N-Q 1 a_dynamicassetalleqty.htm PUTNAM FUNDS TRUST a_dynamicassetalleqty.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY



Investment Company Act file number: (811-07513)
Exact name of registrant as specified in charter: Putnam Funds Trust
Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109
Name and address of agent for service: Robert T. Burns, Vice President
One Post Office Square
Boston, Massachusetts 02109
Copy to:         Bryan Chegwidden, Esq.
Ropes & Gray LLP
1211 Avenue of the Americas
New York, New York 10036
Registrant's telephone number, including area code: (617) 292-1000
Date of fiscal year end: May 31, 2018
Date of reporting period: August 31, 2017



Item 1. Schedule of Investments:













Putnam Dynamic Asset Allocation Equity Fund

The fund's portfolio
8/31/17 (Unaudited)
COMMON STOCKS (88.5%)(a)
Shares Value
Aerospace and defense (2.0%)
Huntington Ingalls Industries, Inc. 684 $146,349
L3 Technologies, Inc. 2,804 508,870
Northrop Grumman Corp. 1,691 460,307
Raytheon Co. 2,596 472,498
Spirit AeroSystems Holdings, Inc. Class A 2,010 149,745
1,737,769
Airlines (0.8%)
ANA Holdings, Inc. (Japan) 26,000 96,595
Delta Air Lines, Inc. 8,658 408,571
Deutsche Lufthansa AG (Germany) 638 16,003
easyJet PLC (United Kingdom) 1,102 17,043
International Consolidated Airlines Group SA (Spain) 3,694 29,230
Japan Airlines Co., Ltd. (Japan) 500 17,202
Qantas Airways, Ltd. (Australia) 23,790 108,632
693,276
Automotive (0.9%)
Fiat Chrysler Automobiles NV (Italy)(NON) 8,499 127,988
Ford Motor Co. 2,108 23,251
Lear Corp. 1,038 155,223
Localiza Rent a Car SA (Brazil) 1,636 30,949
Mazda Motor Corp. (Japan) 1,400 20,656
Peugeot SA (France) 6,988 147,535
Renault SA (France) 717 63,462
Suzuki Motor Corp. (Japan) 300 15,114
Valeo SA (France) 1,250 83,599
Visteon Corp.(NON) 843 97,316
765,093
Banking (6.5%)
Banco Macro SA ADR (Argentina) 656 68,099
Banco Santander SA (Spain) 14,843 96,460
Bank of China, Ltd. (China) 170,000 89,902
Bank Tabungan Negara Persero Tbk PT (Indonesia) 136,700 30,830
BNP Paribas SA (France) 2,141 162,891
China Construction Bank Corp. (China) 141,000 123,689
Citigroup, Inc. 19,556 1,330,395
Credit Agricole SA (France) 5,237 92,331
DNB ASA (Norway) 4,815 94,029
Dubai Islamic Bank PJSC (United Arab Emirates) 30,822 51,106
East West Bancorp, Inc. 1,173 64,949
First Hawaiian, Inc. 2,867 77,667
Grupo Supervielle SA ADR (Argentina) 2,358 48,174
HDFC Bank, Ltd. (India) 2,233 61,944
Industrial & Commercial Bank of China, Ltd. (China) 170,000 127,864
Industrial Bank of Korea (South Korea) 7,379 98,142
Itau Unibanco Holding SA ADR (Preference) (Brazil) 6,926 88,445
Japan Post Bank Co., Ltd. (Japan) 800 10,204
JPMorgan Chase & Co. 17,099 1,554,128
Mitsubishi UFJ Financial Group, Inc. (Japan) 37,342 227,583
Moneta Money Bank AS (Czech Republic) 13,712 48,082
Popular, Inc. (Puerto Rico) 2,061 82,255
Resona Holdings, Inc. (Japan) 32,400 162,095
Sberbank of Russia PJSC ADR (Russia) 7,647 104,382
Societe Generale SA (France) 3,001 168,017
Sumitomo Mitsui Financial Group, Inc. (Japan) 5,407 201,466
Sumitomo Mitsui Trust Holdings, Inc. (Japan) 1,300 45,099
SunTrust Banks, Inc. 3,754 206,845
TCF Financial Corp. 2,746 42,645
5,559,718
Beverage (1.4%)
Coca-Cola Amatil, Ltd. (Australia) 19,744 126,459
Dr. Pepper Snapple Group, Inc. 959 87,317
Heineken Holding NV (Netherlands) 1,759 173,677
PepsiCo, Inc. 7,129 825,039
Thai Beverage PCL (Thailand) 31,900 21,897
1,234,389
Biotechnology (2.4%)
Celgene Corp.(NON) 6,552 910,269
Gilead Sciences, Inc. 14,310 1,197,890
2,108,159
Broadcasting (0.6%)
Discovery Communications, Inc. Class A(NON)(S) 16,309 362,223
Liberty SiriusXM Group Class A(NON) 2,038 91,099
RTL Group SA (Belgium) 614 46,597
Workpoint Entertainment PCL (foreign depositary shares) (Thailand) 1,700 3,763
503,682
Building materials (0.4%)
Masco Corp. 4,356 160,170
Nien Made Enterprise Co., Ltd. (Taiwan) 2,000 21,593
Owens Corning 1,970 146,036
327,799
Cable television (0.3%)
Cable One, Inc. 42 31,867
I-CABLE Communications, Ltd. (Hong Kong)(NON) 8,231 306
Megacable Holdings SAB de CV (Units) (Mexico) 9,429 40,681
Sky PLC (United Kingdom) 13,416 165,849
238,703
Chemicals (1.6%)
Asahi Kasei Corp. (Japan) 7,000 84,028
Asian Paints, Ltd. (India) 1,175 21,475
BASF SE (Germany) 2,579 249,820
Cabot Corp. 639 33,663
Celanese Corp. Ser. A 301 29,203
Covestro AG (Germany) 663 52,100
Evonik Industries AG (Germany) 4,728 153,263
Formosa Plastics Corp. (Taiwan) 13,000 40,520
Grand Pacific Petrochemical (Taiwan) 39,000 33,109
Hanwha Chemical Corp. (South Korea) 1,535 48,343
Hitachi Chemical Co., Ltd. (Japan) 1,600 43,429
Kuraray Co., Ltd. (Japan) 3,100 58,986
LG Chemical, Ltd. (South Korea) 143 48,001
Mitsubishi Chemical Holdings Corp. (Japan) 9,100 84,911
Mitsubishi Gas Chemical Co., Inc. (Japan) 1,700 42,303
Sherwin-Williams Co. (The) 954 323,664
Shin-Etsu Chemical Co., Ltd. (Japan) 500 44,310
1,391,128
Commercial and consumer services (1.8%)
Adecco Group AG (Switzerland) 2,245 162,707
Aramark 3,271 133,097
Booz Allen Hamilton Holding Corp. 2,359 80,465
Dai Nippon Printing Co., Ltd. (Japan) 5,000 59,161
Euronet Worldwide, Inc.(NON) 323 31,741
Fu Shou Yuan International Group, Ltd. (China) 74,000 49,601
Industrivarden AB Class A (Sweden) 6,438 160,915
ISS A/S (Denmark) 1,229 47,823
Itausa - Investimentos Itau SA (Preference) (Brazil) 10,756 34,853
LSC Communications, Inc. 982 15,820
Modetour Network, Inc. (South Korea) 1,432 34,623
Qualicorp SA (Brazil) 5,093 56,385
Randstad Holding NV (Netherlands) 724 42,323
ServiceMaster Global Holdings, Inc.(NON) 1,210 57,015
Sporton International, Inc. (Taiwan) 8,000 42,273
Square, Inc. Class A(NON)(S) 13,830 361,101
TransUnion(NON) 2,400 114,864
Vantiv, Inc. Class A(NON) 903 63,833
