
500
ETF
Trust
.............................
United
States
548
374,498
SPDR
S&P
MidCap
400
ETF
Trust
......................
United
States
84
50,860
Xtrackers
Harvest
CSI
300
China
A-Shares
ETF
............
United
States
1,234
40,204
697,372
Total
Management
Investment
Companies
(Cost
$
640,097
)
.....................
697,372
Preferred
Stocks
0.2%
Banks
0.2%
c
Itau
Unibanco
Holding
SA
,
6
.89
%
.......................
Brazil
10,100
78,751
Total
Preferred
Stocks
(Cost
$
67,595
)
........................................
78,751
Total
Long
Term
Investments
(Cost
$
18,777,083
)
..............................
27,977,173
a
Short
Term
Investments
12.0%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
1.3%
d,e
U.S.
Treasury
Bills
,
3
.74
%
,
1/20/26
......................
United
States
400,000
397,889
Total
U.S.
Government
and
Agency
Securities
(Cost
$
397,904
)
..................
397,889
Shares
Management
Investment
Companies
6.3%
f,g
Putnam
Short
Term
Investment
Fund
,
Class
P
,
4.194
%
.......
United
States
2,004,386
2,004,386
Total
Management
Investment
Companies
(Cost
$
2,004,386
)
...................
2,004,386
Money
Market
Funds
4.4%
f,g
Putnam
Government
Money
Market
Fund
,
Class
G
,
3.827
%
...
United
States
1,385,266
1,385,266
Total
Money
Market
Funds
(Cost
$
1,385,266
)
.................................
1,385,266
Total
Short
Term
Investments
(Cost
$
3,787,556
)
...............................
3,787,541
a
Total
Investments
(Cost
$
22,564,639
)
100.3
%
.................................
$31,764,714
Other
Assets,
less
Liabilities
(
0.3
)
%
.........................................
(89,398)
Net
Assets
100.0%
.........................................................
$31,675,316
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
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
November
30,
2025,
the
aggregate
value
of
these
securities
was
$142,628,
representing
0.5%
of
net
assets.
c
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Equity
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
At
November
30,
2025,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Note
1(c).
d
The
rate
shown
represents
the
yield
at
period
end.
e
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
certain
derivative
contracts.
At
November
30,
2025,
the
value
of
this
security
pledged
amounted
to
$343,179,
representing
1.1%
of
net
assets.
f
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
British
Pound
......
BZWS
Buy
600
813
12/17/25
$
-
$
(
19
)
British
Pound
......
GSCO
Sell
58,800
78,948
12/17/25
1,115
-
British
Pound
......
HSBK
Buy
9,000
12,105
12/17/25
-
(
192
)
British
Pound
......
HSBK
Sell
12,200
16,215
12/17/25
165
(
99
)
British
Pound
......
MSCO
Sell
26,600
36,067
12/17/25
857
(
2
)
British
Pound
......
SSBT
Buy
14,900
20,205
12/17/25
-
(
482
)
British
Pound
......
TDOM
Buy
18,600
24,254
12/17/25
367
-
Danish
Krone
......
BOFA
Buy
110,700
17,506
12/17/25
-
(
289
)
Danish
Krone
......
BZWS
Sell
28,700
4,538
12/17/25
74
-
Danish
Krone
......
CITI
Sell
44,900
7,074
12/17/25
99
(
7
)
Danish
Krone
......
HSBK
Buy
8,900
1,407
12/17/25
-
(
23
)
Danish
Krone
......
HSBK
Sell
8,800
1,391
12/17/25
23
-
Danish
Krone
......
MSCO
Sell
25,300
4,000
12/17/25
65
-
Danish
Krone
......
SSBT
Sell
41,400
6,545
12/17/25
106
-
Danish
Krone
......
UBSW
Buy
30,200
4,775
12/17/25
-
(
78
)
Euro
.............
BOFA
Buy
1,900
2,212
12/17/25
-
(
5
)
Euro
.............
BOFA
Sell
8,500
10,024
12/17/25
153
-
Euro
.............
BZWS
Buy
100
116
12/17/25
-
-
Euro
.............
BZWS
Sell
19,200
22,643
12/17/25
345
-
Euro
.............
CITI
Buy
1,200
1,410
12/17/25
-
(
16
)
Euro
.............
GSCO
Buy
98,600
116,278
12/17/25
-
(
1,770
)
Euro
.............
GSCO
Sell
19,700
22,664
12/17/25
-
(
214
)
Euro
.............
HSBK
Buy
3,900
4,526
12/17/25
3
-
Euro
.............
HSBK
Sell
1,600
1,887
12/17/25
29
-
Euro
.............
JPHQ
Buy
8,700
10,171
12/17/25
-
(
67
)
Euro
.............
MSCO
Buy
140,400
165,538
12/17/25
-
(
2,487
)
Euro
.............
SSBT
Sell
29,500
34,342
12/17/25
220
(
137
)
Euro
.............
TDOM
Buy
1,000
1,178
12/17/25
-
(
17
)
Hungarian
Forint
....
BOFA
Sell
3,954,800
11,735
12/17/25
-
(
287
)
Hungarian
Forint
....
CITI
Sell
3,520,600
10,383
12/17/25
-
(
318
)
Hungarian
Forint
....
GSCO
Sell
2,841,400
8,548
12/17/25
-
(
89
)
Hungarian
Forint
....
SSBT
Sell
2,054,100
6,112
12/17/25
-
(
132
)
Hungarian
Forint
....
TDOM
Sell
1,433,300
4,267
12/17/25
-
(
90
)
Norwegian
Krone
...
BOFA
Sell
7,100
690
12/17/25
-
(
11
)
Norwegian
Krone
...
BZWS
Sell
66,100
6,688
12/17/25
155
-
Norwegian
Krone
...
CITI
Buy
8,700
873
12/17/25
-
(
13
)
Norwegian
Krone
...
HSBK
Sell
22,100
2,236
12/17/25
52
-
Norwegian
Krone
...
JPHQ
Sell
152,500
15,429
12/17/25
357
-
Norwegian
Krone
...
MSCO
Sell
43,200
4,372
12/17/25
103
-
Norwegian
Krone
...
SSBT
Sell
2,700
273
12/17/25
6
-
Norwegian
Krone
...
UBSW
Sell
55,400
5,607
12/17/25
132
-
Polish
Zloty
........
BOFA
Buy
3,400
934
12/17/25
-
(
3
)
Polish
Zloty
........
CITI
Sell
34,200
9,363
12/17/25
-
(
7
)
Polish
Zloty
........
GSCO
Buy
6,800
1,868
12/17/25
-
(
5
)
Polish
Zloty
........
GSCO
Sell
42,600
11,671
12/17/25
-
(
1
)
Polish
Zloty
........
HSBK
Buy
6,000
1,649
12/17/25
-
(
5
)
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Equity
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
19
Forward
Exchange
Contracts
(continued)
Currency
Counter-
party
a
Type
Quantity
Contract
Amount*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
(continued)
Polish
Zloty
........
HSBK
Sell
17,200
4,717
12/17/25
$
4
$
-
Polish
Zloty
........
MSCO
Buy
1,200
330
12/17/25
-
(
1
)
Polish
Zloty
........
SSBT
Buy
26,700
7,347
12/17/25
-
(
32
)
Polish
Zloty
........
UBSW
Buy
24,000
6,603
12/17/25
-
(
28
)
Swedish
Krona
.....
BOFA
Buy
33,400
3,608
12/17/25
-
(
67
)
Swedish
Krona
.....
BZWS
Buy
16,300
1,761
12/17/25
-
(
32
)
Swedish
Krona
.....
BZWS
Sell
10,500
1,097
12/17/25
-
(
16
)
Swedish
Krona
.....
CITI
Buy
13,200
1,410
12/17/25
-
(
10
)
Swedish
Krona
.....
HSBK
Buy
209,600
22,638
12/17/25
-
(
417
)
Swedish
Krona
.....
MSCO
Sell
42,800
4,615
12/17/25
78
-
Swedish
Krona
.....
SSBT
Buy
208,100
22,440
12/17/25
-
(
377
)
Swedish
Krona
.....
TDOM
Buy
301,200
32,283
12/17/25
82
(
433
)
Swiss
Franc
.......
BOFA
Buy
19,600
24,862
12/17/25
-
(
409
)
Swiss
Franc
.......
GSCO
Buy
1,600
1,989
12/17/25
8
-
Swiss
Franc
.......
GSCO
Sell
7,800
9,803
12/17/25
88
(
17
)
Swiss
Franc
.......
MSCO
Buy
29,900
37,973
12/17/25
-
(
670
)
Swiss
Franc
.......
MSCO
Sell
30,900
38,299
12/17/25
24
(
276
)
Swiss
Franc
.......
SSBT
Buy
33,900
43,043
12/17/25
-
(
749
)
Swiss
Franc
.......
SSBT
Sell
2,100
2,653
12/17/25
33
-
Swiss
Franc
.......
TDOM
Buy
6,900
8,763
12/17/25
-
(
155
)
Swiss
Franc
.......
UBSW
Sell
700
889
12/17/25
16
-
Brazilian
Real
......
BOFA
Buy
6,800
1,245
1/05/26
19
-
Brazilian
Real
......
BOFA
Sell
435,500
79,704
1/05/26
-
(
1,256
)
Brazilian
Real
......
GSCO
Buy
49,200
9,005
1/05/26
141
-
Australian
Dollar
....
CITI
Buy
26,300
17,070
1/14/26
166
-
Australian
Dollar
....
CITI
Sell
5,100
3,285
1/14/26
-
(
57
)
Australian
Dollar
....
GSCO
Buy
6,800
4,438
1/14/26
19
-
Australian
Dollar
....
HSBK
Buy
46,400
30,147
1/14/26
261
-
Australian
Dollar
....
MSCO
Buy
15,400
10,051
1/14/26
42
-
Australian
Dollar
....
SSBT
Sell
10,100
6,568
1/14/26
-
(
51
)
Australian
Dollar
....
TDOM
Buy
20,400
13,273
1/14/26
96
-
Australian
Dollar
....
UBSW
Buy
18,000
11,686
1/14/26
111
-
Australian
Dollar
....
WPAC
Buy
1,900
1,241
1/14/26
4
-
Canadian
Dollar
....
TDOM
Sell
7,100
5,082
1/14/26
-
(
11
)
Canadian
Dollar
....
UBSW
Sell
16,800
12,048
1/14/26
-
(
1
)
Israeli
New
Shekel
..
BZWS
Sell
12,600
3,827
1/14/26
-
(
44
)
Israeli
New
Shekel
..
GSCO
Sell
6,400
1,951
1/14/26
-
(
15
)
Israeli
New
Shekel
..
HSBK
Buy
4,600
1,398
1/14/26
15
-
Israeli
New
Shekel
..
MSCO
Sell
4,100
1,249
1/14/26
-
(
10
)
Israeli
New
Shekel
..
SSBT
Sell
8,500
2,584
1/14/26
-
(
28
)
Israeli
New
Shekel
..
UBSW
Sell
10,400
3,159
1/14/26
-
(
36
)
Mexican
Peso
......
BOFA
Buy
83,300
4,447
1/14/26
84
-
Mexican
Peso
......
GSCO
Buy
376,000
20,192
1/14/26
258
-
Mexican
Peso
......
MSCO
Sell
35,400
1,901
1/14/26
-
(
24
)
Mexican
Peso
......
UBSW
Buy
54,700
2,921
1/14/26
54
-
New
Zealand
Dollar
.
BZWS
Sell
1,900
1,092
1/14/26
-
-
New
Zealand
Dollar
.
HSBK
Sell
300
172
1/14/26
-
-
New
Zealand
Dollar
.
MSCO
Buy
4,300
2,474
1/14/26
-
(
1
)
South
African
Rand
..
BOFA
Buy
315,900
18,006
1/14/26
394
-
South
African
Rand
..
BZWS
Buy
1,151,600
66,748
1/14/26
328
-
South
African
Rand
..
GSCO
Buy
215,500
12,373
1/14/26
179
-
South
African
Rand
..
HSBK
Buy
575,100
32,800
1/14/26
697
-
South
African
Rand
..
MSCO
Sell
448,800
25,779
1/14/26
-
(
362
)
South
African
Rand
..
SSBT
Sell
313,800
17,873
1/14/26
-
(
405
)
South
African
Rand
..
TDOM
Buy
60,100
3,452
1/14/26
49
-
South
African
Rand
..
UBSW
Buy
21,800
1,241
1/14/26
29
-
Chinese
Yuan
......
CITI
Buy
141,400
20,028
2/11/26
66
-
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Equity
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
Forward
Exchange
Contracts
(continued)
Currency
Counter-
party
a
Type
Quantity
Contract
Amount*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
(continued)
Chinese
Yuan
......
HSBK
Buy
346,900
49,135
2/11/26
$
161
$
-
Chinese
Yuan
......
JPHQ
Buy
91,600
12,976
2/11/26
41
-
Hong
Kong
Dollar
...
BOFA
Buy
66,100
8,518
2/11/26
-
(
10
)
Hong
Kong
Dollar
...
BZWS
Sell
28,300
3,647
2/11/26
4
-
Hong
Kong
Dollar
...
CITI
Buy
38,200
4,923
2/11/26
-
(
6
)
Hong
Kong
Dollar
...
GSCO
Buy
629,600
81,136
2/11/26
-
(
96
)
Hong
Kong
Dollar
...
HSBK
Buy
125,300
16,133
2/11/26
-
(
5
)
Hong
Kong
Dollar
...
HSBK
Sell
377,500
48,645
2/11/26
55
-
Hong
Kong
Dollar
...
MSCO
Sell
95,900
12,357
2/11/26
14
-
Hong
Kong
Dollar
...
SSBT
Buy
319,500
41,176
2/11/26
-
(
52
)
Hong
Kong
Dollar
...
TDOM
Sell
132,600
17,089
2/11/26
21
-
