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Schedules
of
Investments
(unaudited)
Putnam
Emerging
Markets
Equity
Fund
2
Putnam
Focused
Equity
Fund
6
Putnam
Global
Technology
Fund
10
Notes
to
Schedules
of
Investments
14
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited),
May
31,
2026
Putnam
Emerging
Markets
Equity
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
93.3%
Aerospace
&
Defense
0.8%
Embraer
SA
.......................................
Brazil
463,800
$
6,746,617
Automobiles
2.3%
Kia
Corp.
.........................................
South
Korea
61,695
6,920,956
Mahindra
&
Mahindra
Ltd.
.............................
India
339,462
10,875,869
17,796,825
Banks
11.2%
Al
Rajhi
Bank
......................................
Saudi
Arabia
634,472
11,370,314
Bank
of
China
Ltd.
,
H
................................
China
24,392,000
16,214,651
CTBC
Financial
Holding
Co.
Ltd.
........................
Taiwan
5,911,000
11,416,115
Grupo
Financiero
Banorte
SAB
de
CV
,
O
..................
Mexico
707,424
7,377,008
HSBC
Holdings
plc
..................................
United
Kingdom
268,000
5,000,296
ICICI
Bank
Ltd.
.....................................
India
935,814
12,370,756
KB
Financial
Group,
Inc.
..............................
South
Korea
122,924
12,315,353
National
Bank
of
Greece
SA
...........................
Greece
331,379
5,732,715
OTP
Bank
Nyrt.
.....................................
Hungary
71,911
9,873,770
91,670,978
Broadline
Retail
2.8%
Alibaba
Group
Holding
Ltd.
............................
China
1,466,000
22,729,100
Capital
Markets
2.4%
a
HDFC
Asset
Management
Co.
Ltd.
,
144A
,
Reg
S
...........
India
180,826
5,088,748
Hong
Kong
Exchanges
&
Clearing
Ltd.
...................
Hong
Kong
156,200
7,975,566
Korea
Investment
Holdings
Co.
Ltd.
.....................
South
Korea
38,766
6,134,507
19,198,821
Communications
Equipment
0.9%
Accton
Technology
Corp.
..............................
Taiwan
90,000
6,886,293
Construction
&
Engineering
0.8%
Larsen
&
Toubro
Ltd.
.................................
India
156,331
6,712,037
Consumer
Staples
Distribution
&
Retail
0.3%
Raia
Drogasil
SA
....................................
Brazil
694,800
2,574,226
Electrical
Equipment
3.9%
Contemporary
Amperex
Technology
Co.
Ltd.
,
A
.............
China
125,600
7,876,008
GE
Vernova
T&D
India
Ltd.
............................
India
221,164
11,986,158
Harbin
Electric
Co.
Ltd.
,
H
.............................
China
1,126,000
2,826,717
Hyosung
Heavy
Industries
Corp.
........................
South
Korea
1,366
3,348,407
Sieyuan
Electric
Co.
Ltd.
,
A
............................
China
153,200
4,577,130
30,614,420
Electronic
Equipment,
Instruments
&
Components
4.3%
Chroma
ATE,
Inc.
...................................
Taiwan
86,000
6,843,183
Elite
Material
Co.
Ltd.
................................
Taiwan
62,000
10,020,597
Hon
Hai
Precision
Industry
Co.
Ltd.
......................
Taiwan
480,000
4,393,824
Samsung
Electro-Mechanics
Co.
Ltd.
....................
South
Korea
9,981
14,109,010
35,366,614
Financial
Services
2.1%
b
Aditya
Birla
Capital
Ltd.
...............................
India
1,932,226
7,387,355
FirstRand
Ltd.
......................................
South
Africa
1,639,974
9,333,640
16,720,995
Health
Care
Providers
&
Services
0.9%
Apollo
Hospitals
Enterprise
Ltd.
.........................
India
83,691
7,200,802
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Emerging
Markets
Equity
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Independent
Power
and
Renewable
Electricity
Producers
1.3%
NTPC
Ltd.
.........................................
India
2,486,677
$
10,124,410
Industrial
Conglomerates
1.0%
b
SK
Square
Co.
Ltd.
..................................
South
Korea
9,539
7,909,919
Insurance
3.2%
China
Pacific
Insurance
Group
Co.
Ltd.
,
H
.................
China
2,538,400
10,189,611
Powszechny
Zaklad
Ubezpieczen
SA
....................
Poland
400,530
7,112,765
b
Rasan
Information
Technology
Co.
......................
Saudi
Arabia
201,298
8,083,891
25,386,267
Interactive
Media
&
Services
3.9%
Tencent
Holdings
Ltd.
................................
China
579,000
31,458,005
Life
Sciences
Tools
&
Services
1.0%
a
WuXi
AppTec
Co.
Ltd.
,
H
,
144A
,
Reg
S
...................
China
503,723
8,387,394
Machinery
0.8%
Weichai
Power
Co.
Ltd.
,
A
.............................
China
1,253,300
6,547,274
Metals
&
Mining
2.8%
Anglogold
Ashanti
plc
................................
Australia
109,903
10,514,575
China
Hongqiao
Group
Ltd.
............................
China
1,424,500
5,107,743
Zijin
Mining
Group
Co.
Ltd.
,
H
..........................
China
1,780,000
7,462,153
23,084,471
Oil,
Gas
&
Consumable
Fuels
1.5%
PetroChina
Co.
