2025-09-1174300185400_PutnamEmergingMarketsEquityFund_ClassA



Putnam Emerging Markets Equity Fund
Class A [PEMMX]	Annual Shareholder Report \| August 31, 2025

This annual shareholder report contains important information about Putnam Emerging Markets Equity Fund for the period September 1, 2024, to August 31, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class A	$139	1.27%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended August 31, 2025, Class A shares of Putnam Emerging Markets Equity Fund returned 19.66%. The Fund compares its performance to the MSCI Emerging Markets Index-NR, which returned 16.80% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Overweight position in Chinese technology company Xiaomi
↑	Overweight position in Chinese technology company Tencent
↑	Overweight position in Abu Dhabi Islamic Bank


Top detractors from performance:
↓	Underweight exposure to Chinese technology company Alibaba Group
↓	Overweight position in Tata Consultancy Services, an India-based provider of information technology services
↓	Overweight position in Bank Central Asia, an Indonesian bank

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

VALUE OF A $10,000 INVESTMENT ($9,425 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 8/31/2015 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	10 Year
Class A	19.66	4.65	8.70
Class A (with sales charge)	12.78	3.41	8.06
MSCI All Country World ex-U.S. Index-NR	15.42	8.94	7.33
MSCI Emerging Markets Index-NR	16.80	5.21	6.92

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund has had performance fee adjustments that may have had a positive or negative impact on returns.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of August 31, 2025)


Total Net Assets	$500,029,214
Total Number of Portfolio Holdings	63
Total Management Fee Paid	$2,802,183
Portfolio Turnover Rate	96%

HOW HAS THE FUND CHANGED?

Effective November 1, 2024 (the “Effective Date”), Putnam Investments Limited (“PIL”), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited (“FTIML”), a wholly-owned subsidiary of Franklin Resources, Inc. (the “Merger”). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Putnam Investment Management, LLC (“Putnam Management”) and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund’s Trustees approved a new sub-advisory agreement between Putnam Management and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective September 5, 2024 (the “Conversion Date”), class B shares of the Fund acquired prior to the Conversion Date converted automatically to class A shares.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or
funddocuments@putnam.com.


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING

You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.



Putnam Emerging Markets Equity Fund
Class C [PEMZX]	Annual Shareholder Report \| August 31, 2025

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class C	$221	2.02%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended August 31, 2025, Class C shares of Putnam Emerging Markets Equity Fund returned 18.69%. The Fund compares its performance to the MSCI Emerging Markets Index-NR, which returned 16.80% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Overweight position in Chinese technology company Xiaomi
↑	Overweight position in Chinese technology company Tencent
↑	Overweight position in Abu Dhabi Islamic Bank


Top detractors from performance:
↓	Underweight exposure to Chinese technology company Alibaba Group
↓	Overweight position in Tata Consultancy Services, an India-based provider of information technology services
↓	Overweight position in Bank Central Asia, an Indonesian bank

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class C 8/31/2015 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	10 Year
Class C	18.69	3.85	8.05
Class C (with sales charge)	17.69	3.85	8.05
MSCI All Country World ex-U.S. Index-NR	15.42	8.94	7.33
MSCI Emerging Markets Index-NR	16.80	5.21	6.92

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Class C share performance reflects conversion to class A shares after eight years.

The Fund has had performance fee adjustments that may have had a positive or negative impact on returns.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of August 31, 2025)


Total Net Assets	$500,029,214
Total Number of Portfolio Holdings	63
Total Management Fee Paid	$2,802,183
Portfolio Turnover Rate	96%

HOW HAS THE FUND CHANGED?


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING



Putnam Emerging Markets Equity Fund
Class R [PEMLX]	Annual Shareholder Report \| August 31, 2025

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R	$167	1.52%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended August 31, 2025, Class R shares of Putnam Emerging Markets Equity Fund returned 19.36%. The Fund compares its performance to the MSCI Emerging Markets Index-NR, which returned 16.80% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Overweight position in Chinese technology company Xiaomi
↑	Overweight position in Chinese technology company Tencent
↑	Overweight position in Abu Dhabi Islamic Bank


Top detractors from performance:
↓	Underweight exposure to Chinese technology company Alibaba Group
↓	Overweight position in Tata Consultancy Services, an India-based provider of information technology services
↓	Overweight position in Bank Central Asia, an Indonesian bank

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R 8/31/2015 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	10 Year
Class R	19.36	4.38	8.42
MSCI All Country World ex-U.S. Index-NR	15.42	8.94	7.33
MSCI Emerging Markets Index-NR	16.80	5.21	6.92

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund has had performance fee adjustments that may have had a positive or negative impact on returns.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of August 31, 2025)


Total Net Assets	$500,029,214
Total Number of Portfolio Holdings	63
Total Management Fee Paid	$2,802,183
Portfolio Turnover Rate	96%

WHAT DID THE FUND INVEST IN? (as of August 31, 2025)

Portfolio Composition^* (% of Total Investments)

HOW HAS THE FUND CHANGED?


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING



Putnam Emerging Markets Equity Fund
Class R6 [PEMQX]	Annual Shareholder Report \| August 31, 2025

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R6	$95	0.87%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended August 31, 2025, Class R6 shares of Putnam Emerging Markets Equity Fund returned 20.13%. The Fund compares its performance to the MSCI Emerging Markets Index-NR, which returned 16.80% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Overweight position in Chinese technology company Xiaomi
↑	Overweight position in Chinese technology company Tencent
↑	Overweight position in Abu Dhabi Islamic Bank


Top detractors from performance:
↓	Underweight exposure to Chinese technology company Alibaba Group
↓	Overweight position in Tata Consultancy Services, an India-based provider of information technology services
↓	Overweight position in Bank Central Asia, an Indonesian bank

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R6 8/31/2015 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	10 Year
Class R6	20.13	5.09	9.11
MSCI All Country World ex-U.S. Index-NR	15.42	8.94	7.33
MSCI Emerging Markets Index-NR	16.80	5.21	6.92

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class R6 shares on 5/22/2018. Returns for periods before 5/22/2018 are based on the Fund’s Class Y performance, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would have been higher. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

The Fund has had performance fee adjustments that may have had a positive or negative impact on returns.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of August 31, 2025)


Total Net Assets	$500,029,214
Total Number of Portfolio Holdings	63
Total Management Fee Paid	$2,802,183
Portfolio Turnover Rate	96%

HOW HAS THE FUND CHANGED?


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING



Putnam Emerging Markets Equity Fund
Class Y [PEMYX]	Annual Shareholder Report \| August 31, 2025

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class Y	$112	1.02%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended August 31, 2025, Class Y shares of Putnam Emerging Markets Equity Fund returned 19.99%. The Fund compares its performance to the MSCI Emerging Markets Index-NR, which returned 16.80% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Overweight position in Chinese technology company Xiaomi
↑	Overweight position in Chinese technology company Tencent
↑	Overweight position in Abu Dhabi Islamic Bank


Top detractors from performance:
↓	Underweight exposure to Chinese technology company Alibaba Group
↓	Overweight position in Tata Consultancy Services, an India-based provider of information technology services
↓	Overweight position in Bank Central Asia, an Indonesian bank

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class Y 8/31/2015 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	10 Year
Class Y	19.99	4.91	8.97
MSCI All Country World ex-U.S. Index-NR	15.42	8.94	7.33
MSCI Emerging Markets Index-NR	16.80	5.21	6.92

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund has had performance fee adjustments that may have had a positive or negative impact on returns.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of August 31, 2025)


Total Net Assets	$500,029,214
Total Number of Portfolio Holdings	63
Total Management Fee Paid	$2,802,183
Portfolio Turnover Rate	96%

WHAT DID THE FUND INVEST IN? (as of August 31, 2025)

Portfolio Composition^* (% of Total Investments)

HOW HAS THE FUND CHANGED?


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING

(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

The Board of Trustees of the Registrant has determined that Gregory G. McGreevey and Manoj P. Singh possess the technical attributes identified in Item 3 to Form N-CSR to qualify as “audit committee financial experts,” and has designated Gregory G. McGreevey and Manoj P. Singh as the Audit Committee’s financial experts. Gregory G. McGreevey and Manoj P. Singh are “independent” Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

(a) Audit Fees. The aggregate fees billed in the last two fiscal years ending August 31, 2024 and August 31, 2025 (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant (the “Auditor”) for the audit of the Registrant’s annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $161,936 in August 31, 2024 and $145,621 in August 31, 2025.

(b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant’s financial statements were $0 in August 31, 2024 and $0 in August 31, 2025.

(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning (“Tax Services”) were $34,119 in August 31, 2024 and $30,522 in August 31, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

(d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in August 31, 2024 and $0 in August 31, 2025.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

(e) Audit Committee’s pre-approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

Pre-Approval Policies of the Audit, Compliance and Risk Committee. The Audit, Compliance and Risk Committee of the Putnam funds has determined that, as a matter of policy, all work performed for the funds by the funds’ independent auditors will be pre-approved by the Committee itself and thus will generally not be subject to pre-approval procedures.

The Audit, Compliance and Risk Committee also has adopted a policy to pre-approve the engagement by the fund’s investment manager and certain of its affiliates of the fund’s independent auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by the fund’s investment manager or certain of its affiliates are typically submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees, and why this work should be performed by that particular audit firm as opposed to another one. In reviewing such requests, the Committee considers, among other things, whether the provision of such services by the audit firm are compatible with the independence of the audit firm.

(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $1,030,797 in August 31, 2024 and $583,796 in August 31, 2025.

(h) Yes. The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor’s independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

Putnam

Funds

Trust

Financial

Highlights

Putnam

Emerging

Markets

Equity

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$14.24

$11.76

$11.28

$17.25

$14.68

Income

from

investment

operations

Net

investment

income

(loss)

....................

0.17

0.16

0.10

0.05

(0.01)

Net

realized

and

unrealized

gains

(losses)

...........

2.58

2.42

0.38

(5.20)

2.86

Total

from

investment

operations

....................

2.75

2.58

0.48

(5.15)

2.85

Less

distributions

from:

Net

investment

income

..........................

(0.23)

(0.10)

—

(0.01)

(0.02)

Net

realized

gains

.............................

—

(0.81)

(0.26)

Total

distributions

...............................

(0.23)

(0.10)

—

(0.82)

(0.28)

Net

asset

value,

end

year

.......................

$16.76

$14.24

$11.76

$11.28

$17.25

Total

return

...................................

19.66%

22.07%

4.26%

(31.05)%

19.50%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.53%

1.49%

1.56%

1.62%

1.56%

Expenses

net

waiver

and

payments

affiliates

......

1.27%

1.19%

1.25%

1.33%

1.29%

Net

investment

income

(loss)

......................

1.17%

1.28%

0.90%

0.38%

(0.07)%

Supplemental

data

Net

assets

end

year

(000’s)

.....................

$228,392

$206,120

$187,270

$197,474

$315,105

Portfolio

turnover

rate

............................

96%

55%

63%

127%

124%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable.

Benefit

expense

reduction

rounds

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

Putnam

Emerging

Markets

Equity

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$13.12

$10.84

$10.47

$16.19

$13.88

Income

from

investment

operations

Net

investment

income

(loss)

....................

0.06

0.01

(0.06)

(0.13)

Net

realized

and

unrealized

gains

(losses)

...........

2.37

2.22

0.36

(4.84)

2.70

Total

from

investment

operations

....................

2.43

2.28

0.37

(4.90)

2.57

Less

distributions

from:

Net

investment

income

..........................

(0.12)

—

(0.01)

—

Net

realized

gains

.............................

—

(0.81)

(0.26)

Total

distributions

...............................

(0.12)

—

(0.82)

(0.26)

Net

asset

value,

end

year

.......................

$15.43

$13.12

$10.84

$10.47

$16.19

Total

return

...................................

