# EDGAR Filing Document

**Accession Number:** 0001005942
**File Stem:** 0001133228-25-007766
**Filing Date:** 2025-7
**Character Count:** 218966
**Document Hash:** 2279fbc54fd95cac7283fd4b91b5e3e0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-007766.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001133228-25-007766

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**EFFECTIVENESS DATE**: 20250730

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001005942

**ORGANIZATION NAME:**
- **EIN:** 043299786
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07513
- **FILM NUMBER:** 251166524

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6177601000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

## Series and Classes Contracts Data

### Putnam Dynamic Asset Allocation Equity Fund (Series ID: S000024760)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000073568 | Class A        |  |
| C000170451 | Class P Shares |  |

?xml version='1.0' encoding='ASCII'? 2025-06-1174200166400_PutnamDynamicAssetAllocationEquityFund_ClassA_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-07513**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Putnam Funds Trust**

(Exact name of registrant as specified in charter)

**100 Federal Street, Boston, Massachusetts 02110**

(Address of principal executive offices) (Zip code)

Stephen Tate, Vice President

100 Federal Street,

Boston, Massachusetts 02110

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, NY 10036

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

Registrant's telephone number, including area code: **(617) 292-1000**

Date of fiscal year end: **May 31**

Date of reporting period: **May 31, 2025**

ITEM 1. REPORT TO STOCKHOLDERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Putnam Dynamic Asset Allocation Equity Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A  | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| May 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Dynamic Asset Allocation Equity Fund for the period June 1, 2024, to May 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-internalusefunds-documents. You can also request this information by contacting us at (800) 225-1581.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A | $71 | 0.66% |

---

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

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

For the twelve months ended May 31, 2025, Class A shares of Putnam Dynamic Asset Allocation Equity Fund returned 13.84%. The Fund compares its performance to the Russell 3000 Index and the Putnam Equity Blended Index†, which returned 13.12% and 13.39%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Selection effects within the Quantitative U.S. Large Cap Strategy sleeve were beneficial for benchmark-relative performance. |
| ↑ | Selection effects within the Quantitative International Equity Strategy sleeve were beneficial for benchmark-relative performance. |
| ↑ | Selection effects within the Fundamental Emerging Markets Equity Strategy sleeve were beneficial for benchmark-relative performance. |

---

---

| | |
|:---|:---|
| **Top detractors to performance:** | **Top detractors to performance:** |
| ↓ | Selection effects within the Fundamental Large-Cap Growth Equity Strategy sleeve detracted from performance. |
| ↓ | Allocation decisions within the Fundamental Large-Cap Growth Equity Strategy sleeve detracted from performance. |
| ↓ | Selection effects within the Quantitative U.S. Small-Cap Equity Strategy sleeve detracted from performance. |

---

**Use of Derivatives impacting performance:**

Futures were used to manage the Fund's exposure to market (systematic) risk, which detracted from performance. Forward currency contracts were used to hedge foreign exchange risk, which resulted in a slightly positive impact on performance.

Putnam Dynamic Asset Allocation Equity Fund PAGE 1 39117-ATSA-0725

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

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

**VALUE OF A $** **10,000 INVESTMENT ($** **9,425 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 5/31/2015 — 5/31/2025

![image](ts4229img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 13.84 | 15.36 | 10.01 |
| **Class A (with sales charge)**  | 7.30 | 14.00 | 9.36 |
| **Russell 3000 Index**  | 13.12 | 15.34 | 12.21 |
| **Putnam Equity Blended Index**<sup>†</sup>  | 13.39 | 14.22 | 10.62 |

---

† The Putnam Equity Blended Index is comprised of 75% Russell 3000 Index, 19% MSCI EAFE Index-NR, and 6% MSCI Emerging Markets Index.

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

For current month-end performance, please call Franklin Templeton at (800) 225-1581.

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

**KEY FUND STATISTICS** (as of May 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $26982820 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 566 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 74% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Dynamic Asset Allocation Equity Fund PAGE 2 39117-ATSA-0725

------

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

**Portfolio Composition** **(% of Total Net Assets)**

![image](ts4229img004.jpg)

U.S. Money Markets, if any, represent the market value weights of cash, short-term securities, and derivative notional offsets in the portfolio. Holdings and allocations may vary over time.

**HOW HAS THE FUND CHANGED?**

On May 31, 2023, Franklin Resources, Inc. ("Franklin Templeton") and Great-West Lifeco Inc., the parent company of Putnam U.S. Holdings I, LLC ("Putnam Holdings"), announced that they had entered into a definitive agreement for a subsidiary of Franklin Templeton to acquire Putnam Holdings in a stock and cash transaction (the "Transaction"). The Transaction was completed on January 1, 2024. As part of the Transaction, your Fund's then-current investment advisor, Putnam Investment Management, LLC ("Putnam Management"), a wholly-owned subsidiary of Putnam Holdings, and your Fund's then-current sub-advisors, Putnam Investments Limited ("PIL"), and The Putnam Advisory Company, LLC ("PAC"), indirect, wholly-owned subsidiaries of Putnam Holdings, became indirect, wholly-owned subsidiaries of Franklin Templeton. In connection with the Transaction, shareholders of your Fund approved a new management contract with Putnam Management and new sub-advisory contracts with PIL and PAC. The new contracts were identical to the previous contracts, except for the effective dates, initial terms, updates to fund names as necessary to reflect previous name changes, and certain non-substantive changes.

Effective July 15, 2024, Putnam Management transferred its management contract for your Fund to Franklin Advisers, Inc. ("Franklin Advisers"), and Franklin Advisers replaced Putnam Management as the investment advisor to your Fund. In connection with the transfer, your Fund's portfolio managers, along with supporting research analysts and certain other investment staff of Putnam Management, also became employees of Franklin Advisers. Putnam Management also transferred to Franklin Advisers its sub-management agreement with PIL in respect of your Fund. Franklin Advisers is an indirect, wholly-owned subsidiary of Franklin Templeton. In addition, effective July 15, 2024, Franklin Advisers retained Putnam Management as a sub-advisor to your Fund pursuant to a new subadvisory agreement.

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

Effective March 31, 2025, the portfolio managers for the Fund are Brett Goldstein, Adrian Chan, Jacqueline Kenney and Thomas A. Nelson.

This is a summary of certain changes to the Fund since June 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by October 1, 2025, at https://www.franklintempleton.com/regulatory-internalusefunds-documents.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-internalusefunds-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • proxy voting information • financial information • holdings • tax information |

---

Putnam Dynamic Asset Allocation Equity Fund PAGE 3 39117-ATSA-0725

94258889103861179411355119771709115948164632149624472100001002211795135721391115505223142149221929279783164810000972011484130601309614105202291902719360241882742888.31.50.210.0 ------

---

| | |
|:---|:---|
| **Putnam Dynamic Asset Allocation Equity Fund**  | ![image](img2199_202405220716489.jpg) |
| Class P  | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| May 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Dynamic Asset Allocation Equity Fund for the period June 1, 2024, to May 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-internalusefunds-documents. You can also request this information by contacting us at (800) 225-1581.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class P | $63 | 0.59% |

---

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

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

For the twelve months ended May 31, 2025, Class P shares of Putnam Dynamic Asset Allocation Equity Fund returned 13.90%. The Fund compares its performance to the Russell 3000 Index and the Putnam Equity Blended Index†, which returned 13.12% and 13.39%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Selection effects within the Quantitative U.S. Large Cap Strategy sleeve were beneficial for benchmark-relative performance. |
| ↑ | Selection effects within the Quantitative International Equity Strategy sleeve were beneficial for benchmark-relative performance. |
| ↑ | Selection effects within the Fundamental Emerging Markets Equity Strategy sleeve were beneficial for benchmark-relative performance. |

---

---

| | |
|:---|:---|
| **Top detractors to performance:** | **Top detractors to performance:** |
| ↓ | Selection effects within the Fundamental Large-Cap Growth Equity Strategy sleeve detracted from performance. |
| ↓ | Allocation decisions within the Fundamental Large-Cap Growth Equity Strategy sleeve detracted from performance. |
| ↓ | Selection effects within the Quantitative U.S. Small-Cap Equity Strategy sleeve detracted from performance. |

---

**Use of Derivatives impacting performance:**

Futures were used to manage the Fund's exposure to market (systematic) risk, which detracted from performance. Forward currency contracts were used to hedge foreign exchange risk, which resulted in a slightly positive impact on performance.

Putnam Dynamic Asset Allocation Equity Fund PAGE 1 39117-ATSP-0725

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

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

**VALUE OF A $** **10,000 INVESTMENT –** **Class P** 5/31/2015 — 5/31/2025

![image](ts4228img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class P**  | 13.90 | 15.48 | 10.16 |
| **Russell 3000 Index**  | 13.12 | 15.34 | 12.21 |
| **Putnam Equity Blended Index**<sup>†</sup>  | 13.39 | 14.22 | 10.62 |

---

† The Putnam Equity Blended Index is comprised of 75% Russell 3000 Index, 19% MSCI EAFE Index-NR, and 6% MSCI Emerging Markets Index.

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

The Fund began offering Class P shares on 8/31/2016. Returns for periods before 8/31/2016 are based on the Fund's Class A performance, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would have been higher. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581.

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

**KEY FUND STATISTICS** (as of May 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $26982820 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 566 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 74% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Dynamic Asset Allocation Equity Fund PAGE 2 39117-ATSP-0725

------

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

**Portfolio Composition** **(% of Total Net Assets)**

![image](ts4228img004.jpg)

U.S. Money Markets, if any, represent the market value weights of cash, short-term securities, and derivative notional offsets in the portfolio. Holdings and allocations may vary over time.

**HOW HAS THE FUND CHANGED?**

On May 31, 2023, Franklin Resources, Inc. ("Franklin Templeton") and Great-West Lifeco Inc., the parent company of Putnam U.S. Holdings I, LLC ("Putnam Holdings"), announced that they had entered into a definitive agreement for a subsidiary of Franklin Templeton to acquire Putnam Holdings in a stock and cash transaction (the "Transaction"). The Transaction was completed on January 1, 2024. As part of the Transaction, your Fund's then-current investment advisor, Putnam Investment Management, LLC ("Putnam Management"), a wholly-owned subsidiary of Putnam Holdings, and your Fund's then-current sub-advisors, Putnam Investments Limited ("PIL"), and The Putnam Advisory Company, LLC ("PAC"), indirect, wholly-owned subsidiaries of Putnam Holdings, became indirect, wholly-owned subsidiaries of Franklin Templeton. In connection with the Transaction, shareholders of your Fund approved a new management contract with Putnam Management and new sub-advisory contracts with PIL and PAC. The new contracts were identical to the previous contracts, except for the effective dates, initial terms, updates to fund names as necessary to reflect previous name changes, and certain non-substantive changes.

Effective July 15, 2024, Putnam Management transferred its management contract for your Fund to Franklin Advisers, Inc. ("Franklin Advisers"), and Franklin Advisers replaced Putnam Management as the investment advisor to your Fund. In connection with the transfer, your Fund's portfolio managers, along with supporting research analysts and certain other investment staff of Putnam Management, also became employees of Franklin Advisers. Putnam Management also transferred to Franklin Advisers its sub-management agreement with PIL in respect of your Fund. Franklin Advisers is an indirect, wholly-owned subsidiary of Franklin Templeton. In addition, effective July 15, 2024, Franklin Advisers retained Putnam Management as a sub-advisor to your Fund pursuant to a new subadvisory agreement.

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

Effective March 31, 2025, the portfolio managers for the Fund are Brett Goldstein, Adrian Chan, Jacqueline Kenney and Thomas A. Nelson.

This is a summary of certain changes to the Fund since June 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by October 1, 2025, at https://www.franklintempleton.com/regulatory-internalusefunds-documents.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-internalusefunds-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • proxy voting information • financial information • holdings • tax information |

---

Putnam Dynamic Asset Allocation Equity Fund PAGE 3 39117-ATSP-0725

100009431110431256612134128161832417112177022311026322100001002211795135721391115505223142149221929279783164810000972011484130601309614105202291902719360241882742888.31.50.210.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending May 31, 2024 and May 31, 2025 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $82,209 in May 31, 2024 and $78,130 in May 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in May 31, 2024 and $0 in May 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $23,398 in May 31, 2024 and $15,724 in May 31, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $664,363 in May 31, 2024 and $583,796 in May 31, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable*.*

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial
 Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Annual
\|

May

31,

2025

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Annual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 22
Notes

to

Financial

Statements

#### 26
Report

of

Independent

Registered

Public

Accounting

Firm

#### 40
Tax

Information

#### 41
Changes

In

and

Disagreements

with

Accountants

#### 42
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### May

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$14.32

$11.17

$13.01

$15.86

$11.45

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.24 0.17 0.28 0.13 0.11 Net

realized

and

unrealized

gains

(losses)

...........

