# EDGAR Filing Document

**Accession Number:** 0001005942
**File Stem:** 0001133228-26-000788
**Filing Date:** 2026-1
**Character Count:** 191114
**Document Hash:** 4b62cda3b07ce08b9066c8a686bcfbd7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-000788.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0001133228-26-000788

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**EFFECTIVENESS DATE**: 20260128

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07513
- **FILM NUMBER:** 26568630

**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'? 2025-12-1674200166400_PutnamDynamicAssetAllocationEquityFund_ClassA_TSRSemiAnnual

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**

**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, New York 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: **November 30, 2025**

ITEM 1. REPORT TO STOCKHOLDERS.

&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) |
| Semi-Annual Shareholder Report \| November 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Dynamic Asset Allocation Equity Fund for the period June 1, 2025, to November 30, 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.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class A | $36 | 0.66% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $31675316 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 554 |
| **Portfolio Turnover Rate** | 30% |

---

**WHAT DID THE FUND INVEST IN?** (as of November 30, 2025)

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

![image](ts5924img003.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.

---

| | |
|:---|:---|
| ![image](img477793_202512231342805.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img477793_202512231342805.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-internalusefunds-documents, including its: |
| ![image](img477793_202512231342805.jpg) | • proxy voting information • financial information • holdings • tax information |

---

Putnam Dynamic Asset Allocation Equity Fund PAGE 1 39117-STSA-0126

------

---

| | |
|:---|:---|
| **Putnam Dynamic Asset Allocation Equity Fund**  | ![image](img2199_202405220716489.jpg) |
| Class P  | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| November 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Dynamic Asset Allocation Equity Fund for the period June 1, 2025, to November 30, 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.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class P | $32 | 0.60% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $31675316 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 554 |
| **Portfolio Turnover Rate** | 30% |

---

**WHAT DID THE FUND INVEST IN?** (as of November 30, 2025)

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

![image](ts5923img003.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.

---

| | |
|:---|:---|
| ![image](img477793_202512231342805.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img477793_202512231342805.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-internalusefunds-documents, including its: |
| ![image](img477793_202512231342805.jpg) | • proxy voting information • financial information • holdings • tax information |

---

Putnam Dynamic Asset Allocation Equity Fund PAGE 1 39117-STSP-0126

------

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

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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;(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;(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

#### Semi-Annual
\|

November

30,

2025

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 22
Notes

to

Financial

Statements

#### 26
Changes

In

and

Disagreements

with

Accountants

#### 39
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

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### November

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### May

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$15.01

$14.32

$11.17

$13.01

$15.86

$11.45

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.08 0.24 0.17 0.28 0.13 0.11 Net

realized

and

unrealized

gains

(losses)

2.16 1.70 3.21 0.09 (0.96)

4.73 Total

from

investment

operations

........

2.24 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

period

..........

$17.25

$15.01

$14.32

$11.17

$13.01

$15.86

Total

return

c

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

15.00%

13.84%

30.58%

3.23%

(6.69)%

42.70%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

1.27%

1.70%

2.48%

1.08%

1.12%

1.21%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.66%

0.66%

e

0.68%

e

0.70%

e

0.83%

e

0.86%

e

Net

investment

income

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

1.00%

1.62%

1.34%

2.67%

0.82%

0.81%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$8,034

$6,985

$6,665

$5,108

$28

$31

Portfolio

turnover

rate

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

30%

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,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

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.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### November

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### May

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### P

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$14.95

$14.27

$11.14

$12.99

$15.86

$11.45

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.09 0.25 0.18 0.15 0.16 0.14 Net

realized

and

unrealized

gains

(losses)

2.15 1.69 3.19 0.24 (0.97)

4.73 Total

from

investment

operations

........

2.24 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

period

..........

$17.19

$14.95

$14.27

$11.14

$12.99

$15.86

Total

return

c

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

15.06%

13.90%

30.55%

3.45%

(6.61)%

42.98%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

1.20%

1.63%

2.40%

1.00%

0.90%

0.97%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.60%

0.59%

e

0.60%

e

0.62%

e

0.61%

e

0.62%

e

Net

investment

income

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

1.07%

1.69%

1.44%

1.26%

1.04%

1.05%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$23,642

$19,997

$8,398

$4,680

$79,557

$78,855

Portfolio

turnover

rate

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

30%

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

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited),

November

30,

2025

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 85.9%

#### Aerospace

#### &

#### Defense

#### 2.0%
Airbus

SE

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

France

$

60,444

a

Boeing

Co.

(The)

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

United

States

12,663

BWX

Technologies,

Inc.

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

United

States

13,058

Curtiss-Wright

Corp.

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

United

States

14,672

General

Dynamics

Corp.

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

United

States

26,989

General

Electric

Co.

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

United

States

116,395

Hanwha

Aerospace

Co.

Ltd.

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

South

Korea

19,156

Leonardo

DRS,

Inc.

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

United

States

12,814

Lockheed

Martin

Corp.

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

United

States

162,998

Northrop

Grumman

Corp.

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

United

States

56,653

RTX

Corp.

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

United

States

77,660

Thales

SA

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

France

34,570

TransDigm

Group,

Inc.

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

United

States

21,763

629,835

#### Air

#### Freight

#### &

#### Logistics

#### 0.3%
Expeditors

International

of

Washington,

Inc.

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

United

States

13,956

FedEx

Corp.

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

United

States

63,682

United

Parcel

Service,

Inc.

,

B

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

United

States

13,123

90,761

#### Automobile

#### Components

#### 0.1%
Aisin

Corp.

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

Japan

1,600

28,494

BorgWarner,

Inc.

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

United

States

12,573

41,067

#### Automobiles

#### 1.9%
General

Motors

Co.

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

United

States

1,075

79,034

Mahindra

&

Mahindra

Ltd.

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

India

2,127

89,546

Stellantis

NV

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

United

States

2,854

30,549

Subaru

Corp.

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

Japan

600

13,400

a

Tesla,

Inc.

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

United

States

916

394,036

Toyota

Motor

Corp.

