NPORT-EX 2 PCEF.htm PART F
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
39142-Q1PH
1
Schedule
of
Investments
(unaudited)
Putnam
Core
Equity
Fund
2
Notes
to
Schedule
of
Investments
9
PUTNAM
FUNDS
TRUT
Schedule
of
Investments
(unaudited),
July
31,
2025
Putnam
Core
Equity
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
96.6%
Aerospace
&
Defense
1.5%
a
Boeing
Co.
(The)
...................................
United
States
164,186
$
36,423,022
Northrop
Grumman
Corp.
.............................
United
States
40,333
23,256,411
RTX
Corp.
........................................
United
States
161,012
25,370,661
85,050,094
Air
Freight
&
Logistics
0.3%
FedEx
Corp.
.......................................
United
States
83,045
18,559,727
Automobiles
1.9%
General
Motors
Co.
..................................
United
States
332,850
17,754,219
a
Tesla,
Inc.
.........................................
United
States
283,558
87,412,425
105,166,644
Banks
5.2%
Bank
of
America
Corp.
...............................
United
States
1,595,580
75,423,067
Citigroup,
Inc.
......................................
United
States
802,608
75,204,369
Fifth
Third
Bancorp
..................................
United
States
335,931
13,964,652
Five
Star
Bancorp
...................................
United
States
280,934
8,453,304
JPMorgan
Chase
&
Co.
...............................
United
States
313,814
92,964,259
UMB
Financial
Corp.
.................................
United
States
235,012
25,848,970
291,858,621
Beverages
1.4%
Coca-Cola
Co.
(The)
.................................
United
States
881,489
59,844,288
b
Molson
Coors
Beverage
Co.,
B
.........................
United
States
404,709
19,717,423
79,561,711
Biotechnology
1.6%
AbbVie,
Inc.
.......................................
United
States
244,573
46,229,188
Amgen,
Inc.
.......................................
United
States
67,869
20,028,142
a
Caris
Life
Sciences,
Inc.
..............................
United
States
41,081
1,153,555
Regeneron
Pharmaceuticals,
Inc.
.......................
United
States
39,120
21,338,395
88,749,280
Broadline
Retail
4.4%
a
Amazon.com,
Inc.
...................................
United
States
982,837
230,091,970
eBay,
Inc.
.........................................
United
States
180,416
16,553,168
246,645,138
Capital
Markets
6.4%
Ameriprise
Financial,
Inc.
.............................
United
States
109,549
56,767,197
Bank
of
New
York
Mellon
Corp.
(The)
....................
United
States
539,216
54,703,463
BlackRock,
Inc.
.....................................
United
States
32,923
36,413,167
Goldman
Sachs
Group,
Inc.
(The)
.......................
United
States
122,667
88,760,615
Jefferies
Financial
Group,
Inc.
..........................
United
States
185,824
10,714,612
KKR
&
Co.,
Inc.
.....................................
United
States
112,902
16,549,175
Morgan
Stanley
.....................................
United
States
118,705
16,910,714
c
Raymond
James
Financial,
Inc.
.........................
United
States
388,471
64,925,158
TPG,
Inc.,
A
.......................................
United
States
258,484
14,751,682
360,495,783
Chemicals
0.5%
DuPont
de
Nemours,
Inc.
.............................
United
States
268,393
19,297,456
Eastman
Chemical
Co.
...............................
United
States
139,993
10,164,892
29,462,348
PUTNAM
FUNDS
TRUT
Schedule
of
Investments
(unaudited)
Putnam
Core
Equity
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)
Commercial
Services
&
Supplies
0.2%
Cintas
Corp.
.......................................
United
States
57,680
$
12,836,684
Communications
Equipment
1.1%
Cisco
Systems,
Inc.
.................................
United
States
908,981
61,883,426
Consumer
Staples
Distribution
&
Retail
2.5%
Casey's
General
Stores,
Inc.
...........................
United
States
30,316
15,768,261
a,b
Guardian
Pharmacy
Services,
Inc.,
A
.....................
United
States
565,245
11,813,620
Kroger
Co.
(The)
....................................
United
States
328,547
23,031,145
Target
Corp.
.......................................
United
States
191,302
19,225,851
Walmart,
Inc.