1,548,600
Computers (4.4%)
Amadeus IT Holding SA Class A (Spain) 3,454 214,102
Apple, Inc. 14,988 2,458,032
Citrix Systems, Inc.(NON) 2,961 231,580
Fortinet, Inc.(NON) 4,360 166,552
Fujitsu, Ltd. (Japan) 1,000 7,468
HP, Inc. 23,434 447,121
NCR Corp.(NON) 1,979 72,293
Otsuka Corp. (Japan) 700 46,416
Synopsys, Inc.(NON) 1,654 133,015
Xerox Corp. 1,099 35,465
3,812,044
Conglomerates (0.6%)
Bouygues SA (France) 3,728 169,066
Danaher Corp. 2,774 231,407
Marubeni Corp. (Japan) 25,100 163,655
564,128
Construction (0.6%)
China State Construction International Holdings, Ltd. (China) 28,000 40,577
CIMIC Group, Ltd. (Australia) 4,208 140,911
Dilip Buildcon, Ltd. (India)(NON) 3,695 34,880
HOCHTIEF AG (Germany) 912 160,737
Kajima Corp. (Japan) 4,000 36,766
Taisei Corp. (Japan) 8,000 80,387
Waskita Beton Precast Tbk PT (Indonesia) 1,020,600 33,400
527,658
Consumer (1.0%)
Basso Industry Corp. (Taiwan) 20,000 59,635
Clorox Co. (The) 1,943 269,164
Kimberly-Clark Corp. 3,652 450,255
PC Jeweller, Ltd. (India) 4,648 25,826
Scotts Miracle-Gro Co. (The) Class A 1,053 100,656
905,536
Consumer finance (0.3%)
Capitec Bank Holdings, Ltd. (South Africa) 564 39,042
Dewan Housing Finance Corp., Ltd. (India)(NON) 6,280 49,687
Discover Financial Services 3,532 208,211
296,940
Consumer goods (0.9%)
Beauty Community PCL (Foreign depositary shares) (Thailand) 68,900 28,635
Beiersdorf AG (Germany) 174 18,576
Energizer Holdings, Inc. 1,151 50,817
Kao Corp. (Japan) 3,200 199,960
Procter & Gamble Co. (The) 1,644 151,692
Spectrum Brands Holdings, Inc. 504 55,420
Ulta Beauty, Inc.(NON) 827 182,775
Unilever NV ADR (Netherlands) 849 50,545
738,420
Consumer services (0.1%)
Delivery Hero Holding GmbH (Germany)(NON) 968 34,686
Liberty Interactive Corp.(NON) 606 37,305
71,991
Containers (0.4%)
Crown Holdings, Inc.(NON) 5,615 331,453
331,453
Distribution (0.9%)
ITOCHU Corp. (Japan) 11,700 191,510
Pool Corp. 231 23,028
Sysco Corp. 6,171 325,027
Toyota Tsusho Corp. (Japan) 3,300 101,868
Watsco, Inc. 822 121,130
762,563
Electric utilities (2.5%)
American Electric Power Co., Inc. 4,015 295,624
CenterPoint Energy, Inc. 4,615 136,696
Edison International 334 26,780
Endesa SA (Spain) 3,274 78,984
Enel SpA (Italy) 40,174 243,191
ENGIE SA (France) 971 16,206
Entergy Corp. 6,080 481,354
Exelon Corp. 6,157 233,166
FirstEnergy Corp. 7,594 247,413
Iberdrola SA (Spain) 3,366 27,492
Innogy SE (Germany) 797 35,129
Inter RAO UES PJSC (Russia) 367,992 24,902
KEC International, Ltd. (India) 8,767 42,972
Pampa Energia SA ADR (Argentina)(NON) 411 25,075
Power Grid Corp. of India, Ltd. (India) 16,562 56,858
PPL Corp. 1,740 68,278
RusHydro PJSC ADR (Russia) 20,488 28,991
Tohoku Electric Power Co., Inc. (Japan) 3,100 42,460
2,111,571
Electrical equipment (0.1%)
KEI Industries, Ltd. (India) 14,424 57,780
WESCO International, Inc.(NON) 605 30,522
88,302
Electronics (1.9%)
Agilent Technologies, Inc. 3,742 242,182
Casetek Holdings, Ltd. (Taiwan) 11,000 36,471
Elite Material Co., Ltd. (Taiwan) 10,000 50,572
FLIR Systems, Inc. 1,604 60,952
Hollysys Automation Technologies, Ltd. (China) 1,508 30,673
Hoya Corp. (Japan) 1,200 69,128
Samsung Electronics Co., Ltd. (South Korea) 191 394,407
Samsung Electronics Co., Ltd. (Preference) (South Korea) 25 41,973
SK Hynix, Inc. (South Korea) 1,089 67,004
Texas Instruments, Inc. 8,275 685,336
1,678,698
Energy (oil field) (0.2%)
Baker Hughes a GE Co. 5,189 175,907
Superior Energy Services, Inc.(NON) 1,617 13,324
189,231
Energy (other) (0.1%)
Vestas Wind Systems A/S (Denmark) 772 70,313
70,313
Engineering and construction (0.6%)
ACS Actividades de Construccion y Servicios SA (Spain) 3,775 142,728
China Communications Construction Co., Ltd. (China) 24,000 32,108
CTCI Corp. (Taiwan) 26,000 42,090
Jacobs Engineering Group, Inc. 1,973 107,509
Quanta Services, Inc.(NON) 4,271 153,457
477,892
Entertainment (—%)
Dolby Laboratories, Inc. Class A 634 31,992
31,992
Financial (1.3%)
3i Group PLC (United Kingdom) 19,943 250,018
Ally Financial, Inc. 6,407 144,798
CoreLogic, Inc.(NON) 683 32,081
CTBC Financial Holding Co., Ltd. (Taiwan) 100,000 64,809
DGB Financial Group, Inc. (South Korea) 4,170 40,772
Edelweiss Financial Services, Ltd. (India) 10,772 41,734
Hana Financial Group, Inc. (South Korea) 1,212 52,644
HSBC Holdings PLC (United Kingdom) 4,317 41,895
KRUK SA (Poland) 526 50,273
Mizuho Financial Group, Inc. (Japan) 113,416 195,522
ORIX Corp. (Japan) 10,900 175,044
UNIFIN Financiera, SAB de CV SOFOM, E.N.R. (Mexico) 15,134 52,057
1,141,647
Food (2.7%)
Associated British Foods PLC (United Kingdom) 1,504 64,607
BIM Birlesik Magazalar AS (Turkey) 1,612 35,707
Bunge, Ltd. 2,243 167,395
Campbell Soup Co. 3,481 160,822
ConAgra Foods, Inc. 5,201 168,824
Dino Polska SA 144A (Poland)(NON) 2,875 47,534
Distribuidora Internacional de Alimentacion SA (Spain) 4,159 26,320
Hershey Co. (The) 2,202 231,034
Ingredion, Inc. 1,057 130,878
Lamb Weston Holdings, Inc. 1,991 90,551
Nestle SA (Switzerland) 1,548 131,321
NH Foods, Ltd. (Japan) 1,000 29,440
Pinnacle Foods, Inc. 1,761 104,445
Tate & Lyle PLC (United Kingdom) 17,837 157,650
Tyson Foods, Inc. Class A 6,347 401,765
WH Group, Ltd. (Hong Kong) 144,500 151,092
WM Morrison Supermarkets PLC (United Kingdom) 51,046 162,379
X5 Retail Group NV GDR (Russia)(NON) 1,382 56,386
2,318,150
Forest products and packaging (0.3%)
Packaging Corp. of America 1,712 192,446
UPM-Kymmene OYJ (Finland) 3,060 79,631
272,077
Gaming and lottery (0.3%)
Aristocrat Leisure, Ltd. (Australia) 4,692 79,364
Bloomberry Resorts Corp. (Philippines)(NON) 192,300 42,158
International Game Technology PLC 990 20,166
TABCORP Holdings, Ltd. (Australia) 26,089 85,507
227,195
Health-care services (2.7%)
Alfresa Holdings Corp. (Japan) 700 13,275
