2026-05-2074200166500_PutnamCoreEquityFund_ClassA



Putnam Core Equity Fund
Class A [PMYAX]	Annual Shareholder Report \| April 30, 2026

This annual shareholder report contains important information about Putnam Core Equity Fund for the period May 1, 2025, to April 30, 2026.
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	$106	0.92%

*	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 April 30, 2026, Class A shares of Putnam Core Equity Fund returned 29.47%. The Fund compares its performance to the Russell 3000 Index, which returned 31.01% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
An overweight position in:
↑	Lam Research, a semiconductor equipment company.
↑	Citigroup, a financial services company.
↑	The Goldman Sachs Group, an investment banking and financial services company.


Top detractors from performance:
↓	Underweight exposure to Micron Technology, a semiconductor company.
↓	Overweight position in Otis Worldwide, an elevator and escalator manufacturing company.
↓	Overweight position in Mastercard, a global payment service company.

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 4/30/2016 — 4/30/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended April 30, 2026


	1 Year	5 Year	10 Year
Class A	29.47	12.72	15.77
Class A (with sales charge)	22.02	11.39	15.09
Russell 3000 Index	31.01	11.91	14.75

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

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 April 30, 2026)


Total Net Assets	$6,125,154,570
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)	137
Total Management Fee Paid	$30,761,349
Portfolio Turnover Rate	13%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)

Portfolio Composition^* (% of Total Investments)

HOW HAS THE FUND CHANGED?

Effective January 1, 2026, the portfolio managers for the Fund are Arthur Yeager and Walter Scully.

This is a summary of certain changes to the Fund since May 1, 2025. 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 September 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 Core Equity Fund
Class C [PMYCX]	Annual Shareholder Report \| April 30, 2026

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	$191	1.67%

*	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 April 30, 2026, Class C shares of Putnam Core Equity Fund returned 28.48%. The Fund compares its performance to the Russell 3000 Index, which returned 31.01% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
An overweight position in:
↑	Lam Research, a semiconductor equipment company.
↑	Citigroup, a financial services company.
↑	The Goldman Sachs Group, an investment banking and financial services company.


Top detractors from performance:
↓	Underweight exposure to Micron Technology, a semiconductor company.
↓	Overweight position in Otis Worldwide, an elevator and escalator manufacturing company.
↓	Overweight position in Mastercard, a global payment service company.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class C 4/30/2016 — 4/30/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended April 30, 2026


	1 Year	5 Year	10 Year
Class C	28.48	11.88	15.08
Class C (with sales charge)	27.48	11.88	15.08
Russell 3000 Index	31.01	11.91	14.75

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.

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 April 30, 2026)


Total Net Assets	$6,125,154,570
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)	137
Total Management Fee Paid	$30,761,349
Portfolio Turnover Rate	13%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)

Portfolio Composition^* (% of Total Investments)

HOW HAS THE FUND CHANGED?

Effective January 1, 2026, the portfolio managers for the Fund are Arthur Yeager and Walter Scully.


	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 Core Equity Fund
Class R [PMYZX]	Annual Shareholder Report \| April 30, 2026

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	$134	1.17%

*	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 April 30, 2026, Class R shares of Putnam Core Equity Fund returned 29.12%. The Fund compares its performance to the Russell 3000 Index, which returned 31.01% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
An overweight position in:
↑	Lam Research, a semiconductor equipment company.
↑	Citigroup, a financial services company.
↑	The Goldman Sachs Group, an investment banking and financial services company.


Top detractors from performance:
↓	Underweight exposure to Micron Technology, a semiconductor company.
↓	Overweight position in Otis Worldwide, an elevator and escalator manufacturing company.
↓	Overweight position in Mastercard, a global payment service company.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R 4/30/2016 — 4/30/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended April 30, 2026


	1 Year	5 Year	10 Year
Class R	29.12	12.43	15.48
Russell 3000 Index	31.01	11.91	14.75

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

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 April 30, 2026)


Total Net Assets	$6,125,154,570
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)	137
Total Management Fee Paid	$30,761,349
Portfolio Turnover Rate	13%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)

Portfolio Composition^* (% of Total Investments)

HOW HAS THE FUND CHANGED?

Effective January 1, 2026, the portfolio managers for the Fund are Arthur Yeager and Walter Scully.


	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 Core Equity Fund
Class R6 [PMYTX]	Annual Shareholder Report \| April 30, 2026

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	$69	0.60%

*	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 April 30, 2026, Class R6 shares of Putnam Core Equity Fund returned 29.84%. The Fund compares its performance to the Russell 3000 Index, which returned 31.01% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
An overweight position in:
↑	Lam Research, a semiconductor equipment company.
↑	Citigroup, a financial services company.
↑	The Goldman Sachs Group, an investment banking and financial services company.


Top detractors from performance:
↓	Underweight exposure to Micron Technology, a semiconductor company.
↓	Overweight position in Otis Worldwide, an elevator and escalator manufacturing company.
↓	Overweight position in Mastercard, a global payment service company.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R6 4/30/2016 — 4/30/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended April 30, 2026


	1 Year	5 Year	10 Year
Class R6	29.84	13.09	16.14
Russell 3000 Index	31.01	11.91	14.75

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.

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 April 30, 2026)


Total Net Assets	$6,125,154,570
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)	137
Total Management Fee Paid	$30,761,349
Portfolio Turnover Rate	13%

HOW HAS THE FUND CHANGED?

Effective January 1, 2026, the portfolio managers for the Fund are Arthur Yeager and Walter Scully.


	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 Core Equity Fund
Class Y [PMYYX]	Annual Shareholder Report \| April 30, 2026

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	$77	0.67%

*	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 April 30, 2026, Class Y shares of Putnam Core Equity Fund returned 29.77%. The Fund compares its performance to the Russell 3000 Index, which returned 31.01% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
An overweight position in:
↑	Lam Research, a semiconductor equipment company.
↑	Citigroup, a financial services company.
↑	The Goldman Sachs Group, an investment banking and financial services company.


Top detractors from performance:
↓	Underweight exposure to Micron Technology, a semiconductor company.
↓	Overweight position in Otis Worldwide, an elevator and escalator manufacturing company.
↓	Overweight position in Mastercard, a global payment service company.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class Y 4/30/2016 — 4/30/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended April 30, 2026


	1 Year	5 Year	10 Year
Class Y	29.77	13.00	16.06
Russell 3000 Index	31.01	11.91	14.75

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

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 April 30, 2026)


Total Net Assets	$6,125,154,570
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)	137
Total Management Fee Paid	$30,761,349
Portfolio Turnover Rate	13%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)

Portfolio Composition^* (% of Total Investments)

HOW HAS THE FUND CHANGED?

Effective January 1, 2026, the portfolio managers for the Fund are Arthur Yeager and Walter Scully.


	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 Warren Lowell 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 Warren Lowell and Manoj P. Singh as the Audit Committee’s financial experts. Warren Lowell 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 April 30, 2025 and April 30, 2026 (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 $30,578 in April 30, 2025 and $42,705 in April 30, 2026.

(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 April 30, 2025 and $0 in April 30, 2026.

(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 $8,344 in April 30, 2025 and $8,344 in April 30, 2026. 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.

There were no fees billed for tax services by the Registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant (“Service Affiliates”) during the Reporting Periods that required pre-approval by the Audit Committee.

(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 April 30, 2025 and $0 in April 30, 2026.

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 $486,647 in April 30, 2025 and $1,557,011 in April 30, 2026.

(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

Core

Equity

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

April

30,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$40.13

$37.74

$30.84

$31.57

$34.95

Income

from

investment

operations

Net

investment

income

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

0.17

0.24

0.26

0.25

0.14

Net

realized

and

unrealized

gains

(losses)

...........