......................................
United
States
711,471
69,709,929
139,548,806
Containers
&
Packaging
0.3%
Amcor
plc
.........................................
United
States
1,712,611
16,012,913
Distributors
0.1%
LKQ
Corp.
........................................
United
States
150,367
4,431,316
Diversified
Consumer
Services
0.3%
ADT,
Inc.
..........................................
United
States
1,015,780
8,481,763
Graham
Holdings
Co.,
B
..............................
United
States
11,373
10,851,889
19,333,652
Diversified
REITs
0.2%
Armada
Hoffler
Properties,
Inc.
.........................
United
States
1,745,174
11,919,538
Diversified
Telecommunication
Services
0.8%
AT&T,
Inc.
.........................................
United
States
1,594,796
43,713,358
Electric
Utilities
2.5%
Constellation
Energy
Corp.
............................
United
States
65,436
22,761,258
NextEra
Energy,
Inc.
.................................
United
States
338,347
24,042,938
NRG
Energy,
Inc.
...................................
United
States
334,213
55,880,414
PG&E
Corp.
.......................................
United
States
2,826,725
39,630,684
142,315,294
Entertainment
1.7%
Electronic
Arts,
Inc.
..................................
United
States
93,491
14,256,443
a
Netflix,
Inc.
........................................
United
States
20,293
23,527,704
Universal
Music
Group
NV
............................
Netherlands
927,050
26,668,376
Walt
Disney
Co.
(The)
................................
United
States
284,249
33,856,898
98,309,421
Financial
Services
5.3%
b
Apollo
Global
Management,
Inc.
........................
United
States
432,790
62,893,043
a
Berkshire
Hathaway,
Inc.,
B
............................
United
States
221,910
104,714,891
Corebridge
Financial,
Inc.
.............................
United
States
639,222
22,730,734
Mastercard,
Inc.,
A
..................................
United
States
194,232
110,026,601
300,365,269
Food
Products
0.2%
Hershey
Co.
(The)
..................................
United
States
50,145
9,333,489
Ground
Transportation
1.0%
Union
Pacific
Corp.
..................................
United
States
244,038
54,169,115
Health
Care
Equipment
&
Supplies
0.4%
Medtronic
plc
......................................
United
States
208,004
18,770,281
PUTNAM
FUNDS
TRUT
Schedule
of
Investments
(unaudited)
Putnam
Core
Equity
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)
Health
Care
Equipment
&
Supplies
(continued)
a
Nyxoah
SA
........................................
Belgium
285,338
$
2,128,621
20,898,902
Health
Care
Providers
&
Services
2.5%
a
Ardent
Health,
Inc.
..................................
United
States
359,983
3,815,820
CVS
Health
Corp.
...................................
United
States
261,965
16,268,027
HCA
Healthcare,
Inc.
.................................
United
States
36,191
12,811,252
Humana,
Inc.
......................................
United
States
43,304
10,820,370
McKesson
Corp.
....................................
United
States
63,269
43,879,582
a
Tenet
Healthcare
Corp.
...............................
United
States
144,553
23,313,508
UnitedHealth
Group,
Inc.
..............................
United
States
127,685
31,865,069
142,773,628
Hotels,
Restaurants
&
Leisure
2.0%
a
First
Watch
Restaurant
Group,
Inc.
......................
United
States
305,276
5,278,222
Hilton
Worldwide
Holdings,
Inc.
.........................
United
States
130,809
35,067,277
McDonald's
Corp.
...................................
United
States
109,307
32,799,751
b
Vail
Resorts,
Inc.
....................................
United
States
72,452
10,886,638
a,b
Viking
Holdings
Ltd.
.................................
United
States
513,177
30,133,753
114,165,641
Household
Durables
0.7%
PulteGroup,
Inc.
....................................
United
States
345,473
39,010,811
Household
Products
0.7%
Procter
&
Gamble
Co.
(The)
...........................
United
States
273,902
41,214,034
Industrial
Conglomerates
0.5%
Honeywell
International,
Inc.
...........................
United
States
129,886
28,880,152
Insurance
1.0%
American
International
Group,
Inc.
......................
United
States
135,882
10,548,520
Arch
Capital
Group
Ltd.
...............................