AmerisourceBergen Corp. 3,718 298,370
Charles River Laboratories International, Inc.(NON) 793 86,278
McKesson Corp. 3,200 477,792
Medipal Holdings Corp. (Japan) 2,800 49,462
Premier, Inc. Class A(NON) 1,020 34,170
UnitedHealth Group, Inc. 6,256 1,244,318
WellCare Health Plans, Inc.(NON) 929 162,278
2,365,943
Homebuilding (0.4%)
Berkeley Group Holdings PLC (The) (United Kingdom) 170 8,224
NVR, Inc.(NON) 42 114,276
Taylor Wimpey PLC (United Kingdom) 69,668 180,626
303,126
Household furniture and appliances (0.2%)
Coway Co., Ltd. (South Korea) 459 40,259
Electrolux AB Ser. B (Sweden) 4,576 166,379
206,638
Industrial (0.1%)
HD Supply Holdings, Inc.(NON) 2,751 91,608
91,608
Insurance (4.0%)
Aflac, Inc. 3,772 311,379
AIA Group, Ltd. (Hong Kong) 7,600 58,363
Allianz SE (Germany) 1,288 275,611
Allstate Corp. (The) 3,593 325,167
American Financial Group, Inc. 394 40,113
Aspen Insurance Holdings, Ltd. 473 21,380
Assured Guaranty, Ltd. 1,686 71,722
AXA SA (France) 6,843 198,565
China Life Insurance Co., Ltd. (Taiwan)(NON) 33,000 36,532
Discovery, Ltd. (South Africa) 4,425 51,227
Dongbu Insurance Co., Ltd. (South Korea) 438 29,281
Hartford Financial Services Group, Inc. (The) 4,575 247,370
Hyundai Marine & Fire Insurance Co., Ltd. (South Korea) 894 36,608
ING Life Insurance Korea, Ltd. (South Korea)(NON) 1,169 45,750
IRB Brasil Resseguros S/A (Brazil)(NON) 5,999 57,172
Lincoln National Corp. 2,269 153,974
Mapfre SA (Spain) 12,200 43,178
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany) 839 173,190
NN Group NV (Netherlands) 3,910 155,163
Ping An Insurance Group Co. of China, Ltd. (China) 14,000 111,280
Prudential Financial, Inc. 3,630 370,550
Reinsurance Group of America, Inc. 532 71,527
Swiss Re AG (Switzerland) 2,000 181,136
Travelers Cos., Inc. (The) 943 114,273
Unum Group 2,415 116,355
Validus Holdings, Ltd. 923 46,288
Voya Financial, Inc. 2,169 82,921
3,426,075
Investment banking/Brokerage (2.1%)
Ameriprise Financial, Inc. 2,110 292,256
Daiwa Securities Group, Inc. (Japan) 4,000 21,943
E*Trade Financial Corp.(NON) 7,928 325,127
Goldman Sachs Group, Inc. (The) 4,041 904,133
Morgan Stanley 3,347 152,289
Nomura Holdings, Inc. (Japan) 19,400 108,411
Raymond James Financial, Inc. 469 36,732
1,840,891
Lodging/Tourism (0.3%)
Carnival PLC (United Kingdom) 2,576 179,043
Hyatt Hotels Corp. Class A(NON) 610 36,301
TUI AG (Germany) 1,314 22,225
237,569
Machinery (0.8%)
BWX Technologies, Inc. 1,464 80,110
Cummins, Inc. 2,371 377,890
Hitachi, Ltd. (Japan) 17,000 117,287
Sandvik AB (Sweden) 5,811 96,024
671,311
Manufacturing (0.6%)
Carlisle Cos., Inc. 872 82,570
Crane Co. 370 27,465
Jain Irrigation Systems, Ltd. (India)(NON) 19,339 29,835
Oshkosh Corp. 1,516 113,094
Parker Hannifin Corp. 1,597 256,941
509,905
Media (1.1%)
Interpublic Group of Cos., Inc. (The) 1,093 22,013
Lagardere SCA (France) 699 22,459
Naspers, Ltd. Class N (South Africa) 853 192,843
Walt Disney Co. (The) 6,615 669,438
906,753
Medical technology (0.7%)
Baxter International, Inc. 4,523 280,607
Bruker Corp. 1,097 31,912
C.R. Bard, Inc. 824 264,347
Hologic, Inc.(NON) 1,041 40,183
617,049
Metals (1.0%)
Anglo American PLC (United Kingdom)(NON) 2,970 53,863
Fortescue Metals Group, Ltd. (Australia) 11,584 55,441
Hindalco Industries, Ltd. (India) 12,382 46,179
Korea Zinc Co., Ltd. (South Korea) 93 42,555
Mitsubishi Materials Corp. (Japan) 500 17,970
Newmont Mining Corp. 3,815 146,267
Reliance Steel & Aluminum Co. 884 64,019
Rio Tinto PLC (United Kingdom) 1,330 64,433
Steel Dynamics, Inc. 6,051 208,457
Timken Co. (The) 1,561 70,011
United Co RUSAL PLC (Russia) 62,000 42,954
voestalpine AG (Austria) 790 40,994
853,143
Natural gas utilities (0.8%)
Centrica PLC (United Kingdom) 59,662 154,221
ENI SpA (Italy) 1,005 15,757
Gas Natural SDG SA (Spain) 441 10,720
NiSource, Inc. 5,764 154,879
UGI Corp. 5,950 293,990
Vectren Corp. 657 43,106
672,673
Office equipment and supplies (0.2%)
Avery Dennison Corp. 1,436 135,357
135,357
Oil and gas (3.9%)
Caltex Australia, Ltd. (Australia) 1,388 36,901
Cimarex Energy Co. 2,435 242,745
Exxon Mobil Corp. 8,463 645,981
Lukoil PJSC ADR (Russia) 1,241 62,360
Nabors Industries, Ltd. 2,560 16,768
ONEOK, Inc. 6,378 345,432
Parsley Energy, Inc. Class A(NON) 13,847 346,867
Petroleo Brasileiro SA - Petrobras ADR (Brazil)(NON) 2,425 21,777
Petroleo Brasileiro SA - Petrobras ADR (Preference) (Brazil)(NON) 1,620 14,045
Petronet LNG, Ltd. (India) 11,555 41,102
PTT PCL (Foreign depositary shares) (Thailand) 3,500 42,057
QEP Resources, Inc.(NON) 1,902 14,360
Repsol SA (Spain) 10,973 188,496
Rowan Cos. PLC Class A(NON) 2,065 20,134
Royal Dutch Shell PLC Class B (United Kingdom) 3,282 91,691
Total SA (France) 5,605 289,886
Valero Energy Corp. 7,393 503,463
Williams Cos., Inc. (The) 13,425 399,125
3,323,190
Pharmaceuticals (5.1%)
AstraZeneca PLC (United Kingdom) 392 23,018
Bayer AG (Germany) 1,864 238,543
China Traditional Chinese Medicine Holdings Co., Ltd. (China) 80,000 48,465
Eli Lilly & Co. 5,797 471,238
GlaxoSmithKline PLC (United Kingdom) 12,502 247,911
Johnson & Johnson 11,576 1,532,315
Merck & Co., Inc. 8,970 572,824
Mitsubishi Tanabe Pharma Corp. (Japan) 3,700 91,138
Novartis AG (Switzerland) 3,217 271,396
Richter Gedeon Nyrt (Hungary) 2,313 60,190
Roche Holding AG (Switzerland) 1,307 331,878
Sanofi (France) 2,937 285,512
Shanghai Fosun Pharmaceutical (Group) Co., Ltd. (China) 6,500 24,436
Shionogi & Co., Ltd. (Japan) 2,600 137,248
Taro Pharmaceutical Industries, Ltd. (Israel)(NON) 123 12,895
4,349,007
Publishing (0.2%)
GEDI Gruppo Editoriale SpA (Italy)(NON) 302 258
John Wiley & Sons, Inc. Class A 507 27,353
News Corp. Class A 3,743 50,044
RR Donnelley & Sons Co. 1,506 13,900
Toppan Printing Co., Ltd. (Japan) 7,000 70,203
161,758
Railroads (1.3%)
