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Schedule
of
Investments
(unaudited)
Franklin
Dynamic
Asset
Allocation
Equity
Fund
2
Notes
to
Schedule
of
Investments
32
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited),
August
31,
2026
Franklin
Dynamic
Asset
Allocation
Equity
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
96.3%
Aerospace
&
Defense
2.5%
Airbus
SE
.........................................
France
3,033
$
692,205
a
Archer
Aviation,
Inc.,
A
...............................
United
States
1,964
11,352
a
Astronics
Corp.
.....................................
United
States
175
12,892
a
Beta
Technologies,
Inc.,
A
.............................
United
States
1,610
32,361
Embraer
SA
.......................................
Brazil
13,600
245,383
a
Firefly
Aerospace,
Inc.
................................
United
States
412
8,701
General
Dynamics
Corp.
..............................
United
States
297
110,291
General
Electric
Co.
.................................
United
States
4,926
1,653,708
a
Honeywell
Aerospace,
Inc.
............................
United
States
1,833
289,816
Leonardo
SpA
......................................
Italy
4,701
282,426
Lockheed
Martin
Corp.
...............................
United
States
2,076
1,165,114
Melrose
Industries
plc
................................
United
Kingdom
11,981
82,166
a
Mercury
Systems,
Inc.
................................
United
States
197
17,204
Moog,
Inc.,
A
.......................................
United
States
118
43,837
Northrop
Grumman
Corp.
.............................
United
States
1,053
568,304
Rolls-Royce
Holdings
plc
.............................
United
Kingdom
2,934
59,631
RTX
Corp.
........................................
United
States
3,198
664,321
Safran
SA
.........................................
France
1,048
409,601
a
Satellogic,
Inc.,
A
...................................
United
States
2,036
9,915
Thales
SA
.........................................
France
657
186,342
TransDigm
Group,
Inc.
...............................
United
States
106
124,204
a
V2X,
Inc.
..........................................
United
States
284
21,913
VSE
Corp.
........................................
United
States
44
9,182
6,700,869
Air
Freight
&
Logistics
0.9%
DHL
AG
..........................................
Germany
5,264
341,920
Expeditors
International
of
Washington,
Inc.
...............
United
States
579
109,807
FedEx
Corp.
.......................................
United
States
5,302
1,735,875
Hub
Group,
Inc.,
A
...................................
United
States
573
22,845
United
Parcel
Service,
Inc.,
B
..........................
United
States
1,020
106,315
2,316,762
Automobile
Components
0.2%
a
Adient
plc
.........................................
United
States
862
16,352
Aisin
Corp.
........................................
Japan
9,500
133,238
Continental
AG
.....................................
Germany
1,113
91,804
Dana,
Inc.
.........................................
United
States
1,611
48,298
Garrett
Motion,
Inc.
..................................
Switzerland
1,236
33,310
a
Gentherm,
Inc.
.....................................
United
States
335
13,162
Sumitomo
Electric
Industries
Ltd.
.......................
Japan
3,300
45,699
Visteon
Corp.
......................................
United
States
501
51,012
432,875
Automobiles
1.5%
a
Ather
Energy
Ltd.
...................................
India
3,392
61,177
Ford
Motor
Co.
.....................................
United
States
40,724
567,693
General
Motors
Co.
..................................
United
States
10,277
887,111
Isuzu
Motors
Ltd.
...................................
Japan
2,100
29,823
Kia
Corp.
.........................................
South
Korea
2,247
214,338
Mahindra
&
Mahindra
Ltd.
.............................
India
9,789
337,258
Subaru
Corp.
......................................
Japan
2,800
46,423
a
Tesla,
Inc.
.........................................
United
States
5,274
1,940,568
4,084,391
Banks
6.6%
AIB
Group
plc
......................................
Ireland
34,949
444,688
Al
Rajhi
Bank
......................................
Saudi
Arabia
15,028
267,813
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Franklin
Dynamic
Asset
Allocation
Equity
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Banks
(continued)
Ameris
Bancorp
....................................
United
States
126
$
10,616
Associated
Banc-Corp.
...............................
United
States
348
10,652
a
Axos
Financial,
Inc.
..................................
United
States
270
26,133
Banc
of
California,
Inc.
...............................
United
States
538
10,018
Banco
Bilbao
Vizcaya
Argentaria
SA
.....................
Spain
9,849
284,956
Banco
Santander
SA
.................................
Spain
40,924
598,874
a
Bancorp,
Inc.
(The)
..................................
United
States
586
38,090
Bank
Hapoalim
BM
..................................
Israel
4,967
128,250
Bank
Leumi
Le-Israel
BM
.............................
Israel
11,950
304,656
Bank
of
America
Corp.
...............................
United
States
20,009
1,239,357
Bank
of
China
Ltd.,
H
................................
China
631,000
473,617
Bank
of
Hawaii
Corp.
................................
United
States
331
25,133
BankUnited,
Inc.
....................................
United
States
2,010
91,656
Banner
Corp.
......................................
United
States
148
10,381
Barclays
plc
.......................................
United
Kingdom
53,742
356,417
BNP
Paribas
SA
....................................
France
5,868
698,630
CaixaBank
SA
......................................
Spain
2,172
33,118
Capitol
Federal
Financial,
Inc.
..........................
United
States
1,745
15,024
Carter
Bankshares,
Inc.
...............................
United
States
378
11,809
Cathay
General
Bancorp
..............................
United
States
969
59,313
Central
Pacific
Financial
Corp.
.........................
United
States
535
19,913
Citigroup,
Inc.
......................................
United
States
21,249
2,796,793
CTBC
Financial
Holding
Co.
Ltd.
........................
Taiwan
142,000
289,678
a
Customers
Bancorp,
Inc.
..............................
United
States
667
52,146
CVB
Financial
Corp.
.................................
United
States
500
11,085
Danske
Bank
A/S
...................................
Denmark
3,721
215,091
Enterprise
Financial
Services
Corp.
......................
United
States
452
28,580
Erste
Group
Bank
AG
................................
Austria
2,154
302,752
Financial
Institutions,
Inc.
.............................
United
States
285
11,548
First
Bancorp
......................................
United
States
2,318
64,626
First
Busey
Corp.
...................................
United
States
794
23,899
First
Financial
Corp.
.................................
United
States
141
11,037
First
Horizon
Corp.
..................................
United
States
4,168
101,366
First
Merchants
Corp.
................................
United
States
117
4,852
Grupo
Financiero
Banorte
SAB
de
CV,
O
..................
Mexico
25,286
286,327
Hancock
Whitney
Corp.
...............................
United
States
645
48,046
Hanmi
Financial
Corp.
................................
United
States
548
16,988
Hope
Bancorp,
Inc.
..................................
United
States
1,204
16,603
HSBC
Holdings
plc,
(GBP
Traded)
......................
United
Kingdom
25,467
521,652
HSBC
Holdings
plc,
(HKD
Traded)
......................
United
Kingdom
6,000
123,477
ICICI
Bank
Ltd.
.....................................
India
34,225
521,337
Independent
Bank
Corp.
..............................
United
States
336
12,261
ING
Groep
NV
.....................................
Netherlands
5,889
208,474
International
Bancshares
Corp.
.........................
United
States
277
19,434
Intesa
Sanpaolo
SpA
.................................
Italy
8,924
70,305
JPMorgan
Chase
&
Co.
...............................
United
States
3,484
1,240,374
KB
Financial
Group,
Inc.
..............................
South
Korea
3,505
439,681
Lloyds
Banking
Group
plc
.............................
United
Kingdom
237,636
350,354
Mercantile
Bank
Corp.
................................
United
States
193
11,534
Metropolitan
Bank
Holding
Corp.
........................
United
States
121
10,984
Mitsubishi
UFJ
Financial
Group,
Inc.
.....................
Japan
36,800
838,990
Mizuho
Financial
Group,
Inc.
...........................
Japan
3,300
175,786
National
Bank
Holdings
Corp.,
A
........................
United
States
659
27,210
National
Bank
of
Greece
SA
...........................
Greece
26,855
524,842
NatWest
Group
plc
..................................
United
Kingdom
6,245
56,783
Northrim
BanCorp,
Inc.
...............................
United
States
386
9,870
Northwest
Bancshares,
Inc.
............................
United
States
715
10,932
a
NU
Holdings
Ltd.,
A
..................................
Brazil
7,436
108,194
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Franklin
Dynamic
Asset
Allocation
Equity
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Banks
(continued)
OceanFirst
Financial
Corp.
............................
United
States
828
$
15,600
OFG
Bancorp
......................................
United
States
983
51,165
Orrstown
Financial
Services,
Inc.
.......................
United
States
274
11,426
OTP
Bank
Nyrt.
.....................................
Hungary
1,928
277,309
PNC
Financial
Services
Group,
Inc.
(The)
.................
United
States
2,557
612,734
Popular,
Inc.
.......................................
United
States
648
108,987
Preferred
Bank
.....................................
United
States
109
11,165
Shore
Bancshares,
Inc.
...............................
United
States
487
11,182
Simmons
First
National
Corp.,
A
........................
United
States
1,091
24,635
Societe
Generale
SA
.................................
France
2,527
212,865
Southern
Missouri
Bancorp,
Inc.
........................
United
States
156
11,480
Sumitomo
Mitsui
Financial
Group,
Inc.
....................
Japan
10,400
446,449
a
Third
Coast
Bancshares,
Inc.
..........................
United
States
206
9,188
Towne
Bank
.......................................
United
States
287
10,630
Trustmark
Corp.
....................................
United
States
840
38,573
UniCredit
SpA
......................................
Italy
3,685
359,656
United
Community
Banks,
Inc.
.........................
United
States
433
15,086
Univest
Financial
Corp.
...............................
United
States
342
14,200
US
Bancorp
.......................................
United
States
1,695
104,378
Valley
National
Bancorp
..............................
United
States
798
10,885
WaFd,
Inc.
........................................
United
States
427
15,270
Wells
Fargo
&
Co.
...................................
United
States
5,367
463,655
Westamerica
BanCorp
...............................
United
States
193
11,204
WSFS
Financial
Corp.
................................
United
States
152
11,772
Zions
Bancorp
NA
...................................
United
States
1,641
109,438
17,691,937
Beverages
1.1%
Carlsberg
A/S,
B
....................................
Denmark
1,686
230,956
Coca-Cola
Co.
(The)
.................................
United
States
11,850
1,050,740
Coca-Cola
Consolidated,
Inc.
..........................
United
States
581
113,626
Coca-Cola
HBC
AG
.................................
Italy
2,568
157,913
Kirin
Holdings
Co.
Ltd.
...............................
Japan
7,100
135,549
a
Monster
Beverage
Corp.
..............................
United
States
10,647
488,910
PepsiCo,
Inc.
......................................
United
States
5,299
743,662
a
Vita
Coco
Co.,
Inc.
(The)
..............................
United
States
189
11,097
2,932,453
Biotechnology
2.8%
AbbVie,
Inc.
.......................................
United
States
5,326
1,365,693
a
ACADIA
Pharmaceuticals,
Inc.
.........................
United
States
2,204
63,718
a
Achieve
Life
Sciences,
Inc.
............................
United
States
1,635
12,982
a
ADMA
Biologics,
Inc.
.................................
United
States
900
8,451
a
Alkermes
plc
.......................................
United
States
1,506
70,767
a
Allogene
Therapeutics,
Inc.
............................
United
States
7,629
15,258
a
Alnylam
Pharmaceuticals,
Inc.
..........................
United
States
462
111,199
a
AnaptysBio,
Inc.
....................................
United
States
500
28,515
a
Apogee
Therapeutics,
Inc.
.............................
United
States
79
10,671
a
Arbutus
Biopharma
Corp.
.............................
United
States
3,184
16,175
a
Arcus
Biosciences,
Inc.
...............................
United
States
387
11,331
a
Arcutis
Biotherapeutics,
Inc.
...........................
United
States
485
11,625
a
Ardelyx,
Inc.
.......................................
United
States
1,975
7,465
a
Argenx
SE
........................................
Belgium
160
164,245
a
Beam
Therapeutics,
Inc.
..............................
United
States
298
8,770
a
BioCryst
Pharmaceuticals,
Inc.
.........................
United
States
5,506
53,408
a
CareDx,
Inc.
.......................................
United
States
601
30,116
a
Celcuity,
Inc.
.......................................
United
States
97
8,639
a
Corvus
Pharmaceuticals,
Inc.
..........................
United
States
814
11,429
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Franklin
Dynamic
Asset
Allocation
Equity
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Biotechnology
(continued)
a
CRISPR
Therapeutics
AG
.............................
Switzerland
460
$
26,211
a
Cytokinetics,
Inc.
....................................
United
States
579
41,057
a
Denali
Therapeutics,
Inc.
..............................
United
States
629
14,945
a
Enanta
Pharmaceuticals,
Inc.
..........................
United
States
554
7,385
a
Erasca,
Inc.
.......................................
United
States
615
10,996
a
Exelixis,
Inc.
.......................................
United
States
5,855
319,917
a
Genmab
A/S
.......................................
Denmark
339
112,029
a
ImmunityBio,
Inc.
...................................
United
States
2,512
19,970
a
Incyte
Corp.
.......................................
United
States
5,162
636,062
a
Inhibrx
Biosciences,
Inc.
..............................
United
States
226
28,634
a
Intellia
Therapeutics,
Inc.
..............................
United
States
1,005
12,794
a
Ironwood
Pharmaceuticals,
Inc.,
A
.......................
United
States
5,392
22,916
a
Kiniksa
Pharmaceuticals
International
plc,
A
...............
United
States
168
13,210
a
Kodiak
Sciences,
Inc.
................................
United
States
384
14,342
a
Kymera
Therapeutics,
Inc.
.............................
United
States
91
10,812
a
Kyverna
Therapeutics,
Inc.
............................
United
States
1,151
9,755
a
MeiraGTx
Holdings
plc
...............................
United
States
984
13,589
a
Mineralys
Therapeutics,
Inc.
...........................
United
States
840
21,563
a
Natera,
Inc.
........................................
United
States
502
161,624
a
Neurocrine
Biosciences,
Inc.
...........................
United
States
674
103,816
a
Novavax,
Inc.
......................................
United
States
1,466
13,736
a
Praxis
Precision
Medicines,
Inc.
........................
United
States
47
16,464
a
Precigen,
Inc.
......................................
United
States
2,258
15,648
a
Protagonist
Therapeutics,
Inc.
..........................
United
States
562
83,036
a
Prothena
Corp.
plc
..................................
Ireland
1,110
10,378
Regeneron
Pharmaceuticals,
Inc.
.......................
United
States
2,374
1,897,016
a
REGENXBIO,
Inc.
...................................
United
States
853
8,103
a
Relay
Therapeutics,
Inc.
..............................
United
States
558
10,256
a
Rhythm
Pharmaceuticals,
Inc.
..........................
United
States
546
57,947
a
Rigel
Pharmaceuticals,
Inc.
............................
United
States
339
15,655
a
Sana
Biotechnology,
Inc.
..............................
United
States
4,115
15,925
a
SELLAS
Life
Sciences
Group,
Inc.
......................
United
States
1,168
15,581
a
Shattuck
Labs,
Inc.
..................................
United
States
1,457
10,214
a
Spyre
Therapeutics,
Inc.
..............................
United
States
118
10,541
a
Stoke
Therapeutics,
Inc.
..............................
United
States
744
23,213
a
Sutro
Biopharma,
Inc.
................................
United
States
344
6,963
a
Tango
Therapeutics,
Inc.
..............................
United
States
1,044
23,845
a
TG
Therapeutics,
Inc.
................................
United
States
570
30,951
a
Travere
Therapeutics,
Inc.
.............................
United
States
1,122
74,366
a
Twist
Bioscience
Corp.
...............................
United
States
105
14,595
a
Ultragenyx
Pharmaceutical,
Inc.
........................
United
States
313
7,891
a
Vertex
Pharmaceuticals,
Inc.