Hong
Kong
Dollar
...
UBSW
Sell
170,000
21,906
2/11/26
25
-
Indian
Rupee
......
GSCO
Sell
1,561,000
17,520
2/11/26
122
-
New
Taiwan
Dollar
..
BZWS
Buy
1,432,100
45,923
2/11/26
-
(
163
)
New
Taiwan
Dollar
..
HSBK
Sell
2,407,100
79,233
2/11/26
2,319
-
New
Taiwan
Dollar
..
SSBT
Buy
2,094,900
68,843
2/11/26
-
(
1,905
)
Singapore
Dollar
....
HSBK
Buy
27,700
21,466
2/11/26
23
-
Singapore
Dollar
....
MSCO
Buy
7,500
5,794
2/11/26
24
-
Singapore
Dollar
....
SSBT
Buy
18,100
13,984
2/11/26
57
-
South
Korean
Won
..
GSCO
Buy
45,313,400
31,323
2/11/26
-
(
337
)
South
Korean
Won
..
JPHQ
Sell
19,291,200
13,327
2/11/26
136
-
Thai
Baht
.........
UBSW
Buy
839,300
25,998
2/11/26
213
-
Japanese
Yen
......
BOFA
Buy
695,000
4,539
2/12/26
-
(
58
)
Japanese
Yen
......
BZWS
Sell
377,500
2,466
2/12/26
32
-
Japanese
Yen
......
CITI
Sell
5,589,400
36,503
2/12/26
468
-
Japanese
Yen
......
GSCO
Sell
47,800
312
2/12/26
4
-
Japanese
Yen
......
HSBK
Sell
2,723,200
17,785
2/12/26
229
-
Japanese
Yen
......
JPHQ
Buy
6,877,500
44,918
2/12/26
-
(
578
)
Japanese
Yen
......
MSCO
Buy
2,719,300
17,672
2/12/26
-
(
140
)
Japanese
Yen
......
MSCO
Sell
143,500
925
2/12/26
-
(
1
)
Japanese
Yen
......
SSBT
Sell
1,157,000
7,519
2/12/26
59
-
Japanese
Yen
......
UBSW
Buy
28,017,400
182,066
2/12/26
-
(
1,436
)
Total
Forward
Exchange
Contracts
...................................................
$11,778
$(17,642)
Net
unrealized
appreciation
(depreciation)
............................................
$(5,864)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Equity
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
21
At
November
30,
2025,
the
Fund
had
the
following futures
contracts
outstanding.
See
Note
1(c).
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Equity
contracts
MSCI
EAFE
Index
............................
Long
9
$
1,268,505
12/19/25
$
10,291
MSCI
Emerging
Markets
Index
..................
Short
33
2,273,040
12/19/25
(
44,288
)
Russell
2000
E-Mini
Index
......................
Long
8
1,002,040
12/19/25
31,763
S&P
500
E-Mini
Index
.........................
Long
9
3,086,775
12/19/25
81,229
Total
Futures
Contracts
......................................................................
$78,995
*
As
of
period
end.
See
Note
7
regarding
other
derivative
information.
See
A
bbreviations
on
page
38
.
Putnam
Funds
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
November
30,
2025
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
Putnam
Dynamic
Asset
Allocation
Equity
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$19,174,987
Cost
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
3,389,652
Value
-
Unaffiliated
issuers
..................................................................
$28,375,062
Value
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
3,389,652
Cash
....................................................................................
1,374
Foreign
currency,
at
value
(cost
$
8,810
)
..........................................................
8,809
Receivables:
Investment
securities
sold
...................................................................
3,960
Capital
shares
sold
........................................................................
82,058
Dividends
and
interest
.....................................................................
48,745
European
Union
tax
reclaims
(Note
1
d
)
.........................................................
46,126
Affiliates
................................................................................
7,610
Variation
margin
on
futures
contracts
...........................................................
16,425
Unrealized
appreciation
on
OTC
forward
exchange
contracts
..........................................
11,778
Prepaid
expenses
..........................................................................
10,516
Total
assets
..........................................................................
32,002,115
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
246,744
Capital
shares
redeemed
...................................................................
3,759
Administrative
fees
........................................................................
117
Transfer
agent
fees
........................................................................
2,002
Professional
fees
.........................................................................
26,897
Trustees'
fees
and
expenses
.................................................................
5,214
Unrealized
depreciation
on
OTC
forward
exchange
contracts
..........................................
17,642
Deferred
taxes
on
unrealized
appreciation
........................................................
11,459
Accrued
expenses
and
other
liabilities
...........................................................
12,965
Total
liabilities
.........................................................................
326,799
Net
assets,
at
value
.................................................................
$31,675,316
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$21,510,863
Total
distributable
earnings
(losses)
.............................................................
10,164,453
Net
assets,
at
value
.................................................................
$31,675,316
Putnam
Funds
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
November
30,
2025
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
23
Putnam
Dynamic
Asset
Allocation
Equity
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$8,033,725
Shares
outstanding
........................................................................
465,618
Net
asset
value
per
share
a
,b
..................................................................
$17.25
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94
.25
%
)
b
................................
$18.30
Class
P:
Net
assets,
at
value
.......................................................................
$23,641,591
Shares
outstanding
........................................................................
1,375,403
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$17.19
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
b
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Putnam
Funds
Trust
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
November
31,
2025
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
Putnam
Dynamic
Asset
Allocation
Equity
Fund
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$8,020)
Unaffiliated
issuers
........................................................................
$179,313
Non-controlled
affiliates
(Note
3
f
)
.............................................................
46,812
Interest:
Unaffiliated
issuers
........................................................................
16,006
Other
income
(Note
1
d
)
......................................................................
647
Total
investment
income
...................................................................
242,778
Expenses:
Management
fees
(Note
3
a
)
...................................................................
83,105
Administrative
fees
(Note
3
b
)
..................................................................
234
Transfer
agent
fees:
(Note
3d
)
Class
A
................................................................................
2,919
Class
P
................................................................................
1,074
Custodian
fees
.............................................................................
10,840
Reports
to
shareholders
fees
..................................................................
8,979
Registration
and
filing
fees
....................................................................
13,550
Professional
fees
...........................................................................
51,238
Trustees'
fees
and
expenses
..................................................................
466
Other
....................................................................................
5,414
Total
expenses
.........................................................................
177,819
Expenses
waived/paid
by
affiliates
(Note
3
f
and
3
g
)
..............................................
(88,140)
Net
expenses
.........................................................................
89,679
Net
investment
income
................................................................
153,099
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
456,605
Written
options
...........................................................................
1,367
Foreign
currency
transactions
................................................................
(878)
Forward
exchange
contracts
.................................................................
6,105
Futures
contracts
.........................................................................
276,463
Net
realized
gain
(loss)
..................................................................
739,662
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
3,197,469
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(1,114)
Written
options
...........................................................................
(1,362)
Forward
exchange
contracts
.................................................................
(30,933)
Futures
contracts
.........................................................................
(12,952)
Change
in
deferred
taxes
on
unrealized
appreciation
...............................................
(217)
Net
change
in
unrealized
appreciation
(depreciation)
............................................
3,150,891
Net
realized
and
unrealized
gain
(loss)
............................................................
3,890,553
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$4,043,652