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

Japan

8,069

614,634

#### Banks

#### 6.3%
Abu

Dhabi

Islamic

Bank

PJSC

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

United

Arab

Emirates

12,090

65,530

AIB

Group

plc

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

Ireland

2,084

21,443

Al

Rajhi

Bank

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

Saudi

Arabia

3,092

79,784

Banco

Bilbao

Vizcaya

Argentaria

SA

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

Spain

1,664

35,965

Banco

de

Sabadell

SA

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

Spain

2,401

8,728

Banco

Santander

SA

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

Spain

6,322

67,815

Bank

Central

Asia

Tbk.

PT

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

Indonesia

92,300

45,962

Bank

Hapoalim

BM

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

Israel

1,363

29,716

Bank

Leumi

Le-Israel

BM

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

Israel

2,047

43,365

Bank

of

America

Corp.

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

United

States

2,268

121,678

Bank

of

China

Ltd.

,

H

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

China

198,000

119,298

Barclays

plc

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

United

Kingdom

9,409

53,376

BNP

Paribas

SA

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

France

14,959

BOC

Hong

Kong

Holdings

Ltd.

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

China

1,000

4,828

Citigroup,

Inc.

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

United

States

3,180

329,448

Citizens

Financial

Group,

Inc.

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

United

States

13,363

Credit

Agricole

SA

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

France

507

9,719

CTBC

Financial

Holding

Co.

Ltd.

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

Taiwan

36,000

49,879

Erste

Group

Bank

AG

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

Austria

23,282

First

Horizon

Corp.

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

United

States

621

13,873

Grupo

Financiero

Banorte

SAB

de

CV

,

O

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

Mexico

4,169

40,130

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Banks
(continued)

HSBC

Holdings

plc

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

United

Kingdom

5,559

$

78,777

ICICI

Bank

Ltd.

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

India

6,460

100,597

Intesa

Sanpaolo

SpA

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

Italy

4,109

26,655

JPMorgan

Chase

&

Co.

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

United

States

59,798

KB

Financial

Group,

Inc.

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

South

Korea

812

69,267

Lloyds

Banking

Group

plc

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

United

Kingdom

42,139

53,442

Mitsubishi

UFJ

Financial

Group,

Inc.

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

Japan

2,400

37,631

National

Bank

of

Greece

SA

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

Greece

2,742

42,967

NatWest

Group

plc

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

United

Kingdom

5,560

46,406

a

NU

Holdings

Ltd.

,

A

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

Brazil

3,473

60,395

OTP

Bank

Nyrt.

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

Hungary

47,154

PNC

Financial

Services

Group,

Inc.

(The)

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

United

States

59,314

Popular,

Inc.

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

United

States

12,962

UniCredit

SpA

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

Italy

645

48,016

US

Bancorp

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

United

States

13,685

Wells

Fargo

&

Co.

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

United

States

16,741

Zions

Bancorp

NA

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

United

States

13,627

1,979,575

#### Beverages

#### 0.8%
a

Boston

Beer

Co.,

Inc.

(The)

,

A

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

United

States

12,857

Carlsberg

A/S

,

B

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

Denmark

4,850

a

Celsius

Holdings,

Inc.

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

United

States

12,528

Coca-Cola

Co.

(The)

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

United

States

1,280

93,594

Coca-Cola

Consolidated,

Inc.

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

United

States

13,525

Coca-Cola

HBC

AG

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

Italy

22,626

Keurig

Dr.

Pepper,

Inc.

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

United

States

13,029

a

Monster

Beverage

Corp.

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

United

States

991

74,315

PepsiCo,

Inc.

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

United

States

12,940

260,264

#### Biotechnology

#### 1.8%
AbbVie,

Inc.

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

United

States

945

215,177

a

Alnylam

Pharmaceuticals,

Inc.

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

United

States

13,086

Amgen,

Inc.

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

United

States

13,473

CSL

Ltd.

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

United

States

6,956

a

Exelixis,

Inc.

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

United

States

1,341

59,232

a

Genmab

A/S

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

Denmark

18,313

a

Incyte

Corp.

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

United

States

904

94,432

a

Insmed,

Inc.

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

United

States

16,414

a

Natera,

Inc.

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

United

States

17,433

a

Neurocrine

Biosciences,

Inc.

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

United

States

28,910

Regeneron

Pharmaceuticals,

Inc.

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

United

States

78,799

a

Vertex

Pharmaceuticals,

Inc.

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

United

States

13,008

575,233

#### Broadline

#### Retail

#### 3.3%
Alibaba

Group

Holding

Ltd.

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

China

8,600

169,203

a

Amazon.com,

Inc.

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

United

States

3,335

777,789

eBay,

Inc.

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

United

States

12,915

a

Etsy,

Inc.

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

United

States

12,416

Next

plc

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

United

Kingdom

9,352

Prosus

NV

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

China

768

48,418

a

Sea

Ltd.

,

ADR

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

Singapore

27,663

1,057,756

#### Building

#### Products

#### 0.5%
Allegion

plc

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

United

States

13,448

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

franklintempleton.com

Semiannual

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)

Cie

de

Saint-Gobain

SA

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

France

$

36,230

Johnson

Controls

International

plc

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

United

States

53,037

Trane

Technologies

plc

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

United

States

48,049

150,764

#### Capital

#### Markets

#### 2.9%
3i

Group

plc

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

United

Kingdom

808

33,787

Affiliated

Managers

Group,

Inc.

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

United

States

13,710

Ameriprise

Financial,

Inc.

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

United

States

12,761

Bank

of

New

York

Mellon

Corp.

(The)

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

United

States

14,012

BlackRock,

Inc.

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

United

States

32,466

Charles

Schwab

Corp.

(The)

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

United

States

750

69,548

CME

Group,

Inc.

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

United

States

57,136

Deutsche

Boerse

AG

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

Germany

28,868

b

Euronext

NV

,

144A

,

Reg

S

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

Netherlands

14,711

Goldman

Sachs

Group,

Inc.

(The)

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

United

States

268,463

b

HDFC

Asset

Management

Co.

Ltd.

,

144A

,

Reg

S

...........