11.62

3.96

7.48

0.44

(0.31)

Total

from

investment

operations

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

11.79

4.20

7.74

0.69

(0.17)

Less

distributions

from:

Net

investment

income

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

(0.43)

(0.20)

(0.25)

(0.01)

(0.26)

Net

realized

gains

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

(0.82)

(1.61)

(0.59)

(1.41)

(2.95)

Total

distributions

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

(1.25)

(1.81)

(0.84)

(1.42)

(3.21)

Net

asset

value,

end

year

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

$50.67

$40.13

$37.74

$30.84

$31.57

Total

return

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

29.47%

10.69%

25.44%

2.46%

(1.21)%

Ratios

average

net

assets

Expenses

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

0.92%

0.94%

0.97%

0.98%

0.96%

Net

investment

income

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

0.35%

0.57%

0.76%

0.84%

0.41%

Supplemental

data

Net

assets

end

year

(000’s)

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

$3,260,510

$2,706,645

$2,600,258

$2,176,484

$2,221,203

Portfolio

turnover

rate

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

13%

11%

17%

13%

23%

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%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

Putnam

Core

Equity

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

April

30,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$37.89

$35.81

$29.31

$30.29

$33.65

Income

from

investment

operations

Net

investment

income

(loss)

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

(0.18)

(0.07)

—

0.03

(0.12)

Net

realized

and

unrealized

gains

(losses)

...........

10.95

3.76

7.11

0.40

(0.29)

Total

from

investment

operations

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

10.77

3.69

7.11

0.43

(0.41)

Less

distributions

from:

Net

investment

income

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

(0.09)

—

(0.02)

—

Net

realized

gains

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

(0.82)

(1.61)

(0.59)

(1.41)

(2.95)

Total

distributions

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

(0.91)

(1.61)

(0.61)

(1.41)

(2.95)

Net

asset

value,

end

year

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

$47.75

$37.89

$35.81

$29.31

$30.29

Total

return

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

28.48%

9.87%

24.52%

1.69%

(1.94)%

Ratios

average

net

assets

Expenses

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

1.67%

1.69%

1.72%

1.73%

1.71%

Net

investment

income

(loss)

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

(0.40)%

(0.18)%

0.01%

0.09%

(0.34)%

Supplemental

data

Net

assets

end

year

(000’s)

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

$146,803

$139,303

$117,991

$104,751

$131,616

Portfolio

turnover

rate

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

13%

11%

17%

13%

23%

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%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

Putnam

Core

Equity

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

April

30,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$39.64

$37.31

$30.54

$31.35

$34.77

Income

from

investment

operations

Net

investment

income

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

0.04

0.13

0.17

0.18

0.06

Net

realized

and

unrealized

gains

(losses)

...........

11.47

3.91

7.42

0.42

(0.31)

Total

from

investment

operations

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

11.51

4.04

7.59

0.60

(0.25)

Less

distributions

from:

Net

investment

income

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

(0.35)

(0.10)

(0.23)

—

(0.22)

Net

realized

gains

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

(0.82)

(1.61)

(0.59)

(1.41)

(2.95)

Total

distributions

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

(1.17)

(1.71)

(0.82)

(1.41)

(3.17)

Net

asset

value,

end

year

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

$49.98

$39.64

$37.31

$30.54

$31.35

Total

return

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

29.12%

10.40%

25.17%

2.19%

(1.46)%

Ratios

average

net

assets

Expenses

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

1.17%

1.19%

1.22%

1.23%

1.21%

Net

investment

income

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

0.09%

0.32%

0.48%

0.60%

0.16%

Supplemental

data

Net

assets

end

year

(000’s)

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

$21,890

$15,633

$14,022

$6,651

$5,193

Portfolio

turnover

rate

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

13%

11%

17%

13%

23%

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%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

Putnam

Core

Equity

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

April

30,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$40.55

$38.11

$31.13

$31.86

$35.24

Income

from

investment

operations

Net

investment

income

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

0.32

0.38

0.36

0.27

Net

realized

and

unrealized

gains

(losses)

...........

11.75

4.01

7.55

0.44

(0.32)

Total

from

investment

operations

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

12.07

4.39

7.93

0.80

(0.05)

Less

distributions

from:

Net

investment

income

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

(0.58)

(0.34)

(0.36)

(0.12)

(0.38)

Net

realized

gains

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

(0.82)

(1.61)

(0.59)

(1.41)

(2.95)

Total

distributions

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

(1.40)

(1.95)

(0.95)

(1.53)

(3.33)

Net

asset

value,

end

year

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

$51.22

$40.55

$38.11

$31.13

$31.86

Total

return

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

29.84%

11.07%

25.86%

2.81%

(0.87)%

Ratios

average

net

assets

Expenses

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

0.60%

0.62%

0.63%

0.64%

0.62%

Net

investment

income

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

0.66%

0.89%

1.09%

1.19%

0.75%

Supplemental

data

Net

assets

end

year

(000’s)

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

$168,236

$100,062

$94,065

$69,099

$66,451

Portfolio

turnover

rate

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

13%

11%

17%

13%

23%

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%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

Putnam

Core

Equity

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

April

30,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$40.49

$38.07

$31.10

$31.83

$35.22

Income

from

investment

operations

Net

investment

income

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

0.29

0.35

0.33

0.23

Net

realized

and

unrealized

gains

(losses)

...........

11.74

4.00

7.55

0.44

(0.32)

Total

from

investment

operations

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

12.03

4.35

7.90

0.77

(0.09)

Less

distributions

from:

Net

investment

income

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

(0.55)

(0.32)

(0.34)

(0.09)

(0.35)

Net

realized

gains

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

(0.82)

(1.61)

(0.59)

(1.41)

(2.95)

Total

distributions

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

(1.37)

(1.93)

(0.93)

(1.50)

(3.30)

Net

asset

value,

end

year

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

$51.15

$40.49

$38.07

$31.10

$31.83

Total

return

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

29.77%

10.97%

25.77%

2.72%

(0.98)%

Ratios

average

net

assets

Expenses

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

0.67%

0.69%

0.72%

0.73%

0.71%

Net

investment

income

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

0.60%

0.82%

0.99%

1.10%

0.66%

Supplemental

data

Net

assets

end

year

(000’s)

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

$2,527,716

$2,090,894

$1,421,116

$827,215

$778,384

Portfolio

turnover

rate

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

13%

11%

17%

13%

23%

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%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Putnam

Funds

Trust

Schedule

Investments,

April

30,

2026

Putnam

Core

Equity

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Country

Value

Common

Stocks

97.3%

Aerospace

Defense

1.5%

Boeing

Co.

(The)

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

United

States

175,291

40,146,898

Northrop

Grumman

Corp.

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

United

States

38,374

22,236,965

RTX

Corp.

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

United

States

161,012

28,349,383

90,733,246

Air

Freight

Logistics

0.4%

FedEx

Corp.

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

United

States

66,101

26,659,194

Automobiles

2.1%

General

Motors

Co.

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

United

States

332,850

25,592,836

Tesla,

Inc.

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

United

States

275,200

105,024,576

130,617,412

Banks

5.5%

Bank

America

Corp.

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

United

States

1,595,580

85,299,707

Citigroup,

Inc.

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

United

States

764,932

97,895,997

Fifth

Third

Bancorp

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

United

States

335,931

17,051,858

Five

Star

Bancorp

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

United

States

280,934

11,363,780

JPMorgan

Chase

Co.

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

United

States

313,814

98,295,959

UMB

Financial

Corp.