Ltd.
,
H
...............................
China
8,720,000
12,122,049
Personal
Care
Products
0.8%
APR
Corp.
........................................
South
Korea
23,326
6,121,721
Semiconductors
&
Semiconductor
Equipment
26.3%
ASE
Technology
Holding
Co.
Ltd.
.......................
Taiwan
662,000
12,647,742
MediaTek,
Inc.
.....................................
Taiwan
84,000
11,419,935
b
Nanya
Technology
Corp.
..............................
Taiwan
362,000
3,927,782
NAURA
Technology
Group
Co.
Ltd.
,
A
....................
China
82,415
7,675,614
SK
Hynix,
Inc.
......................................
South
Korea
32,835
51,124,357
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.............
Taiwan
1,704,889
126,307,274
213,102,704
Technology
Hardware,
Storage
&
Peripherals
11.4%
Asia
Vital
Components
Co.
Ltd.
.........................
Taiwan
118,000
9,950,524
Lenovo
Group
Ltd.
..................................
China
832,000
2,549,717
Samsung
Electronics
Co.
Ltd.
..........................
South
Korea
383,944
80,549,013
93,049,254
Transportation
Infrastructure
1.3%
International
Container
Terminal
Services,
Inc.
..............
Philippines
876,550
10,710,127
Water
Utilities
1.3%
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
..
Brazil
1,849,562
10,247,744
Wireless
Telecommunication
Services
4.0%
Bharti
Airtel
Ltd.
....................................
India
551,126
10,603,808
Etihad
Etisalat
Co.
..................................
Saudi
Arabia
398,920
6,697,213
Far
EasTone
Telecommunications
Co.
Ltd.
................
Taiwan
1,540,000
4,659,704
MTN
Group
Ltd.
....................................
South
Africa
428,191
5,714,088
TIM
SA
...........................................
Brazil
1,135,200
4,928,265
32,603,078
Total
Common
Stocks
(Cost
$
515,580,725
)
...................................
755,072,145
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Emerging
Markets
Equity
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
4
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Preferred
Stocks
1.6%
Banks
1.6%
c
Itau
Unibanco
Holding
SA
,
4
.53
%
.......................
Brazil
1,633,299
$
12,963,950
Total
Preferred
Stocks
(Cost
$
10,996,894
)
....................................
12,963,950
Total
Long
Term
Investments
(Cost
$
526,577,619
)
.............................
768,036,095
a
Short
Term
Investments
6.0%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.3%
d
,e
U.S.
Treasury
Bills
,
3.55
%,
7/16/26
...................................
United
States
1,500,000
1,493,232
3.67
%,
10/22/26
...................................
United
States
500,000
492,763
1,985,995
Total
U.S.
Government
and
Agency
Securities
(Cost
$
1,986,080
)
................
1,985,995
Shares
Management
Investment
Companies
5.7%
f,g
Putnam
Short
Term
Investment
Fund
,
Class
P
,
3.801
%
.......
United
States
46,529,533
46,529,533
Total
Management
Investment
Companies
(Cost
$
46,529,533
)
..................
46,529,533
Total
Short
Term
Investments
(Cost
$
48,515,613
)
..............................
48,515,528
a
Total
Investments
(Cost
$
575,093,232
)
100.9
%
................................
$816,551,623
Other
Assets,
less
Liabilities
(
0.9
)
%
.........................................
(6,930,002)
Net
Assets
100.0%
.........................................................
$809,621,621
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2026,
the
aggregate
value
of
these
securities
was
$13,476,142,
representing
1.7%
of
net
assets.
b
Non-income
producing.
c
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
d
The
rate
shown
represents
the
yield
at
period
end.
e
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
certain
derivative
contracts.
At
May
31,
2026,
the
aggregate
value
of
these
securities
pledged
amounted
to
$1,909,841,
representing
0.2%
of
net
assets.
f
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Emerging
Markets
Equity
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
5
At
May
31,
2026,
the
Fund
had
the
following futures
contracts
outstanding.
See
Abbreviations
on
page
18
.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Equity
contracts
MSCI
Emerging
Markets
Index
..................
Long
293
$
25,615,525
6/19/26
$
929,924
Total
Futures
Contracts
......................................................................
$929,924
*
As
of
period
end.
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited),
May
31,
2026
Putnam
Focused
Equity
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
98.3%
Aerospace
&
Defense
2.6%
a
Boeing
Co.
(The)
...................................
United
States
49,900
$
11,534,385
Northrop
Grumman
Corp.
.............................
United
States
15,640
8,815,955
20,350,340
Automobiles
2.1%
a
Tesla,
Inc.
.........................................
United
States
37,163
16,195,264
Banks
2.4%
Citigroup,
Inc.
......................................
United
States
149,067
18,767,535
Beverages
2.5%
Coca-Cola
Co.
(The)
.................................
United
States
248,421
19,627,743
Biotechnology
1.5%
AbbVie,
Inc.
.......................................
United
States
54,400
11,843,968
Broadline
Retail
6.0%
a
Amazon.com,
Inc.
...................................
United
States
174,780
47,302,459
Building
Products
1.5%
Trane
Technologies
plc
...............................
United
States
25,820
11,652,566
Capital
Markets
2.7%
Charles
Schwab
Corp.
(The)
...........................