18.69%

21.08%

3.53%

(31.55)%

18.60%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

2.28%

2.24%

2.31%

2.37%

2.31%

Expenses

net

waiver

and

payments

affiliates

......

2.02%

1.94%

2.00%

2.08%

2.04%

Net

investment

income

(loss)

......................

0.43%

0.49%

0.13%

(0.42)%

(0.82)%

Supplemental

data

Net

assets

end

year

(000’s)

.....................

$4,178

$5,169

$5,542

$7,088

$13,498

Portfolio

turnover

rate

............................

96%

55%

63%

127%

124%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Amount

rounds

less

than

$0.01

per

share.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable.

Benefit

expense

reduction

rounds

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

Putnam

Emerging

Markets

Equity

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$14.05

$11.62

$11.17

$17.13

$14.62

Income

from

investment

operations

Net

investment

income

(loss)

....................

0.14

0.12

0.07

0.02

(0.06)

Net

realized

and

unrealized

gains

(losses)

...........

2.55

2.38

0.38

(5.16)

2.86

Total

from

investment

operations

....................

2.69

2.50

0.45

(5.14)

2.80

Less

distributions

from:

Net

investment

income

..........................

(0.19)

(0.07)

—

(0.01)

(0.03)

Net

realized

gains

.............................

—

(0.81)

(0.26)

Total

distributions

...............................

(0.19)

(0.07)

—

(0.82)

(0.29)

Net

asset

value,

end

year

.......................

$16.55

$14.05

$11.62

$11.17

$17.13

Total

return

....................................

19.36%

21.65%

4.03%

(31.21)%

19.25%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.78%

1.74%

1.81%

1.87%

1.81%

Expenses

net

waiver

and

payments

affiliates

......

1.52%

1.44%

1.50%

1.58%

1.54%

Net

investment

income

(loss)

......................

0.94%

0.99%

0.65%

0.17%

(0.35)%

Supplemental

data

Net

assets

end

year

(000’s)

.....................

$12,678

$5,022

$4,660

$4,510

$6,419

Portfolio

turnover

rate

............................

96%

55%

63%

127%

124%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Benefit

expense

reduction

rounds

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

Putnam

Emerging

Markets

Equity

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$14.61

$12.07

$11.52

$17.53

$14.88

Income

from

investment

operations

Net

investment

income

.........................

0.24

0.21

0.16

0.11

0.05

Net

realized

and

unrealized

gains

(losses)

...........

2.64

2.48

0.39

(5.30)

2.92

Total

from

investment

operations

....................

2.88

2.69

0.55

(5.19)

2.97

Less

distributions

from:

Net

investment

income

..........................

(0.29)

(0.15)

—

(0.01)

(0.06)

Net

realized

gains

.............................

—

(0.81)

(0.26)

Total

distributions

...............................

(0.29)

(0.15)

—

(0.82)

(0.32)

Net

asset

value,

end

year

.......................

$17.20

$14.61

$12.07

$11.52

$17.53

Total

return

....................................

20.13%

22.53%

4.77%

(30.77)%

20.06%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.12%

1.06%

1.12%

1.20%

1.16%

Expenses

net

waiver

and

payments

affiliates

......

0.87%

0.76%

0.81%

0.91%

0.89%

Net

investment

income

...........................

1.57%

1.60%

1.33%

0.81%

0.31%

Supplemental

data

Net

assets

end

year

(000’s)

.....................

$57,009

$24,965

$27,784

$27,655

$41,708

Portfolio

turnover

rate

............................

96%

55%

63%

127%

124%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Benefit

expense

reduction

rounds

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

Putnam

Emerging

Markets

Equity

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$14.52

$12.00

$11.48

$17.49

$14.86

Income

from

investment

operations

Net

investment

income

.........................

0.22

0.20

0.13

0.08

0.02

Net

realized

and

unrealized

gains

(losses)

...........

2.62

2.44

0.39

(5.27)

2.91

Total

from

investment

operations

....................

2.84

2.64

0.52

(5.19)

2.93

Less

distributions

from:

Net

investment

income

..........................

(0.26)

(0.12)

—

(0.01)

(0.04)

Net

realized

gains

.............................

—

(0.81)

(0.26)

Total

distributions

...............................

(0.26)

(0.12)

—

(0.82)

(0.30)

Net

asset

value,

end

year

.......................

$17.10

$14.52

$12.00

$11.48

$17.49

Total

return

....................................

19.99%

22.22%

4.53%

(30.84)%

19.84%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.28%

1.24%

1.31%

1.37%

1.31%

Expenses

net

waiver

and

payments

affiliates

......

1.02%

0.94%

1.00%

1.08%

1.04%

Net

investment

income

...........................

1.41%

1.55%

1.13%

0.60%

0.13%

Supplemental

data

Net

assets

end

year

(000’s)

.....................

$197,772

$150,854

$146,736

$137,553

$253,336

Portfolio

turnover

rate

............................

96%

55%

63%

127%

124%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Benefit

expense

reduction

rounds

less

than

0.01%.

Putnam

Funds

Trust

Schedule

Investments,

August

31,

2025

Putnam

Emerging

Markets

Equity

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Country

Value

Common

Stocks

90.3%

Automobiles

1.8%

Mahindra

Ltd.

.............................

India

255,067

9,254,798

Banks

16.6%

Abu

Dhabi

Islamic

Bank

PJSC

.........................

United

Arab

Emirates

1,928,243

11,196,740

Rajhi

Bank

......................................

Saudi

Arabia

450,347

11,282,079

Bank

Central

Asia

Tbk.

............................

Indonesia

10,884,100

5,332,229

Bank

China

Ltd.

................................

China

22,519,000

12,360,099

CTBC

Financial

Holding

Co.

Ltd.

........................

Taiwan

4,206,000

5,641,591

Grupo

Financiero

Banorte

SAB

..................

Mexico

607,780

5,558,576

ICICI

Bank

Ltd.

.....................................

India

1,017,299

16,118,978

Financial

Group,

Inc.

..............................

South

Korea

84,374

6,590,054

National

Bank

Greece

...........................

Greece

478,828

6,631,213

OTP

Bank

Nyrt.

.....................................

Hungary

26,267

2,291,121

83,002,680

Broadline

Retail

5.8%

Alibaba

Group

Holding

Ltd.

............................

China

1,124,300

18,615,788

MercadoLibre,

Inc.

..................................

Brazil

1,828

4,520,479

Sea

Ltd.

ADR

......................................

Singapore

31,074

5,796,544

28,932,811

Capital

Markets

1.3%

HDFC

Asset

Management

Co.

Ltd.

144A

Reg

...........

India

103,047

6,384,078

Communications

Equipment

0.8%

Accton

Technology

Corp.

..............................

Taiwan

124,000

4,082,377

Construction

Engineering

1.1%

Gamuda

Bhd.

......................................

Malaysia

3,221,400

4,234,505

Hyundai

Engineering

Construction

Co.

Ltd.

..............

South

Korea

33,954

1,510,261

5,744,766

Construction

Materials

1.2%

UltraTech

Cement

Ltd.

...............................

India

42,344

6,069,615

Electric

Utilities

1.1%

Korea

Electric

Power

Corp.

............................

South

Korea

211,618

5,548,655

Electronic

Equipment,

Instruments

Components

0.7%

Elite

Material

Co.

Ltd.

................................

Taiwan

87,000

3,443,624

Financial

Services

0.7%

Meritz

Financial

Group,

Inc.

............................

South

Korea

36,695

3,338,199

Health

Care

Providers

Services

1.2%

Apollo

Hospitals

Enterprise

Ltd.

.........................

India

71,395

6,165,407

Hotels,

Restaurants

Leisure

2.2%

Eternal

Ltd.

........................................

India

792,642

2,824,198

Indian

Hotels

Co.

Ltd.

(The)

..........................

India

651,821

5,609,265

MakeMyTrip

Ltd.

....................................

India

22,886

2,259,992

10,693,455

Household

Durables

0.7%

Amber

Enterprises

India

Ltd.

...........................

India

44,427

3,659,057

Household

Products

0.2%

Unilever

Indonesia

Tbk.

............................

Indonesia

11,004,500

1,134,937

Independent

Power

and

Renewable

Electricity

Producers

1.6%

NTPC

Ltd.

.........................................

India

2,154,356

8,005,323

Putnam

Funds

Trust

Schedule

Investments

Putnam

Emerging

Markets

Equity

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Country

Value

Common

Stocks

(continued)

Industrial

Conglomerates

0.7%

Samsung

C&T

Corp.

.................................

South

Korea

28,353

3,412,634

Insurance

2.1%

PICC

Property

Casualty

Co.

Ltd.

....................

China

4,400,000

10,633,788

Interactive

Media

Services

11.4%

Kakao

Corp.

.......................................

South

Korea

85,567

3,831,307

a,b

Kuaishou

Technology

144A

Reg

......................

China

768,000

7,527,431

Tencent

Holdings

Ltd.

................................

China

589,000

45,614,816

56,973,554

Services

0.7%

Coforge

Ltd.

.......................................

India

174,864

3,416,485

Life

Sciences

Tools

Services

0.7%

WuXi

AppTec

Co.

Ltd.

144A

Reg

...................

China

265,123

3,694,476

Machinery

0.5%

Samsung

Heavy

Industries

Co.

Ltd.

......................

South

Korea

175,434

2,681,748

Metals

Mining

2.4%

Anglogold

Ashanti

plc

................................

United

Kingdom

73,275

4,123,594

Zijin

Mining

Group

Co.

Ltd.

..........................

China

2,434,000

8,082,027

12,205,621

Oil,

Gas

Consumable

Fuels

2.0%

PetroChina

Co.

Ltd.

...............................

China

10,278,000

9,952,268

Personal

Care

Products

0.5%

APR

Corp.

........................................

South

Korea

5,340

871,018

Kolmar

Korea

Co.

Ltd.

................................

South

Korea

28,546

1,590,643

2,461,661

Real

Estate

Management

Development

1.3%

Emaar

Properties

PJSC

..............................

United

Arab

Emirates

1,603,743

6,287,128

Semiconductors

Semiconductor

Equipment

14.5%

MediaTek,

Inc.

.....................................

Taiwan

135,000

5,998,866

NAURA

Technology

Group

Co.

Ltd.

....................

China

51,915

2,708,979

Hynix,

Inc.

......................................

South

Korea

36,150

6,887,926

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.............

Taiwan

1,500,889

56,210,412

71,806,183

Specialty

Retail

0.7%

JUMBO

........................................

Greece

91,605

3,266,502

Technology

Hardware,

Storage

Peripherals

6.1%

Asia

Vital

Components

Co.

Ltd.

.........................

Taiwan

110,000

3,590,912

Samsung

Electronics

Co.

Ltd.

..........................

South

Korea

304,595

15,217,504

a,b

Xiaomi

Corp.

144A

Reg

..........................

China

1,739,000

11,868,415

30,676,831

Transportation

Infrastructure

1.4%

International

Container

Terminal

Services,

Inc.

..............

Philippines

853,040

7,210,028

Water

Utilities

1.2%

Cia

Saneamento

Basico

Estado

Sao

Paulo

SABESP

Brazil

259,100

5,853,566

Wireless

Telecommunication

Services

7.1%

Bharti

Airtel

Ltd.

....................................

India

505,668

10,838,832

Etihad

Etisalat

Co.

..................................

Saudi

Arabia

391,015

6,554,780

Far

EasTone

Telecommunications

Co.

Ltd.

................

Taiwan

1,196,000

3,286,712

Putnam

Funds

Trust

Schedule

Investments

Putnam

Emerging

Markets

Equity

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Country

Value

Common

Stocks

(continued)

Wireless

Telecommunication

Services

(continued)

MTN

Group

Ltd.

....................................

South

Africa

538,032

4,570,566

TIM

...........................................

Brazil

2,406,200

10,096,379

35,347,269

Total

Common

Stocks

(Cost

347,094,140

)

...................................

