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Schedule
of
Investments
(unaudited)
Putnam
Core
Equity
Fund
2
Notes
to
Schedule
of
Investments
9
PUTNAM
FUNDS
TRUT
Schedule
of
Investments
(unaudited),
January
31,
2026
Putnam
Core
Equity
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
97.7%
Aerospace
&
Defense
1.6%
a
Boeing
Co.
(The)
...................................
United
States
164,186
$
38,373,552
Northrop
Grumman
Corp.
.............................
United
States
38,374
26,564,785
RTX
Corp.
........................................
United
States
161,012
32,352,141
97,290,478
Air
Freight
&
Logistics
0.4%
FedEx
Corp.
.......................................
United
States
83,045
26,761,251
Automobiles
2.5%
General
Motors
Co.
..................................
United
States
332,850
27,959,400
a
Tesla,
Inc.
.........................................
United
States
282,242
121,479,779
149,439,179
Banks
5.4%
Bank
of
America
Corp.
...............................
United
States
1,595,580
84,884,856
Citigroup,
Inc.
......................................
United
States
752,132
87,029,194
b
Fifth
Third
Bancorp
..................................
United
States
335,931
16,870,455
Five
Star
Bancorp
...................................
United
States
280,934
11,130,605
JPMorgan
Chase
&
Co.
...............................
United
States
313,814
95,992,564
UMB
Financial
Corp.
.................................
United
States
222,720
28,316,621
324,224,295
Beverages
1.5%
Coca-Cola
Co.
(The)
.................................
United
States
881,489
65,944,192
Keurig
Dr.
Pepper,
Inc.
...............................
United
States
499,846
13,715,774
Molson
Coors
Beverage
Co.
,
B
.........................
United
States
240,792
11,567,648
91,227,614
Biotechnology
1.7%
AbbVie,
Inc.
.......................................
United
States
244,573
54,542,225
Amgen,
Inc.
.......................................
United
States
55,960
19,131,605
Regeneron
Pharmaceuticals,
Inc.
.......................
United
States
28,762
21,325,585
a
Vertex
Pharmaceuticals,
Inc.
...........................
United
States
20,057
9,424,784
104,424,199
Broadline
Retail
4.1%
a
Amazon.com,
Inc.
...................................
United
States
991,465
237,257,575
eBay,
Inc.
.........................................
United
States
153,429
13,995,793
251,253,368
Building
Products
0.1%
Owens
Corning
.....................................
United
States
55,686
6,673,410
Capital
Markets
6.3%
Ameriprise
Financial,
Inc.
.............................
United
States
89,245
47,049,072
Bank
of
New
York
Mellon
Corp.
(The)
....................
United
States
539,216
64,662,783
BlackRock,
Inc.
.....................................
United
States
34,119
38,177,114
c
Goldman
Sachs
Group,
Inc.
(The)
.......................
United
States
122,667
114,743,938
Jefferies
Financial
Group,
Inc.
..........................
United
States
101,573
6,214,236
KKR
&
Co.,
Inc.
.....................................
United
States
112,902
12,900,183
Morgan
Stanley
.....................................
United
States
118,705
21,699,274
Raymond
James
Financial,
Inc.
.........................
United
States
371,019
61,537,211
b
TPG,
Inc.
,
A
.......................................
United
States
258,484
15,227,292
382,211,103
Chemicals
0.3%
DuPont
de
Nemours,
Inc.
.............................
United
States
268,393
11,787,821
PUTNAM
FUNDS
TRUT
Schedule
of
Investments
(unaudited)
Putnam
Core
Equity
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Chemicals
(continued)
Eastman
Chemical
Co.
...............................
United
States
88,191
$
6,113,400
17,901,221
Commercial
Services
&
Supplies
0.2%
Cintas
Corp.
.......................................
United
States
57,680
11,039,375
Communications
Equipment
1.2%
Cisco
Systems,
Inc.
.................................
United
States
908,981
71,191,392
Consumer
Staples
Distribution
&
Retail
2.3%
Casey's
General
Stores,
Inc.