Central Japan Railway Co. (Japan) 900 152,867
Norfolk Southern Corp. 2,587 311,785
Union Pacific Corp. 6,170 649,701
1,114,353
Real estate (3.4%)
AGNC Investment Corp.(R) 5,231 112,676
Annaly Capital Management, Inc.(R) 10,750 134,375
Apartment Investment & Management Co. Class A(R) 1,641 74,387
Apple Hospitality REIT, Inc.(R) 2,445 44,450
Barratt Developments PLC (United Kingdom) 12,813 103,470
Brandywine Realty Trust(R) 2,254 38,724
Brixmor Property Group, Inc.(R) 4,029 75,423
Camden Property Trust(R) 1,163 104,065
Cheung Kong Property Holdings, Ltd. (Hong Kong) 20,000 176,080
Chimera Investment Corp.(R) 2,492 47,522
Colony NorthStar, Inc. Class A(R) 6,213 81,452
Duke Realty Corp.(R) 3,493 103,812
Equity Commonwealth(NON)(R) 1,030 31,868
Equity Lifestyle Properties, Inc.(R) 537 47,874
Equity Residential Trust(R) 3,208 215,417
Forest City Realty Trust, Inc. Class A(R) 2,992 71,688
Gaming and Leisure Properties, Inc.(R) 1,000 39,190
HCP, Inc.(R) 5,488 163,597
Highwoods Properties, Inc.(R) 1,334 69,675
Kerry Properties, Ltd. (Hong Kong) 15,000 59,579
Liberty Property Trust(R) 1,350 57,510
MFA Financial, Inc.(R) 3,309 29,053
Mid-America Apartment Communities, Inc.(R) 264 28,105
MRV Engenharia e Participacoes SA (Brazil) 12,981 55,630
New World Development Co., Ltd. (Hong Kong) 65,000 89,144
Nomura Real Estate Holdings, Inc. (Japan) 1,600 33,182
Outfront Media, Inc.(R) 1,410 31,020
Park Hotels & Resorts, Inc.(R) 3,187 85,061
Persimmon PLC (United Kingdom) 5,130 176,388
Quality Care Properties, Inc.(NON)(R) 1,672 22,940
Senior Housing Properties Trust(R) 1,317 25,971
Spirit Realty Capital, Inc.(R) 9,845 85,652
Starwood Property Trust, Inc.(R) 3,046 67,652
Sun Hung Kai Properties, Ltd. (Hong Kong) 4,000 66,792
Two Harbors Investment Corp. ((R)) 4,010 41,022
VEREIT, Inc.(R) 12,041 101,626
Wharf Holdings, Ltd. (The) (Hong Kong) 4,000 38,208
Wheelock and Co., Ltd. (Hong Kong) 14,000 104,761
WP Carey, Inc.(R) 429 29,537
2,964,578
Restaurants (1.5%)
Darden Restaurants, Inc. 2,264 185,852
McDonald's Corp. 5,830 932,625
Yum! Brands, Inc. 2,375 182,448
1,300,925
Retail (4.8%)
Atacadao Distribuicao Comercio e Industria, Ltda. (Brazil)(NON) 6,127 30,753
CCC SA (Poland) 375 27,563
El Puerto de Liverpool SAB de CV (Mexico) 5,663 50,421
Harvey Norman Holdings, Ltd. (Australia)(S) 20,657 67,226
Home Depot, Inc. (The) 2,021 302,887
J Sainsbury PLC (United Kingdom) 50,084 152,583
KAR Auction Services, Inc. 1,537 69,303
Kingfisher PLC (United Kingdom) 32,279 124,761
Lowe's Cos., Inc. 10,295 760,698
Marks & Spencer Group PLC (United Kingdom) 33,823 139,782
Michaels Cos., Inc. (The)(NON) 2,877 64,589
MSC Industrial Direct Co., Inc. Class A 725 49,938
Poya International Co., Ltd. (Taiwan) 4,030 52,429
PVH Corp. 2,150 270,664
Robinsons Retail Holdings, Inc. (Philippines) 25,150 44,603
Ross Stores, Inc. 4,488 262,324
TJX Cos., Inc. (The) 8,341 603,054
Toro Co. (The) 884 54,525
Wal-Mart Stores, Inc. 5,661 441,954
Walgreens Boots Alliance, Inc. 5,971 486,637
Yue Yuen Industrial Holdings, Ltd. (Hong Kong) 7,500 32,507
4,089,201
Schools (0.1%)
Ser Educacional SA 144A (Brazil) 5,900 54,711
54,711
Semiconductor (1.5%)
Applied Materials, Inc. 17,417 785,855
Maxim Integrated Products, Inc. 3,989 186,127
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) 22,000 158,374
Teradyne, Inc. 3,528 125,632
1,255,988
Shipping (—%)
Yangzijiang Shipbuilding Holdings, Ltd. (China) 26,500 29,278
29,278
Software (4.3%)
Adobe Systems, Inc.(NON) 980 152,057
Amdocs, Ltd. 2,945 190,807
Chinasoft International, Ltd. (China) 64,000 34,192
F5 Networks, Inc.(NON) 1,202 143,495
Intuit, Inc. 2,602 368,053
Microsoft Corp. 30,036 2,245,792
Tencent Holdings, Ltd. (China) 8,400 356,928
VMware, Inc. Class A(NON)(S) 1,904 205,822
3,697,146
Staffing (0.1%)
ManpowerGroup, Inc. 1,091 121,657
121,657
Technology services (4.8%)
Alibaba Group Holding, Ltd. ADR (China)(NON)(S) 2,032 348,976
Alphabet, Inc. Class A(NON) 2,286 2,183,672
AtoS SE (France) 1,315 202,881
Dell Technologies, Inc. Class V(NON) 2,019 151,284
DST Systems, Inc. 628 32,235
Dun & Bradstreet Corp. (The) 1,000 111,440
DXC Technology Co. 3,432 291,720
eBay, Inc.(NON) 6,772 244,672
Facebook, Inc. Class A(NON) 2,929 503,700
Mixi, Inc. (Japan) 300 16,060
NCSOFT Corp. (South Korea) 138 47,200
4,133,840
Telecommunications (0.7%)
Eutelsat Communications SA (France) 571 16,596
Juniper Networks, Inc. 9,639 267,289
PCCW, Ltd. (Hong Kong) 7,000 3,905
PLAY Communications SA (Poland)(NON) 3,286 33,161
Safaricom, Ltd. (Kenya) 141,024 34,965
Sterlite Technologies, Ltd. (India)(NON) 9,556 33,036
Telstra Corp., Ltd. (Australia) 51,321 149,850
Turkcell Iletisim Hizmetleri AS (Turkey) 10,025 38,346
577,148
Telephone (1.7%)
KDDI Corp. (Japan) 2,300 62,149
Nippon Telegraph & Telephone Corp. (Japan) 4,000 199,250
Verizon Communications, Inc. 25,003 1,199,394
1,460,793
Textiles (0.6%)
Carter's, Inc. 543 47,084
Ralph Lauren Corp.(S) 5,028 441,911
488,995
Tire and rubber (—%)
Hankook Tire Co., Ltd. (South Korea) 565 29,552
29,552
Tobacco (0.2%)
Altria Group, Inc. 2,328 147,595
Swedish Match AB (Sweden) 1,463 52,162
199,757
Toys (0.3%)
Hasbro, Inc. 2,135 209,764
Namco Bandai Holdings, Inc. (Japan) 1,000 33,572
243,336
Transportation services (0.4%)
Deutsche Post AG (Germany) 5,170 214,458
Landstar System, Inc. 552 51,529
Royal Mail PLC (United Kingdom) 16,799 85,631
351,618
Trucks and parts (0.4%)
Allison Transmission Holdings, Inc. 7,096 246,444
JTEKT Corp (Japan) 2,400 32,213
Minth Group, Ltd. (China) 8,000 37,016
315,673
Waste Management (0.2%)
Waste Management, Inc. 2,623 202,260
202,260
Water Utilities (0.1%)
China Water Affairs Group, Ltd. (China) 102,000 59,023
59,023
Total common stocks (cost $64,897,205) $76,087,945