451,339,524

Management

Investment

Companies

5.6%

Capital

Markets

5.6%

iShares

Core

MSCI

Emerging

Markets

ETF

................

United

States

351,829

21,845,062

Xtrackers

Harvest

CSI

300

China

A-Shares

ETF

............

United

States

200,200

6,396,390

28,241,452

Total

Management

Investment

Companies

(Cost

26,882,865

)

..................

28,241,452

Preferred

Stocks

1.8%

Banks

1.8%

Itau

Unibanco

Holding

.45

.......................

Brazil

1,236,800

8,780,109

Total

Preferred

Stocks

(Cost

8,228,797

)

.....................................

8,780,109

Total

Long

Term

Investments

(Cost

382,205,802

)

.............................

488,361,085

Short

Term

Investments

4.0%

Country

Value

Management

Investment

Companies

2.9%

e,f

Putnam

Short

Term

Investment

Fund

Class

4.566

.......

United

States

14,539,068

Total

Management

Investment

Companies

(Cost

14,539,068

)

..................

14,539,068

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

1.1%

Money

Market

Funds

1.1%

e,f

Putnam

Cash

Collateral

Pool,

LLC

4.622

................

United

States

5,349,500

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

5,349,500

)

..........................................................

5,349,500

Total

Short

Term

Investments

(Cost

19,888,568

)

..............................

19,888,568

Total

Investments

(Cost

402,094,370

)

101.7

................................

$508,249,653

Other

Assets,

less

Liabilities

(

1.7

)

.........................................

(8,220,439)

Net

Assets

100.0%

.........................................................

$500,029,214

Putnam

Funds

Trust

Schedule

Investments

Putnam

Emerging

Markets

Equity

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

See

Abbreviations

page

Non-income

producing.

Security

was

purchased

pursuant

Rule

144A

Regulation

under

the

Securities

Act

1933.

144A

securities

may

sold

transactions

exempt

from

registration

only

qualified

institutional

buyers

public

offering

registered

under

the

Securities

Act

1933.

Regulation

securities

cannot

sold

the

United

States

without

either

effective

registration

statement

filed

pursuant

the

Securities

Act

1933,

pursuant

exemption

from

registration.

August

31,

2025,

the

aggregate

value

these

securities

was

$29,474,400,

representing

5.9%

net

assets.

portion

all

the

security

loan

August

31,

2025.

See

Note

1(c).

Variable

rate

security.

The

rate

shown

represents

the

yield

period

end.

See

Note

3(g)

regarding

investments

affiliated

management

investment

companies.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

See

Note

1(c)

regarding

securities

loan.

Putnam

Funds

Trust

Financial

Statements

Statement

Assets

and

Liabilities

August

31,

2025

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Putnam

Emerging

Markets

Equity

Fund

Assets:

Investments

securities:

Cost

Unaffiliated

issuers

...................................................................

$382,205,802

Cost

Non-controlled

affiliates

(Note

)

........................................................

19,888,568

Value

Unaffiliated

issuers

(Includes

securities

loaned

5,258,970

)

..................................

$488,361,085

Value

Non-controlled

affiliates

(Note

)

.......................................................

19,888,568

Cash

....................................................................................

108,904

Foreign

currency,

value

(cost

75,241

)

.........................................................

71,046

Receivables:

Investment

securities

sold

...................................................................

893,770

Capital

sold

........................................................................

1,053,008

Dividends

...............................................................................

756,600

European

Union

tax

reclaims

(Note

)

.........................................................

677,722

Prepaid

expenses

..........................................................................

125,046

Total

assets

..........................................................................

511,935,749

Liabilities:

Payables:

Investment

securities

purchased

..............................................................

3,185,056

Capital

redeemed

...................................................................

239,170

Management

fees

.........................................................................

335,338

Administrative

fees

........................................................................

2,036

Distribution

fees

..........................................................................

57,572

Transfer

agent

fees

........................................................................

206,876

Trustees'

fees

and

expenses

.................................................................

147,612

Payable

upon

return

securities

loaned

(Note

)

..................................................

5,349,500

Deferred

taxes

unrealized

appreciation

........................................................

2,224,491

Accrued

expenses

and

other

liabilities

...........................................................

158,884

Total

liabilities

.........................................................................

11,906,535

Net

assets,

value

.................................................................

$500,029,214

Net

assets

consist

of:

Paid-in

capital

.............................................................................

$418,542,106

Total

distributable

earnings

(losses)

.............................................................

81,487,108

Net

assets,

value

.................................................................

$500,029,214

Putnam

Funds

Trust

Financial

Statements

Statement

Assets

and

Liabilities

(continued)

August

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Putnam

Emerging

Markets

Equity

Fund

Class

Net

assets,

value

.......................................................................

$228,392,009

outstanding

........................................................................

13,626,701

Net

asset

value

per

..................................................................

$16.76

Maximum

offering

price

per

(net

asset

value

per

.25

)

................................

$17.78

Class

Net

assets,

value

.......................................................................

$4,178,409

outstanding

........................................................................

270,787

Net

asset

value

and

maximum

offering

price

per

............................................

$15.43

Class

Net

assets,

value

.......................................................................

$12,678,050

outstanding

........................................................................

766,238

Net

asset

value

and

maximum

offering

price

per

.............................................

$16.55

Class

R6:

Net

assets,

value

.......................................................................

$57,008,911

outstanding

........................................................................

3,313,685

Net

asset

value

and

maximum

offering

price

per

.............................................

$17.20

Class

Net

assets,

value

.......................................................................

$197,771,835

outstanding

........................................................................

11,563,159

Net

asset

value

and

maximum

offering

price

per

.............................................

$17.10

Redemption

price

equal

net

asset

value

less

contingent

deferred

sales

charges,

applicable.

Net

asset

value

per

may

not

recalculate

due

rounding.

Putnam

Funds

Trust

Financial

Statements

Statement

Operations

for

the

year

ended

August

31,

2025

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Putnam

Emerging

Markets

Equity

Fund

Investment

income:

Dividends:

(net

foreign

taxes

$1,229,513)

Unaffiliated

issuers

........................................................................

$9,392,358

Non-controlled

affiliates

(Note

)

.............................................................

578,170

Income

from

securities

loaned:

Unaffiliated

entities

(net

fees

and

rebates)

.....................................................

(315,201)

Non-controlled

affiliates

(Note

)

.............................................................

399,907

Other

income

(Note

)

......................................................................

7,099

Total

investment

income

...................................................................

10,062,333

Expenses:

Management

fees

(Note

)

...................................................................

3,874,161

Administrative

fees

(Note

)

..................................................................

7,514

Distribution

fees:

(Note

)

Class

................................................................................

520,317

Class

................................................................................

Class

................................................................................

47,462

Class

................................................................................

37,975

Transfer

agent

fees:

(Note

)

Class

................................................................................

424,175

Class

................................................................................

Class

................................................................................

9,642

Class

................................................................................

15,494

Class

...............................................................................

16,131

Class

................................................................................

326,566

Custodian

fees

(Note

)

......................................................................

263,872

Reports

shareholders

fees

..................................................................

49,621

Registration

and

filing

fees

....................................................................

99,709

Professional

fees

...........................................................................

117,360

Trustees'

fees

and

expenses

(Note

3f)

...........................................................

14,271

Interest

expense

...........................................................................

2,232

Other

....................................................................................

13,794

Total

expenses

.........................................................................

5,840,335

Expense

reductions

(Note

)

...............................................................

(3,779)

Expenses

waived/paid

affiliates

(Note

and

)

..............................................

(1,071,978)

Net

expenses

.........................................................................

4,764,578

Net

investment

income

................................................................

5,297,755

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

(net

foreign

taxes

$2,250,597)

Unaffiliated

issuers

......................................................................

48,079,007

Foreign

currency

transactions

................................................................

(416,904)

Net

realized

gain

(loss)

..................................................................

47,662,103

Net

change

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

......................................................................

23,685,714

Translation

other

assets

and

liabilities

denominated

foreign

currencies

..............................

(169,263)

Change

deferred

taxes

unrealized

appreciation

...............................................

2,938,492

Net

change

unrealized

appreciation

(depreciation)

............................................

26,454,943

Net

realized

and

unrealized

gain

(loss)

............................................................

74,117,046

Net

increase

(decrease)

net

assets

resulting

from

operations

..........................................

$79,414,801

Putnam

Funds

Trust

Financial

Statements

Changes

Net

Assets

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Putnam

Emerging

Markets

Equity

Fund

Year

Ended

August

31,

2025

Year

Ended

August

31,

2024

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

.................................................

$5,297,755

$5,165,033

Net

realized

gain

(loss)

.................................................

47,662,103

35,597,282

Net

change

unrealized

appreciation

(depreciation)

...........................

26,454,943

33,403,632

Net

increase

(decrease)

net

assets

resulting

from

operations

................

79,414,801

74,165,947

Distributions

shareholders:

Class

.............................................................

(3,212,731)

(1,513,002)

Class

.............................................................

(43,685)

(1,834)

Class

.............................................................

(61,032)

(29,663)

Class

............................................................

(488,749)

(350,852)

Class

.............................................................

(2,699,056)

(1,294,801)

Total

distributions

shareholders

..........................................

(6,505,253)

(3,190,152)

Capital

transactions:

(Note

)

Class

.............................................................

(12,333,293)

(18,325,468)

Class

.............................................................

(230,999)

(487,766)

Class

.............................................................

(1,766,818)

(1,353,461)

Class

.............................................................

5,575,780

(582,932)

Class

............................................................

24,390,650

(7,826,396)

Class

.............................................................

19,118,110

(22,683,565)

Total

capital

transactions

............................................

34,753,430

(51,259,588)

Net

increase

(decrease)

net

assets

...................................

107,662,978

19,716,207

Net

assets:

Beginning

year

.......................................................

392,366,236

372,650,029

End

year

...........................................................

$500,029,214

$392,366,236

Putnam

Funds

Trust

franklintempleton.com

Annual

Report

Notes

Financial

Statements

Putnam

Emerging

Markets

Equity

Fund

Organization

and

Significant

Accounting

Policies

Putnam

Funds

Trust (Trust)

registered

under

the

Investment

Company

Act

1940

(1940

Act)

open-

end

management

investment

company,

consisting

of fifteen

separate

funds.

The

Trust

follows

the

accounting

and

reporting

guidance

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and applies

the

specialized

accounting

and

reporting

guidance

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

Putnam

Emerging

Markets

Equity

Fund

(Fund)

included

this

report.

The

Fund

offers five

classes

Class

and

Class

Y. Class

automatically

convert

Class

monthly

basis,

after

they

have

been

held

for

years.

Each

class

may

differ

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

matters

affecting

single

class,

its

exchange

privilege

and

fees

due

differing

arrangements

for

distribution

and

transfer

agent

fees.

Effective

September

2024,

all

Class

were

converted

Class

The

following

summarizes

the Fund's

significant

accounting

policies.

Financial

Instrument

Valuation

The

Fund's

investments

financial

instruments

are

carried

fair

value

daily.

Fair

value

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

each business

day as

p.m.

Eastern

time

the

regularly

scheduled

the

New

York

Stock

Exchange

(NYSE),

whichever

earlier.

Under

compliance

policies

and

procedures

approved

the Trust's

Board

Trustees

(the

Board),

the

Board

has

designated

the

Fund’s

investment

manager

the

valuation

designee

and

has

responsibility

for

oversight

valuation.

The

investment

manager

assisted

the

Fund’s

administrator

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

determine

fair

value.

Equity

securities

listed

exchange

the

NASDAQ

National

Market

System

are

valued

the

last

quoted

sale

price

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

the

trading

the

foreign

stock

exchange

which

the

security

primarily

traded,

p.m.

Eastern

time.

The

value

then

converted

into

its

U.S.

dollar

equivalent

the

foreign

exchange

rate

effect

p.m.