...........................
United
States
30,316
18,386,654
Kroger
Co.
(The)
....................................
United
States
328,547
20,649,179
c
Target
Corp.
.......................................
United
States
182,351
19,232,560
Walmart,
Inc.
......................................
United
States
682,440
81,305,901
139,574,294
Containers
&
Packaging
0.3%
Amcor
plc
.........................................
United
States
342,522
15,156,598
Diversified
Consumer
Services
0.4%
ADT,
Inc.
..........................................
United
States
1,332,689
10,661,512
Graham
Holdings
Co.
,
B
..............................
United
States
11,373
13,268,083
23,929,595
Diversified
REITs
0.2%
Armada
Hoffler
Properties,
Inc.
.........................
United
States
1,745,174
12,163,863
Diversified
Telecommunication
Services
0.7%
AT&T,
Inc.
.........................................
United
States
1,594,796
41,799,603
Electric
Utilities
2.3%
Constellation
Energy
Corp.
............................
United
States
53,606
15,046,132
NextEra
Energy,
Inc.
.................................
United
States
338,347
29,740,701
NRG
Energy,
Inc.
...................................
United
States
334,213
51,010,930
PG&E
Corp.
.......................................
United
States
2,927,395
45,140,431
140,938,194
Entertainment
1.5%
Electronic
Arts,
Inc.
..................................
United
States
73,611
15,010,755
a
Netflix,
Inc.
........................................
United
States
226,840
18,938,872
Universal
Music
Group
NV
............................
Netherlands
805,608
19,751,537
Walt
Disney
Co.
(The)
................................
United
States
354,593
39,998,090
93,699,254
Financial
Services
4.6%
Apollo
Global
Management,
Inc.
........................
United
States
387,556
52,141,784
a
Berkshire
Hathaway,
Inc.
,
B
............................
United
States
212,767
102,240,927
Corebridge
Financial,
Inc.
.............................
United
States
636,695
19,629,307
Mastercard,
Inc.
,
A
..................................
United
States
194,232
104,650,259
278,662,277
Food
Products
0.2%
b
Hershey
Co.
(The)
..................................
United
States
63,853
12,435,372
Ground
Transportation
0.9%
Union
Pacific
Corp.
..................................
United
States
244,038
57,373,334
Health
Care
Equipment
&
Supplies
0.5%
Becton
Dickinson
&
Co.
...............................
United
States
45,036
9,163,925
a
Medline,
Inc.
,
A
.....................................
United
States
26,658
1,178,284
PUTNAM
FUNDS
TRUT
Schedule
of
Investments
(unaudited)
Putnam
Core
Equity
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Equipment
&
Supplies
(continued)
b
Medtronic
plc
......................................
United
States
179,720
$
18,503,971
Medtronic
plc
......................................
United
States
28,284
2,912,121
31,758,301
Health
Care
Providers
&
Services
2.8%
CVS
Health
Corp.
...................................
United
States
289,158
21,548,054
a,b
Guardian
Pharmacy
Services,
Inc.
,
A
.....................
United
States
508,135
15,345,677
HCA
Healthcare,
Inc.
.................................
United
States
27,104
13,234,070
McKesson
Corp.
....................................
United
States
63,269
52,589,826
a
Tenet
Healthcare
Corp.
...............................
United
States
144,553
27,360,992
UnitedHealth
Group,
Inc.
..............................
United
States
127,685
36,636,657
166,715,276
Hotels,
Restaurants
&
Leisure
2.1%
a
First
Watch
Restaurant
Group,
Inc.
......................
United
States
270,621
4,327,230
Hilton
Worldwide
Holdings,
Inc.
.........................
United
States
130,809
39,047,795
McDonald's
Corp.
...................................
United
States
114,691
36,127,665
b,c
Vail
Resorts,
Inc.
....................................
United
States
76,456
10,174,000
a
Viking
Holdings
Ltd.
.................................