1.70 3.21 0.09 (0.96)

4.73 Total

from

investment

operations

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

1.94 3.38 0.37 (0.83)

4.84 Less

distributions

from:

Net

investment

income

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

(0.21)

(0.06)

(0.11)

(0.10)

(0.10)

Net

realized

gains

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

(1.04)

(0.17)

(1.81)

(1.92)

(0.33)

Tax

return

of

capital

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

—

—

(0.29)

—

—

Total

distributions

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

(1.25)

(0.23)

(2.21)

(2.02)

(0.43)

Net

asset

value,

end

of

year

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

$15.01

$14.32

$11.17

$13.01

$15.86

Total

return

c

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

13.84%

30.58%

3.23%

(6.69)%

42.70%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.70%

2.48%

1.08%

1.12%

1.21%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.66%

0.68%

0.70%

0.83%

0.86%

Net

investment

income

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

1.62%

1.34%

2.67%

0.82%

0.81%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$6,985

$6,665

$5,108

$28

$31

Portfolio

turnover

rate

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

74%

64%

67%

76%

64%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### May

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### P

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$14.27

$11.14

$12.99

$15.86

$11.45

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.25 0.18 0.15 0.16 0.14 Net

realized

and

unrealized

gains

(losses)

...........

1.69 3.19 0.24 (0.97)

4.73 Total

from

investment

operations

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

1.94 3.37 0.39 (0.81)

4.87 Less

distributions

from:

Net

investment

income

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

(0.22)

(0.07)

(0.14)

(0.14)

(0.13)

Net

realized

gains

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

(1.04)

(0.17)

(1.81)

(1.92)

(0.33)

Tax

return

of

capital

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

—

—

(0.29)

—

—

Total

distributions

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

(1.26)

(0.24)

(2.24)

(2.06)

(0.46)

Net

asset

value,

end

of

year

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

$14.95

$14.27

$11.14

$12.99

$15.86

Total

return

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

13.90%

30.55%

3.45%

(6.61)%

42.98%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.63%

2.40%

1.00%

0.90%

0.97%

Expenses

net

of

waiver

and

payments

by

affiliates

c

......

0.59%

0.60%

0.62%

0.61%

0.62%

Net

investment

income

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

1.69%

1.44%

1.26%

1.04%

1.05%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$19,997

$8,398

$4,680

$79,557

$78,855

Portfolio

turnover

rate

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

74%

64%

67%

76%

64%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Schedule

of

Investments,

May

31,

2025

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 88.0%

#### Aerospace

#### &

#### Defense

#### 2.2%
Airbus

SE

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

France

$

41,567

a

Axon

Enterprise,

Inc.

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

United

States

6,003

Curtiss-Wright

Corp.

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

United

States

13,203

Dassault

Aviation

SA

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

France

5,820

General

Dynamics

Corp.

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

United

States

23,115

General

Electric

Co.

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

United

States

41,559

Lockheed

Martin

Corp.

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

United

States

169,315

Mazagon

Dock

Shipbuilders

Ltd.

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

India

15,531

Northrop

Grumman

Corp.

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

United

States

50,416

RTX

Corp.

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

United

States

957

130,611

Textron,

Inc.

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

United

States

11,697

Thales

SA

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

France

41,040

TransDigm

Group,

Inc.

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

United

States

33,774

583,651

#### Air

#### Freight

#### &

#### Logistics

#### 0.3%
Deutsche

Post

AG

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

Germany

18,488

Expeditors

International

of

Washington,

Inc.

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

United

States

11,498

FedEx

Corp.

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

United

States

46,891

United

Parcel

Service,

Inc.

,

B

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

United

States

11,705

88,582

#### Automobile

#### Components

#### 0.1%
Aisin

Corp.

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

Japan

1,700

21,631

#### Automobiles

#### 1.9%
BYD

Co.

Ltd.

,

H

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

China

1,000

49,698

General

Motors

Co.

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

United

States

954

47,328

Kia

Corp.

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

South

Korea

27,745

Mahindra

&

Mahindra

Ltd.

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

India

1,561

54,368

Subaru

Corp.

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

Japan

1,600

29,371

a

Tesla,

Inc.

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

United

States

845

292,759

Toyota

Motor

Corp.

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

Japan

7,615

508,884

#### Banks

#### 6.1%
Abu

Dhabi

Islamic

Bank

PJSC

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

United

Arab

Emirates

16,673

87,035

AIB

Group

plc

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

Ireland

2,104

16,600

Al

Rajhi

Bank

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

Saudi

Arabia

3,154

76,504

Banco

Bilbao

Vizcaya

Argentaria

SA

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

Spain

1,856

27,862

Banco

de

Sabadell

SA

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

Spain

2,423

7,714

Banco

do

Brasil

SA

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

Brazil

2,300

9,418

Banco

Santander

SA

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

Spain

7,076

56,450

Bank

Central

Asia

Tbk.

PT

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

Indonesia

90,200

52,036

Bank

Hapoalim

BM

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

Israel

1,375

23,067

Bank

Leumi

Le-Israel

BM

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

Israel

1,411

22,771

Bank

of

America

Corp.

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

United

States

2,156

95,144

Bank

of

China

Ltd.

,

H

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

China

174,000

100,817

Barclays

plc

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

United

Kingdom

9,493

42,039

BNP

Paribas

SA

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

France

15,501

BOC

Hong

Kong

Holdings

Ltd.

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

China

1,000

4,205

Citigroup,

Inc.

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

United

States

3,308

249,158

Citizens

Financial

Group,

Inc.

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

United

States

11,782

Credit

Agricole

SA

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

France

512

9,374

CTBC

Financial

Holding

Co.

Ltd.

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

Taiwan

27,000

36,448

Erste

Group

Bank

AG

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

Austria

23,354

First

Horizon

Corp.

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

United

States

588

11,689

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Banks
(continued)

Grupo

Financiero

Banorte

SAB

de

CV

,

O

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

Mexico

5,605

$

49,548

a

Grupo

Financiero

Galicia

SA

,

ADR

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

Argentina

10,449

HSBC

Holdings

plc

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

United

Kingdom

6,144

72,383

ICICI

Bank

Ltd.

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

India

7,724

131,011

Intesa

Sanpaolo

SpA

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

Italy

6,630

37,013

JPMorgan

Chase

&

Co.

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

United

States

43,560

KB

Financial

Group,

Inc.

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

South

Korea

22,874

Lloyds

Banking

Group

plc

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

United

Kingdom

46,427

48,359

Mitsubishi

UFJ

Financial

Group,

Inc.

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

Japan

2,500

34,971

National

Bank

of

Greece

SA

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

Greece

3,563

42,427

NatWest

Group

plc

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

United

Kingdom

5,610

39,836

PNC

Financial

Services

Group,

Inc.

(The)

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

United

States

48,667

Popular,

Inc.

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

United

States

11,699

UniCredit

SpA

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

Italy

652

41,928

Webster

Financial

Corp.

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

United

States

11,634

Wells

Fargo

&

Co.

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

United

States

15,405

Zions

Bancorp

NA

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

United

States

11,698

1,652,430

#### Beverages

#### 0.6%
a

Boston

Beer

Co.,

Inc.

(The)

,

A

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

United

States

11,263

Carlsberg

A/S

,

B

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

Denmark

5,726

Coca-Cola

Co.

(The)

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

United

States

1,131

81,545

Coca-Cola

Consolidated,

Inc.

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

United

States

11,465

a

Coca-Cola

HBC

AG

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

Italy

23,763

Keurig

Dr

Pepper,

Inc.

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

United

States

11,852

a

Monster

Beverage

Corp.

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

United

States

14,197

PepsiCo,

Inc.

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

United

States

11,699

171,510

#### Biotechnology

#### 1.5%
AbbVie,

Inc.

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

United

States

767

142,746

a

Alnylam

Pharmaceuticals,

Inc.

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

United

States

12,487

Amgen,

Inc.

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

United

States

12,104

CSL

Ltd.

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

United

States

2,234

a

Exelixis,

Inc.

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

United

States

1,329

57,200

a

Genmab

A/S

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

Denmark

12,025

a

Incyte

Corp.

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

United

States

721

46,908

a

Natera,

Inc.

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

United

States

11,988

a

Neurocrine

Biosciences,

Inc.

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

United

States

547

67,292

Regeneron

Pharmaceuticals,

Inc.

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

United

States

46,086

411,070

#### Broadline

#### Retail

#### 3.6%
Alibaba

Group

Holding

Ltd.

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

China

6,100

86,850

Alibaba

Group

Holding

Ltd.

,

ADR

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

China

12,864

a

Amazon.com,

Inc.

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

United

States

3,685

755,462

eBay,

Inc.

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

United

States

11,780

a

Etsy,

Inc.

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

United

States

13,395

a

MercadoLibre,

Inc.

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

Brazil

38,449

Next

plc

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

United

Kingdom

8,851

Prosus

NV

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

China

898

46,129

973,780

#### Building

#### Products

#### 0.7%
Allegion

plc

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

United

States

11,702

Cie

de

Saint-Gobain

SA

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

France

41,318

Johnson

Controls

International

plc

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

United

States

535

54,233

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Building

#### Products
(continued)

Owens

Corning

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

United

States

$

11,520

Trane

Technologies

plc

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

United

States

61,098

179,871

#### Capital

#### Markets

#### 2.7%
3i

Group

plc

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

United

Kingdom

808

44,380

Ameriprise

Financial,

Inc.

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

United

States

11,203

Bank

of

New

York

Mellon

Corp.

(The)

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

United

States

11,608

BlackRock,

Inc.

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

United

States

27,437

Charles

Schwab

Corp.

(The)

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

United

States

545

48,145

CME

Group,

Inc.

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

United

States

54,043

Deutsche

Boerse

AG

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

Germany

35,436

b

Euronext

NV

,

144A

,

Reg

S

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

Netherlands

23,306

Goldman

Sachs

Group,

Inc.

(The)

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

United

States

212,559

b

HDFC

Asset

Management

Co.

Ltd.

,

144A

,

Reg

S

...........

India

646

36,142

Intercontinental

Exchange,

Inc.

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

United

States

11,867

Morgan

Stanley

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

United

States

11,779

Nasdaq,

Inc.

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

United

States

28,821

Northern

Trust

Corp.

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

United

States

11,741

S&P

Global,

Inc.

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

United

States

19,489

State

Street

Corp.

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

United

States

1,295

124,683

UBS

Group

AG

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

Switzerland

12,697

Virtu

Financial,

Inc.

,

A

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

United

States

14,790

740,126

#### Chemicals

#### 1.1%
Air

Liquide

SA

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

France

16,991

a

Axalta

Coating

Systems

Ltd.

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

United

States

11,334

CF

Industries

Holdings,

Inc.

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

United

States

12,971

Corteva,

Inc.

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

United

States

626

44,321

DuPont

de

Nemours,

Inc.

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

United

States

30,928

Eastman

Chemical

Co.

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

United

States

12,696

Ecolab,

Inc.

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

United

States

11,687

Huntsman

Corp.

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

United

States

1,000

11,140

Linde

plc

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

United

States

12,625

LyondellBasell

Industries

NV

,

A

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

United

States

11,637

Mosaic

Co.

(The)

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

United

States

12,035

NewMarket

Corp.

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

United

States

11,593

PPG

Industries,

Inc.

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

United

States

16,842

Sherwin-Williams

Co.

(The)

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

United

States

41,981

Shin-Etsu

Chemical

Co.

Ltd.

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

Japan

1,400

44,702

303,483

#### Commercial

#### Services

#### &

#### Supplies

#### 0.4%
a

Copart,

Inc.

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

United

States

25,328

Republic

Services,

Inc.

,

A

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

United

States

11,835

TOPPAN

Holdings,

Inc.

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

Japan

700

18,588

Veralto

Corp.

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

United

States

11,619

Waste

Connections,

Inc.

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

United

States

29,366

Waste

Management,

Inc.

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

United

States

11,808

108,544

#### Communications

#### Equipment

#### 0.9%
Accton

Technology

Corp.

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

Taiwan

1,000

24,402

a

Arista

Networks,

Inc.

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

United

States

23,913

Cisco

Systems,

Inc.

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

United

States

1,111

70,037

a

F5,

Inc.

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

United

States

11,415

Juniper

Networks,

Inc.

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

United

States

11,605

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Communications

#### Equipment
(continued)

Motorola

Solutions,

Inc.

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

United

States

$

71,030

Telefonaktiebolaget

LM

Ericsson

,

B

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

Sweden

2,257

19,213

Ubiquiti,

Inc.

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

United

States

18,579

250,194

#### Construction

#### &

#### Engineering

#### 0.3%
ACS

Actividades

de

Construccion

y

Servicios

SA

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

Spain

3,219

Gamuda

Bhd.

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

Malaysia

31,707

34,043

Vinci

SA

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

France

40,294

77,556

#### Construction

#### Materials

#### 0.5%
CRH

plc

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

United

States

35,461

Heidelberg

Materials

AG

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

Germany

18,229

a

Holcim

AG

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

United

States

43,549

UltraTech

Cement

Ltd.

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

India

32,142

Vulcan

Materials

Co.

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

United

States

15,374

144,755

#### Consumer

#### Finance

#### 0.5%
Ally

Financial,

Inc.

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

United

States

11,970

a

American

Express

Co.

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

United

States

11,762

Bajaj

Finance

Ltd.

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

India

15,041

Capital

One

Financial

Corp.

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

United

States

68,851

SLM

Corp.