United
States
244,162
21,327,551
Communications
Equipment
2.3%
Cisco
Systems,
Inc.
.................................
United
States
148,535
17,886,585
Construction
Materials
1.4%
CRH
plc
..........................................
United
States
98,800
10,748,452
Consumer
Finance
2.0%
Capital
One
Financial
Corp.
...........................
United
States
83,267
15,648,367
Electric
Utilities
1.0%
NRG
Energy,
Inc.
...................................
United
States
60,700
8,138,656
Financial
Services
4.3%
Apollo
Global
Management,
Inc.
........................
United
States
154,959
19,944,773
Visa,
Inc.
,
A
........................................
United
States
42,539
13,883,028
33,827,801
Health
Care
Equipment
&
Supplies
1.2%
a
Boston
Scientific
Corp.
...............................
United
States
196,600
9,497,746
Health
Care
Providers
&
Services
1.4%
UnitedHealth
Group,
Inc.
..............................
United
States
28,240
10,739,954
Hotels,
Restaurants
&
Leisure
2.8%
Hilton
Worldwide
Holdings,
Inc.
.........................
United
States
13,338
4,370,329
McDonald's
Corp.
...................................
United
States
34,702
9,688,799
a
Viking
Holdings
Ltd.
.................................
United
States
82,500
7,599,075
21,658,203
Industrial
Conglomerates
2.0%
Honeywell
International,
Inc.
...........................
United
States
64,500
15,341,970
Industrial
REITs
0.9%
Prologis,
Inc.
.......................................
United
States
47,366
6,795,600
Insurance
1.4%
American
International
Group,
Inc.
......................
United
States
151,936
11,278,209
Interactive
Media
&
Services
9.6%
Alphabet,
Inc.
,
A
....................................
United
States
135,476
51,526,942
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Focused
Equity
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Interactive
Media
&
Services
(continued)
Meta
Platforms,
Inc.
,
A
...............................
United
States
37,213
$
23,537,595
75,064,537
Life
Sciences
Tools
&
Services
1.4%
Thermo
Fisher
Scientific,
Inc.
..........................
United
States
22,380
11,022,374
Machinery
0.7%
Ingersoll
Rand,
Inc.
..................................
United
States
78,400
5,616,576
Multi-Utilities
0.9%
Ameren
Corp.
......................................
United
States
67,500
7,287,975
Oil,
Gas
&
Consumable
Fuels
2.9%
ConocoPhillips
.....................................
United
States
63,300
7,214,934
Exxon
Mobil
Corp.
...................................
United
States
106,500
15,470,190
22,685,124
Pharmaceuticals
2.5%
Eli
Lilly
&
Co.
......................................
United
States
17,460
19,293,300
Semiconductors
&
Semiconductor
Equipment
21.7%
a
Advanced
Micro
Devices,
Inc.
..........................
United
States
37,900
19,560,190
Analog
Devices,
Inc.
.................................
United
States
40,780
16,876,803
Broadcom,
Inc.
.....................................
United
States
84,986
37,969,195
Lam
Research
Corp.
.................................
United
States
68,500
21,795,330
Marvell
Technology,
Inc.
..............................
United
States
20,800
4,264,000
Micron
Technology,
Inc.
...............................
United
States
11,560
11,224,760
NVIDIA
Corp.
......................................
United
States
280,187
59,158,683
170,848,961
Software
7.6%
Microsoft
Corp.
.....................................
United
States
121,840
54,857,242
Oracle
Corp.
.......................................
United
States
20,480
4,623,974
59,481,216
Specialty
Retail
1.3%
Home
Depot,
Inc.
(The)
...............................
United
States
31,277
9,919,188
Technology
Hardware,
Storage
&
Peripherals
6.6%
Apple,
Inc.
........................................
United
States
166,298
51,894,954
Trading
Companies
&
Distributors
1.1%
United
Rentals,
Inc.
..................................
United
States
8,740
8,702,156
Total
Common
Stocks
(Cost
$
477,166,471
)
...................................
770,445,330
Short
Term
Investments
1.0%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.1%
b,c
U.S.
Treasury
Bills
,
3
.55
%
,
7/16/26
......................
United
States
700,000
696,841
Total
U.S.
Government
and
Agency
Securities
(Cost
$
696,896
)
..................
696,841
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Focused
Equity
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
8
At
May
31,
2026
,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Management
Investment
Companies
0.9%
d,e
Putnam
Short
Term
Investment
Fund
,
Class
P
,
3.801
%
.......
United
States
7,367,107
$
7,367,107
Total
Management
Investment
Companies
(Cost
$
7,367,107
)
...................
7,367,107
Total
Short
Term
Investments
(Cost
$
8,064,003
)
...............................
8,063,948
a
Total
Investments
(Cost
$
485,230,474
)
99.3
%
.................................
$778,509,278
Other
Assets,
less
Liabilities
0.7
%
...........................................
5,216,613
Net
Assets
100.0%
.........................................................
$783,725,891
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
The
rate
shown
represents
the
yield
at
period
end.
c
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
certain
derivative
contracts.
At
May
31,
2026,
the
value
of
this
security
pledged
amounted
to
$376,294,
representing
less
than
0.1%
of
net
assets.
d
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
British
Pound
......
CITI
Buy
2,306,800
3,053,637
6/17/26
$
52,837
$
—
British
Pound
......