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

United

States

222,720

28,100,583

338,007,884

Beverages

1.5%

Coca-Cola

Co.

(The)

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

United

States

844,363

66,502,030

Keurig

Dr.

Pepper,

Inc.

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

United

States

832,123

24,464,416

Molson

Coors

Beverage

Co.,

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

United

States

99,397

4,248,228

95,214,674

Biotechnology

1.6%

AbbVie,

Inc.

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

United

States

244,573

51,683,166

Amgen,

Inc.

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

United

States

55,960

19,376,150

Regeneron

Pharmaceuticals,

Inc.

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

United

States

28,762

20,336,460

Vertex

Pharmaceuticals,

Inc.

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

United

States

20,057

8,571,961

99,967,737

Broadline

Retail

4.7%

Amazon.com,

Inc.

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

United

States

1,027,380

272,317,343

eBay,

Inc.

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

United

States

130,649

13,519,558

285,836,901

Building

Products

0.2%

a,b

Madison

Air

Solutions

Corp.,

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

United

States

125,413

4,788,269

Owens

Corning

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

United

States

55,686

6,868,311

11,656,580

Capital

Markets

5.6%

Ameriprise

Financial,

Inc.

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

United

States

40,040

19,010,592

Bank

New

York

Mellon

Corp.

(The)

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

United

States

449,435

60,390,581

BlackRock,

Inc.

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

United

States

34,119

36,357,206

Goldman

Sachs

Group,

Inc.

(The)

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

United

States

122,667

113,316,095

Jefferies

Financial

Group,

Inc.

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

United

States

101,573

4,897,850

KKR

Co.,

Inc.

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

United

States

196,563

20,509,383

Morgan

Stanley

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

United

States

150,250

28,636,148

Pershing

Square,

Inc.

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

United

States

31,000

868,000

Raymond

James

Financial,

Inc.

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

United

States

371,019

58,739,728

342,725,583

Putnam

Funds

Trust

Schedule

Investments

Putnam

Core

Equity

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Country

Value

Common

Stocks

(continued)

Chemicals

0.3%

DuPont

Nemours,

Inc.

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

United

States

224,925

10,270,076

Eastman

Chemical

Co.

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

United

States

88,191

6,445,880

16,715,956

Commercial

Services

Supplies

0.2%

Cintas

Corp.

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

United

States

57,680

10,077,273

Communications

Equipment

1.4%

Cisco

Systems,

Inc.

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

United

States

908,981

83,171,762

Consumer

Staples

Distribution

Retail

2.1%

Casey's

General

Stores,

Inc.

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

United

States

23,141

19,025,373

Kroger

Co.

(The)

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

United

States

155,923

10,613,678

Target

Corp.

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

United

States

159,556

20,702,391

Walmart,

Inc.

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

United

States

539,434

71,167,528

Yesway,

Inc.,

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

United

States

188,762

4,854,959

126,363,929

Containers

Packaging

0.2%

Amcor

plc

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

United

States

342,522

13,029,537

Diversified

Consumer

Services

0.4%

ADT,

Inc.

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

United

States

1,332,689

10,035,148

Graham

Holdings

Co.,

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

United

States

11,373

12,766,306

22,801,454

Diversified

REITs

0.2%

Realty

Trust,

Inc.

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

United

States

1,745,174

10,628,110

Diversified

Telecommunication

Services

0.7%

AT&T,

Inc.

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

United

States

1,594,796

41,672,019

Electric

Utilities

2.5%

Constellation

Energy

Corp.

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

United

States

53,606

16,778,678

NextEra

Energy,

Inc.

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

United

States

316,224

30,952,005

NRG

Energy,

Inc.

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

United

States

334,213

51,996,859

PG&E

Corp.

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

United

States

3,080,818

51,203,195

150,930,737

Electrical

Equipment

0.2%

Vernova,

Inc.

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

United

States

10,473

11,347,077

Entertainment

1.2%

Netflix,

Inc.

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

United

States

226,840

21,234,492

Universal

Music

Group

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

Netherlands

456,991

9,582,008

Walt

Disney

Co.

(The)

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

United

States

396,481

41,134,904

71,951,404

Financial

Services

3.8%

Apollo

Global

Management,

Inc.

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

United

States

387,556

49,886,208

Berkshire

Hathaway,

Inc.,

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

United

States

178,332

84,458,035

Mastercard,

Inc.,

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

United

States

194,232

97,683,158

a,b

PicS

NV,

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

Brazil

139,337

1,684,584

233,711,985

Food

Products

0.2%

Hershey

Co.

(The)

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

United

States

63,853

11,860,056

Putnam

Funds

Trust

Schedule

Investments

Putnam

Core

Equity

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Country

Value

Common

Stocks

(continued)

Ground

Transportation

1.0%

Union

Pacific

Corp.

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

United

States

230,785

62,191,942

Health

Care

Equipment

Supplies

0.5%

Becton

Dickinson

Co.

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

United

States

47,208

7,035,880

Boston

Scientific

Corp.

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

United

States

280,371

16,152,173

a,b

Medline,

Inc.,

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

United

States

196,093

8,720,256

31,908,309

Health

Care

Providers

Services

3.0%

CVS

Health

Corp.

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

United

States

247,013

20,573,713

a,b

Guardian

Pharmacy

Services,

Inc.,

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

United

States

508,135

18,851,808

HCA

Healthcare,

Inc.

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

United

States

27,104

11,775,333

McKesson

Corp.

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

United

States

63,269

51,576,889

Tenet

Healthcare

Corp.

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

United

States

144,553

25,603,227

UnitedHealth

Group,

Inc.

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

United

States

152,800

56,609,344

184,990,314

Hotels,

Restaurants

Leisure

2.3%

Airbnb,

Inc.,

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

United

States

65,803

9,236,109

Hilton

Worldwide

Holdings,

Inc.

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

United

States

130,809

42,391,273

McDonald's

Corp.

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

United

States

124,472

36,543,734

Vail

Resorts,

Inc.

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

United

States

76,456

9,723,674

Viking

Holdings

Ltd.

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

United

States

513,177

42,034,328

139,929,118

Household

Durables

0.9%

Mohawk

Industries,

Inc.

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

United

States

140,533

14,834,664

PulteGroup,

Inc.

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

United

States

345,473

42,272,076

57,106,740

Household

Products

0.8%

Kimberly-Clark

Corp.

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

United

States

116,735

11,490,226

Procter

Gamble

Co.

(The)

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

United

States

273,902

40,288,245

51,778,471

Industrial

Conglomerates

0.5%

Honeywell

International,

Inc.

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

United

States

129,886

27,838,466

Insurance

0.6%

Arch

Capital

Group

Ltd.

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

United

States

378,213

35,726,000

Assured

Guaranty

Ltd.

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

United

States

21,847

1,789,269

37,515,269

Interactive

Media

Services

9.1%

Alphabet,

Inc.,

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

United

States

1,046,580

399,730,765

Meta

Platforms,

Inc.,

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

United

States

254,334

155,629,518

555,360,283

Services

0.5%

Gartner,

Inc.

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

United

States

39,229

5,825,114

International

Business

Machines

Corp.

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

United

States

105,529

24,375,089

30,200,203

Life

Sciences

Tools

Services

0.6%

a,b

Bio-Rad

Laboratories,

Inc.,

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

United

States

44,807

12,551,337

Thermo

Fisher

Scientific,

Inc.

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

United

States

52,418

25,106,125

37,657,462

Putnam

Funds

Trust

Schedule

Investments

Putnam

Core

Equity

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Country

Value

Common

Stocks

(continued)

Machinery

1.3%

Deere

Co.