United
States
328,904
28,305,478
Assured
Guaranty
Ltd.
...............................
United
States
195,206
16,510,523
55,364,521
Interactive
Media
&
Services
7.2%
Alphabet,
Inc.,
C
....................................
United
States
1,046,580
201,843,419
Meta
Platforms,
Inc.,
A
...............................
United
States
254,334
196,712,089
a
Pinterest,
Inc.,
A
....................................
United
States
234,267
9,042,706
407,598,214
IT
Services
1.3%
a
Gartner,
Inc.
.......................................
United
States
57,635
19,518,093
a
GoDaddy,
Inc.,
A
....................................
United
States
152,826
24,693,625
International
Business
Machines
Corp.
...................
United
States
126,208
31,949,555
76,161,273
Life
Sciences
Tools
&
Services
0.5%
a
Bio-Rad
Laboratories,
Inc.,
A
...........................
United
States
33,669
8,146,215
Thermo
Fisher
Scientific,
Inc.
..........................
United
States
46,777
21,876,667
30,022,882
Machinery
1.4%
Deere
&
Co.
.......................................
United
States
39,386
20,652,837
Otis
Worldwide
Corp.
................................
United
States
571,705
48,989,401
PUTNAM
FUNDS
TRUT
Schedule
of
Investments
(unaudited)
Putnam
Core
Equity
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)
Machinery
(continued)
Snap-on,
Inc.
......................................
United
States
30,666
$
9,849,613
79,491,851
Media
0.7%
a
Charter
Communications,
Inc.,
A
........................
United
States
23,831
6,419,118
Comcast
Corp.,
A
...................................
United
States
384,144
12,765,105
New
York
Times
Co.
(The),
A
...........................
United
States
251,464
13,048,467
a
NIQ
Global
Intelligence
plc
............................
United
States
454,078
8,373,199
40,605,889
Metals
&
Mining
0.9%
c
Freeport-McMoRan,
Inc.
..............................
United
States
703,904
28,325,097
Nucor
Corp.
.......................................
United
States
175,480
25,105,924
53,431,021
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.3%
Starwood
Property
Trust,
Inc.
..........................
United
States
858,572
16,707,811
Office
REITs
0.2%
Highwoods
Properties,
Inc.
............................
United
States
371,795
10,785,773
Oil,
Gas
&
Consumable
Fuels
2.4%
a
Antero
Resources
Corp.
..............................
United
States
556,932
19,453,635
ConocoPhillips
.....................................
United
States
425,028
40,522,169
Exxon
Mobil
Corp.
...................................
United
States
520,803
58,142,447
Permian
Resources
Corp.,
A
...........................
United
States
1,053,098
14,911,868
133,030,119
Passenger
Airlines
0.7%
Southwest
Airlines
Co.
...............................
United
States
1,230,286
38,052,746
Personal
Care
Products
0.3%
Kenvue,
Inc.
.......................................
United
States
778,295
16,686,645
Pharmaceuticals
2.8%
AstraZeneca
plc,
ADR
................................
United
Kingdom
196,614
14,370,517
Eli
Lilly
&
Co.
......................................
United
States
88,472
65,475,473
Johnson
&
Johnson
.................................
United
States
251,358
41,408,717
Merck
&
Co.,
Inc.
...................................
United
States
377,840
29,516,861
Royalty
Pharma
plc,
A
................................
United
States
233,555
8,594,824
159,366,392
Real
Estate
Management
&
Development
1.6%
a,c
CBRE
Group,
Inc.,
A
.................................
United
States
494,239
76,972,782
a
CoStar
Group,
Inc.
..................................
United
States
151,629
14,433,564
91,406,346
Semiconductors
&
Semiconductor
Equipment
11.1%
Broadcom,
Inc.
.....................................
United
States
449,682
132,071,604
Intel
Corp.
.........................................
United
States
515,119
10,199,356
Lam
Research
Corp.
.................................
United
States
559,279
53,042,020
NVIDIA
Corp.
......................................
United
States
2,277,894
405,169,006
QUALCOMM,
Inc.
...................................
United
States
183,217
26,888,927
627,370,913
Software
9.9%
a
Adobe,
Inc.
........................................
United
States
52,604
18,815,925
a
Fair
Isaac
Corp.