...........................
United
States
2,736
1,489,807
a
Vir
Biotechnology,
Inc.
................................
United
States
1,623
17,756
a
Xenon
Pharmaceuticals,
Inc.
...........................
Canada
290
17,464
a
Zymeworks,
Inc.
....................................
United
States
618
18,175
7,517,610
Broadline
Retail
2.6%
Alibaba
Group
Holding
Ltd.
............................
China
39,200
560,355
a
Amazon.com,
Inc.
...................................
United
States
23,638
6,140,443
a
Etsy,
Inc.
..........................................
United
States
1,385
112,642
Kohl's
Corp.
.......................................
United
States
1,311
23,362
Next
plc
..........................................
United
Kingdom
300
62,735
a
Sea
Ltd.,
ADR
......................................
Singapore
500
56,740
6,956,277
Building
Products
0.4%
Apogee
Enterprises,
Inc.
..............................
United
States
279
10,898
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Franklin
Dynamic
Asset
Allocation
Equity
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Building
Products
(continued)
a
Janus
International
Group,
Inc.
.........................
United
States
1,888
$
9,364
Masco
Corp.
.......................................
United
States
1,455
104,993
a
Resideo
Technologies,
Inc.
............................
United
States
378
7,318
Trane
Technologies
plc
...............................
United
States
1,718
763,479
UFP
Industries,
Inc.
..................................
United
States
579
48,937
944,989
Capital
Markets
3.2%
3i
Group
plc
.......................................
United
Kingdom
2,462
93,173
Acadian
Asset
Management,
Inc.
.......................
United
States
546
51,433
Ameriprise
Financial,
Inc.
.............................
United
States
225
124,450
Bank
of
New
York
Mellon
Corp.
(The)
....................
United
States
734
118,379
Charles
Schwab
Corp.
(The)
...........................
United
States
8,721
957,740
CME
Group,
Inc.
....................................
United
States
1,777
507,333
Deutsche
Bank
AG
..................................
Germany
6,520
261,123
b
Euronext
NV,
144A,
Reg
S
............................
Netherlands
1,338
253,306
Evercore,
Inc.,
A
....................................
United
States
1,609
460,866
Goldman
Sachs
Group,
Inc.
(The)
.......................
United
States
1,883
1,931,770
Hong
Kong
Exchanges
&
Clearing
Ltd.
...................
Hong
Kong
5,800
313,585
Interactive
Brokers
Group,
Inc.,
A
.......................
United
States
2,110
205,282
Japan
Exchange
Group,
Inc.
...........................
Japan
11,400
159,301
Korea
Investment
Holdings
Co.
Ltd.
.....................
South
Korea
857
119,709
Lazard,
Inc.,
A
......................................
United
States
2,424
104,789
London
Stock
Exchange
Group
plc
......................
United
Kingdom
2,255
273,325
Moelis
&
Co.,
A
.....................................
United
States
1,143
77,804
Morgan
Stanley
.....................................
United
States
581
123,939
MSCI,
Inc.,
A
.......................................
United
States
323
184,317
Nasdaq,
Inc.
.......................................
United
States
3,147
310,326
Nomura
Holdings,
Inc.
................................
Japan
27,600
281,014
Northern
Trust
Corp.
.................................
United
States
560
103,914
Schroders
plc
......................................
United
Kingdom
4,748
37,459
SEI
Investments
Co.
.................................
United
States
1,863
206,756
Singapore
Exchange
Ltd.
.............................
Singapore
7,400
148,132
State
Street
Corp.
...................................
United
States
2,131
407,831
Stifel
Financial
Corp.
.................................
United
States
1,635
132,075
a
StoneX
Group,
Inc.
..................................
United
States
891
61,016
UBS
Group
AG
.....................................
Switzerland
8,727
477,860
Virtus
Investment
Partners,
Inc.
.........................
United
States
126
20,853
8,508,860
Chemicals
0.6%
Asahi
Kasei
Corp.
...................................
Japan
14,700
150,468
Avient
Corp.
.......................................
United
States
366
16,126
Balchem
Corp.
.....................................
United
States
245
43,093
Cabot
Corp.
.......................................
United
States
177
14,640
Chemours
Co.
(The)
.................................
United
States
1,268
19,730
Huntsman
Corp.
....................................
United
States
1,517
14,533
a
Ingevity
Corp.
......................................
United
States
187
12,957
Innospec,
Inc.
......................................
United
States
248
23,277
a
Intrepid
Potash,
Inc.
.................................
United
States
343
13,264
Linde
plc
..........................................
United
States
475
232,551
a
LSB
Industries,
Inc.
..................................
United
States
786
8,387
LyondellBasell
Industries
NV,
A
.........................
United
States
1,635
106,406
Mativ
Holdings,
Inc.
..................................
United
States
970
11,533
Minerals
Technologies,
Inc.
............................
United
States
348
24,680
Mitsubishi
Chemical
Group
Corp.
.......................
Japan
14,000
104,977
a
Perimeter
Solutions,
Inc.
..............................
United
States
454
13,847
PPG
Industries,
Inc.
.................................
United
States
1,808
202,803
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Franklin
Dynamic
Asset
Allocation
Equity
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Chemicals
(continued)
a
Rayonier
Advanced
Materials,
Inc.
.......................
United
States
1,103
$
9,475
Sherwin-Williams
Co.
(The)
............................
United
States
1,082
366,592
Toray
Industries,
Inc.
.................................
Japan
11,400
91,441
Yara
International
ASA
...............................
Brazil
744
36,466
1,517,246
Commercial
Services
&
Supplies
0.2%
Brink's
Co.
(The)
....................................
United
States
235
25,599
a
Cimpress
plc
.......................................
Ireland
123
10,961
Cintas
Corp.
.......................................
United
States
1,898
382,997
a
CoreCivic,
Inc.
.....................................
United
States
494
16,411
a
OPENLANE,
Inc.
...................................
United
States
492
17,515
Securitas
AB,
B
.....................................
Sweden
3,577
56,664
Veralto
Corp.
.......................................
United
States
1,174
115,721
625,868
Communications
Equipment
1.1%
Accton
Technology
Corp.
..............................
Taiwan
3,000
192,068
a
Arista
Networks,
Inc.
.................................
United
States
2,624
513,491
a
Calix,
Inc.
.........................................
United
States
549
20,928
a
Ciena
Corp.
.......................................
United
States
1,117
427,588
Cisco
Systems,
Inc.
.................................
United
States
10,945
1,209,313
a
Extreme
Networks,
Inc.
...............................
United
States
2,331
52,424
a
NETGEAR,
Inc.
.....................................
United
States
396
8,379
a
NetScout
Systems,
Inc.
...............................
United
States
376
14,600
Nokia
OYJ
........................................
Finland
9,942
101,116
Telefonaktiebolaget
LM
Ericsson,
B
......................
Sweden
30,374
307,623
Ubiquiti,
Inc.
.......................................
United
States
207
122,134
a
Viasat,
Inc.
........................................
United
States
241
16,212
Vistance
Networks,
Inc.
...............................
United
States
1,211
7,641
2,993,517
Construction
&
Engineering
0.4%
Argan,
Inc.
........................................
United
States
99
42,074
a
Centuri
Holdings,
Inc.
................................
United
States
332
6,776
Comfort
Systems
USA,
Inc.
............................
United
States
65
100,465
a
Fluor
Corp.
........................................
United
States
205
11,175
Larsen
&
Toubro
Ltd.
.................................
India
5,816
246,566
a
Legence
Corp.,
A
...................................
United
States
198
10,607
a
NWPX
Infrastructure,
Inc.
.............................
United
States
219
24,073
Quanta
Services,
Inc.
................................
United
States
603
366,075
Tutor
Perini
Corp.
...................................
United
States
681
60,282
Valmont
Industries,
Inc.
...............................
United
States
212
99,568
967,661
Construction
Materials
0.4%
CRH
plc
..........................................
United
States
6,575
619,957
Holcim
AG
........................................
France
941
82,519
Vulcan
Materials
Co.
.................................
United
States
1,008
271,737
974,213
Consumer
Finance
0.5%
American
Express
Co.
...............................
United
States
790
260,834
Bread
Financial
Holdings,
Inc.
..........................
United
States
680
71,040
Capital
One
Financial
Corp.
...........................
United
States
3,750
804,413
a
Credit
Acceptance
Corp.
..............................
United
States
187
112,151
a
Enova
International,
Inc.
..............................
United
States
256
58,040
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Franklin
Dynamic
Asset
Allocation
Equity
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
8
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Consumer
Finance
(continued)
a
Happen,
Inc.
.......................................
United
States
3,082
$
54,182
PROG
Holdings,
Inc.
.................................
United
States
787
30,008
1,390,668
Consumer
Staples
Distribution
&
Retail
1.0%
Andersons,
Inc.
(The)
................................
United
States
171
11,093
a
BJ's
Wholesale
Club
Holdings,
Inc.
......................
United
States
2,168
196,529
Costco
Wholesale
Corp.
..............................
United
States
426
402,097
Dollar
General
Corp.
.................................
United
States
877
111,160
a
Dollar
Tree,
Inc.
....................................
United
States
836
105,829
Ingles
Markets,
Inc.,
A
................................
United
States
338
27,648
Jeronimo
Martins
SGPS
SA
...........................
Portugal
8,283
172,960
Koninklijke
Ahold
Delhaize
NV
..........................
Netherlands
4,703
167,434
Kroger
Co.
(The)
....................................
United
States
5,245
301,797
Target
Corp.
.......................................
United
States
2,406
387,077
a
United
Natural
Foods,
Inc.
.............................
United
States
326
14,298
Walmart,
Inc.
......................................
United
States
8,827
925,688
2,823,610
Containers
&
Packaging
0.1%
Crown
Holdings,
Inc.
.................................
United
States
1,054
122,675
Greif,
Inc.,
A
.......................................
United
States
159
13,157
135,832
Distributors
0.0%
†
a
GigaCloud
Technology,
Inc.,
A
..........................
United
States
462
22,421
Gold.com,
Inc.
.....................................
United
States
276
12,412
34,833
Diversified
Consumer
Services
0.0%
†
a
Coursera,
Inc.
......................................
United
States
6,286
40,985
a
Frontdoor,
Inc.
.....................................
United
States
162
13,101
a
Laureate
Education,
Inc.
..............................
United
States
1,641
61,587
Perdoceo
Education
Corp.
............................
United
States
457
15,190
130,863
Diversified
REITs
0.0%
†
American
Assets
Trust,
Inc.
............................
United
States
505
11,342
Broadstone
Net
Lease,
Inc.
............................
United
States
505
10,534
Global
Net
Lease,
Inc.
................................
United
States
4,170
38,281
60,157
Diversified
Telecommunication
Services
0.5%
AT&T,
Inc.
.........................................
United
States
4,461
115,495
a
Bandwidth,
Inc.,
A
...................................
United
States
208
10,074
Comcast
Corp.,
A
...................................
United
States
4,486
119,417
Deutsche
Telekom
AG
................................
Germany
11,441
375,994
IDT
Corp.,
B
.......................................
United
States
496
33,837
Iridium
Communications,
Inc.
..........................
United
States
2,129
100,021
a
Lumen
Technologies,
Inc.
.............................
United
States
4,237
26,481
Telenor
ASA
.......................................
Norway
5,025
73,731
Telstra
Group
Ltd.
...................................
Australia
81,889
273,803
Verizon
Communications,
Inc.
..........................
United
States
2,449
122,499
1,251,352
Electric
Utilities
1.5%
American
Electric
Power
Co.,
Inc.
.......................
United
States
3,814
466,948
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Franklin
Dynamic
Asset
Allocation
Equity
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Electric
Utilities
(continued)
Constellation
Energy
Corp.
............................
United
States
405
$
111,282
Edison
International
.................................
United
States
4,211
227,310
Enel
SpA
.........................................
Italy
61,441
671,880
Iberdrola
SA
.......................................
Spain
16,150
376,001
Kansai
Electric
Power
Co.,
Inc.
(The)
....................
Japan
9,000
157,876
NextEra
Energy,
Inc.
.................................
United
States
7,733
636,735
NRG
Energy,
Inc.
...................................
United
States
5,275
580,883
PG&E
Corp.
.......................................
United
States
63,289
839,845
Portland
General
Electric
Co.
..........................
United
States
421
20,570
TXNM
Energy,
Inc.
..................................
United
States
265
15,267
4,104,597
Electrical
Equipment
1.7%
ABB
Ltd.
..........................................
Switzerland
7,840
767,736
Allient,
Inc.
........................................
United
States
340
31,963
Atkore,
Inc.
........................................
United
States
149
13,960
a
Bloom
Energy
Corp.,
A
...............................
United
States
3,568
736,078
Contemporary
Amperex
Technology
Co.
Ltd.,
A
.............
China
4,100
221,559
a
Energy
Vault
Holdings,
Inc.
............................
United
States
3,965
13,481
EnerSys
..........................................
United
States
335
61,593
a
Fluence
Energy,
Inc.
.................................
United
States
592
6,400
a
FuelCell
Energy,
Inc.
.................................
United
States
709
12,216
Fuji
Electric
Co.
Ltd.
.................................
Japan
300
25,773
Fujikura
Ltd.
.......................................
Japan
1,300
44,324
GE
Vernova
T&D
India
Ltd.
............................
India
2,800
130,646
GE
Vernova,
Inc.
....................................
United
States
590
530,133
Harbin
Electric
Co.
Ltd.,
H
.............................
China
74,000
158,000
a
Hyliion
Holdings
Corp.
................................
United
States
3,771
13,085
Hyosung
Heavy
Industries
Corp.
........................
South
Korea
76
163,356
Mitsubishi
Electric
Corp.
..............................
Japan
7,100
245,850
a
Nidec
Corp.
.......................................
Japan
2,700
43,419
a
NuScale
Power
Corp.,
A
..............................
United
States
1,207
11,189
Preformed
Line
Products
Co.
..........................
United
States
31
12,426
Schneider
Electric
SE
................................
United
States
679
232,409
a
Shoals
Technologies
Group,
Inc.,
A
......................
United
States
997
6,899
Siemens
Energy
AG
.................................
Germany
3,198
526,735
a
Sunrun,
Inc.
.......................................
United
States
813
6,967
Vertiv
Holdings
Co.,
A
................................
United
States
1,489
385,234
a
Vicor
Corp.
........................................
United
States
432
81,078
4,482,509
Electronic
Equipment,
Instruments
&
Components
0.9%
a
Aeva
Technologies,
Inc.
..............................
United
States
694
10,868
a
Arlo
Technologies,
Inc.
...............................
United
States
1,585
20,843
Bel
Fuse,
Inc.,
A
....................................
United
States
43
8,805
a
Coherent
Corp.
.....................................
United
States
1,638
455,085
Corning,
Inc.
.......................................
United
States
2,434
362,009
Delta
Electronics,
Inc.
................................
Taiwan
2,000
116,030
Elite
Material
Co.
Ltd.
................................
Taiwan
1,000
172,760
Hon
Hai
Precision
Industry
Co.
Ltd.
......................
Taiwan
21,000
165,413
a
Insight
Enterprises,
Inc.
...............................
United
States
130
20,413
a
Itron,
Inc.
.........................................
United
States
264
25,611
Keyence
Corp.
.....................................
Japan
600
312,628
a
Keysight
Technologies,
Inc.
............................
United
States
319
102,941
Murata
Manufacturing
Co.
Ltd.
.........................
Japan
500
22,220
a
nLight,
Inc.
........................................
United
States
647
27,349
a
Ouster,
Inc.
........................................
United
States
567
19,527
a
Plexus
Corp.
.......................................
United
States
84
20,115
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Franklin
Dynamic
Asset
Allocation
Equity
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
10
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Electronic
Equipment,
Instruments
&
Components
(continued)
Samsung
Electro-Mechanics
Co.
Ltd.
....................