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

United

States

11,168

Synchrony

Financial

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

United

States

11,645

130,437

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1.8%
a

BJ's

Wholesale

Club

Holdings,

Inc.

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

United

States

20,378

Coles

Group

Ltd.

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

Australia

1,992

Costco

Wholesale

Corp.

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

United

States

24,964

Koninklijke

Ahold

Delhaize

NV

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

Netherlands

814

34,354

a

Maplebear,

Inc.

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

United

States

618

28,224

Marks

&

Spencer

Group

plc

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

United

Kingdom

1,847

Shoprite

Holdings

Ltd.

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

South

Africa

2,761

44,870

Target

Corp.

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

United

States

27,263

Tesco

plc

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

United

Kingdom

4,428

23,170

Walmart,

Inc.

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

United

States

2,883

284,610

491,672

#### Containers

#### &

#### Packaging

#### 0.2%
Ball

Corp.

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

United

States

12,217

Crown

Holdings,

Inc.

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

United

States

11,623

Packaging

Corp.

of

America

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

United

States

11,590

Sealed

Air

Corp.

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

United

States

11,624

47,054

#### Diversified

#### Consumer

#### Services

#### 0.1%
ADT,

Inc.

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

United

States

1,427

11,872

a

Duolingo,

Inc.

,

A

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

United

States

15,069

26,941

#### Diversified

#### REITs

#### 0.1%
Covivio

SA

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

France

1,800

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Diversified

#### REITs
(continued)

WP

Carey,

Inc.

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

United

States

$

12,113

13,913

#### Diversified

#### Telecommunication

#### Services

#### 0.5%
AT&T,

Inc.

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

United

States

2,349

65,302

Deutsche

Telekom

AG

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

Germany

676

25,599

Koninklijke

KPN

NV

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

Netherlands

1,472

6,921

Telstra

Group

Ltd.

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

Australia

6,104

18,814

Verizon

Communications,

Inc.

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

United

States

11,869

128,505

#### Electric

#### Utilities

#### 1.7%
American

Electric

Power

Co.,

Inc.

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

United

States

11,798

Duke

Energy

Corp.

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

United

States

11,772

Edison

International

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

United

States

1,820

101,283

Exelon

Corp.

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

United

States

2,196

96,229

Iberdrola

SA

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

Spain

2,803

51,378

NextEra

Energy,

Inc.

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

United

States

689

48,671

NRG

Energy,

Inc.

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

United

States

73,117

PG&E

Corp.

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

United

States

1,571

26,519

PPL

Corp.

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

United

States

791

27,487

448,254

#### Electrical

#### Equipment

#### 0.7%
ABB

Ltd.

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

Switzerland

738

41,806

AMETEK,

Inc.

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

United

States

11,618

Eaton

Corp.

plc

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

United

States

11,527

GE

Vernova,

Inc.

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

United

States

16,554

a

Generac

Holdings,

Inc.

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

United

States

11,358

Mitsubishi

Electric

Corp.

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

Japan

2,100

41,910

Vertiv

Holdings

Co.

,

A

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

United

States

558

60,225

194,998

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.2%
Elite

Material

Co.

Ltd.

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

Taiwan

1,000

24,563

Halma

plc

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

United

Kingdom

4,234

a

Keysight

Technologies,

Inc.

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

United

States

11,307

a

Zebra

Technologies

Corp.

,

A

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

United

States

11,881

51,985

#### Energy

#### Equipment

#### &

#### Services

#### 0.3%
Halliburton

Co.

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

United

States

2,681

52,521

TechnipFMC

plc

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

United

Kingdom

13,457

Weatherford

International

plc

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

United

States

10,987

76,965

#### Entertainment

#### 1.8%
a

Live

Nation

Entertainment,

Inc.

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

United

States

21,676

a

Netflix,

Inc.

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

United

States

335,610

Nexon

Co.

Ltd.

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

Japan

600

10,801

a

ROBLOX

Corp.

,

A

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

United

States

19,745

a

Sea

Ltd.

,

ADR

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

Singapore

36,564

a

Spotify

Technology

SA

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

United

States

47,890

472,286

#### Financial

#### Services

#### 3.4%
Apollo

Global

Management,

Inc.

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

United

States

32,934

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Financial

#### Services
(continued)

a

Berkshire

Hathaway,

Inc.

,

B

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

United

States

$

52,412

Corebridge

Financial,

Inc.

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

United

States

11,968

Equitable

Holdings,

Inc.

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

United

States

1,494

78,988

EXOR

NV

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

Netherlands

25,032

a

Fiserv,

Inc.

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

United

States

11,721

Global

Payments,

Inc.

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

United

States

11,568

Investor

AB

,

B

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

Sweden

1,068

31,450

Mastercard,

Inc.

,

A

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

United

States

637

373,027

Meritz

Financial

Group,

Inc.

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

South

Korea

534

43,162

MGIC

Investment

Corp.

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

United

States

12,934

a

PayPal

Holdings,

Inc.

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

United

States

1,807

126,996

Visa,

Inc.

,

A

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

United

States

93,124

Western

Union

Co.

(The)

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

United

States

1,207

11,201

916,517

#### Food

#### Products

#### 0.5%
Associated

British

Foods

plc

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

United

Kingdom

1,119

31,457

Hormel

Foods

Corp.

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

United

States

12,088

Ingredion,

Inc.

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

United

States

11,686

Mondelez

International,

Inc.

,

A

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

United

States

11,946

Nestle

SA

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

United

States

17,366

Nissin

Foods

Holdings

Co.

Ltd.

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

Japan

4,241

Tyson

Foods,

Inc.

,

A

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

United

States

11,737

b

WH

Group

Ltd.

,

144A

,

Reg

S

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

Hong

Kong

41,000

37,710

138,231

#### Gas

#### Utilities

#### 0.0%

#### †
National

Fuel

Gas

Co.

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

United

States

11,886

#### Ground

#### Transportation

#### 0.6%
Canadian

Pacific

Kansas

City

Ltd.

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

Canada

34,456

CSX

Corp.

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

United

States

11,973

a

Lyft,

Inc.

,

A

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

United

States

728

11,095

a

Uber

Technologies,

Inc.

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

United

States

31,139

Union

Pacific

Corp.

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

United

States

82,014

170,677

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 1.1%
Abbott

Laboratories

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

United

States

11,755

Becton

Dickinson

&

Co.

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

United

States

11,563

BioMerieux

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

France

8,314

a

Boston

Scientific

Corp.

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

United

States

42,209

a

Dexcom,

Inc.

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

United

States

11,755

a

Edwards

Lifesciences

Corp.

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

United

States

12,124

a

Hologic,

Inc.

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

United

States

13,242

Hoya

Corp.

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

Japan

23,614

a

IDEXX

Laboratories,

Inc.

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

United

States

17,968

a

Insulet

Corp.

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

United

States

12,026

a

Intuitive

Surgical,

Inc.

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

United

States

50,815

Medtronic

plc

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

United

States

963

79,910

Olympus

Corp.

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

Japan

500

6,406

301,701

#### Health

#### Care

#### Providers

#### &

#### Services

#### 1.4%
Apollo

Hospitals

Enterprise

Ltd.

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

India

38,253

Cardinal

Health,

Inc.

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

United

States

11,737

Cencora,

Inc.

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

United

States

11,650

Chemed

Corp.

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

United

States

11,497

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Health

#### Care

#### Providers

#### &

#### Services
(continued)

Cigna

Group

(The)

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

United

States

$

114,940

Elevance

Health,

Inc.

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

United

States

11,515

Fresenius

SE

&

Co.

KGaA

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

Germany

3,039

Humana,

Inc.

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

United

States

11,890

McKesson

Corp.

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

United

States

67,634

Sonic

Healthcare

Ltd.

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

Australia

918

15,790

a

Tenet

Healthcare

Corp.

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

United

States

12,320

UnitedHealth

Group,

Inc.

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

United

States

48,909

Universal

Health

Services,

Inc.

,

B

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

United

States

11,802

370,976

#### Health

#### Care

#### REITs

#### 0.1%
Omega

Healthcare

Investors,

Inc.

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

United

States

11,951

#### Health

#### Care

#### Technology

#### 0.4%
a

Doximity,

Inc.

,

A

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

United

States

11,772

a

Veeva

Systems,

Inc.

,

A

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

United

States

88,665

100,437

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.9%
a

Airbnb,

Inc.

,

A

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

United

States

11,739

Aristocrat

Leisure

Ltd.

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

Australia

763

30,659

Booking

Holdings,

Inc.

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

United

States

11,038

a

Chipotle

Mexican

Grill,

Inc.

,

A

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

United

States

878

43,970

Compass

Group

plc

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

United

Kingdom

771

27,111

a

DoorDash,

Inc.

,

A

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

United

States

805

167,963

a

DraftKings,

Inc.

,

A

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

United

States

589

21,133

a

Eternal

Ltd.

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

India

3,604

10,038

b

FDJ

United

,

144A

,

Reg

S

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

France

7,046

Hilton

Worldwide

Holdings,

Inc.

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

United

States

62,607

Indian

Hotels

Co.

Ltd.

(The)

,

A

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

India

5,026

45,278

InterContinental

Hotels

Group

plc

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

United

Kingdom

9,167

a

MakeMyTrip

Ltd.

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

India

22,663

a,b

Meituan

Dianping

,

B

,

144A

,

Reg

S

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

China

1,400

24,213

a

Starbucks

Corp.

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

United

States

27,452

522,077

#### Household

#### Durables

#### 0.4%
a

Amber

Enterprises

India

Ltd.

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

India

20,654

DR

Horton,

Inc.

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

United

States

11,452

Garmin

Ltd.

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

United

States

11,569

PulteGroup,

Inc.

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

United

States

576

56,465

Sony

Group

Corp.

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

Japan

2,677

Toll

Brothers,

Inc.

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

United

States

11,572

114,389

#### Household

#### Products

#### 0.9%
Clorox

Co.

(The)

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

United

States

11,605

Colgate-Palmolive

Co.

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

United

States

998

92,754

Kimberly-Clark

Corp.

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

United

States

41,834

Procter

&

Gamble

Co.

(The)

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

United

States

65,068

Reckitt

Benckiser

Group

plc

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

United

Kingdom

19,374

Unilever

Indonesia

Tbk.

PT

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

Indonesia

123,300

13,065

243,700

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.3%
NTPC

Ltd.

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

India

12,388

48,395

RWE

AG

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

Germany

6,928

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers
(continued)

Vistra

Corp.

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

United

States

$

12,203

67,526

#### Industrial

#### Conglomerates

#### 0.3%
a

3M

Co.

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

United

States

11,423

DCC

plc

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

United

Kingdom

7,815

Honeywell

International,

Inc.

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

United

States

48,507

Sekisui

Chemical

Co.

Ltd.

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

Japan

500

8,686

Smiths

Group

plc

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

United

Kingdom

10,784

87,215

#### Industrial

#### REITs

#### 0.1%
First

Industrial

Realty

Trust,

Inc.

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

United

States

11,814

Prologis,

Inc.

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

United

States

25,412

37,226

#### Insurance

#### 2.6%
Aflac,

Inc.

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

United

States

11,700

AIA

Group

Ltd.

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

Hong

Kong

4,200

34,961

Allianz

SE

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

Germany

35,695

Allstate

Corp.

(The)

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

United

States

52,677

American

International

Group,

Inc.

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

United

States

547

46,298

AXA

SA

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

France

3,912

Axis

Capital

Holdings

Ltd.

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

United

States

13,286

a

Brighthouse

Financial,

Inc.

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

United

States

11,783

Chubb

Ltd.

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

United

States

11,888

Dai-ichi

Life

Holdings,

Inc.

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

Japan

700

5,464

Everest

Group

Ltd.

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

United

States

11,805

Globe

Life,

Inc.

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

United

States

29,614

Hanover

Insurance

Group,

Inc.

(The)

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

United

States

5,983

MetLife,

Inc.

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

United

States

1,392

109,383

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

Germany

29,802

NN

Group

NV

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

Netherlands

19,254

Old

Republic

International

Corp.

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

United

States

12,965

PICC

Property

&

Casualty

Co.

Ltd.

,

H

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

China

26,000

49,403

b

Poste

Italiane

SpA

,

144A

,

Reg

S

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

Italy

3,800

Primerica,

Inc.

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

United

States

11,636

Progressive

Corp.

(The)

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

United

States

57,841

Prudential

Financial,

Inc.

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

United

States

11,740

QBE

Insurance

Group

Ltd.

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

Australia

6,663

Reinsurance

Group

of

America,

Inc.

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

United

States

11,588

Talanx

AG

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

Germany

19,071

Travelers

Cos.,

Inc.

(The)

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

United

States

11,579

Unipol

Assicurazioni

SpA

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

Italy

2,916

Unum

Group

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

United

States

11,930

W

R

Berkley

Corp.

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

United

States

12,025

Willis

Towers

Watson

plc

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

United

States

11,712

Zurich

Insurance

Group

AG

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

Switzerland

21,043

689,417

#### Interactive

#### Media

#### &

#### Services

#### 5.3%
Alphabet,

Inc.

,

A

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

United

States

2,118

363,745

Alphabet,

Inc.

