NPORT-EX 2 PIVF.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
38967-Q3PH
1
Schedule
of
Investments
(unaudited)
Putnam
International
Value
Fund
2
Notes
to
Schedule
of
Investments
7
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited),
March
31,
2025
Putnam
International
Value
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
95.5%
Aerospace
&
Defense
2.9%
Airbus
SE
.........................................
France
39,745
$
6,998,526
Thales
SA
.........................................
France
38,939
10,350,823
17,349,349
Air
Freight
&
Logistics
1.0%
Deutsche
Post
AG
...................................
Germany
134,262
5,764,310
Automobiles
1.4%
Stellantis
NV
.......................................
United
States
326,802
3,665,438
Yamaha
Motor
Co.
Ltd.
...............................
Japan
608,900
4,875,050
8,540,488
Banks
23.7%
AIB
Group
plc
......................................
Ireland
2,572,850
16,618,585
ANZ
Group
Holdings
Ltd.
.............................
Australia
584,739
10,706,030
Barclays
plc
.......................................
United
Kingdom
2,536,070
9,535,710
BNP
Paribas
SA
....................................
France
142,122
11,878,466
CaixaBank
SA
......................................
Spain
1,725,442
13,440,737
DNB
Bank
ASA
.....................................
Norway
225,301
5,928,274
HSBC
Holdings
plc
..................................
United
Kingdom
1,707,798
19,360,426
ING
Groep
NV
.....................................
Netherlands
951,801
18,647,024
Mitsubishi
UFJ
Financial
Group,
Inc.
.....................
Japan
1,295,900
17,668,065
Resona
Holdings,
Inc.
................................
Japan
645,400
5,635,510
Sumitomo
Mitsui
Financial
Group,
Inc.
....................
Japan
454,200
11,679,576
141,098,403
Beverages
2.8%
Asahi
Group
Holdings
Ltd.
.............................
Japan
517,500
6,611,875
Coca-Cola
Europacific
Partners
plc
......................
United
Kingdom
115,043
10,012,192
16,624,067
Biotechnology
1.0%
a
Argenx
SE
........................................
Netherlands
9,908
5,846,673
Broadline
Retail
0.4%
Pan
Pacific
International
Holdings
Corp.
..................
Japan
95,500
2,623,228
Building
Products
1.5%
Cie
de
Saint-Gobain
SA
..............................
France
89,625
8,928,160
Capital
Markets
2.2%
UBS
Group
AG
.....................................
Switzerland
435,666
13,381,306
Chemicals
0.5%
LANXESS
AG
......................................
Germany
110,353
3,356,825
Construction
Materials
2.0%
CRH
plc
..........................................
United
States
135,031
11,834,477
Consumer
Staples
Distribution
&
Retail
3.0%
MatsukiyoCocokara
&
Co.
.............................
Japan
359,900
5,630,274
Seven
&
i
Holdings
Co.
Ltd.
............................
Japan
412,300
5,970,478
Tesco
plc
.........................................
United
Kingdom
1,504,996
6,474,923
18,075,675
Diversified
REITs
0.7%
Mirvac
Group
......................................
Australia
3,193,687
4,205,778
Diversified
Telecommunication
Services
3.7%
Deutsche
Telekom
AG
................................
Germany
318,986
11,776,959
Nippon
Telegraph
&
Telephone
Corp.
....................
Japan
8,716,800
8,424,541
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
International
Value
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Diversified
Telecommunication
Services
(continued)
Telstra
Group
Ltd.
...................................
Australia
669,803
$
1,769,476
21,970,976
Financial
Services
1.0%
ORIX
Corp.
........................................
Japan
292,000
6,096,640
Food
Products
1.0%
Yamazaki
Baking
Co.
Ltd.
.............................
Japan
299,900
5,751,565
Health
Care
Equipment
&
Supplies
1.0%
Hoya
Corp.
........................................
Japan
52,600
5,936,357
Hotels,
Restaurants
&
Leisure
0.8%
Compass
Group
plc
.................................
United
Kingdom
140,846
4,658,665
Household
Durables
2.2%
Cairn
Homes
plc
....................................
