NPORT-EX 1 b_hf8nportex.htm PUTNAM FUNDS TRUST

Putnam Multi-Cap Core Fund
The fund's portfolio
7/31/19 (Unaudited)



COMMON STOCKS (95.6%)(a)
        Shares Value
Airlines (1.9%)
Air Canada (Canada)(NON) 504,042 $17,342,436
American Airlines Group, Inc. 365,446 11,149,757
Southwest Airlines Co. 367,234 18,923,568
47,415,761
Auto components (1.0%)
Magna International, Inc. (Canada) 305,769 15,416,873
Pirelli & C. SpA (Italy) 1,780,302 10,507,399
25,924,272
Automobiles (0.6%)
General Motors Co. 395,351 15,948,459
15,948,459
Banks (7.9%)
Bank of America Corp. 2,170,245 66,583,117
Citigroup, Inc. 627,172 44,629,560
Hilltop Holdings, Inc. 190,975 4,331,313
JPMorgan Chase & Co. 568,106 65,900,296
Wells Fargo & Co. 363,892 17,616,012
199,060,298
Beverages (1.5%)
Coca-Cola Co. (The) 341,479 17,972,040
Molson Coors Brewing Co. Class B 131,913 7,121,983
PepsiCo, Inc. 95,701 12,231,545
37,325,568
Biotechnology (2.9%)
Amgen, Inc. 202,344 37,753,344
Biogen, Inc.(NON) 63,369 15,070,416
Gilead Sciences, Inc. 311,995 20,441,912
73,265,672
Capital markets (4.4%)
Ameriprise Financial, Inc. 129,889 18,900,148
Apollo Global Management, LLC Class A 368,939 12,174,987
Goldman Sachs Group, Inc. (The) 143,265 31,536,924
KKR & Co., Inc. Class A 410,613 10,983,898
Morgan Stanley 325,737 14,514,841
Raymond James Financial, Inc. 276,368 22,294,607
110,405,405
Chemicals (1.2%)
Celanese Corp. 178,291 19,998,901
Dow, Inc. 75,395 3,652,134
DuPont de Nemours, Inc. 95,565 6,895,970
30,547,005
Commercial services and supplies (0.8%)
BrightView Holdings, Inc.(NON)(S) 172,903 3,416,563
New Bigfoot Other Assets GmbH (acquired 8/2/13, cost $32) (Private) (Germany)(NON)(F)(RES) 24 20
New Middle East Other Assets GmbH (acquired 8/2/13, cost $13) (Private) (Germany)(NON)(F)(RES) 10 8
Republic Services, Inc. 190,241 16,864,865
20,281,456
Communications equipment (2.5%)
Cisco Systems, Inc. 1,125,737 62,365,830
62,365,830
Consumer finance (0.9%)
Capital One Financial Corp. 259,932 24,022,915
24,022,915
Diversified financial services (2.4%)
Berkshire Hathaway, Inc. Class B(NON) 189,782 38,986,916
Capitol Investment Corp. IV Class A(NON) 306,859 2,777,074
J2 Acquisition, Ltd. (British Virgin Islands)(NON) 711,565 6,350,718
Switchback Energy Acquisition Corp. (Units)(NON) 226,990 2,263,090
TPG Pace Holdings Corp. (Units)(NON) 903,262 9,484,251
59,862,049
Diversified telecommunication services (1.0%)
AT&T, Inc. 727,295 24,764,395
24,764,395
Electric utilities (1.5%)
Entergy Corp. 180,029 19,014,663
Exelon Corp. 430,967 19,419,373
38,434,036
Entertainment (2.3%)
Live Nation Entertainment, Inc.(NON)(S) 315,328 22,722,536
Walt Disney Co. (The) 244,891 35,021,862
57,744,398
Equity real estate investment trusts (REITs) (1.6%)
Armada Hoffler Properties, Inc.(R) 753,634 12,759,024
Easterly Government Properties, Inc.(R) 642,010 12,114,729
Equity Commonwealth(R) 469,514 15,766,280
40,640,033
Food and staples retail (2.8%)
Kroger Co. (The) 574,846 12,163,741
Walgreens Boots Alliance, Inc. 208,074 11,337,952
Walmart, Inc. 436,635 48,195,771
71,697,464
Food products (0.5%)
Campbell Soup Co.(S) 297,811 12,311,507
12,311,507
Health-care equipment and supplies (0.9%)
Baxter International, Inc. 276,042 23,179,247
RA Medical Systems, Inc.(NON) 83,800 237,154
23,416,401
Health-care providers and services (3.3%)
HCA Healthcare, Inc. 166,596 22,242,232
McKesson Corp. 108,014 15,008,545
Tenet Healthcare Corp.(NON) 406,472 9,580,545
UnitedHealth Group, Inc. 143,422 35,713,512
82,544,834
Health-care technology (0.2%)
Change Healthcare, Inc.(NON)(S) 408,553 5,691,143
5,691,143
Hotels, restaurants, and leisure (0.2%)
Bloomin' Brands, Inc. 242,458 4,129,060
4,129,060
Household durables (1.1%)
Green Brick Partners, Inc.(NON) 342,890 3,226,595
HC Brillant Services GmbH (acquired 8/2/13, cost $32) (Private) (Germany)(NON)(F)(RES) 48 40