Eastern

time

the

day

that

the

value

the

security

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

multiple

markets

multiple

exchanges

are

valued

according

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

relationships

similar

securities.

Investments

in open-end mutual

funds

are

valued

the

closing

NAV.

The

Fund

has

procedures

determine

the

fair

value

financial

instruments

for

which

market

prices

are

not

reliable

readily

available.

Under

these

procedures,

the Fund

primarily

employs

market-based

approach

which

may

use

comparable

assets

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

determine

the

fair

value

the

investment.

income-based

valuation

approach

may

also

used

which

the

anticipated

future

cash

flows

the

investment

are

discounted

calculate

fair

value.

Discounts

may

also

applied

due

the

nature

duration

any

restrictions

the

disposition

the

investments.

Due

the

inherent

uncertainty

valuations

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

active

market

existed.

Trading

securities

foreign

securities

stock

exchanges

and

OTC

markets

may

completed

before

p.m.

Eastern

time.

addition,

trading

certain

foreign

markets

may

not

take

place

every

Fund's

business

day. Events

can occur

between

the

time

which

trading

foreign

security

completed

and

p.m.

Eastern

time

that

might

call

into

question

the

reliability

the

value

portfolio

security

held

the

Fund.

result,

differences

may

arise

between

the

value

the

Fund's

portfolio

securities

determined

the

foreign

market

and

the

latest

indications

value

p.m.

Eastern

time. In

order

minimize

the

potential

for

these

differences,

independent

pricing

service

may

used

adjust

the

value

the

Fund's

portfolio

securities

the

latest

indications

fair

value

p.m.

Eastern

time.

Putnam

Funds

Trust

Notes

Financial

Statements

franklintempleton.com

Annual

Report

Putnam

Emerging

Markets

Equity

Fund

(continued)

August

31,

2025,

certain

securities

may

have

been

fair

valued

using

these

procedures,

which

case

the

securities

were

categorized

Level

within

the

fair

value

hierarchy

(referred

“market

level

fair

value”).

See

the

Fair

Value

Measurements

note

for

information.

When

the

last

day

the

reporting

period

non-business

day,

certain

foreign

markets

may

open

those

days

that

the

Fund's

NAV

not

calculated,

which

could

result

differences

between

the

value

the

Fund's

portfolio

securities

the

last

business

day

and

the

last

calendar

day

the

reporting

period.

Any

security

valuation

changes

due

open

foreign

market

are

adjusted

and

reflected

the

Fund

for

financial

reporting

purposes.

Foreign

Currency

Translation

Portfolio

securities

and

other

assets

and

liabilities

denominated

foreign

currencies

are

translated

into

U.S.

dollars

based

the

exchange

rate

such

currencies

against

U.S.

dollars

the

date

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

facilitate

transactions

denominated

foreign

currency.

Purchases

and

sales

securities,

income

and

expense

items

denominated

foreign

currencies

are

translated

into

U.S.

dollars

the

exchange

rate

effect

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

foreign

currencies

contain

risks

that

those

currencies

will

decline

value

relative

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

reliability

foreign

exchange

rates

used

convert

the

U.S.

dollar

equivalent

value.

such

event

occurs,

the

foreign

exchange

rate

will

valued

fair

value

using

procedures

established

and

approved

the

Board.

The

Fund

does

not

separately

report

the

effect

changes

foreign

exchange

rates

from

changes

market

prices

securities

held.

Such

changes

are

included

net

realized

and

unrealized

gain

loss

from

investments

the

Statement of

Operations.

Realized

foreign

exchange

gains

losses

arise

from

sales

foreign

currencies,

currency

gains

losses

realized

between

the

trade

and

settlement

dates

securities

transactions

and

the

difference

between

the

recorded

amounts

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

the

amounts

actually

received

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

foreign

exchange

rates

foreign

denominated

assets

and

liabilities

other

than

investments

securities

held

the

end

the

reporting

period.

Securities

Lending

The

Fund

participates

agency

based

securities

lending

program

earn

additional

income.

The

Fund

receives

collateral

the

form

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

amount

equal

least

102%

the

fair

value

the

loaned

securities.

Collateral

maintained

over

the

life

the

loan

amount

not

less

than

100%

the

fair

value

loaned

securities,

determined

the

Fund

business

each

day;

any

additional

collateral

required

due

changes

security

values

delivered

the

Fund

the

business

day.

Any

cash

collateral

received

deposited

into

joint

cash

account

with

other

funds

and

used

invest

the

Putnam

Cash

Collateral

Pool,

LLC,

limited

liability

company,

affiliate

Putnam

Management. The

Fund

may

receive

income

from

the

investment

cash

collateral,

addition

lending

fees paid

the

borrower.

Income

from

securities

loaned,

net

fees

paid

the

securities

lending

agent

and/or

third-party

vendor,

reported

separately

the Statement of

Operations.

The

Fund

bears

the

market

risk

with

respect

any

cash

collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

its

obligations

the

Fund.

the

borrower

defaults

its

obligation

return

the

securities

loaned,

the

Fund

has

the

right

repurchase

the

securities

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

indemnify

the

Fund

the

event

default

third

party

borrower.

Income

and

Deferred

Taxes

is the Fund's

policy

qualify

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

distribute

shareholders

substantially

all

its

taxable

income

and

net

realized

gains

relieve

from

federal

income

and if

applicable,

excise

taxes.

result,

provision

for

U.S.

federal

income

taxes

required.

The

Fund

may

subject

foreign

taxation

income

received,

capital

gains

the

sale

securities

and

certain

foreign

currency

transactions

the

foreign

jurisdictions

which it

invests.

Foreign

taxes,

any,

are

Organization

and

Significant

Accounting

Policies

(continued)

Financial

Instrument

Valuation

(continued)

Putnam

Funds

Trust

Notes

Financial

Statements

franklintempleton.com

Annual

Report

Putnam

Emerging

Markets

Equity

Fund

(continued)

recorded

based

the

tax

regulations

and

rates

that

exist

the

foreign

markets

which

the

Fund

invests.

When

capital

gain

tax

determined

apply,

the

Fund

records

estimated

deferred

tax

liability

amount

that

would

payable

the

securities

were

disposed

the

valuation

date.

result

several

court

cases,

certain

countries

across

the

European

Union, the

Fund

filed

additional

tax

reclaims

for

previously

withheld

taxes

dividends

earned

those

countries

(EU

reclaims). Income

recognized,

any,

for

reclaims

reflected

other

income

the

Statement

Operations

and

any

receivable,

any,

reflected

European

Union

tax

reclaims

the

Statement

Assets

and

Liabilities.

Any

fees

associated

with

these

filings

are

reflected

other

expenses

the

Statement

Operations.

When

uncertainty

exists

the

ultimate

resolution

these

proceedings,

the

likelihood

receipt

these

reclaims,

and

the

potential

timing

payment,

amounts

are

reflected

the

financial

statements.

For

U.S.

income

tax

purposes,

reclaims

received

the

Fund,

any,

reduce

the

amount

foreign

taxes

Fund

shareholders

can

use

tax

deductions

or credits

their

income

tax

returns.

The Fund

may

recognize

income

tax

liability

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

less

than

50%

probability

that

will

sustained

upon

examination

the

tax

authorities

based

its

technical

merits.

August

31,

2025, the Fund

has

determined

that

tax

liability

required

its

financial

statements

uncertain

tax

positions

for

any

open

tax

years

(or

expected

taken

future

tax

years).

Open

tax

years

are

those

that

remain

subject

examination

and

are

based

the

statute

limitations

each

jurisdiction

which

the Fund

invests.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

trade

date.

Realized

gains

and

losses

security

transactions

are

determined

specific

identification

basis.

Estimated

expenses

are

accrued

daily.

Dividend

income

recorded

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

not

available.

such

cases,

the

dividend

recorded

soon

the

information

received

the

Fund.

Distributions

shareholders

are

recorded

the

ex-dividend

date.

Distributable

earnings

are

determined

according

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

accordance

with

U.S.

GAAP.

These

differences

may

permanent

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

reflect

their

tax

character.

These

reclassifications

have

impact

net

assets

the

results

operations.

Temporary

differences

are

not

reclassified,

they

may

reverse

subsequent

periods.

Common

expenses

incurred

the

Trust

are

allocated

among

the

Funds

based

the

ratio

net

assets

each

Fund

the

combined

net

assets

the

Trust

based

the

ratio

number

shareholders

each

Fund

the

combined

number

shareholders

the

Trust.

Fund

specific

expenses

are

charged

directly

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

each

class

based

upon

the

relative

proportion

net

assets

each

class.

Differences

per

distributions

class

are

generally

due

differences

class

specific

expenses.

Accounting

Estimates

The

preparation

financial

statements

accordance

with

U.S.

GAAP

requires

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

the

date

the

financial

statements

and

the

amounts

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Guarantees

and

Indemnifications

Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

the Trust against

certain

liabilities

arising

out

the

performance

their

duties

the

Trust.

Additionally,

the

normal

course

business,

the Trust,

behalf

the

Fund, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

unknown

this

would

involve

future

claims

that

may

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

loss

remote.

Organization

and

Significant

Accounting

Policies

(continued)

Income

and

Deferred

Taxes

(continued)

Putnam

Funds

Trust

Notes

Financial

Statements

franklintempleton.com

Annual

Report

Putnam

Emerging

Markets

Equity

Fund

(continued)

Beneficial

Interest

August

31,

2025,

there

were

unlimited

number

authorized

(without

par

value).

Transactions

the

Fund's

were

follows:

Year

Ended

August

31,

2025

Year

Ended

August

31,

2024

Amount

Class

sold

...................................

795,151

$12,043,442

934,348

$11,999,262

issued

reinvestment

distributions

..........

216,364

3,061,555

119,644

1,442,956

redeemed

...............................

(1,861,869)

(27,438,290)

(2,495,077)

(31,767,686)

Net

increase

(decrease)

..........................

(850,354)

$(12,333,293)

(1,441,085)

$(18,325,468)

Class

redeemed

...............................

(17,900)

(230,999)

(42,426)

(487,766)

Net

increase

(decrease)

..........................

(17,900)

$(230,999)

(42,426)

$(487,766)

Class

sold

...................................

35,395

$491,841

26,305

$307,212

issued

reinvestment

distributions

..........

3,336

43,669

164

1,834

redeemed

..............................

(162,074)

(2,302,328)

(143,849)

(1,662,507)

Net

increase

(decrease)

..........................

(123,343)

$(1,766,818)

(117,380)

$(1,353,461)

Class

sold

...................................

574,831

$8,024,087

87,040

$1,082,184

issued

reinvestment

distributions

..........

4,363

61,032

2,486

29,663

redeemed

...............................

(170,341)

(2,509,339)

(133,304)

(1,694,779)

Net

increase

(decrease)

..........................

408,853

$5,575,780

(43,778)

$(582,932)

Class

sold

...................................

2,869,714

$43,493,310

479,766

$6,146,829

issued

reinvestment

distributions

..........

33,396

483,577

28,419

350,687

redeemed

...............................

(1,298,633)

(19,586,237)

(1,101,623)

(14,323,912)

Net

increase

(decrease)

..........................

1,604,477

$24,390,650

(593,438)

$(7,826,396)

Class

sold

...................................

3,937,061

$60,922,545

2,697,293

$35,179,941

issued

reinvestment

distributions

..........

185,816

2,679,470

105,034

1,289,823

redeemed

...............................

(2,945,970)

(44,483,905)

(4,649,117)

(59,153,329)

Net

increase

(decrease)

..........................

1,176,907

$19,118,110

(1,846,790)

$(22,683,565)

Effective

September

2024,

the

Fund

has

terminated

its

Class

shares.