Ireland
2,489,735
5,142,008
Sony
Group
Corp.
...................................
Japan
300,800
7,611,144
12,753,152
Industrial
Conglomerates
3.4%
Siemens
AG
.......................................
Germany
87,732
20,261,382
Insurance
9.2%
ASR
Nederland
NV
..................................
Netherlands
178,823
10,280,112
AXA
SA
...........................................
France
345,988
14,782,604
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
Germany
15,903
10,046,259
Prudential
plc
......................................
Hong
Kong
620,789
6,698,950
QBE
Insurance
Group
Ltd.
............................
Australia
948,219
13,101,695
54,909,620
Machinery
1.4%
a
Alstom
SA
.........................................
France
193,702
4,290,633
Minebea
Mitsumi,
Inc.
................................
Japan
303,400
4,434,648
8,725,281
Metals
&
Mining
1.7%
Anglo
American
plc
..................................
South
Africa
100,708
2,822,681
a
Glencore
plc
.......................................
Australia
1,907,146
6,980,407
9,803,088
Multi-Utilities
3.3%
E.ON
SE
..........................................
Germany
584,191
8,818,216
Veolia
Environnement
SA
.............................
France
304,480
10,471,622
19,289,838
Oil,
Gas
&
Consumable
Fuels
6.9%
Cenovus
Energy,
Inc.
................................
Canada
685,158
9,522,365
Shell
plc
..........................................
United
States
865,736
31,513,075
41,035,440
Passenger
Airlines
1.4%
Qantas
Airways
Ltd.
.................................
Australia
1,465,457
8,354,777
Personal
Care
Products
1.4%
Unilever
plc
........................................
United
Kingdom
142,768
8,506,393
Pharmaceuticals
4.6%
AstraZeneca
plc
....................................
United
Kingdom
59,973
8,806,726
Sanofi
SA
.........................................
United
States
166,477
18,432,649
27,239,375
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
International
Value
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Semiconductors
&
Semiconductor
Equipment
0.5%
STMicroelectronics
NV
...............................
Singapore
128,641
$
2,820,781
Specialty
Retail
0.4%
JD
Sports
Fashion
plc
................................
United
Kingdom
2,838,624
2,510,012
Technology
Hardware,
Storage
&
Peripherals
0.3%
Samsung
Electronics
Co.
Ltd.
..........................
South
Korea
45,325
1,796,931
Textiles,
Apparel
&
Luxury
Goods
1.0%
Asics
Corp.
........................................
Japan
282,800
5,997,502
Tobacco
1.2%
Imperial
Brands
plc
..................................
United
Kingdom
190,617
7,053,187
Trading
Companies
&
Distributors
4.7%
Ashtead
Group
plc
..................................
United
Kingdom
60,685
3,281,042
Ferguson
Enterprises,
Inc.
............................
United
States
30,784
4,885,443
ITOCHU
Corp.
.....................................
Japan
164,600
7,641,218
Mitsubishi
Corp.
....................................
Japan
690,000
12,181,785
27,989,488
Wireless
Telecommunication
Services
1.3%
KDDI
Corp.
........................................
Japan
172,800
2,729,490
Vodafone
Group
plc
.................................
United
Kingdom
4,805,862
4,515,689
7,245,179
Total
Common
Stocks
(Cost
$462,706,139)
...................................
568,334,368
Short
Term
Investments
3.4%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.4%
b
U.S.
Treasury
Bills
,
c
4.06%,
4/22/25
...................................
United
States
1,300,000
1,296,781
4.16%,
5/15/25
...................................
United
States
1,600,000
1,591,729
2,888,510
Total
U.S.
Government
and
Agency
Securities
(Cost
$2,888,612)
................
2,888,510
Shares
Money
Market
Funds
3.0%
d,e
Putnam
Short
Term
Investment
Fund,
Class
P,
4.526%
.......
United
States
17,574,652
17,574,652
Total
Money
Market
Funds
(Cost
$17,574,652)
................................
17,574,652
Total
Short
Term
Investments
(Cost
$20,463,264
)
..............................