South
Korea
209
$
220,417
a
Sanmina
Corp.
.....................................
United
States
554
108,983
Unimicron
Technology
Corp.
...........................
Taiwan
5,000
157,346
Vishay
Intertechnology,
Inc.
............................
United
States
584
17,771
Yokogawa
Electric
Corp.
..............................
Japan
2,900
92,200
2,459,334
Energy
Equipment
&
Services
0.2%
Baker
Hughes
Co.,
A
.................................
United
States
1,635
103,904
a
Forum
Energy
Technologies,
Inc.
........................
United
States
623
51,067
Halliburton
Co.
.....................................
United
States
2,937
108,229
Liberty
Energy,
Inc.,
A
................................
United
States
557
10,979
a
National
Energy
Services
Reunited
Corp.
.................
United
States
1,129
39,639
a
Oceaneering
International,
Inc.
.........................
United
States
1,403
72,619
a
Oil
States
International,
Inc.
...........................
United
States
2,751
24,264
Patterson-UTI
Energy,
Inc.
............................
United
States
1,474
18,632
a
ProPetro
Holding
Corp.
...............................
United
States
717
8,145
TechnipFMC
plc
....................................
United
Kingdom
1,629
127,306
a
Transocean
Ltd.
....................................
United
States
7,878
45,771
610,555
Entertainment
1.4%
Cinemark
Holdings,
Inc.
..............................
United
States
374
13,318
a
Live
Nation
Entertainment,
Inc.
.........................
United
States
1,594
286,745
a
Netflix,
Inc.
........................................
United
States
17,229
1,396,410
a
ROBLOX
Corp.,
A
...................................
United
States
2,761
114,002
a
Roku,
Inc.,
A
.......................................
United
States
4,630
726,586
a
Spotify
Technology
SA
................................
United
States
1,963
1,067,126
a
Stubhub
Holdings,
Inc.,
A
.............................
United
States
770
4,912
Universal
Music
Group
NV
............................
Netherlands
9,401
159,766
3,768,865
Financial
Services
2.5%
a
Aditya
Birla
Capital
Ltd.
...............................
India
56,449
242,391
Apollo
Global
Management,
Inc.
........................
United
States
3,020
412,472
a
Berkshire
Hathaway,
Inc.,
B
............................
United
States
677
341,228
Bladex,
Inc.,
E
.....................................
Panama
344
18,548
a
Chime
Financial,
Inc.,
A
...............................
United
States
14,578
482,678
Essent
Group
Ltd.
...................................
United
States
251
16,958
FirstRand
Ltd.
......................................
South
Africa
43,651
258,388
Investor
AB,
B
......................................
Sweden
8,136
350,040
Jackson
Financial,
Inc.,
A
.............................
United
States
637
84,995
M&G
plc
..........................................
United
Kingdom
15,850
74,686
Mastercard,
Inc.,
A
..................................
United
States
4,886
2,879,369
MGIC
Investment
Corp.
...............................
United
States
5,101
156,346
a
NMI
Holdings,
Inc.,
A
.................................
United
States
473
20,977
ORIX
Corp.
........................................
Japan
4,100
159,514
Pagseguro
Digital
Ltd.,
A
..............................
Brazil
5,892
53,146
a
Payoneer
Global,
Inc.
................................
United
States
1,874
13,324
PayPal
Holdings,
Inc.
................................
United
States
4,426
233,095
PennyMac
Financial
Services,
Inc.
......................
United
States
205
14,988
a
Sezzle,
Inc.
........................................
United
States
70
8,438
StoneCo
Ltd.,
A
.....................................
Brazil
3,324
32,243
Visa,
Inc.,
A
........................................
United
States
2,666
1,011,400
6,865,224
Food
Products
0.5%
Ajinomoto
Co.,
Inc.
..................................
Japan
6,100
205,071
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Franklin
Dynamic
Asset
Allocation
Equity
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Food
Products
(continued)
Archer-Daniels-Midland
Co.
...........................
United
States
1,401
$
113,887
Cal-Maine
Foods,
Inc.
................................
United
States
533
42,065
Dole
plc
..........................................
United
States
1,838
25,456
JBS
NV,
A
.........................................
United
States
17,588
236,383
Nestle
SA
.........................................
Switzerland
5,907
574,600
a
Seneca
Foods
Corp.,
A
...............................
United
States
203
40,253
b
WH
Group
Ltd.,
144A,
Reg
S
..........................
Hong
Kong
191,000
180,296
1,418,011
Gas
Utilities
0.1%
New
Jersey
Resources
Corp.
..........................
United
States
951
50,726
Northwest
Natural
Holding
Co.
.........................
United
States
313
15,359
ONE
Gas,
Inc.
.....................................
United
States
753
59,690
Osaka
Gas
Co.
Ltd.
.................................
Japan
2,600
93,655
Spire,
Inc.
.........................................
United
States
116
9,494
Tokyo
Gas
Co.
Ltd.
..................................
Japan
3,100
119,861
348,785
Ground
Transportation
0.2%
Canadian
National
Railway
Co.
.........................
Canada
2,222
277,439
a
Fedex
Freight
Holding
Co.,
Inc.
.........................
United
States
994
132,938
410,377
Health
Care
Equipment
&
Supplies
1.1%
Abbott
Laboratories
..................................
United
States
977
107,822
a
AtriCure,
Inc.
.......................................
United
States
363
17,551
a
Axogen,
Inc.
.......................................
United
States
941
47,765
Becton
Dickinson
&
Co.
...............................
United
States
2,408
452,969
BioMerieux
........................................
France
338
29,400
a
Boston
Scientific
Corp.
...............................
United
States
4,821
232,854
a
Butterfly
Network,
Inc.
................................
United
States
1,281
10,107
a
Cerus
Corp.
.......................................
United
States
5,095
13,451
a
Dexcom,
Inc.
.......................................
United
States
3,930
357,866
a
Glaukos
Corp.
......................................
United
States
297
53,329
a
Haemonetics
Corp.
..................................
United
States
155
15,976
Hoya
Corp.
........................................
Japan
4,000
612,504
a
IDEXX
Laboratories,
Inc.
..............................
United
States
566
315,087
a
Inspire
Medical
Systems,
Inc.
..........................
United
States
187
11,779
a
Insulet
Corp.
.......................................
United
States
725
107,778
a
Intuitive
Surgical,
Inc.
................................
United
States
1,024
385,905
a
IRhythm
Holdings,
Inc.
...............................
United
States
128
15,224
a
Lantheus
Holdings,
Inc.
...............................
United
States
115
11,610
a
LivaNova
plc
.......................................
United
States
565
45,093
a
Novocure
Ltd.
......................................
United
States
2,392
42,219
Olympus
Corp.
.....................................
Japan
2,800
36,965
a
Varex
Imaging
Corp.
.................................
United
States
967
17,880
2,941,134
Health
Care
Providers
&
Services
1.3%
a
agilon
health,
Inc.
...................................
United
States
127
11,162
a
Alignment
Healthcare,
Inc.
............................
United
States
429
5,749
a
AMN
Healthcare
Services,
Inc.
.........................
United
States
971
33,286
Apollo
Hospitals
Enterprise
Ltd.
.........................
India
2,226
207,868
a
BrightSpring
Health
Services,
Inc.
.......................
United
States
177
10,337
a
Castle
Biosciences,
Inc.
..............................
United
States
1,184
39,108
a
Centene
Corp.
.....................................
United
States
3,027
194,757
Chemed
Corp.
.....................................
United
States
211
109,448
Cigna
Group
(The)
..................................
United
States
394
108,776
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Franklin
Dynamic
Asset
Allocation
Equity
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
12
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Providers
&
Services
(continued)
a
Clover
Health
Investments
Corp.,
A
......................
United
States
5,838
$
24,228
CVS
Health
Corp.
...................................
United
States
1,092
102,550
Elevance
Health,
Inc.
................................
United
States
269
105,593
a
GeneDx
Holdings
Corp.,
A
.............................
United
States
140
11,873
HCA
Healthcare,
Inc.
.................................
United
States
261
108,171
a
HealthEquity,
Inc.
...................................
United
States
112
10,812
a
Hims
&
Hers
Health,
Inc.
..............................
United
States
578
17,097
a
Hinge
Health,
Inc.,
A
.................................
United
States
178
16,476
Humana,
Inc.
......................................
United
States
279
106,921
McKesson
Corp.
....................................
United
States
1,027
909,224
a
Omada
Health,
Inc.
..................................
United
States
753
18,486
a
Progyny,
Inc.
.......................................
United
States
620
15,866
a
Starling
Oncology,
Inc.
...............................
United
States
1,939
11,459
UnitedHealth
Group,
Inc.
..............................
United
States
2,970
1,156,548
Universal
Health
Services,
Inc.,
B
.......................
United
States
865
147,335
3,483,130
Health
Care
REITs
0.0%
†
CareTrust
REIT,
Inc.
.................................
United
States
891
34,705
Diversified
Healthcare
Trust
...........................
United
States
1,510
11,431
LTC
Properties,
Inc.
.................................
United
States
270
10,886
National
Health
Investors,
Inc.
..........................
United
States
204
14,506
71,528
Health
Care
Technology
0.1%
a
Doximity,
Inc.,
A
....................................
United
States
4,345
116,055
a
HeartFlow,
Inc.
.....................................
United
States
321
16,175
a
Phreesia,
Inc.
......................................
United
States
2,607
31,831
a
Teladoc
Health,
Inc.
.................................
United
States
2,778
17,613
a
Veeva
Systems,
Inc.,
A
...............................
United
States
451
128,846
310,520
Hotel
&
Resort
REITs
0.3%
Apple
Hospitality
REIT,
Inc.
............................
United
States
727
11,596
Chatham
Lodging
Trust
...............................
United
States
1,160
15,115
DiamondRock
Hospitality
Co.
..........................
United
States
1,013
12,470
Host
Hotels
&
Resorts,
Inc.
............................
United
States
28,924
634,303
Ryman
Hospitality
Properties,
Inc.
.......................
United
States
425
53,873
Sunstone
Hotel
Investors,
Inc.
..........................
United
States
6,626
74,012
Xenia
Hotels
&
Resorts,
Inc.
...........................
United
States
646
12,113
813,482
Hotels,
Restaurants
&
Leisure
1.5%
a
Airbnb,
Inc.,
A
......................................
United
States
6,340
1,161,615
Aristocrat
Leisure
Ltd.
................................
Australia
5,087
221,185
a
BJ's
Restaurants,
Inc.
................................
United
States
437
27,789
a
Bloomin'
Brands,
Inc.
................................
United
States
2,142
22,063
Booking
Holdings,
Inc.
...............................
United
States
2,636
524,801
Brightstar
Lottery
plc
.................................
United
States
2,074
23,374
a
Brinker
International,
Inc.
.............................
United
States
349
79,746
Cheesecake
Factory,
Inc.
(The)
.........................
United
States
98
10,730
a
Chipotle
Mexican
Grill,
Inc.,
A
..........................
United
States
3,100
117,893
Compass
Group
plc
.................................
United
Kingdom
11,539
351,154
Cracker
Barrel
Old
Country
Store,
Inc.
....................
United
States
208
11,490
Hilton
Worldwide
Holdings,
Inc.
.........................
United
States
740
234,047
InterContinental
Hotels
Group
plc
.......................
United
States
1,057
169,624
a
Life
Time
Group
Holdings,
Inc.
.........................
United
States
193
8,110
Monarch
Casino
&
Resort,
Inc.
.........................
United
States
107
12,888
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Franklin
Dynamic
Asset
Allocation
Equity
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Hotels,
Restaurants
&
Leisure
(continued)
Red
Rock
Resorts,
Inc.,
A
.............................
United
States
167
$
9,379
Royal
Caribbean
Cruises
Ltd.
..........................
United
States
1,357
364,680
Starbucks
Corp.
....................................
United
States
3,042
323,213
Texas
Roadhouse,
Inc.,
A
.............................
United
States
880
172,128
a
Viking
Holdings
Ltd.
.................................
United
States
1,066
91,825
3,937,734
Household
Durables
0.5%
a
Hovnanian
Enterprises,
Inc.,
A
..........................
United
States
129
16,013
KB
Home
.........................................
United
States
207
11,033
a
M/I
Homes,
Inc.
.....................................
United
States
303
45,089
Panasonic
Holdings
Corp.
.............................
Japan
3,800
105,960
PulteGroup,
Inc.
....................................
United
States
5,661
715,098
a
Sonos,
Inc.
........................................
United
States
3,036
47,362
Sony
Group
Corp.
...................................
Japan
15,400
380,549
Toll
Brothers,
Inc.
...................................
United
States
747
107,157
1,428,261
Household
Products
0.7%
Colgate-Palmolive
Co.
...............................
United
States
10,514
944,367
Oil-Dri
Corp.
of
America
..............................
United
States
275
24,745
Procter
&
Gamble
Co.
(The)
...........................
United
States
4,569
663,053
Reckitt
Benckiser
Group
plc
...........................
United
Kingdom
2,706
186,880
Unilever
Indonesia
Tbk.
PT
............................
Indonesia
599,400
59,382
1,878,427
Independent
Power
and
Renewable
Electricity
Producers
0.3%
a
Hallador
Energy
Co.
.................................
United
States
971
16,099
NTPC
Ltd.
.........................................
India
93,964
322,848
RWE
AG
..........................................
Germany
714
48,564
a
Talen
Energy
Corp.
..................................
United
States
326
96,418
Vistra
Corp.
........................................
United
States
1,640
225,287
709,216
Industrial
Conglomerates
0.7%
3M
Co.
...........................................
United
States
5,115
878,910
Hitachi
Ltd.
........................................
Japan
19,600
665,396
Honeywell
International,
Inc.
...........................
United
States
1,703
363,642
Siemens
AG
.......................................
Germany
87
28,841
Smiths
Group
plc
...................................
United
Kingdom
2,205
77,064
2,013,853
Industrial
REITs
0.2%
LXP
Industrial
Trust
..................................
United
States
866
52,575
Prologis,
Inc.
.......................................
United
States
2,989
418,221
470,796
Insurance
2.2%
Aflac,
Inc.
.........................................
United
States
926
107,277
AIA
Group
Ltd.
.....................................
Hong
Kong
30,800
297,762
Allianz
SE
.........................................
Germany
754
393,223
Allstate
Corp.
(The)
..................................
United
States
2,693
694,255
American
International
Group,
Inc.
......................
United
States
5,756
439,528
Aon
plc,
A
.........................................
United
States
1,419
456,237
AXA
SA
...........................................
France
6,052
302,182
Axis
Capital
Holdings
Ltd.
.............................
United
States
977
96,508
a
Baldwin
Insurance
Group,
Inc.
(The),
A
...................
United
States
1,884
58,121
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Franklin
Dynamic
Asset
Allocation
Equity
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
14
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Insurance
(continued)
China
Pacific
Insurance
Group
Co.
Ltd.,
H
.................
China
79,000
$
303,957
CNO
Financial
Group,
Inc.
............................
United
States
1,120
61,365
a
Genworth
Financial,
Inc.,
A
............................
United
States
5,981
59,451
Globe
Life,
Inc.
.....................................
United
States
578
99,803
Hamilton
Insurance
Group
Ltd.,
B
.......................
United
States
1,606
56,467
Hanover
Insurance
Group,
Inc.
(The)
.....................
United
States
502
113,507
a
Heritage
Insurance
Holdings,
Inc.
.......................
United
States
880
29,586
Horace
Mann
Educators
Corp.
.........................
United
States
311
15,827
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
Germany
341
204,972
NN
Group
NV
......................................
Netherlands
295
26,670
a
Oscar
Health,
Inc.,
A
.................................
United
States
637
19,085
Powszechny
Zaklad
Ubezpieczen
SA
....................
Poland
11,760
233,931
Primerica,
Inc.
......................................
United
States
339
97,513
Progressive
Corp.
(The)
..............................
United
States
6,043
1,317,857
QBE
Insurance
Group
Ltd.