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

United

States

39,386

23,232,620

Otis

Worldwide

Corp.

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

United

States

571,705

44,524,385

Snap-on,

Inc.

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

United

States

30,666

11,757,345

79,514,350

Media

0.3%

New

York

Times

Co.

(The),

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

United

States

216,794

17,133,230

Metals

Mining

1.2%

Freeport-McMoRan,

Inc.

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

United

States

632,885

36,568,096

Nucor

Corp.

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

United

States

175,480

39,533,889

76,101,985

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.3%

Starwood

Property

Trust,

Inc.

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

United

States

961,524

17,653,581

Office

REITs

0.1%

Highwoods

Properties,

Inc.

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

United

States

238,672

5,802,116

Oil,

Gas

Consumable

Fuels

2.8%

Antero

Resources

Corp.

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

United

States

347,008

13,623,534

ConocoPhillips

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

United

States

311,514

39,182,231

Exxon

Mobil

Corp.

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

United

States

520,803

80,375,527

Permian

Resources

Corp.,

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

United

States

1,171,840

25,335,181

Williams

Cos.,

Inc.

(The)

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

United

States

202,248

15,433,545

173,950,018

Passenger

Airlines

0.8%

Southwest

Airlines

Co.

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

United

States

1,230,286

46,652,445

Pharmaceuticals

3.3%

AstraZeneca

plc

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

United

Kingdom

98,307

18,419,783

Eli

Lilly

Co.

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

United

States

88,472

82,685,931

Johnson

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

United

States

251,358

57,774,636

Merck

Co.,

Inc.

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

United

States

377,840

41,252,571

200,132,921

Real

Estate

Management

Development

1.0%

CBRE

Group,

Inc.,

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

United

States

405,904

57,934,678

CoStar

Group,

Inc.

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

United

States

164,181

5,682,304

63,616,982

Semiconductors

Semiconductor

Equipment

14.6%

Advanced

Micro

Devices,

Inc.

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

United

States

61,978

21,970,581

Broadcom,

Inc.

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

United

States

463,321

193,404,085

a,c

Intel

Corp.

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

United

States

240,565

22,728,581

Lam

Research

Corp.

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

United

States

485,503

125,191,804

Micron

Technology,

Inc.

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

United

States

66,562

34,423,204

NVIDIA

Corp.

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

United

States

2,283,558

455,729,670

Qnity

Electronics,

Inc.

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

United

States

107,868

15,172,713

QUALCOMM,

Inc.

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

United

States

159,029

28,558,428

897,179,066

Software

6.7%

Adobe,

Inc.

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

United

States

37,419

9,208,816

Intapp,

Inc.

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

United

States

137,835

3,094,396

Microsoft

Corp.

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

United

States

732,293

298,614,439

Oracle

Corp.

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

United

States

266,721

43,046,102

Palantir

Technologies,

Inc.,

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

United

States

135,384

18,833,268

Putnam

Funds

Trust

Schedule

Investments

Putnam

Core

Equity

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Country

Value

Common

Stocks

(continued)

Software

(continued)

Salesforce,

Inc.

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

United

States

132,671

23,420,412

ServiceNow,

Inc.

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

United

States

52,406

4,627,974

Tyler

Technologies,

Inc.

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

United

States

37,564

12,814,583

413,659,990

Specialized

REITs

0.6%

Gaming

and

Leisure

Properties,

Inc.

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

United

States

733,426

35,541,824

Specialty

Retail

1.3%

Best

Buy

Co.,

Inc.

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

United

States

253,427

15,329,799

Home

Depot,

Inc.

(The)

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

United

States

43,286

14,232,437

Lowe's

Cos.,

Inc.

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

United

States

217,522

51,942,078

81,504,314

Technology

Hardware,

Storage

Peripherals

6.1%

Apple,

Inc.

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

United

States

1,381,048

374,747,375

Textiles,

Apparel

Luxury

Goods

0.1%

NIKE,

Inc.,

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

United

States

182,479

8,094,768

Trading

Companies

Distributors

0.5%

United

Rentals,

Inc.

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

United

States

30,505

29,279,919

Total

Common

Stocks

(Cost

$2,598,717,897)

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

5,962,721,971

Management

Investment

Companies

1.0%

Capital

Markets

1.0%

Pershing

Square

USA

Ltd.

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

United

States

155,500

6,641,405

State

Street

Industrial

Select

Sector

SPDR

ETF

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

United

States

300,550

52,470,019

59,111,424

Total

Management

Investment

Companies

(Cost

$50,095,206)

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

59,111,424

Total

Long

Term

Investments

(Cost

$2,648,813,103)

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

6,021,833,395

Number

Contracts

Notional

Amount

Options

Purchased

0.0%

†

Puts

Over-the-Counter

Equity

Options

0.0%

†

Nucor

Corp.,

Counterparty

JPHQ,

May

Strike

Price

$210.00,

Expires

5/15/26

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

4,053,840

913,289,614

28,945

Total

Options

Purchased

(Cost

$100,381)

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

28,945

Short

Term

Investments

3.5%

Country

Principal

Amount

Value

U.S.

Government

and

Agency

Securities

0.3%

d,e

U.S.

Treasury

Bills,

3.56%,

7/16/26

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

United

States

15,400,000

15,283,569

Total

U.S.

Government

and

Agency

Securities

(Cost

$15,285,799)

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

15,283,569

Putnam

Funds

Trust

Schedule

Investments

Putnam

Core

Equity

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Short

Term

Investments

(continued)

Country

Value

Management

Investment

Companies

1.5%

f,g

Putnam

Short

Term

Investment

Fund,

Class

3.843%

.......

United

States

93,363,724

Total

Management

Investment

Companies

(Cost

$93,363,724)

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

93,363,724

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

1.7%

Money

Market

Funds

1.7%

f,g

Putnam

Cash

Collateral

Pool,

LLC,

3.919%

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

United

States

103,286,151

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$103,286,151)

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

103,286,151

Total

Short

Term

Investments

(Cost

$211,935,674

)

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

211,933,444

Total

Investments

(Cost

$2,860,849,158)

101.8%

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

$6,233,795,784

Options

Written

(0.2)%

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

(9,935,910)

Other

Assets,

less

Liabilities

(1.6)%

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

(98,705,304)

Net

Assets

100.0%

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

$6,125,154,570

Number

Contracts

Notional

Amount

Options

Written

(0.2)%

Calls

Over-the-Counter

Equity

Options

(0.2)%

Hilton

Worldwide

Holdings,

Inc.,

Counterparty

BOFA,

May

Strike

Price

$350.00,

Expires

5/01/26

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

11,445,700

3,709,207,999

—

Intel

Corp.,

Counterparty

BOFA,

July

Strike

Price

$80.00

Expires

7/17/26

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

18,860,320

1,781,923,034

(4,884,589)

Nucor

Corp.,

Counterparty

JPHQ,

May

Strike

Price

$230.00,

Expires

5/15/26

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

8,879,380

2,000,435,520

(162,737)

Permian

Resources

Corp.,

Counterparty

GSCO,

June

Strike

Price

$18.00

Expires

6/18/26

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

20,671,254

446,912,511

(4,391,212)

Raymond

James

Financial,

Inc.,

Counterparty

MSCO,

May

Strike

Price

$165.00,

Expires

5/15/26

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

9,453,675

1,496,705,826

(37,385)

Southwest

Airlines

Co.,

Counterparty

GSCO,

September

Strike

Price

$50.00,

Expires

9/18/26

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

18,454,300

699,787,056

(459,987)

(9,935,910)

Total

Options

Written

(Premiums

received

$3,324,216)

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

(9,935,910)

Notional

amount

the

number

contracts

multiplied

contract

size,

and

may

multiplied

the

underlying

price.