20,463,162
a
Total
Investments
(Cost
$483,169,403)
98.9%
.................................
$588,797,530
Other
Assets,
less
Liabilities
1.1%
...........................................
6,116,066
Net
Assets
100.0%
.........................................................
$594,913,596
a
a
a
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
International
Value
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
At
March
31,
2025,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
The
rate
shown
represents
the
yield
at
period
end.
c
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
open
forward
exchange
contracts.
At
March
31,
2025,
the
value
of
this
security
pledged
amounted
to
$60,849,
representing
less
than
0.1%
of
net
assets.
d
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
e
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
Australian
Dollar
....
BOFA
Buy
529,500
326,114
4/16/25
$
4,782
$
—
Australian
Dollar
....
BZWS
Buy
525,600
323,653
4/16/25
4,805
—
Australian
Dollar
....
GSCO
Buy
802,900
494,508
4/16/25
7,241
—
Australian
Dollar
....
MSCO
Sell
7,144,900
4,551,734
4/16/25
86,739
—
Australian
Dollar
....
SSBT
Buy
6,897,800
4,380,081
4/16/25
—
(69,504)
Australian
Dollar
....
TDOM
Buy
51,800
31,900
4/16/25
470
—
Australian
Dollar
....
WPAC
Buy
1,143,100
703,795
4/16/25
10,551
—
Australian
Dollar
....
WPAC
Sell
4,737,200
2,962,917
4/16/25
2,615
(72)
Canadian
Dollar
....
BOFA
Sell
2,503,900
1,742,995
4/16/25
1,841
—
Canadian
Dollar
....
GSCO
Sell
485,500
338,863
4/16/25
1,258
—
Canadian
Dollar
....
JPHQ
Sell
3,185,500
2,216,848
4/16/25
1,725
—
Canadian
Dollar
....
MSCO
Sell
2,272,000
1,588,926
4/16/25
9,029
—
Canadian
Dollar
....
SSBT
Sell
2,161,100
1,504,630
4/16/25
1,851
—
Canadian
Dollar
....
TDOM
Sell
1,478,500
1,029,385
4/16/25
1,271
—
Canadian
Dollar
....
UBSW
Sell
2,070,500
1,440,869
4/16/25
1,091
—
Canadian
Dollar
....
WPAC
Buy
2,402,500
1,660,505
4/16/25
10,138
—
Canadian
Dollar
....
WPAC
Sell
962,300
669,918
4/16/25
757
—
Israeli
New
Shekel
..
GSCO
Buy
3,763,700
1,027,150
4/16/25
—
(14,596)
Israeli
New
Shekel
..
HSBC
Buy
1,644,100
448,594
4/16/25
—
(6,279)
Israeli
New
Shekel
..
HSBC
Sell
1,644,100
455,498
4/16/25
13,183
—
Israeli
New
Shekel
..
HSBK
Buy
1,644,100
455,497
4/16/25
—
(13,183)
Israeli
New
Shekel
..
SSBT
Buy
4,251,300
1,159,909
4/16/25
—
(16,176)
Israeli
New
Shekel
..
UBSW
Buy
7,813,800
2,157,788
4/16/25
—
(55,629)
New
Zealand
Dollar
.
JPHQ
Buy
485,900
270,439
4/16/25
5,523
—
New
Zealand
Dollar
.
WPAC
Buy
1,251,800
697,239
4/16/25
13,708
—
Chinese
Yuan
......
HSBK
Buy
10,387,400
1,433,419
5/21/25
1,261
—
Hong
Kong
Dollar
...
BOFA
Buy
5,074,500
652,960
5/21/25
23
—
Hong
Kong
Dollar
...
CITI
Buy
5,113,200
657,980
5/21/25
—
(17)
Hong
Kong
Dollar
...
GSCO
Buy
3,407,000
438,346
5/21/25
65
—
Hong
Kong
Dollar
...
SSBT
Buy
46,458,300
5,979,444
5/21/25
—
(1,221)
Hong
Kong
Dollar
...
TDOM
Buy
25,912,600
3,334,663
5/21/25
—
(247)
Japanese
Yen
......