GSCO
Sell
2,323,600
3,075,819
6/17/26
—
(
53,279
)
British
Pound
......
MSCO
Sell
704,500
938,734
6/17/26
—
(
9,988
)
British
Pound
......
SSBT
Sell
3,912,800
5,204,137
6/17/26
—
(
65,072
)
British
Pound
......
TDOM
Buy
5,367,500
7,138,936
6/17/26
89,259
—
British
Pound
......
WPAC
Sell
733,000
970,321
6/17/26
—
(
16,780
)
Euro
.............
BOFA
Buy
12,682,400
14,577,912
6/17/26
224,698
—
Euro
.............
CITI
Sell
7,948,800
9,136,868
6/17/26
—
(
140,791
)
Euro
.............
JPHQ
Sell
2,021,300
2,337,793
6/17/26
—
(
21,422
)
Euro
.............
MSCO
Buy
5,183,900
5,992,096
6/17/26
58,435
—
Euro
.............
SSBT
Sell
6,292,700
7,258,296
6/17/26
—
(
86,401
)
Euro
.............
WPAC
Sell
982,600
1,129,452
6/17/26
—
(
17,417
)
Canadian
Dollar
....
BOFA
Sell
859,600
624,432
7/15/26
—
(
272
)
Canadian
Dollar
....
CITI
Sell
471,600
342,511
7/15/26
—
(
219
)
Canadian
Dollar
....
GSCO
Sell
3,237,900
2,351,971
7/15/26
—
(
1,136
)
Canadian
Dollar
....
MSCO
Buy
4,790,300
3,479,532
7/15/26
1,764
—
Canadian
Dollar
....
SSBT
Buy
592,300
430,245
7/15/26
202
—
Canadian
Dollar
....
UBSW
Sell
8,133,000
5,907,687
7/15/26
—
(
2,880
)
Canadian
Dollar
....
WPAC
Buy
10,515,300
7,624,014
7/15/26
17,862
—
Canadian
Dollar
....
WPAC
Sell
3,171,800
2,304,005
7/15/26
—
(
1,065
)
Hong
Kong
Dollar
...
BOFA
Sell
21,592,500
2,765,779
8/12/26
3,700
—
Hong
Kong
Dollar
...
CITI
Sell
52,817,000
6,764,600
8/12/26
8,329
—
Hong
Kong
Dollar
...
GSCO
Buy
22,639,000
2,899,908
8/12/26
—
(
3,961
)
Hong
Kong
Dollar
...
HSBK
Buy
22,855,900
2,927,354
8/12/26
—
(
3,662
)
Hong
Kong
Dollar
...
JPHQ
Sell
13,820,600
1,770,116
8/12/26
2,206
—
Hong
Kong
Dollar
...
MSCO
Sell
16,141,300
2,067,347
8/12/26
2,577
—
Hong
Kong
Dollar
...
SSBT
Buy
65,110,400
8,340,246
8/12/26
—
(
11,423
)
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Focused
Equity
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
9
See
Abbreviations
on
page
18
.
Forward
Exchange
Contracts
(continued)
Currency
Counter-
party
a
Type
Quantity
Contract
Amount*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
(continued)
Hong
Kong
Dollar
...
WPAC
Sell
12,290,200
1,574,254
8/12/26
$
2,110
$
—
Total
Forward
Exchange
Contracts
...................................................
$463,979
$(435,768)
Net
unrealized
appreciation
(depreciation)
............................................
$28,211
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited),
May
31,
2026
Putnam
Global
Technology
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
10
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
93.5%
Broadline
Retail
2.3%
a
Amazon.com,
Inc.
...................................
United
States
169,175
$
45,785,522
Communications
Equipment
3.3%
Cisco
Systems,
Inc.
.................................
United
States
545,504
65,689,592
Construction
&
Engineering
0.8%
Acter
Group
Corp.
Ltd.
...............................
Taiwan
493,000
15,530,108
Electronic
Equipment,
Instruments
&
Components
3.1%
a
Coherent
Corp.
.....................................
United
States
63,282
22,874,545
Yageo
Corp.
.......................................
Taiwan
1,652,000
38,435,473
61,310,018
Entertainment
0.6%
a
Netflix,
Inc.
........................................
United
States
128,127
11,021,484
IT
Services
6.6%
Accenture
plc
,
A
....................................
United
States
123,066
23,021,957
a
GDS
Holdings
Ltd.
,
ADR
..............................
China
540,754
19,169,729
a
Snowflake,
Inc.
,
A
...................................
United
States
340,054
86,900,800
129,092,486
Machinery
0.8%
NGK
Corp.
........................................
Japan
382,400
15,145,643
Semiconductors
&
Semiconductor
Equipment
50.4%
a
Advanced
Micro
Devices,
Inc.
..........................
United
States
117,253
60,514,273
ASE
Technology
Holding
Co.
Ltd.
.......................
Taiwan
1,197,000
22,869,104
ASML
Holding
NV
...................................
Netherlands
56,059
90,643,711
Broadcom,
Inc.
.....................................
United
States
209,618
93,651,034
Infineon
Technologies
AG
.............................
Germany
568,088
53,863,591
Lam
Research
Corp.
.................................
United
States
146,926
46,748,915
Marvell
Technology,
Inc.
..............................
United
States
337,174
69,120,670
NVIDIA
Corp.
......................................
United
States
1,517,903
320,490,039
SK
Hynix,
Inc.