India

782

23,411

Hong

Kong

Exchanges

&

Clearing

Ltd.

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

Hong

Kong

5,318

Interactive

Brokers

Group,

Inc.

,

A

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

United

States

12,874

Intercontinental

Exchange,

Inc.

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

United

States

12,899

Invesco

Ltd.

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

United

States

549

13,423

Morgan

Stanley

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

United

States

14,760

Nasdaq,

Inc.

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

United

States

28,094

Northern

Trust

Corp.

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

United

States

13,397

Raymond

James

Financial,

Inc.

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

United

States

6,105

a

Robinhood

Markets,

Inc.

,

A

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

United

States

13,620

State

Street

Corp.

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

United

States

1,243

147,942

UBS

Group

AG

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

Switzerland

1,545

59,628

Virtu

Financial,

Inc.

,

A

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

United

States

13,768

910,701

#### Chemicals

#### 1.1%
Air

Liquide

SA

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

France

23,573

a

Axalta

Coating

Systems

Ltd.

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

United

States

14,131

CF

Industries

Holdings,

Inc.

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

United

States

788

62,016

Corteva,

Inc.

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

United

States

705

47,566

DuPont

de

Nemours,

Inc.

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

United

States

19,686

Eastman

Chemical

Co.

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

United

States

11,298

Ecolab,

Inc.

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

United

States

13,758

Linde

plc

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

United

States

12,310

Mosaic

Co.

(The)

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

United

States

502

12,294

NewMarket

Corp.

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

United

States

27,487

PPG

Industries,

Inc.

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

United

States

23,909

Sherwin-Williams

Co.

(The)

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

United

States

36,431

Shin-Etsu

Chemical

Co.

Ltd.

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

Japan

1,100

32,938

a

Solstice

Advanced

Materials,

Inc.

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

United

States

16,450

353,847

#### Commercial

#### Services

#### &

#### Supplies

#### 0.3%
Republic

Services,

Inc.

,

A

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

United

States

13,458

TOPPAN

Holdings,

Inc.

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

Japan

700

22,599

Veralto

Corp.

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

United

States

12,855

Waste

Connections,

Inc.

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

United

States

17,655

Waste

Management,

Inc.

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

United

States

12,637

79,204

#### Communications

#### Equipment

#### 0.8%
a

Arista

Networks,

Inc.

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

United

States

742

96,965

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Communications

#### Equipment
(continued)

a

Ciena

Corp.

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

United

States

$

19,808

Cisco

Systems,

Inc.

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

United

States

1,399

107,639

Telefonaktiebolaget

LM

Ericsson

,

B

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

Sweden

1,558

15,034

Ubiquiti,

Inc.

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

United

States

13,411

252,857

#### Construction

#### &

#### Engineering

#### 0.4%
ACS

Actividades

de

Construccion

y

Servicios

SA

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

Spain

14,253

Comfort

Systems

USA,

Inc.

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

United

States

14,654

Gamuda

Bhd.

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

Malaysia

25,376

32,879

Larsen

&

Toubro

Ltd.

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

India

595

27,126

Vinci

SA

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

France

49,953

138,865

#### Construction

#### Materials

#### 0.6%
CRH

plc

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

United

States

52,543

Heidelberg

Materials

AG

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

Germany

4,108

Holcim

AG

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

United

States

43,153

UltraTech

Cement

Ltd.

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

India

46,937

Vulcan

Materials

Co.

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

United

States

32,696

179,437

#### Consumer

#### Finance

#### 0.5%
Ally

Financial,

Inc.

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

United

States

13,464

American

Express

Co.

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

United

States

13,515

Capital

One

Financial

Corp.

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

United

States

533

116,764

SLM

Corp.

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

United

States

14,416

Synchrony

Financial

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

United

States

13,151

171,310

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1.2%
a

BJ's

Wholesale

Club

Holdings,

Inc.

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

United

States

18,025

Coles

Group

Ltd.

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

Australia

2,061

Costco

Wholesale

Corp.

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

United

States

12,790

Dollar

General

Corp.

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

United

States

13,358

a

Dollar

Tree,

Inc.

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

United

States

14,405

Koninklijke

Ahold

Delhaize

NV

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

Netherlands

808

33,450

a

Maplebear,

Inc.

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

United

States

13,737

Marks

&

Spencer

Group

plc

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

United

Kingdom

1,667

Target

Corp.

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

United

States

17,127

Tesco

plc

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

United

Kingdom

3,049

18,183

Walmart,

Inc.

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

United

States

2,044

225,882

370,685

#### Containers

#### &

#### Packaging

#### 0.2%
Avery

Dennison

Corp.

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

United

States

12,928

Ball

Corp.

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

United

States

12,729

Crown

Holdings,

Inc.

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

United

States

13,072

Packaging

Corp.

of

America

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

United

States

13,469

52,198

#### Diversified

#### Consumer

#### Services

#### 0.1%
ADT,

Inc.

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

United

States

1,585

13,076

a

Duolingo,

Inc.

,

A

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

United

States

7,465

20,541

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

franklintempleton.com

Semiannual

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

#### 0.0%

#### †
WP

Carey,

Inc.

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

United

States

$

12,261

#### Diversified

#### Telecommunication

#### Services

#### 0.5%
AT&T,

Inc.

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

United

States

2,583

67,210

Deutsche

Telekom

AG

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

Germany

1,825

58,852

Telstra

Group

Ltd.

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

Australia

6,049

19,505

Verizon

Communications,

Inc.

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

United

States

13,196

158,763

#### Electric

#### Utilities

#### 1.4%
American

Electric

Power

Co.,

Inc.

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

United

States

13,367

Constellation

Energy

Corp.

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

United

States

43,359

Duke

Energy

Corp.

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

United

States

12,518

Edison

International

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

United

States

14,487

Eversource

Energy

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

United

States

11,958

Exelon

Corp.

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

United

States

12,817

Iberdrola

SA

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

Spain

811

17,118

Kansai

Electric

Power

Co.,

Inc.

(The)

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

Japan

2,200

37,612

Korea

Electric

Power

Corp.