,

C

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

United

States

797

137,762

b

Auto

Trader

Group

plc

,

144A

,

Reg

S

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

United

Kingdom

1,934

20,712

LY

Corp.

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

Japan

7,200

25,962

Meta

Platforms,

Inc.

,

A

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

United

States

899

582,094

NAVER

Corp.

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

South

Korea

20,191

b

Scout24

SE

,

144A

,

Reg

S

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

Germany

7,222

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Interactive

#### Media

#### &

#### Services
(continued)

Tencent

Holdings

Ltd.

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

China

4,300

$

271,083

1,428,771

#### IT

#### Services

#### 0.7%
Accenture

plc

,

A

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

Ireland

73,819

Fujitsu

Ltd.

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

Japan

4,581

a

GoDaddy,

Inc.

,

A

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

United

States

11,475

a

Shopify,

Inc.

,

A

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

Canada

17,262

a

Snowflake,

Inc.

,

A

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

United

States

12,752

Tata

Consultancy

Services

Ltd.

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

India

1,393

56,402

a

Twilio,

Inc.

,

A

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

United

States

11,888

VeriSign,

Inc.

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

United

States

11,171

199,350

#### Leisure

#### Products

#### 0.1%
Bandai

Namco

Holdings,

Inc.

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

Japan

12,709

Hasbro,

Inc.

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

United

States

11,741

24,450

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.3%
Danaher

Corp.

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

United

States

11,774

Lonza

Group

AG

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

Switzerland

28,450

Thermo

Fisher

Scientific,

Inc.

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

United

States

44,310

84,534

#### Machinery

#### 1.1%
Allison

Transmission

Holdings,

Inc.

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

United

States

11,594

Caterpillar,

Inc.

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

United

States

11,485

Cummins,

Inc.

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

United

States

11,573

Deere

&

Co.

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

United

States

11,138

Donaldson

Co.,

Inc.

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

United

States

11,754

Flowserve

Corp.

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

United

States

11,779

GEA

Group

AG

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

Germany

17,950

Graco,

Inc.

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

United

States

11,598

a

HD

Hyundai

Heavy

Industries

Co.

Ltd.

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

South

Korea

29,867

Hoshizaki

Corp.

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

Japan

3,725

Hyundai

Rotem

Co.

Ltd.

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

South

Korea

19,687

Ingersoll

Rand,

Inc.

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

United

States

30,207

Komatsu

Ltd.

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

Japan

3,039

Lincoln

Electric

Holdings,

Inc.

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

United

States

11,422

Makita

Corp.

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

Japan

3,064

Otis

Worldwide

Corp.

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

United

States

22,503

Parker-Hannifin

Corp.

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

United

States

11,300

Pentair

plc

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

United

States

11,802

Rational

AG

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

Germany

3,289

Schindler

Holding

AG

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

Switzerland

25,300

Westinghouse

Air

Brake

Technologies

Corp.

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

United

States

11,734

285,810

#### Marine

#### Transportation

#### 0.1%
a

Kirby

Corp.

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

United

States

11,949

SITC

International

Holdings

Co.

Ltd.

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

China

4,000

12,779

24,728

#### Media

#### 0.3%
a

Charter

Communications,

Inc.

,

A

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

United

States

23,380

Comcast

Corp.

,

A

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

United

States

734

25,374

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Media
(continued)

Informa

plc

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

United

Kingdom

919

$

9,744

New

York

Times

Co.

(The)

,

A

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

United

States

13,309

a

Trade

Desk,

Inc.

(The)

,

A

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

United

States

11,810

83,617

#### Metals

#### &

#### Mining

#### 1.0%
Anglogold

Ashanti

plc

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

United

Kingdom

13,878

ArcelorMittal

SA

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

Luxembourg

6,185

BHP

Group

Ltd.

,

(AUD

Traded)

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

Australia

1,628

39,992

BHP

Group

Ltd.

,

(GBP

Traded)

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

Australia

2,484

BlueScope

Steel

Ltd.

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

Australia

555

8,147

a

Boliden

AB

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

Sweden

3,283

Fortescue

Ltd.

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

Australia

2,491

24,782

Freeport-McMoRan,

Inc.

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

United

States

1,166

44,868

a

Glencore

plc

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

Australia

3,320

12,632

Norsk

Hydro

ASA

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

Norway

979

5,367

Northern

Star

Resources

Ltd.

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

Australia

5,222

Nucor

Corp.

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

United

States

11,483

Rio

Tinto

plc

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

Australia

24,856

Royal

Gold,

Inc.

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

United

States

5,700

Southern

Copper

Corp.

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

Mexico

11,636

Zijin

Mining

Group

Co.

Ltd.

,

H

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

China

22,000

48,903

269,418

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.0%

#### †
Rithm

Capital

Corp.

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

United

States

1,041

11,607

#### Multi-Utilities

#### 0.4%
Consolidated

Edison,

Inc.

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

United

States

11,703

Dominion

Energy,

Inc.

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

United

States

11,787

E.ON

SE

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

Germany

1,435

25,150

Engie

SA

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

France

1,952

42,130

Public

Service

Enterprise

Group,

Inc.

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

United

States

12,155

Sembcorp

Industries

Ltd.

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

Singapore

1,200

6,145

109,070

#### Office

#### REITs

#### 0.1%
Vornado

Realty

Trust

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

United

States

548

20,643

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 2.3%
Antero

Midstream

Corp.

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

United

States

628

11,794

Cheniere

Energy,

Inc.

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

United

States

549

130,107

ConocoPhillips

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

United

States

36,700

Coterra

Energy,

Inc.

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

United

States

11,572

ENEOS

Holdings,

Inc.

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

Japan

4,700

22,269

Eni

SpA

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

Italy

5,368

Equinor

ASA

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

Norway

1,575

36,872

Exxon

Mobil

Corp.

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

United

States

909

92,991

Inpex

Corp.

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

Japan

2,400

32,092

Marathon

Petroleum

Corp.

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

United

States

11,895

PetroChina

Co.

Ltd.

,

H

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

China

80,000

66,951

Repsol

SA

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

Spain

506

6,817

Shell

plc

,

(EUR

Traded)

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

United

States

953

31,613

Shell

plc

,

(GBP

Traded)

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

United

States

11,647

TotalEnergies

SE

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

France

963

56,690

Valero

Energy

Corp.

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

United

States

35,467

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

Williams

Cos.,

Inc.

(The)

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

United

States

$

12,163

613,008

#### Paper

#### &

#### Forest

#### Products

#### 0.0%

#### †
Louisiana-Pacific

Corp.

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

United

States

11,529

#### Passenger

#### Airlines

#### 0.4%
Delta

Air

Lines,

Inc.

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

United

States

11,614

Qantas

Airways

Ltd.

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

Australia

4,772

32,612

Southwest

Airlines

Co.

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

United

States

1,221

40,757

a

United

Airlines

Holdings,

Inc.

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

United

States

12,155

97,138

#### Personal

#### Care

#### Products

#### 0.1%
Unilever

plc

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

United

Kingdom

26,093

#### Pharmaceuticals

#### 3.4%
AstraZeneca

plc

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

United

Kingdom

6,445

AstraZeneca

plc

,

ADR

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

United

Kingdom

33,575

Bristol-Myers

Squibb

Co.

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

United

States

1,211

58,467

Chugai

Pharmaceutical

Co.

Ltd.

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

Japan

15,684

Daiichi

Sankyo

Co.

Ltd.

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

Japan

1,400

37,259

Eli

Lilly

&

Co.

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

United

States

264,086

GSK

plc

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

United

States

815

16,556

a

Ipsen

SA

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

France

8,360

Johnson

&

Johnson

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

United

States

617

95,765

Merck

&

Co.,

Inc.

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

United

States

1,646

126,479

Merck

KGaA

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

Germany

1,179

Novartis

AG

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

United

States

669

77,222

Novo

Nordisk

A/S

,

B

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

Denmark

996

70,764

Otsuka

Holdings

Co.

Ltd.

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

Japan

15,252

Roche

Holding

AG

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

United

States

21,704

Sanofi

SA

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

United

States

37,041

Sun

Pharmaceutical

Industries

Ltd.

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

India

946

18,572

904,410

#### Professional

#### Services

#### 1.0%
Automatic

Data

Processing,

Inc.

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

United

States

520

169,276

Benefit

Systems

SA

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

Poland

16,472

Booz

Allen

Hamilton

Holding

Corp.

,

A

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

United

States

4,781

Broadridge

Financial

Solutions,

Inc.

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

United

States

11,656

Leidos

Holdings,

Inc.

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

United

States

10,990

a

Paylocity

Holding

Corp.

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

United

States

11,263

Recruit

Holdings

Co.

Ltd.

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

Japan

800

47,648

Verisk

Analytics,

Inc.

,

A

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

United

States

5,655

277,741

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.4%
a

CBRE

Group,

Inc.

,

A

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

United

States

42,507

a

CoStar

Group,

Inc.

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

United

States

16,624

Emaar

Properties

PJSC

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

United

Arab

Emirates

10,483

37,539

a

Jones

Lang

LaSalle,

Inc.

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

United

States

12,026

108,696

#### Residential

#### REITs

#### 0.3%
AvalonBay

Communities,

Inc.

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

United

States

11,992

Camden

Property

Trust

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

United

States

11,866

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Residential

#### REITs
(continued)

Equity

LifeStyle

Properties,

Inc.

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

United

States

$

11,633

Equity

Residential

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

United

States

11,924

Essex

Property

Trust,

Inc.

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

United

States

11,924

Invitation

Homes,

Inc.

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

United

States

11,829

Mid-America

Apartment

Communities,

Inc.

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

United

States

11,749

82,917

#### Retail

#### REITs

#### 0.4%
Brixmor

Property

Group,

Inc.

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

United

States

11,892

Simon

Property

Group,

Inc.

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

United

States

648

105,669

117,561

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 8.6%
Applied

Materials,

Inc.

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

United

States

11,286

ASML

Holding

NV

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

Netherlands

82,515

a

Astera

Labs,

Inc.

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

United

States

11,158

Broadcom,

Inc.

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

United

States

1,327

321,227

a

Cirrus

Logic,

Inc.

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

United

States

12,295

KLA

Corp.

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

United

States

11,353

Lam

Research

Corp.

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

United

States

12,442

MediaTek,

Inc.

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

Taiwan

1,000

41,059

NVIDIA

Corp.

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

United

States

8,752

1,182,658

a

QUALCOMM,

Inc.

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

United

States

1,470

213,444

SCREEN

Holdings

Co.

Ltd.

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

Japan

14,229

SK

Hynix,

Inc.

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

South

Korea

49,859

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Taiwan

11,000

350,834

2,314,359

#### Software

#### 7.3%
a

Adobe,

Inc.

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

United

States

183,055

a

AppLovin

Corp.

,

A

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

United

States

20,436

a

Atlassian

Corp.

,

A

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

United

States

102,984

a

Autodesk,

Inc.

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

United

States

42,937

a

Cadence

Design

Systems,

Inc.

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

United

States

67,749

a

DocuSign,

Inc.

,

A

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

United

States

11,874

a

Dropbox,

Inc.

,

A

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

United

States

11,659

a

Fortinet,

Inc.

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

United

States

11,399

a

HubSpot,

Inc.

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

United

States

26,546

Intuit,

Inc.

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

United

States

12,809

a

Manhattan

Associates,

Inc.

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

United

States

17,557

Microsoft

Corp.

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

United

States

2,389

1,099,800

a

Nice

Ltd.

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

Israel

4,234

Oracle

Corp.

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

United

States

65,053

a

Oracle

Corp.

Japan

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

Japan

11,715

Pegasystems,

Inc.

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

United

States

11,484

a

RingCentral,

Inc.

,

A

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

United

States

11,357

Salesforce,

Inc.

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

United

States

72,977

SAP

SE

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

Germany

40,840

a

ServiceNow,

Inc.

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

United

States

111,220

a

Teradata

Corp.

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

United

States

10,409

a

Workday,

Inc.

,

A

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

United

States

10,404

a

Zoom

Communications,

Inc.

,

A

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

United

States

11,456

1,969,954

#### Specialized

#### REITs

#### 0.4%
American

Tower

Corp.

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

United

States

59,458

Millrose

Properties,

Inc.

,

A

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

United

States

11,566

Public

Storage

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

United

States

12,028

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Specialized

#### REITs
(continued)

VICI

Properties,

Inc.

,

A

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

United

States

$

11,796

Weyerhaeuser

Co.

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

United

States

11,919

106,767

#### Specialty

#### Retail

#### 1.2%
a

AutoZone,

Inc.

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

United

States

11,199

a

Avolta

AG

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

Switzerland

5,041

Best

Buy

Co.,

Inc.

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

United

States

10,870

Fast

Retailing

Co.

Ltd.

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

Japan

33,309

Gap,

Inc.

(The)

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

United

States

8,991

Home

Depot,

Inc.

(The)

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

United

States

39,775

Industria

de

Diseno

Textil

SA

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

Spain

4,984

JUMBO

SA

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

Greece

621

20,181

Ross

Stores,

Inc.

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

United

States

10,647

TJX

Cos.,

Inc.

(The)

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

United

States

1,328

168,523

Williams-Sonoma,

Inc.