....................................
United
States
4,737
6,805,743
Microsoft
Corp.
.....................................
United
States
746,713
398,371,385
PUTNAM
FUNDS
TRUT
Schedule
of
Investments
(unaudited)
Putnam
Core
Equity
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
(continued)
a
NCR
Voyix
Corp.
....................................
United
States
421,672
$
5,743,173
c
Oracle
Corp.
.......................................
United
States
321,836
81,672,322
a
Palantir
Technologies,
Inc.,
A
...........................
United
States
47,418
7,508,640
Salesforce,
Inc.
.....................................
United
States
165,709
42,807,606
561,724,794
Specialized
REITs
0.7%
Gaming
and
Leisure
Properties,
Inc.
.....................
United
States
814,918
37,143,962
Specialty
Retail
1.6%
Best
Buy
Co.,
Inc.
...................................
United
States
253,427
16,487,961
a,b
Floor
&
Decor
Holdings,
Inc.,
A
.........................
United
States
41,312
3,166,152
Home
Depot,
Inc.
(The)
...............................
United
States
57,370
21,084,049
Lowe's
Cos.,
Inc.
....................................
United
States
217,522
48,631,393
89,369,555
Technology
Hardware,
Storage
&
Peripherals
5.1%
Apple,
Inc.
........................................
United
States
1,381,048
286,664,133
Textiles,
Apparel
&
Luxury
Goods
0.1%
a
Lululemon
Athletica,
Inc.
..............................
United
States
27,420
5,498,533
Trading
Companies
&
Distributors
0.6%
United
Rentals,
Inc.
..................................
United
States
35,662
31,487,406
Total
Common
Stocks
(Cost
$2,716,375,098)
..................................
5,454,635,574
Management
Investment
Companies
1.6%
Capital
Markets
1.6%
b
Industrial
Select
Sector
SPDR
Fund
.....................
United
States
282,032
42,871,684
a,b
iShares
Expanded
Tech-Software
Sector
ETF
..............
United
States
438,925
49,010,366
91,882,050
Total
Management
Investment
Companies
(Cost
$62,898,240)
..................
91,882,050
Total
Long
Term
Investments
(Cost
$2,779,273,338)
...........................
5,546,517,624
a
Number
of
Contracts
Notional
Amount
#
a
a
aa
Options
Purchased
0.0%
†
Puts
-
Over-the-Counter
Equity
Options
0.0%
†
CBRE
Group,
Inc.,
Counterparty
GSCO,
August
Strike
Price
$140.00,
Expires
8/15/25
............................
17,298,400
2,694,052,816
16,722
Total
Options
Purchased
(Cost
$259,476)
....................................
16,722
Short
Term
Investments
4.6%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.3%
d,e
U.S.
Treasury
Bills,
4.21%,
10/02/25
.....................
United
States
15,600,000
15,485,976
Total
U.S.
Government
and
Agency
Securities
(Cost
$15,491,102)
...............
15,485,976
PUTNAM
FUNDS
TRUT
Schedule
of
Investments
(unaudited)
Putnam
Core
Equity
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
7
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Management
Investment
Companies
1.3%
f,g
Putnam
Short
Term
Investment
Fund,
Class
P,
4.558%
.......
United
States
75,574,882
$
75,574,882
Total
Management
Investment
Companies
(Cost
$75,574,882)
..................
75,574,882
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
3.0%
Money
Market
Funds
3.0%
f,g
Putnam
Cash
Collateral
Pool,
LLC,
4.589%
................
United
States
169,768,180
169,768,180
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$169,768,180)
........................................................
169,768,180
Total
Short
Term
Investments
(Cost
$260,834,164
)
.............................
260,829,038
a
Total
Investments
(Cost
$3,040,366,978)
102.8%
..............................
$5,807,363,384
Options
Written
(0.0)%
†
....................................................
(1,745,090)
Other
Assets,
less
Liabilities
(2.8)%
.........................................
(157,592,296)
Net
Assets
100.0%
.........................................................
$5,648,025,998
a
a
a
Number
of
Contracts
Notional
Amount
#
Options
Written
(0.0)%
†
Calls
-
Over-the-Counter
Equity
Options
(0.0)%
†
CBRE
Group,
Inc.,
Counterparty
GSCO,
August
Strike
Price
$155.00,
Expires
8/15/25
............................