May

include

currency

units,

bushels,

shares,

pounds,

barrels

other

units.

Currency

units

are

stated

U.S.

dollars

unless

otherwise

indicated.

The

principal

amount

stated

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

less

than

0.1%

net

assets.

Non-income

producing.

Putnam

Funds

Trust

Schedule

Investments

Putnam

Core

Equity

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

April

30,

2026,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

1(d).

portion

all

the

security

loan

April

30,

2026.

See

Note

1(c).

portion

all

the

security

held

connection

with

written

option

contracts

open

year

end.

The

rate

shown

represents

the

yield

period

end.

portion

all

the

security

has

been

segregated

collateral

for

certain

derivative

contracts.

April

30,

2026,

the

value

this

security

pledged

amounted

$13,175,733,

representing

0.2%

net

assets.

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.

See

Note

1(d)

regarding

written

options.

Futures

Contracts

Description

Type

Number

Contracts

Notional

Amount

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Equity

contracts

Russell

2000

E-Mini

Index

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

Long

176

24,708,640

6/18/26

743,528

S&P

500

E-Mini

Index

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

Long

13,400,938

6/18/26

399,414

Total

Futures

Contracts

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

$1,142,942

period

end.

See

Note 7 regarding

other

derivative

information.

See

bbreviations

page

Putnam

Funds

Trust

Financial

Statements

Statement

Assets

and

Liabilities

April

30,

2026

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Putnam

Core

Equity

Fund

Assets:

Investments

securities:

Cost

Unaffiliated

issuers

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

$2,664,199,283

Cost

Non-controlled

affiliates

(Note

)

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

196,649,875

Value

Unaffiliated

issuers

(Includes

securities

loaned

103,559,234

)

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

$6,037,145,909

Value

Non-controlled

affiliates

(Note

)

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

196,649,875

Cash

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

470,903

Receivables:

Investment

securities

sold

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

4,154,818

Capital

sold

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

5,671,220

Dividends

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

2,740,604

Variation

margin

futures

contracts

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

668,186

Prepaid

expenses

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

380,327

Total

assets

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

6,247,881,842

Liabilities:

Payables:

Capital

redeemed

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

4,292,238

Management

fees

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

2,569,564

Administrative

fees

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

4,138

Distribution

fees

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

775,330

Transfer

agent

fees

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

1,042,070

Trustees'

fees

and

expenses

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

474,552

Options

written,

value

(premiums

received

3,324,216

)

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

9,935,910

Payable

upon

return

securities

loaned

(Note

)

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

103,286,151

Accrued

expenses

and

other

liabilities

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

347,319

Total

liabilities

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

122,727,272

Net

assets,

value

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

$6,125,154,570

Net

assets

consist

of:

Paid-in

capital

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

$2,601,276,216

Total

distributable

earnings

(losses)

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

3,523,878,354

Net

assets,

value

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

$6,125,154,570

Putnam

Funds

Trust

Financial

Statements

Statement

Assets

and

Liabilities

(continued)

April

30,

2026

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Putnam

Core

Equity

Fund

Class

Net

assets,

value

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

$3,260,510,226

outstanding

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

64,350,100

Net

asset

value

per

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

$50.67

Maximum

offering

price

per

(net

asset

value

per

.25

)

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

$53.76

Class

Net

assets,

value

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

$146,802,758

outstanding

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

3,074,347

Net

asset

value

and

maximum

offering

price

per

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

$47.75

Class

Net

assets,

value

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

$21,889,901

outstanding

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

437,941

Net

asset

value

and

maximum

offering

price

per

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

$49.98

Class

R6:

Net

assets,

value

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

$168,235,924

outstanding

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

3,284,279

Net

asset

value

and

maximum

offering

price

per

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

$51.22

Class

Net

assets,

value

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

$2,527,715,761

outstanding

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

49,418,000

Net

asset

value

and

maximum

offering

price

per

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

$51.15

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

April

30,

2026

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Putnam

Core

Equity

Fund

Investment

income:

Dividends:

(net

foreign

taxes

$83,154)

Unaffiliated

issuers

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

$67,830,177

Non-controlled

affiliates

(Note

)

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

4,812,560

Interest:

Unaffiliated

issuers

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

788,474

Income

from

securities

loaned:

Unaffiliated

entities

(net

fees

and

rebates)

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

(3,890,974)

Non-controlled

affiliates

(Note

)

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

4,150,214

Total

investment

income

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

73,690,451

Expenses:

Management

fees

(Note

)

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

30,761,985

Administrative

fees

(Note

)

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

97,690

Distribution

fees:

(Note

)

Class

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

7,761,940

Class

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

1,520,166

Class

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

98,346

Transfer

agent

fees:

(Note

)

Class

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

3,685,693

Class

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

180,968

Class

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

23,269

Class

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

69,790

Class

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

2,837,734

Custodian

fees

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

34,206

Reports

shareholders

fees

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

305,699

Registration

and

filing

fees

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

92,501

Professional

fees

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

526,891

Trustees'

fees

and

expenses

(Note

)

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

254,225

Interest

expense

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

2,079

Other

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

139,499

Total

expenses

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

48,392,681

Expense

reductions

(Note

)

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

(303,188)

Expenses

waived/paid

affiliates

(Note

and

)

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

(636)

Net

expenses

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

48,088,857

Net

investment

income

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

25,601,594

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

160,438,734

Written

options

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

8,825,032

Foreign

currency

transactions

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

4,670

Futures

contracts

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

18,656,972

Net

realized

gain

(loss)

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

187,925,408

Net

change

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

1,252,916,327

Translation

other

assets

and

liabilities

denominated

foreign

currencies

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

Written

options

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

(6,317,774)

Futures

contracts

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

1,960,403

Net

change

unrealized

appreciation

(depreciation)

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

1,248,558,963

Net

realized

and

unrealized

gain

(loss)

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

1,436,484,371

Net

increase

(decrease)

net

assets

resulting

from

operations

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

$1,462,085,965

Putnam

Funds

Trust

Financial

Statements

Changes

Net

Assets

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Putnam

Core

Equity

Fund

Year

Ended

April

30,

2026

Year

Ended

April

30,

2025

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

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

$25,601,594

$32,397,335

Net

realized

gain

(loss)

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

187,925,408

170,530,511

Net

change

unrealized

appreciation

(depreciation)

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

1,248,558,963

236,713,131

Net

increase

(decrease)

net

assets

resulting

from

operations

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

1,462,085,965

439,640,977

Distributions

shareholders:

Class

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

(80,611,873)

(120,953,614)

Class

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

(3,043,620)

(5,733,399)

Class

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

(501,868)

(576,716)

Class

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

(4,111,926)

(5,607,976)

Class

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

(66,690,663)

(88,223,520)

Total

distributions

shareholders

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

(154,959,950)

(221,095,225)

Capital

transactions:

(Note

)

Class

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

(143,789,896)

(53,690,501)

Class

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

—

(4,994,684)

Class

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

(27,135,884)

16,020,100

Class

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

2,009,185

875,912

Class

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

38,141,403

(990,279)

Class

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

(103,733,724)

624,718,015

Total

capital

transactions

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

(234,508,916)

581,938,563

Net

increase

(decrease)

net

assets

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

1,072,617,099

800,484,315

Net

assets:

Beginning

year

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

5,052,537,471

4,252,053,156

End

year

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

$6,125,154,570

$5,052,537,471

Putnam

Funds

Trust

Notes

Financial

Statements

Putnam

Core

Equity

Fund

franklintempleton.com

Annual

Report

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 fourteen

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

Core

Equity

Fund

(Fund) is

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,

exchange

traded

funds, and

derivative

financial instruments 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.