INVESTMENT COMPANIES (1.4%)(a)
Shares Value
SPDR S&P 500 ETF Trust 4,260 $1,054,307
SPDR S&P MidCap 400 ETF Trust 450 142,011
Total investment companies (cost $1,142,221) $1,196,318

WARRANTS (0.2%)(a)(NON)
Expiration date Strike Price Warrants Value
Bupa Arabia for Cooperative Insurance Co. 144A (Saudi Arabia) 3/22/18 $0.00 1,282 $40,207
Jiangsu NHWA Pharmaceutical Co., Ltd. 144A (China) 7/27/18 0.00 10,100 21,189
Qingdao Haier Co., Ltd. 144A (China) 9/24/18 0.00 14,200 30,206
Shanghai International Airport Co., Ltd. 144A (China) 5/7/18 0.00 5,900 34,880
Wuliangye Yibin Co., Ltd. 144A (China) 4/12/18 0.00 2,799 23,544
Total warrants (cost $138,758) $150,026

PURCHASED OPTIONS OUTSTANDING (0.0%)(a)
Expiration Notional Contract
Counterparty date/strike price amount amount Value
Bank of America N.A.
    USD/CNH (Put) Oct-17/CNH 6.65 $ 845,600 $ 845,600 $8,224
    USD/JPY (Put) Nov-17/JPY 107.00 498,100 498,100 3,428

Goldman Sachs International
    USD/CNH (Put) Oct-17/CNH 6.65 845,700 845,700 8,225