19,151,800
2,982,701,332
(471,249)
Freeport-McMoRan,
Inc.,
Counterparty
CITI,
September
Strike
Price
$50.00,
Expires
9/19/25
.........................
8,757,050
352,383,692
(34,935)
Oracle
Corp.,
Counterparty
MSCO,
September
Strike
Price
$260.00,
Expires
9/19/25
............................
16,733,860
4,246,551,652
(940,979)
Raymond
James
Financial,
Inc.,
Counterparty
MSCO,
September
Strike
Price
$170.00,
Expires
9/19/25
...................
11,867,530
1,756,394,440
(297,927)
(1,745,090)
Total
Options
Written
(Premiums
received
$1,441,999)
.........................
$
(1,745,090)
#
Notional
amount
is
the
number
of
contracts
multiplied
by
contract
size,
and
may
be
multiplied
by
the
underlying
price.
May
include
currency
units,
bushels,
shares,
pounds,
barrels
or
other
units.
Currency
units
are
stated
in
U.S.
dollars
unless
otherwise
indicated.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
July
31,
2025.
c
A
portion
or
all
of
the
security
is
held
in
connection
with
written
option
contracts
open
at
period
end.
d
The
rate
shown
represents
the
yield
at
period
end.
e
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
certain
derivative
contracts.
At
July
31,
2025,
the
value
of
this
security
pledged
amounted
to
$4,291,701,
representing
0.1%
net
assets.
f
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
PUTNAM
FUNDS
TRUT
Schedule
of
Investments
(unaudited)
Putnam
Core
Equity
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
8
At
July
31,
2025,
the
Fund
had
the
following futures
contracts
outstanding. 
See
A
bbreviations
on
page
12
.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Equity
contracts
Russell
2000
E-Mini
Index
......................
Long
139
$
15,430,390
9/19/25
$
(275,703)
S&P
500
E-Mini
Index
.........................
Long
90
28,684,125
9/19/25
120,842
Total
Futures
Contracts
......................................................................
$(154,861)
*
As
of
period
end.
Putnam
Funds
Trust
9
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 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
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)
10
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 July
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
July
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
    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
Core
Equity
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Government
Money
Market
Fund,
Class
G,
4.163%
.
$20,826,707
$—
$(20,826,707)
$—
$—
$—
—
$11
Putnam
Short
Term
Investment
Fund,
Class
P,
4.558%
......
197,369,048
105,488,488
(227,282,654)
—
—
75,574,882
75,574,882
1,898,450
Non-Controlled
Affiliates
Income
from
securities
loaned
Putnam
Cash
Collateral
Pool,
LLC,
4.589%
.............
$91,911,951
$357,763,164
$(279,906,935)
$—
$—
$169,768,180
169,768,180
$1,456,979
Total
Affiliated
Securities
...
$310,107,706
$463,251,652
$(528,016,296)
$—
$—
$245,343,062
$3,355,440
2. Financial
Instrument
Valuation
(continued)
Putnam
Funds
Trust
Notes
to
Schedule
of
Investments
(unaudited)
11
Quarterly
Schedule
of
Investments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
July
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
Core
Equity
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
85,050,094
$
—
$
—
$
85,050,094
Air
Freight
&
Logistics
...................
18,559,727
—
—
18,559,727
Automobiles
..........................
105,166,644
—
—
105,166,644
Banks
...............................
291,858,621
—
—
291,858,621
Beverages
...........................
79,561,711
—
—
79,561,711
Biotechnology
.........................
88,749,280
—
—
88,749,280
Broadline
Retail
.......................
246,645,138
—
—
246,645,138
Capital
Markets
........................
360,495,783
—
—
360,495,783
Chemicals
...........................
29,462,348
—
—
29,462,348
Commercial
Services
&
Supplies
...........
12,836,684
—
—
12,836,684
Communications
Equipment
..............
61,883,426
—
—
61,883,426
Consumer
Staples
Distribution
&
Retail
......
139,548,806
—
—
139,548,806
Containers
&
Packaging
.................
16,012,913
—
—
16,012,913
Distributors
...........................