Debt

securities

generally

trade

the OTC

market

rather

than

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

determine

fair

value.

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

market-based

approach

through

which

quotes

from

market

makers

are

used

determine

fair

value.

instances

where

sufficient

market

activity

may

not

exist

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

principal

repayments,

underlying

collateral,

and

other

unique

security

features

order

estimate

the

relevant

cash

flows,

which

are

then

discounted

calculate

the

fair

value.

Investments

in open-end mutual

funds

are

valued

the

closing

NAV.

Certain

derivative

financial

instruments

trade

the

OTC

market.

The

Fund's

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

determine

the

fair

value

those

instruments.

The

Fund's

net

benefit

obligation

under

the

derivative

contract,

measured

the

fair

value

the

contract,

included

net

assets.

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

Putnam

Funds

Trust

Notes

Financial

Statements

franklintempleton.com

Annual

Report

Putnam

Core

Equity

Fund

(continued)

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.

April

30,

2026,

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

Organization

and

Significant

Accounting

Policies

(continued)

Financial

Instrument

Valuation

(continued)

Putnam

Funds

Trust

Notes

Financial

Statements

franklintempleton.com

Annual

Report

Putnam

Core

Equity

Fund

(continued)

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.

Securities

loan

outstanding

period

end,

any,

are

listed

the

Fund‘s

Schedule

Investments.

Derivative

Financial

Instruments

The

Fund invested

derivative

financial

instruments

order

manage

risk

gain

exposure

various

other

investments

markets.

Derivatives

are

financial

contracts

based

underlying

notional

amount,

require

initial

investment

initial

net

investment

that

smaller

than

would

normally

required

have

similar

response

changes

market

factors,

and

require

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

the

counterparty

fulfill

their

obligations

under

the

terms

the

contract,

the

potential

for

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

gains

losses

excess

the

amounts

shown

the

Statement

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

these

contracts

for

the

period

are

included

the

Statement

Operations.

Derivative

counterparty

credit

risk

managed

through

formal

evaluation

the

creditworthiness

all

potential

counterparties.

The

Fund

attempts

reduce

its

exposure

counterparty

credit

risk

OTC

derivatives,

whenever

possible,

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

collateral

requirements,

events

default,

early

termination.

Termination

events

applicable

the

counterparty

include

certain

deteriorations

the

credit

quality

the

counterparty.

Termination

events

applicable

the

Fund

include

failure

the

Fund

maintain

certain

net

asset

levels

and/

limit

the

decline

net

assets

over

various

periods

time.

the

event

default

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

net

and

close-out

all

transactions

traded,

whether

not

arising

under

the

ISDA

agreement,

one

net

amount

payable

one

counterparty

the

other.

However,

absent

event

default

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

the

Statement

Assets

and

Liabilities.

Early

termination

the

counterparty

may

result

immediate

payment

the

Fund

any

net

liability

owed

that

counterparty

under

the

ISDA

agreement.

April

30,

2026,

the

Fund

had

OTC

derivatives

net

liability

position

counterparty

$9,906,965

and

the

aggregate

value

collateral

pledged

for

such

contracts

was

$10,097,184.

Collateral

requirements

differ

type

derivative.

Collateral

initial

margin

requirements

are

set

the

broker

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

held

the

exchange

the

broker and

can

the

form

cash

and/or

securities.

For

OTC

derivatives

traded

under

ISDA

master

agreement,

posting

collateral

required

either

the

Fund

the

applicable

counterparty

the

total

net

exposure

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

$250,000,

and

can

vary

depending

the

counterparty

and

the

type

of agreement.

Generally,

collateral

determined

the

Fund

business

each

day

and

any

additional

collateral

required

due

changes

derivative

values

may

delivered

the

Fund

the

counterparty

the

business

day,

within

few

business

days.

Collateral

pledged

and/or

received

the

Fund

for

OTC

derivatives,

any,

held

segregated

accounts

with

the

Fund's

custodian/counterparty

broker

and

can

the

form

cash

and/or

securities.

Unrestricted

cash

may

invested

according

the

Fund's

investment

objectives.

the

extent

that

the

amounts

due

the

Fund

from

its

counterparties

are

not

subject

collateralization

are

not

fully

collateralized,

the

Fund

bears

the

risk

loss

from

counterparty

non-performance.

The

Fund entered

into

exchange

traded

futures

contracts

primarily

manage

and/or

gain

exposure

to equity

price

risk.

futures

contract

agreement

between

the

Fund

and

counterparty

buy

sell

asset

specified

price

future

date.

Required

initial

margins

are

pledged

the

Fund,

and

the

daily

change

fair

value

accounted

for

variation

margin

payable

receivable

the

Statement

Organization

and

Significant

Accounting

Policies

(continued)

Securities

Lending

(continued)

Putnam

Funds

Trust

Notes

Financial

Statements

franklintempleton.com

Annual

Report

Putnam

Core

Equity

Fund

(continued)

Assets

and

Liabilities.

Futures

contracts

outstanding

period

end,

any,

are

listed

the

Fund's

Schedule

Investments.

The

Fund

purchased

wrote

OTC

option

contracts

primarily

manage

and/or

gain exposure

equity

price

risk.

option

contract

entitling

the

holder

purchase

sell

specific

amount

units

asset

notional

amount

swap

(swaption),

specified

price.

When

option

purchased

written,

amount

equal

the

premium

paid

received

recorded

asset

liability,

respectively.

Upon

exercise

option,

the

acquisition

cost

sales

proceeds

the

underlying

investment

adjusted

any

premium

received

paid.

Upon

expiration

option,

any

premium

received

paid

recorded

realized

gain

loss.

Upon

closing

option

other

than

through

expiration

exercise,

the

difference

between

the

premium

received

paid

and

the

cost

the

position

recorded

realized

gain

loss.

Option

contracts

outstanding

period

end,

any,

are

listed

the

Fund's

Schedule

Investments.

See

Note

regarding

other

derivative

information.

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

invests.

Foreign

taxes,

any,

are

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.

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.

April

30,

2026, 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).

The

Fund’s

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

examination

the

Internal

Revenue

Service

and

state

departments

revenue.

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.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

any)

and

estimated

expenses

are

accrued

daily.

Amortization

premium

and

accretion

discount

debt

securities

are

included

interest

income.

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.

Organization

and

Significant

Accounting

Policies

(continued)

Derivative

Financial

Instruments

(continued)

Putnam

Funds

Trust

Notes

Financial

Statements

franklintempleton.com

Annual

Report

Putnam

Core

Equity

Fund

(continued)

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.

Beneficial

Interest

April

30,

2026,

there

were

unlimited

number

authorized

(without

par

value).

Transactions

the

Fund's

were

follows:

Year

Ended

April

30,

2026

Year

Ended

April

30,

2025

Amount

Class

sold

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

2,501,401

$118,293,675

3,554,226

$150,058,272

issued

reinvestment

distributions

..........

1,542,238

75,816,738

2,569,990

114,082,288

redeemed

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

(7,142,472)

(337,900,309)

(7,571,945)

(317,831,061)

Net

increase

(decrease)

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

(3,098,833)

$(143,789,896)

(1,447,729)

$(53,690,501)

Class

sold

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

—

$—

$2,241

redeemed

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

—

(128,125)

(4,996,925)

Net

increase

(decrease)

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

—

$—

(128,061)

$(4,994,684)

Class

sold

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

512,134

$22,779,003

1,153,804

$46,314,438

issued

reinvestment

distributions

..........