............................
Australia
12,275
195,187
a
Rasan
Information
Technology
Co.
......................
Saudi
Arabia
3,103
112,976
a
SiriusPoint
Ltd.
.....................................
United
States
1,104
26,706
Talanx
AG
.........................................
Germany
833
120,667
Universal
Insurance
Holdings,
Inc.
.......................
United
States
360
15,473
Unum
Group
.......................................
United
States
1,159
108,042
6,064,135
Interactive
Media
&
Services
5.3%
Alphabet,
Inc.,
A
....................................
United
States
15,487
5,255,513
Alphabet,
Inc.,
C
....................................
United
States
12,190
4,088,648
a
Cargurus,
Inc.,
A
....................................
United
States
1,216
43,363
a
EverQuote,
Inc.,
A
...................................
United
States
1,155
29,383
Meta
Platforms,
Inc.,
A
...............................
United
States
6,824
3,905,648
a
Nextdoor
Holdings,
Inc.
...............................
United
States
6,212
13,977
a
Pinterest,
Inc.,
A
....................................
United
States
5,254
114,064
Tencent
Holdings
Ltd.
................................
China
15,700
901,733
14,352,329
IT
Services
1.0%
Accenture
plc,
A
....................................
United
States
2,500
474,400
a
Fastly,
Inc.,
A
......................................
United
States
988
22,517
Fujitsu
Ltd.
........................................
Japan
11,400
273,673
a
GoDaddy,
Inc.,
A
....................................
United
States
1,156
113,149
Indra
Sistemas
SA
..................................
Spain
387
27,509
NEC
Corp.
........................................
Japan
4,200
128,067
a
Shopify,
Inc.,
A
.....................................
Canada
2,222
327,456
a
Snowflake,
Inc.,
A
...................................
United
States
1,672
554,151
Tata
Consultancy
Services
Ltd.
.........................
India
5,291
133,099
VeriSign,
Inc.
......................................
United
States
2,167
624,703
2,678,724
Leisure
Products
0.2%
Bandai
Namco
Holdings,
Inc.
..........................
Japan
7,100
254,297
Hasbro,
Inc.
.......................................
United
States
1,326
124,777
Polaris,
Inc.
........................................
United
States
887
57,247
436,321
Life
Sciences
Tools
&
Services
0.7%
a
10X
Genomics,
Inc.,
A
................................
United
States
1,105
69,007
a
CryoPort,
Inc.
......................................
United
States
1,018
16,288
Lonza
Group
AG
....................................
Switzerland
322
229,475
Mesa
Laboratories,
Inc.
...............................
United
States
150
19,181
Thermo
Fisher
Scientific,
Inc.
..........................
United
States
1,694
1,045,367
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Franklin
Dynamic
Asset
Allocation
Equity
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
15
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Life
Sciences
Tools
&
Services
(continued)
a
Waters
Corp.
......................................
United
States
321
$
133,096
b
WuXi
AppTec
Co.
Ltd.,
H,
144A,
Reg
S
...................
China
12,190
293,567
1,805,981
Machinery
2.1%
a
3D
Systems
Corp.
...................................
United
States
3,728
12,228
Alamo
Group,
Inc.
...................................
United
States
67
11,027
Albany
International
Corp.,
A
...........................
United
States
187
10,365
Astec
Industries,
Inc.
.................................
United
States
179
7,616
Atlas
Copco
AB,
B
...................................
Sweden
3,368
62,586
Atmus
Filtration
Technologies,
Inc.
......................
United
States
988
46,663
a
Blue
Bird
Corp.
.....................................
United
States
257
14,945
Caterpillar,
Inc.
.....................................
United
States
2,250
1,794,307
Cummins,
Inc.
......................................
United
States
1,923
1,085,341
Daimler
Truck
Holding
AG
.............................
Germany
3,501
189,590
Douglas
Dynamics,
Inc.
...............................
United
States
229
9,405
ESCO
Technologies,
Inc.
..............................
United
States
58
15,836
FANUC
Corp.
......................................
Japan
600
22,483
Federal
Signal
Corp.
.................................
United
States
88
10,296
Franklin
Electric
Co.,
Inc.
.............................
United
States
103
10,309
GEA
Group
AG
.....................................
Germany
1,882
146,500
Helios
Technologies,
Inc.
..............................
United
States
187
13,655
Ingersoll
Rand,
Inc.
..................................
United
States
4,407
339,559
Kennametal,
Inc.
....................................
United
States
490
14,377
Knorr-Bremse
AG
...................................
Germany
1,734
212,017
Komatsu
Ltd.
......................................
Japan
1,900
87,870
Lincoln
Electric
Holdings,
Inc.
..........................
United
States
343
96,462
Makita
Corp.
.......................................
Japan
800
26,430
Minebea
Mitsumi,
Inc.
................................
Japan
5,600
117,615
Mueller
Water
Products,
Inc.,
A
.........................
United
States
618
14,918
NGK
Corp.
........................................
Japan
2,200
72,696
Otis
Worldwide
Corp.
................................
United
States
5,105
363,119
a
Proto
Labs,
Inc.
.....................................
United
States
560
44,834
Schindler
Holding
AG
................................
Switzerland
417
135,531
Techtronic
Industries
Co.
Ltd.
..........................
Hong
Kong
13,000
223,579
Terex
Corp.
........................................
United
States
166
10,543
Toro
Co.
(The)
.....................................
United
States
1,122
109,743
b
VAT
Group
AG,
144A,
Reg
S
...........................
Switzerland
37
27,479
Wartsila
OYJ
Abp
...................................
Finland
2,749
88,799
Weichai
Power
Co.
Ltd.,
A
.............................
China
33,400
134,695
Yangzijiang
Shipbuilding
Holdings
Ltd.
....................
China
12,800
48,624
5,632,042
Marine
Transportation
0.1%
Kuehne
+
Nagel
International
AG
.......................
Switzerland
371
98,897
Matson,
Inc.
.......................................
United
States
353
79,358
SITC
International
Holdings
Co.
Ltd.
.....................
China
20,000
121,622
299,877
Media
0.2%
a
AppLovin
Corp.,
A
...................................
United
States
347
108,285
Fox
Corp.,
B
.......................................
United
States
5,259
316,697
a
Ibotta,
Inc.,
A
.......................................
United
States
294
10,940
a
Magnite,
Inc.
.......................................
United
States
675
15,856
New
York
Times
Co.
(The),
A
...........................
United
States
1,688
113,552
a
PubMatic,
Inc.,
A
....................................
United
States
1,647
27,389
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Franklin
Dynamic
Asset
Allocation
Equity
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
16
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Media
(continued)
Versant
Media
Group,
Inc.
.............................
United
States
125
$
5,140
597,859
Metals
&
Mining
1.9%
Anglo
American
plc
..................................
South
Africa
549
31,123
Anglogold
Ashanti
plc,
(USD
Traded)
.....................
Australia
1,294
145,342
Anglogold
Ashanti
plc,
(ZAR
Traded)
.....................
Australia
2,589
290,813
BHP
Group
Ltd.
....................................
Australia
18,803
884,337
Boliden
AB
........................................
Sweden
1,037
61,003
a
Century
Aluminum
Co.
...............................
United
States
560
25,631
Commercial
Metals
Co.
...............................
United
States
217
14,641
a
Compass
Minerals
International,
Inc.
.....................
United
States
354
8,801
a
Constellium
SE,
A
...................................
United
States
1,972
52,120
Ferroglobe
plc
......................................
United
States
3,103
12,753
Fortescue
Ltd.
......................................
Australia
16,445
208,168
Freeport-McMoRan,
Inc.
..............................
United
States
23,846
1,806,096
Fresnillo
plc
.......................................
Mexico
2,156
90,402
Glencore
plc
.......................................
Australia
45,202
360,712
a
Hycroft
Mining
Holding
Corp.,
A
.........................
United
States
583
13,660
a
Idaho
Strategic
Resources,
Inc.
.........................
United
States
397
12,918
Kaiser
Aluminum
Corp.
...............................
United
States
235
37,313
Materion
Corp.
.....................................
United
States
40
9,443
a
McEwen,
Inc.
......................................
Canada
952
19,192
a
Metallus,
Inc.
......................................
United
States
573
11,185
Mitsui
Kinzoku
Co.
Ltd.
...............................
Japan
800
144,916
Newmont
Corp.
.....................................
United
States
3,403
428,982
Norsk
Hydro
ASA
...................................
Norway
5,496
55,488
Rio
Tinto
plc
.......................................
Australia
1,325
135,806
SSR
Mining,
Inc.
....................................
Canada
510
19,181
SunCoke
Energy,
Inc.
................................
United
States
1,665
17,200
a
USA
Rare
Earth,
Inc.
.................................
United
States
823
14,666
Warrior
Met
Coal,
Inc.
................................
United
States
285
30,848
Zijin
Mining
Group
Co.
Ltd.,
H
..........................
China
64,000
298,424
5,241,164
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.0%
†
Chimera
Investment
Corp.
.............................
United
States
713
8,171
Ladder
Capital
Corp.,
A
...............................
United
States
1,495
14,651
MFA
Financial,
Inc.
..................................
United
States
1,030
9,085
31,907
Multi-Utilities
0.3%
Avista
Corp.
.......................................
United
States
1,196
44,443
Black
Hills
Corp.
....................................
United
States
664
47,596
Northwestern
Energy
Group,
Inc.
.......................
United
States
217
15,008
Public
Service
Enterprise
Group,
Inc.
....................
United
States
9,822
720,247
827,294
Office
REITs
0.1%
COPT
Defense
Properties
.............................
United
States
298
10,728
Empire
State
Realty
Trust,
Inc.,
A
.......................
United
States
1,776
8,046
Vornado
Realty
Trust
.................................
United
States
6,548
244,764
263,538
Oil,
Gas
&
Consumable
Fuels
3.5%
BP
plc
............................................
United
States
52,929
378,590
California
Resources
Corp.
............................
United
States
299
15,856
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Franklin
Dynamic
Asset
Allocation
Equity
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
17
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
a
Centrus
Energy
Corp.,
A
..............................
United
States
60
$
10,284
Chevron
Corp.
.....................................
United
States
6,525
1,345,063
ConocoPhillips
.....................................
United
States
3,514
465,570
CVR
Energy,
Inc.
...................................
United
States
365
15,279
Delek
US
Holdings,
Inc.
..............................
United
States
215
15,983
DHT
Holdings,
Inc.
..................................
United
States
705
13,818
Dorian
LPG
Ltd.
....................................
United
States
354
17,714
ENEOS
Holdings,
Inc.
................................
Japan
5,000
41,690
Eni
SpA
..........................................
Italy
2,440
66,699
Equinor
ASA
.......................................
Norway
6,739
289,039
ExxonMobil
Holdings
Corp.
............................
United
States
14,901
2,398,316
Galp
Energia
SGPS
SA,
B
............................
Portugal
10,110
253,024
a
Gulfport
Energy
Corp.
................................
United
States
90
16,151
HF
Sinclair
Corp.
...................................
United
States
1,618
164,405
Idemitsu
Kosan
Co.
Ltd.
..............................
Japan
10,200
90,327
International
Seaways,
Inc.
............................
United
States
136
13,415
Murphy
Oil
Corp.
....................................
United
States
805
29,318
a
Par
Pacific
Holdings,
Inc.
.............................
United
States
182
14,545
PBF
Energy,
Inc.,
A
..................................
United
States
214
15,620
Peabody
Energy
Corp.
...............................
United
States
350
10,392
PetroChina
Co.
Ltd.,
H
...............................
China
274,000
355,103
Phillips
66
.........................................
United
States
590
145,482
Repsol
SA
.........................................
Spain
3,007
95,907
Scorpio
Tankers,
Inc.
.................................
Monaco
709
55,912
Shell
plc,
(EUR
Traded)
...............................
United
States
11,336
521,341
Shell
plc,
(GBP
Traded)
...............................
United
States
4,918
225,324
SM
Energy
Co.
.....................................
United
States
302
11,228
Teekay
Corp.
Ltd.
...................................
United
States
2,208
29,057
Teekay
Tankers
Ltd.,
A
...............................
Canada
772
69,202
TotalEnergies
SE
...................................
France
4,875
429,556
Valero
Energy
Corp.
.................................
United
States
4,901
1,759,067
a
Vista
Energy
SAB
de
CV,
ADR
.........................
Argentina
2,282
163,072
World
Kinect
Corp.
..................................
United
States
410
14,658
9,556,007
Paper
&
Forest
Products
0.0%
†
Sylvamo
Corp.
.....................................
United
States
258
9,267
Passenger
Airlines
0.4%
a
Allegiant
Travel
Co.
..................................
United
States
319
24,260
International
Consolidated
Airlines
Group
SA
...............
United
Kingdom
33,983
197,197
a
Joby
Aviation,
Inc.
...................................
United
States
3,101
21,211
Qantas
Airways
Ltd.
.................................
Australia
27,659
185,874
a
SkyWest,
Inc.
......................................
United
States
590
55,849
Southwest
Airlines
Co.
...............................
United
States
15,080
581,032
a
United
Airlines
Holdings,
Inc.
...........................
United
States
865
93,411
1,158,834
Personal
Care
Products
0.1%
APR
Corp.
........................................
South
Korea
524
177,443
a
Herbalife
Ltd.
......................................
United
States
1,557
17,112
L'Oreal
SA
........................................
France
164
73,022
267,577
Pharmaceuticals
3.9%
a
Alumis,
Inc.
........................................
United
States
476
10,382
a
Amneal
Pharmaceuticals,
Inc.
..........................
United
States
1,049
18,326
a
Amylyx
Pharmaceuticals,
Inc.
..........................
United
States
587
19,811
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Franklin
Dynamic
Asset
Allocation
Equity
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
18
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Pharmaceuticals
(continued)
a
Arvinas,
Inc.
.......................................
United
States
2,730
$
25,116
AstraZeneca
plc,
(GBP
Traded)
.........................
United
Kingdom
2,280
367,577
AstraZeneca
plc,
(USD
Traded)
.........................
United
Kingdom
2,464
399,488
a
Axsome
Therapeutics,
Inc.
............................
United
States
491
97,473
Bristol-Myers
Squibb
Co.
..............................
United
States
8,402
561,338
a
Corcept
Therapeutics,
Inc.
............................
United
States
1,149
130,239
a
Crinetics
Pharmaceuticals,
Inc.
.........................
United
States
126
10,704
Daiichi
Sankyo
Co.
Ltd.
...............................
Japan
9,200
164,757
a
Definium
Therapeutics,
Inc.
............................
United
States
238
9,453
Eli
Lilly
&
Co.
......................................
United
States
2,902
3,356,830
a
Enliven
Therapeutics,
Inc.
.............................
United
States
210
12,157
GSK
plc
..........................................
United
Kingdom
15,488
389,517
a
Indivior
Pharmaceuticals,
Inc.
..........................
United
States
400
13,972
Ipsen
SA
..........................................
France
617
116,854
Johnson
&
Johnson
.................................
United
States
410
108,999
a
Lexicon
Pharmaceuticals,
Inc.
..........................
United
States
5,002
11,255
a
Maze
Therapeutics,
Inc.
..............................
United
States
716
19,024
Merck
&
Co.,
Inc.
...................................
United
States
11,198
1,654,616
a
Nektar
Therapeutics
.................................
United
States
432
30,836
Novartis
AG
.......................................
United
States
5,499
836,406
Novo
Nordisk
A/S,
ADR
...............................
Denmark
6,267
284,083
Novo
Nordisk
A/S,
B
.................................
Denmark
6,538
296,093
Roche
Holding
AG
..................................
United
States
2,541
1,107,675
Sanofi
SA
.........................................
United
States
4,404
391,555
a
Supernus
Pharmaceuticals,
Inc.
........................
United
States
881
38,949
a
Theravance
Biopharma,
Inc.
...........................