United
States
513,177
37,025,720
126,702,410
Household
Durables
0.8%
a
Mohawk
Industries,
Inc.
...............................
United
States
53,258
6,304,682
PulteGroup,
Inc.
....................................
United
States
345,473
43,215,218
49,519,900
Household
Products
0.9%
b
Kimberly-Clark
Corp.
.................................
United
States
116,735
11,672,333
Procter
&
Gamble
Co.
(The)
...........................
United
States
273,902
41,570,106
53,242,439
Industrial
Conglomerates
0.5%
Honeywell
International,
Inc.
...........................
United
States
129,886
29,551,663
Insurance
0.8%
a,b
Arch
Capital
Group
Ltd.
...............................
United
States
378,213
36,323,577
Assured
Guaranty
Ltd.
...............................
United
States
150,120
12,737,682
49,061,259
Interactive
Media
&
Services
8.9%
Alphabet,
Inc.
,
C
....................................
United
States
1,046,580
354,298,727
Meta
Platforms,
Inc.
,
A
...............................
United
States
254,334
182,230,311
536,529,038
IT
Services
0.9%
a
Gartner,
Inc.
.......................................
United
States
50,252
10,533,322
a
GoDaddy,
Inc.
,
A
....................................
United
States
54,617
5,490,101
c
International
Business
Machines
Corp.
...................
United
States
126,208
38,707,993
54,731,416
Life
Sciences
Tools
&
Services
0.6%
a,b
Bio-Rad
Laboratories,
Inc.
,
A
...........................
United
States
41,280
12,123,936
Thermo
Fisher
Scientific,
Inc.
..........................
United
States
46,777
27,065,640
39,189,576
Machinery
1.3%
Deere
&
Co.
.......................................
United
States
39,386
20,795,808
PUTNAM
FUNDS
TRUT
Schedule
of
Investments
(unaudited)
Putnam
Core
Equity
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Machinery
(continued)
Otis
Worldwide
Corp.
................................
United
States
571,705
$
48,835,041
Snap-on,
Inc.
......................................
United
States
30,666
11,227,129
80,857,978
Media
0.5%
a
Charter
Communications,
Inc.
,
A
........................
United
States
46,993
9,686,197
New
York
Times
Co.
(The)
,
A
...........................
United
States
251,464
18,434,826
28,121,023
Metals
&
Mining
1.1%
Freeport-McMoRan,
Inc.
..............................
United
States
632,885
38,118,663
c
Nucor
Corp.
.......................................
United
States
175,480
31,186,306
69,304,969
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.3%
Starwood
Property
Trust,
Inc.
..........................
United
States
961,524
17,240,125
Office
REITs
0.2%
Highwoods
Properties,
Inc.
............................
United
States
371,795
9,610,901
Oil,
Gas
&
Consumable
Fuels
2.8%
a
Antero
Resources
Corp.
..............................
United
States
703,134
25,572,984
ConocoPhillips
.....................................
United
States
375,110
39,097,715
Exxon
Mobil
Corp.
...................................
United
States
520,803
73,641,544
Permian
Resources
Corp.
,
A
...........................
United
States
1,171,840
18,901,779
Williams
Cos.,
Inc.
(The)
..............................
United
States
202,248
13,603,201
170,817,223
Passenger
Airlines
1.0%
c
Southwest
Airlines
Co.
...............................
United
States
1,230,286
58,463,191
Pharmaceuticals
3.4%
AstraZeneca
plc
,
ADR
................................
United
Kingdom
196,614
18,239,881
b
Eli
Lilly
&
Co.
......................................
United
States
88,472
91,758,735
Johnson
&
Johnson
.................................
United
States
251,358
57,121,105
Merck
&
Co.,
Inc.
...................................
United
States
377,840
41,664,417
208,784,138
Real
Estate
Management
&
Development
1.3%
a
CBRE
Group,
Inc.
,
A
.................................
United
States
405,904
69,137,628
a
CoStar
Group,
Inc.
..................................
