NPORT-EX 2 PSCGF.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
38972-Q3PH
1
Schedule
of
Investments
(unaudited)
Putnam
Small
Cap
Growth
Fund
2
Notes
to
Schedule
of
Investments
6
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited),
March
31,
2025
Putnam
Small
Cap
Growth
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
98.5%
Aerospace
&
Defense
2.3%
a,b
Kratos
Defense
&
Security
Solutions,
Inc.
.................
United
States
784,100
$
23,279,929
Leonardo
DRS,
Inc.
.................................
United
States
696,360
22,896,317
a,b
Rocket
Lab
USA,
Inc.
................................
United
States
739,600
13,224,048
59,400,294
Automobile
Components
0.7%
a,b
Modine
Manufacturing
Co.
............................
United
States
50,057
3,841,875
Patrick
Industries,
Inc.
................................
United
States
184,649
15,613,919
19,455,794
Banks
1.6%
a
Bancorp,
Inc.
(The)
..................................
United
States
781,263
41,281,937
Biotechnology
7.6%
a
ADMA
Biologics,
Inc.
.................................
United
States
1,265,518
25,107,877
a
Ascendis
Pharma
A/S
,
ADR
...........................
Denmark
109,291
17,034,095
a
Blueprint
Medicines
Corp.
.............................
United
States
89,300
7,903,943
a
Crinetics
Pharmaceuticals,
Inc.
.........................
United
States
273,700
9,179,898
a
Cytokinetics,
Inc.
....................................
United
States
195,300
7,849,107
a
Halozyme
Therapeutics,
Inc.
...........................
United
States
686,900
43,831,089
a
Insmed,
Inc.
.......................................
United
States
423,200
32,285,928
a
Janux
Therapeutics,
Inc.
..............................
United
States
69,379
1,873,233
a
Madrigal
Pharmaceuticals,
Inc.
.........................
United
States
12,100
4,007,883
a
Rhythm
Pharmaceuticals,
Inc.
..........................
United
States
281,900
14,932,243
a
SpringWorks
Therapeutics,
Inc.
.........................
United
States
145,800
6,434,154
a
Vaxcyte,
Inc.
.......................................
United
States
228,100
8,613,056
a
Vericel
Corp.
.......................................
United
States
210,297
9,383,452
a
Viking
Therapeutics,
Inc.
..............................
United
States
144,300
3,484,845
a
Xenon
Pharmaceuticals,
Inc.
...........................
Canada
208,054
6,980,212
198,901,015
Building
Products
1.0%
b
CSW
Industrials,
Inc.
.................................
United
States
94,127
27,439,903
Capital
Markets
2.9%
b
Hamilton
Lane,
Inc.
,
A
................................
United
States
117,985
17,540,830
Perella
Weinberg
Partners
,
A
...........................
United
States
824,312
15,167,341
StepStone
Group,
Inc.
,
A
..............................
United
States
786,407
41,074,038
73,782,209
Commercial
Services
&
Supplies
5.6%
a
ACV
Auctions,
Inc.
,
A
................................
United
States
900,500
12,688,045
a
Casella
Waste
Systems,
Inc.
,
A
.........................
United
States
449,100
50,079,141
a
Clean
Harbors,
Inc.
..................................
United
States
213,300
42,041,430
VSE
Corp.
........................................
United
States
344,100
41,288,559
146,097,175
Construction
&
Engineering
4.0%
Comfort
Systems
USA,
Inc.
............................
United
States
133,600
43,063,288
a,b
Construction
Partners,
Inc.
,
A
..........................
United
States
294,700
21,180,089
a
Dycom
Industries,
Inc.
................................
United
States
155,900
23,749,806
a,b
IES
Holdings,
Inc.
...................................
United
States
110,500
18,244,655
106,237,838
Construction
Materials
3.1%
Eagle
Materials,
Inc.
.................................
United
States
176,900
39,259,417
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Small
Cap
Growth
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)
Construction
Materials
(continued)
a
Knife
River
Corp.
...................................
United
States
471,900
$
42,570,099
81,829,516
Consumer
Staples
Distribution
&
Retail
1.4%
a
Sprouts
Farmers
Market,
Inc.
..........................
United
States
240,600
36,725,184
Diversified
Consumer
Services
1.8%
a
Duolingo,
Inc.
,
A
....................................
United
States
72,900
22,638,366
a,b
Stride,
Inc.
........................................
United
States
196,117
24,808,800
47,447,166
Electronic
Equipment,
Instruments
&
Components
2.3%
a
Fabrinet
..........................................