United
States
1,303
22,203
a
Trevi
Therapeutics,
Inc.
...............................
United
States
587
9,744
UCB
SA
..........................................
Belgium
182
45,559
10,560,991
Professional
Services
0.5%
Broadridge
Financial
Solutions,
Inc.
......................
United
States
616
112,346
Computershare
Ltd.
.................................
Australia
964
27,446
a
ExlService
Holdings,
Inc.
..............................
United
States
2,905
110,622
Exponent,
Inc.
......................................
United
States
569
40,405
a
Innodata,
Inc.
......................................
United
States
102
5,755
Kforce,
Inc.
........................................
United
States
209
12,034
Korn
Ferry
........................................
United
States
378
32,338
a
Legalzoom.com,
Inc.
.................................
United
States
4,028
25,094
Maximus,
Inc.
......................................
United
States
162
9,359
Paycom
Software,
Inc.
...............................
United
States
495
118,355
a
Paylocity
Holding
Corp.
...............................
United
States
1,218
195,148
Recruit
Holdings
Co.
Ltd.
.............................
Japan
4,400
498,316
a
Upwork,
Inc.
.......................................
United
States
5,090
45,963
Wolters
Kluwer
NV
..................................
Netherlands
898
73,875
1,307,056
Real
Estate
Management
&
Development
0.6%
a
CBRE
Group,
Inc.,
A
.................................
United
States
6,972
1,016,587
a
Cushman
&
Wakefield
Ltd.
............................
United
States
3,990
53,825
a
Jones
Lang
LaSalle,
Inc.
..............................
United
States
1,125
411,604
Newmark
Group,
Inc.,
A
..............................
United
States
2,231
33,978
a
Opendoor
Technologies,
Inc.
...........................
United
States
3,731
11,939
1,527,933
Residential
REITs
0.1%
Invitation
Homes,
Inc.
................................
United
States
3,442
100,300
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Franklin
Dynamic
Asset
Allocation
Equity
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
19
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Residential
REITs
(continued)
Mid-America
Apartment
Communities,
Inc.
................
United
States
834
$
107,461
207,761
Retail
REITs
0.1%
Alexander's,
Inc.
....................................
United
States
59
16,028
Brixmor
Property
Group,
Inc.
...........................
United
States
3,665
105,882
CBL
&
Associates
Properties,
Inc.
.......................
United
States
344
18,813
Kite
Realty
Group
Trust
...............................
United
States
405
10,449
Scentre
Group
.....................................
Australia
32,866
84,455
Simon
Property
Group,
Inc.
............................
United
States
471
100,003
Tanger,
Inc.
........................................
United
States
408
15,385
Urban
Edge
Properties
...............................
United
States
705
14,918
365,933
Semiconductors
&
Semiconductor
Equipment
14.4%
a
ACM
Research,
Inc.,
A
...............................
China
278
20,244
a
Advanced
Micro
Devices,
Inc.
..........................
United
States
4,250
2,000,560
Advantest
Corp.
....................................
Japan
1,100
230,216
a
Aehr
Test
Systems
..................................
United
States
360
28,537
a
Ambarella,
Inc.
.....................................
United
States
475
32,955
a
Ambiq
Micro,
Inc.
...................................
United
States
176
10,263
Applied
Materials,
Inc.
................................
United
States
2,754
1,262,406
a
ARM
Holdings
plc,
ADR
..............................
United
States
716
173,208
ASE
Technology
Holding
Co.
Ltd.
.......................
Taiwan
11,000
202,628
ASML
Holding
NV
...................................
Netherlands
881
1,494,205
ASML
Holding
NV,
ADR
..............................
Netherlands
366
620,740
a
Axcelis
Technologies,
Inc.
.............................
United
States
143
16,492
a
AXT,
Inc.
..........................................
United
States
514
31,154
Broadcom,
Inc.
.....................................
United
States
9,799
3,628,962
a
CEVA,
Inc.
........................................
United
States
244
6,600
a
Cirrus
Logic,
Inc.
....................................
United
States
939
102,830
a
Everspin
Technologies,
Inc.
............................
United
States
537
8,726
a
Ichor
Holdings
Ltd.
..................................
United
States
110
5,893
a
Impinj,
Inc.
........................................
United
States
71
12,377
Infineon
Technologies
AG
.............................
Germany
1,920
125,159
a
Intel
Corp.
.........................................
United
States
3,560
318,656
a
Kioxia
Holdings
Corp.
................................
Japan
600
185,516
KLA
Corp.
.........................................
United
States
3,613
633,901
Kulicke
&
Soffa
Industries,
Inc.
.........................
Singapore
309
24,739
Lam
Research
Corp.
.................................
United
States
8,389
2,529,200
Marvell
Technology,
Inc.
..............................
United
States
3,525
746,101
a
MaxLinear,
Inc.,
A
...................................
United
States
529
31,692
MediaTek,
Inc.
.....................................
Taiwan
3,000
371,172
Micron
Technology,
Inc.
...............................
United
States
3,531
3,385,276
Nanya
Technology
Corp.
..............................
Taiwan
5,000
85,530
NAURA
Technology
Group
Co.
Ltd.,
A
....................
China
1,440
149,871
a
Navitas
Semiconductor
Corp.,
A
........................
United
States
1,406
16,296
NVIDIA
Corp.
......................................
United
States
64,480
14,235,894
QUALCOMM,
Inc.
...................................
United
States
4,667
795,630
a
Rigetti
Computing,
Inc.
...............................
United
States
587
9,192
SCREEN
Holdings
Co.
Ltd.
............................
Japan
2,500
210,370
a
Silicon
Laboratories,
Inc.
..............................
United
States
71
15,553
SK
Hynix,
Inc.
......................................
South
Korea
930
1,125,568
a
SK
Hynix,
Inc.,
ADR
.................................
South
Korea
1,158
190,583
STMicroelectronics
NV
...............................
Singapore
551
27,576
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.............
Taiwan
48,000
3,607,290
Tokyo
Electron
Ltd.
..................................
Japan
500
175,001
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Franklin
Dynamic
Asset
Allocation
Equity
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
20
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
a
Ultra
Clean
Holdings,
Inc.
.............................
United
States
109
$
7,393
38,892,155
Software
6.4%
a
ACI
Worldwide,
Inc.
..................................
United
States
303
16,144
a
Adobe,
Inc.
........................................
United
States
4,595
1,345,370
a
Alarm.com
Holdings,
Inc.
.............................
United
States
231
13,296
a
Appian
Corp.,
A
.....................................
United
States
472
20,272
a
Arteris,
Inc.
........................................
United
States
1,176
25,731
a
Atlassian
Corp.,
A
...................................
United
States
1,129
219,218
a
C3.ai,
Inc.,
A
.......................................
United
States
1,136
12,292
a
Cadence
Design
Systems,
Inc.
.........................
United
States
1,754
594,220
a
Cerence,
Inc.
......................................
United
States
2,573
21,716
a
Check
Point
Software
Technologies
Ltd.
..................
Israel
600
83,346
a
Cipher
Digital,
Inc.
...................................
United
States
1,165
18,058
Clear
Secure,
Inc.,
A
.................................
United
States
457
20,177
a
Commvault
Systems,
Inc.
.............................
United
States
290
39,881
Constellation
Software,
Inc.
............................
Canada
80
181,174
a
Core
Scientific,
Inc.
..................................
United
States
533
8,688
a
DocuSign,
Inc.,
A
...................................
United
States
2,084
138,107
a
Dropbox,
Inc.,
A
....................................
United
States
3,471
122,144
a
D-Wave
Quantum,
Inc.
...............................
United
States
841
14,465
a
Elastic
NV
.........................................
United
States
1,292
126,035
a
Fortinet,
Inc.
.......................................
United
States
1,933
330,408
a
HubSpot,
Inc.
......................................
United
States
472
123,362
a
Hut
8
Corp.
........................................
United
States
374
29,411
InterDigital,
Inc.
.....................................
United
States
103
34,508
Intuit,
Inc.
.........................................
United
States
368
132,222
a
LiveRamp
Holdings,
Inc.
..............................
United
States
1,235
46,584
a
Manhattan
Associates,
Inc.
............................
United
States
751
167,616
Microsoft
Corp.
.....................................
United
States
19,992
10,141,742
a
Nutanix,
Inc.,
A
.....................................
United
States
2,199
150,785
OneSpan,
Inc.
......................................
United
States
807
13,332
Oracle
Corp.
.......................................
United
States
650
96,928
a
PagerDuty,
Inc.
.....................................
United
States
6,073
85,872
a
Palantir
Technologies,
Inc.,
A
...........................
United
States
10,127
1,887,470
a
Palo
Alto
Networks,
Inc.
..............................
United
States
1,050
401,237
Pegasystems,
Inc.
...................................
United
States
3,287
120,994
a
Q2
Holdings,
Inc.
...................................
United
States
222
14,439
a
Qualys,
Inc.
.......................................
United
States
66
12,285
a
Rapid7,
Inc.
.......................................
United
States
1,994
26,839
RingCentral,
Inc.,
A
..................................
United
States
2,519
175,373
a
Riot
Platforms,
Inc.
..................................
United
States
820
15,576
Sage
Group
plc
(The)
................................
United
Kingdom
4,126
60,313
SAP
SE
..........................................
Germany
528
116,208
a
Teradata
Corp.
.....................................
United
States
484
14,036
a
Varonis
Systems,
Inc.,
B
..............................
United
States
346
15,144
a
Weave
Communications,
Inc.
..........................
United
States
1,775
12,975
a
Workiva,
Inc.,
A
.....................................
United
States
218
17,440
17,263,433
Specialized
REITs
0.2%
American
Tower
Corp.
................................
United
States
2,191
384,959
Farmland
Partners,
Inc.
...............................
United
States
832
8,561
Outfront
Media,
Inc.
.................................
United
States
1,999
58,731
452,251
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Franklin
Dynamic
Asset
Allocation
Equity
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
21
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Specialty
Retail
0.6%
a
Abercrombie
&
Fitch
Co.,
A
............................
United
States
625
$
89,425
American
Eagle
Outfitters,
Inc.
.........................
United
States
793
13,188
Avolta
AG
.........................................
Switzerland
519
29,240
Buckle,
Inc.
(The)
...................................
United
States
202
8,605
Caleres,
Inc.
.......................................
United
States
808
9,841
H
&
M
Hennes
&
Mauritz
AB,
B
.........................
Sweden
5,897
107,729
Ross
Stores,
Inc.
...................................
United
States
470
107,414
a
Sally
Beauty
Holdings,
Inc.
............................
United
States
873
14,300
a
Stitch
Fix,
Inc.,
A
....................................
United
States
2,747
8,708
TJX
Cos.,
Inc.
(The)
.................................
United
States
8,581
1,149,082
a
Urban
Outfitters,
Inc.
.................................
United
States
212
17,106
a
Victoria's
Secret
&
Co.
...............................
United
States
562
48,000
a
Wayfair,
Inc.,
A
.....................................
United
States
1,050
104,234
1,706,872
Technology
Hardware,
Storage
&
Peripherals
6.2%
Apple,
Inc.
........................................
United
States
41,087
13,018,416
Asia
Vital
Components
Co.
Ltd.
.........................
Taiwan
2,000
215,871
a
Eastman
Kodak
Co.
.................................
United
States
1,396
12,536
a
Everpure,
Inc.,
A
....................................
United
States
1,345
125,018
Lenovo
Group
Ltd.
..................................
China
70,000
268,191
Samsung
Electronics
Co.
Ltd.
..........................
South
Korea
9,523
1,797,779
a
Sandisk
Corp.
......................................
United
States
237
371,308
Seagate
Technology
Holdings
plc
.......................
United
States
563
466,378
Western
Digital
Corp.
................................
United
States
1,118
503,715
16,779,212
Textiles,
Apparel
&
Luxury
Goods
0.4%
adidas
AG
.........................................
Germany
714
125,055
Asics
Corp.
........................................
Japan
10,200
286,038
Carter's,
Inc.
.......................................
United
States
1,057
34,236
a
Deckers
Outdoor
Corp.
...............................
United
States
3,903
339,873
a
Figs,
Inc.,
A
........................................
United
States
1,067
16,368
G-III
Apparel
Group
Ltd.
..............................
United
States
414
13,492
LVMH
Moet
Hennessy
Louis
Vuitton
SE
..................
France
51
26,738
Movado
Group,
Inc.
.................................
United
States
279
9,411
Pandora
A/S
.......................................
Denmark
973
128,395
979,606
Tobacco
1.1%
Altria
Group,
Inc.
....................................
United
States
6,906
472,923
British
American
Tobacco
plc
...........................
United
Kingdom
6,490
360,609
Imperial
Brands
plc
..................................
United
Kingdom
5,918
202,200
Philip
Morris
International,
Inc.
.........................
United
States
10,503
1,967,212
3,002,944
Trading
Companies
&
Distributors
0.7%
AerCap
Holdings
NV
.................................
United
States
1,400
204,316
a
BlueLinx
Holdings,
Inc.
...............................
United
States
311
24,765
Boise
Cascade
Co.
..................................
United
States
266
20,751
Fastenal
Co.
.......................................
United
States
2,274
112,131
McGrath
RentCorp
..................................
United
States
100
11,244
Mitsubishi
Corp.
....................................
Japan
2,000
59,933
a
NPK
International,
Inc.
...............................
United
States
691
9,176
Rexel
SA
.........................................
France
1,928
80,366
Sunbelt
Rentals
Holdings,
Inc.
..........................
United
States
3,026
215,037
United
Rentals,
Inc.
..................................
United
States
456
473,328
WW
Grainger,
Inc.
...................................
United
States
484
633,793
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Franklin
Dynamic
Asset
Allocation
Equity
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
22
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Trading
Companies
&
Distributors
(continued)
a
Xometry,
Inc.,
A
.....................................
United
States
170
$
15,757
1,860,597
Transportation
Infrastructure
0.1%
International
Container
Terminal
Services,
Inc.
..............
Philippines
21,710
307,885
Water
Utilities
0.0%
†
American
States
Water
Co.
............................
United
States
194
17,322
California
Water
Service
Group
.........................
United
States
232
11,593
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
..
Brazil
21,863
106,667
135,582
Wireless
Telecommunication
Services
0.6%
Bharti
Airtel
Ltd.
....................................
India
16,995
323,051
Etihad
Etisalat
Co.
..................................
Saudi
Arabia
12,056
213,886
Far
EasTone
Telecommunications
Co.
Ltd.
................
Taiwan
47,000
149,624
MTN
Group
Ltd.
....................................
South
Africa
14,043
164,699
SoftBank
Group
Corp.
................................
Japan
1,000
32,215
T-Mobile
US,
Inc.
...................................
United
States
2,298
414,651
Vodafone
Group
plc
.................................
United
Kingdom
139,070
222,903
1,521,029
Total
Common
Stocks
(Cost
$229,385,723)
...................................
259,613,277
Preferred
Stocks
0.2%
Banks
0.1%
c
Itau
Unibanco
Holding
SA,
4.59%
.......................
Brazil
38,203
291,376
Technology
Hardware,
Storage
&
Peripherals
0.1%
c
Samsung
Electronics
Co.
Ltd.,
0.91%
....................
South
Korea
1,768
239,435
Total
Preferred
Stocks
(Cost
$498,907)
.......................................
530,811
Rights
Rights
0.0%
†
Capital
Markets
0.0%
†
a,d,e
TPG,
Inc.,
CVR,
12/31/27
.............................
United
States
1,262
13
Total
Rights
(Cost
$13)
.....................................................
13
Principal
Amount
*
U.S.
Government
and
Agency
Securities
0.0%
†
f
U.S.
Treasury
Notes
,
0.625
%,
8/15/30
....................
United
States
129,000
111,227
Total
U.S.
Government
and
Agency
Securities
(Cost
$111,227)
..................
111,227
Total
Long
Term
Investments
(Cost
$229,995,870)
.............................