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

South

Korea

1,570

56,458

NextEra

Energy,

Inc.

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

United

States

902

77,834

NRG

Energy,

Inc.

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

United

States

598

101,355

PG&E

Corp.

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

United

States

778

12,541

PPL

Corp.

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

United

States

891

32,878

444,302

#### Electrical

#### Equipment

#### 1.3%
ABB

Ltd.

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

Switzerland

782

56,276

AMETEK,

Inc.

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

United

States

12,467

GE

Vernova

T&D

India

Ltd.

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

India

902

29,056

GE

Vernova,

Inc.

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

United

States

189,527

Harbin

Electric

Co.

Ltd.

,

H

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

China

18,000

33,006

Mitsubishi

Electric

Corp.

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

Japan

1,600

43,261

Nidec

Corp.

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

Japan

600

7,572

Rockwell

Automation,

Inc.

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

United

States

14,647

Sieyuan

Electric

Co.

Ltd.

,

A

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

China

1,100

22,356

Vertiv

Holdings

Co.

,

A

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

United

States

18,153

426,321

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.2%
Elite

Material

Co.

Ltd.

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

Taiwan

1,000

48,854

Jabil,

Inc.

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

United

States

13,486

62,340

#### Energy

#### Equipment

#### &

#### Services

#### 0.3%
Halliburton

Co.

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

United

States

12,585

TechnipFMC

plc

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

United

Kingdom

1,684

76,218

88,803

#### Entertainment

#### 1.3%
a

Live

Nation

Entertainment,

Inc.

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

United

States

15,380

a

Netflix,

Inc.

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

United

States

2,647

284,764

Nexon

Co.

Ltd.

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

Japan

7,306

Nintendo

Co.

Ltd.

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

Japan

8,476

a

ROBLOX

Corp.

,

A

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

United

States

561

53,312

a

Spotify

Technology

SA

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

United

States

33,537

402,775

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Financial

#### Services

#### 2.2%
a

Aditya

Birla

Capital

Ltd.

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

India

7,923

$

31,823

Apollo

Global

Management,

Inc.

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

United

States

37,445

a

Berkshire

Hathaway,

Inc.

,

B

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

United

States

35,453

Corebridge

Financial,

Inc.

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

United

States

13,479

Equitable

Holdings,

Inc.

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

United

States

1,402

65,459

EXOR

NV

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

Netherlands

15,165

a

Fiserv,

Inc.

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

United

States

6,577

Investor

AB

,

B

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

Sweden

1,447

49,271

Mastercard,

Inc.

,

A

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

United

States

621

341,879

MGIC

Investment

Corp.

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

United

States

12,559

PayPal

Holdings,

Inc.

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

United

States

13,040

b

Poste

Italiane

SpA

,

144A

,

Reg

S

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

Italy

4,141

Visa,

Inc.

,

A

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

United

States

62,875

689,166

#### Food

#### Products

#### 0.4%
Ajinomoto

Co.,

Inc.

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

Japan

9,281

Archer-Daniels-Midland

Co.

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

United

States

12,695

Associated

British

Foods

plc

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

United

Kingdom

826

23,371

Ingredion,

Inc.

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

United

States

13,012

Nestle

SA

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

United

States

12,035

Nissin

Foods

Holdings

Co.

Ltd.

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

Japan

3,629

Tyson

Foods,

Inc.

,

A

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

United

States

13,410

b

WH

Group

Ltd.

,

144A

,

Reg

S

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

Hong

Kong

36,000

37,701

125,134

#### Gas

#### Utilities

#### 0.1%
National

Fuel

Gas

Co.

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

United

States

13,275

Tokyo

Gas

Co.

Ltd.

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

Japan

500

20,265

33,540

#### Ground

#### Transportation

#### 0.3%
Canadian

Pacific

Kansas

City

Ltd.

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

Canada

18,578

CSX

Corp.

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

United

States

12,588

JB

Hunt

Transport

Services,

Inc.

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

United

States

14,091

a

Lyft,

Inc.

,

A

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

United

States

684

14,384

Norfolk

Southern

Corp.

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

United

States

13,144

a

Uber

Technologies,

Inc.

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

United

States

12,431

Union

Pacific

Corp.

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

United

States

13,678

98,894

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 1.1%
Abbott

Laboratories

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

United

States

12,890

Becton

Dickinson

&

Co.

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

United

States

42,296

BioMerieux

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

France

7,643

a

Boston

Scientific

Corp.

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

United

States

35,146

a

Dexcom,

Inc.

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

United

States

14,281

a

Edwards

Lifesciences

Corp.

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

United

States

13,174

a

Hologic,

Inc.

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

United

States

13,270

Hoya

Corp.

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

Japan

45,066

a

IDEXX

Laboratories,

Inc.

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

United

States

35,385

a

Insulet

Corp.

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

United

States

13,415

a

Intuitive

Surgical,

Inc.

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

United

States

44,158

Medtronic

plc

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

United

States

52,138

Olympus

Corp.

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

Japan

1,500

20,168

349,030

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

franklintempleton.com

Semiannual

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

#### 0.9%
Apollo

Hospitals

Enterprise

Ltd.

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

India

571

$

46,925

Cardinal

Health,

Inc.

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

United

States

13,585

Cencora,

Inc.

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

United

States

15,126

Cigna

Group

(The)

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

United

States

13,309

CVS

Health

Corp.

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

United

States

12,858

Fresenius

SE

&

Co.

KGaA

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

Germany

3,351

HCA

Healthcare,

Inc.

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

United

States

13,724

McKesson

Corp.

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

United

States

91,636

a

Tenet

Healthcare

Corp.

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

United

States

14,528

UnitedHealth

Group,

Inc.

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

United

States

58,699

Universal

Health

Services,

Inc.

,

B

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

United

States

14,374

298,115

#### Health

#### Care

#### REITs

#### 0.0%

#### †
Omega

Healthcare

Investors,

Inc.

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

United

States

13,868

#### Health

#### Care

#### Technology

#### 0.3%
a

Doximity,

Inc.

,

A

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

United

States

13,529

a

Veeva

Systems,

Inc.