......................................
South
Korea
38,831
60,460,177
STMicroelectronics
NV
...............................
Singapore
628,158
42,986,713
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.............
Taiwan
1,730,000
128,167,631
989,515,858
Software
14.5%
a
AppLovin
Corp.
,
A
...................................
United
States
30,517
18,709,667
Microsoft
Corp.
.....................................
United
States
385,594
173,609,843
Oracle
Corp.
.......................................
United
States
249,525
56,337,754
a
Palantir
Technologies,
Inc.
,
A
...........................
United
States
104,576
16,370,327
a
Tyler
Technologies,
Inc.
...............................
United
States
61,333
19,206,429
284,234,020
Technology
Hardware,
Storage
&
Peripherals
11.1%
Apple,
Inc.
........................................
United
States
597,616
186,492,049
Wiwynn
Corp.
......................................
Taiwan
179,000
30,596,258
217,088,307
Total
Common
Stocks
(Cost
$
869,710,450
)
...................................
1,834,413,038
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Global
Technology
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Preferred
Stocks
5.8%
Technology
Hardware,
Storage
&
Peripherals
5.8%
b
Samsung
Electronics
Co.
Ltd.
,
0
.83
%
....................
South
Korea
845,982
$
113,186,947
Total
Preferred
Stocks
(Cost
$
44,473,471
)
....................................
113,186,947
Principal
Amount
*
U.S.
Government
and
Agency
Securities
0.0%
†
c
,d
U.S.
Treasury
Bonds
,
Index
Linked,
2.125
%,
2/15/54
.........
United
States
157,000
138,723
Total
U.S.
Government
and
Agency
Securities
(Cost
$
138,723
)
..................
138,723
Total
Long
Term
Investments
(Cost
$
914,322,644
)
.............................
1,947,738,708
a
Short
Term
Investments
0.5%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.1%
e,f
U.S.
Treasury
Bills
,
3
.55
%
,
7/16/26
......................
United
States
3,000,000
2,986,463
Total
U.S.
Government
and
Agency
Securities
(Cost
$
2,986,663
)
................
2,986,463
Shares
Management
Investment
Companies
0.4%
g,h
Putnam
Short
Term
Investment
Fund
,
Class
P
,
3.801
%
.......
United
States
7,625,218
7,625,218
Total
Management
Investment
Companies
(Cost
$
7,625,218
)
...................
7,625,218
Total
Short
Term
Investments
(Cost
$
10,611,881
)
..............................
10,611,681
a
Total
Investments
(Cost
$
924,934,525
)
99.8
%
.................................
$1,958,350,389
Other
Assets,
less
Liabilities
0.2
%
...........................................
2,464,551
Net
Assets
100.0%
.........................................................
$1,960,814,940
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
c
Principal
amount
of
security,
redemption
price
at
maturity,
and/or
coupon
payments
are
adjusted
for
inflation.
d
This
security
was
pledged,
or
purchased
with
cash
that
was
pledged,
to
the
Fund
for
collateral
on
certain
derivative
contracts.
e
The
rate
shown
represents
the
yield
at
period
end.
f
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
certain
derivative
contracts.
At
May
31,
2026,
the
value
of
this
security
pledged
amounted
to
$827,251,
representing
less
than
0.1%
of
net
assets.
g
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
h
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Global
Technology
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
12
At
May
31,
2026,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
British
Pound
......
TDOM
Buy
1,427,900
1,899,150
6/17/26
$
23,745
$
—
Euro
.............
BOFA
Sell
7,924,000
9,108,321
6/17/26
—
(
140,392
)
Euro
.............
BZWS
Sell
6,579,000
7,562,297
6/17/26
—
(
116,562
)
Euro
.............
CITI
Sell
25,023,400
29,296,772
6/17/26
140,186
(
50,159
)
Euro
.............
GSCO
Sell
21,114,000
24,363,883
6/17/26
28,739
(
308,638
)
Euro
.............
HSBK
Buy
21,847,900
25,243,390
6/17/26
256,984
—
Euro
.............
HSBK
Sell
7,718,500
9,107,690
6/17/26
98,832
—
Euro
.............
JPHQ
Buy
261,500
302,445
6/17/26
2,771
—
Euro
.............
JPHQ
Sell
11,863,600
13,849,273
6/17/26
46,598
(
44,249
)
Euro
.............
MSCO
Buy
16,184,400
18,900,571
6/17/26
13,779
(
24,285
)
Euro
.............
MSCO
Sell
32,711,500
37,909,394
6/17/26
—
(
270,727
)
Euro
.............
SSBT
Sell
3,008,300
3,469,915
6/17/26
—
(
41,305
)
Euro
.............
TDOM
Sell
20,116,800
23,204,829
6/17/26
—
(
275,044
)
Euro
.............
UBSW
Buy
10,025,500
11,563,662
6/17/26
137,874
—
Euro
.............
WPAC
Buy
5,027,900
5,858,217
6/17/26
10,234
—
Euro
.............
WPAC
Sell
12,572,600
14,451,600
6/17/26
—
(
222,854
)
Swedish
Krona
.....
MSCO
Buy
26,263,000
2,824,373
6/17/26
22,286
—
Canadian
Dollar
....
BOFA
Buy
3,127,300
2,271,740
7/15/26
990
—
Canadian
Dollar
....