PulteGroup, Inc. 812,391 25,598,440
28,825,075
Household products (1.2%)
Procter & Gamble Co. (The) 252,598 29,816,668
29,816,668
Independent power and renewable electricity producers (0.8%)
NRG Energy, Inc. 635,236 21,686,957
21,686,957
Industrial conglomerates (1.1%)
Honeywell International, Inc. 165,846 28,601,801
28,601,801
Insurance (1.5%)
Assured Guaranty, Ltd. 338,256 14,778,405
Lincoln National Corp. 248,446 16,233,462
Sirius International Insurance Group, Ltd. (Bermuda)(NON)(S) 565,612 6,521,506
37,533,373
Interactive media and services (4.1%)
Alphabet, Inc. Class C(NON) 52,090 63,376,861
Facebook, Inc. Class A(NON) 203,603 39,545,811
102,922,672
Internet and direct marketing retail (2.9%)
Amazon.com, Inc.(NON) 32,065 59,858,301
Booking Holdings, Inc.(NON) 7,563 14,268,431
Global Fashion Group SA (acquired 8/2/13, cost $1,579,787) (Private) (Luxembourg)(NON)(F)(RES) 6,992 28,283
74,155,015
IT Services (3.5%)
DXC Technology Co. 282,100 15,732,717
Fastly, Inc. Class A(NON)(S) 388,462 8,429,625
IBM Corp. 113,500 16,825,240
Priority Technology Holdings, Inc.(NON)(S) 272,753 2,116,563
Visa, Inc. Class A 263,161 46,842,658
89,946,803
Machinery (0.7%)
Caterpillar, Inc. 95,443 12,566,980
Stanley Black & Decker, Inc. 34,602 5,106,909
17,673,889
Media (2.3%)
Comcast Corp. Class A 855,245 36,920,927
Discovery, Inc. Class A(NON)(S) 450,462 13,653,503
Liberty Global PLC Class A (United Kingdom)(NON) 286,527 7,641,675
58,216,105
Metals and mining (1.0%)
Freeport-McMoRan, Inc. (Indonesia) 724,104 8,008,590
Largo Resources, Ltd. (Canada)(NON)(S) 3,947,003 5,562,529
Nucor Corp. 196,154 10,666,855
24,237,974
Multiline retail (0.9%)
Target Corp. 249,148 21,526,387
21,526,387
Oil, gas, and consumable fuels (6.3%)
Brigham Minerals, Inc. Class A(NON)(S) 243,701 5,227,386
ConocoPhillips 415,215 24,530,902
Diamondback Energy, Inc. 68,268 7,060,959
Encana Corp. (Canada)(S) 1,328,277 6,070,226
Enterprise Products Partners LP 578,768 17,426,704
Kimbell Royalty Partners LP 163,178 2,619,007
Kinder Morgan, Inc. 1,014,020 20,909,092
Marathon Oil Corp. 699,076 9,835,999
Plains GP Holdings LP Class A(NON) 277,384 6,701,597
Rattler Midstream LP(NON) 238,053 4,413,503
Royal Dutch Shell PLC ADR Class A (United Kingdom) 467,510 29,401,704
Suncor Energy, Inc. (Canada) 364,160 10,451,392
Valero Energy Corp. 177,716 15,150,289
159,798,760
Pharmaceuticals (3.9%)
Bristol-Myers Squibb Co. 305,186 13,553,310
Eli Lilly & Co. 119,788 13,050,903
Jazz Pharmaceuticals PLC(NON) 111,787 15,580,872
Johnson & Johnson 229,890 29,936,276
Merck & Co., Inc. 312,779 25,957,529
98,078,890
Real estate management and development (1.1%)
CBRE Group, Inc. Class A(NON) 293,779 15,573,225
Kennedy-Wilson Holdings, Inc. 596,594 12,838,703
28,411,928
Road and rail (1.7%)
Norfolk Southern Corp. 75,560 14,441,027
Union Pacific Corp. 146,480 26,359,076
US Xpress Enterprises, Inc. Class A(NON)(S) 234,843 1,195,351
41,995,454
Semiconductors and semiconductor equipment (2.9%)
Intel Corp. 611,062 30,889,184
Lam Research Corp. 103,474 21,585,711
Micron Technology, Inc.(NON) 289,340 12,988,473
ON Semiconductor Corp.(NON) 381,186 8,199,311
73,662,679
Software (8.2%)
Adobe, Inc.(NON) 45,847 13,701,835
Microsoft Corp. 1,208,820 164,725,901
Oracle Corp. 530,329 29,857,523
208,285,259
Specialty retail (2.5%)
Best Buy Co., Inc. 264,847 20,268,741
Home Depot, Inc. (The) 75,453 16,123,552
Lowe's Cos., Inc. 219,268 22,233,775
Michaels Cos., Inc. (The)(NON)(S) 600,995 4,128,836
62,754,904
Technology hardware, storage, and peripherals (4.9%)
Apple, Inc. 581,761 123,938,363
123,938,363
Thrifts and mortgage finance (0.3%)
Radian Group, Inc. 308,800 7,040,640
7,040,640
Trading companies and distributors (0.4%)
United Rentals, Inc.(NON) 85,306 10,795,474
10,795,474
Total common stocks (cost $1,868,991,755) $2,417,703,031