,

A

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

United

States

91,791

105,320

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.5%
a

Airbnb,

Inc.

,

A

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

United

States

772

90,316

Aristocrat

Leisure

Ltd.

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

Australia

862

32,946

Booking

Holdings,

Inc.

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

United

States

29,488

Compass

Group

plc

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

United

Kingdom

953

29,964

a

DoorDash,

Inc.

,

A

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

United

States

95,416

a

Eternal

Ltd.

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

India

7,771

26,185

FDJ

United

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

France

1,860

Hilton

Worldwide

Holdings,

Inc.

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

United

States

72,968

Indian

Hotels

Co.

Ltd.

(The)

,

A

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

India

5,878

49,057

InterContinental

Hotels

Group

plc

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

United

Kingdom

10,488

Las

Vegas

Sands

Corp.

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

United

States

13,632

Starbucks

Corp.

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

United

States

23,955

476,275

#### Household

#### Durables

#### 0.3%
a

Amber

Enterprises

India

Ltd.

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

India

10,468

Garmin

Ltd.

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

United

States

13,087

PulteGroup,

Inc.

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

United

States

517

65,757

89,312

#### Household

#### Products

#### 0.8%
Colgate-Palmolive

Co.

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

United

States

1,788

143,737

Kimberly-Clark

Corp.

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

United

States

13,858

Procter

&

Gamble

Co.

(The)

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

United

States

65,042

Reckitt

Benckiser

Group

plc

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

United

Kingdom

21,080

Unilever

Indonesia

Tbk.

PT

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

Indonesia

102,300

15,991

259,708

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.3%
NTPC

Ltd.

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

India

19,168

70,186

RWE

AG

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

Germany

9,295

a

Talen

Energy

Corp.

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

United

States

14,194

Vistra

Corp.

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

United

States

13,235

106,910

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Industrial

#### Conglomerates

#### 0.4%
3M

Co.

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

United

States

$

13,592

DCC

plc

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

United

Kingdom

8,205

Honeywell

International,

Inc.

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

United

States

47,471

Samsung

C&T

Corp.

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

South

Korea

48,064

Sekisui

Chemical

Co.

Ltd.

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

Japan

500

8,521

Siemens

AG

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

Germany

2,917

Smiths

Group

plc

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

United

Kingdom

11,881

140,651

#### Industrial

#### REITs

#### 0.1%
Prologis,

Inc.

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

United

States

33,803

#### Insurance

#### 2.2%
Aflac,

Inc.

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

United

States

12,906

Allianz

SE

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

Germany

54,820

Allstate

Corp.

(The)

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

United

States

59,634

American

International

Group,

Inc.

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

United

States

625

47,600

AXA

SA

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

France

3,705

Axis

Capital

Holdings

Ltd.

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

United

States

35,886

a

Brighthouse

Financial,

Inc.

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

United

States

13,110

Chubb

Ltd.

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

United

States

13,032

Dai-ichi

Life

Holdings,

Inc.

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

Japan

700

5,461

Everest

Group

Ltd.

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

United

States

12,572

Globe

Life,

Inc.

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

United

States

30,719

Hanover

Insurance

Group,

Inc.

(The)

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

United

States

13,916

MetLife,

Inc.

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

United

States

779

59,640

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

Germany

51,678

Old

Republic

International

Corp.

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

United

States

13,968

PICC

Property

&

Casualty

Co.

Ltd.

,

H

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

China

36,000

81,881

Powszechny

Zaklad

Ubezpieczen

SA

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

Poland

1,494

25,761

Primerica,

Inc.

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

United

States

13,123

Progressive

Corp.

(The)

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

United

States

13,041

Prudential

Financial,

Inc.

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

United

States

12,665

QBE

Insurance

Group

Ltd.

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

Australia

5,574

a

Rasan

Information

Technology

Co.

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

Saudi

Arabia

1,145

35,497

Reinsurance

Group

of

America,

Inc.

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

United

States

12,342

RenaissanceRe

Holdings

Ltd.

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

United

States

12,797

Talanx

AG

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

Germany

18,972

Travelers

Cos.,

Inc.

(The)

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

United

States

13,472

Unipol

Assicurazioni

SpA

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

Italy

3,399

Unum

Group

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

United

States

13,143

Zurich

Insurance

Group

AG

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

Switzerland

21,570

711,884

#### Interactive

#### Media

#### &

#### Services

#### 6.1%
Alphabet,

Inc.

,

A

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

United

States

2,719

870,569

Alphabet,

Inc.

,

C

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

United

States

547

175,106

LY

Corp.

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

Japan

7,200

19,337

Meta

Platforms,

Inc.

,

A

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

United

States

789

511,232

a

Reddit,

Inc.

,

A

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

United

States

13,854

Tencent

Holdings

Ltd.

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

China

4,500

355,552

1,945,650

#### IT

#### Services

#### 0.5%
Accenture

plc

,

A

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

United

States

49,750

Coforge

Ltd.

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

India

1,059

22,706

Fujitsu

Ltd.

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

Japan

5,306

a

GoDaddy,

Inc.

,

A

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

United

States

12,658

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

franklintempleton.com

Semiannual

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)

#### IT

#### Services
(continued)

a

International

Business

Machines

Corp.

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

United

States

$

13,269

NEC

Corp.

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

Japan

11,335

a

Snowflake,

Inc.

,

A

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

United

States

36,430

VeriSign,

Inc.

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

United

States

12,852

164,306

#### Leisure

#### Products

#### 0.2%
Bandai

Namco

Holdings,

Inc.

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

Japan

1,300

38,148

Hasbro,

Inc.

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

United

States

13,794

51,942

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.4%
Lonza

Group

AG

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

Switzerland

23,339

a

Medpace

Holdings,

Inc.

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

United

States

13,034

Thermo

Fisher

Scientific,

Inc.

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

United

States

73,263

b

WuXi

AppTec

Co.

Ltd.

,

H

,

144A

,

Reg

S

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

China

1,990

26,001

135,637

#### Machinery

#### 1.4%
Allison

Transmission

Holdings,

Inc.