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

United

States

11,647

325,167

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 4.5%
Apple,

Inc.

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

United

States

5,240

1,052,454

Asia

Vital

Components

Co.

Ltd.

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

Taiwan

1,000

20,075

NetApp,

Inc.

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

United

States

11,503

Samsung

Electronics

Co.

Ltd.

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

South

Korea

1,145

46,461

Seagate

Technology

Holdings

plc

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

United

States

30,664

a,b

Xiaomi

Corp.

,

B

,

144A

,

Reg

S

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

China

9,400

60,508

1,221,665

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.5%
adidas

AG

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

Germany

7,732

Asics

Corp.

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

Japan

500

12,050

Cie

Financiere

Richemont

SA

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

Switzerland

1,698

a

Deckers

Outdoor

Corp.

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

United

States

4,854

Hermes

International

SCA

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

France

30,333

a

Lululemon

Athletica,

Inc.

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

United

States

11,400

LVMH

Moet

Hennessy

Louis

Vuitton

SE

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

France

4,882

Pandora

A/S

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

Denmark

29,978

PRADA

SpA

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

Italy

3,600

23,477

126,404

#### Tobacco

#### 1.1%
Imperial

Brands

plc

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

United

Kingdom

976

37,015

Philip

Morris

International,

Inc.

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

United

States

1,490

269,079

306,094

#### Trading

#### Companies

#### &

#### Distributors

#### 0.4%
AerCap

Holdings

NV

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

Ireland

11,573

Bunzl

plc

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

United

Kingdom

4,263

Mitsubishi

Corp.

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

Japan

900

18,205

Mitsui

&

Co.

Ltd.

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

Japan

2,300

48,027

United

Rentals,

Inc.

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

United

States

26,918

108,986

#### Transportation

#### Infrastructure

#### 0.3%
b

Aena

SME

SA

,

144A

,

Reg

S

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

Spain

18,295

International

Container

Terminal

Services,

Inc.

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

Philippines

6,850

50,281

68,576

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Water

#### Utilities

#### 0.1%
Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

..

Brazil

1,800

$

36,941

#### Wireless

#### Telecommunication

#### Services

#### 1.1%
Bharti

Airtel

Ltd.

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

India

3,335

72,451

Etihad

Etisalat

Co.

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

Saudi

Arabia

2,560

40,669

Far

EasTone

Telecommunications

Co.

Ltd.

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

Taiwan

11,000

31,587

KDDI

Corp.

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

Japan

2,300

39,814

TIM

SA

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

Brazil

18,000

61,338

T-Mobile

US,

Inc.

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

United

States

45,534

291,393

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 17,736,884

####)
....................................

#### 23,740,400

#### Management

#### Investment

#### Companies

#### 1.5%

#### Capital

#### Markets

#### 1.5%
iShares

Core

MSCI

Emerging

Markets

ETF

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

United

States

5,063

287,022

iShares

MSCI

Taiwan

ETF

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

United

States

1,038

54,370

Xtrackers

Harvest

CSI

China

A-Shares

ETF

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

United

States

2,700

71,118

412,510

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 410,811

####)
.....................

#### 412,510

#### Preferred

#### Stocks

#### 0.2%

#### Banks

#### 0.2%
c

Itau

Unibanco

Holding

SA

,

.68

%

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

Brazil

6,100

39,920

#### Total

#### Preferred

#### Stocks

#### (Cost

#### $

#### 40,409

####)
........................................

#### 39,920

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 18,188,104

####)
..............................

#### 24,192,830

#### a

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### #

#### a

#### aa

#### Options

#### Purchased

#### 0.0%

#### †

#### Calls

#### -

#### Over-the-Counter

#### Equity

#### Options

#### 0.0%

#### †
SPDR

S&P

500

ETF

Trust

,

Counterparty

JPHQ

,

June

Strike

Price

$

665.00 ,

Expires

6/30/25

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

325,850

192,052,732

#### Total

#### Options

#### Purchased

#### (Cost

#### $

#### 2,029

####)
.......................................

#### 10

#### Short

#### Term

#### Investments

#### 10.0%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 3.6%
d

U.S.

Treasury

Bills

,

4.18 %,

10/02/25

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

United

States

200,000

197,159

e

4.18 %,

11/06/25

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

United

States

800,000

785,482

982,641

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 982,742

####)
..................

#### 982,641
Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Short

#### Term

#### Investments
(continued)

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 6.4%
f,g

Putnam

Government

Money

Market

Fund,

Class

G

,

4.113 %

...

United

States

466,686

$

466,686

f,g

Putnam

Short

Term

Investment

Fund,

Class

P

,

4.555 %

.......

United

States

1,250,488

1,250,488

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 1,717,174

####)
.................................

#### 1,717,174

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 2,699,916

####)
...............................

#### 2,699,815

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 20,890,049

####)
99.7 #### %
..................................

#### $26,892,655

#### Options

#### Written

#### (0.0 ####)

#### %

#### †
....................................................

(5) #### Other

#### Assets,

#### less

#### Liabilities
0.3 #### %
...........................................

#### 90,170

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $26,982,820

#### a

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### #
h

#### Options

#### Written

#### (0.0)%

#### †

#### Calls

#### -

#### Over-the-Counter

#### Equity

#### Options

#### (0.0)%

#### †
SPDR

S&P

500

ETF

Trust

,

Counterparty

JPHQ

,

June

Strike

Price

$

675.00 ,

Expires

6/30/25

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

330,750

194,940,743

$(5)

(5)

#### Total

#### Options

#### Written

#### (Premiums

#### received

#### $

#### 1,367

####)
.............................

#### $

#### (#### 5

####)
#

Notional

amount

is

the

number

of

contracts

multiplied

by

contract

size,

and

may

be

multiplied

by

the

underlying

price.

May

include

currency

units,

bushels,

shares,

pounds,

barrels

or

other

units.

Currency

units

are

stated

in

U.S.

dollars

unless

otherwise

indicated.

\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2025,

the

aggregate

value

of

these

securities

was

$238,954,

representing

0.9%

of

net

assets.

c

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

d

The

rate

shown

represents

the

yield

at

period

end.

e

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

May

31,

2025,

the

value

of

this

security

pledged

amounted

to

$397,650,

representing

1.5%

net

assets.

f

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

g

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

h

See

Note

1(c)

regarding

written

options.

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

At

May

31,

2025

,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

1(c)

.

#### Forward

#### Exchange

#### Contracts

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount

#### \*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
British

Pound

......

BZWS

Buy

20,600

27,058

6/18/25

$

700

$

—

British

Pound

......

BZWS

Sell

21,900

29,625

6/18/25

—

British

Pound

......

HSBK

Sell

14,800

19,786

6/18/25

—

(157)

British

Pound

......

JPHQ

Buy

19,200

24,615

6/18/25

1,256

—

British

Pound

......

MSCO

Sell

9,300

12,437

6/18/25

—

(94)

British

Pound

......

SSBT

Buy

26,900

34,485

6/18/25

1,761

—

British

Pound

......

SSBT

Sell

55,200

72,558

6/18/25

—

(1,822)

Danish

Krone

......

BOFA

Sell

105,800

15,743

6/18/25

(381)

Danish

Krone

......

BZWS

Buy

42,300

6,443

6/18/25

—

Danish

Krone

......

BZWS

Sell

71,000

10,276

6/18/25

—

(542)

Danish

Krone

......

CITI

Sell

38,100

5,531

6/18/25

—

(274)

Danish

Krone

......

HSBK

Sell

8,800

1,275

6/18/25

—

(66)

Danish

Krone

......

JPHQ

Buy

42,700

6,523

6/18/25

—

(17)

Danish

Krone

......

MSCO

Buy

8,700

1,267

6/18/25

—

Danish

Krone

......

MSCO

Sell

19,000

2,933

6/18/25

—

Danish

Krone

......

SSBT

Sell

41,400

6,091

6/18/25

—

(217)

Euro

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

BOFA

Buy

131,400

141,474

6/18/25

7,864

—

Euro

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

BZWS

Buy

500

538

6/18/25

—

Euro

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

BZWS

Sell

19,700

22,691

6/18/25

—

Euro

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

HSBK

Sell

2,300

2,497

6/18/25

—

(117)

Euro

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

MSCO

Buy

19,800

21,874

6/18/25

630

—

Euro

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

MSCO

Sell

85,700

96,870

6/18/25

(564)

Euro

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

SSBT

Buy

22,200

25,366

6/18/25

—

(135)

Euro

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

SSBT

Sell

53,700

58,929

6/18/25

—

(2,102)

Euro

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

UBSW

Buy

18,600

20,022

6/18/25

1,117

—

Euro

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

WPAC

Buy

27,400

29,501

6/18/25

1,640

—

Euro

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

WPAC

Sell

112,400

123,242

6/18/25

—

(4,503)

Norwegian

Krone

...

BZWS

Sell

66,100

6,311

6/18/25

(185)

Norwegian

Krone

...

HSBK

Sell

32,800

3,024

6/18/25

—

(189)

Norwegian

Krone

...

JPHQ

Sell

152,500

14,055

6/18/25

—

(885)

Norwegian

Krone

...

MSCO

Sell

74,900

7,081

6/18/25

(268)

Norwegian

Krone

...

SSBT

Buy

6,700

637

6/18/25

—

Norwegian

Krone

...

SSBT

Sell

9,400

909

6/18/25

—

(12)

Norwegian

Krone

...

UBSW

Sell

55,400

5,108

6/18/25

—

(319)

Polish

Zloty

........

GSCO

Sell

8,500

2,191

6/18/25

—

(80)

Polish

Zloty

........

MSCO

Buy

15,400

4,126

6/18/25

—

(13)

Polish

Zloty

........

MSCO

Sell

3,000

776

6/18/25

—

(25)

Polish

Zloty

........

UBSW

Sell

2,700

699

6/18/25

—

(22)

Swedish

Krona

.....

BOFA

Buy

33,400

3,326

6/18/25

—

Swedish

Krona

.....

BZWS

Sell

9,400

991

6/18/25

—

Swedish

Krona

.....

HSBK

Buy

231,900

23,482

6/18/25

729

—

Swedish

Krona

.....

HSBK

Sell

34,800

3,471

6/18/25

—

(163)

Swedish

Krona

.....

JPHQ

Sell

25,800

2,710

6/18/25

—

Swedish

Krona

.....

MSCO

Buy

186,300

18,547

6/18/25

903

—

Swedish

Krona

.....

MSCO

Sell

102,600

10,745

6/18/25

(12)

Swedish

Krona

.....

SSBT

Buy

243,300

24,222

6/18/25

1,180

—

Swedish

Krona

.....

TDOM

Buy

238,800

23,772

6/18/25

1,159

—

Swiss

Franc

.......

BOFA

Sell

16,400

20,031

6/18/25

(8)

Swiss

Franc

.......

BZWS

Sell

10,600

12,159

6/18/25

—

(744)

Swiss

Franc

.......

HSBK

Buy

6/18/25

—

Swiss

Franc

.......

HSBK

Sell

10,200

12,453

6/18/25

—

Swiss

Franc

.......

MSCO

Buy

29,900

34,128

6/18/25

2,270

—

Swiss

Franc

.......

SSBT

Buy

44,800

52,063

6/18/25

2,472

—

Swiss

Franc

.......

SSBT

Sell

13,300

16,215

6/18/25

(85)

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Forward

#### Exchange

#### Contracts
(continued)

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount\*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
(continued)

Swiss

Franc

.......

TDOM

Buy

44,000

50,108

6/18/25

$

3,454

$

—

Brazilian

Real

......

GSCO

Buy

138,600

24,003

7/02/25

—

Australian

Dollar

....

CITI

Buy

26,300

16,588

7/16/25

—

Australian

Dollar

....

HSBK

Buy

52,000

32,802

7/16/25

740

—

Australian

Dollar

....

HSBK

Sell

5,600

3,586

7/16/25

—

(27)

Australian

Dollar

....

MSCO

Buy

26,300

16,626

7/16/25

—

Australian

Dollar

....

SSBT

Buy

19,200

12,110

7/16/25

—

Australian

Dollar

....

SSBT

Sell

29,300

18,897

7/16/25

(4)

Australian

Dollar

....

UBSW

Buy

41,100

25,925

7/16/25

586

—

Australian

Dollar

....

UBSW

Sell

14,300

9,310

7/16/25

—

Australian

Dollar

....

WPAC

Buy

1,900

1,199

7/16/25

—

Canadian

Dollar

....

TDOM

Sell

7,100

4,987

7/16/25

—

(198)

Canadian

Dollar

....

UBSW

Sell

16,800

11,800

7/16/25

—

(469)

Israeli

New

Shekel

..

BZWS

Buy

8,600

2,339

7/16/25

—

Israeli

New

Shekel

..

BZWS

Sell

21,200

5,752

7/16/25

—

(285)

Israeli

New

Shekel

..

GSCO

Sell

6,400

1,810

7/16/25

—

(13)

Israeli

New

Shekel

..

HSBK

Buy

35,600

10,052

7/16/25

—

Israeli

New

Shekel

..

HSBK

Sell

31,000

8,411

7/16/25

—

(417)

Israeli

New

Shekel

..