GSCO
Buy
707,839,900
4,774,050
5/21/25
16,521
(44,988)
Japanese
Yen
......
HSBK
Sell
2,250,027,000
15,136,847
5/21/25
51,955
—
Japanese
Yen
......
MSCO
Buy
2,596,042,100
17,403,779
5/21/25
46,609
(45,702)
Japanese
Yen
......
MSCO
Sell
455,123,500
3,002,793
5/21/25
—
(48,501)
Japanese
Yen
......
SSBT
Buy
206,755,900
1,367,153
5/21/25
19,004
—
Japanese
Yen
......
WPAC
Buy
293,911,300
1,932,283
5/21/25
38,192
—
Japanese
Yen
......
WPAC
Sell
421,850,600
2,820,659
5/21/25
152
(7,713)
Singapore
Dollar
....
BOFA
Buy
1,203,600
895,442
5/21/25
2,762
—
Singapore
Dollar
....
CITI
Buy
553,500
411,776
5/21/25
1,281
—
Singapore
Dollar
....
GSCO
Buy
7,528,800
5,601,219
5/21/25
17,258
—
Singapore
Dollar
....
JPHQ
Buy
389,900
290,060
5/21/25
909
—
Singapore
Dollar
....
MSCO
Buy
2,385,500
1,785,753
5/21/25
—
(
5,539)
Singapore
Dollar
....
SSBT
Buy
368,700
274,287
5/21/25
860
—
Singapore
Dollar
....
TDOM
Buy
589,200
438,295
5/21/25
1,404
—
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
International
Value
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
See
Abbreviations
on
page
10
.
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)
South
Korean
Won
..
JPHQ
Sell
2,113,870,600
1,465,279
5/21/25
$
27,479
$
—
British
Pound
......
BOFA
Sell
2,389,000
3,063,224
6/18/25
—
(22,543)
British
Pound
......
BZWS
Sell
2,199,300
2,819,527
6/18/25
—
(21,212)
British
Pound
......
GSCO
Sell
2,442,300
3,133,261
6/18/25
—
(21,351)
British
Pound
......
HSBK
Sell
735,300
942,658
6/18/25
—
(7,096)
British
Pound
......
JPHQ
Sell
2,223,800
2,851,018
6/18/25
—
(21,367)
British
Pound
......
MSCO
Buy
650,200
839,132
6/18/25
703
—
British
Pound
......
MSCO
Sell
1,449,700
1,861,715
6/18/25
—
(10,799)
British
Pound
......
SSBT
Sell
15,884,400
20,568,977
6/18/25
86,752
(34,956)
British
Pound
......
TDOM
Sell
1,754,600
2,249,488
6/18/25
—
(16,851)
British
Pound
......
WPAC
Buy
9,408,300
12,196,563
6/18/25
—
(44,275)
Czech
Koruna
......
MSCO
Buy
26,622,600
1,155,970
6/18/25
—
(634)
Danish
Krone
......
CITI
Buy
20,283,800
2,944,649
6/18/25
10,163
—
Danish
Krone
......
JPHQ
Buy
2,899,200
419,593
6/18/25
2,744
—
Euro
.............
BOFA
Sell
1,817,500
1,956,848
6/18/25
—
(17,023)
Euro
.............
CITI
Sell
2,887,600
3,109,008
6/18/25
—
(27,030)
Euro
.............
HSBK
Sell
481,400
518,432
6/18/25
—
(4,386)
Euro
.............
JPHQ
Sell
1,511,100
1,626,692
6/18/25
—
(14,417)
Euro
.............
MSCO
Buy
2,273,600
2,473,035
6/18/25
—
(3,823)
Euro
.............
MSCO
Sell
100,100
107,964
6/18/25
—
(749)
Euro
.............
SSBT
Buy
100
109
6/18/25
—
(1)
Euro
.............
SSBT
Sell
29,071,300
31,849,530
6/18/25
300,710
(23,669)
Euro
.............
TDOM
Sell
2,674,000
2,879,403
6/18/25
—
(24,658)
Euro
.............
UBSW
Sell
3,769,000
4,057,178
6/18/25
—
(36,093)
Euro
.............