60,651

2,817,148

128,104

5,385,482

redeemed

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

(1,175,156)

(52,732,035)

(900,293)

(35,679,820)

Net

increase

(decrease)

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

(602,371)

$(27,135,884)

381,615

$16,020,100

Class

sold

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

139,301

$6,450,914

149,361

$6,199,735

issued

reinvestment

distributions

..........

10,342

501,868

13,140

576,716

redeemed

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

(106,118)

(4,943,597)

(143,956)

(5,900,539)

Net

increase

(decrease)

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

43,525

$2,009,185

18,545

$875,912

Organization

and

Significant

Accounting

Policies

(continued)

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

(continued)

Putnam

Funds

Trust

Notes

Financial

Statements

franklintempleton.com

Annual

Report

Putnam

Core

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

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

April

30,

2026,

the

gross

effective

investment

management

fee

rate

was 0.529%

the

Fund’s

average daily

net

assets.

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,

FTIML

provides

subadvisory

services

the

Fund.

The

subadvisory

fee

paid by Putnam

Management

based

the

average

net

assets

managed

FTIML,

and

not

additional

expense

the

Fund.

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.

Annualized

Fee

Rate

Net

Assets

0.710%

the

first

billion,

0.660%

the

billion,

0.610%

the

$10

billion,

0.560%

the

$10

billion,

0.510%

the

$50

billion,

0.490%

the

$50

billion,

0.480%

the

$100

billion

and

0.475%

any

excess

thereafter.

Maximum

Approved

Class

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

0.35%

0.25%

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

Core

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

year:

Transfer

Agent

Fees

PSERV,

affiliate

Putnam

Management,

provides

investor

servicing

agent

functions

the

Fund.

PSERV

received

fees

for

investor

servicing

for

Class

and

Class

Y shares

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

year

ended

April

30,

2026,

the

Fund

held

investments

affiliated

management

investment

companies

follows:

Sales

charges

retained

net

commissions

paid

unaffiliated

brokers/dealers

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

$237,491

CDSC

retained

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

$17,868

Transactions

with

Affiliates

(continued)

Putnam

Funds

Trust

Notes

Financial

Statements

franklintempleton.com

Annual

Report

Putnam

Core

Equity

Fund

(continued)

Waiver

and

Expense

Reimbursements

Putnam

Management

has

contractually

agreed,

through

August

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-

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.

Total

expenses

waived

paid

are

not

subject

recapture

subsequent

the

Fund’s

fiscal

year

end.

Expense

Offset

Arrangement

The Fund has entered

into

an arrangement

with PSERV

whereby

credits

realized

result

uninvested

cash

balances

are

used

reduce

portion

the

Fund's

transfer

agent

fees.

During

the

year

ended

April

30,

2026,

the

fees

were

reduced

noted

the

Statement

Operations.

Income

Taxes

The

tax

character

distributions

paid

during

the

years

ended

April

30,

2026

and

2025,

was

follows:

For

tax

purposes,

the

Fund

may

elect

defer

any

portion

post-October

capital

loss

late-year

ordinary

loss

the

first

day

the

following

fiscal

year.

April

30,

2026,

the

Fund

deferred

post-October

capital

losses

$689,817.

Value

Beginning

Year

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Year

Number

Held

End

Year

Investment

Income

Putnam

Core

Equity

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Government

Money

Market

Fund,

Class

3.481%

$20,826,707

$—

$(20,826,707)

$—

—

$11

Putnam

Short

Term

Investment

Fund,

Class

3.843%

......

197,369,048

516,551,196

(620,556,520)

—

93,363,724

4,812,549

Non-Controlled

Affiliates

Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

3.919%

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

$91,911,951

$1,507,456,608

$(1,496,082,408)

$—

$103,286,151

103,286,151

$4,150,214

Total

Affiliated

Securities

...

$310,107,706

$2,024,007,804

$(2,137,465,635)

$—

$196,649,875

$8,962,774

2026

2025

Distributions

paid

from:

Ordinary

income

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

$98,947,650

$43,103,609

Long

term

capital

gain

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

56,012,300

177,991,616

$154,959,950

$221,095,225

Transactions

with

Affiliates

(continued)

Investments

Affiliated

Management

Investment

Companies

(continued)

Putnam

Funds

Trust

Notes

Financial

Statements

franklintempleton.com

Annual

Report

Putnam

Core

Equity

Fund

(continued)

April

30,

2026,

the

cost

investments,

net

unrealized

appreciation

(depreciation)

and

undistributed

long

term

capital

gains for

income

tax

purposes

were

follows:

Differences

between

income

and/or

capital

gains

determined

book

basis

and

tax

basis

are

primarily

due

differing

treatments

wash

sales

and

tax

straddles.

Investment

Transactions

Purchases

and

sales

investments (excluding

short

term

securities) for

the

year

ended

April

30,

2026,

aggregated

$744,789,858 and

$933,177,000,

respectively.

April

30,

2026,

connection

with

securities

lending

transactions,

the

Fund

loaned

equity

investments

and

received

$103,286,151

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.

Other

Derivative

Information

April

30,

2026,

investments

derivative

contracts

are

reflected

the Statement of

Assets

and

Liabilities

follows:

Cost

investments

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

$2,878,508,272

Unrealized

appreciation

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

$3,443,018,782

Unrealized

depreciation

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

(96,524,238)

Net

unrealized

appreciation

(depreciation)

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

$3,346,494,544

Distributable

earnings:

Undistributed

long

term

capital

gains

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

$178,073,625

Asset

Derivatives

Liability

Derivatives

Derivative

Contracts

Not

Accounted

for

Hedging

Instruments

Statement

Assets

and

Liabilities

Location

Fair

Value

Statement

Assets

and

Liabilities

Location

Fair

Value

Putnam

Core

Equity

Fund

Equity

contracts

...........

Investments

securities,

value

28,945

Options

written,

value

9,935,910

Variation

margin

futures

contracts

1,142,942

Variation

margin

futures

contracts

—

Total

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

$1,171,887

$9,935,910

Purchased

option

contracts

are

included

investments

securities,

value

the

Statement

Assets

and

Liabilities.

This

amount

reflects

the

cumulative

appreciation

(depreciation)

futures

contracts

reported

the

Schedule

Investments.

Only

the

variation

margin

receivable/payable

year

end

separately

reported

within

the

Statement

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

cash

upon

receipt

payment.

Income

Taxes

(continued)

Putnam

Funds

Trust

Notes

Financial

Statements

franklintempleton.com

Annual

Report

Putnam

Core

Equity

Fund

(continued)

For

the

year

ended

April

30,

2026,

the

effect

derivative

contracts

the Statement

Operations

was

follows:

For

the

year

ended

April

30,

2026,

the

average

month

end

notional

amount

futures

contracts

and

options represented

$58,850,673

and $7,321,228,600,

respectively.

See

Note

1(d) regarding

derivative

financial

instruments.

Credit

Facility

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

29,

2027.

This

Global

Credit

Facility

provides

source

funds

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

meet

future

unanticipated

unusually

large

redemption

requests.

Under

the

terms

the

Global

Credit

Facility,

the

Fund

may,

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

year

ended

April

30,

2026,

the Fund

did

not

use

the

Global

Credit

Facility.

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.)

Derivative

Contracts

Not

Accounted

for

Hedging

Instruments

Statement

Operations

Location

Net

Realized

Gain

(Loss)

for

the

Year

Statement

Operations

Location

Net

Change

Unrealized

Appreciation

(Depreciation)

for

the

Year

Putnam

Core

Equity

Fund

Net

realized

gain

(loss)

from:

Net

change

unrealized

appreciation

(depreciation)

on:

Equity

contracts

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

Investments

$(1,905,891)

Investments

$(71,436)

Written

options

8,825,032

Written

options

(6,317,774)

Futures

contracts

18,656,972

Futures

contracts

1,960,403

Total

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

$25,576,113

$(4,428,807)

Purchased

option

contracts

are

included

net

realized

gain

(loss)

from

investments

and

net

change

unrealized

appreciation

(depreciation)

investments

the

Statement

Operations.