May

include

portion

Class

that

were

automatically

converted

Class

Putnam

Funds

Trust

Notes

Financial

Statements

franklintempleton.com

Annual

Report

Putnam

Emerging

Markets

Equity

Fund

(continued)

Transactions

with

Affiliates

Franklin

Resources,

Inc.

the

holding

company

for

various

subsidiaries

that

together

are

referred

Franklin

Templeton.

Certain

officers

and trustees

the Fund are

also

officers

and/or

directors

the

following

subsidiaries:

Management

Fees

The

Fund

pays

Putnam

Management

management

fee

(based

the

Fund’s

average

net

assets

and

computed

and

paid

monthly)

annual

rates

that

may

vary

based

the

average

the

aggregate

net

assets

all

open-end

mutual

funds

sponsored

Putnam

Management

(including

open-end

funds

managed

affiliates

Putnam

Management

that

have

been

deemed

sponsored

Putnam

Management

for

this

purpose)

(excluding

net

assets

such

funds

that

are

invested

in,

that

are

invested

by,

other

such

funds

the

extent

necessary

avoid

“double

counting”

those

assets).

Such

annual

rates

may

vary

follows:

For

the

year

ended

August

31,

2025,

the

gross

effective

investment

management

fee

rate

was 0.937%

the

Fund’s

average daily

net

assets.

addition,

the

monthly

management

fee

consists

the

monthly

base

fee

plus

minus

performance

adjustment

for

the

month.

The

performance

adjustment

determined

based

performance

over

the

thirty-six

month

period

then

ended.

Each

month,

the

performance

adjustment

calculated

multiplying

the

performance

adjustment

rate

and

the

Fund’s

average

net

assets

over

the

performance

period

and

dividing

the

result

twelve.

The

resulting

dollar

amount

added

to,

subtracted

from

the

base

fee

for

that

month.

The

performance

adjustment

rate

equal

0.03

multiplied

the

difference

between

the

Fund’s

annualized

performance

(measured

the

Fund’s

class

shares)

and

the

annualized

performance

the

MSCI

Emerging

Markets

Index

(Net

Returns)

each

measured

over

the

performance

period.

The

maximum

annualized

performance

adjustment

rate

+/-

0.21%.

The

monthly

base

fee

determined

based

the

Fund’s

average

net

assets

for

the

month,

while

the

performance

adjustment

determined

based

the

Fund’s

average

net

assets

over

the

thirty-six

month

performance

period.

This

means

possible

that,

the

Fund

underperforms

significantly

over

the

performance

period,

and

the

Fund’s

assets

have

declined

significantly

over

that

period,

the

negative

performance

adjustment

may

exceed

the

base

fee.

this

event,

Putnam

Management

would

make

payment

the

Fund.

Subsidiary

Affiliation

Putnam

Investment

Management,

LLC

(Putnam

Management)

Investment

manager

Franklin

Advisers,

Inc.

(Advisers)

Subadvisor

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Putnam

Advisory

Company

(PAC)

Subadvisor

Putnam

Investments

Limited

(PIL)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

Annualized

Fee

Rate

Net

Assets

1.080%

the

first

billion,

1.030%

the

billion,

0.980%

the

$10

billion,

0.930%

the

$10

billion,

0.880%

the

$50

billion,

0.860%

the

$50

billion,

0.850%

the

$100

billion

and

0.845%

any

excess

thereafter.

Putnam

Funds

Trust

Notes

Financial

Statements

franklintempleton.com

Annual

Report

Putnam

Emerging

Markets

Equity

Fund

(continued)

Because

the

performance

adjustment

based

the

Fund’s

performance

relative

its

applicable

benchmark

index,

and

not

its

absolute

performance,

the

performance

adjustment

could

increase

Putnam

Management’s

fee

even

the

Fund’s

lose

value

during

the

performance

period

provided

that

the

Fund

outperformed

its

benchmark

index,

and

could

decrease

Putnam

Management’s

fee

even

the

Fund’s

increase

value

during

the

performance

period

provided

that

the

Fund

underperformed

its

benchmark

index.

For

the

reporting

period,

the

management

fee

represented

effective

rate

(excluding

the

impact

any

expense

waiver

effect)

0.937%

the

Fund’s

average

net

assets,

which

included

effective

base

fee

0.903%

and

increase

0.034%

($140,566)

based

performance.

Putnam

Management

retained

Advisers

subadvisor

for

the

Fund.

Pursuant

the

agreement,

Advisers

provides

certain

advisory

and

services

the

Fund.

Putnam

Management

pays

monthly

fee

Advisers

based

the

costs

Advisers

providing

these

services

the

Fund,

which

may

include

mark-up

not

exceed

15%

over

such

costs.

Under

subadvisory

agreement,

PAC

provides

subadvisory

services

the

Fund.

The

subadvisory

fee

paid by

Putnam

Management based

the

average

net

assets

managed

PAC,

and

not

additional

expense

the

Fund.

Effective

November

2024,

under

subadvisory

agreement,

FTIML

provides

subadvisory

services

the

Fund.

The

subadvisory

fee

paid

Putnam

Management

based

the

average

net

assets

managed

FTIML,

and

not

additional

expense

the

Fund.

Prior

November

2024,

PIL

provided

subadvisory

services

the

Fund.

Effective

November

2024,

PIL

merged

into

FTIML,

and

PIL

investment

professionals

became

employees

FTIML.

Administrative

Fees

Under

agreement

with

Putnam

Management,

Services

provides

administrative

services

the

Fund.

The

fee

paid

by Putnam

Management

based

the Fund's

average

daily

net

assets,

and

not

additional

expense

the

Fund.

The

Fund

reimburses

Putnam

Management

allocated

amount

for

the

compensation

and

expenses

certain

officers

the

Fund

and

their

staff

who

provide

administrative

services

the

Fund.

The

aggregate

amount

all

such

reimbursements

determined

annually

the

Trustees.

Distribution

Fees

The

Fund

has

adopted

distribution

plans

(the

Plans)

with

respect

the

following

classes

pursuant

Rule

12b–1

under

the

1940

Act.

The

purpose

the

Plans

compensate

Distributors

for

services

provided

and

expenses

incurred

distributing

the

Fund.

The

Plans

provide

payments

the

Fund

Distributors

annual

rate

the

following

amounts

(Maximum

the

average

net

assets

attributable

each

class.

The

Trustees

have

approved

payment

the

Fund

the

following

annual

rate

(Approved

the

average

net

assets

attributable

each

class.

Maximum

Approved

Class

...................................................................

0.35%

0.25%

Class

...................................................................

1.00%

Class

...................................................................

1.00%

Class

...................................................................

1.00%

0.50%

Transactions

with

Affiliates

(continued)

Management

Fees

(continued)

Putnam

Funds

Trust

Notes

Financial

Statements

franklintempleton.com

Annual

Report

Putnam

Emerging

Markets

Equity

Fund

(continued)

Sales

Charges/Underwriting

Agreements

Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

not

represent

expenses

the

Fund.

These

charges

are

deducted

from

the

proceeds

sales

Fund

prior

investment

from

redemption

proceeds

prior

remittance,

applicable.

Distributors

has

advised

the

Fund

the

following

commission

transactions

the

sales

and

redemptions

the

Fund's

for

the

period:

Transfer

Agent

Fees

PSERV,

affiliate

Putnam

Management,

provides

investor

servicing

agent

functions

the

Fund.

PSERV

received

fees

for

investor

servicing

for

Class

Class R

and

Class

that

included

(1)

per

account

fee

for

each

direct

and

underlying

non-defined

contribution

account

(retail

account)

the

Fund;

(2)

specified

rate

the

Fund’s

assets

attributable

defined

contribution

plan

accounts;

and

(3)

specified

rate

based

the

average

net

assets

retail

accounts.

PSERV

has

agreed

that

the

aggregate

investor

servicing

fees

for

each

Fund’s

retail

and

defined

contribution

accounts

for

these

classes

will

not

exceed

annual

rate

0.25%

the

Fund’s

average

assets

attributable

such

accounts.

Class R6

paid

monthly

fee

based

the

average

net

assets

Class R6

annual

rate

0.05%.

Trustee

Fees

The

Fund

has

adopted

Trustee

Fee

Deferral

Plan

(the

Deferral

Plan)

which

allows

the

Trustees to

defer

the

receipt

all

portion

Trustees'

fees

payable

from

July

1995

through

December

31,

2023.

The

deferred

fees

remain

invested

certain

Putnam

funds

until

distribution

accordance

with

the

Deferral

Plan.

The

Fund

has

adopted

unfunded

noncontributory

defined

benefit

pension

plan

(the

Pension

Plan)

covering

all

Trustees

the

Fund

who

have

served

Trustee

for

least

five

years

and

were

first

elected

prior

2004.

Benefits

under

the

Pension

Plan

are

equal

50%

the

Trustee's

average

annual

attendance

and

retainer

fees

for

the

three

years

ended

December

31,

2005.

The

retirement

benefit

payable

during

Trustee's

lifetime,

beginning

the

year

following

retirement,

for

the

number

years

service

through

December

31,

2006.

Pension

expense

for

the

Fund

included

the

Trustees' fees

and

expenses

the

Statement

Operations.

Accrued

pension

liability

included

Payable

for

Trustees' fees

and

expenses

the

Statement

Assets

and

Liabilities.

The

Trustees

have

terminated

the

Pension

Plan

with

respect

any

Trustee

first

elected

after

2003.

Investments

Affiliated

Management

Investment

Companies

The

Fund

invests

one

affiliated

management

investment

companies.

defined

the

1940

Act,

investment

deemed

“Controlled

Affiliate”

fund

when

fund

owns,

either

directly

indirectly,

25%

the

affiliated

fund’s

outstanding

has

the

power

exercise

control

over

management

policies

such

fund.

The

Fund

does

not

invest

for

purposes

exercising

controlling

influence

over

the

management

policies.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

affiliated

management

investment

companies,

noted

the

Statement

Operations,

amount

not

exceed

the

management

and

administrative

fees,

applicable, paid

directly

indirectly

each

affiliate.

During

the

period

ended

August

31,

2025,

the

Fund

held

investments

affiliated

management

investment

companies

follows:

Sales

charges

retained

net

commissions

paid

unaffiliated

brokers/dealers

..............................

$12,014

CDSC

retained

..............................................................................

$221

Transactions

with

Affiliates

(continued)

Putnam

Funds

Trust

Notes

Financial

Statements

franklintempleton.com

Annual

Report

Putnam

Emerging

Markets

Equity

Fund

(continued)

Waiver

and

Expense

Reimbursements

Putnam

Management has

contractually

agreed,

through

December

30,

2026,

waive

fees

and/or

reimburse

the

Fund’s

expenses

the

extent

necessary

limit

the

cumulative

expenses

the

Fund,

exclusive

brokerage,

interest,

taxes,

investment-related

expenses,

extraordinary

expenses,

acquired

fund

fees

and

expenses

and

payments

under

the

Fund’s

investor

servicing

contract,

investment

management

contract

and

distribution

plans,

fiscal

year-to-date

basis

annual

rate

0.20%

the

Fund’s

average

net

assets

over

such

fiscal

year-to-date

period.

Expense

Offset

Arrangement

The Fund has entered

into

arrangements

with PSERV

and its

custodian

whereby

credits

realized

result

uninvested

cash

balances

are

used

reduce

portion

the

Fund's

transfer

agent

and

custodian

fees,

respectively.

During

the

period

ended

August

31,

2025,

there

were

credits

earned.

Effective May

19, 2025,

earned

credits

custodian

fees,

any,

are

recognized

income.

Income

Taxes

For

tax

purposes,

capital

losses

may

carried

over

offset

future

capital

gains.

August

31,

2025,

the

capital

loss

carryforwards

were

follows:

During

the

year

ended

August

31,

2025,

the

Fund

utilized

$45,653,921

capital

loss

carryforwards.

Value

Beginning

Year

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Year

Number

Held

End

Year

Investment

Income

Putnam

Emerging

Markets

Equity

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

4.566%

......