WPAC
Buy
25,647,100
28,087,788
6/18/25
—
(234,106)
Euro
.............
WPAC
Sell
3,882,000
4,242,444
6/18/25
26,450
—
Norwegian
Krone
...
BZWS
Sell
8,083,100
764,932
6/18/25
—
(3,355)
Norwegian
Krone
...
CITI
Sell
848,400
78,189
6/18/25
—
(2,450)
Norwegian
Krone
...
MSCO
Sell
5,107,600
470,937
6/18/25
—
(14,533)
Swedish
Krona
.....
BOFA
Buy
23,567,800
2,346,582
6/18/25
8,893
—
Swedish
Krona
.....
CITI
Buy
14,580,500
1,454,747
6/18/25
2,562
(65)
Swedish
Krona
.....
HSBK
Buy
25,298,900
2,518,236
6/18/25
10,254
—
Swedish
Krona
.....
MSCO
Buy
13,968,600
1,390,637
6/18/25
5,449
—
Swedish
Krona
.....
SSBT
Buy
18,513,500
1,842,793
6/18/25
7,532
—
Swedish
Krona
.....
TDOM
Buy
37,762,900
3,759,261
6/18/25
14,939
—
Swedish
Krona
.....
UBSW
Buy
9,559,100
951,694
6/18/25
3,687
—
Swedish
Krona
.....
WPAC
Buy
7,265,200
723,127
6/18/25
2,991
—
Swiss
Franc
.......
BOFA
Buy
870,000
990,911
6/18/25
1,585
—
Swiss
Franc
.......
BZWS
Buy
136,200
155,089
6/18/25
288
—
Swiss
Franc
.......
CITI
Buy
2,356,400
2,685,356
6/18/25
2,826
—
Swiss
Franc
.......
GSCO
Buy
2,083,900
2,373,165
6/18/25
4,148
—
Swiss
Franc
.......
HSBK
Buy
6,955,100
7,986,335
6/18/25
2,046
(54,002)
Swiss
Franc
.......
JPHQ
Buy
2,446,200
2,785,482
6/18/25
5,144
—
Swiss
Franc
.......
MSCO
Buy
5,450,500
6,221,265
6/18/25
—
(3,333)
Swiss
Franc
.......
SSBT
Buy
10,824,800
12,327,610
6/18/25
21,325
—
Swiss
Franc
.......
TDOM
Buy
556,800
634,089
6/18/25
1,108
—
Swiss
Franc
.......
UBSW
Buy
3,419,900
3,894,659
6/18/25
6,764
—
Swiss
Franc
.......
WPAC
Buy
5,791,500
6,595,603
6/18/25
11,342
—
Swiss
Franc
.......
WPAC
Sell
1,526,700
1,752,895
6/18/25
11,236
—
Total
Forward
Exchange
Contracts
...................................................
$955,954
$(994,144)
Net
unrealized
appreciation
(depreciation)
............................................
$(38,190)
*
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
7
Quarterly
Schedule
of
Investments
Notes
to
Schedule
of
Investments
(unaudited)
1.
Organization
Putnam
Funds
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of
sixteen
separate
funds,
one
of
which is
included
in
this
report
(Fund).
The Fund
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.
2. 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
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
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
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. 
Putnam
Funds
Trust
Notes
to
Schedule
of
Investments
(unaudited)
8
Quarterly
Schedule
of
Investments
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 March
31,
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.
3.
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.
During
the
period
ended
March
31,
2025,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
4. 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.)
    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
International
Value
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Short
Term
Investment
Fund,
Class
P,
4.526%
......
$10,263,793
$151,598,988
$(144,288,129)
$—
$—
$17,574,652
17,574,652
$515,090
Non-Controlled
Affiliates
Income
from
securities
loaned
Putnam
Cash
Collateral
Pool,
LLC,
4.559%
.............
$240,810
$3,450
$(244,260)
$—
$—
$—
—
$4,998
Total
Affiliated
Securities
...