UBS AG
    IShares MSCI Emerging Markets ETF (Put) Nov-17/42.00 350,346 7,815 3,999
    IShares MSCI Emerging Markets ETF (Put) Oct-17/41.00 350,302 7,814 1,564
Total purchased options outstanding (cost $29,203) $25,440

SHORT-TERM INVESTMENTS (11.3%)(a)
Principal amount/shares Value
U.S. Treasury Bills 1.059%, 1/18/18(SEG) $295,000 $293,851
U.S. Treasury Bills 1.043%, 12/7/17(SEG) 7,000 6,982
Putnam Short Term Investment Fund 1.15%(AFF) Shares 7,803,623 7,803,623
Putnam Cash Collateral Pool, LLC 1.28%(AFF) Shares 1,611,740 1,611,740
Total short-term investments (cost $9,716,159) $9,716,196

TOTAL INVESTMENTS
Total investments (cost $75,923,546)(b) $87,175,925













FORWARD CURRENCY CONTRACTS at 8/31/17 (aggregate face value $13,202,785) (Unaudited)


Unrealized
Contract Delivery Aggregate appreciation/
Counterparty Currency type* date Value face value (depreciation)
Bank of America N.A.
Australian Dollar Buy 10/18/17 $101,461 $95,908 $5,553
British Pound Buy 9/20/17 248,272 249,071 (799)
Canadian Dollar Sell 10/18/17 108,882 104,765 (4,117)
Euro Buy 9/20/17 224,219 204,710 19,509
New Zealand Dollar Buy 10/18/17 159,555 161,147 (1,592)
Norwegian Krone Buy 9/20/17 141,955 149,284 (7,329)
Russian Ruble Buy 9/20/17 86,633 83,441 3,192
Russian Ruble Buy 12/20/17 85,235 83,012 2,223
Swedish Krona Buy 9/20/17 178,774 168,028 10,746
Swedish Krona Sell 9/20/17 178,774 175,741 (3,033)
Barclays Bank PLC
Australian Dollar Buy 10/18/17 27,491 26,470 1,021
Euro Buy 9/20/17 46,464 39,510 6,954
Hong Kong Dollar Sell 11/15/17 12,292 12,323 31
New Zealand Dollar Buy 10/18/17 5,524 5,602 (78)
Swedish Krona Buy 9/20/17 41,176 37,764 3,412
Swedish Krona Sell 9/20/17 41,176 41,112 (64)
Swiss Franc Buy 9/20/17 312,626 311,226 1,400
Swiss Franc Sell 9/20/17 312,627 313,352 725
Citibank, N.A.
Australian Dollar Buy 10/18/17 3,337 3,212 125
Brazilian Real Buy 10/3/17 601 70 531
British Pound Sell 9/20/17 195,616 196,243 627
Canadian Dollar Sell 10/18/17 2,644 2,786 142
Danish Krone Buy 9/20/17 90,113 85,333 4,780
Euro Buy 9/20/17 112,228 108,662 3,566
New Zealand Dollar Sell 10/18/17 120,527 122,229 1,702
Norwegian Krone Buy 9/20/17 84,110 77,075 7,035
Russian Ruble Buy 9/20/17 86,633 83,557 3,076
Russian Ruble Buy 12/20/17 84,115 83,480 635
Swedish Krona Sell 9/20/17 94,179 97,632 3,453
Credit Suisse International
Australian Dollar Sell 10/18/17 65,787 63,318 (2,469)
Canadian Dollar Buy 10/18/17 45,508 43,849 1,659
Euro Buy 9/20/17 12,629 8,587 4,042
Japanese Yen Buy 11/15/17 173,661 173,086 575
New Zealand Dollar Sell 10/18/17 27,477 27,863 386
Norwegian Krone Buy 9/20/17 3,391 2,848 543
Swedish Krona Buy 9/20/17 308,524 296,366 12,158
Swedish Krona Sell 9/20/17 308,525 293,724 (14,801)
Swiss Franc Buy 9/20/17 140,813 139,923 890
Goldman Sachs International
Australian Dollar Sell 10/18/17 82,473 75,630 (6,843)
British Pound Buy 9/20/17 3,623 3,620 3
British Pound Sell 9/20/17 3,623 3,612 (11)
Canadian Dollar Sell 10/18/17 85,888 84,581 (1,307)
Euro Sell 9/20/17 236,849 220,944 (15,905)
Indonesian Rupiah Sell 11/15/17 1,057 1,141 84
Japanese Yen Buy 11/15/17 304,771 303,813 958
New Zealand Dollar Sell 10/18/17 83,724 85,313 1,589
Norwegian Krone Buy 9/20/17 1,496 11,342 (9,846)
South African Rand Sell 10/18/17 84,596 84,148 (448)
Swedish Krona Sell 9/20/17 168,029 171,058 3,029
Swiss Franc Buy 9/20/17 84,655 84,140 515
Swiss Franc Sell 9/20/17 84,655 84,906 251
Turkish Lira Buy 9/20/17 170,133 165,229 4,904
HSBC Bank USA, National Association
Australian Dollar Buy 10/18/17 85,889 85,384 505
British Pound Buy 9/20/17 170,388 169,914 474
Canadian Dollar Sell 10/18/17 1,442 2,235 793
Euro Buy 9/20/17 259,366 249,219 10,147
Euro Sell 9/20/17 259,366 252,488 (6,878)
Japanese Yen Sell 11/15/17 84,574 85,165 591
Mexican Peso Sell 10/18/17 82,619 82,281 (338)
New Zealand Dollar Buy 10/18/17 83,580 83,110 470
JPMorgan Chase Bank N.A.
Australian Dollar Buy 10/18/17 85,730 88,893 (3,163)
British Pound Sell 9/20/17 40,624 41,785 1,161
Canadian Dollar Buy 10/18/17 2,725 1,434 1,291
Euro Sell 9/20/17 55,876 49,255 (6,621)
Indonesian Rupiah Sell 11/15/17 1,057 1,263 206
Japanese Yen Sell 11/15/17 1,050,062 1,046,436 (3,626)
New Zealand Dollar Sell 10/18/17 162,354 164,429 2,075
Norwegian Krone Buy 9/20/17 91,292 90,065 1,227
Norwegian Krone Sell 9/20/17 91,292 83,058 (8,234)
Singapore Dollar Buy 11/15/17 110,774 110,697 77
South African Rand Buy 10/18/17 1,733 219 1,514
Swedish Krona Sell 9/20/17 47,775 43,212 (4,563)
Swiss Franc Buy 9/20/17 28,914 28,195 719
Royal Bank of Scotland PLC (The)
Australian Dollar Buy 10/18/17 155,807 150,058 5,749
Canadian Dollar Buy 10/18/17 215,841 212,162 3,679
Euro Buy 9/20/17 66,361 60,092 6,269
Japanese Yen Sell 11/15/17 55,187 55,007 (180)
New Zealand Dollar Buy 10/18/17 80,854 81,357 (503)
Norwegian Krone Buy 9/20/17 175,377 171,194 4,183
Norwegian Krone Sell 9/20/17 175,377 160,814 (14,563)
Swedish Krona Buy 9/20/17 267,550 248,747 18,803
Swedish Krona Sell 9/20/17 267,550 260,801 (6,749)
Turkish Lira Buy 9/20/17 169,673 164,609 5,064
State Street Bank and Trust Co.
Australian Dollar Buy 10/18/17 114,492 112,742 1,750
British Pound Buy 9/20/17 170,647 169,445 1,202
British Pound Sell 9/20/17 170,647 168,718 (1,929)
Canadian Dollar Buy 10/18/17 88,692 87,170 1,522
Euro Buy 9/20/17 41,937 44,541 (2,604)
New Zealand Dollar Buy 10/18/17 50,722 52,441 (1,719)
Norwegian Krone Buy 9/20/17 130,853 131,111 (258)
Swedish Krona Sell 9/20/17 80,639 91,971 11,332
UBS AG
Australian Dollar Buy 10/18/17 150,484 146,716 3,768
British Pound Buy 9/20/17 85,518 84,660 858
British Pound Sell 9/20/17 85,518 85,699 181
Canadian Dollar Buy 10/18/17 88,932 88,784 148
Euro Buy 9/20/17 289,032 281,245 7,787
Euro Sell 9/20/17 289,032 280,238 (8,794)
Japanese Yen Buy 11/15/17 133,486 132,986 500
New Zealand Dollar Sell 10/18/17 61,699 62,564 865
Norwegian Krone Buy 9/20/17 174,681 171,443 3,238
Norwegian Krone Sell 9/20/17 174,681 160,196 (14,485)
Swedish Krona Buy 9/20/17 267,789 250,493 17,296
Swedish Krona Sell 9/20/17 267,789 261,948 (5,841)
Turkish Lira Buy 9/20/17 547 549 (2)
Turkish Lira Sell 9/20/17 547 521 (26)
WestPac Banking Corp.
Australian Dollar Buy 10/18/17 212,934 202,279 10,655
Canadian Dollar Buy 10/18/17 1,602 132 1,470
Euro Buy 9/20/17 7,625 6,212 1,413
Japanese Yen Buy 11/15/17 173,413 172,741 672
New Zealand Dollar Sell 10/18/17 78,199 79,876 1,677
Unrealized appreciation 243,355
Unrealized depreciation (159,718)
Total $83,637