Putnam
Funds
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
25
Putnam
Dynamic
Asset
Allocation
Equity
Fund
Six
Months
Ended
November
30,
2025
(unaudited)
Year
Ended
May
31,
2025
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$153,099
$349,785
Net
realized
gain
(loss)
.................................................
739,662
785,276
Net
change
in
unrealized
appreciation
(depreciation)
...........................
3,150,891
1,232,127
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
4,043,652
2,367,188
Distributions
to
shareholders:
Class
A
.............................................................
-
(582,439)
Class
P
.............................................................
-
(1,237,174)
Total
distributions
to
shareholders
..........................................
-
(1,819,613)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
-
3,067
Class
P
.............................................................
648,844
11,368,527
Total
capital
share
transactions
............................................
648,844
11,371,594
Net
increase
(decrease)
in
net
assets
...................................
4,692,496
11,919,169
Net
assets:
Beginning
of
period
.....................................................
26,982,820
15,063,651
End
of
period
..........................................................
$31,675,316
$26,982,820
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
Putnam
Dynamic
Asset
Allocation
Equity
Fund
26
franklintempleton.com
Semiannual
Report
1.
Organization
and
Significant
Accounting
Policies
Putnam
Funds
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of fourteen
separate
funds.
The
Trust
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946)
and applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
Putnam
Dynamic
Asset
Allocation
Equity
Fund
(Fund)
is
included
in
this
report.
The
Fund
offers two
classes
of
shares:
Class
A
and
Class
P. Each
class
of
shares
may
differ
by
its
initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees.
The
following
summarizes
the Fund's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Trust's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities,
exchange
traded
funds, and
derivative
financial instruments listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded,
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-
counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the OTC
market
rather
than
on
a
securities
exchange.
The
Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
Certain
derivative
financial
instruments
are
centrally
cleared
or
trade
in
the
OTC
market.
The
Fund's
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Fund's
net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
27
franklintempleton.com
Semiannual
Report
Putnam
Dynamic
Asset
Allocation
Equity
Fund
(continued)
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.
At
November
30,
2025,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
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.
b.
Foreign
Currency
Translation
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Fund
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Fund
does
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
c.
Derivative
Financial
Instruments
The
Fund invested
in
derivative
financial
instruments
in
order
to
manage
risk
or
gain
exposure
to
various
other
investments
or
markets.
Derivatives
are
financial
contracts
based
on
an
underlying
or
notional
amount,
require
no
initial
investment
or
an
initial
net
investment
that
is
smaller
than
would
normally
be
required
to
have
a
similar
response
to
changes
in
market
factors,
and
require
or
permit
net
settlement.
Derivatives
contain
various
risks
including
the
potential
inability
of
the
counterparty
to
fulfill
their
obligations
under
the
terms
of
the
contract,
the
potential
for
an
illiquid
secondary
market,
and/or
the
potential
for
market
movements
which
expose
the
Fund
to
gains
or
losses
in
excess
of
the
amounts
shown
in
the
Statement
of
Assets
and
Liabilities.
Realized
gain
and
loss
and
unrealized
appreciation
and
depreciation
on
these
contracts
for
the
period
are
included
in
the
Statement
of
Operations.
Derivative
counterparty
credit
risk
is
managed
through
a
formal
evaluation
of
the
creditworthiness
of
all
potential
counterparties.
The
Fund
attempts
to
reduce
its
exposure
to
counterparty
credit
risk
on
OTC
derivatives,
whenever
possible,
by
entering
into
International
Swaps
and
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
28
franklintempleton.com
Semiannual
Report
Putnam
Dynamic
Asset
Allocation
Equity
Fund
(continued)
Derivatives
Association
(ISDA)
master
agreements
with
certain
counterparties.
These
agreements
contain
various
provisions,
including
but
not
limited
to
collateral
requirements,
events
of
default,
or
early
termination.
Termination
events
applicable
to
the
counterparty
include
certain
deteriorations
in
the
credit
quality
of
the
counterparty.
Termination
events
applicable
to
the
Fund
include
failure
of
the
Fund
to
maintain
certain
net
asset
levels
and/or
limit
the
decline
in
net
assets
over
various
periods
of
time.
In
the
event
of
default
or
early
termination,
the
ISDA
master
agreement
gives
the
non-defaulting
party
the
right
to
net
and
close-out
all
transactions
traded,
whether
or
not
arising
under
the
ISDA
agreement,
to
one
net
amount
payable
by
one
counterparty
to
the
other.
However,
absent
an
event
of
default
or
early
termination,
OTC
derivative
assets
and
liabilities
are
presented
gross
and
not
offset
in
the
Statement
of
Assets
and
Liabilities.
Early
termination
by
the
counterparty
may
result
in
an
immediate
payment
by
the
Fund
of
any
net
liability
owed
to
that
counterparty
under
the
ISDA
agreement.
At
November
30,
2025,
the
Fund
had
OTC
derivatives
in
a
net
liability
position
of
$10,192.
Collateral
requirements
differ
by
type
of
derivative.
Collateral
or
initial
margin
requirements
are
set
by
the
broker
or
exchange
clearing
house
for
exchange
traded
and
centrally
cleared
derivatives.
Initial
margin
deposited
is
held
at
the
exchange
or
at
the
broker
and
can
be
in
the
form
of
cash
and/or
securities.
For
OTC
derivatives
traded
under
an
ISDA
master
agreement,
posting
of
collateral
is
required
by
either
the
Fund
or
the
applicable
counterparty
if
the
total
net
exposure
of
all
OTC
derivatives
with
the
applicable
counterparty
exceeds
the
minimum
transfer
amount,
which
typically
ranges
from
$100,000
to
$250,000,
and
can
vary
depending
on
the
counterparty
and
the
type
of agreement.
Generally,
collateral
is
determined
at
the
close
of
Fund
business
each
day
and
any
additional
collateral
required
due
to
changes
in
derivative
values
may
be
delivered
by
the
Fund
or
the
counterparty
the
next
business
day,
or
within
a
few
business
days.
Collateral
pledged
and/or
received
by
the
Fund
for
OTC
derivatives,
if
any,
is
held
in
segregated
accounts
with
the
Fund's
custodian/counterparty
broker
and
can
be
in
the
form
of
cash
and/or
securities.
Unrestricted
cash
may
be
invested
according
to
the
Fund's
investment
objectives.
To
the
extent
that
the
amounts
due
to
the
Fund
from
its
counterparties
are
not
subject
to
collateralization
or
are
not
fully
collateralized,
the
Fund
bears
the
risk
of
loss
from
counterparty
non-performance.
The
Fund entered
into
exchange
traded
futures
contracts
primarily
to
manage
and/or
gain
exposure
to equity
price
risk.
A
futures
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
an
asset
at
a
specified
price
on
a
future
date.
Required
initial
margins
are
pledged
by
the
Fund,
and
the
daily
change
in
fair
value
is
accounted
for
as
a
variation
margin
payable
or
receivable
in
the
Statement
of
Assets
and
Liabilities.
Futures
contracts
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
The
Fund entered
into
OTC
forward
exchange
contracts
primarily
to
manage
and/or
gain exposure
to
certain
foreign
currencies.
A
forward
exchange
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
foreign
currency at
a
specific
exchange
rate
on
a
future
date.
Forward
exchange
contracts
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
The
Fund
purchased
or
wrote
OTC
option
contracts
primarily
to
manage
and/or
gain exposure
to
equity
price
risk.
An
option
is
a
contract
entitling
the
holder
to
purchase
or
sell
a
specific
amount
of
shares
or
units
of
an
asset
or
notional
amount
of
a
swap
(swaption),
at
a
specified
price.
When
an
option
is
purchased
or
written,
an
amount
equal
to
the
premium
paid
or
received
is
recorded
as
an
asset
or
liability,
respectively.
Upon
exercise
of
an
option,
the
acquisition
cost
or
sales
proceeds
of
the
underlying
investment
is
adjusted
by
any
premium
received
or
paid.
Upon
expiration
of
an
option,
any
premium
received
or
paid
is
recorded
as
a
realized
gain
or
loss.
Upon
closing
an
option
other
than
through
expiration
or
exercise,
the
difference
between
the
premium
received
or
paid
and
the
cost
to
close
the
position
is
recorded
as
a
realized
gain
or
loss.
Option
contracts
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
See
Note
7 regarding
other
derivative
information.
d.
Income
and
Deferred
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
1.
Organization
and
Significant
Accounting
Policies
(continued)
c.
Derivative
Financial
Instruments
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
29
franklintempleton.com
Semiannual
Report
Putnam
Dynamic
Asset
Allocation
Equity
Fund
(continued)
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and if
applicable,
excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The
Fund
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which it
invests.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Fund
invests.
When
a
capital
gain
tax
is
determined
to
apply,
the
Fund
records
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