$10,504,603
$151,602,438
$(144,532,389)
$—
$—
$17,574,652
$520,088
2. Financial
Instrument
Valuation
(continued)
Putnam
Funds
Trust
Notes
to
Schedule
of
Investments
(unaudited)
9
Quarterly
Schedule
of
Investments
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
March
31,
2025,
in
valuing
the
Fund's assets
and
liabilities carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Putnam
International
Value
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
—
$
17,349,349
$
—
$
17,349,349
Air
Freight
&
Logistics
...................
—
5,764,310
—
5,764,310
Automobiles
..........................
—
8,540,488
—
8,540,488
Banks
...............................
—
141,098,403
—
141,098,403
Beverages
...........................
10,012,192
6,611,875
—
16,624,067
Biotechnology
.........................
—
5,846,673
—
5,846,673
Broadline
Retail
.......................
—
2,623,228
—
2,623,228
Building
Products
......................
—
8,928,160
—
8,928,160
Capital
Markets
........................
—
13,381,306
—
13,381,306
Chemicals
...........................
—
3,356,825
—
3,356,825
Construction
Materials
..................
—
11,834,477
—
11,834,477
Consumer
Staples
Distribution
&
Retail
......
—
18,075,675
—
18,075,675
Diversified
REITs
......................
—
4,205,778
—
4,205,778
Diversified
Telecommunication
Services
.....
—
21,970,976
—
21,970,976
Financial
Services
......................
—
6,096,640
—
6,096,640
Food
Products
........................
—
5,751,565
—
5,751,565
Health
Care
Equipment
&
Supplies
.........
—
5,936,357
—
5,936,357
Hotels,
Restaurants
&
Leisure
.............
—
4,658,665
—
4,658,665
Household
Durables
....................
5,142,008
7,611,144
—
12,753,152
Industrial
Conglomerates
................
—
20,261,382
—
20,261,382
Insurance
............................
—
54,909,620
—
54,909,620
Machinery
............................
—
8,725,281
—
8,725,281
Metals
&
Mining
.......................
—
9,803,088
—
9,803,088
Multi-Utilities
..........................
—
19,289,838
—
19,289,838
Oil,
Gas
&
Consumable
Fuels
.............
9,522,365
31,513,075
—
41,035,440
Passenger
Airlines
.....................
—
8,354,777
—
8,354,777
Personal
Care
Products
.................
—
8,506,393
—
8,506,393
Pharmaceuticals
.......................
—
27,239,375
—
27,239,375
Semiconductors
&
Semiconductor
Equipment
.
—
2,820,781
—
2,820,781
Specialty
Retail
........................
—
2,510,012
—
2,510,012
Technology
Hardware,
Storage
&
Peripherals
.
—
1,796,931
—
1,796,931
Textiles,
Apparel
&
Luxury
Goods
..........
—
5,997,502
—
5,997,502
Tobacco
.............................
—
7,053,187
—
7,053,187
Trading
Companies
&
Distributors
..........
—
27,989,488
—
27,989,488
Wireless
Telecommunication
Services
.......
—
7,245,179
—
7,245,179
Short
Term
Investments
...................
17,574,652
2,888,510
—
20,463,162
Total
Investments
in
Securities
...........
$42,251,217
$546,546,313
a
$—
$588,797,530
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$955,954
$—
$955,954
Total
Other
Financial
Instruments
.........
$—
$955,954
$—
$955,954
Liabilities:
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$994,144
$—
$994,144
Total
Other
Financial
Instruments
.........
$—
$994,144
$—
$994,144
4. Fair
Value
Measurements
(continued)
Putnam
Funds
Trust
Notes
to
Schedule
of
Investments
(unaudited)
10
Quarterly
Schedule
of
Investments
Abbreviations
a
Includes
foreign
securities
valued
at
$543,657,803,
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.
Counterparty
BOFA
Bank
of
America
NA
BZWS
Barclays
Bank
plc
CITI
Citibank
NA
GSCO
Goldman
Sachs
Group,
Inc.
HSBC
HSBC
Bank
USA,
NA
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.
Selected
Portfolio
REIT
Real
Estate
Investment
Trust
4. Fair
Value
Measurements
(continued)
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.