Other

Derivative

Information

(continued)

Putnam

Funds

Trust

Notes

Financial

Statements

franklintempleton.com

Annual

Report

Putnam

Core

Equity

Fund

(continued)

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

April

30,

2026,

valuing

the

Fund's assets

and

liabilities carried

fair

value,

follows:

Level

Total

Putnam

Core

Equity

Fund

Assets:

Investments

Securities:

Common

Stocks

Aerospace

Defense

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

90,733,246

—

90,733,246

Air

Freight

Logistics

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

26,659,194

—

26,659,194

Automobiles

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

130,617,412

—

130,617,412

Banks

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

338,007,884

—

338,007,884

Beverages

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

95,214,674

—

95,214,674

Biotechnology

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

99,967,737

—

99,967,737

Broadline

Retail

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

285,836,901

—

285,836,901

Building

Products

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

11,656,580

—

11,656,580

Capital

Markets

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

342,725,583

—

342,725,583

Chemicals

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

16,715,956

—

16,715,956

Commercial

Services

Supplies

...........

10,077,273

—

10,077,273

Communications

Equipment

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

83,171,762

—

83,171,762

Consumer

Staples

Distribution

Retail

......

126,363,929

—

126,363,929

Containers

Packaging

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

13,029,537

—

13,029,537

Diversified

Consumer

Services

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

22,801,454

—

22,801,454

Diversified

REITs

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

10,628,110

—

10,628,110

Diversified

Telecommunication

Services

.....

41,672,019

—

41,672,019

Electric

Utilities

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

150,930,737

—

150,930,737

Electrical

Equipment

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

11,347,077

—

11,347,077

Entertainment

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

62,369,396

9,582,008

—

71,951,404

Financial

Services

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

233,711,985

—

233,711,985

Food

Products

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

11,860,056

—

11,860,056

Ground

Transportation

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

62,191,942

—

62,191,942

Health

Care

Equipment

Supplies

.........

31,908,309

—

31,908,309

Health

Care

Providers

Services

..........

184,990,314

—

184,990,314

Hotels,

Restaurants

Leisure

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

139,929,118

—

139,929,118

Household

Durables

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

57,106,740

—

57,106,740

Household

Products

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

51,778,471

—

51,778,471

Industrial

Conglomerates

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

27,838,466

—

27,838,466

Insurance

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

37,515,269

—

37,515,269

Interactive

Media

Services

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

555,360,283

—

555,360,283

Services

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

30,200,203

—

30,200,203

Life

Sciences

Tools

Services

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

37,657,462

—

37,657,462

Machinery

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

79,514,350

—

79,514,350

Media

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

17,133,230

—

17,133,230

Metals

Mining

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

76,101,985

—

76,101,985

Mortgage

Real

Estate

Investment

Trusts

(REITs)

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

17,653,581

—

17,653,581

Office

REITs

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

5,802,116

—

5,802,116

Oil,

Gas

Consumable

Fuels

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

173,950,018

—

173,950,018

Passenger

Airlines

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

46,652,445

—

46,652,445

Pharmaceuticals

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

200,132,921

—

200,132,921

Real

Estate

Management

Development

....

63,616,982

—

63,616,982

Semiconductors

Semiconductor

Equipment

897,179,066

—

897,179,066

Software

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

413,659,990

—

413,659,990

Specialized

REITs

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

35,541,824

—

35,541,824

Fair

Value

Measurements

(continued)

Putnam

Funds

Trust

Notes

Financial

Statements

franklintempleton.com

Annual

Report

Putnam

Core

Equity

Fund

(continued)

10.

Operating

Segments

The Fund operates

single

operating

segment,

which

investment

portfolio.

management

group

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.

11.

Subsequent

Events

The

Fund

has

evaluated

subsequent

events

through

the

issuance

the

financial

statements

and

determined

that

events

have

occurred

that

require

disclosure.

Level

Total

Putnam

Core

Equity

Fund

(continued)

Assets:

(continued)

Investments

Securities:

(continued)

Common

Stocks:

(continued)

Specialty

Retail

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

81,504,314

—

81,504,314

Technology

Hardware,

Storage

Peripherals

374,747,375

—

374,747,375

Textiles,

Apparel

Luxury

Goods

..........

8,094,768

—

8,094,768

Trading

Companies

Distributors

..........

29,279,919

—

29,279,919

Management

Investment

Companies

.........

59,111,424

—

59,111,424

Options

Purchased

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

—

28,945

—

28,945

Short

Term

Investments

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

196,649,875

15,283,569

—

211,933,444

Total

Investments

Securities

...........

$6,208,901,262

$24,894,522

$—

$6,233,795,784

Other

Financial

Instruments:

Futures

Contracts

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

$1,142,942

$—

$1,142,942

Total

Other

Financial

Instruments

.........

$1,142,942

$—

$1,142,942

–

Liabilities:

Other

Financial

Instruments:

Options

Written

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

$—

$9,935,910

$—

$9,935,910

Total

Other

Financial

Instruments

.........

$—

$9,935,910

$—

$9,935,910

For

detailed

categories,

see

the

accompanying

Schedule

Investments.

Includes

foreign

securities

valued

$9,582,008,

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

Core

Equity

Fund

Opinion

the

Financial

Statements

have

audited

the

accompanying

statement

assets

and

liabilities,

including

the

schedule

investments,

Putnam

Core

Equity

Fund

(one

the

funds

constituting

Putnam

Funds

Trust,

referred

hereafter

the

"Fund")

April

30,

2026,

the

statement

operations

for

the

year

ended

April

30,

2026,

the

statements

changes

net

assets

for

each

the

two

years

the

period

ended

April

30,

2026,

including

the

notes,

and

the

financial

highlights

for

each

the

five

years

the

period

ended

April

30,

2026

(collectively

referred

the

“financial

statements”).

our

opinion,

the

financial

statements

present

fairly,

all

material

respects,

the

financial

position

the

Fund

April

30,

2026,

the

results

its

operations

for

the

year

then

ended,

the

changes

its

net

assets

for

each

the

two

years

the

period

ended

April

30,

2026

and

the

financial

highlights

for

each

the

five

years

the

period

ended

April

30,

2026

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

April

30,

2026

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

June

17,

2026

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

Putnam

Core

Equity

Fund

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

April

30,

2026:

Note

(1)

The

Law

varies

each

state

whether

and

what

percentage

dividend

income

attributable

Federal

obligations

exempt

from

state

income

tax.

Shareholders

are

advised

consult

with

their

tax

advisors

determine

any

portion

the

dividends

received

exempt

from

state

income

taxes.

Pursuant

to:

Amount

Reported

Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

$56,012,300

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$60,486,442

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$62,981,335

Qualified

Net

Interest

Income

(QII)

§871(k)(1)(C)

$3,392,040

Short-Term

Capital

Gain

Dividends

Distributed

§871(k)(2)(C)

$36,692,325

Qualified

Business

Income

Dividends

Earned

§199A

$1,271,152

Section

163(j)

Interest

Earned

§163(j)

$382,098

Interest

Earned

from

Federal

Obligations

Note

(1)

$537,918

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:	June 25, 2026

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

Date:	June 25, 2026

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

Date:	June 25, 2026

ITEM 1.	REPORT TO STOCKHOLDERS.