As
a
result
of
several
court
cases,
in
certain
countries
across
the
European
Union, the
Fund
filed
additional
tax
reclaims
for
previously
withheld
taxes
on
dividends
earned
in
those
countries
(EU
reclaims). Income
recognized,
if
any,
for
EU
reclaims
is
reflected
as
other
income
in
the
Statement
of
Operations
and
any
related
receivable,
if
any,
is
reflected
as
European
Union
tax
reclaims
in
the
Statement
of
Assets
and
Liabilities.
Any
fees
associated
with
these
filings
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
When
uncertainty
exists
as
to
the
ultimate
resolution
of
these
proceedings,
the
likelihood
of
receipt
of
these
EU
reclaims,
and
the
potential
timing
of
payment,
no
amounts
are
reflected
in
the
financial
statements.
For
U.S.
income
tax
purposes,
EU
reclaims
received
by
the
Fund,
if
any,
reduce
the
amount
of
foreign
taxes
Fund
shareholders
can
use
as
tax
deductions
or credits
on
their
income
tax
returns.
The Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
November
30,
2025, the Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
The
Fund's
federal
and
state
income
and
federal
excise
tax
returns
for
the
prior
three
fiscal
years
are
subject
to
examination
by
the
Internal
Revenue
Service
and
state
departments
of
revenue.
e.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income
(including
interest
income
from
payment-in-kind
securities,
if
any)
and
estimated
expenses
are
accrued
daily.
Dividend
income
and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date
except
for
certain
dividends
from
securities
where
the
dividend
rate
is
not
available.
In
such
cases,
the
dividend
is
recorded
as
soon
as
the
information
is
received
by
the
Fund.
Distributions
to
shareholders
are
recorded
on
the ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Common
expenses
incurred
by
the
Trust
are
allocated
among
the
Funds
based
on
the
ratio
of
net
assets
of
each
Fund
to
the
combined
net
assets
of
the
Trust
or
based
on
the
ratio
of
number
of
shareholders
of
each
Fund
to
the
combined
number
of
shareholders
of
the
Trust.
Fund
specific
expenses
are
charged
directly
to
the
Fund
that
incurred
the
expense.
Realized
and
unrealized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
f.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
1.
Organization
and
Significant
Accounting
Policies
(continued)
d.
Income
and
Deferred
Taxes
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
30
franklintempleton.com
Semiannual
Report
Putnam
Dynamic
Asset
Allocation
Equity
Fund
(continued)
g.
Guarantees
and
Indemnifications
Under
the Trust's
organizational
documents,
its
officers
and trustees
are
indemnified
by
the Trust against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
Additionally,
in
the
normal
course
of
business,
the Trust,
on
behalf
of
the
Fund, enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Trust's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Trust
that
have
not
yet
occurred.
Currently,
the Trust
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
November
30,
2025,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
were
as
follows:
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and trustees
of
the Fund are
also
officers
and/or directors
of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays Advisers
a
management
fee
(based
on
the
Fund's
average
net
assets
and
computed
and
paid
monthly)
at
annual
rates
that
may
vary
based
on
the
average
of
the
aggregate
net
assets
of
all
open-end
mutual
funds
sponsored
by
Putnam
Management
(including
open-end
funds
managed
by
affiliates
of
Putnam
Management
that
have
been
deemed
to
Six
Months
Ended
November
30,
2025
Year
Ended
May
31,
2025
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
...................................
-
$-
-
$5,117
Shares
issued
in
reinvestment
of
distributions
..........
-
-
39
564
Shares
redeemed
...............................
-
-
-
(2,614)
Net
increase
(decrease)
..........................
-
$-
39
$3,067
Class
P
Shares:
Shares
sold
...................................
302,058
$4,902,720
930,865
$14,082,248
Shares
issued
in
reinvestment
of
distributions
..........
-
-
86,155
1,237,174
Shares
redeemed
...............................
(264,866)
(4,253,876)
(267,249)
(3,950,895)
Net
increase
(decrease)
..........................
37,192
$648,844
749,771
$11,368,527
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Putnam
Investment
Management,
LLC
(Putnam
Management)
Subadvisor
The
Putnam
Advisory
Company,
LLC
(PAC)
Subadvisor
Franklin
Templeton
Investment
Management
Limited
(FTIML)
Subadvisor
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Putnam
Investor
Services,
Inc.
(PSERV)
Transfer
agent
1.
Organization
and
Significant
Accounting
Policies
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
31
franklintempleton.com
Semiannual
Report
Putnam
Dynamic
Asset
Allocation
Equity
Fund
(continued)
be
sponsored
by
Putnam
Management
for
this
purpose)
(excluding
net
assets
of
such
funds
that
are
invested
in,
or
that
are
invested
in
by,
other
such
funds
to
the
extent
necessary
to
avoid
"double
counting"
of
those
assets).
Such
annual
rates
may
vary
as
follows:
For
the
period
ended
November
30,
2025,
the
annualized
gross
effective
investment
management
fee
rate
was 0.570%
of
the
Fund's
average daily
net
assets.
Under
a
subadvisory
agreement,
Putnam
Management
provides
portfolio
management
and
certain
other
advisory
and
related
services
to
the
Fund.
With
respect
to
the
portfolio
management
services,
Advisers
pays
a
fee
to
Putnam
Management
based
on
the
average
net
asset
value
of
the
Fund
and
with
respect
to
the
other
advisory
and
related
services,
Advisers
pays
a
fee
to
Putnam
Management
based
on
the
costs
of
Putnam
Management
in
providing
these
services
to
the
Fund.
These
fees
are
not
an
additional
expense
to
the
Fund.
Under
a
subadvisory
agreement,
FTIML
provides
subadvisory
services
to
the
Fund.
The
subadvisory
fee
is
paid by Advisers
based
on
the
average
net
assets
managed
by
FTIML,
and
is
not
an
additional
expense
of
the
Fund.
Under
a
subadvisory
agreement,
PAC
provides
subadvisory
services
to
the
Fund.
The
subadvisory
fee
is
paid by
Advisers based
on
the
average
net
assets
managed
by
PAC,
and
is
not
an
additional
expense
of
the
Fund.
b.
Administrative
Fees
Under
an
agreement
with
Advisers,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by Advisers
based
on
the Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
The
Fund
reimburses
Advisers
an
allocated
amount
for
the
compensation
and
related
expenses
of
certain
officers
of
the
Fund
and
their
staff
who
provide
administrative
services
to
the
Fund.
The
aggregate
amount
of
all
such
reimbursements
is
determined
annually
by
the
Trustees.
c.
Distribution
Fees
The
Fund
has
adopted
distribution
plans
(the
Plans)
with
respect
to
the
following
share
classes
pursuant
to
Rule
12b-1
under
the
1940
Act.
The
purpose
of
the
Plans
is
to
compensate
Distributors
for
services
provided
and
expenses
incurred
in
distributing
shares
of
the
Fund.
The
Plans
provide
payments
by
the
Fund
to
Distributors
at
an
annual
rate
of
up
to
the
following
amounts
(Maximum
%)
of
the
average
net
assets
attributable
to
each
class.
The
Trustees
have
approved
payment
by
the
Fund
at
the
following
annual
rate
(Approved
%)
of
the
average
net
assets
attributable
to
each
class.
Annualized
Fee
Rate
Net
Assets
0.750%
of
the
first
$5
billion,
0.700%
of
the
next
$5
billion,
0.650%
of
the
next
$10
billion,
0.600%
of
the
next
$10
billion,
0.550%
of
the
next
$50
billion,
0.530%
of
the
next
$50
billion,
0.520%
of
the
next
$100
billion
and
0.515%
of
any
excess
thereafter.
3.
Transactions
with
Affiliates
(continued)
a.
Management
Fees
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
32
franklintempleton.com
Semiannual
Report
Putnam
Dynamic
Asset
Allocation
Equity
Fund
(continued)
d.
Transfer
Agent
Fees
PSERV,
an
affiliate
of
Advisers,
provides
investor
servicing
agent
functions
to
the
Fund.
PSERV
received
fees
for
investor
servicing
for
Class
A
shares
that
included
(1)
a
per
account
fee
for
each
direct
and
underlying
non-defined
contribution
account
(retail
account)
of
the
Fund;
(2)
a
specified
rate
of
the
Fund's
assets
attributable
to
defined
contribution
plan
accounts;
and
(3)
a
specified
rate
based
on
the
average
net
assets
in
retail
accounts.
PSERV
has
agreed
that
the
aggregate
investor
servicing
fees
for
each
Fund's
retail
and
defined
contribution
accounts
for
these
share
classes
will
not
exceed
an
annual
rate
of
0.25%
of
the
Fund's
average
assets
attributable
to
such
accounts.
Class P
shares
paid
a
monthly
fee
based
on
the
average
net
assets
of
Class P
shares
at
an
annual
rate
of
0.01%.
e.
Trustee
Fees
The
Fund
has
adopted
a
Trustee
Fee
Deferral
Plan
(the
Deferral
Plan)
which
allows
the
Trustees to
defer
the
receipt
of
all
or
a
portion
of
Trustees'
fees
payable
from
July
1,
1995
through
December
31,
2023.
The
deferred
fees
remain
invested
in
certain
Putnam
funds
until
distribution
in
accordance
with
the
Deferral
Plan.
The
Fund
has
adopted
an
unfunded
noncontributory
defined
benefit
pension
plan
(the
Pension
Plan)
covering
all
Trustees
of
the
Fund
who
have
served
as
a
Trustee
for
at
least
five
years
and
were
first
elected
prior
to
2004.
Benefits
under
the
Pension
Plan
are
equal
to
50%
of
the
Trustee's
average
annual
attendance
and
retainer
fees
for
the
three
years
ended
December
31,
2005.
The
retirement
benefit
is
payable
during
a
Trustee's
lifetime,
beginning
the
year
following
retirement,
for
the
number
of
years
of
service
through
December
31,
2006.
Pension
expense
for
the
Fund
is
included
in
the
Trustees' fees
and
expenses
in
the
Statement
of
Operations.
Accrued
pension
liability
is
included
in
Payable
for
Trustees' fees
and
expenses
in
the
Statement
of
Assets
and
Liabilities.
The
Trustees
have