$11,916,582

$210,435,745

$(207,813,259)

$—

$14,539,068

14,539,068

$578,170

Non-Controlled

Affiliates

Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

4.622%

.............

$6,220,095

$264,010,743

$(264,881,338)

$—

$5,349,500

5,349,500

$399,907

Total

Affiliated

Securities

...

$18,136,677

$474,446,488

$(472,694,597)

$—

$19,888,568

$978,077

Capital

loss

carryforwards

not

subject

expiration:

Short

term

................................................................................

22,810,932

Transactions

with

Affiliates

(continued)

Investments

Affiliated

Management

Investment

Companies

(continued)

Putnam

Funds

Trust

Notes

Financial

Statements

franklintempleton.com

Annual

Report

Putnam

Emerging

Markets

Equity

Fund

(continued)

The

tax

character

distributions

paid

during

the

years

ended

August

31,

2025

and

2024,

was

follows:

August

31,

2025,

the

cost

investments,

net

unrealized

appreciation

(depreciation)

and

undistributed

ordinary

income for

income

tax

purposes

were

follows:

Differences

between

income

and/or

capital

gains

determined

book

basis

and

tax

basis

are

primarily

due

differing

treatments

foreign

currency

transactions,

wash

sales,

reclaims,

passive

foreign

investment

company

and

foreign

capital

gains

tax.

Investment

Transactions

Purchases

and

sales

investments (excluding

short

term

securities) for

the

year

ended

August

31,

2025,

aggregated

$419,404,156 and

$387,243,103,

respectively.

August

31,

2025,

connection

with

securities

lending

transactions,

the

Fund

loaned

equity

investments

and

received

$5,349,500

cash

collateral.

The

gross

amount

recognized

liability

for

such

transactions

included

payable

upon

return

securities

loaned

the

Statement

Assets

and

Liabilities.

The

agreements

can

terminated

any

time.

Concentration

Risk

Investing

foreign

securities

may

include

certain

risks

and

considerations

not

typically

associated

with

investing

U.S.

securities,

such

fluctuating

currency

values

and

changing

local,

regional

and

global

economic,

political

and

social

conditions,

which

may

result

greater

market

volatility.

Political

and

financial

uncertainty

many

foreign

regions

may

increase

market

volatility

and

the

economic

risk

investing

foreign

securities.

addition,

certain

foreign

securities

may

not

liquid

U.S.

securities.

Credit

Facility

Effective

January

31,

2025,

the

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers)

managed

Franklin

Templeton,

are

borrowers

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

January

30,

2026.

This

Global

Credit

Facility

provides

source

funds

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

meet

future

unanticipated

unusually

large

redemption

requests.

2025

2024

Distributions

paid

from:

Ordinary

income

..........................................................

$6,505,253

$3,190,152

Cost

investments

..........................................................................

$406,444,652

Unrealized

appreciation

........................................................................

$109,359,321

Unrealized

depreciation

........................................................................

(7,554,320)

Net

unrealized

appreciation

(depreciation)

..........................................................

$101,805,001

Distributable

earnings:

Undistributed

ordinary

income

...................................................................

$4,223,752

Income

Taxes

(continued)

Putnam

Funds

Trust

Notes

Financial

Statements

franklintempleton.com

Annual

Report

Putnam

Emerging

Markets

Equity

Fund

(continued)

Under

the

terms

the

Global

Credit

Facility,

the

Fund

shall,

addition

interest

charged

any

borrowings

made

the

Fund

and

other

costs

incurred

the

Fund,

pay its

fees

and

expenses

incurred

connection

with

the

implementation

and

maintenance

the

Global

Credit

Facility,

based

upon its

relative

the

aggregate

net

assets

all

the

Borrowers,

including

annual

commitment

fee

0.15%

based

upon

the

unused

portion

the

Global

Credit

Facility.

These

fees

are

reflected

other

expenses

the

Statement

Operations.

During

the

reporting

period,

the

Fund

did

not

use

the

Global

Credit

Facility.

Prior

January

31,

2025,

the

Fund

participated,

along

with

other

Putnam

funds,

$320

million

syndicated

unsecured

committed

line

credit,

provided

State

Street

($160

million)

and

JPMorgan

($160

million),

and

$235.5

million

unsecured

uncommitted

line

credit,

provided

State

Street.

Borrowings

may

have

been

made

for

temporary

emergency

purposes,

including

the

funding

shareholder

redemption

requests

and

trade

settlements.

Interest

was

charged

the

Fund

based

the

Fund’s

borrowings.

closing

fee

equal

0.04%

the

committed

line

credit

and

0.04%

the

uncommitted

line

credit

was

paid

the

participating

funds

and

$75,000

fee

was

paid

the

participating

funds

State

Street

agent

the

syndicated

committed

line

credit.

addition,

commitment

fee

0.21%

per

annum

any

unutilized

portion

the

committed

line

credit

was

allocated

the

participating

funds

based

their

relative

net

assets

and

paid

quarterly.

During

the

reporting

period,

the

Fund

had

borrowings

against

these

arrangements.

Fair

Value

Measurements

The

Fund

follows

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

determining

the

value

the

Fund's financial

instruments

and

are

summarized

the

following

fair

value

hierarchy:

Level

–

quoted

prices

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

determining

the

fair

value

financial

instruments)

The

input

levels

are

not

necessarily

indication

the

risk

liquidity

associated

with

financial

instruments

that

level.

summary

inputs

used

August

31,

2025,

valuing

the

Fund's assets carried

fair

value,

follows:

Level

Total

Putnam

Emerging

Markets

Equity

Fund

Assets:

Investments

Securities:

Common

Stocks

Automobiles

..........................

—

9,254,798

—

9,254,798

Banks

...............................

5,558,576

77,444,104

—

83,002,680

Broadline

Retail

.......................

10,317,023

18,615,788

—

28,932,811

Capital

Markets

........................

—

6,384,078

—

6,384,078

Communications

Equipment

..............

—

4,082,377

—

4,082,377

Construction

Engineering

...............

—

5,744,766

—

5,744,766

Construction

Materials

..................

—

6,069,615

—

6,069,615

Electric

Utilities

........................

—

5,548,655

—

5,548,655

Electronic

Equipment,

Instruments

Components

........................

—

3,443,624

—

3,443,624

Financial

Services

......................

—

3,338,199

—

3,338,199

Health

Care

Providers

Services

..........

—

6,165,407

—

6,165,407

Credit

Facility

(continued)

Putnam

Funds

Trust

Notes

Financial

Statements

franklintempleton.com

Annual

Report

Putnam

Emerging

Markets

Equity

Fund

(continued)

10.

Operating

Segments

The

Fund has adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

Segment

Reporting

(Topic

280)

Improvements

Reportable

Segment

Disclosures.

The

update

limited

disclosure

requirements

and

does

not

impact

the Fund's

financial

position

results

operations.

The Fund operates

single

operating

segment,

which

investment

portfolio.

management

group of the

Fund’s

Investment

manager

serves

the

Chief

Operating

Decision

Maker

(“CODM”)

and

responsible

for

evaluating

the

Fund's

operating

results

and

allocating

resources

accordance

with

the

Fund’s

investment

strategy.

Internal

reporting

provided

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

loss,

and

significant

expenses,

refer

the Statement

Assets

and

Liabilities

and

the Statement

Operations,

along

with

the

notes

the financial

statements.

The Schedule

Investments

provides

details

the Fund's investments

that

generate

returns

such

interest,

dividends,

and

realized

and

unrealized

gains

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

the Financial

Highlights.

Level

Total

Putnam

Emerging

Markets

Equity

Fund

(continued)

Assets:

(continued)

Investments

Securities:

(continued)

Common

Stocks:

(continued)

Hotels,

Restaurants

Leisure

.............

2,259,992

8,433,463

—

10,693,455

Household

Durables

....................

—

3,659,057

—

3,659,057

Household

Products

....................

—

1,134,937

—

1,134,937

Independent

Power

and

Renewable

Electricity

Producers

..........................

—

8,005,323

—

8,005,323

Industrial

Conglomerates

................

—

3,412,634

—

3,412,634

Insurance

............................

—

10,633,788

—

10,633,788

Interactive

Media

Services

..............

—

56,973,554

—

56,973,554

Services

...........................

—

3,416,485

—

3,416,485

Life

Sciences

Tools

Services

............

—

3,694,476

—

3,694,476

Machinery

............................

—

2,681,748

—

2,681,748

Metals

Mining

.......................

—

12,205,621

—

12,205,621

Oil,

Gas

Consumable

Fuels

.............

—

9,952,268

—

9,952,268

Personal

Care

Products

.................

—

2,461,661

—

2,461,661

Real

Estate

Management

Development

....

—

6,287,128

—

6,287,128

Semiconductors

Semiconductor

Equipment

—

71,806,183

—

71,806,183

Specialty

Retail

........................

3,266,502

—

3,266,502

Technology

Hardware,

Storage

Peripherals

—

30,676,831

—

30,676,831

Transportation

Infrastructure

..............

—

7,210,028

—

7,210,028

Water

Utilities

.........................

5,853,566

—

5,853,566

Wireless

Telecommunication

Services

.......

10,096,379

25,250,890

—

35,347,269

Management

Investment

Companies

.........

28,241,452

—

28,241,452

Preferred

Stocks

.........................

8,780,109

—

8,780,109

Short

Term

Investments

...................

14,539,068

5,349,500

—

19,888,568

Total

Investments

Securities

...........

$88,912,667

$419,336,986

$—

$508,249,653

Includes

foreign

securities

valued

$413,116,468,

which

were

categorized

Level

result

the

application

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

information.

Fair

Value

Measurements

(continued)

Putnam

Funds

Trust

Report

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

the

Board

Trustees

Putnam

Funds

Trust

and

Shareholders

Putnam

Emerging

Markets

Equity

Fund

Opinion

the

Financial

Statements

have

audited

the

accompanying

statement

assets

and

liabilities,

including

the

schedule

investments,

Putnam

Emerging

Markets

Equity

Fund

(one

the

funds

constituting

Putnam

Funds

Trust,

referred

hereafter

the

“Fund”)

August

31,

2025,

the

statement

operations

for

the

year

ended

August

31,

2025,

the

statements

changes

net

assets

for

each

the

two

years

the

period

ended

August

31,

2025,

including

the

notes,

and

the

financial

highlights

for

each

the

five

years

the

period

ended

August

31,

2025

(collectively

referred

the

“financial

statements”).

our

opinion,

the

financial

statements

present

fairly,

all

material

respects,

the

financial

position

the

Fund

August

31,

2025,

the

results

its

operations

for

the

year

then

ended,

the

changes

its

net

assets

for

each

the

two

years

the

period

ended

August

31,

2025

and

the

financial

highlights

for

each

the

five

years

the

period

ended

August

31,

2025

conformity

with

accounting

principles

generally

accepted

the

United

States

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

the

Fund’s

management.

Our

responsibility

express

opinion

the

Fund’s

financial

statements

based

our

audits.

are

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(“PCAOB”)

and

are

required

independent

with

respect

the

Fund

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

the

Securities

and

Exchange

Commission

and

the

PCAOB.

conducted

our

audits

these

financial

statements

accordance

with

the

standards

the

PCAOB.

Those

standards

require

that

plan

and

perform

the

audit

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

material

misstatement,

whether

due

error

fraud.

Our

audits

included

performing

procedures

assess

the

risks

material

misstatement

the

financial

statements,

whether

due

error

fraud,

and

performing

procedures

that

respond

those

risks.

Such

procedures

included

examining,

test

basis,

evidence

regarding

the

amounts

and

disclosures

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

management,

well

evaluating

the

overall

presentation

the

financial

statements.