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

United

States

13,742

Caterpillar,

Inc.

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

United

States

190,001

Cummins,

Inc.

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

United

States

15,935

Deere

&

Co.

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

United

States

12,541

GEA

Group

AG

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

Germany

17,956

Graco,

Inc.

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

United

States

12,943

Ingersoll

Rand,

Inc.

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

United

States

33,502

Kawasaki

Heavy

Industries

Ltd.

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

Japan

6,334

Komatsu

Ltd.

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

Japan

9,855

Lincoln

Electric

Holdings,

Inc.

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

United

States

13,648

Mitsubishi

Heavy

Industries

Ltd.

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

Japan

7,599

Otis

Worldwide

Corp.

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

United

States

23,634

Parker-Hannifin

Corp.

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

United

States

13,787

Pentair

plc

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

United

States

11,892

Rational

AG

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

Germany

2,990

a

Samsung

Heavy

Industries

Co.

Ltd.

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

South

Korea

1,605

26,910

Schindler

Holding

AG

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

Switzerland

24,669

437,938

#### Marine

#### Transportation

#### 0.0%

#### †
SITC

International

Holdings

Co.

Ltd.

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

China

4,000

13,753

#### Media

#### 0.1%
a

Charter

Communications,

Inc.

,

A

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

United

States

13,208

Comcast

Corp.

,

A

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

United

States

923

24,635

Informa

plc

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

United

Kingdom

659

8,380

46,223

#### Metals

#### &

#### Mining

#### 1.1%
Anglogold

Ashanti

plc

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

Australia

558

47,577

ArcelorMittal

SA

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

Luxembourg

8,754

BHP

Group

Ltd.

,

(AUD

Traded)

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

Australia

2,074

56,751

BHP

Group

Ltd.

,

(GBP

Traded)

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

Australia

2,738

a

Boliden

AB

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

Sweden

4,943

Fortescue

Ltd.

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

Australia

2,966

41,686

Freeport-McMoRan,

Inc.

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

United

States

1,277

54,885

Glencore

plc

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

Australia

3,289

15,722

Norsk

Hydro

ASA

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

Norway

970

6,953

Rio

Tinto

plc

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

Australia

29,942

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Metals

#### &

#### Mining
(continued)

Southern

Copper

Corp.

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

Mexico

$

13,343

Zijin

Mining

Group

Co.

Ltd.

,

H

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

China

14,000

55,672

338,966

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.0%

#### †
Rithm

Capital

Corp.

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

United

States

1,187

13,639

#### Multi-Utilities

#### 0.4%
Consolidated

Edison,

Inc.

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

United

States

13,047

DTE

Energy

Co.

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

United

States

12,744

E.ON

SE

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

Germany

1,422

25,329

Engie

SA

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

France

1,818

46,261

Public

Service

Enterprise

Group,

Inc.

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

United

States

12,862

110,243

#### Office

#### REITs

#### 0.1%
Vornado

Realty

Trust

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

United

States

617

22,718

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 2.2%
Antero

Midstream

Corp.

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

United

States

707

12,733

Cheniere

Energy,

Inc.

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

United

States

530

110,484

Chevron

Corp.

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

United

States

12,846

ConocoPhillips

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

United

States

42,482

ENEOS

Holdings,

Inc.

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

Japan

3,300

21,748

Eni

SpA

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

Italy

6,731

Equinor

ASA

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

Norway

1,442

33,160

Exxon

Mobil

Corp.

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

United

States

815

94,475

HF

Sinclair

Corp.

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

United

States

12,328

Inpex

Corp.

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

Japan

2,100

44,793

Kinder

Morgan,

Inc.

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

United

States

12,622

Marathon

Petroleum

Corp.

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

United

States

13,949

PetroChina

Co.

Ltd.

,

H

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

China

80,000

89,409

Repsol

SA

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

Spain

500

9,265

Shell

plc

,

(EUR

Traded)

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

United

States

1,074

39,604

Shell

plc

,

(GBP

Traded)

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

United

States

8,600

TotalEnergies

SE

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

France

912

59,998

Valero

Energy

Corp.

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

United

States

51,437

Williams

Cos.,

Inc.

(The)

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

United

States

12,430

689,094

#### Passenger

#### Airlines

#### 0.5%
Delta

Air

Lines,

Inc.

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

United

States

13,653

International

Consolidated

Airlines

Group

SA

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

United

Kingdom

1,810

9,520

Qantas

Airways

Ltd.

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

Australia

4,728

30,945

Ryanair

Holdings

plc

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

Italy

1,341

43,909

Southwest

Airlines

Co.

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

United

States

1,376

47,899

a

United

Airlines

Holdings,

Inc.

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

United

States

13,969

159,895

#### Personal

#### Care

#### Products

#### 0.2%
a

APR

Corp.

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

South

Korea

23,280

Estee

Lauder

Cos.,

Inc.

(The)

,

A

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

United

States

13,923

Unilever

plc

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

United

Kingdom

24,488

61,691

#### Pharmaceuticals

#### 3.5%
AstraZeneca

plc

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

United

Kingdom

11,124

AstraZeneca

plc

,

ADR

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

United

Kingdom

519

48,122

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

franklintempleton.com

Semiannual

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)

#### Pharmaceuticals
(continued)

Bristol-Myers

Squibb

Co.

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

United

States

1,292

$

63,566

Chugai

Pharmaceutical

Co.

Ltd.

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

Japan

21,419

a

Corcept

Therapeutics,

Inc.

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

United

States

13,260

Daiichi

Sankyo

Co.

Ltd.

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

Japan

1,500

36,971

Eli

Lilly

&

Co.

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

United

States

190,358

Galderma

Group

AG

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

Switzerland

30,545

GSK

plc

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

United

States

945

22,487

Ipsen

SA

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

France

9,962

Johnson

&

Johnson

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

United

States

902

186,642

Merck

&

Co.,

Inc.

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

United

States

2,086

218,675

Novartis

AG

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

United

States

643

83,886

Novo

Nordisk

A/S

,

ADR

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

Denmark

564

27,833

Novo

Nordisk

A/S

,

B

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

Denmark

653

32,339

Otsuka

Holdings

Co.