terminated
the
Pension
Plan
with
respect
to
any
Trustee
first
elected
after
2003.
f.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
"Controlled
Affiliate"
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund's
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees,
if
applicable, paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
November
30,
2025,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Maximum
%
Approved
%
Class
A
...................................................................
0.35%
-
a
a
The
Trustees
currently
have
not
approved
payments
under
the
Plan.
3.
Transactions
with
Affiliates
(continued)
c.
Distribution
Fees
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
33
franklintempleton.com
Semiannual
Report
Putnam
Dynamic
Asset
Allocation
Equity
Fund
(continued)
g.
Waiver
and
Expense
Reimbursements
Advisers
has
contractually
agreed,
through
September
30,
2026,
to
waive
fees
and/or
reimburse
the
Fund's
expenses
to
the
extent
necessary
to
limit
the
cumulative
expenses
of
the
Fund,
exclusive
of
brokerage,
interest,
taxes,
investment-related
expenses,
extraordinary
expenses,
acquired
fund
fees
and
expenses
and
payments
under
the
Fund's
investor
servicing
contract,
investment
management
contract
and
distribution
plans,
on
a
fiscal
year-to-date
basis
to
an
annual
rate
of
0.02%
of
the
Fund's
average
net
assets
over
such
fiscal
year-to
date
period.
h
.
Other
Affiliated
Transactions
At
November
30,
2025,
Putnam
Investment
Holdings,
LLC
owned
25.3%
of
the
Fund's
outstanding
shares.
At
November
30,
2025,
one
or
more
of
the
funds
in
Putnam
Target
Date
Funds
owned
5%
or
more
of
the
Fund's
outstanding
shares,
totaling
62.6%
of
the
Fund's
outstanding
shares.
4.
Expense
Offset
Arrangement
The Fund has
entered
into
an
arrangement
with
PSERV
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Fund's
transfer
agent
fees.
During
the
period
ended
November
30,
2025,
there
were
no
credits
earned.
5.
Income
Taxes
At
November
30,
2025,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation) for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
foreign
currency
transactions,
wash
sales,
EU
reclaims,
passive
foreign
investment
company
shares,
tax
straddles
and
derivative
financial
instruments.
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
Dynamic
Asset
Allocation
Equity
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Government
Money
Market
Fund,
Class
G,
3.827%
.
$466,686
$4,271,601
$(3,353,021)
$-
$-
$1,385,266
1,385,266
$5,703
Putnam
Short
Term
Investment
Fund,
Class
P,
4.194%
......
1,250,488
4,531,496
(3,777,598)
-
-
2,004,386
2,004,386
41,109
Total
Affiliated
Securities
...
$1,717,174
$8,803,097
$(7,130,619)
$-
$-
$3,389,652
$46,812
Cost
of
investments
..........................................................................
$23,116,457
Unrealized
appreciation
........................................................................
$9,632,665
Unrealized
depreciation
........................................................................
(911,277)
Net
unrealized
appreciation
(depreciation)
..........................................................
$8,721,388
3.
Transactions
with
Affiliates
(continued)
f.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
34
franklintempleton.com
Semiannual
Report
Putnam
Dynamic
Asset
Allocation
Equity
Fund
(continued)
6.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
November
30,
2025,
aggregated
$8,092,481 and
$7,960,066,
respectively.
7.
Other
Derivative
Information
At
November
30,
2025,
investments
in
derivative
contracts
are
reflected
in
the Statement of
Assets
and
Liabilities
as
follows:
For
the
period
ended
November
30,
2025,
the
effect
of
derivative
contracts
in
the Statement
of
Operations
was
as
follows:
For
the
period
ended
November
30,
2025,
the
average
month
end
notional
amount
of
futures
contracts
and
options
represented
$6,897,696
and
$187,600,
respectively. The
average
month
end
contract
value
of
forward
exchange
contracts
was
$2,084,000.
Asset
Derivatives
Liability
Derivatives
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Putnam
Dynamic
Asset
Allocation
Equity
Fund
Foreign
exchange
contracts
..
Unrealized
appreciation
on
OTC
forward
exchange
contracts
$
11,778
Unrealized
depreciation
on
OTC
forward
exchange
contracts
$
17,642
Equity
contracts
...........
Variation
margin
on
futures
contracts
123,283
a
Variation
margin
on
futures
contracts
44,288
a
Total
....................
$135,061
$61,930
a
This
amount
reflects
the
cumulative
appreciation
(depreciation)
of
futures
contracts
as
reported
in
the
Schedule
of
Investments.
Only
the
variation
margin
receivable/payable
at
period
end
is
separately
reported
within
the
Statement
of
Assets
and
Liabilities.
Prior
variation
margin
movements
were
recorded
to
cash
upon
receipt
or
payment.
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Operations
Location
Net
Realized
Gain
(Loss)
for
the
Period
Statement
of
Operations
Location
Net
Change
in
Unrealized
Appreciation
(Depreciation)
for
the
Period
Putnam
Dynamic
Asset
Allocation
Equity
Fund
Net
realized
gain
(loss)
from:
Net
change
in
unrealized
appreciation
(depreciation)
on:
Foreign
exchange
contracts
.....
Forward
exchange
contracts
$6,105
Forward
exchange
contracts
$(30,933)
Equity
contracts
..............
Investments
(2,029)
a
Investments
2,019
a
Written
options
1,367
Written
options
(1,362)
Futures
contracts
276,463
Futures
contracts
(12,952)
Total
.......................
$281,906
$(43,228)
a
Purchased
option
contracts
are
included
in
net
realized
gain
(loss)
from
investments
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
in
the
Statement
of
Operations.
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
35
franklintempleton.com
Semiannual
Report
Putnam
Dynamic
Asset
Allocation
Equity
Fund
(continued)
See
Note
1(c) regarding
derivative
financial
instruments.
8.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.995
billion
(Global
Credit
Facility)
which
matures
on
January
30,
2026.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
may,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay
its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
During
the
period
ended
November
30,
2025,
the Fund
did
not
use
the
Global
Credit
Facility.
9.
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
November
30,
2025,
in
valuing
the
Fund's assets
and
liabilities carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Putnam
Dynamic
Asset
Allocation
Equity
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
515,665
$
114,170
$
-
$
629,835
Air
Freight
&
Logistics
...................
90,761
-
-
90,761
Automobile
Components
.................
12,573
28,494
-
41,067
Automobiles
..........................
473,070
141,564
-
614,634
Banks
...............................
755,014
1,224,561
-
1,979,575
Beverages
...........................
232,788
27,476
-
260,264
Biotechnology
.........................
549,964
25,269
-
575,233
Broadline
Retail
.......................
830,783
226,973
-
1,057,756
Building
Products
......................
114,534
36,230
-
150,764
Capital
Markets
........................
744,978
165,723
-
910,701
Chemicals
...........................
297,336
56,511
-
353,847
Commercial
Services
&
Supplies
...........
56,605
22,599
-
79,204
7.
Other
Derivative
Information
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
36
franklintempleton.com
Semiannual
Report
Putnam
Dynamic
Asset
Allocation
Equity
Fund
(continued)
Level
1
Level
2
Level
3
Total
Putnam
Dynamic
Asset
Allocation
Equity
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
(continued)
Common
Stocks:
(continued)
Communications
Equipment
..............
$
237,823
$
15,034
$
-
$
252,857
Construction
&
Engineering
...............
14,654
124,211
-
138,865
Construction
Materials
..................
85,239
94,198
-
179,437
Consumer
Finance
.....................
171,310
-
-
171,310
Consumer
Staples
Distribution
&
Retail
......
315,324
55,361
-
370,685
Containers
&
Packaging
.................
52,198
-
-
52,198
Diversified
Consumer
Services
............
20,541
-
-
20,541
Diversified
REITs
......................
12,261
-
-
12,261
Diversified
Telecommunication
Services
.....
80,406
78,357
-
158,763
Electric
Utilities
........................
333,114
111,188
-
444,302
Electrical
Equipment
....................
263,850
162,471
-
426,321
Electronic
Equipment,
Instruments
&
Components
........................
13,486
48,854
-
62,340
Energy
Equipment
&
Services
.............
88,803
-
-
88,803
Entertainment
.........................
386,993
15,782
-
402,775
Financial
Services
......................
588,766
100,400
-
689,166
Food
Products
........................
39,117
86,017
-
125,134
Gas
Utilities
..........................
13,275
20,265
-
33,540
Ground
Transportation
..................
98,894
-
-
98,894
Health
Care
Equipment
&
Supplies
.........
276,153
72,877
-
349,030
Health
Care
Providers
&
Services
..........
247,839
50,276
-
298,115
Health
Care
REITs
.....................
13,868
-
-
13,868
Health
Care
Technology
.................
105,320
-
-
105,320
Hotels,
Restaurants
&
Leisure
.............
325,775
150,500
-
476,275
Household
Durables
....................
78,844
10,468
-
89,312
Household
Products
....................
222,637
37,071
-
259,708
Independent
Power
and
Renewable
Electricity
Producers
..........................
27,429
79,481
-
106,910
Industrial
Conglomerates
................
61,063
79,588
-
140,651
Industrial
REITs
.......................
33,803
-
-
33,803
Insurance
............................
403,566
308,318
-
711,884
Interactive
Media
&
Services
..............
1,570,761
374,889
-
1,945,650
IT
Services
...........................
124,959
39,347
-
164,306
Leisure
Products
.......................
13,794
38,148
-
51,942
Life
Sciences
Tools