United
States
164,181
10,097,132
79,234,760
Semiconductors
&
Semiconductor
Equipment
12.8%
a
Advanced
Micro
Devices,
Inc.
..........................
United
States
27,540
6,519,544
Broadcom,
Inc.
.....................................
United
States
463,321
153,498,247
a
Intel
Corp.
.........................................
United
States
240,565
11,179,056
c
Lam
Research
Corp.
.................................
United
States
559,279
130,569,276
NVIDIA
Corp.
......................................
United
States
2,277,894
435,373,880
Qnity
Electronics,
Inc.
................................
United
States
107,868
10,374,744
QUALCOMM,
Inc.
...................................
United
States
183,217
27,773,865
775,288,612
Software
6.7%
a
Adobe,
Inc.
........................................
United
States
37,419
10,973,122
Microsoft
Corp.
.....................................
United
States
749,180
322,364,662
Oracle
Corp.
.......................................
United
States
186,440
30,684,295
a
Palantir
Technologies,
Inc.
,
A
...........................
United
States
67,100
9,836,189
PUTNAM
FUNDS
TRUT
Schedule
of
Investments
(unaudited)
Putnam
Core
Equity
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
(continued)
a
PicS
NV
,
A
........................................
Brazil
139,337
$
2,508,066
Salesforce,
Inc.
.....................................
United
States
147,903
31,398,328
407,764,662
Specialized
REITs
0.6%
c
Gaming
and
Leisure
Properties,
Inc.
.....................
United
States
814,918
36,467,580
Specialty
Retail
1.6%
Best
Buy
Co.,
Inc.
...................................
United
States
253,427
16,498,098
a,b
Floor
&
Decor
Holdings,
Inc.
,
A
.........................
United
States
21,822
1,439,379
Home
Depot,
Inc.
(The)
...............................
United
States
57,370
21,490,228
Lowe's
Cos.,
Inc.
....................................
United
States
217,522
58,091,425
97,519,130
Technology
Hardware,
Storage
&
Peripherals
5.9%
Apple,
Inc.
........................................
United
States
1,381,048
358,354,335
Textiles,
Apparel
&
Luxury
Goods
0.2%
b
NIKE,
Inc.
,
B
.......................................
United
States
145,854
9,015,236
Trading
Companies
&
Distributors
0.5%
United
Rentals,
Inc.
..................................
United
States
35,662
27,889,824
Total
Common
Stocks
(Cost
$
2,631,255,905
)
..................................
5,921,104,234
Management
Investment
Companies
1.0%
Capital
Markets
1.0%
a,b
iShares
Expanded
Tech-Software
Sector
ETF
..............
United
States
155,124
14,009,249
b
State
Street
Industrial
Select
Sector
SPDR
ETF
............
United
States
300,550
49,722,992
63,732,241
Total
Management
Investment
Companies
(Cost
$
50,474,659
)
..................
63,732,241
Total
Long
Term
Investments
(Cost
$
2,681,730,564
)
...........................
5,984,836,475
a
Number
of
Contracts
Notional
Amount
#
a
a
aa
Options
Purchased
0.0%
†
Puts
-
Over-the-Counter
Equity
Options
0.0%
†
Lam
Research
Corp.
,
Counterparty
GSCO
,
February
Strike
Price
$
155.00
,
Expires
2/20/26
............................
21,672,100
5,059,568,466
29,878
Nucor
Corp.
,
Counterparty
GSCO
,
February
Strike
Price
$
170.00
,
Expires
2/20/26
...................................
6,563,020
1,166,379,914
91,016
Target
Corp.
,
Counterparty
BOFA
,
February
Strike
Price
$
103.00
,
Expires
2/20/26
...................................
9,391,128
990,482,270
248,967
369,861
Total
Options
Purchased
(Cost
$
1,209,970
)
...................................
369,861
PUTNAM
FUNDS
TRUT
Schedule
of
Investments
(unaudited)
Putnam
Core
Equity
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
7
Short
Term
Investments
2.4%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.2%
d,e
U.S.