MSCO

Sell

4,100

1,116

7/16/25

—

(51)

Israeli

New

Shekel

..

SSBT

Sell

8,500

2,383

7/16/25

—

(37)

Israeli

New

Shekel

..

UBSW

Sell

10,400

2,821

7/16/25

—

(140)

Mexican

Peso

......

GSCO

Buy

274,000

13,188

7/16/25

862

—

Mexican

Peso

......

MSCO

Sell

35,400

1,723

7/16/25

—

(93)

New

Zealand

Dollar

.

BZWS

Sell

1,900

1,094

7/16/25

—

(43)

New

Zealand

Dollar

.

HSBK

Sell

7/16/25

—

(7)

New

Zealand

Dollar

.

MSCO

Buy

4,300

2,545

7/16/25

—

South

African

Rand

..

HSBK

Buy

575,100

30,517

7/16/25

1,361

—

South

African

Rand

..

MSCO

Sell

31,600

1,727

7/16/25

—

(24)

South

African

Rand

..

SSBT

Sell

230,000

12,289

7/16/25

—

(460)

South

African

Rand

..

UBSW

Buy

97,000

5,147

7/16/25

—

Chinese

Yuan

......

CITI

Buy

141,400

19,789

8/20/25

—

(45)

Chinese

Yuan

......

HSBK

Buy

35,000

4,898

8/20/25

—

(11)

Chinese

Yuan

......

JPHQ

Buy

91,600

12,821

8/20/25

—

(31)

Hong

Kong

Dollar

...

BZWS

Sell

14,400

1,859

8/20/25

—

Hong

Kong

Dollar

...

GSCO

Buy

249,000

32,013

8/20/25

—

(58)

Hong

Kong

Dollar

...

GSCO

Sell

143,800

18,569

8/20/25

—

Hong

Kong

Dollar

...

HSBK

Buy

35,800

4,603

8/20/25

—

(8)

Hong

Kong

Dollar

...

HSBK

Sell

139,600

17,984

8/20/25

—

Hong

Kong

Dollar

...

MSCO

Sell

95,900

12,372

8/20/25

—

Hong

Kong

Dollar

...

UBSW

Sell

108,200

13,971

8/20/25

—

Indian

Rupee

......

GSCO

Sell

9,596,100

112,255

8/20/25

592

—

Japanese

Yen

......

CITI

Buy

2,714,200

18,532

8/20/25

501

—

Japanese

Yen

......

HSBK

Buy

67,300

8/20/25

—

(1)

Japanese

Yen

......

JPHQ

Buy

6,877,500

46,950

8/20/25

1,278

—

Japanese

Yen

......

MSCO

Buy

4,452,400

30,619

8/20/25

603

—

Japanese

Yen

......

MSCO

Sell

1,733,100

12,080

8/20/25

—

(73)

Japanese

Yen

......

SSBT

Sell

2,861,200

20,211

8/20/25

—

Japanese

Yen

......

UBSW

Buy

14,429,000

98,504

8/20/25

2,678

—

New

Taiwan

Dollar

..

SSBT

Buy

2,094,900

70,833

8/20/25

648

—

Singapore

Dollar

....

HSBK

Buy

27,700

21,338

8/20/25

—

Singapore

Dollar

....

SSBT

Buy

18,800

14,482

8/20/25

—

Singapore

Dollar

....

SSBT

Sell

700

548

8/20/25

—

South

Korean

Won

..

GSCO

Buy

45,313,400

32,176

8/20/25

800

—

South

Korean

Won

..

JPHQ

Sell

19,291,200

13,696

8/20/25

—

(342)

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

At

May

31,

2025,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

1(c).

#### Forward

#### Exchange

#### Contracts
(continued)

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount\*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
(continued)

Thai

Baht

.........

UBSW

Buy

839,300

25,230

8/20/25

$

$

—

Total

Forward

Exchange

Contracts

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

$41,907

$(16,838)

Net

unrealized

appreciation

(depreciation)

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

$25,069

\*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

#### Futures

#### Contracts

#### Description

#### Type

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### \*

#### Expiration

#### Date

#### Value/

#### Unrealized

#### Appreciation
(Depreciation)

#### Equity

#### contracts
MSCI

EAFE

Index

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

Long

$

1,172,025

6/20/25

$

46,571

MSCI

Emerging

Markets

Index

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

Short

1,723,950

6/20/25

(10,867)

Russell

2000

E-Mini

Index

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

Long

1,137,565

6/20/25

3,852

S&P

500

E-Mini

Index

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

Long

2,070,600

6/20/25

52,391

Total

Futures

Contracts

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

$91,947

\*

As

of

period

end.

See

Note

regarding

other

derivative

information.

See

A

bbreviations

on

.

Putnam

Funds

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

May

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$19,172,875

Cost

-

Non-controlled

affiliates

(Note

f)

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

1,717,174

Value

-

Unaffiliated

issuers

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

$25,175,481

Value

-

Non-controlled

affiliates

(Note

f)

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

1,717,174

Cash

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

110,310

Receivables:

Investment

securities

sold

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

34,340

Capital

shares

sold

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

6,440

Dividends

and

interest

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

54,468

European

Union

tax

reclaims

(Note

d)

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

44,505

Variation

margin

on

futures

contracts

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

17,262

Unrealized

appreciation

on

OTC

forward

exchange

contracts

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

41,907

Prepaid

expenses

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

19,326

Total

assets

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

27,221,213

Liabilities:

Payables:

Investment

securities

purchased

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

43,184

Capital

shares

redeemed

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

7,798

Management

fees

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

5,730

Administrative

fees

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

Custodian

fees

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

32,026

Transfer

agent

fees

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

1,776

Reports

to

shareholders

fees

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

20,514

Professional

fees

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

94,173

Trustees'

fees

and

expenses

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

4,976

Options

written,

at

value

(premiums

received

$

1,367)

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

Unrealized

depreciation

on

OTC

forward

exchange

contracts

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

16,838

Deferred

taxes

on

unrealized

appreciation

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

11,242

Accrued

expenses

and

other

liabilities

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

Total

liabilities

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

238,393

Net

assets,

at

value

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

$26,982,820

Net

assets

consist

of:

Paid-in

capital

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

$20,862,019

Total

distributable

earnings

(losses)

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

6,120,801

Net

assets,

at

value

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

$26,982,820

Putnam

Funds

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

May

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund

#### Class

#### A:
Net

assets,

at

value

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

$6,985,491

Shares

outstanding

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

465,618

Net

asset

value

per

share

a

,b

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

$15.01

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

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

$15.93

#### Class

#### P:
Net

assets,

at

value

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

$19,997,329

Shares

outstanding

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

1,338,211

Net

asset

value

and

maximum

offering

price

per

share

b

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

$14.95

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Putnam

Funds

Trust

Financial

Statements

Statement

of

Operations

for

the

year

ended

May

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$20,793)

Unaffiliated

issuers

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

$297,365

Non-controlled

affiliates

(Note

f)

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

116,342

Interest:

Unaffiliated

issuers

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

15,186

Other

income

(Note

d)

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

48,898

Total

investment

income

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

477,791

Expenses:

Management

fees

(Note

a)

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

121,079

Administrative

fees

(Note

b)

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

Transfer

agent

fees:

(Note

3d)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

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

5,575

&nbsp;&nbsp;&nbsp;&nbsp;Class

P

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

1,410

Custodian

fees

(Note

4)

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

67,835

Reports

to

shareholders

fees

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

14,382

Registration

and

filing

fees

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

24,053

Professional

fees

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

109,539

Trustees'

fees

and

expenses

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

725

Other

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

1,434

Total

expenses

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

346,393

Expense

reductions

(Note

4)

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

(55) Expenses

waived/paid

by

affiliates

(Note

f

and

g)

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

(218,332)

Net

expenses

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

128,006

Net

investment

income

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

349,785

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

(net

of

foreign

taxes

of

$11,389)

Unaffiliated

issuers

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

833,209

Foreign

currency

transactions

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

(897) Forward

exchange

contracts

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

(7,213)

Futures

contracts

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

(156,135)

Net

realized

gain

(loss)

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

668,964

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

1,118,797

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

2,735

Written

options

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

1,362

Forward

exchange

contracts

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

31,226

Futures

contracts

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

76,992

Change

in

deferred

taxes

on

unrealized

appreciation

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

1,015

Net

change

in

unrealized

appreciation

(depreciation)

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

1,232,127

Net

increase

from

payments

by

affiliates

(Note

h)

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

116,312

Net

realized

and

unrealized

gain

(loss)

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

2,017,403

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$2,367,188

Putnam

Funds

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund

#### Year

#### Ended

#### May

#### 31,

#### 2025

#### Year

#### Ended

#### May

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$349,785

$164,738

Net

realized

gain

(loss)

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

785,276

1,094,457

Net

change

in

unrealized

appreciation

(depreciation)

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

1,232,127

1,938,814

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

2,367,188

3,198,009

Distributions

to

shareholders:

Class

A

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

(582,439)

(106,508)

Class

P

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

(1,237,174)

(116,056)

Total

distributions

to

shareholders

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

(1,819,613)

(222,564)

Capital

share

transactions:

(Note

2)

Class

A

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

3,067

106,508

Class

P

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

11,368,527

2,193,312

Total

capital

share

transactions

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

11,371,594

2,299,820

Net

increase

(decrease)

in

net

assets

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

11,919,169

5,275,265

Net

assets:

Beginning

of

year

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

15,063,651

9,788,386

End

of

year

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

$26,982,820

$15,063,651

Putnam

Funds

Trust

Notes

to

Financial

Statements

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund

franklintempleton.com

Annual

Report

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Putnam

Funds

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of sixteen separate

funds.

The

Trust

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. Putnam

Dynamic

Asset

Allocation

Equity

Fund

(Fund)

is

included

in

this

report.

The

Fund

offers

two classes

of

shares:

Class

A

and

Class

P. Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

The

following

summarizes

the Fund's

significant

accounting

policies.

a. #### 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

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.

Debt

securities

generally

trade

in

the over-the-counter

(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.

Equity

securities,

exchange

traded

funds,

and

derivative

financial

instruments

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

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.

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

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Putnam

Funds

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

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

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

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

p.m.

Eastern

time.

At

May

31,

2025,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

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.

b. #### Foreign

#### Currency

#### Translation
Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c. #### Derivative

#### Financial

#### Instruments
The

Fund invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Statement

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Statement

of

Operations.

Derivative

counterparty

credit

risk

is

managed

through

a

formal

evaluation

of

the

creditworthiness

of

all

potential

counterparties.

The

Fund

attempts

to

reduce

its

exposure

to

counterparty

credit

risk

on

OTC

derivatives,

whenever

possible,

by

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

to

collateral

requirements,

events

of

default,

or

early

termination.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
Termination

events

applicable

to

the

counterparty

include

certain

deteriorations

in

the

credit

quality

of

the

counterparty.

Termination

events

applicable

to

the

Fund

include

failure

of

the

Fund

to

maintain

certain

net

asset

levels

and/or

limit

the

decline

in

net

assets

over

various

periods

of

time.

In

the

event

of

default

or

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

to

net

and

close-out

all

transactions

traded,

whether

or

not

arising

under

the

ISDA

agreement,

to

one

net

amount

payable

by

one

counterparty

to

the

other.

However,

absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statement

of

Assets

and

Liabilities.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Fund

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement.

At

May

31,

2025,

the

Fund

had

OTC

derivatives

in

a

net

liability

position

of

$3,337.

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

and

can

be

in

the

form

of

cash

and/or

securities.

For

OTC

derivatives

traded

under

an

ISDA

master

agreement,

posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund

for

OTC

derivatives,

if

any,

is

held

in

segregated

accounts

with

the

Fund's

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Fund's

investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

The

Fund entered

into

exchange

traded

futures

contracts

primarily

to

manage

and/or

gain

exposure

to equity

price

risk.

A

futures

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

Required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

Futures

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund entered

into

OTC

forward

exchange

contracts

primarily

to

manage

and/or

gain exposure

to

certain

foreign

currencies.

A

forward

exchange

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

foreign

currency at

a

specific

exchange

rate

on

a

future

date.

Forward

exchange

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund

purchased

or

wrote

OTC

option

contracts

primarily

to

manage

and/or

gain exposure

to

equity

volatility

risk.

An

option

is

a

contract

entitling

the

holder

to

purchase

or

sell

a

specific

amount

of

shares

or

units

of

an

asset

or

notional

amount

of

a

swap

(swaption),

at

a

specified

price.

When

an

option

is

purchased

or

written,

an

amount

equal

to

the

premium

paid

or

received

is

recorded

as

an

asset

or

liability,

respectively.

Upon

exercise

of

an

option,

the

acquisition

cost

or

sales

proceeds

of

the

underlying

investment

is

adjusted

by

any

premium

received

or

paid.

Upon

expiration

of

an

option,

any

premium

received

or

paid

is

recorded

as

a

realized

gain

or

loss.

Upon

closing

an

option

other

than

through

expiration

or

exercise,

the

difference

between

the

premium

received

or

paid

and

the

cost

to

close

the

position

is

recorded

as

a

realized

gain

or

loss.