&
Services
............
86,297
49,340
-
135,637
Machinery
............................
341,625
96,313
-
437,938
Marine
Transportation
...................
-
13,753
-
13,753
Media
...............................
37,843
8,380
-
46,223
Metals
&
Mining
.......................
68,228
270,738
-
338,966
Mortgage
Real
Estate
Investment
Trusts
(REITs)
............................
13,639
-
-
13,639
Multi-Utilities
..........................
38,653
71,590
-
110,243
Office
REITs
..........................
22,718
-
-
22,718
Oil,
Gas
&
Consumable
Fuels
.............
375,786
313,308
-
689,094
Passenger
Airlines
.....................
75,521
84,374
-
159,895
Personal
Care
Products
.................
37,203
24,488
-
61,691
Pharmaceuticals
.......................
762,175
348,157
-
1,110,332
Professional
Services
...................
198,383
41,296
-
239,679
Real
Estate
Management
&
Development
....
51,462
37,981
-
89,443
Residential
REITs
......................
65,152
-
-
65,152
Retail
REITs
..........................
105,142
-
-
105,142
Semiconductors
&
Semiconductor
Equipment
.
2,621,724
814,626
-
3,436,350
Software
.............................
1,840,983
59,235
-
1,900,218
Specialized
REITs
......................
110,490
-
-
110,490
9.
Fair
Value
Measurements
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
37
franklintempleton.com
Semiannual
Report
Putnam
Dynamic
Asset
Allocation
Equity
Fund
(continued)
10.
Operating
Segments
The Fund operates
as
a
single
operating
segment,
which
is
an
investment
portfolio.
The
portfolio
managers
assigned
to
the
Fund
within
the
Fund's
Investment
manager serve
as
the
Chief
Operating
Decision
Maker
("CODM")
and
are
responsible
for
evaluating
the
Fund's
operating
results
and
allocating
resources
in
accordance
with
the
Fund's
investment
strategy.
Internal
reporting
provided
to
the
CODM
aligns
with
the
accounting
policies
and
measurement
principles
used
in
the financial
statements.
For
information
regarding
segment
assets,
segment
profit
or
loss,
and
significant
expenses,
refer
to
the Statement
of
Assets
and
Liabilities
and
the Statement
of
Operations,
along
with
the
related
notes
to
the financial
statements.
The Schedule
of
Investments
provides
details
of
the Fund's investments
that
generate
returns
such
as
interest,
dividends,
and
realized
and
unrealized
gains
or
losses.
Performance
metrics,
including
portfolio
turnover
and
expense
ratios,
are
disclosed
in
the Financial
Highlights.
11.
New
Accounting
Pronouncements
In
December
2023,
the
FASB
issued
ASU
No.
2023-09,
Income
Taxes
(Topic
740)
-
Improvements
to
Income
Tax
Disclosures.
The
amendments
enhance
income
tax
disclosures
by
requiring
greater
disaggregation
in
the
rate
reconciliation
and
income
taxes
paid
by
jurisdiction,
while
removing
certain
disclosure
requirements.
The
ASU
is
effective
for
annual
periods
beginning
after
December
15,
2024,
with
early
adoption
permitted.
Management
is
currently
evaluating
the
impact
and
believes
that
the
adoption
of
the
ASU
will
not
have
a
material
impact
on
the
financial
statements.
Level
1
Level
2
Level
3
Total
Putnam
Dynamic
Asset
Allocation
Equity
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
(continued)
Common
Stocks:
(continued)
Specialty
Retail
........................
$
263,431
$
5,071
$
-
$
268,502
Technology
Hardware,
Storage
&
Peripherals
.
1,454,623
254,327
-
1,708,950
Textiles,
Apparel
&
Luxury
Goods
..........
21,464
62,298
-
83,762
Tobacco
.............................
196,692
42,651
-
239,343
Trading
Companies
&
Distributors
..........
34,238
80,273
-
114,511
Transportation
Infrastructure
..............
-
78,314
-
78,314
Water
Utilities
.........................
63,392
-
-
63,392
Wireless
Telecommunication
Services
.......
113,639
225,427
-
339,066
Management
Investment
Companies
.........
697,372
-
-
697,372
Preferred
Stocks
.........................
78,751
-
-
78,751
Short
Term
Investments
...................
3,389,652
397,889
-
3,787,541
Total
Investments
in
Securities
...........
$24,162,214
$7,602,500
a
$-
$31,764,714
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$-
$11,778
$-
$11,778
Futures
Contracts
.......................
123,283
-
-
123,283
Total
Other
Financial
Instruments
.........
$123,283
$11,778
$-
$135,061
Liabilities:
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$-
$17,642
$-
$17,642
Futures
Contracts
........................
44,288
-
-
44,288
Total
Other
Financial
Instruments
.........
$44,288
$17,642
$-
$61,930
a
Includes
foreign
securities
valued
at
$7,204,611,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
9.
Fair
Value
Measurements
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
38
franklintempleton.com
Semiannual
Report
Putnam
Dynamic
Asset
Allocation
Equity
Fund
(continued)
12.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
Abbreviations
Counterparty
BOFA
Bank
of
America
NA
BZWS
Barclays
Bank
plc
CITI
Citibank
NA
GSCO
Goldman
Sachs
Group,
Inc.
HSBK
HSBC
Bank
plc
JPHQ
JPMorgan
Chase
Bank
NA
MSCO
Morgan
Stanley
SSBT
State
Street
Bank
and
Trust
Co.
TDOM
Toronto
Dominion
Bank
UBSW
UBS
AG
WPAC
Westpac
Banking
Corp.
Cu
r
rency
EUR
Euro
GBP
British
Pound
Selected
Portfolio
ADR
American
Depositary
Receipt
ETF
Exchange-Traded
Fund
REIT
Real
Estate
Investment
Trust
Putnam
Funds
Trust
39
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Report
Putnam
Dynamic
Asset
Allocation
Equity
Fund
Trustee
approval
of
management
contracts
(unaudited)
Consideration
of
your
fund's
management
and
sub-advisory
contracts
At
their
meeting
on
June
27,
2025,
the
Board
of
Trustees
("Board"
or
the
"Trustees")
of
your
fund,
including
all
of
the
Trustees
who
are
not
"interested
persons"
(as
this
term
is
defined
in
the
Investment
Company
Act
of
1940,
as
amended
(the
"1940
Act"))
of
the
Putnam
mutual
funds
and
exchange-traded
funds
(collectively,
the
"funds")
(the
"Independent
Trustees")
approved
the
continuance
of
a
management
contract
with
Franklin
Advisers,
Inc.
(the
"Advisor"),
a
subadvisory
agreement
between
the
Advisor
and
Franklin
Templeton
Investment
Management
Limited
("FTIML"),
a
subadvisory
agreement
between
the
Advisor
and
The
Putnam
Advisory
Company,
LLC
("PAC"),
and
a
subadvisory
agreement
between
the
Advisor
and
Putnam
Investment
Management,
LLC
("Putnam
Management"
and
together
with
FTIML
and
PAC,
the
"Subadvisors")
(collectively,
the
"Management
Contracts").
The
Advisor,
FTIML,
PAC,
and
Putnam
Management
are
each
direct
or
indirect,
wholly-owned
subsidiaries
of
Franklin
Resources,
Inc.
(together
with
its
subsidiaries,
"Franklin
Templeton").
General
conclusions
The
Board
oversees
the
management
of
each
fund
and,
as
required
by
law,
determines
annually
whether
to
approve
the
continuance
of
your
fund's
management
contract
with
the
Advisor
and
the
sub-advisory
contract
with
respect
to
your
fund
between
the
Advisor
and
each
Subadvisor.
Because
the
Subadvisors
are
affiliates
of
the
Advisor
and
the
Advisor
remains
fully
responsible
for
all
services
provided
by
the
Subadvisors,
the
Trustees
did
not
attempt
to
evaluate
the
Subadvisors
as
separate
Changes
In
and
Disagreements
with
Accountants
For
the
period
covered
by
this
report
Not
applicable.
Results
of
Meeting(s)
of
Shareholders
For
the
period
covered
by
this
report
Not
applicable.
Remuneration
Paid
to
Directors,
Officers
and
Others
For
the
period
covered
by
this
report
Refer
to
the
financial
statements
included
herein.
Remuneration
to
officers
is
paid
by
the
Fund's
investment
manager
according
to
the
terms
of
the
agreement.
Board
Approval
of
Management
and
Subadvisory
Agreements
For
the
period
covered
by
this
report
Putnam
Funds
Trust
40
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Semiannual
Report
entities.
All
references
to
the
Advisor
describing
the
Board's
considerations
should
be
deemed
to
include
references
to
the
applicable
Subadvisor
as
necessary
or
appropriate
in
the
context.
The
Board,
with
the
assistance
of
its
Contract
Committee,
requests
and
evaluates
all
information
it
deems
reasonably
necessary
under
the
circumstances
in
connection
with
its
annual
contract
review.
The
Contract
Committee
consists
solely
of
Independent
Trustees.
At
the
outset
of
the
review
process,
the
Board's
independent
staff
and
independent
legal
counsel,
as
defined
in
Rule
0-1(a)
(6)
under
the
1940
Act
(their
"independent
legal
counsel"),
considered
any
possible
changes
to
the
annual
contract
review
materials
furnished
to
the
Contract
Committee
in
prior
years
and,
as
applicable,
identified
those
changes
to
the
Advisor.
Following
these
discussions
and
in
consultation
with
the
Contract
Committee,
the
Independent
Trustees'
independent
legal
counsel
submitted
an
initial
request
that
the
Advisor
and
its
affiliates
furnish
specified
information,
together
with
any
additional
information
the
Advisor
considered
relevant,
to
the
Contract
Committee.
Over
the
course
of
several
months
ending
in
June
2025,
the
Contract
Committee
met
on
a
number
of
occasions
with
representatives
of
the
Advisor,
and
separately
in
executive
session,
to
consider
the
information
that
the
Advisor
provided,
including
information
provided
in
response
to
supplemental
requests
submitted
by
independent
legal
counsel.
Throughout
this
process,
the
Contract
Committee
was
assisted
by
the
Board's
independent
staff
and
by
independent
legal
counsel.
At
the
Board's
June
2025
meeting,
the
Contract
Committee
met
in
executive
session
to
discuss
and
consider
its
recommendations
with
respect
to
the
continuance
of
the
Management
Contracts.
At
that
meeting,
the
Contract
Committee
also
met
in
executive
session
with
the
other
Independent
Trustees
to
review
a
summary
of
the
process
undertaken
by
the
Contract
Committee
and
key
information
that
the
Contract
Committee
considered
in
the
course
of
its
review.
The
Contract
Committee
then
presented
its
written
report,