Thailand
107,000
21,133,570
a
Itron,
Inc.
.........................................
United
States
384,200
40,248,792
61,382,362
Energy
Equipment
&
Services
1.2%
Archrock,
Inc.
......................................
United
States
527,500
13,841,600
CES
Energy
Solutions
Corp.
...........................
Canada
3,725,400
19,157,055
32,998,655
Financial
Services
0.4%
a
Mr.
Cooper
Group,
Inc.
...............................
United
States
93,200
11,146,720
Ground
Transportation
0.7%
a
Saia,
Inc.
.........................................
United
States
50,061
17,492,815
Health
Care
Equipment
&
Supplies
5.8%
a
Integer
Holdings
Corp.
...............................
United
States
192,700
22,740,527
a,b
Lantheus
Holdings,
Inc.
...............................
United
States
273,600
26,703,360
a
Merit
Medical
Systems,
Inc.
............................
United
States
619,100
65,445,061
a,b
PROCEPT
BioRobotics
Corp.
..........................
United
States
220,891
12,869,110
a
UFP
Technologies,
Inc.
...............................
United
States
113,900
22,974,769
150,732,827
Health
Care
Providers
&
Services
5.1%
Encompass
Health
Corp.
.............................
United
States
618,400
62,631,552
Ensign
Group,
Inc.
(The)
..............................
United
States
367,900
47,606,260
a,b
Hims
&
Hers
Health,
Inc.
..............................
United
States
286,200
8,457,210
a
RadNet,
Inc.
.......................................
United
States
339,700
16,889,884
135,584,906
Health
Care
Technology
0.1%
a
Doximity,
Inc.
,
A
....................................
United
States
31,600
1,833,748
Hotels,
Restaurants
&
Leisure
2.3%
a
Planet
Fitness,
Inc.
,
A
................................
United
States
199,800
19,302,678
Texas
Roadhouse,
Inc.
,
A
.............................
United
States
250,500
41,740,815
61,043,493
Household
Durables
1.1%
Installed
Building
Products,
Inc.
.........................
United
States
167,400
28,702,404
Insurance
3.7%
a
Baldwin
Insurance
Group,
Inc.
(The)
,
A
...................
United
States
29,300
1,309,417
Kinsale
Capital
Group,
Inc.
............................
United
States
91,954
44,754,931
a
Skyward
Specialty
Insurance
Group,
Inc.
..................
United
States
994,900
52,650,108
98,714,456
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Small
Cap
Growth
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)
Life
Sciences
Tools
&
Services
0.9%
a,b
Medpace
Holdings,
Inc.
...............................
United
States
76,100
$
23,186,909
Machinery
4.5%
Crane
Co.
.........................................
United
States
86,800
13,296,024
Federal
Signal
Corp.
.................................
United
States
437,200
32,156,060
a
RBC
Bearings,
Inc.
..................................
United
States
144,937
46,636,378
a
SPX
Technologies,
Inc.
...............................
United
States
199,600
25,704,488
117,792,950
Marine
Transportation
1.4%
a
Kirby
Corp.
........................................
United
States
364,855
36,854,004
Metals
&
Mining
2.1%
Carpenter
Technology
Corp.
...........................
United
States
302,517
54,810,030
Personal
Care
Products
2.1%
a
BellRing
Brands,
Inc.
.................................
United
States
726,200
54,072,852
Pharmaceuticals
3.8%
a
Axsome
Therapeutics,
Inc.
............................
United
States
198,300
23,127,729
a
Intra-Cellular
Therapies,
Inc.
...........................
United
States
211,800
27,940,656
a
Verona
Pharma
plc
,
ADR
.............................
United
Kingdom
737,000
46,792,130
97,860,515
Professional
Services
4.2%
a
Huron
Consulting
Group,
Inc.
..........................
United
States
429,100
61,554,395
a
Parsons
Corp.
......................................
United
States
414,044
24,515,545
a
Verra
Mobility
Corp.
,
A
................................
United
States
1,212,752
27,299,048
113,368,988
Real
Estate
Management
&
Development
2.1%
Colliers
International
Group,
Inc.
........................
Canada
215,580
26,088,918
FirstService
Corp.
...................................
Canada
171,100
28,371,413
54,460,331
Semiconductors
&
Semiconductor
Equipment
3.5%
b
Camtek
Ltd.
.......................................
Israel
360,045
21,109,439
a
Credo
Technology
Group
Holding
Ltd.
....................