4,431,316
—
—
4,431,316
Diversified
Consumer
Services
............
19,333,652
—
—
19,333,652
Diversified
REITs
......................
11,919,538
—
—
11,919,538
Diversified
Telecommunication
Services
.....
43,713,358
—
—
43,713,358
Electric
Utilities
........................
142,315,294
—
—
142,315,294
Entertainment
.........................
71,641,045
26,668,376
—
98,309,421
Financial
Services
......................
300,365,269
—
—
300,365,269
Food
Products
........................
9,333,489
—
—
9,333,489
Ground
Transportation
..................
54,169,115
—
—
54,169,115
Health
Care
Equipment
&
Supplies
.........
20,898,902
—
—
20,898,902
Health
Care
Providers
&
Services
..........
142,773,628
—
—
142,773,628
Hotels,
Restaurants
&
Leisure
.............
114,165,641
—
—
114,165,641
Household
Durables
....................
39,010,811
—
—
39,010,811
Household
Products
....................
41,214,034
—
—
41,214,034
Industrial
Conglomerates
................
28,880,152
—
—
28,880,152
Insurance
............................
55,364,521
—
—
55,364,521
Interactive
Media
&
Services
..............
407,598,214
—
—
407,598,214
IT
Services
...........................
76,161,273
—
—
76,161,273
Life
Sciences
Tools
&
Services
............
30,022,882
—
—
30,022,882
Machinery
............................
79,491,851
—
—
79,491,851
Media
...............................
40,605,889
—
—
40,605,889
Metals
&
Mining
.......................
53,431,021
—
—
53,431,021
Mortgage
Real
Estate
Investment
Trusts
(REITs)
............................
16,707,811
—
—
16,707,811
Office
REITs
..........................
10,785,773
—
—
10,785,773
Oil,
Gas
&
Consumable
Fuels
.............
133,030,119
—
—
133,030,119
Passenger
Airlines
.....................
38,052,746
—
—
38,052,746
Personal
Care
Products
.................
16,686,645
—
—
16,686,645
Pharmaceuticals
.......................
159,366,392
—
—
159,366,392
4. Fair
Value
Measurements
(continued)
Putnam
Funds
Trust
Notes
to
Schedule
of
Investments
(unaudited)
12
Quarterly
Schedule
of
Investments
Abbreviations
Level
1
Level
2
Level
3
Total
Putnam
Core
Equity
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
(continued)
Common
Stocks:
(continued)
Real
Estate
Management
&
Development
....
$
91,406,346
$
—
$
—
$
91,406,346
Semiconductors
&
Semiconductor
Equipment
.
627,370,913
—
—
627,370,913
Software
.............................
561,724,794
—
—
561,724,794
Specialized
REITs
......................
37,143,962
—
—
37,143,962
Specialty
Retail
........................
89,369,555
—
—
89,369,555
Technology
Hardware,
Storage
&
Peripherals
.
286,664,133
—
—
286,664,133
Textiles,
Apparel
&
Luxury
Goods
..........
5,498,533
—
—
5,498,533
Trading
Companies
&
Distributors
..........
31,487,406
—
—
31,487,406
Management
Investment
Companies
.........
91,882,050
—
—
91,882,050
Options
Purchased
.......................
—
16,722
—
16,722
Short
Term
Investments
...................
75,574,882
185,254,156
—
260,829,038
Total
Investments
in
Securities
...........
$5,595,424,130
$211,939,254
a
$—
$5,807,363,384
Other
Financial
Instruments:
Futures
Contracts
.......................
$120,842
$—
$—
$120,842
Total
Other
Financial
Instruments
.........
$120,842
$—
$—
$120,842
Liabilities:
Other
Financial
Instruments:
Options
Written
..........................
$—
$1,745,090
$—
$1,745,090
Futures
Contracts
........................
275,703
—
—
275,703
Total
Other
Financial
Instruments
.........
$275,703
$1,745,090
$—
$2,020,793
a
Includes
foreign
securities
valued
at
$26,668,376,
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
CITI
Citibank
NA
GSCO
Goldman
Sachs
Group,
Inc.
MSCO
Morgan
Stanley
Selected
Portfolio
ADR
American
Depositary
Receipt
ETF
Exchange-Traded
Fund
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.