Treasury
Bills
,
3
.54
%
,
7/16/26
......................
United
States
14,500,000
$
14,267,154
Total
U.S.
Government
and
Agency
Securities
(Cost
$
14,266,612
)
...............
14,267,154
Shares
Management
Investment
Companies
1.2%
f,g
Putnam
Short
Term
Investment
Fund
,
Class
P
,
3.863
%
.......
United
States
73,922,694
73,922,694
Total
Management
Investment
Companies
(Cost
$
73,922,694
)
..................
73,922,694
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
1.0%
Money
Market
Funds
1.0%
f,g
Putnam
Cash
Collateral
Pool,
LLC
,
3.878
%
................
United
States
60,285,775
60,285,775
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
60,285,775
)
.........................................................
60,285,775
Total
Short
Term
Investments
(Cost
$
148,475,081
)
.............................
148,475,623
a
Total
Investments
(Cost
$
2,831,415,615
)
101.1
%
..............................
$6,133,681,959
Options
Written
(
0.2
)
%
.....................................................
(9,704,284)
Other
Assets,
less
Liabilities
(
0.9
)
%
.........................................
(62,995,685)
Net
Assets
100.0%
.........................................................
$6,060,981,990
a
a
a
Number
of
Contracts
Notional
Amount
#
Options
Written
(0.2)%
Calls
-
Over-the-Counter
Equity
Options
(0.2)%
Gaming
and
Leisure
Properties,
Inc.
,
Counterparty
CITI
,
April
Strike
Price
$
45.00
,
Expires
4/17/26
....................
3,667,140
164,104,515
(
100,205
)
Goldman
Sachs
Group,
Inc.
(The)
,
Counterparty
BOFA
,
April
Strike
Price
$
980.00
,
Expires
4/17/26
...................
24,042,340
22,489,445,259
(
780,294
)
International
Business
Machines
Corp.
,
Counterparty
MSCO
,
April
Strike
Price
$
330.00
,
Expires
4/17/26
...................
20,824,320
6,386,818,944
(
634,195
)
Lam
Research
Corp.
,
Counterparty
GSCO
,
February
Strike
Price
$
195.00
,
Expires
2/20/26
............................
27,264,900
6,365,263,554
(
5,726,686
)
Nucor
Corp.
,
Counterparty
GSCO
,
February
Strike
Price
$
195.00
,
Expires
2/20/26
...................................
15,056,145
2,675,778,089
(
52,330
)
Southwest
Airlines
Co.
,
Counterparty
GSCO
,
March
Strike
Price
$
42.50
,
Expires
3/20/26
.............................
16,731,910
795,100,363
(
2,339,170
)
Target
Corp.
,
Counterparty
BOFA
,
February
Strike
Price
$
113.00
,
Expires
2/20/26
...................................
10,302,888
1,086,645,597
(
68,644
)
Vail
Resorts,
Inc.
,
Counterparty
JPHQ
,
April
Strike
Price
$
175.00
,
Expires
4/17/26
...................................
936,250
124,586,788
(
2,760
)
(
9,704,284
)
Total
Options
Written
(Premiums
received
$
3,315,129
)
.........................
$
(
9,704,284
)
PUTNAM
FUNDS
TRUT
Schedule
of
Investments
(unaudited)
Putnam
Core
Equity
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
8
At
January
31,
2026,
the
Fund
had
the
following futures
contracts
outstanding.
See
A
bbreviations
on
page
12
.
#
Notional
amount
is
the
number
of
contracts
multiplied
by
contract
size,
and
may
be
multiplied
by
the
underlying
price.
May
include
currency
units,
bushels,
shares,
pounds,
barrels
or
other
units.
Currency
units
are
stated
in
U.S.
dollars
unless
otherwise
indicated.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
January
31,
2026.
c
A
portion
or
all
of
the
security
is
held
in
connection
with
written
option
contracts
open
at
period
end.
d
The
rate
shown
represents
the
yield
at
period
end.
e
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
certain
derivative
contracts.