which
summarized
the
key
factors
that
the
Committee
had
considered
and
set
forth
its
recommendations.
The
Contract
Committee
recommended,
and
the
Independent
Trustees
approved,
the
continuance
of
your
fund's
Management
Contracts,
effective
July
1,
2025.
In
considering
the
continuance
of
the
Management
Contracts,
the
Board
took
into
account
a
number
of
factors,
including:
1.
That
the
fee
schedule
in
effect
for
your
fund
represented
reasonable
compensation
in
light
of
the
nature
and
quality
of
the
services
being
provided
to
the
fund,
the
fees
paid
by
competitive
funds,
the
costs
incurred
by
the
Advisor
in
providing
services
to
the
fund
and
the
application
of
certain
reductions
and
waivers
noted
below;
2.
That
the
fee
schedule
in
effect
for
your
fund
represented
an
appropriate
sharing
between
fund
shareholders
and
the
Advisor
of
any
economies
of
scale
that
may
exist
in
the
management
of
the
fund
at
current
asset
levels;
3.
That
the
funds
benefited,
and
were
expected
to
continue
to
benefit,
from
Franklin
Templeton's
large
retail
and
institutional
global
distribution
capabilities
and
significant
network
of
intermediary
relationships,
which
may
provide
additional
opportunities
for
the
funds
to
increase
assets
and
reduce
the
impact
of
expenses
by
spreading
them
over
a
larger
asset
base;
4.
Potential
benefits
to
shareholders
of
the
funds
that
could
result
from
the
alignment
of
certain
fund
features
and
shareholder
benefits
with
those
of
other
funds
sponsored
by
the
Advisor
and
its
affiliates
and
access
to
a
broader
array
of
investment
opportunities;
and
5.
The
financial
strength,
reputation,
experience
and
resources
of
Franklin
Templeton
and
its
investment
advisory
subsidiaries.
These
conclusions
were
based
on
a
comprehensive
consideration
of
all
information
provided
to
the
Trustees
and
were
not
the
result
of
any
single
factor.
Some
of
the
factors
that
figured
particularly
in
the
Trustees'
deliberations
and
how
the
Trustees
considered
these
factors
are
described
below,
although
individual
Trustees
may
have
evaluated
the
information
presented
differently,
giving
different
weights
to
various
factors.
It
is
also
important
to
recognize
that
the
management
arrangements
for
your
fund
and
the
other
funds
are
the
result
of
many
years
of
review
and
discussion
between
the
Independent
Trustees
and
management,
occurring
both
in
connection
with
formal
contract
reviews
as
well
as
throughout
the
year
and
that
the
Trustees'
conclusions
may
be
based,
in
part,
on
their
consideration
of
fee
arrangements
in
previous
years.
For
example,
with
certain
exceptions
primarily
involving
newer
funds
(including
the
exchange-traded
funds)
or
repositioned
funds,
the
current
fee
arrangements
under
the
vast
majority
of
the
funds'
management
contracts
were
first
implemented
at
the
beginning
of
2010
following
extensive
review
by
the
Contract
Committee
and
discussions
with
management,
as
well
as
approval
by
shareholders.
Putnam
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41
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Management
fee
schedules
and
total
expenses
The
Trustees
reviewed
the
management
fee
schedules
in
effect
for
all
funds,
including
fee
levels
and
any
breakpoints.
Under
its
management
contract,
your
fund
has
the
benefit
of
breakpoints
in
its
management
fee
schedule
that
provide
shareholders
with
reduced
fee
levels
as
assets
under
management
of
other
mutual
funds
sponsored
by
the
applicable
Advisor
(or
that
have
been
deemed
to
be
sponsored
by
the
Advisor
for
the
purpose
of
the
management
fee
calculation)
increase.
The
Trustees
also
reviewed
the
total
expenses
of
each
fund,
recognizing
that
in
most
cases
management
fees
represented
the
major,
but
not
the
sole,
determinant
of
total
costs
to
fund
shareholders.
(Two
mutual
funds
and
each
of
the
exchange-traded
funds
have
implemented
(or,
in
the
case
of
ten
municipal
income
funds
that
are
converting
into
exchange-traded
funds,
will
implement)
so-
called
"all-in"
or
unitary
management
fees
covering
substantially
all
routine
fund
operating
costs.)
In
reviewing
fees
and
expenses,
the
Trustees
generally
focus
their
attention
on
material
changes
in
circumstances
-
for
example,
changes
in
assets
under
management,
changes
in
a
fund's
investment
strategy,
changes
in
the
Advisor's
operating
costs
or
profitability,
or
changes
in
competitive
practices
in
the
fund
industry
-
that
suggest
that
consideration
of
fee
changes
might
be
warranted.
The
Trustees
concluded
that
the
circumstances
did
not
indicate
that
changes
to
the
management
fee
schedule
for
your
fund
would
be
appropriate
at
this
time.
As
in
the
past,
the
Trustees
also
focused
on
the
competitiveness
of
each
fund's
total
expense
ratio.
The
Trustees,
the
Advisor
and
the
funds'
investor
servicing
agent,
Putnam
Investor
Services,
Inc.
("PSERV"),
have
implemented
expense
limitations
that
were
in
effect
during
your
fund's
fiscal
year
ending
in
2024.
These
expense
limitations
were:
(i)
a
contractual
expense
limitation
applicable
to
specified
mutual
funds
(including
your
fund)
of
25
basis
points
on
investor
servicing
fees
and
expenses
and
(ii)
a
contractual
expense
limitation
applicable
to
specified
mutual
funds
of
20
basis
points
and,
in
the
case
of
your
fund,
2
basis
points,
on
so-called
"other
expenses"
(i.e.,
all
expenses
exclusive
of
management
fees,
distribution
fees,
investor
servicing
fees,
investment-related
expenses,
interest,
taxes,
brokerage
commissions,
acquired
fund
fees
and
expenses
and
extraordinary
expenses).
These
expense
limitations
attempt
to
maintain
competitive
expense
levels
for
the
funds.
Most
funds
had
sufficiently
low
expenses
that
these
expense
limitations
were
not
operative
during
their
fiscal
years
ending
in
2024.
However,
in
the
case
of
your
fund,
the
second
expense
limitation
applied
during
its
fiscal
year
ending
in
2024.
The
Advisor
and
PSERV
have
agreed
to
maintain
these
expense
limitations
until
at
least
September
30,
2026.
The
Advisor
and
PSERV's
commitment
to
these
expense
limitation
arrangements,
which
were
intended
to
support
an
effort
to
have
the
mutual
fund
expenses
meet
competitive
standards,
was
an
important
factor
in
the
Trustees'
decision
to
approve
the
continuance
of
your
fund's
Management
Contracts.
The
Trustees
reviewed
comparative
fee
and
expense
information
for
a
custom
group
of
competitive
funds
selected
by
Broadridge
Financial
Solutions,
Inc.
("Broadridge").
This
comparative
information
included
your
fund's
percentile
ranking
for
effective
management
fees
and
total
expenses
(excluding
any
applicable
12b-1
fees),
which
provides
a
general
indication
of
your
fund's
relative
standing.
In
the
custom
peer
group,
your
fund
ranked
in
the
first
quintile
in
effective
management
fees
(determined
for
your
fund
and
the
other
funds
in
the
custom
peer
group
assuming
the
same
fund
asset
size
for
your
fund
and
the
other
funds
in
the
custom
peer
group
and
the
applicable
contractual
management
fee
schedule)
and
also
in
the
first
quintile
in
total
expenses
(excluding
any
applicable
12b-1
fees)
as
of
December
31,
2024.
The
first
quintile
represents
the
least
expensive
funds
and
the
fifth
quintile
the
most
expensive
funds.
The
fee
and
expense
data
reported
by
Broadridge
as
of
December
31,
2024
reflected
the
most
recent
fiscal
year-end
data
available
in
Broadridge's
database
at
that
time.
In
connection
with
their
review
of
fund
management
fees
and
total
expenses,
the
Trustees
also
reviewed
the
costs
of
the
services
provided
and
the
profits
realized
by
the
Advisor
and
its
affiliates
from
their
contractual
relationships
with
the
funds.
This
information
included
trends
in
revenues,
expenses
and
profitability
of
the
Advisor
and
its
affiliates
relating
to
the
investment
management,
investor
servicing
and
distribution
services
provided
to
the
funds,
as
applicable.
In
this
regard,
the
Trustees
reviewed
an
analysis
of
the
revenues,
expenses
and
profitability
of
the
Advisor
and
its
affiliates,
allocated
on
a
fund-by-fund
basis,
with
respect
to
(as
applicable)
the
funds'
management,
distribution
and
investor
servicing
contracts.
For
each
fund,
the
analysis
presented
information
about
revenues,
expenses
and
profitability
in
2024
for
each
of
the
applicable
Putnam
Funds
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42
franklintempleton.com
Semiannual
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agreements
separately
and
for
the
agreements
taken
together
on
a
combined
basis.
The
Trustees
concluded
that,
at
current
asset
levels,
the
fee
schedules
in
place
for
each
of
the
funds,
including
the
fee
schedule
for
your
fund,
represented
reasonable
compensation
for
the
services
being
provided
and
represented
an
appropriate
sharing
between
fund
shareholders
and
the
Advisor
of
any
economies
of
scale
as
may
exist
in
the
management
of
the
funds
at
that
time.
The
information
examined
by
the
Trustees
in
connection
with
their
annual
contract
review
for
the
funds
included
information
regarding
services
provided
and
fees
charged
by
the
Advisor
and
certain
affiliates
to
other
clients
in
similar
asset
categories,
including
other
1940
Act
funds
advised
by
the
Advisor
but
overseen
by
a
board
of
trustees
other
than
the
Board,
sub-advised
U.S.
mutual
funds,
exchange-traded
funds,
other
U.S.
products
(such
as
collective
investment
trusts,
private
funds,
and
separately
managed
and
institutional
accounts),
non-U.S.
funds,
and
other
non-U.S.
products.
This
information
included,
for
products
that
are
managed
by
the
same
portfolio
team
in
a
similar
asset
category
to
those
of
the
funds,
comparisons
of
the
fees
charged
to
other
clients,
by
category,
with
fees
charged
to
the
funds,
as
well
as
a
detailed
assessment
of
the
differences
in
the
services
provided
to
these
clients
as
compared
to
the
services
provided
to
the
funds.
The
Trustees
observed