Our

procedures

included

confirmation

securities

owned

August

31,

2025

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

performed

other

auditing

procedures.

believe

that

our

audits

provide

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

Boston,

Massachusetts

October

20,

2025

have

served

the

auditor

one

investment

companies

the

Putnam

Funds

family

funds

since

least

1957.

have

not

been

able

determine

the

specific

year

began

serving

auditor.

Putnam

Funds

Trust

Tax

Information

(unaudited)

franklintempleton.com

Annual

Report

mid-February,

tax

information

shareholder's

proportionate

distributions

paid

during

the

preceding

calendar

year

will

received,

applicable.

Please

also

refer

www.franklintempleton.com

for

per

tax

information

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

consult

with

their

tax

advisors

for

further

information

the

treatment

these

amounts

their

tax

returns.

The

following

tax

information

for

the

Fund

required

furnished

shareholders

with

respect

income

earned

and

distributions

paid

during

its

fiscal

year.

The

Fund

hereby

reports

the

following

amounts,

subsequently

determined

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

August

31,

2025:

Under

Section

853

the

Internal

Revenue

Code,

the

Fund

intends

elect

pass

through

its

shareholders

the

following

amounts,

amounts

finally

determined,

foreign

taxes

paid

and

foreign

source

income

earned

the

Fund

during

the

fiscal

year

ended

August

31,

2025:

Pursuant

to:

Amount

Reported

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$4,608,211

Section

163(j)

Interest

Earned

§163(j)

$352,907

Amount

Reported

Foreign

Taxes

Paid

$3,392,502

Foreign

Source

Income

Earned

$9,839,702

Putnam

Funds

Trust

franklintempleton.com

Annual

Report

Putnam

Emerging

Markets

Equity

Fund

Trustee

approval

management

contracts

(unaudited

)

Consideration

your

fund’s

management

and

sub-advisory

contracts

their

meeting

June

27,

2025,

the

Board

Trustees

(“Board”)

your

fund,

including

all

the

Trustees

who

are

not

“interested

persons”

(as

this

term

defined

the

Investment

Company

Act

1940,

amended

(the

“1940

Act”))

the

Putnam

mutual

funds

and

exchange-traded

funds

(collectively,

the

“funds”)

(the

“Independent

Trustees”)

approved

the

continuance

management

contract

with

Putnam

Investment

Management,

LLC

(the

“Advisor”),

subadvisory

agreement

between

the

Advisor

and

Franklin

Templeton

Investment

Management

Limited

(“FTIML”),

subadvisory

agreement

between

the

Advisor

and

The

Putnam

Advisory

Company,

LLC

(“PAC”),

and

subadvisory

agreement

between

the

Advisor

and

Franklin

Advisers,

LLC

(“Franklin

Advisers”

and

together

with

FTIML

and

PAC,

the

“Subadvisors”)

(collectively,

the

“Management

Contracts”).

The

Advisor,

FTIML,

PAC,

and

Franklin

Advisers

are

each

direct

indirect,

wholly-owned

subsidiaries

Franklin

Resources,

Inc.

(together

with

its

subsidiaries,

“Franklin

Templeton”).

General

conclusions

The

Board

oversees

the

management

each

fund

and,

required

law,

determines

annually

whether

approve

the

continuance

your

fund’s

management

contract

with

the

Advisor

and

the

sub-advisory

contract

with

respect

your

fund

between

the

Advisor

and

each

Subadvisor.

Because

the

Subadvisors

are

affiliates

the

Advisor

and

the

Advisor

remains

fully

responsible

for

all

services

provided

the

Subadvisors,

the

Trustees

did

not

attempt

evaluate

the

Subadvisors

separate

Changes

and

Disagreements

with

Accountants

For

the

period

covered

this

report

Not

applicable.

Results

Meeting(s)

Shareholders

For

the

period

covered

this

report

Not

applicable.

Remuneration

Paid

Directors,

Officers

and

Others

For

the

period

covered

this

report

Refer

the

financial

statements

included

herein.

Remuneration

officers

paid

the

Fund’s

investment

manager

according

the

terms

the

agreement.

Board

Approval

Management

and

Subadvisory

Agreements

For

the

period

covered

this

report

Putnam

Funds

Trust

franklintempleton.com

Annual

Report

entities.

All

references

the

Advisor

describing

the

Board’s

considerations

should

deemed

include

references

the

applicable

Subadvisor

necessary

appropriate

the

context.

The

Board,

with

the

assistance

its

Contract

Committee,

requests

and

evaluates

all

information

deems

reasonably

necessary

under

the

circumstances

connection

with

its

annual

contract

review.

The

Contract

Committee

consists

solely

Independent

Trustees.

the

outset

the

review

process,

the

Board’s

independent

staff

and

independent

legal

counsel,

defined

Rule

0-1(a)

(6)

under

the

1940

Act

(their

“independent

legal

counsel”),

considered

any

possible

changes

the

annual

contract

review

materials

furnished

the

Contract

Committee

prior

years

and,

applicable,

identified

those

changes

the

Advisor.

Following

these

discussions

and

consultation

with

the

Contract

Committee,

the

Independent

Trustees’

independent

legal

counsel

submitted

initial

request

that

the

Advisor

and

its

affiliates

furnish

specified

information,

together

with

any

additional

information

the

Advisor

considered

relevant,

the

Contract

Committee.

Over

the

course

several

months

ending

June

2025,

the

Contract

Committee

met

number

occasions

with

representatives

the

Advisor,

and

separately

executive

session,

consider

the

information

that

the

Advisor

provided,

including

information

provided

response

supplemental

requests

submitted

independent

legal

counsel.

Throughout

this

process,

the

Contract

Committee

was

assisted

the

Board’s

independent

staff

and

independent

legal

counsel.

the

Board’s

June

2025

meeting,

the

Contract

Committee

met

executive

session

discuss

and

consider

its

recommendations

with

respect

the

continuance

the

Management

Contracts.

that

meeting,

the

Contract

Committee

also

met

executive

session

with

the

other

Independent

Trustees

review

summary

the

process

undertaken

the

Contract

Committee

and

key

information

that

the

Contract

Committee

considered

the

course

its

review.

The

Contract

Committee

then

presented

its

written

report,

which

summarized

the

key

factors

that

the

Committee

had

considered

and

set

forth

its

recommendations.

The

Contract

Committee

recommended,

and

the

Independent

Trustees

approved,

the

continuance

your

fund’s

Management

Contracts,

effective

July

2025.

considering

the

continuance

the

Management

Contracts,

the

Board

took

into

account

number

factors,

including:

That

the

fee

schedule

effect

for

your

fund

represented

reasonable

compensation

light

the

nature

and

quality

the

services

being

provided

the

fund,

the

fees

paid

competitive

funds,

the

costs

incurred

the

Advisor

providing

services

the

fund

and

the

application

certain

reductions

and

waivers

noted

below;

That

the

fee

schedule

effect

for

your

fund

represented

appropriate

sharing

between

fund

shareholders

and

the

Advisor

any

economies

scale

that

may

exist

the

management

the

fund

current

asset

levels;

That

the

funds

benefited,

and

were

expected

continue

benefit,

from

Franklin

Templeton’s

large

retail

and

institutional

global

distribution

capabilities

and

significant

network

intermediary

relationships,

which

may

provide

additional

opportunities

for

the

funds

increase

assets

and

reduce

the

impact

expenses

spreading

them

over

larger

asset

base;

Potential

benefits

shareholders

the

funds

that

could

result

from

the

alignment

certain

fund

features

and

shareholder

benefits

with

those

other

funds

sponsored

the

Advisor

and

its

affiliates

and

access

broader

array

investment

opportunities;

and

The

financial

strength,

reputation,

experience

and

resources

Franklin

Templeton

and

its

investment

advisory

subsidiaries.

These

conclusions

were

based

comprehensive

consideration

all

information

provided

the

Trustees

and

were

not

the

result

any

single

factor.

Some

the

factors

that

figured

particularly

the

Trustees’

deliberations

and

how

the

Trustees

considered

these

factors

are

described

below,

although

individual

Trustees

may

have

evaluated

the

information

presented

differently,

giving

different

weights

various

factors.

also

important

recognize

that

the

management

arrangements

for

your

fund

and

the

other

funds

are

the

result

many

years

review

and

discussion

between

the

Independent

Trustees

and

management,

occurring

both

connection

with

formal

contract

reviews

well

throughout

the

year

and

that

the

Trustees’

conclusions

may

based,

part,

their

consideration

fee

arrangements

years.

For

example,

with

certain

exceptions

primarily

involving

newer

funds

(including

the

exchange-traded

funds)

repositioned

funds,

the

current

fee

arrangements

under

the

vast

majority

the

funds’

management

contracts

were

first

implemented

the

beginning

2010

following

extensive

review

the

Contract

Committee

and

discussions

with

management,

well

approval

shareholders.

Putnam

Funds

Trust

franklintempleton.com

Annual

Report

Management

fee

schedules

and

total

expenses

The

Trustees

reviewed

the

management

fee

schedules

effect

for

all

funds,

including

fee

levels

and

any

breakpoints.

Under

its

management

contract,

your

fund

has

the

benefit

breakpoints

its

management

fee

schedule

that

provide

shareholders

with

reduced

fee

levels

assets

under

management

other

mutual

funds

sponsored

the

applicable

Advisor

(or

that

have

been

deemed

sponsored

the

Advisor

for

the

purpose

the

management

fee

calculation)

increase.

The

Trustees

also

reviewed

the

total

expenses

each

fund,

recognizing

that

most

cases

management

fees

represented

the

major,

but

not

the

sole,

determinant

total

costs

fund

shareholders.

(Two

mutual

funds

and

each

the

exchange-traded

funds,

have

implemented

(or,

the

case

ten

municipal

income

funds

that

are

converting

into

exchange-traded

funds,

will

implement)

so-

called

“all-in”

unitary

management

fees

covering

substantially

all

routine

fund

operating

costs.)

reviewing

fees

and

expenses,

the

Trustees

generally

focus

their

attention

material

changes

circumstances

—

for

example,

changes

assets

under

management,

changes

fund’s

investment

strategy,

changes

the

Advisor’s

operating

costs

profitability,

changes

competitive

practices

the

fund

industry

—

that

suggest

that

consideration

fee

changes

might

warranted.

The

Trustees

concluded

that

the

circumstances

did

not

indicate

that

changes

the

management

fee

schedule

for

your

fund

would

appropriate

this

time.

addition,

your

fund’s

Management

Contract

provides

that

its

management

fees

will

adjusted

down

depending

upon

whether

your

fund’s

performance

better

worse

than

the

performance

appropriate

index

securities

prices

specified

the

Management

Contract.

the

course

reviewing

investment

performance,

the

Trustees

examined

the

operation

your

fund’s

performance

fees

and

concluded

that

these

fees

were

operating

effectively

align

further

the

Advisor’s

economic

interests

with

those

the

fund’s

shareholders.

the

past,

the

Trustees

also

focused

the

competitiveness

each

fund’s

total

expense

ratio.

The

Trustees,

the

Advisor

and

the

funds’

investor

servicing

agent,

Putnam

Investor

Services,

Inc.

(“PSERV”),

have

implemented

expense

limitations

that

were

effect

during

your

fund’s

fiscal

year

ending

2024.

These

expense

limitations

were:

(i)

contractual

expense

limitation

applicable

specified

mutual

funds

(including

your

fund)

basis

points

investor

servicing

fees

and

expenses

and

(ii)

contractual

expense

limitation

applicable

specified

mutual

funds

(including

your

fund)

basis

points

so-called

“other

expenses”

(i.e.,

all

expenses

exclusive

management

fees,

distribution

fees,

investor

servicing

fees,

investment-related

expenses,

interest,

taxes,

brokerage

commissions,

acquired

fund

fees

and

expenses

and

extraordinary

expenses).

These

expense

limitations

attempt

maintain

competitive

expense

levels

for

the

funds.

Most

funds

(including

your

fund)

had

sufficiently

low

expenses

that

these

expense

limitations

were

not

operative

during

their

fiscal

years

ending

2024.