At
January
31,
2026,
the
value
of
this
security
pledged
amounted
to
$13,271,115,
representing
0.2%
of
net
assets.
f
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Equity
contracts
Russell
2000
E-Mini
Index
......................
Long
146
$
19,159,580
3/20/26
$
(
470,094
)
S&P
500
E-Mini
Index
.........................
Long
30
10,448,625
3/20/26
109,368
Total
Futures
Contracts
......................................................................
$(360,726)
*
As
of
period
end.
Putnam
Funds
Trust
9
Quarterly
Schedule
of
Investments
Notes
to
Schedule
of
Investments
(unaudited)
1.
Organization
Putnam
Funds
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of fourteen
separate
funds,
one
of
which is
included
in
this
report
(Fund).
The Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Fund's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's administrator
in
performing
this responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities,
exchange
traded
funds
and
derivative
financial instruments listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Debt
securities
generally
trade
in
the
OTC market
rather
than
on
a
securities
exchange.
The Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
Certain
derivative
financial
instruments
trade
in
the
OTC
market.
The Fund’s
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The Fund’s
net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets. 
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Putnam
Funds
Trust
Notes
to
Schedule
of
Investments
(unaudited)
10
Quarterly
Schedule
of
Investments
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund’s
business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the Fund.
As
a
result,
differences
may
arise
between
the
value
of
the Fund’s
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences, an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At January
31,
2026,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund’s NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund’s
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
3.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
"Controlled
Affiliate"
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund's
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
January
31,
2026,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
4. Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Putnam
Core
Equity
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Government
Money
Market
Fund,
Class
G,
3.484%
.
$20,826,707
$—
$(20,826,707)
$—
$—
$—
—
$11
Putnam
Short
Term
Investment
Fund,
Class
P,
3.863%
......
197,369,048
386,467,398
(509,913,752)
—
—
73,922,694
73,922,694
4,091,477
Non-Controlled
Affiliates
Income
from
securities
loaned
Putnam
Cash
Collateral
Pool,
LLC,
3.878%
.............
$91,911,951
$858,798,995
$(890,425,171)
$—
$—
$60,285,775
60,285,775
$3,288,119
Total
Affiliated
Securities
...
$310,107,706
$1,245,266,393
$(1,421,165,630)
$—
$—
$134,208,469
$7,379,607
2. Financial
Instrument
Valuation
(continued)
Putnam
Funds
Trust
Notes
to
Schedule
of
Investments
(unaudited)
11
Quarterly
Schedule
of
Investments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
January
31,
2026,
in
valuing
the
Fund's assets
and
liabilities carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Putnam
Core
Equity
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Aerospace
&
Defense
...................
$
97,290,478
$
—
$
—
$
97,290,478
Air
Freight
&
Logistics
...................
26,761,251
—
—
26,761,251
Automobiles
..........................
149,439,179
—
—
149,439,179
Banks
...............................
324,224,295
—
—
324,224,295
Beverages
...........................
91,227,614
—
—
91,227,614
Biotechnology
.........................
104,424,199
—
—
104,424,199
Broadline
Retail
.......................
251,253,368
—
—
251,253,368
Building
Products
......................
6,673,410
—
—
6,673,410
Capital
Markets
........................
382,211,103
—
—
382,211,103
Chemicals
...........................
17,901,221
—
—
17,901,221
Commercial
Services
&
Supplies
...........
11,039,375
—
—
11,039,375
Communications
Equipment
..............
71,191,392
—
—
71,191,392
Consumer
Staples
Distribution
&
Retail
......
139,574,294
—
—
139,574,294
Containers
&
Packaging
.................
15,156,598
—
—
15,156,598
Diversified
Consumer
Services
............
23,929,595
—
—
23,929,595
Diversified
REITs
......................
12,163,863
—
—
12,163,863
Diversified
Telecommunication
Services
.....
41,799,603
—
—
41,799,603
Electric
Utilities
........................
140,938,194
—
—
140,938,194
Entertainment
.........................