Option

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

See

Note

7 regarding

other

derivative

information.

d. #### Income

#### and

#### Deferred

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and if

applicable,

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

c. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
The

Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

As

a

result

of

several

court

cases,

in

certain

countries

across

the

European

Union, the

Fund

filed

additional

tax

reclaims

for

previously

withheld

taxes

on

dividends

earned

in

those

countries

(EU

reclaims). Income

recognized,

if

any,

for

EU

reclaims

is

reflected

as

other

income

in

the

Statement

of

Operations

and

any

related

receivable,

if

any,

is

reflected

as

European

Union

tax

reclaims

in

the

Statement

of

Assets

and

Liabilities.

Any

fees

associated

with

these

filings

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

When

uncertainty

exists

as

to

the

ultimate

resolution

of

these

proceedings,

the

likelihood

of

receipt

of

these

EU

reclaims,

and

the

potential

timing

of

payment,

no

amounts

are

reflected

in

the

financial

statements.

For

U.S.

income

tax

purposes,

EU

reclaims

received

by

the

Fund,

if

any,

reduce

the

amount

of

foreign

taxes

Fund

shareholders

can

use

as

tax

deductions

or credits

on

their

income

tax

returns.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

May

31,

2025, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the Fund

invests.

e. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Dividend

income

and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Fund.

Distributions

to

shareholders

are

recorded

on

the ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

f. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

g. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Fund, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

d. #### Income

#### and

#### Deferred

#### Taxes
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

May

31,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and trustees

of

the Fund are

also

officers

and/or

directors

of

the

following

subsidiaries:

a. #### Management

#### Fees
Effective

July

15,

2024,

Putnam

Management

transferred

its

management

contract

with

the

Fund

to Advisers.

As

a

result

of

the

transfer, Advisers

replaced

Putnam

Management

as

the

investment

adviser

of

the

Fund.

In

connection

with

the

transfer,

the

Fund's

portfolio

managers,

along

with

supporting

research

analysts

and

certain

other

investment

staff

of

Putnam

Management,

also

became

employees

of Advisers.

#### Year

#### Ended

#### May

#### 31,

#### 2025

#### Year

#### Ended

#### May

#### 31,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

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

—

$5,117

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

564

8,467

106,508

Shares

redeemed

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

—

(2,614)

—

—

Net

increase

(decrease)

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

$3,067

8,467

$106,508

#### Class

#### P

#### Shares:
Shares

sold

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

930,865

$14,082,248

327,402

$4,215,249

Shares

issued

in

reinvestment

of

distributions

..........

86,155

1,237,174

9,255

116,056

Shares

redeemed

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

(267,249)

(3,950,895)

(168,358)

(2,137,993)

Net

increase

(decrease)

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

749,771

$11,368,527

168,299

$2,193,312

#### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Putnam

Investment

Management,

LLC

(Putnam

Management)

Subadvisor

Putnam

Investments

Limited

(PIL)

Subadvisor

The

Putnam

Advisory

Company,

LLC

(PAC)

Subadvisor

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Putnam

Retail

Management

Limited

Partnership

(Putnam

Retail

Management)

Principal

underwriter

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

g. #### Guarantees

#### and

#### Indemnifications
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
In

addition,

Putnam

Management

transferred

to Advisers

the

sub-management

contract

between

Putnam

Management,

PIL

and

PAC

in

respect

of

the

Fund.

The

Fund

pays Advisers

a

management

fee

(based

on

the

Fund's

average

net

assets

and

computed

and

paid

monthly)

at

annual

rates

that

may

vary

based

on

the

average

of

the

aggregate

net

assets

of

all

open-end

mutual

funds

sponsored

by

Putnam

Management

(including

open-end

funds

managed

by

affiliates

of

Putnam

Management

that

have

been

deemed

to

be

sponsored

by

Putnam

Management

for

this

purpose)

(excluding

net

assets

of

such

funds

that

are

invested

in,

or

that

are

invested

in

by,

other

such

funds

to

the

extent

necessary

to

avoid

"double

counting"

of

those

assets).

Such

annual

rates

may

vary

as

follows:

For

the

year

ended

May

31,

2025,

the

gross

effective

investment

management

fee

rate

was 0.577%

of

the

Fund's

average daily

net

assets.

Effective

July

15,

2024,

under

a

subadvisory

agreement,

Putnam

Management

provides

portfolio

management

and

certain

other

advisory

and

related

services

to

the

Fund.

With

respect

to

the

portfolio

management

services,

Advisers

pays

a

fee

to

Putnam

Management

based

on

the

average

net

asset

value

of

the

Fund

and

with

respect

to

the

other

advisory

and

related

services,

Advisers

pays

a

fee

to

Putnam

Management

based

on

the

costs

of

Putnam

Management

in

providing

these

services

to

the

Fund.

These

fees

are

not

an

additional

expense

to

the

Fund.

Effective

November

1,

2024,

under

a

subadvisory

agreement,

FTIML

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid by Advisers

based

on

the

average

net

assets

managed

by

FTIML,

and

is

not

an

additional

expense

of

the

Fund.

Prior

to

November

1,

2024,

PIL

provided

subadvisory

services

to

the

Fund.

Effective

November

1,

2024,

PIL

merged

into

FTIML,

and

PIL

investment

professionals

became

employees

of

FTIML.

Under

a

subadvisory

agreement,

PAC

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid

by

Advisers based

on

the

average

net

assets

managed

by

PAC,

and

is

not

an

additional

expense

of

the

Fund.

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by

Advisers

based

on

the Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

The

Fund

reimburses

Advisers

an

allocated

amount

for

the

compensation

and

related

expenses

of

certain

officers

of

the

Fund

and

their

staff

who

provide

administrative

services

to

the

Fund.

The

aggregate

amount

of

all

such

reimbursements

is

determined

annually

by

the

Trustees.

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.750%

of

the

first

$5

billion,

0.700%

of

the

next

$5

billion,

0.650%

of

the

next

$10

billion,

0.600%

of

the

next

$10

billion,

0.550%

of

the

next

$50

billion,

0.530%

of

the

next

$50

billion,

0.520%

of

the

next

$100

billion

and

0.515%

of

any

excess

thereafter.

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### Fees
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
c. #### Distribution

#### Fees
The

Fund

has

adopted

distribution

plans

(the

Plans)

with

respect

to

the

following

share

classes

pursuant

to

Rule

12b–1

under

the

1940

Act.

The

purpose

of

the

Plans

is

to

compensate

Distributors,

or

for

periods

prior

to

August

2,

2024,

Putnam

Retail

Management,

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Fund.

The

Plans

provide

payments

by

the

Fund

to

Distributors

and

to

Putnam

Retail

Management

at

an

annual

rate

of

up

to

the

following

amounts

(Maximum

%)

of

the

average

net

assets

attributable

to

each

class.

d. #### Transfer

#### Agent

#### Fees
PSERV,

an

affiliate

of

Advisers,

provides

investor

servicing

agent

functions

to

the

Fund.

PSERV

received

fees

for

investor

servicing

for

Class

A

shares

that

included

(1) a

per

account

fee

for

each

direct

and

underlying

non-defined

contribution

account

(retail

account)

of

the

Fund;

(2) a

specified

rate

of

the

Fund's

assets

attributable

to

defined

contribution

plan

accounts;

and

(3) a

specified

rate

based

on

the

average

net

assets

in

retail

accounts.

PSERV

has

agreed

that

the

aggregate

investor

servicing

fees

for

each

Fund's

retail

and

defined

contribution

accounts

for

these

share

classes

will

not

exceed

an

annual

rate

of

0.25%

of

the

Fund's

average

assets

attributable

to

such

accounts.

Class P

shares

paid

a

monthly

fee

based

on

the

average

net

assets

of

Class P

shares

at

an

annual

rate

of

0.01%.

e. #### Trustee

#### Fees
The

Fund

has

adopted

a

Trustee

Fee

Deferral

Plan

(the

Deferral

Plan)

which

allows

the

Trustees to

defer

the

receipt

of

all

or

a

portion

of

Trustees'

fees

payable

from

July

1,

1995

through

December

31,

2023. The

deferred

fees

remain

invested

in

certain

Putnam

funds

until

distribution

in

accordance

with

the

Deferral

Plan.

The

Fund

has

adopted

an

unfunded

noncontributory

defined

benefit

pension

plan

(the

Pension

Plan)

covering

all

Trustees

of

the

Fund

who

have

served

as

a

Trustee

for

at

least

five

years

and

were

first

elected

prior

to

2004. Benefits

under

the

Pension

Plan

are

equal

to

50%

of

the

Trustee's

average

annual

attendance

and

retainer

fees

for

the

three

years

ended

December

31,

2005. The

retirement

benefit

is

payable

during

a

Trustee's

lifetime,

beginning

the

year

following

retirement,

for

the

number

of

years

of

service

through

December

31,

2006. Pension

expense

for

the

Fund

is

included

in

the

Trustees' fees

and

expenses

in

the

Statement

of

Operations.

Accrued

pension

liability

is

included

in

Payable

for

Trustees' fees

and

expenses

in

the

Statement

of

Assets

and

Liabilities.

The

Trustees

have

terminated

the

Pension

Plan

with

respect

to

any

Trustee

first

elected

after

2003. f. #### 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.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

year

ended

May

31,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

#### Maximum

#### %

#### Approved

#### %
Class

A

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

0.35%

–

a

a

The

Trustees

currently

have

not

approved

payments

under

the

Plan.

3. #### Transactions

#### with

#### Affiliates
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
g. #### Waiver

#### and

#### Expense

#### Reimbursements
Advisers

has

contractually

agreed,

through

September

30,

2026,

to

waive

fees

and/or

reimburse

the

Fund's

expenses

to

the

extent

necessary

to

limit

the

cumulative

expenses

of

the

Fund,

exclusive

of

brokerage,

interest,

taxes,

investment-related

expenses,

extraordinary

expenses,

acquired

fund

fees

and

expenses

and

payments

under

the

Fund's

investor

servicing

contract,

investment

management

contract

and

distribution

plans,

on

a

fiscal

year-to-date

basis

to

an

annual

rate

of

0.02%

of

the

Fund's

average

net

assets

over

such

fiscal

year-to

date

period.

h. #### Other

#### Affiliated

#### Transactions
At

May

31,

2025,

Putnam

Investment

Holdings,

LLC

owned

25.8%

of

the

Fund's

outstanding

shares.

At

May

31,

2025,

one

or

more

of

the

funds

in

Putnam

Target

Date

Funds

owned

5%

or

more

of

the

Fund's

outstanding

shares,

totaling

64.8%

of

the

Fund's

outstanding

shares.

PSERV

voluntarily

reimbursed

the

Fund

$116,312

for

a

trading

error

which

occurred

during

the

reporting

period.

The

effect

of

the

loss

incurred

and

the

reimbursement

by

PSERV

of

such

amount

had

no

material

impact

on

total

return

as

disclosed

in

the

financial

highlights.

4. #### Expense

#### Offset

#### Arrangement
The Fund has

entered

into

arrangements

with

PSERV

and

its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

transfer

agent

and

custodian

fees,

respectively.

During

the

year

ended

May

31,

2025,

the

fees

were

reduced

as

noted

in

the

Statement

of

Operations.

Effective

March

10,

2025,

earned

credits

on

custodian

fees,

if

any,

are

recognized

as

income.

5. #### Income

#### Taxes
The

tax

character

of

distributions

paid

during

the

years

ended

May

31,

2025

and

2024,

was

as

follows:

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Government

Money

Market

Fund,

Class

G,

4.113%

.

$827,446

$11,457,788

$(11,818,548)

$—

$—

$466,686

466,686

$67,400

Putnam

Short

Term

Investment

Fund,

Class

P,

4.555%

......

835,656

3,544,043

(3,129,211)

—

—

1,250,488

1,250,488

48,942

#### Total

#### Affiliated

#### Securities

#### ...
$1,663,102

$15,001,831

$(14,947,759)

$—

$—

$1,717,174

$116,342

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

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

$780,155

$98,406

Long

term

capital

gain

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

1,039,458

124,158

$1,819,613

$222,564

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
At

May

31,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

undistributed

ordinary

income

and

undistributed

long

term

capital

gains for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

foreign

currency

transactions,

wash

sales,

EU

reclaims,

passive

foreign

investment

company

shares,

tax

straddles

and

derivative

financial

instruments.

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

year

ended

May

31,

2025,

aggregated

$22,424,345 and

$13,498,324,

respectively.

7. #### Other

#### Derivative

#### Information
At

May

31,

2025,

investments

in

derivative

contracts

are

reflected

in

the Statement of

Assets

and

Liabilities

as

follows:

Cost

of

investments

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

$21,440,499

Unrealized

appreciation

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

$6,484,274

Unrealized

depreciation

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

(915,107)

Net

unrealized

appreciation

(depreciation)

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

$5,569,167

Distributable

earnings:

Undistributed

ordinary

income

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

$178,535

Undistributed

long

term

capital

gains

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

339,254

Total

distributable

earnings

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

$517,789

#### Asset

#### Derivatives

#### Liability

#### Derivatives

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

$

41,907

Unrealized

depreciation

on

OTC

forward

exchange

contracts

$

16,838

Equity

contracts

...........