GSCO
Sell
5,361,700
3,894,674
7/15/26
—
(
1,882
)
Canadian
Dollar
....
JPHQ
Buy
7,370,700
5,354,099
7/15/26
2,474
—
Canadian
Dollar
....
MSCO
Buy
2,625,000
1,906,722
7/15/26
967
—
Canadian
Dollar
....
SSBT
Buy
6,362,300
4,621,555
7/15/26
2,176
—
Canadian
Dollar
....
UBSW
Buy
3,486,900
2,532,831
7/15/26
1,235
—
Canadian
Dollar
....
WPAC
Buy
3,181,400
2,310,979
7/15/26
1,068
—
Israeli
New
Shekel
..
GSCO
Buy
4,934,900
1,612,001
7/15/26
138,742
—
Israeli
New
Shekel
..
HSBK
Buy
5,015,800
1,638,271
7/15/26
141,174
—
Israeli
New
Shekel
..
SSBT
Buy
6,230,100
2,036,042
7/15/26
174,197
—
Chinese
Yuan
......
BOFA
Sell
29,789,900
4,410,005
8/12/26
—
(
15,998
)
Chinese
Yuan
......
CITI
Sell
44,918,300
6,649,391
8/12/26
—
(
24,299
)
Chinese
Yuan
......
HSBK
Sell
26,952,900
3,989,742
8/12/26
—
(
14,758
)
Chinese
Yuan
......
JPHQ
Buy
40,255,400
5,959,770
8/12/26
21,134
—
Chinese
Yuan
......
SSBT
Buy
45,945,700
6,813,764
8/12/26
12,571
—
Chinese
Yuan
......
SSBT
Sell
32,458,100
4,804,917
8/12/26
—
(
17,512
)
Chinese
Yuan
......
TDOM
Sell
33,062,100
4,894,826
8/12/26
—
(
17,342
)
Chinese
Yuan
......
UBSW
Buy
73,560,200
10,890,355
8/12/26
38,776
—
Hong
Kong
Dollar
...
BZWS
Buy
24,525,300
3,140,905
8/12/26
—
(
3,666
)
Hong
Kong
Dollar
...
CITI
Sell
37,429,800
4,793,866
8/12/26
5,903
—
Hong
Kong
Dollar
...
GSCO
Sell
2,663,400
341,164
8/12/26
466
—
Hong
Kong
Dollar
...
HSBK
Buy
78,970,000
10,114,374
8/12/26
—
(
12,652
)
Hong
Kong
Dollar
...
JPHQ
Sell
62,323,600
7,982,286
8/12/26
9,946
—
Hong
Kong
Dollar
...
MSCO
Sell
65,879,400
8,437,708
8/12/26
10,516
—
Hong
Kong
Dollar
...
SSBT
Buy
138,016,200
17,679,036
8/12/26
—
(
24,214
)
Hong
Kong
Dollar
...
TDOM
Sell
24,095,900
3,086,409
8/12/26
4,098
—
Hong
Kong
Dollar
...
UBSW
Sell
49,297,100
6,314,042
8/12/26
8,032
—
Indian
Rupee
......
GSCO
Buy
735,201,500
7,706,919
8/12/26
—
(
36,324
)
Japanese
Yen
......
BOFA
Sell
1,098,040,100
7,030,024
8/12/26
96,132
(
1,387
)
Japanese
Yen
......
CITI
Buy
386,488,400
2,486,210
8/12/26
—
(
45,129
)
Japanese
Yen
......
CITI
Sell
1,327,678,500
8,387,607
8/12/26
1,919
—
Japanese
Yen
......
GSCO
Sell
662,375,700
4,260,966
8/12/26
77,366
—
Japanese
Yen
......
HSBK
Buy
1,907,855,500
12,272,837
8/12/26
—
(
222,721
)
Japanese
Yen
......
JPHQ
Buy
451,323,600
2,903,243
8/12/26
—
(
52,659
)
Japanese
Yen
......
MSCO
Buy
4,977,602,300
31,904,995
8/12/26
7,052
(
473,247
)
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Global
Technology
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
13
See
Abbreviations
on
page
18
.
Forward
Exchange
Contracts
(continued)
Currency
Counter-
party
a
Type
Quantity
Contract
Amount*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
(continued)
Japanese
Yen
......
MSCO
Sell
732,989,600
4,634,305
8/12/26
$
4,703
$
—
Japanese
Yen
......
SSBT
Buy
1,282,407,200
8,249,092
8/12/26
—
(
149,341
)
Japanese
Yen
......
TDOM
Buy
2,615,089,600
16,821,083
8/12/26
—
(
304,038
)
Japanese
Yen
......
UBSW
Sell
1,879,383,300
12,088,927
8/12/26
218,643
—
New
Taiwan
Dollar
..
BZWS
Sell
409,510,200
13,034,254
8/12/26
65,903
—
New
Taiwan
Dollar
..
GSCO
Sell
582,921,300
18,537,377
8/12/26
77,450
—
New
Taiwan
Dollar
..
HSBK
Sell
841,613,500
26,783,359
8/12/26
131,180
—
New
Taiwan
Dollar
..
SSBT
Buy
180,458,400
5,706,555
8/12/26
8,193
—
New
Taiwan
Dollar
..
SSBT
Sell
246,422,500
7,840,360
8/12/26
36,663
—
Singapore
Dollar
....