that
the
differences
in
fee
rates
between
these
clients
and
the
funds
are
by
no
means
uniform
when
examined
by
individual
asset
classes,
suggesting
that
differences
in
the
pricing
of
investment
management
services
to
these
types
of
clients
may
reflect,
among
other
things,
historical
competitive
forces
operating
in
separate
marketplaces,
the
characteristics
of
different
clients,
the
particulars
of
different
fee
structures,
factors
unique
to
specific
market
segments,
and
the
distinct
risks
and
costs
associated
with
providing
services
to
different
clients.
The
Trustees
considered
the
fact
that
in
many
cases
fee
rates
across
different
asset
classes
are
higher
on
average
for
1940
Act-registered
funds
than
for
other
clients,
and
the
Trustees
also
considered
the
differences
between
the
services
that
the
Advisor
provides
to
the
funds
and
those
that
it
provides
to
its
other
clients.
The
Trustees
did
not
rely
on
these
fee
comparisons
to
any
significant
extent
in
concluding
that
the
management
fees
paid
by
your
fund
are
reasonable.
Investment
performance
The
quality
of
the
investment
process
provided
by
the
Advisor
represented
a
major
factor
in
the
Trustees'
evaluation
of
the
quality
of
services
provided
by
the
Advisor
under
your
fund's
Management
Contracts.
The
Trustees
were
assisted
in
their
review
of
the
Advisor's
investment
process
and
performance
by
the
work
of
the
investment
oversight
committees
of
the
Trustees
and
the
full
Board,
which
meet
on
a
regular
basis
with
individual
portfolio
managers
and
with
senior
investment
management
of
the
Advisor
throughout
the
year.
The
Trustees
concluded
that
the
Advisor
generally
provides
a
high-quality
investment
process
-
based
on
the
experience
and
skills
of
the
individuals
assigned
to
the
management
of
fund
portfolios,
the
resources
made
available
to
them
and
in
general
the
Advisor's
ability
to
attract
and
retain
high-quality
personnel
-
but
also
recognized
that
this
does
not
guarantee
favorable
investment
results
for
every
fund
in
every
time
period.
The
Trustees
considered
that,
in
the
aggregate,
peer-relative
and
benchmark-relative
fund
performance
was
strong
in
2024
against
a
constructive
yet
complex
investing
environment.
The
S&P
500
was
up
25%
in
2024,
but
significant
concentration
of
returns
among
large
cap
and
technology
stocks
and
periods
of
volatility
posed
challenges
in
the
market.
The
Bloomberg
Aggregate
fixed
income
index
was
up
slightly
over
1%
amidst
many
moving
pieces,
with
the
Federal
Reserve
cutting
the
Effective
Federal
Funds
rate
from
5.25%
at
year-end
2023
to
4.25%
at
year-end
2024,
with
three
cuts
in
the
latter
part
of
the
year,
while
also
trying
to
manage
inflation
concerns.
Ten-year
Treasury
yields
ended
2024
at
4.6%
up
from
3.9%
at
year-end
2023.
Corporate
earnings
and
employment
figures
continued
to
generally
show
strength
during
the
year,
while
geopolitical
tensions
were
closely
watched.
For
the
one-year
period
ended
December
31,
2024,
the
Trustees
noted
that
the
funds,
on
an
asset-weighted
basis,
ranked
in
the
27th
percentile
of
their
peers
as
determined
by
Lipper
Inc.
("Lipper")
and,
on
an
asset-weighted
basis,
outperformed
their
benchmarks
by
3.0%
gross
of
fees
over
the
one-year
period.
The
Committee
also
noted
that
the
funds'
aggregate
performance
over
longer-term
periods
continued
to
be
strong,
with
the
funds,
on
an
asset-weighted
basis,
ranking
in
the
20th,
22nd
and
20th
percentiles
of
their
Lipper
peers
over
the
three-year,
five-year
and
ten-year
periods
ended
December
31,
2024,
respectively.
The
Trustees
further
noted
that
the
funds,
in
the
aggregate,
outperformed
their
benchmarks
on
a
gross
basis
for
Putnam
Funds
Trust
43
franklintempleton.com
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Report
each
of
the
three-year,
five-year
and
ten-year
periods.
The
Trustees
also
considered
the
Morningstar
Inc.
ratings
assigned
to
the
funds
and
that
52
funds
were
rated
four
or
five
stars
at
the
end
of
2024,
which
represented
an
increase
of
seven
funds
year-over-year.
The
Trustees
also
considered
that
25
funds
were
five-star
rated
at
the
end
of
2024,
which
was
also
a
year-
over-year
increase
of
seven
funds.
The
Board
noted,
however,
the
disappointing
investment
performance
of
some
funds
for
periods
ended
December
31,
2024
and
considered
information
provided
by
the
Advisor
regarding
the
factors
contributing
to
the
underperformance
and,
where
relevant,
actions
being
taken
to
improve
the
performance
of
these
particular
funds.
The
Trustees
indicated
their
intention
to
continue
to
monitor
the
performance
of
those
funds.
For
purposes
of
the
Trustees'
evaluation
of
the
funds'
investment
performance,
the
Trustees
generally
focus
on
a
competitive
industry
ranking
of
each
fund's
total
net
return
over
a
one-year,
three-year
and
five-year
period.
For
a
number
of
funds
with
relatively
unique
investment
mandates
for
which
the
Advisor
informed
the
Trustees
that
meaningful
competitive
performance
rankings
are
not
considered
to
be
available,
the
Trustees
evaluated
performance
based
on
their
total
gross
and
net
returns
and
comparisons
of
those
returns
to
the
returns
of
selected
investment
benchmarks.
In
the
case
of
your
fund,
the
Trustees
considered
information
about
your
fund's
total
return
and
its
performance
relative
to
its
benchmark
over
the
one-year,
three-year
and
five-year
periods
ended
December
31,
2024.
Your
fund's
class
A
shares'
return,
net
of
fees
and
expenses,
was
positive
and
exceeded
the
return
of
its
benchmark
over
the
one-year,
three-year
and
five-year
periods
ended
December
31,
2024.
(When
considering
performance
information,
shareholders
should
be
mindful
that
past
performance
is
not
a
guarantee
of
future
results.)
The
Trustees
noted
that
the
Advisor
had
made
internal
promotions
and
other
portfolio
management
assignment
changes
in
2024
to
strengthen
its
investment
teams
providing
services
to
the
funds.
Brokerage
and
soft-dollar
allocations;
distribution
and
investor
servicing
The
Trustees
considered
various
potential
benefits
that
the
Advisor
may
receive
in
connection
with
the
services
it
provides
under
the
management
contract
with
your
fund.
These
include
benefits
related
to
brokerage
allocation
and
the
use
of
soft
dollars,
whereby
a
portion
of
the
commissions
paid
by
a
fund
for
brokerage
may
be
used
to
acquire
research
services
that
are
expected
to
be
useful
to
the
Advisor
in
managing
the
assets
of
the
fund
and
of
other
clients.
Subject
to
policies
approved
by
the
Trustees,
soft
dollars
generated
by
these
means
may
be
used
to
acquire
brokerage
and
research
services
(including
proprietary
executing
broker
research,
third-party
research
and
market
data)
that
enhance
the
Advisor's
investment
capabilities
and
supplement
the
Advisor's
internal
research
efforts.
The
Trustees
indicated
their
continued
intent
to
monitor
regulatory
and
industry
developments
in
this
area
with
the
assistance
of
their
Contract
Committee.
In
addition,
with
the
assistance
of
their
Contract
Committee,
the
Trustees
indicated
their
continued
intent
to
monitor
the
allocation
of
the
funds'
brokerage
in
order
to
ensure
that
the
principle
of
seeking
best
price
and
execution
remains
paramount
in
the
portfolio
trading
process.
The
Advisor
may
also
receive
benefits
from
payments
that
funds
make
to
the
Advisor
for
distribution
services
and
investor
services.
In
conjunction
with
the
review
of
your
fund's
management
and
sub-advisory
contracts,
the
Trustees
reviewed
your
fund's
investor
servicing
agreement
with
PSERV
and
its
distributor's
contract
and
distribution
plans
with
Franklin
Distributors,
LLC
("Franklin
Distributors"),
both
of
which
are
affiliates
of
the
Advisor.
The
Trustees
concluded
that
the
fees
payable
by
the
mutual
funds
to
PSERV
and
Franklin
Distributors
for
such
services
were
fair
and
reasonable
in
relation
to
the
nature
and
quality
of
such
services,
the
fees
paid
by
competitive
funds
and
the
costs
incurred
by
PSERV
and
Franklin
Distributors
in
providing
such
services.
Furthermore,
the
Trustees
were
of
the
view
that
the
investor
services
provided
by
PSERV
were
required
for
the
operation
of
the
mutual
funds,
and
that
they
were
of
a
quality
at
least
equal
to
those
provided
by
other
providers.
39117-SFSOI
01/26
©
2026
Franklin
Templeton.
All
rights
reserved.
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

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

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

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

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

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

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

ITEM 16. CONTROLS AND PROCEDURES.
(a) The Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.
(b) During the period covered by this report, the Registrant transitioned to a new third-party service provider who performs certain accounting and administrative services for the Registrant that are subject to Franklin Templeton's oversight.
ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
(a) Not applicable.
(b) Not applicable.
ITEM 19. EXHIBITS.

(a) (1) Not applicable.

Exhibit 99.CODE ETH

Exhibit 99.CERT

Exhibit 99.906CERT

SIGNATURES

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

Putnam Funds Trust
By: /s/ Jonathan S. Horwitz
Jonathan S. Horwitz
Principal Executive Officer
Date: January 27, 2026

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

By: /s/ Jonathan S. Horwitz
Jonathan S. Horwitz
Principal Executive Officer
Date: January 27, 2026
By: /s/ Jeffrey White
Jeffrey White
Principal Financial Officer
Date: January 27, 2026
Putnam Funds Trust published this content on January 28, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on January 28, 2026 at 13:56 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]