260,255,328
a
Short
Term
Investments
3.2%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.7%
g
U.S.
Treasury
Bills
,
3.68%,
10/22/26
...................................
United
States
500,000
497,359
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Franklin
Dynamic
Asset
Allocation
Equity
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
23
At
August
31,
2026,
the
Fund
had
the
following futures
contracts
outstanding.
Short
Term
Investments
(continued)
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
(continued)
g
U.S.
Treasury
Bills,
(continued)
h
3.75%,
12/10/26
...................................
United
States
1,500,000
$
1,484,382
1,981,741
Total
U.S.
Government
and
Agency
Securities
(Cost
$1,981,723)
................
1,981,741
Shares
Management
Investment
Companies
2.5%
i,j
Putnam
Short
Term
Investment
Fund,
Class
P,
3.863%
.......
United
States
6,694,802
6,694,802
Total
Management
Investment
Companies
(Cost
$6,694,802)
...................
6,694,802
Total
Short
Term
Investments
(Cost
$8,676,525
)
...............................
8,676,543
a
Total
Investments
(Cost
$238,672,395)
99.7%
.................................
$268,931,871
Other
Assets,
less
Liabilities
0.3%
...........................................
683,276
Net
Assets
100.0%
.........................................................
$269,615,147
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
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
August
31,
2026,
the
aggregate
value
of
these
securities
was
$754,648,
representing
0.3%
of
net
assets.
c
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
d
Fair
valued
using
significant
unobservable
inputs.
See
Note
5
regarding
fair
value
measurements.
e
See
Note
3
regarding
restricted
securities.
f
This
security
was
pledged,
or
purchased
with
cash
that
was
pledged,
to
the
Fund
for
collateral
on
certain
derivative
contracts.
g
The
rate
shown
represents
the
yield
at
period
end.
h
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
certain
derivative
contracts.
At
August
31,
2026,
the
value
of
this
security
pledged
amounted
to
$1,270,928,
representing
0.5%
of
net
assets.
i
See
Note
4
regarding
investments
in
affiliated
management
investment
companies.
j
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Equity
contracts
MSCI
EAFE
Index
............................
Long
17
$
2,744,480
9/18/26
$
44,512
MSCI
Emerging
Markets
Index
..................
Long
22
1,882,210
9/18/26
64,623
Russell
2000
E-Mini
Index
......................
Short
12
1,775,220
9/18/26
1,181
S&P
500
E-Mini
Index
.........................
Short
2
769,900
9/18/26
(15,497)
S&P/TSX
60
Index
...........................
Long
14
4,300,559
9/17/26
146,810
SPI
200
Index
...............................
Short
27
4,364,954
9/17/26
(53,295)
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Franklin
Dynamic
Asset
Allocation
Equity
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
24
At
August
31,
2026,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
Futures
Contracts
(continued)
Description
Type
Number
of
Contracts
Notional
Amount*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Equity
contracts
(continued)
TOPIX
Index
................................
Long
11
$
2,868,607
9/10/26
$
183,815
Total
Futures
Contracts
......................................................................
$372,149
*
As
of
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
Brazilian
Real
......
BOFA
Sell
428,700
83,307
9/16/26
$
815
$
—
Brazilian
Real
......
GSCO
Buy
49,200
9,532
9/16/26
—
(65)
British
Pound
......
BOFA
Buy
27,500
37,274
9/16/26
—
(11)
British
Pound
......
BOFA
Sell
355,100
481,870
9/16/26
1,998
(1,292)
British
Pound
......
BZWS
Buy
600
806
9/16/26
7
—
British
Pound
......
CITI
Buy
96,100
129,043
9/16/26
1,174
—
British
Pound
......
GSCO
Sell
13,600
18,259
9/16/26
—
(169)
British
Pound
......
HSBK
Buy
46,200
62,030
9/16/26
570
—
British
Pound
......
HSBK
Sell
11,200
15,010
9/16/26
—
(166)
British
Pound
......
JPHQ
Buy
857,300
1,168,064
9/16/26
340
(6,754)
British
Pound
......
MSCO
Buy
326,900
435,348
9/16/26
7,606
—
British
Pound
......
MSCO
Sell
126,300
170,180
9/16/26
478
(1,436)
British
Pound
......
SSBT
Sell
2,576,400
3,455,553
9/16/26
—
(35,496)
British
Pound
......
TDOM
Buy
340,600
453,372
9/16/26
8,144
—
British
Pound
......
UBSW
Buy
320,500
426,443
9/16/26
7,838
—
British
Pound
......
UBSW
Sell
26,400
35,424
9/16/26
—
(348)
Danish
Krone
......
BOFA
Buy
99,400
15,509
9/16/26
—
(52)
Danish
Krone
......
BZWS
Sell
439,400
68,551
9/16/26
225
—
Danish
Krone
......
CITI
Sell
169,200
26,391
9/16/26
81
—
Danish
Krone
......
GSCO
Sell
10,500
1,637
9/16/26
4
—
Danish
Krone
......
HSBK
Buy
12,000
1,871
9/16/26
—
(5)
Danish
Krone
......
HSBK
Sell
96,500
14,762
9/16/26
—
(243)
Danish
Krone
......
MSCO
Buy
850,700
130,011
9/16/26
2,272
—
Danish
Krone
......
MSCO
Sell
2,508,800
389,721
9/16/26
744
(1,139)
Danish
Krone
......
SSBT
Buy
17,100
2,664
9/16/26
—
(5)
Danish
Krone
......
UBSW
Buy
694,400
108,498
9/16/26
—
(520)
Euro
.............
BOFA
Buy
411,700
478,288
9/16/26
1,169
(984)
Euro
.............
BOFA
Sell
78,600
90,421
9/16/26
—
(927)
Euro
.............
BZWS
Sell
18,100
21,086
9/16/26
50
—
Euro
.............
CITI
Sell
665,900
760,809
9/16/26
59
(13,151)
Euro
.............
GSCO
Sell
171,800
200,025
9/16/26
361
—
Euro
.............
HSBK
Buy
252,400
290,273
9/16/26
3,387
(323)
Euro
.............
HSBK
Sell
473,900
550,567
9/16/26
848
(1,043)
Euro
.............
JPHQ
Buy
71,100
81,374
9/16/26
1,275
(17)
Euro
.............
JPHQ
Sell
1,326,700
1,518,875
9/16/26
—
(22,999)
Euro
.............
MSCO
Buy
1,412,000
1,624,635
9/16/26
17,121
(745)
Euro
.............
MSCO
Sell
375,400
432,687
9/16/26
705
(4,304)
Euro
.............
SSBT
Sell
227,400
264,589
9/16/26
308
—
Euro
.............
TDOM
Sell
1,906,900
2,218,964
9/16/26
2,788
—
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Franklin
Dynamic
Asset
Allocation
Equity
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
25
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)
Euro
.............
UBSW
Buy
55,700
64,827
9/16/26
$
—
$
(93)
Euro
.............
UBSW
Sell
82,500
94,611
9/16/26
—
(1,270)
Hungarian
Forint
....
BOFA
Sell
780,600
2,578
9/16/26
97
—
Hungarian
Forint
....
CITI
Sell
3,520,600
11,615
9/16/26
427
—
Hungarian
Forint
....
GSCO
Sell
8,610,600
28,408
9/16/26
1,043
—
Hungarian
Forint
....
MSCO
Buy
3,764,900
12,038
9/16/26
—
(73)
Hungarian
Forint
....
SSBT
Sell
2,054,100
6,766
9/16/26
238
—
Hungarian
Forint
....
TDOM
Sell
1,433,300
4,720
9/16/26
165
—
Norwegian
Krone
...
BOFA
Sell
7,100
745
9/16/26
—
(15)
Norwegian
Krone
...
BZWS
Sell
66,100
6,934
9/16/26
—
(139)
Norwegian
Krone
...
CITI
Buy
1,200
126
9/16/26
3
—
Norwegian
Krone
...
GSCO
Buy
8,000
838
9/16/26
18
—
Norwegian
Krone
...
HSBK
Sell
68,100
7,132
9/16/26
—
(155)
Norwegian
Krone
...
JPHQ
Sell
152,500
15,972
9/16/26
—
(346)
Norwegian
Krone
...
MSCO
Buy
687,100
71,967
9/16/26
1,554
—
Norwegian
Krone
...
MSCO
Sell
810,000
85,040
9/16/26
39
(1,672)
Norwegian
Krone
...
SSBT
Sell
2,700
283
9/16/26
—
(6)
Norwegian
Krone
...
TDOM
Buy
157,000
15,840
9/16/26
960
—
Norwegian
Krone
...
UBSW
Sell
55,400
5,803
9/16/26
—
(125)
Polish
Zloty
........
BOFA
Buy
3,400
929
9/16/26
—
(17)
Polish
Zloty
........
CITI
Sell
34,200
9,332
9/16/26
154
—
Polish
Zloty
........
GSCO
Sell
99,800
27,232
9/16/26
451
—
Polish
Zloty
........
HSBK
Sell
114,900
31,352
9/16/26
519
—
Polish
Zloty
........
JPHQ
Sell
79,200
21,454
9/16/26
201
—
Polish
Zloty
........
MSCO
Buy
31,200
8,294
9/16/26
83
(5)
Polish
Zloty
........
SSBT
Buy
26,700
7,279
9/16/26
—
(114)
Polish
Zloty
........
TDOM
Sell
16,300
4,444
9/16/26
70
—
Polish
Zloty
........
UBSW
Buy
24,000
6,546
9/16/26
—
(106)
Swedish
Krona
.....
BOFA
Buy
33,400
3,582
9/16/26
—
(92)
Swedish
Krona
.....
BZWS
Buy
730,600
78,330
9/16/26
—
(1,989)
Swedish
Krona
.....
CITI
Buy
231,000
24,537
9/16/26
—
(399)
Swedish
Krona
.....
GSCO
Sell
6,000
642
9/16/26
15
—
Swedish
Krona
.....
HSBK
Buy
177,800
18,999
9/16/26
—
(421)
Swedish
Krona
.....
MSCO
Buy
250,500
25,930
9/16/26
245
—
Swedish
Krona
.....
MSCO
Sell
4,634,600
479,409
9/16/26
833
(5,697)
Swedish
Krona
.....
SSBT
Buy
208,100
22,244
9/16/26
—
(500)
Swedish
Krona
.....
TDOM
Buy
301,200
32,214
9/16/26
—
(742)
Swiss
Franc
.......
BOFA
Buy
13,000
16,231
9/16/26
—
(124)
Swiss
Franc
.......
BOFA
Sell
264,900
337,323
9/16/26
9,113
—
Swiss
Franc
.......
BZWS
Sell
553,100
679,120
9/16/26
—
(6,169)
Swiss
Franc
.......
CITI
Buy
69,700
88,381
9/16/26
—
(2,022)
Swiss
Franc
.......
GSCO
Sell
700
891
9/16/26
23
—
Swiss
Franc
.......
HSBK
Buy
128,800
163,230
9/16/26
—
(3,649)
Swiss
Franc
.......
HSBK
Sell
46,400
57,766
9/16/26
368
(92)
Swiss
Franc
.......
JPHQ
Buy
42,600
54,090
9/16/26
—
(1,308)
Swiss
Franc
.......
MSCO
Buy
133,000
165,883
9/16/26
—
(1,096)
Swiss
Franc
.......
MSCO
Sell
135,900
172,902
9/16/26
4,523
—
Swiss
Franc
.......
SSBT
Buy
53,700
68,331
9/16/26
—
(1,797)
Swiss
Franc
.......
TDOM
Buy
35,400
45,010
9/16/26
—
(1,149)
Swiss
Franc
.......
UBSW
Sell
20,800
26,460
9/16/26
689
—
Australian
Dollar
....
BOFA
Buy
7,200
4,991
10/14/26
165
—
Australian
Dollar
....
BZWS
Buy
6,700
4,644
10/14/26
154
—
Australian
Dollar
....
CITI
Buy
13,300
9,221
10/14/26
304
—
Australian
Dollar
....
GSCO
Buy
6,800
4,714
10/14/26
156
—
Australian
Dollar
....
HSBK
Buy
22,900
15,881
10/14/26
519
—
Australian
Dollar
....
MSCO
Buy
83,600
57,934
10/14/26
1,934
—
Australian
Dollar
....
MSCO
Sell
243,500
170,022
10/14/26
—
(4,356)
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Franklin
Dynamic
Asset
Allocation
Equity
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
26
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)
Australian
Dollar
....
SSBT
Sell
10,100
7,002
10/14/26
$
—
$
(231)
Australian
Dollar
....
TDOM
Buy
1,000
693
10/14/26
23
—
Australian
Dollar
....
UBSW
Buy
11,900
8,248
10/14/26
274
—
Australian
Dollar
....
WPAC
Buy
1,900
1,317
10/14/26
43
—
Canadian
Dollar
....
BOFA
Buy
6,451,700
4,574,571
10/14/26
89,563
—
Canadian
Dollar
....
BOFA
Sell
37,900
27,059
10/14/26
—
(340)
Canadian
Dollar
....
HSBK
Sell
156,600
111,125
10/14/26
—
(2,086)
Canadian
Dollar
....
MSCO
Buy
45,100
32,551
10/14/26
53
—
Canadian
Dollar
....
MSCO
Sell
178,900
127,402
10/14/26
—
(1,930)
Canadian
Dollar
....
SSBT
Buy
45,500
32,251
10/14/26
642
—
Canadian
Dollar
....
TDOM
Sell
7,100
5,032
10/14/26
—
(101)
Canadian
Dollar
....
UBSW
Sell
60,100
42,597
10/14/26
—
(852)
Israeli
New
Shekel
..
BZWS
Sell
12,600
4,188
10/14/26
—
(31)
Israeli
New
Shekel
..
GSCO
Sell
6,400
2,128
10/14/26
—
(15)
Israeli
New
Shekel
..
HSBK
Buy
4,600
1,532
10/14/26
8
—
Israeli
New
Shekel
..
MSCO
Sell
4,100
1,366
10/14/26
—
(7)
Israeli
New
Shekel
..
SSBT
Sell
8,500
2,831
10/14/26
—
(16)
Israeli
New
Shekel
..
UBSW
Sell
10,400
3,463
10/14/26
—
(19)
Mexican
Peso
......
BOFA
Sell
243,600
13,778
10/14/26
—
(507)
Mexican
Peso
......
GSCO
Buy
123,300
6,976
10/14/26
254
—
Mexican
Peso
......
HSBK
Sell
572,700
32,594
10/14/26
—
(989)
Mexican
Peso
......
MSCO
Sell
35,400
2,003
10/14/26
—
(73)
Mexican
Peso
......
SSBT
Sell
197,600
11,180
10/14/26
—
(407)
Mexican
Peso
......
UBSW
Buy
54,700
3,095
10/14/26
112
—
Mexican
Peso
......
UBSW
Sell
369,800
20,928
10/14/26
—
(757)
New
Zealand
Dollar
.
BZWS
Sell
1,900
1,097
10/14/26
—
(28)
New
Zealand
Dollar
.
HSBK
Sell
300
173
10/14/26
—
(4)
New
Zealand
Dollar
.
MSCO
Buy
4,300
2,483
10/14/26
63
—
South
African
Rand
..
BOFA
Sell
734,400
44,634
10/14/26
—
(825)
South
African
Rand
..
BZWS
Buy
1,151,600
70,002
10/14/26
1,282
—
South
African
Rand
..
CITI
Sell
260,500
15,839
10/14/26
—
(286)
South
African
Rand
..
GSCO
Sell
943,100
57,334
10/14/26
—
(1,044)
South
African
Rand
..
HSBK
Buy
849,100
51,130
10/14/26
1,429
—
South
African
Rand
..
HSBK
Sell
175,800
10,689
10/14/26
—
(193)
South
African
Rand
..
MSCO
Buy
294,500
18,201
10/14/26
28
—
South
African
Rand
..
MSCO
Sell
70,700
4,300
10/14/26
—
(76)
South
African
Rand
..