* The exchange currency for all contracts listed is the United States Dollar.












  FUTURES CONTRACTS OUTSTANDING at 8/31/17 (Unaudited)
           
    Number of Notional   Expiration Unrealized appreciation/
    contracts amount Value date (depreciation)
             
  Russell 2000 Index Mini (Long) 79  $5,550,842  $5,547,380  Sep-17 $(13,313)
  S&P 500 Index E-Mini (Long) 8  988,660  988,040  Sep-17 16,191 
  S&P 500 Index E-Mini (Short) 6  741,495  741,030  Sep-17 (12,160)
  Tokyo Price Index (Long) 5  735,621  737,254  Sep-17 5,346 
  Unrealized appreciation         21,537 
  Unrealized depreciation         (25,473)
  Total         $(3,936)








   
  WRITTEN OPTIONS OUTSTANDING at 8/31/17  (premiums $17,437) (Unaudited)
   
    Expiration Notional   Contract  
  Counterparty  date/strike price Amount   amount Value
             
  Bank of America N.A.          
  USD/CNH (Put) Oct-17/CNH 6.55 $845,600   $845,600 $1,959
  USD/JPY (Put) Nov-17/JPY 103.00 498,100   498,100 943
 
Citibank, N.A.		          
  Alibaba Group Holding ADR (Call) Nov-17/$185.00 58,220   339 1,736
 
Goldman Sachs International		          
  USD/CNH (Put) Oct-17/CNH 6.55 845,700   845,700 1,959
 
UBS AG		          
  Alibaba Group Holding ADR (Call) Nov-17/$170.00 58,220   339 3,824
  IShares MSCI Emerging Market ETF (Put) Nov-17/40.00 350,346   7,815 2,263
  IShares MSCI Emerging Market ETF (Put) Oct-17/39.00 350,302   7,814 899
  Tencent Holdings, Ltd. (Call) Nov-17/320.00 33,506   797 2,472
  Total         $16,055












Key to holding's abbreviations
ADR American Depository Receipts: represents ownership of foreign securities on deposit with a custodian bank
ETF Exchange Traded Fund
GDR Global Depository Receipts: represents ownership of foreign securities on deposit with a custodian bank
PJSC Public Joint Stock Company
SPDR S&P Depository Receipts
Notes to the fund's portfolio
Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from June 1, 2017 through August 31, 2017 (the reporting period). Within the following notes to the portfolio, references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to "OTC", if any, represent over-the-counter.
(a) Percentages indicated are based on net assets of $85,962,687.
(b) The aggregate identified cost on a tax basis is $74,954,225, resulting in gross unrealized appreciation and depreciation of $12,950,757 and $2,288,986, respectively, or net unrealized appreciation of $10,661,771.
(NON) This security is non-income-producing.
(AFF) Affiliated company. For investments in Putnam Cash Collateral Pool, LLC and Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows:

Name of affiliate Fair value as of 5/31/17 Purchase cost Sale proceeds Investment income Shares outstanding and fair value as of 8/31/2017
Short-term investments
Putnam Cash Collateral Pool, LLC*# $1,686,200 $2,687,655 $2,762,115 $3,532 $1,611,740
Putnam Short Term Investment Fund** 7,647,192 2,617,513 2,461,082 20,995 7,803,623
Total Short-term investments $9,333,392 $5,305,168 $5,223,197 $24,527 $9,415,363
* No management fees are charged to Putnam Cash Collateral Pool, LLC. There were no realized or unrealized gains or losses during the period.
# The fund may lend securities, through its agent, to qualified borrowers in order to earn additional income. The loans are collateralized by cash in an amount at least equal to the fair value of the securities loaned. The fair value of securities loaned is determined daily and any additional required collateral is allocated to the fund on the next business day. The remaining maturities of the securities lending transactions are considered overnight and continuous. The risk of borrower default will be borne by the fund's agent; the fund will bear the risk of loss with respect to the investment of the cash collateral. The fund received cash collateral of $1,611,740, which is invested in Putnam Cash Collateral Pool, LLC, a limited liability company managed by an affiliate of Putnam Management. Investments in Putnam Cash Collateral Pool, LLC are valued at its closing net asset value each business day. There are no management fees charged to Putnam Cash Collateral Pool, LLC. The rate quoted in the security description is the annualized 7-day yield at the close of the reporting period. At the close of the reporting period, the value of securities loaned amounted to $1,584,988.
** Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period.