BOFA
Sell
2,484,300
1,972,459
8/12/26
15,949
—
Singapore
Dollar
....
GSCO
Buy
4,991,400
3,962,970
8/12/26
—
(
31,993
)
Singapore
Dollar
....
MSCO
Sell
1,849,500
1,468,566
8/12/26
11,992
—
Singapore
Dollar
....
SSBT
Buy
4,369,200
3,469,031
8/12/26
—
(
28,068
)
Singapore
Dollar
....
TDOM
Sell
13,742,600
10,910,722
8/12/26
87,739
—
Singapore
Dollar
....
UBSW
Sell
4,155,100
3,298,714
8/12/26
26,366
—
Singapore
Dollar
....
WPAC
Buy
12,897,100
10,239,654
8/12/26
—
(
82,544
)
South
Korean
Won
..
BZWS
Sell
6,136,200,600
4,205,268
8/12/26
129,628
—
South
Korean
Won
..
GSCO
Buy
15,218,863,100
10,427,093
8/12/26
—
(
318,785
)
South
Korean
Won
..
HSBK
Sell
9,341,214,300
6,400,284
8/12/26
195,887
—
South
Korean
Won
..
JPHQ
Buy
21,384,627,800
14,650,517
8/12/26
—
(
446,933
)
South
Korean
Won
..
JPHQ
Sell
26,254,171,600
17,836,748
8/12/26
398,832
—
South
Korean
Won
..
MSCO
Sell
74,217,090,300
50,863,480
8/12/26
1,568,785
—
Total
Forward
Exchange
Contracts
...................................................
$4,516,875
$(3,819,707)
Net
unrealized
appreciation
(depreciation)
............................................
$697,168
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Putnam
Funds
Trust
Notes
to
Schedules
of
Investments
(unaudited)
14
Quarterly
Schedules
of
Investments
1.
Organization
Putnam
Funds
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of fourteen
separate
funds, three
of
which
are
included
in
this
report
(Funds).
The Funds
follow the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
apply
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Funds’
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Funds
calculate
the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Funds'
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds'
administrator
in
performing
this
responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities
and exchange
traded
funds listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The
Funds’
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
Certain
derivative
financial
instruments
trade
in
the
OTC
market.
The
Funds’
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Funds’ net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets. 
The
Funds
have procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Putnam
Funds
Trust
Notes
to
Schedules
of
Investments
(unaudited)
15
Quarterly
Schedules
of
Investments
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Funds’
business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Funds’
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Funds'
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At
May
31,
2026,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2 within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Funds’
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Funds’
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Funds
for
financial
reporting
purposes.
3.
Investments
in
Affiliated
Management
Investment
Companies
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
May
31,
2026,
investments
in
affiliated
management
investment
companies
were
as
follows: 
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Putnam
Emerging
Markets
Equity
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Short
Term
Investment
Fund,
Class
P,
3.801%
......
$14,539,068
$227,520,780
$(195,530,315)
$—
$—
$46,529,533
46,529,533
$622,005
Non-Controlled
Affiliates
Income
from
securities
loaned
Putnam
Cash
Collateral
Pool,
LLC,
3.881%
.............
$5,349,500
$161,503,322
$(166,852,822)
$—
$—
$—
—
$117,238
Total
Affiliated
Securities
...
$19,888,568
$389,024,102
$(362,383,137)
$—
$—
$46,529,533
$739,243
Putnam
Focused
Equity
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Short
Term
Investment
Fund,
Class
P,
3.801%
......
$477,117
$120,801,300
$(113,911,310)
$—
$—
$7,367,107
7,367,107
$199,424
2. Financial
Instrument
Valuation
(continued)
Putnam
Funds
Trust
Notes
to
Schedules
of
Investments
(unaudited)
16
Quarterly
Schedules
of
Investments
4. Fair
Value
Measurements
The Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the Funds' financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
May
31,
2026,
in
valuing
the
Funds'
assets
and
liabilities carried
at
fair
value,
is
as
follows:
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Putnam
Focused
Equity
Fund
(continued)
Non-Controlled
Affiliates
Income
from
securities
loaned
Putnam
Cash
Collateral
Pool,
LLC,
3.881%
.............
$3,305,750
$59,082,214
$(62,387,964)
$—
$—
$—
—
$65,266
Total
Affiliated
Securities
...
$3,782,867
$179,883,514
$(176,299,274)
$—
$—
$7,367,107
$264,690
Putnam
Global
Technology
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Short
Term
Investment
Fund,
Class
P,
3.801%
......
$—
$240,718,223
$(233,093,005)
$—
$—
$7,625,218
7,625,218
$176,644
Total
Affiliated
Securities
...
$—
$240,718,223
$(233,093,005)
$—
$—
$7,625,218
$176,644
Level
1
Level
2
Level
3
Total
Putnam
Emerging
Markets
Equity
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Aerospace
&
Defense
...................
$
6,746,617
$
—
$
—
$
6,746,617
Automobiles
..........................
—
17,796,825
—
17,796,825
Banks
...............................
18,793,123
72,877,855
—
91,670,978
Broadline
Retail
.......................
—
22,729,100
—
22,729,100
Capital
Markets
........................
—
19,198,821
—
19,198,821
Communications
Equipment
..............
—
6,886,293
—
6,886,293
Construction
&
Engineering
...............