SSBT
Sell
2,265,500
137,734
10/14/26
—
(2,500)
South
African
Rand
..
TDOM
Buy
60,100
3,654
10/14/26
66
—
South
African
Rand
..
UBSW
Buy
21,800
1,325
10/14/26
24
—
Chinese
Yuan
......
CITI
Buy
141,400
21,093
11/10/26
57
—
Chinese
Yuan
......
HSBK
Buy
346,900
51,742
11/10/26
145
—
Chinese
Yuan
......
JPHQ
Buy
91,600
13,665
11/10/26
36
—
Hong
Kong
Dollar
...
BOFA
Buy
243,500
31,127
11/10/26
6
—
Hong
Kong
Dollar
...
BOFA
Sell
7,200
921
11/10/26
—
—
Hong
Kong
Dollar
...
BZWS
Sell
2,500
320
11/10/26
—
—
Hong
Kong
Dollar
...
CITI
Buy
398,900
50,998
11/10/26
4
—
Hong
Kong
Dollar
...
GSCO
Sell
803,800
102,773
11/10/26
1
—
Hong
Kong
Dollar
...
HSBK
Buy
456,100
58,303
11/10/26
20
(7)
Hong
Kong
Dollar
...
HSBK
Sell
3,922,700
501,502
11/10/26
—
(43)
Hong
Kong
Dollar
...
MSCO
Sell
212,700
27,189
11/10/26
—
(6)
Hong
Kong
Dollar
...
SSBT
Buy
96,800
12,377
11/10/26
—
—
Hong
Kong
Dollar
...
TDOM
Sell
190,400
24,345
11/10/26
1
—
Hong
Kong
Dollar
...
UBSW
Sell
170,000
21,735
11/10/26
—
(1)
Japanese
Yen
......
BOFA
Sell
67,820,900
430,027
11/10/26
3,148
—
Japanese
Yen
......
BZWS
Sell
377,500
2,396
11/10/26
20
—
Japanese
Yen
......
CITI
Sell
4,158,000
26,391
11/10/26
219
—
Japanese
Yen
......
GSCO
Sell
11,502,300
72,925
11/10/26
528
—
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Franklin
Dynamic
Asset
Allocation
Equity
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
27
At
August
31,
2026,
the
Fund
had
the
following total
return swap
contracts
outstanding.
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
......
HSBK
Buy
19,420,400
123,142
11/10/26
$
—
$
(905)
Japanese
Yen
......
HSBK
Sell
103,561,500
653,140
11/10/26
1,301
—
Japanese
Yen
......
JPHQ
Buy
16,426,500
104,189
11/10/26
—
(797)
Japanese
Yen
......
MSCO
Buy
112,702,400
713,286
11/10/26
—
(3,912)
Japanese
Yen
......
SSBT
Sell
128,857,400
816,457
11/10/26
5,401
—
Japanese
Yen
......
TDOM
Buy
3,843,900
24,356
11/10/26
—
(162)
Japanese
Yen
......
UBSW
Buy
72,056,700
456,514
11/10/26
—
(2,973)
New
Taiwan
Dollar
..
BZWS
Buy
1,432,100
44,678
11/10/26
580
—
New
Taiwan
Dollar
..
HSBK
Sell
2,407,100
75,027
11/10/26
—
(1,042)
New
Taiwan
Dollar
..
SSBT
Buy
2,094,900
65,268
11/10/26
935
—
Singapore
Dollar
....
CITI
Buy
718,700
565,205
11/10/26
2,908
—
Singapore
Dollar
....
HSBK
Sell
12,600
9,903
11/10/26
—
(57)
Singapore
Dollar
....
MSCO
Buy
232,400
182,713
11/10/26
993
—
Singapore
Dollar
....
SSBT
Sell
181,500
142,674
11/10/26
—
(796)
Singapore
Dollar
....
UBSW
Sell
700
550
11/10/26
—
(3)
Singapore
Dollar
....
WPAC
Buy
58,000
45,586
11/10/26
262
—
South
Korean
Won
..
GSCO
Buy
45,313,400
31,987
11/10/26
1,178
—
South
Korean
Won
..
JPHQ
Sell
19,291,200
13,631
11/10/26
—
(488)
Thai
Baht
.........
UBSW
Buy
839,300
25,546
11/10/26
—
(89)
Indian
Rupee
......
GSCO
Sell
1,561,000
16,260
11/12/26
—
(56)
Total
Forward
Exchange
Contracts
...................................................
$197,037
$(152,586)
Net
unrealized
appreciation
(depreciation)
............................................
$44,451
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Total
Return
Swap
Contracts
Underlying
Instruments
Financing
Rate
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Value
*
Value/
Unrealized
Appreciation
(Depreciation)
OTC
Swap
Contracts
Long
a
GSIIPGDL
Index
#
.....................
0%
At
Maturity
GSCO
12/16/26
10,792,860
$
(39,749)
BCFTUSAL
Index
#
....................
0%
At
Maturity
BZWS
8/16/27
8,184,591
(173,684)
Short
b
GSIIPGSS
Index
#
.....................
0%
At
Maturity
GSCO
12/16/26
9,370,423
56,393
BCFTUSAS
Index
#
....................
0%
At
Maturity
BZWS
8/16/27
8,203,276
248,231
Total
Return
Swap
Contracts
....................................................................
$91,191
*
In
U.S.
dollars
unless
otherwise
indicated.
#
Represents
a
custom
index
comprised
of
a
basket
of
underlying
instruments.
The
50
largest
components,
and
any
individual
component
greater
than
1%
of
basket
value,
are
shown
below.
a
The
Fund
receives
the
total
return
on
the
underlying
instrument
and
pays
a
variable
financing
rate.
b
The
Fund
receives
a
variable
financing
rate
and
pays
the
total
return
on
the
underlying
instrument.
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Franklin
Dynamic
Asset
Allocation
Equity
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
28
Description
Sector
Shares
Value
Percentage
value
GSIIPGDL
C
ommon
S
tocks
Chevron
Corp
Energy
439
$
90,415
0.84%
Veralto
Corp
Industrials
880
86,787
0.81%
ConocoPhillips
Energy
651
86,219
0.80%
Iberdrola
SA
Utilities
3,695
86,185
0.80%
Holcim
AG
Materials
977
85,880
0.80%
SS&C
Technologies
Holdings
Inc
Industrials
1,026
85,148
0.79%
PepsiCo
Inc
Consumer
Staples
600
84,180
0.78%
Colgate-Palmolive
Co
Consumer
Staples
934
83,931
0.78%
Danske
Bank
A/S
Financials
1,408
81,541
0.76%
E.ON
SE
Utilities
3,929
81,239
0.76%
Nestle
SA
Consumer
Staples
807
78,716
0.73%
VICI
Properties
Inc
Real
Estate
2,988
76,646
0.71%
Avery
Dennison
Corp
Materials
438
76,247
0.71%
Telia
Co
AB
Communication
Services
16,453
74,880
0.70%
BP
PLC
Energy
10,277
71,688
0.67%
Endesa
SA
Utilities
1,419
69,417
0.65%
Kirin
Holdings
Co
Ltd
Consumer
Staples
3,618
69,196
0.64%
Tokyo
Gas
Co
Ltd
Utilities
1,771
68,589
0.64%
Cie
Financiere
Richemont
SA
Consumer
Discretionary
275
65,490
0.61%
Bristol-Myers
Squibb
Co
Health
Care
966
64,551
0.60%
TotalEnergies
SE
Energy
732
64,204
0.60%
3M
Co
Industrials
371
63,736
0.59%
Knorr-Bremse
AG
Industrials
509
62,480
0.58%
Canadian
Utilities
Ltd
Utilities
1,644
61,543
0.57%
Klepierre
SA
Real
Estate
1,393
60,623
0.56%
Chubb
Ltd
Financials
177
59,958
0.56%
MSCI
Inc
Financials
104
59,151
0.55%
Kansai
Electric
Power
Co
Inc/The
Utilities
3,345
58,873
0.55%
Kenvue
Inc
Consumer
Staples
3,113
58,773
0.55%
Travelers
Cos
Inc/The
Financials
158
57,779
0.54%
Power
Assets
Holdings
Ltd
Utilities
7,504
57,625
0.54%
CLP
Holdings
Ltd
Utilities
5,611
56,334
0.52%
QBE
Insurance
Group
Ltd
Financials
3,483
55,570
0.52%
Deutsche
Telekom
AG
Communication
Services
1,668
54,991
0.51%
George
Weston
Ltd
Consumer
Staples
782
54,861
0.51%
National
Grid
PLC
Utilities
3,434
54,469
0.51%
Ipsen
SA
Health
Care
283
53,523
0.50%
Airbnb
Inc
Consumer
Discretionary
291
53,401
0.50%
Teck
Resources
Ltd
Materials
782
53,344
0.50%
ExxonMobil
Holdings
Corp
Energy
331
53,212
0.49%
Simon
Property
Group
Inc
Real
Estate
250
53,185
0.49%
CapitaLand
Integrated
Commercial
Trust
Real
Estate
28,041
52,249
0.49%
Danone
SA
Consumer
Staples
680
50,783
0.47%
AT&T
Inc
Communication
Services
1,936
50,134
0.47%
AIB
Group
PLC
Financials
3,919
49,922
0.46%
Schroders
PLC
Financials
6,303
49,908
0.46%
AMETEK
Inc
Industrials
210
49,470
0.46%
Halliburton
Co
Energy
1,340
49,371
0.46%
Scentre
Group
Real
Estate
18,933
48,711
0.45%
Lockheed
Martin
Corp
Industrials
87
48,595
0.45%
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Franklin
Dynamic
Asset
Allocation
Equity
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
29
Description
Sector
Shares
Value
Percentage
value
BCFTUSAL
C
ommon
S
tocks
UiPath
Inc
Information
Technology
6,133
$
114,503
1.43%
Virtu
Financial
Inc
Financials
1,717
112,698
1.40%
Freeport-McMoRan
Inc
Materials
1,457
110,373
1.38%
Natera
Inc
Health
Care
329
105,979
1.32%
State
Street
Corp
Financials
539
103,124
1.29%
Exelixis
Inc
Health
Care
1,876
102,493
1.28%
Cheniere
Energy
Inc
Energy
341
99,436
1.24%
Arista
Networks
Inc
Information
Technology
502
98,315
1.23%
Valero
Energy
Corp
Energy
270
96,795
1.21%
Citigroup
Inc
Financials
726
95,504
1.19%
Manhattan
Associates
Inc
Information
Technology
428
95,455
1.19%
Regeneron
Pharmaceuticals
Inc
Health
Care
119
94,933
1.18%
Affiliated
Managers
Group
Inc
Financials
256
94,399
1.18%
Toll
Brothers
Inc
Consumer
Discretionary
647
92,780
1.16%
Unum
Group
Financials
980
91,352
1.14%
General
Motors
Co
Consumer
Discretionary
1,033
89,133
1.11%
Lam
Research
Corp
Information
Technology
291
87,856
1.09%
Allison
Transmission
Holdings
Inc
Industrials
692
87,046
1.08%
Johnson
Controls
International
plc
Industrials
621
85,907
1.07%
MGIC
Investment
Corp
Financials
2,760
84,588
1.05%
United
Airlines
Holdings
Inc
Industrials
777
83,938
1.05%
Cadence
Design
Systems
Inc
Information
Technology
245
83,065
1.04%
Rubrik
Inc
Information
Technology
888
82,599
1.03%
Everpure
Inc
Information
Technology
872
81,029
1.01%
Spotify
Technology
SA
Communication
Services
148
80,370
1.00%
GE
Vernova
Inc
Industrials
87
78,488
0.98%
Axis
Capital
Holdings
Ltd
Financials
786
77,600
0.97%
Synchrony
Financial
Financials
971
74,835
0.93%
Booking
Holdings
Inc
Consumer
Discretionary
372
74,082
0.92%
Applied
Materials
Inc
Information
Technology
159
72,994
0.91%
DoorDash
Inc
Consumer
Discretionary
303
70,161
0.87%
AutoNation
Inc
Consumer
Discretionary
346
69,546
0.87%
Curtiss-Wright
Corp
Industrials
119
69,216
0.86%
Equitable
Holdings
Inc
Financials
1,380
69,154
0.86%
Edison
International
Utilities
1,216
65,628
0.82%
Vornado
Realty
Trust
Real
Estate
1,733
64,776
0.81%
Sandisk
Corp
Information
Technology
41
64,622
0.81%
QUALCOMM
Inc
Information
Technology
377
64,345
0.80%
TPG
Inc
Financials
1,186
64,178
0.80%
eBay
Inc
Consumer
Discretionary
618
64,022
0.80%
Docusign
Inc
Information
Technology
958
63,467
0.79%
Astera
Labs
Inc
Information
Technology
213
63,255
0.79%
American
International
Group
Inc
Financials
818
62,468
0.78%
Millicom
International
Cellular
SA
Communication
Services
660
61,888
0.77%
RingCentral
Inc
Information
Technology
881
61,365
0.76%
Ventas
Inc
Real
Estate
644
58,673
0.73%
Cirrus
Logic
Inc
Information
Technology
527
57,668
0.72%
HF
Sinclair
Corp
Energy
535
54,310
0.68%
Marathon
Petroleum
Corp
Energy
145
54,015
0.67%
Textron
Inc
Industrials
669
53,918
0.67%
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Franklin
Dynamic
Asset
Allocation
Equity
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
30
Description
Sector
Shares
Value
Percentage
value
GSIIPGSS
C
ommon
S
tocks
ONEOK
Inc/OK
Energy
818
$
78,563
0.84%
Entergy
Corp
Utilities
676
71,904
0.77%
CenterPoint
Energy
Inc
Utilities
1,794
71,040
0.76%
Southern
Co/The
Utilities
805
70,799
0.76%
Dominion
Energy
Inc
Utilities
1,072
70,776
0.76%
Enbridge
Inc
Energy
1,361
68,934
0.74%
Realty
Income
Corp
Real
Estate
1,119
68,590
0.74%
Hermes
International
SCA
Consumer
Discretionary
37
67,965
0.73%
Heineken
NV
Consumer
Staples
791
66,804
0.72%
Swiss
Life
Holding
AG
Financials
58
66,092
0.71%
Walmart
Inc
Consumer
Staples
628
65,873
0.71%
Singapore
Telecommunications
Ltd
Communication
Services
17,792
63,506
0.68%
Paychex
Inc
Industrials
494
62,894
0.68%
Ferrovial
NV
Industrials
1,056
61,836
0.66%
Land
Securities
Group
PLC
Real
Estate
6,515
60,641
0.65%
Hong
Kong
&
China
Gas
Co
Ltd
Utilities
65,698
60,424
0.65%
Duke
Energy
Corp
Utilities
502
60,137
0.65%
Visa
Inc
Financials
157
59,714
0.64%
Aker
BP
ASA
Energy
1,527
58,375
0.63%
Keppel
Ltd
Industrials
6,380
58,187
0.63%
American
Water
Works
Co
Inc
Utilities
420
58,015
0.62%
Cellnex
Telecom
SA
Communication
Services
1,828
56,215
0.60%
Equifax
Inc
Industrials
288
54,497
0.59%
Fifth
Third
Bancorp
Financials
975
52,432
0.56%
Pernod
Ricard
SA
Consumer
Staples
691
51,792
0.56%
WEC
Energy
Group
Inc
Utilities
483
51,240
0.55%
Tourmaline
Oil
Corp
Energy
1,109
50,533
0.54%
Beiersdorf
AG
Consumer
Staples
549
50,452
0.54%
Xcel
Energy
Inc
Utilities
663
50,180
0.54%
Ingersoll
Rand
Inc
Industrials
639
49,205
0.53%
Helvetia
Baloise
Holding
AG
Financials
177
46,878
0.50%
Medline
Inc
Health
Care
1,336
46,792
0.50%
Lennar
Corp
Consumer
Discretionary
556
46,765
0.50%
International
Paper
Co
Materials
1,209
45,871
0.49%
Siemens
Healthineers
AG
Health
Care
1,004
45,625
0.49%
Wilmar
International
Ltd
Consumer
Staples
14,826
44,760
0.48%
Exelon
Corp
Utilities
1,022
44,694
0.48%
TransUnion
Industrials
524
44,505
0.48%
Swiss
Re
AG
Financials
255
44,377
0.48%
Essity
AB
Consumer
Staples
1,505
44,067
0.47%
Generali
Financials
848
43,886
0.47%
EQT
AB
Financials
1,258
43,731
0.47%
Waste
Management
Inc
Industrials
198
43,361
0.47%
WP
Carey
Inc
Real
Estate
602
42,101
0.45%
Alliant
Energy
Corp
Utilities
614
41,757
0.45%
MTU
Aero
Engines
AG
Industrials
101
41,490
0.45%
Legal
&
General
Group
PLC
Financials
10,340
41,130
0.44%
Deere
&
Co
Industrials
62
40,668
0.44%
Jacobs
Solutions
Inc
Industrials
273
40,641
0.44%
Redeia
Corp
SA
Utilities
2,275
40,377
0.43%
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Franklin
Dynamic
Asset
Allocation
Equity
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
31
See
A
bbreviations
on
page
37
.