INVESTMENT COMPANIES (3.3%)(a)
        Shares Value
Health Care Select Sector SPDR Fund(S) 336,299 $30,650,291
Industrial Select Sector SPDR Fund(S) 457,713 35,619,226
SPDR S&P Homebuilders ETF(S) 385,020 16,036,083
Total investment companies (cost $76,469,266) $82,305,600









WARRANTS (—%)(a)(NON)
    Expiration date Strike Price Warrants Value
Capitol Investment Corp. IV 1/1/25 $11.50 102,286 $106,377
J2 Acquisition, Ltd. (British Virgin Islands) 10/10/20 11.50 711,565 195,680
Sirius International Insurance Group, Ltd. (Bermuda) 12/31/23 18.88 464,490 232,245
Total warrants (cost $407,477) $534,302









SHORT-TERM INVESTMENTS (3.6%)(a)
        Shares Value
Putnam Cash Collateral Pool, LLC 2.49%(AFF) 76,350,541 $76,350,541
Putnam Short Term Investment Fund 2.48%(AFF) 14,025,925 14,025,925
Total short-term investments (cost $90,376,466) $90,376,466
TOTAL INVESTMENTS
Total investments (cost $2,036,244,964) $2,590,919,399













Key to holding's abbreviations
ADR American Depository Receipts: represents ownership of foreign securities on deposit with a custodian bank
ETF Exchange Traded Fund
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 May 1, 2019 through July 31, 2019 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to "OTC", if any, represent over-the-counter.
(a) Percentages indicated are based on net assets of $2,528,439,087.
(NON) This security is non-income-producing.
(RES) This security is restricted with regard to public resale. The total fair value of this security and any other restricted securities (excluding 144A securities), if any, held at the close of the reporting period was $28,351, or less than 0.1% of net assets.
(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
4/30/19		 Purchase
cost		 Sale
proceeds		 Investment
income		 Shares outstanding
and fair
value as  of
7/31/19
Short-term investments
Putnam Cash Collateral Pool, LLC*# $99,589,606 $251,613,514 $274,852,579 $646,875 $76,350,541
Putnam Short Term Investment Fund** 7,401,136 50,788,786 44,163,997 50,275 14,025,925
Total Short-term investments $106,990,742 $302,402,300 $319,016,576 $697,150 $90,376,466
* 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 $76,350,541, 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 $73,491,724. Certain of these securities were sold prior to the close of the reporting period.
** 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.
(F) This security is valued by Putnam Management at fair value following procedures approved by the Trustees. Securities are classified as Level 3 for ASC 820 based on the securities' valuation inputs. At the close of the reporting period, fair value pricing was also used for certain foreign securities in the portfolio.
(R) Real Estate Investment Trust.
(S) This security is on loan, in part or in entirety, at the close of the reporting period.
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. At the close of the reporting period, fair value pricing was used for certain foreign securities in the portfolio. 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.









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*:
Communication services $243,647,570 $— $—
Consumer discretionary 222,727,450 10,507,399 28,323
Consumer staples 151,151,207 — —
Energy 159,798,760 — —
Financials 437,924,680 — —
Health care 282,996,940 — —
Industrials 166,763,807 — 28
Information technology 558,198,934 — —
Materials 54,784,979 — —
Real estate 69,051,961 — —
Utilities 60,120,993 — —
Total common stocks 2,407,167,281 10,507,399 28,351
Investment companies 82,305,600 — —
Warrants 534,302 — —
Short-term investments 14,025,925 76,350,541 —
Totals by level $2,504,033,108 $86,857,940 $28,351
* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation.
At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and were not considered a significant portion of the fund's portfolio.
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
Equity contracts $534,302 $—
Total $534,302 $—
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:
Warrants (number of warrants) 1,300,000

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