Ltd.

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

Japan

16,991

Pfizer,

Inc.

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

United

States

533

13,719

Roche

Holding

AG

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

United

States

8,428

Sanofi

SA

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

United

States

742

74,005

1,110,332

#### Professional

#### Services

#### 0.8%
Automatic

Data

Processing,

Inc.

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

United

States

573

146,287

Broadridge

Financial

Solutions,

Inc.

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

United

States

12,545

Experian

plc

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

United

States

5,493

Leidos

Holdings,

Inc.

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

United

States

13,377

a

Paylocity

Holding

Corp.

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

United

States

12,670

Recruit

Holdings

Co.

Ltd.

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

Japan

700

35,803

Verisk

Analytics,

Inc.

,

A

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

United

States

13,504

239,679

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.3%
a

CBRE

Group,

Inc.

,

A

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

United

States

51,462

Emaar

Properties

PJSC

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

United

Arab

Emirates

10,483

37,981

89,443

#### Residential

#### REITs

#### 0.2%
Camden

Property

Trust

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

United

States

13,505

Equity

Residential

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

United

States

12,844

Invitation

Homes,

Inc.

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

United

States

12,859

Mid-America

Apartment

Communities,

Inc.

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

United

States

13,317

Sun

Communities,

Inc.

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

United

States

12,627

65,152

#### Retail

#### REITs

#### 0.3%
Brixmor

Property

Group,

Inc.

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

United

States

12,913

Simon

Property

Group,

Inc.

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

United

States

92,229

105,142

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 10.9%
a

Advanced

Micro

Devices,

Inc.

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

United

States

68,304

Applied

Materials,

Inc.

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

United

States

14,378

ASML

Holding

NV

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

Netherlands

112,111

a

Astera

Labs,

Inc.

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

United

States

14,339

Broadcom,

Inc.

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

United

States

1,359

547,623

a

Cirrus

Logic,

Inc.

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

United

States

12,756

King

Yuan

Electronics

Co.

Ltd.

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

Taiwan

7,000

51,272

KLA

Corp.

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

United

States

14,106

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Semiconductors

#### &

#### Semiconductor

#### Equipment
(continued)

Lam

Research

Corp.

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

United

States

1,419

$

221,364

Marvell

Technology,

Inc.

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

United

States

34,598

Micron

Technology,

Inc.

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

United

States

15,844

NAURA

Technology

Group

Co.

Ltd.

,

A

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

China

640

38,885

NVIDIA

Corp.

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

United

States

8,189

1,449,453

Qnity

Electronics,

Inc.

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

United

States

13,299

QUALCOMM,

Inc.

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

United

States

1,283

215,660

Renesas

Electronics

Corp.

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

Japan

1,600

18,868

SCREEN

Holdings

Co.

Ltd.

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

Japan

24,743

SK

Hynix,

Inc.

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

South

Korea

61,577

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Taiwan

11,000

507,170

3,436,350

#### Software

#### 6.0%
a

Adobe,

Inc.

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

United

States

572

183,114

a

AppLovin

Corp.

,

A

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

United

States

30,573

a

Atlassian

Corp.

,

A

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

United

States

12,859

a

Autodesk,

Inc.

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

United

States

100,406

a

Cadence

Design

Systems,

Inc.

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

United

States

59,250

a

Crowdstrike

Holdings,

Inc.

,

A

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

United

States

13,747

a

DocuSign,

Inc.

,

A

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

United

States

13,177

a

Dropbox,

Inc.

,

A

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

United

States

13,356

a

Fortinet,

Inc.

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

United

States

6,328

a

Guidewire

Software,

Inc.

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

United

States

12,527

Intuit,

Inc.

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

United

States

12,682

a

Manhattan

Associates,

Inc.

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

United

States

12,881

Microsoft

Corp.

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

United

States

2,350

1,156,224

a

Nice

Ltd.

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

Israel

13,215

Oracle

Corp.

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

United

States

24,638

Oracle

Corp.

Japan

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

Japan

8,601

a

Palantir

Technologies,

Inc.

,

A

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

United

States

22,572

Pegasystems,

Inc.

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

United

States

12,049

a

RingCentral,

Inc.

,

A

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

United

States

13,696

a

Rubrik,

Inc.

,

A

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

United

States

623

43,186

Salesforce,

Inc.

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

United

States

12,449

SAP

SE

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

Germany

37,419

a

ServiceNow,

Inc.

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

United

States

49,557

a

Workday,

Inc.

,

A

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

United

States

11,643

a

Zoom

Communications,

Inc.

,

A

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

United

States

13,254

a

Zscaler,

Inc.

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

United

States

10,815

1,900,218

#### Specialized

#### REITs

#### 0.4%
American

Tower

Corp.

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

United

States

72,327

EPR

Properties

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

United

States

13,329

Public

Storage

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

United

States

12,903

VICI

Properties,

Inc.

,

A

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

United

States

11,931

110,490

#### Specialty

#### Retail

#### 0.9%
a

AutoZone,

Inc.

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

United

States

11,863

Avolta

AG

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

Switzerland

5,071

a

Chewy,

Inc.

,

A

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

United

States

13,560

Home

Depot,

Inc.

(The)

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

United

States

12,849

JUMBO

SA

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

Greece

7,969

Ross

Stores,

Inc.

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

United

States

14,814

TJX

Cos.,

Inc.

(The)

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

United

States

1,247

189,444

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

franklintempleton.com

Semiannual

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)

#### Specialty

#### Retail
(continued)

a

Ulta

Beauty,

Inc.

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

United

States

$

12,932

268,502

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 5.4%
Apple,

Inc.

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

United

States

4,958

1,382,538

Asia

Vital

Components

Co.

Ltd.

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

Taiwan

1,000

44,024

a

Pure

Storage,

Inc.

,

A

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

United

States

13,700

Samsung

Electronics

Co.

Ltd.

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

South

Korea

2,795

191,969

a

Sandisk

Corp.

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

United

States

19,649

Seagate

Technology

Holdings

plc

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

United

States

38,736

a,b

Xiaomi

Corp.