—
6,712,037
—
6,712,037
3.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Putnam
Funds
Trust
Notes
to
Schedules
of
Investments
(unaudited)
17
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Putnam
Emerging
Markets
Equity
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Common
Stocks:
(continued)
Consumer
Staples
Distribution
&
Retail
......
$
2,574,226
$
—
$
—
$
2,574,226
Electrical
Equipment
....................
11,986,158
18,628,262
—
30,614,420
Electronic
Equipment,
Instruments
&
Components
........................
—
35,366,614
—
35,366,614
Financial
Services
......................
—
16,720,995
—
16,720,995
Health
Care
Providers
&
Services
..........
—
7,200,802
—
7,200,802
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
10,124,410
—
10,124,410
Industrial
Conglomerates
................
—
7,909,919
—
7,909,919
Insurance
............................
—
25,386,267
—
25,386,267
Interactive
Media
&
Services
..............
—
31,458,005
—
31,458,005
Life
Sciences
Tools
&
Services
............
—
8,387,394
—
8,387,394
Machinery
............................
—
6,547,274
—
6,547,274
Metals
&
Mining
.......................
—
23,084,471
—
23,084,471
Oil,
Gas
&
Consumable
Fuels
.............
—
12,122,049
—
12,122,049
Personal
Care
Products
.................
6,121,721
—
—
6,121,721
Semiconductors
&
Semiconductor
Equipment
.
—
213,102,704
—
213,102,704
Technology
Hardware,
Storage
&
Peripherals
.
—
93,049,254
—
93,049,254
Transportation
Infrastructure
..............
—
10,710,127
—
10,710,127
Water
Utilities
.........................
10,247,744
—
—
10,247,744
Wireless
Telecommunication
Services
.......
11,625,478
20,977,600
—
32,603,078
Preferred
Stocks
.........................
12,963,950
—
—
12,963,950
Short
Term
Investments
...................
46,529,533
1,985,995
—
48,515,528
Total
Investments
in
Securities
...........
$127,588,550
$688,963,073
b
$—
$816,551,623
Other
Financial
Instruments:
Futures
Contracts
.......................
$929,924
$—
$—
$929,924
Total
Other
Financial
Instruments
.........
$929,924
$—
$—
$929,924
Putnam
Focused
Equity
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
.........................
770,445,330
—
—
770,445,330
Short
Term
Investments
...................
7,367,107
696,841
—
8,063,948
Total
Investments
in
Securities
...........
$777,812,437
$696,841
$—
$778,509,278
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$463,979
$—
$463,979
Total
Other
Financial
Instruments
.........
$—
$463,979
$—
$463,979
–
–
–
–
Liabilities:
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$
—
$
435,768
$
—
$
435,768
Total
Other
Financial
Instruments
.........
$—
$435,768
$—
$435,768
Putnam
Global
Technology
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Broadline
Retail
.......................
45,785,522
—
—
45,785,522
Communications
Equipment
..............
65,689,592
—
—
65,689,592
Construction
&
Engineering
...............
—
15,530,108
—
15,530,108
Electronic
Equipment,
Instruments
&
Components
........................
22,874,545
38,435,473
—
61,310,018
Entertainment
.........................
11,021,484
—
—
11,021,484
4. Fair
Value
Measurements
(continued)
Putnam
Funds
Trust
Notes
to
Schedules
of
Investments
(unaudited)
18
Quarterly
Schedules
of
Investments
Abbreviations
Level
1
Level
2
Level
3
Total
Putnam
Global
Technology
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Common
Stocks:
(continued)
IT
Services
...........................
$
129,092,486
$
—
$
—
$
129,092,486
Machinery
............................
—
15,145,643
—
15,145,643
Semiconductors
&
Semiconductor
Equipment
.
590,524,931
398,990,927
—
989,515,858
Software
.............................
284,234,020
—
—
284,234,020
Technology
Hardware,
Storage
&
Peripherals
.
186,492,049
30,596,258
—
217,088,307
Preferred
Stocks
.........................
—
113,186,947
—
113,186,947
U.S.
Government
and
Agency
Securities
.......
—
138,723
—
138,723
Short
Term
Investments
...................
7,625,218
2,986,463
—
10,611,681
Total
Investments
in
Securities
...........
$1,343,339,847
$615,010,542
c
$—
$1,958,350,389
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$4,516,875
$—
$4,516,875
Total
Other
Financial
Instruments
.........
$—
$4,516,875
$—
$4,516,875
–
–
–
–
Liabilities:
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$
—
$
3,819,707
$
—
$
3,819,707
Total
Other
Financial
Instruments
.........
$—
$3,819,707
$—
$3,819,707
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
foreign
securities
valued
at
$686,977,078,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
c
Includes
foreign
securities
valued
at
$611,885,356,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
Counterparty
BOFA
Bank
of
America
NA
BZWS
Barclays
Bank
plc
CITI
Citibank
NA
GSCO
Goldman
Sachs
Group,
Inc.
HSBK
HSBC
Bank
plc
JPHQ
JPMorgan
Chase
Bank
NA
MSCO
Morgan
Stanley
SSBT
State
Street
Bank
and
Trust
Co.
TDOM
Toronto
Dominion
Bank
UBSW
UBS
AG
WPAC
Westpac
Banking
Corp.
Selected
Portfolio
ADR
American
Depositary
Receipt
REIT
Real
Estate
Investment
Trust
4. Fair
Value
Measurements
(continued)
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.