The

Advisor

and

PSERV

have

agreed

maintain

these

expense

limitations

until

least

December

30,

2026.

addition,

the

Advisor

contractually

agreed

waive

fees

and/or

reimburse

expenses

your

fund

the

extent

that

the

total

annual

operating

expenses

the

fund

(excluding

payments

under

the

fund’s

distribution

plans,

investor

servicing

fees,

any

applicable

performance-based

upward

downward

adjustment

the

fund’s

base

management

fee,

brokerage,

interest,

taxes,

investment-related

expenses,

extraordinary

expenses

and

acquired

fund

fees

and

expenses)

would

exceed

annual

rate

0.78%

its

average

net

assets

through

least

December

30,

2026.

During

its

fiscal

year

ending

2024,

your

fund’s

expenses

were

reduced

result

this

expense

limitation.

The

Advisor

and

PSERV’s

commitment

these

expense

limitation

arrangements,

which

were

intended

support

effort

have

the

mutual

fund

expenses

meet

competitive

standards,

was

important

factor

the

Trustees’

decision

approve

the

continuance

your

fund’s

Management

Contracts.

The

Trustees

reviewed

comparative

fee

and

expense

information

for

custom

group

competitive

funds

selected

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”).

This

comparative

information

included

your

fund’s

percentile

ranking

for

effective

management

fees

and

total

expenses

(excluding

any

applicable

12b-1

fees),

which

provides

general

indication

your

fund’s

relative

standing.

the

custom

peer

group,

your

fund

ranked

the

second

quintile

effective

management

fees

(determined

for

your

fund

and

the

other

funds

the

custom

peer

group

assuming

the

same

fund

asset

size

for

your

Putnam

Funds

Trust

franklintempleton.com

Annual

Report

fund

and

the

other

funds

the

custom

peer

group

and

the

applicable

contractual

management

fee

schedule)

and

the

first

quintile

total

expenses

(excluding

any

applicable

12b-1

fees)

December

31,

2024.

The

first

quintile

represents

the

least

expensive

funds

and

the

fifth

quintile

the

most

expensive

funds.

The

fee

and

expense

data

reported

Broadridge

December

31,

2024

reflected

the

most

recent

fiscal

year-end

data

available

Broadridge’s

database

that

time.

connection

with

their

review

fund

management

fees

and

total

expenses,

the

Trustees

also

reviewed

the

costs

the

services

provided

and

the

profits

realized

the

Advisor

and

its

affiliates

from

their

contractual

relationships

with

the

funds.

This

information

included

trends

revenues,

expenses

and

profitability

the

Advisor

and

its

affiliates

relating

the

investment

management,

investor

servicing

and

distribution

services

provided

the

funds,

applicable.

this

regard,

the

Trustees

also

reviewed

analysis

the

revenues,

expenses

and

profitability

the

Advisor

and

its

affiliates,

allocated

fund-by-fund

basis,

with

respect

(as

applicable)

the

funds’

management,

distribution

and

investor

servicing

contracts.

For

each

fund,

the

analysis

presented

information

about

revenues,

expenses

and

profitability

2024

for

each

the

applicable

agreements

separately

and

for

the

agreements

taken

together

combined

basis.

The

Trustees

concluded

that,

current

asset

levels,

the

fee

schedules

place

for

each

the

funds,

including

the

fee

schedule

for

your

fund,

represented

reasonable

compensation

for

the

services

being

provided

and

represented

appropriate

sharing

between

fund

shareholders

and

the

Advisor

any

economies

scale

may

exist

the

management

the

funds

that

time.

The

information

examined

the

Trustees

connection

with

their

annual

contract

review

for

the

funds

included

information

regarding

services

provided

and

fees

charged

the

Advisor

and

certain

affiliates

other

clients

similar

asset

categories,

including

other

1940

Act

funds

advised

the

Advisor

but

overseen

board

trustees

other

than

the

Board,

sub-advised

U.S.

mutual

funds,

exchange-traded

funds,

other

U.S.

products

(such

collective

investment

trusts,

private

funds,

and

separately

managed

and

institutional

accounts),

non-U.S.

funds,

and

other

non-U.S.

products.

This

information

included,

for

products

that

are

managed

the

same

portfolio

team

similar

asset

category

those

the

funds,

comparisons

the

fees

charged

other

clients,

category,

with

fees

charged

the

funds,

well

detailed

assessment

the

differences

the

services

provided

these

clients

compared

the

services

provided

the

funds.

The

Trustees

observed

that

the

differences

fee

rates

between

these

clients

and

the

funds

are

means

uniform

when

examined

individual

asset

classes,

suggesting

that

differences

the

pricing

investment

management

services

these

types

clients

may

reflect,

among

other

things,

historical

competitive

forces

operating

separate

marketplaces,

the

characteristics

different

clients,

the

particulars

different

fee

structures,

factors

unique

specific

market

segments,

and

the

distinct

risks

and

costs

associated

with

providing

services

different

clients.

The

Trustees

considered

the

fact

that

many

cases

fee

rates

across

different

asset

classes

are

higher

average

for

1940

Act-registered

funds

than

for

other

clients,

and

the

Trustees

also

considered

the

differences

between

the

services

that

the

Advisor

provides

the

funds

and

those

that

provides

its

other

clients.

The

Trustees

did

not

rely

these

fee

comparisons

any

significant

extent

concluding

that

the

management

fees

paid

your

fund

are

reasonable.

Investment

performance

The

quality

the

investment

process

provided

the

Advisor

represented

major

factor

the

Trustees’

evaluation

the

quality

services

provided

the

Advisor

under

your

fund’s

Management

Contracts.

The

Trustees

were

assisted

their

review

the

Advisor’s

investment

process

and

performance

the

work

the

investment

oversight

committees

the

Trustees

and

the

full

Board,

which

meet

regular

basis

with

individual

portfolio

managers

and

with

senior

investment

management

the

Advisor

throughout

the

year.

The

Trustees

concluded

that

the

Advisor

generally

provides

high-quality

investment

process

—

based

the

experience

and

skills

the

individuals

assigned

the

management

fund

portfolios,

the

resources

made

available

them

and

general

the

Advisor’s

ability

attract

and

retain

high-quality

personnel

—

but

also

recognized

that

this

does

not

guarantee

favorable

investment

results

for

every

fund

every

time

period.

The

Trustees

considered

that,

the

aggregate,

peer-relative

and

benchmark-relative

fund

performance

was

strong

2024

against

constructive

yet

complex

investing

environment.

The

S&P

500

was

25%

2024,

but

significant

concentration

returns

among

large

cap

and

technology

stocks

and

periods

volatility

posed

challenges

the

market.

The

Bloomberg

Aggregate

fixed

income

index

was

slightly

over

amidst

many

moving

pieces,

with

the

Federal

Reserve

cutting

the

Putnam

Funds

Trust

franklintempleton.com

Annual

Report

Effective

Federal

Funds

rate

from

5.25%

year-end

2023

4.25%

year-end

2024,

with

three

cuts

the

latter

part

the

year,

while

also

trying

manage

inflation

concerns.

Ten-year

Treasury

yields

ended

2024

4.6%

from

3.9%

year-end

2023.

Corporate

earnings

and

employment

figures

continued

generally

show

strength

during

the

year,

while

geopolitical

tensions

were

closely

watched.

For

the

one-year

period

ended

December

31,

2024,

the

Trustees

noted

that

the

funds,

asset-weighted

basis,

ranked

the

27th

percentile

their

peers

determined

Lipper

Inc.

(“Lipper”)

and,

asset-weighted

basis,

outperformed

their

benchmarks

3.0%

gross

fees

over

the

one-year

period.

The

Committee

also

noted

that

the

funds’

aggregate

performance

over

longer-term

periods

continued

strong,

with

the

funds,

asset-weighted

basis,

ranking

the

20th,

22nd

and

20th

percentiles

their

Lipper

peers

over

the

three-year,

five-year

and

ten-year

periods

ended

December

31,

2024,

respectively.

The

Trustees

further

noted

that

the

funds,

the

aggregate,

outperformed

their

benchmarks

gross

basis

for

each

the

three-year,

five-year

and

ten-year

periods.

The

Trustees

also

considered

the

Morningstar

Inc.

ratings

assigned

the

funds

and

that

funds

were

rated

four

five

stars

the

end

2024,

which

represented

increase

seven

funds

year-over-year.

The

Trustees

also

considered

that

funds

were

five-star

rated

the

end

2024,

which

was

also

year-

over-year

increase

seven

funds.

The

Board

noted,

however,

the

disappointing

investment

performance

some

funds

for

periods

ended

December

31,

2024

and

considered

information

provided

the

Advisor

regarding

the

factors

contributing

the

underperformance

and,

where

relevant,

actions

being

taken

improve

the

performance

these

particular

funds.

The

Trustees

indicated

their

intention

continue

monitor

the

performance

those

funds.

For

purposes

the

Trustees’

evaluation

the

funds’

investment

performance,

the

Trustees

generally

focus

competitive

industry

ranking

each

fund’s

total

net

return

over

one-year,

three-year

and

five-year

period.

For

number

funds

with

relatively

unique

investment

mandates

for

which

the

Advisor

informed

the

Trustees

that

meaningful

competitive

performance

rankings

are

not

considered

available,

the

Trustees

evaluated

performance

based

their

total

gross

and

net

returns

and

comparisons

those

returns

the

returns

selected

investment

benchmarks.

the

case

your

fund,

the

Trustees

considered

information

about

your

fund’s

total

return

and

its

performance

relative

its

benchmark

over

the

one-year,

three-year

and

five-year

periods

ended

December

31,

2024.

Your

fund’s

class

shares’

return,

net

fees

and

expenses,

was

positive

and

exceeded

the

return

its

benchmark

over

the

one-year

and

five-year

periods

ended

December

31,

2024,

and

negative

and

trailed

the

return

its

benchmark

over

the

three-year

period

ended

December

31,

2024.

(When

considering

performance

information,

shareholders

should

mindful

that

past

performance

not

guarantee

future

results.)

The

Trustees

noted

that

the

Advisor

had

made

internal

promotions

and

other

portfolio

management

assignment

changes

2024

strengthen

its

investment

teams

providing

services

the

funds.

Brokerage

and

soft-dollar

allocations;

distribution

and

investor

servicing

The

Trustees

considered

various

potential

benefits

that

the

Advisor

may

receive

connection

with

the

services

provides

under

the

management

contract

with

your

fund.

These

include

benefits

brokerage

allocation

and

the

use

soft

dollars,

whereby

portion

the

commissions

paid

fund

for

brokerage

may

used

acquire

research

services

that

are

expected

useful

the

Advisor

managing

the

assets

the

fund

and

other

clients.

Subject

policies

approved

the

Trustees,

soft

dollars

generated

these

means

may

used

acquire

brokerage

and

research

services

(including

proprietary

executing

broker

research,

third-party

research

and

market

data)

that

enhance

the

Advisor’s

investment

capabilities

and

supplement

the

Advisor’s

internal

research

efforts.

The

Trustees

indicated

their

continued

intent

monitor

regulatory

and

industry

developments

this

area

with

the

assistance

their

Contract

Committee.

addition,

with

the

assistance

their

Contract

Committee,

the

Trustees

indicated

their

continued

intent

monitor

the

allocation

the

funds’

brokerage

order

ensure

that

the

principle

seeking

best

price

and

execution

remains

paramount

the

portfolio

trading

process.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that would require disclosure herein.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Jonathan S. Horwitz
	Jonathan S. Horwitz
	Principal Executive Officer

Date:	October 29, 2025

By:	/s/ Jonathan S. Horwitz
	Jonathan S. Horwitz
	Principal Executive Officer

Date:	October 29, 2025

By:	/s/ Jeffrey White
	Jeffrey White
	Principal Financial Officer

Date:	October 29, 2025