United
States
325,800
13,084,128
a,b
Nova
Ltd.
.........................................
Israel
240,397
44,312,379
a
Onto
Innovation,
Inc.
.................................
United
States
10,800
1,310,472
a,b
Rambus,
Inc.
......................................
United
States
240,900
12,472,597
92,289,015
Software
12.4%
a
ACI
Worldwide,
Inc.
..................................
United
States
1,031,000
56,406,010
a,b
Agilysys,
Inc.
.......................................
United
States
257,109
18,650,687
a
Clearwater
Analytics
Holdings,
Inc.
,
A
....................
United
States
747,900
20,043,720
a
Commvault
Systems,
Inc.
.............................
United
States
109,400
17,258,944
a,b
Descartes
Systems
Group,
Inc.
(The)
....................
Canada
548,600
55,315,338
a,b
Gitlab,
Inc.
,
A
......................................
United
States
218,400
10,264,800
a
Intapp,
Inc.
........................................
United
States
350,155
20,442,049
a
Manhattan
Associates,
Inc.
............................
United
States
24,700
4,274,088
Pegasystems,
Inc.
...................................
United
States
280,700
19,514,264
a
Q2
Holdings,
Inc.
...................................
United
States
322,600
25,811,226
a
SPS
Commerce,
Inc.
.................................
United
States
162,200
21,528,806
a
Vertex,
Inc.
,
A
......................................
United
States
1,435,565
50,259,131
a
Zeta
Global
Holdings
Corp.
,
A
..........................
United
States
479,000
6,495,240
326,264,303
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Small
Cap
Growth
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Specialty
Retail
3.6%
a
Aritzia,
Inc.
........................................
Canada
535,600
$
18,825,369
a
Boot
Barn
Holdings,
Inc.
..............................
United
States
252,243
27,098,465
Murphy
USA,
Inc.
...................................
United
States
105,700
49,658,917
95,582,751
Trading
Companies
&
Distributors
3.2%
Applied
Industrial
Technologies,
Inc.
.....................
United
States
234,158
52,765,164
FTAI
Aviation
Ltd.
...................................
United
States
286,500
31,810,095
84,575,259
Total
Common
Stocks
(Cost
$
2,157,037,334
)
..................................
2,589,348,324
Short
Term
Investments
5.7%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
1.9%
c,d
Putnam
Short
Term
Investment
Fund,
Class
P
,
4.526
%
.......
United
States
49,263,702
49,263,702
Total
Money
Market
Funds
(Cost
$
49,263,702
)
................................
49,263,702
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
3.8%
Money
Market
Funds
3.8%
c,d
Putnam
Cash
Collateral
Pool,
LLC
,
4.559
%
................
United
States
100,402,432
100,402,432
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
100,402,432
)
........................................................
100,402,432
Total
Short
Term
Investments
(Cost
$
149,666,134
)
.............................
149,666,134
a
Total
Investments
(Cost
$
2,306,703,468
)
104.2
%
..............................
$2,739,014,458
Other
Assets,
less
Liabilities
(
4.2
)
%
.........................................
(111,032,529)
Net
Assets
100.0%
.........................................................
$2,627,981,929
a
a
a
See
Abbreviations
on
page
7
.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
March
31,
2025.
c
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Putnam
Funds
Trust
Notes
to
Schedule
of
Investments
(unaudited)
6
Quarterly
Schedule
of
Investments
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 Fund'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
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.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
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. 
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:
Putnam
Funds
Trust
Notes
to
Schedule
of
Investments
(unaudited)
7
Quarterly
Schedule
of
Investments
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.)
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.
At
March
31,
2025,
all
of
the Fund's
investments
in
financial
instruments
carried
at
fair
value
were
valued
using
Level 1
inputs.
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
Abbreviations
    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
Small
Cap
Growth
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Short
Term
Investment
Fund,
Class
P,
4.526%
......
$7,469,562
$662,629,354
$(620,835,214)
$—
$—
$49,263,702
49,263,702
$1,704,819
Non-Controlled
Affiliates
Income
from
securities
loaned
Putnam
Cash
Collateral
Pool,
LLC,
4.559%
.............
$172,261,153
$746,587,348
$(818,446,069)
$—
$—
$100,402,432
100,402,432
$4,995,974
Total
Affiliated
Securities
...
$179,730,715
$1,409,216,702
$(1,439,281,283)
$—
$—
$149,666,134
$6,700,793
Selected
Portfolio
ADR
American
Depositary
Receipt
3.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.