(SEG) This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $300,770.
(R) Real Estate Investment Trust.
(S) This security is on loan, in part or in entirety, at the close of the reporting period.
At the close of the reporting period, the fund maintained liquid assets totaling $416,853 to cover certain derivative contracts and the settlement of certain securities.
Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity.
144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
The dates shown on debt obligations are the original maturity dates.

DIVERSIFICATION BY COUNTRY
Distribution of investments by country of risk at the close of the reporting period, excluding collateral received, if any (as a percentage of Portfolio Value):
United States 75.2 %
Japan 4.3
United Kingdom 3.1
France 2.2
China 1.9
Germany 1.9
South Korea 1.3
Switzerland 1.3
Spain 1.0
Australia 1.0
Hong Kong 0.9
Taiwan 0.7
India 0.6
Sweden 0.6
Brazil 0.5
Netherlands 0.5
Italy 0.5
Other 2.5
Total 100.0%

Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund's assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.
Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security.
Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.
Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value certain foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. The foreign equity securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. Short-term securities with remaining maturities of 60 days or less are valued using an independent pricing service approved by the Trustees, and are classified as Level 2 securities.
To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.
To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.
Options contracts: The fund used options contracts to enhance the return on securities owned and to gain exposure to securities.
The potential risk to the fund is that the change in value of options contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. Realized gains and losses on purchased options are included in realized gains and losses on investment securities. If a written call option is exercised, the premium originally received is recorded as an addition to sales proceeds. If a written put option is exercised, the premium originally received is recorded as a reduction to the cost of investments.
Exchange-traded options are valued at the last sale price or, if no sales are reported, the last bid price for purchased options and the last ask price for written options. OTC traded options are valued using prices supplied by dealers.
Options on swaps are similar to options on securities except that the premium paid or received is to buy or grant the right to enter into a previously agreed upon interest rate or credit default contract. Forward premium swap options contracts include premiums that have extended settlement dates. The delayed settlement of the premiums is factored into the daily valuation of the option contracts. In the case of interest rate cap and floor contracts, in return for a premium, ongoing payments between two parties are based on interest rates exceeding a specified rate, in the case of a cap contract, or falling below a specified rate in the case of a floor contract.
For the fund's average contract amount on options contracts, see the appropriate table at the end of these footnotes.
Futures contracts: The fund used futures contracts to manage exposure to market risk, and to equitize cash.
The potential risk to the fund is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. With futures, there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as "variation margin".
For the fund's average number of futures contracts, see the appropriate table at the end of these footnotes.
Forward currency contracts: The fund buys and sells forward currency contracts, which are agreements between two parties to buy and sell currencies at a set price on a future date. These contracts were used to hedge foreign exchange risk.
The U.S. dollar value of forward currency contracts is determined using current forward currency exchange rates supplied by a quotation service. The fair value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily and the change in fair value is recorded as an unrealized gain or loss. The fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed when the contract matures or by delivery of the currency. The fund could be exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the fund is unable to enter into a closing position.
For the fund's average contract amount on forward currency contracts, see the appropriate table at the end of these footnotes.
Master agreements: The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund's custodian and, with respect to those amounts which can be sold or repledged, is presented in the fund's portfolio.
Collateral pledged by the fund is segregated by the fund's custodian and identified in the fund's portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund's net position with each counterparty.
Termination events applicable to the fund may occur upon a decline in the fund's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund's counterparties to elect early termination could impact the fund's future derivative activity.
At the close of the reporting period, the fund had a net liability position of $34,698 on open derivative contracts subject to the Master Agreements. There was no collateral posted by the fund at period end for these agreements.












ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows:
Level 1: Valuations based on quoted prices for identical securities in active markets.
Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement.
The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period:
Valuation inputs
Investments in securities: Level 1 Level 2 Level 3
Common stocks*:
    Basic materials $1,922,571 $1,121,435 $—
    Capital goods 4,213,201 348,329 —
    Communication services 1,828,148 448,496 —
    Conglomerates 400,473 163,655 —
    Consumer cyclicals 9,431,743 905,862 —
    Consumer staples 6,619,557 822,226 —
    Energy 3,504,731 78,003 —
    Financials 12,414,905 2,814,944 —
    Health care 9,076,134 364,024 —
    Technology 13,251,523 1,326,193 —
    Transportation 1,783,951 404,574 —
    Utilities and power 2,641,954 201,313 —
Total common stocks 67,088,891 8,999,054 —
Investment companies 1,196,318 — —
Purchased options outstanding — 25,440 —
Warrants — 150,026 —
Short-term investments 7,803,623 1,912,573 —
Totals by level $76,088,832 $11,087,093 $—



Valuation inputs
Other financial instruments: Level 1 Level 2 Level 3
Forward currency contracts $— $83,637 $—
Futures contracts (3,936) — —
Written options outstanding — (16,055) —
Totals by level $(3,936) $67,582 $—
* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation.
During the reporting period, transfers within the fair value hierarchy, if any, did not represent, in the aggregate, more than 1% of the fund's net assets measured as of the end of the period. Transfers are accounted for using the end of period pricing valuation method.

Fair Value of Derivative Instruments as of the close of the reporting period
Asset derivatives Liability derivatives
Derivatives not accounted for as hedging instruments under ASC 815 Fair value Fair value
Foreign exchange contracts $263,232 $164,579
Equity contracts 177,126 36,667
Total $440,358 $201,246
The volume of activity for the reporting period for any derivative type that was held at the close of the period is listed below and was based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period:
Purchased equity option contracts (contract amount)$12,000
Purchased currency option contracts (contract amount)$1,600,000
Written equity option contracts (contract amount)$13,000
Written currency option contracts (contract amount)$1,600,000
Futures contracts (number of contracts)100
Forward currency contracts (contract amount)$26,900,000
Warrants (number of warrants)29,000

For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com



Item 2. Controls and Procedures:
(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms.
(b) Changes in internal control over financial reporting: Not applicable

Item 3. Exhibits:
Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.

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, thereunto duly authorized.

Putnam Funds Trust
By (Signature and Title):
/s/ Janet C. Smith
Janet C. Smith
Principal Accounting Officer
Date: October 27, 2017

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 (Signature and Title):
/s/ Jonathan S. Horwitz
Jonathan S. Horwitz
Principal Executive Officer
Date: October 27, 2017

By (Signature and Title):
/s/ Janet C. Smith
Janet C. Smith
Principal Financial Officer
Date: October 27, 2017