Investments

in

securities,

at

value

a

Options

written,

at

value

Variation

margin

on

futures

contracts

102,814

b

Variation

margin

on

futures

contracts

10,867

b

Total

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

$144,731

$27,710

a

Purchased

option

contracts

are

included

in

investments

in

securities,

at

value

in

the

Statement

of

Assets

and

Liabilities.

b

This

amount

reflects

the

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

the

variation

margin

receivable/payable

at

year

end

is

separately

reported

within

the

Statement

of

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

to

cash

upon

receipt

or

payment.

5. #### Income

#### Taxes
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
For

the

year

ended

May

31,

2025,

the

effect

of

derivative

contracts

in

the Statement

of

Operations

was

as

follows:

For

the

year

ended

May

31,

2025,

the

average

month

end

notional

amount

of

futures

contracts

and

options

represented

$5,029,009

and

$15,333,369,

respectively.

The

average

month

end

contract

value

of

forward

exchange

contracts

was

$1,979,553.

See

Note

1(c) regarding

derivative

financial

instruments.

See

Abbreviations

on

.

8. #### Credit

#### Facility
Effective

January

31,

2025,

the

Fund,

together

with

other

U.S.

registered

and

foreign

investment

Funds

(collectively,

Borrowers)

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

30,

2026. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

shall,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

During

the

reporting

period,

the

Fund

did

not

use

the

Global

Credit

Facility.

Prior

to

January

31,

2025,

the

Fund

participated,

along

with

other

Putnam

Funds,

in

a

$320

million

syndicated

unsecured

committed

line

of

credit,

provided

by

State

Street

($160

million)

and

JPMorgan

($160

million),

and

a

$235.5

million

unsecured

uncommitted

line

of

credit,

provided

by

State

Street.

Borrowings

may

have

been

made

for

temporary

or

emergency

purposes,

including

the

funding

of

shareholder

redemption

requests

and

trade

settlements.

Interest

was

charged

to

the

Fund

based

on

the

Fund's

borrowings.

A

closing

fee

equal

to

0.04%

of

the

committed

line

of

credit

and

0.04%

of

the

uncommitted

line

of

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Year

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Year

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Foreign

exchange

contracts

.....

Forward

exchange

contracts

$(7,213)

Forward

exchange

contracts

$31,226

Equity

contracts

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

Investments

—

Investments

(2,019)

a

Written

options

—

Written

options

1,362

Futures

contracts

(156,135)

Futures

contracts

76,992

Total

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

$(163,348)

$107,561

a

Purchased

option

contracts

are

included

in

net

change

in

unrealized

appreciation

(depreciation)

on

investments

in

the

Statement

of

Operations.

7. #### Other

#### Derivative

#### Information
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
credit

was

paid

by

the

participating

Funds

and

a

$75,000

fee

was

paid

by

the

participating

Funds

to

State

Street

as

agent

of

the

syndicated

committed

line

of

credit.

In

addition,

a

commitment

fee

of

0.21%

per

annum

on

any

unutilized

portion

of

the

committed

line

of

credit

was

allocated

to

the

participating

Funds

based

on

their

relative

net

assets

and

paid

quarterly.

During

the

reporting

period,

the

Fund

had

no

borrowings

against

these

arrangements.

9. #### 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

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

May

31,

2025,

in

valuing

the

Fund's assets

and

liabilities carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

$

479,693

$

103,958

$

—

$

583,651

Air

Freight

&

Logistics

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

70,094

18,488

—

88,582

Automobile

Components

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

—

21,631

—

21,631

Automobiles

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

340,087

168,797

—

508,884

Banks

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

579,851

1,072,579

—

1,652,430

Beverages

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

142,021

29,489

—

171,510

Biotechnology

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

396,811

14,259

—

411,070

Broadline

Retail

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

831,950

141,830

—

973,780

Building

Products

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

138,553

41,318

—

179,871

Capital

Markets

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

588,165

151,961

—

740,126

Chemicals

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

241,790

61,693

—

303,483

Commercial

Services

&

Supplies

...........

89,956

18,588

—

108,544

Communications

Equipment

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

206,579

43,615

—

250,194

Construction

&

Engineering

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

—

77,556

—

77,556

Construction

Materials

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

50,835

93,920

—

144,755

Consumer

Finance

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

115,396

15,041

—

130,437

Consumer

Staples

Distribution

&

Retail

......

385,439

106,233

—

491,672

Containers

&

Packaging

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

47,054

—

—

47,054

Diversified

Consumer

Services

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

26,941

—

—

26,941

Diversified

REITs

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

12,113

1,800

—

13,913

Diversified

Telecommunication

Services

.....

77,171

51,334

—

128,505

Electric

Utilities

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

396,876

51,378

—

448,254

Electrical

Equipment

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

111,282

83,716

—

194,998

Electronic

Equipment,

Instruments

&

Components

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

23,188

28,797

—

51,985

Energy

Equipment

&

Services

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

76,965

—

—

76,965

Entertainment

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

461,485

10,801

—

472,286

8. #### Credit

#### Facility
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Financial

Services

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

$

816,873

$

99,644

$

—

$

916,517

Food

Products

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

47,457

90,774

—

138,231

Gas

Utilities

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

11,886

—

—

11,886

Ground

Transportation

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

170,677

—

—

170,677

Health

Care

Equipment

&

Supplies

.........

263,367

38,334

—

301,701

Health

Care

Providers

&

Services

..........

313,894

57,082

—

370,976

Health

Care

REITs

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

11,951

—

—

11,951

Health

Care

Technology

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

100,437

—

—

100,437

Hotels,

Restaurants

&

Leisure

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

368,565

153,512

—

522,077

Household

Durables

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

91,058

23,331

—

114,389

Household

Products

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

211,261

32,439

—

243,700

Independent

Power

and

Renewable

Electricity

Producers

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

12,203

55,323

—

67,526

Industrial

Conglomerates

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

59,930

27,285

—

87,215

Industrial

REITs

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

37,226

—

—

37,226

Insurance

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

457,433

231,984

—

689,417

Interactive

Media

&

Services

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

1,083,601

345,170

—

1,428,771

IT

Services

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

138,367

60,983

—

199,350

Leisure

Products

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

11,741

12,709

—

24,450

Life

Sciences

Tools

&

Services

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

56,084

28,450

—

84,534

Machinery

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

179,889

105,921

—

285,810

Marine

Transportation

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

24,728

—

—

24,728

Media

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

73,873

9,744

—

83,617

Metals

&

Mining

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

73,687

195,731

—

269,418

Mortgage

Real

Estate

Investment

Trusts

(REITs)

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

11,607

—

—

11,607

Multi-Utilities

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

35,645

73,425

—

109,070

Office

REITs

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

20,643

—

—

20,643

Oil,

Gas

&

Consumable

Fuels

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

342,689

270,319

—

613,008

Paper

&

Forest

Products

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

11,529

—

—

11,529

Passenger

Airlines

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

64,526

32,612

—

97,138

Personal

Care

Products

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

—

26,093

—

26,093

Pharmaceuticals

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

578,372

326,038

—

904,410

Professional

Services

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

213,621

64,120

—

277,741

Real

Estate

Management

&

Development

....

71,157

37,539

—

108,696

Residential

REITs

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

82,917

—

—

82,917

Retail

REITs

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

117,561

—

—

117,561

Semiconductors

&

Semiconductor

Equipment

.

1,775,863

538,496

—

2,314,359

Software

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

1,913,165

56,789

—

1,969,954

Specialized

REITs

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

106,767

—

—

106,767

Specialty

Retail

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

281,833

43,334

—

325,167

Technology

Hardware,

Storage

&

Peripherals

.

1,094,621

127,044

—

1,221,665

Textiles,

Apparel

&

Luxury

Goods

..........

16,254

110,150

—

126,404

Tobacco

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

269,079

37,015

—

306,094

Trading

Companies

&

Distributors

..........

38,491

70,495

—

108,986

Transportation

Infrastructure

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

—

68,576

—

68,576

Water

Utilities

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

36,941

—

—

36,941

Wireless

Telecommunication

Services

.......

147,541

143,852

—

291,393

Management

Investment

Companies

.........

412,510

—

—

412,510

Preferred

Stocks

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

39,920

—

—

39,920

Options

Purchased

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

—

—

Short

Term

Investments

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

1,717,174

982,641

—

2,699,815

Total

Investments

in

Securities

...........

$19,906,909

$6,985,746

a

$—

$26,892,655

9. #### Fair

#### Value

#### Measurements
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
10. #### Operating

#### Segments
The

Fund has adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

*Segment* 

*Reporting* 

*(Topic* 

*280)* 

*-* 

*Improvements* 

*to* 

*Reportable* 

*Segment* 

*Disclosures.*

The

update

is

limited

to

disclosure

requirements

and

does

not

impact

the Fund's

financial

position

or

results

of

operations.

The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

Fund's Investment

manager

serves

as

the

Chief

Operating

Decision

Maker

(CODM),

evaluating

fund-wide

results

and

performance

under

a

unified

investment

strategy.

The

CODM

uses

these

measures

to

assess

fund

performance

and

allocate

resources

effectively.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's

investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Financial

Highlights.

11. #### New

#### Accounting

#### Pronouncements
In

December

2023,

the

FASB

issued

ASU

No.

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Tax

Disclosures.

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disaggregation

in

the

rate

reconciliation

and

income

taxes

paid

by

jurisdiction,

while

removing

certain

disclosure

requirements.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

is

currently

evaluating

the

impact

and

believes

that

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

12. #### Subsequent

#### Events
The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

#### Assets:
(continued)

Other

Financial

Instruments:

Forward

Exchange

Contracts

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

$—

$41,907

$—

$41,907

Futures

Contracts

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

102,814

—

—

102,814

Total

Other

Financial

Instruments

.........

$102,814

$41,907

$—

$144,721

#### Liabilities:
Other

Financial

Instruments:

Options

Written

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

$—

$5

$—

$5

Forward

Exchange

Contracts

...............

—

16,838

—

16,838

Futures

Contracts

........................

10,867

—

—

10,867

Total

Other

Financial

Instruments

.........

$10,867

$16,843

$—

$27,710

a

Includes

foreign

securities

valued

at

$6,003,095,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

9. #### Fair

#### Value

#### Measurements
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### 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

#### AUD
Australian

Dollar

#### EUR
Euro

#### GBP
British

Pound

#### Selected

#### Portfolio

#### ADR
American

Depositary

Receipt

#### ETF
Exchange-Traded

Fund

#### REIT
Real

Estate

Investment

Trust

Putnam

Funds

Trust

Report

of

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

of

Putnam

Funds

Trust

and

Shareholders

of

Putnam

Dynamic

Asset

Allocation

Equity

Fund

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Putnam

Dynamic

Asset

Allocation

Equity

Fund

(one

of

the

funds

constituting

Putnam

Funds

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

May

31,

2025,

the

related

statement

of

operations

for

the

year

ended

May

31,

2025,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

May

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

May

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

May

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

May

31,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

May

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

May

31,

2025

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

Boston,

Massachusetts

July

21,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Putnam

Funds

family

of

funds

since

at

least

1957. We

have

not

been

able

to

determine

the

specific

year

we

began

serving

as

auditor.

Putnam

Funds

Trust

Tax

Information

(unaudited)

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Fund

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during

its

fiscal

year.

The

Fund

hereby

reports

the

following

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

May

31,

2025:

#### Pursuant

#### to:

#### Amount

#### Reported
Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

$1,039,458

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$148,008

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$247,365

Short-Term

Capital

Gain

Dividends

Distributed

§871(k)(2)(C)

$459,429

Section

163(j)

Interest

Earned

§163(j)

$116,163

Putnam

Funds

Trust

franklintempleton.com

Annual

Report

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Not

applicable.

39117-AFSOI

07/25©

2025

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer have
 concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act
 of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes
 the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b)
 under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period covered by this report, the Registrant transitioned to a new third-party
 service provider who performs certain accounting and administrative services for the Registrant that are subject to Franklin Templeton's
 oversight.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (1) Code of Ethics attached hereto.](pdaaef-efp16622_ex99code.htm)

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](pdaaef-efp16622_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](pdaaef-efp16622_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

---

| | |
|:---|:---|
| **Putnam Funds Trust** | **Putnam Funds Trust** |
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | July 28, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | July 28, 2025 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | July 28, 2025 |

---

## Ex-99.Codeeth

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self- regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N- CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Jonathan S. Horwitz, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Funds Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Date: July 28, 2025 <br>

---

| |
|:---|
| /s/ Jonathan S. Horwitz |
| Jonathan S. Horwitz |
| Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Funds Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 28, 2025

---

| |
|:---|
| /s/ Jeffrey White |
| Jeffrey White |
| Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Jonathan S. Horwitz,** Principal Executive Officer, and **Jeffrey White,** Principal Financial Officer of **Putnam Funds Trust** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **May 31, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Principal Executive Officer** | **Principal Financial Officer** |
| Putnam Funds Trust | Putnam Funds Trust |
| /s/ Jonathan S. Horwitz | /s/ Jeffrey White |
| Jonathan S. Horwitz | Jeffrey White |
| Date: July 28, 2025 | Date: July 28, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.