73,947,717
19,751,537
—
93,699,254
Financial
Services
......................
278,662,277
—
—
278,662,277
Food
Products
........................
12,435,372
—
—
12,435,372
Ground
Transportation
..................
57,373,334
—
—
57,373,334
Health
Care
Equipment
&
Supplies
.........
31,758,301
—
—
31,758,301
Health
Care
Providers
&
Services
..........
166,715,276
—
—
166,715,276
Hotels,
Restaurants
&
Leisure
.............
126,702,410
—
—
126,702,410
Household
Durables
....................
49,519,900
—
—
49,519,900
Household
Products
....................
53,242,439
—
—
53,242,439
Industrial
Conglomerates
................
29,551,663
—
—
29,551,663
Insurance
............................
49,061,259
—
—
49,061,259
Interactive
Media
&
Services
..............
536,529,038
—
—
536,529,038
IT
Services
...........................
54,731,416
—
—
54,731,416
Life
Sciences
Tools
&
Services
............
39,189,576
—
—
39,189,576
Machinery
............................
80,857,978
—
—
80,857,978
Media
...............................
28,121,023
—
—
28,121,023
Metals
&
Mining
.......................
69,304,969
—
—
69,304,969
Mortgage
Real
Estate
Investment
Trusts
(REITs)
............................
17,240,125
—
—
17,240,125
Office
REITs
..........................
9,610,901
—
—
9,610,901
Oil,
Gas
&
Consumable
Fuels
.............
170,817,223
—
—
170,817,223
Passenger
Airlines
.....................
58,463,191
—
—
58,463,191
Pharmaceuticals
.......................
208,784,138
—
—
208,784,138
Real
Estate
Management
&
Development
....
79,234,760
—
—
79,234,760
4. Fair
Value
Measurements
(continued)
Putnam
Funds
Trust
Notes
to
Schedule
of
Investments
(unaudited)
12
Quarterly
Schedule
of
Investments
Abbreviations
Level
1
Level
2
Level
3
Total
Putnam
Core
Equity
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Common
Stocks:
(continued)
Semiconductors
&
Semiconductor
Equipment
.
$
775,288,612
$
—
$
—
$
775,288,612
Software
.............................
407,764,662
—
—
407,764,662
Specialized
REITs
......................
36,467,580
—
—
36,467,580
Specialty
Retail
........................
97,519,130
—
—
97,519,130
Technology
Hardware,
Storage
&
Peripherals
.
358,354,335
—
—
358,354,335
Textiles,
Apparel
&
Luxury
Goods
..........
9,015,236
—
—
9,015,236
Trading
Companies
&
Distributors
..........
27,889,824
—
—
27,889,824
Management
Investment
Companies
.........
63,732,241
—
—
63,732,241
Options
Purchased
.......................
—
369,861
—
369,861
Short
Term
Investments
...................
73,922,694
74,552,929
—
148,475,623
Total
Investments
in
Securities
...........
$6,039,007,632
$94,674,327
b
$—
$6,133,681,959
Other
Financial
Instruments:
Futures
Contracts
.......................
$109,368
$—
$—
$109,368
Total
Other
Financial
Instruments
.........
$109,368
$—
$—
$109,368
Liabilities:
Other
Financial
Instruments:
Options
Written
..........................
$—
$9,704,284
$—
$9,704,284
Futures
Contracts
........................
470,094
—
—
470,094
Total
Other
Financial
Instruments
.........
$470,094
$9,704,284
$—
$10,174,378
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
foreign
securities
valued
at
$19,751,537,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
Counterparty
BOFA
Bank
of
America
NA
CITI
Citibank
NA
GSCO
Goldman
Sachs
Group,
Inc.
JPHQ
JPMorgan
Chase
Bank
NA
MSCO
Morgan
Stanley
Selected
Portfolio
ADR
American
Depositary
Receipt
ETF
Exchange-Traded
Fund
REIT
Real
Estate
Investment
Trust
4. Fair
Value
Measurements
(continued)
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.