Description
Sector
Shares
Value
Percentage
value
BCFTUSAS
C
ommon
S
tocks
Arthur
J
Gallagher
&
Co
Financials
404
$
105,999
1.33%
Brown
&
Brown
Inc
Financials
1,431
103,297
1.30%
LPL
Financial
Holdings
Inc
Financials
273
101,177
1.27%
Micron
Technology
Inc
Information
Technology
104
100,154
1.26%
DT
Midstream
Inc
Energy
760
99,627
1.25%
Roivant
Sciences
Ltd
Health
Care
2,825
97,863
1.23%
Trimble
Inc
Information
Technology
1,582
94,811
1.19%
Diamondback
Energy
Inc
Energy
473
94,757
1.19%
Dell
Technologies
Inc
Information
Technology
207
94,521
1.19%
SoFi
Technologies
Inc
Financials
4,983
89,095
1.12%
Bunge
Global
SA
Consumer
Staples
764
88,755
1.12%
Lithia
Motors
Inc
Consumer
Discretionary
232
85,111
1.07%
Entegris
Inc
Information
Technology
621
83,974
1.06%
Lumentum
Holdings
Inc
Information
Technology
90
82,641
1.04%
Kinsale
Capital
Group
Inc
Financials
220
82,146
1.03%
Gen
Digital
Inc
Information
Technology
2,551
79,085
0.99%
Oracle
Corp
Information
Technology
525
78,268
0.98%
TransUnion
Industrials
910
77,235
0.97%
Royal
Gold
Inc
Materials
294
76,851
0.97%
SailPoint
Inc
Information
Technology
3,733
76,744
0.96%
Blue
Owl
Capital
Inc
Financials
6,218
76,105
0.96%
Loar
Holdings
Inc
Industrials
1,075
75,453
0.95%
Royal
Caribbean
Cruises
Ltd
Consumer
Discretionary
280
75,379
0.95%
Ryan
Specialty
Holdings
Inc
Financials
1,781
75,117
0.94%
Texas
Instruments
Inc
Information
Technology
288
75,113
0.94%
Norwegian
Cruise
Line
Holdings
Ltd
Consumer
Discretionary
4,488
72,433
0.91%
MKS
Inc
Information
Technology
281
72,029
0.91%
Monolithic
Power
Systems
Inc
Information
Technology
57
71,726
0.90%
Take-Two
Interactive
Software
Inc
Communication
Services
325
71,491
0.90%
Synopsys
Inc
Information
Technology
159
70,037
0.88%
Ross
Stores
Inc
Consumer
Discretionary
305
69,619
0.87%
Coherent
Corp
Information
Technology
246
68,226
0.86%
Applied
Digital
Corp
Information
Technology
2,651
67,364
0.85%
Jack
Henry
&
Associates
Inc
Financials
384
64,488
0.81%
Texas
Pacific
Land
Corp
Energy
170
63,679
0.80%
Affirm
Holdings
Inc
Financials
817
60,798
0.76%
Tyler
Technologies
Inc
Information
Technology
162
60,312
0.76%
Stanley
Black
&
Decker
Inc
Industrials
610
58,758
0.74%
Quanta
Services
Inc
Industrials
94
56,981
0.72%
Ovintiv
Inc
Energy
842
55,290
0.69%
RPM
International
Inc
Materials
528
54,983
0.69%
Toast
Inc
Financials
1,606
54,763
0.69%
Motorola
Solutions
Inc
Information
Technology
111
53,911
0.68%
Primo
Brands
Corp
Consumer
Staples
2,350
53,634
0.67%
Domino's
Pizza
Inc
Consumer
Discretionary
157
53,560
0.67%
CH
Robinson
Worldwide
Inc
Industrials
357
53,409
0.67%
nVent
Electric
PLC
Industrials
347
52,352
0.66%
Healthcare
Realty
Trust
Inc
Real
Estate
2,689
51,201
0.64%
Albemarle
Corp
Materials
377
50,891
0.64%
BWX
Technologies
Inc
Industrials
332
50,580
0.64%
Putnam
Funds
Trust
Notes
to
Schedule
of
Investments
(unaudited)
Franklin
Dynamic
Asset
Allocation
Equity
Fund
32
Quarterly
Schedule
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,
one
of
which is
included
in
this
report
(Fund).
The Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
On
March
26,
2026,
the
Trust's
Board
of
Trustees
approved
a
proposal
to
change
the
name
of
the
Fund
to
Franklin
Dynamic
Asset
Allocation
Equity
Fund,
effective
July
15,
2026.
2. Financial
Instrument
Valuation
The
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Trust's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's administrator
in
performing
this responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
and
derivative
financial
instruments
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively. Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the
OTC market
rather
than
on
a
securities
exchange.
The Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
Certain
derivative
financial
instruments
are
centrally
cleared
or
trade
in
the
OTC
market.
The Fund’s
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The Fund’s
net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets. 
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
Putnam
Funds
Trust
Notes
to
Schedule
of
Investments
(unaudited)
33
Quarterly
Schedule
of
Investments
Franklin
Dynamic
Asset
Allocation
Equity
Fund
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. 
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund’s
business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the Fund.
As
a
result,
differences
may
arise
between
the
value
of
the Fund’s
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences, an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At August
31,
2026,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund’s NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund’s
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
3.
Restricted
Securities
At
August
31,
2026,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933,
were
as
follows:
4.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
"Controlled
Affiliate"
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund's
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
August
31,
2026,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Dynamic
Asset
Allocation
Equity
Fund
1,262
TPG,
Inc.,
CVR,
12/31/27
......................
4/08/26
$
13
$
13
Total
Restricted
Securities
(Value
is
0.0%
†
of
Net
Assets)
..............
$13
$13
†
Rounds
to
less
than
0.1%
of
net
assets.
See
Abbreviations
on
page
33.
2. Financial
Instrument
Valuation
(continued)
Putnam
Funds
Trust
Notes
to
Schedule
of
Investments
(unaudited)
34
Quarterly
Schedule
of
Investments
Franklin
Dynamic
Asset
Allocation
Equity
Fund
5. Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
August
31,
2026,
in
valuing
the
Fund's 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
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Dynamic
Asset
Allocation
Equity
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Government
Money
Market
Fund,
Class
G,
3.481%
.
$6,499
$—
$(6,499)
$—
$—
$—
—
$—
Putnam
Short
Term
Investment
Fund,
Class
P,
3.863%
......
7,168,511
22,990,674
(23,464,383)
—
—
6,694,802
6,694,802
57,290
Total
Affiliated
Securities
...
$7,175,010
$22,990,674
$(23,470,882)
$—
$—
$6,694,802
$57,290
Level
1
Level
2
Level
3
Total
Franklin
Dynamic
Asset
Allocation
Equity
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Aerospace
&
Defense
...................
$
4,988,498
$
1,712,371
$
—
$
6,700,869
Air
Freight
&
Logistics
...................
1,974,842
341,920
—
2,316,762
Automobile
Components
.................
162,134
270,741
—
432,875
Automobiles
..........................
3,395,372
689,019
—
4,084,391
Banks
...............................
8,165,437
9,526,500
—
17,691,937
Beverages
...........................
2,408,035
524,418
—
2,932,453
Biotechnology
.........................
7,241,336
276,274
—
7,517,610
Broadline
Retail
.......................
6,333,187
623,090
—
6,956,277
Building
Products
......................
944,989
—
—
944,989
Capital
Markets
........................
6,090,873
2,417,987
—
8,508,860
Chemicals
...........................
1,133,894
383,352
—
1,517,246
Commercial
Services
&
Supplies
...........
569,204
56,664
—
625,868
Communications
Equipment
..............
2,392,710
600,807
—
2,993,517
Construction
&
Engineering
...............
721,095
246,566
—
967,661
Construction
Materials
..................
891,694
82,519
—
974,213
Consumer
Finance
.....................
1,390,668
—
—
1,390,668
Consumer
Staples
Distribution
&
Retail
......
2,650,650
172,960
—
2,823,610
4.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Putnam
Funds
Trust
Notes
to
Schedule
of
Investments
(unaudited)
35
Quarterly
Schedule
of
Investments
Franklin
Dynamic
Asset
Allocation
Equity
Fund
Level
1
Level
2
Level
3
Total
Franklin
Dynamic
Asset
Allocation
Equity
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Common
Stocks:
(continued)
Containers
&
Packaging
.................
$
135,832
$
—
$
—
$
135,832
Distributors
...........................
34,833
—
—
34,833
Diversified
Consumer
Services
............
130,863
—
—
130,863
Diversified
REITs
......................
60,157
—
—
60,157
Diversified
Telecommunication
Services
.....
601,555
649,797
—
1,251,352
Electric
Utilities
........................
2,898,840
1,205,757
—
4,104,597
Electrical
Equipment
....................
1,922,702
2,559,807
—
4,482,509
Electronic
Equipment,
Instruments
&
Components
........................
1,200,320
1,259,014
—
2,459,334
Energy
Equipment
&
Services
.............
610,555
—
—
610,555
Entertainment
.........................
3,609,099
159,766
—
3,768,865
Financial
Services
......................
5,780,205
1,085,019
—
6,865,224
Food
Products
........................
458,044
959,967
—
1,418,011
Gas
Utilities
..........................
135,269
213,516
—
348,785
Ground
Transportation
..................
410,377
—
—
410,377
Health
Care
Equipment
&
Supplies
.........
2,262,265
678,869
—
2,941,134
Health
Care
Providers
&
Services
..........
3,275,262
207,868
—
3,483,130
Health
Care
REITs
.....................
71,528
—
—
71,528
Health
Care
Technology
.................
310,520
—
—
310,520
Hotel
&
Resort
REITs
...................
813,482
—
—
813,482
Hotels,
Restaurants
&
Leisure
.............
3,195,771
741,963
—
3,937,734
Household
Durables
....................
941,752
486,509
—
1,428,261
Household
Products
....................
1,691,547
186,880
—
1,878,427
Independent
Power
and
Renewable
Electricity
Producers
..........................
337,804
371,412
—
709,216
Industrial
Conglomerates
................
1,242,552
771,301
—
2,013,853
Industrial
REITs
.......................
470,796
—
—
470,796
Insurance
............................
3,985,584
2,078,551
—
6,064,135
Interactive
Media
&
Services
..............
13,450,596
901,733
—
14,352,329
IT
Services
...........................
2,116,376
562,348
—
2,678,724
Leisure
Products
.......................
182,024
254,297
—
436,321
Life
Sciences
Tools
&
Services
............
1,282,939
523,042
—
1,805,981
Machinery
............................
4,035,548
1,596,494
—
5,632,042
Marine
Transportation
...................
79,358
220,519
—
299,877
Media
...............................
597,859
—
—
597,859
Metals
&
Mining
.......................
2,679,972
2,561,192
—
5,241,164
Mortgage
Real
Estate
Investment
Trusts
(REITs)
............................
31,907
—
—
31,907
Multi-Utilities
..........................
827,294
—
—
827,294
Office
REITs
..........................
263,538
—
—
263,538
Oil,
Gas
&
Consumable
Fuels
.............
6,809,407
2,746,600
—
9,556,007
Paper
&
Forest
Products
.................
9,267
—
—
9,267
Passenger
Airlines
.....................
775,763
383,071
—
1,158,834
Personal
Care
Products
.................
17,112
250,465
—
267,577
Pharmaceuticals
.......................
6,844,998
3,715,993
—
10,560,991
Professional
Services
...................
707,419
599,637
—
1,307,056
Real
Estate
Management
&
Development
....
1,527,933
—
—
1,527,933
Residential
REITs
......................
207,761
—
—
207,761
Retail
REITs
..........................
281,478
84,455
—
365,933
Semiconductors
&
Semiconductor
Equipment
.
30,902,053
7,990,102
—
38,892,155
Software
.............................
17,086,912
176,521
—
17,263,433
Specialized
REITs
......................
452,251
—
—
452,251
Specialty
Retail
........................
1,569,903
136,969
—
1,706,872
Technology
Hardware,
Storage
&
Peripherals
.
14,497,371
2,281,841
—
16,779,212
5. Fair
Value
Measurements
(continued)
Putnam
Funds
Trust
Notes
to
Schedule
of
Investments
(unaudited)
36
Quarterly
Schedule
of
Investments
Franklin
Dynamic
Asset
Allocation
Equity
Fund
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
Level
1
Level
2
Level
3
Total
Franklin
Dynamic
Asset
Allocation
Equity
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Common
Stocks:
(continued)
Textiles,
Apparel
&
Luxury
Goods
..........
$
413,380
$
566,226
$
—
$
979,606
Tobacco
.............................
2,440,135
562,809
—
3,002,944
Trading
Companies
&
Distributors
..........
1,505,261
355,336
—
1,860,597
Transportation
Infrastructure
..............
—
307,885
—
307,885
Water
Utilities
.........................
135,582
—
—
135,582
Wireless
Telecommunication
Services
.......
414,651
1,106,378
—
1,521,029
Preferred
Stocks
:
Banks
...............................
291,376
—
—
291,376
Technology
Hardware,
Storage
&
Peripherals
.
—
239,435
—
239,435
Rights
.................................
—
—
13
13
U.S.
Government
and
Agency
Securities
.......
—
111,227
—
111,227
Short
Term
Investments
...................
6,694,802
1,981,741
—
8,676,543
Total
Investments
in
Securities
...........
$207,174,358
$61,757,500
b
$13
$268,931,871
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$197,037
$—
$197,037
Futures
Contracts
.......................
440,941
—
—
440,941
Swap
Contracts
.........................
—
304,624
—
304,624
Total
Other
Financial
Instruments
.........
$440,941
$501,661
$—
$942,602
–
–
–
–
Liabilities:
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$
—
$
152,586
$
—
$
152,586
Futures
Contracts
........................
68,792
—
—
68,792
Swap
Contracts
.........................
—
213,433
—
213,433
Total
Other
Financial
Instruments
.........
$68,792
$366,019
$—
$434,811
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
foreign
securities
valued
at
$59,664,532,
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.
5. Fair
Value
Measurements
(continued)
Putnam
Funds
Trust
Notes
to
Schedule
of
Investments
(unaudited)
37
Quarterly
Schedule
of
Investments
Franklin
Dynamic
Asset
Allocation
Equity
Fund
Abbreviations
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.
Cu
r
rency
EUR
Euro
GBP
British
Pound
HKD
Hong
Kong
Dollar
USD
United
States
Dollar
ZAR
South
African
Rand
Selected
Portfolio
ADR
American
Depositary
Receipt
CVR
Contingent
Value
Right
REIT
Real
Estate
Investment
Trust
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.