,

B

,

144A

,

Reg

S

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

China

3,449

18,334

1,708,950

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.3%
Asics

Corp.

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

Japan

500

11,976

Hermes

International

SCA

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

France

24,404

a

Lululemon

Athletica,

Inc.

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

United

States

7,367

LVMH

Moet

Hennessy

Louis

Vuitton

SE

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

France

6,652

Pandora

A/S

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

Denmark

19,266

Tapestry,

Inc.

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

United

States

14,097

83,762

#### Tobacco

#### 0.8%
Imperial

Brands

plc

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

United

Kingdom

1,004

42,651

Philip

Morris

International,

Inc.

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

United

States

1,249

196,692

239,343

#### Trading

#### Companies

#### &

#### Distributors

#### 0.4%
Bunzl

plc

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

United

Kingdom

3,753

Mitsubishi

Corp.

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

Japan

1,100

26,044

Mitsui

&

Co.

Ltd.

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

Japan

1,900

50,476

United

Rentals,

Inc.

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

United

States

34,238

114,511

#### Transportation

#### Infrastructure

#### 0.2%
b

Aena

SME

SA

,

144A

,

Reg

S

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

Spain

673

18,329

International

Container

Terminal

Services,

Inc.

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

Philippines

6,480

59,985

78,314

#### Water

#### Utilities

#### 0.2%
Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

..

Brazil

2,400

63,392

#### Wireless

#### Telecommunication

#### Services

#### 1.1%
Bharti

Airtel

Ltd.

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

India

4,085

96,374

Etihad

Etisalat

Co.

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

Saudi

Arabia

2,515

41,465

Far

EasTone

Telecommunications

Co.

Ltd.

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

Taiwan

9,000

25,277

KDDI

Corp.

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

Japan

1,900

32,688

MTN

Group

Ltd.

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

South

Africa

3,205

29,623

TIM

SA

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

Brazil

14,800

69,538

T-Mobile

US,

Inc.

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

United

States

44,101

339,066

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 18,069,391

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

#### 27,201,050
Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Management

#### Investment

#### Companies

#### 2.2%

#### Capital

#### Markets

#### 2.2%
iShares

Core

MSCI

Emerging

Markets

ETF

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

United

States

2,700

$

181,170

iShares

MSCI

Taiwan

ETF

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

United

States

785

50,640

SPDR

S&P

500

ETF

Trust

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

United

States

548

374,498

SPDR

S&P

MidCap

ETF

Trust

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

United

States

50,860

Xtrackers

Harvest

CSI

China

A-Shares

ETF

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

United

States

1,234

40,204

697,372

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 640,097

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

#### 697,372

#### Preferred

#### Stocks

#### 0.2%

#### Banks

#### 0.2%
c

Itau

Unibanco

Holding

SA

,

.89

%

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

Brazil

10,100

78,751

#### Total

#### Preferred

#### Stocks

#### (Cost

#### $

#### 67,595

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

#### 78,751

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 18,777,083

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

#### 27,977,173

#### a

#### Short

#### Term

#### Investments

#### 12.0%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 1.3%
d,e

U.S.

Treasury

Bills

,

.74

%

,

1/20/26

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

United

States

400,000

397,889

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 397,904

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

#### 397,889

#### Shares

#### Management

#### Investment

#### Companies

#### 6.3%
f,g

Putnam

Short

Term

Investment

Fund

,

Class

P

,

4.194 %

.......

United

States

2,004,386

2,004,386

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 2,004,386

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

#### 2,004,386

#### Money

#### Market

#### Funds

#### 4.4%
f,g

Putnam

Government

Money

Market

Fund

,

Class

G

,

3.827 %

...

United

States

1,385,266

1,385,266

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 1,385,266

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

#### 1,385,266

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 3,787,556

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

#### 3,787,541

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 22,564,639

####)
100.3 #### %
.................................

#### $31,764,714

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.3 ####)

#### %
.........................................

#### (89,398)

#### Net

#### Assets

#### 100.0%

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

#### $31,675,316

#### a
\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2025,

the

aggregate

value

of

these

securities

was

$142,628,

representing

0.5%

of

net

assets.

c

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

November

30,

2025,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

1(c).

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

November

30,

2025,

the

value

of

this

security

pledged

amounted

to

$343,179,

representing

1.1%

of

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.

#### 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

600

813

12/17/25

$

—

$

(19)

British

Pound

......

GSCO

Sell

58,800

78,948

12/17/25

1,115

—

British

Pound

......

HSBK

Buy

9,000

12,105

12/17/25

—

(192)

British

Pound

......

HSBK

Sell

12,200

16,215

12/17/25

(99)

British

Pound

......

MSCO

Sell

26,600

36,067

12/17/25

857

(2)

British

Pound

......

SSBT

Buy

14,900

20,205

12/17/25

—

(482)

British

Pound

......

TDOM

Buy

18,600

24,254

12/17/25

—

Danish

Krone

......

BOFA

Buy

110,700

17,506

12/17/25

—

(289)

Danish

Krone

......

BZWS

Sell

28,700

4,538

12/17/25

—

Danish

Krone

......

CITI

Sell

44,900

7,074

12/17/25

(7)

Danish

Krone

......

HSBK

Buy

8,900

1,407

12/17/25

—

(23)

Danish

Krone

......

HSBK

Sell

8,800

1,391

12/17/25

—

Danish

Krone

......

MSCO

Sell

25,300

4,000

12/17/25

—

Danish

Krone

......

SSBT

Sell

41,400

6,545

12/17/25

—

Danish

Krone

......

UBSW

Buy

30,200

4,775

12/17/25

—

(78)

Euro

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

BOFA

Buy

1,900

2,212

12/17/25

—

(5)

Euro

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

BOFA

Sell

8,500

10,024

12/17/25

—

Euro

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

BZWS

Buy

12/17/25

—

—

Euro

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

BZWS

Sell

19,200

22,643

12/17/25

—

Euro

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

CITI

Buy

1,200

1,410

12/17/25

—

(16)

Euro

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

GSCO

Buy

98,600

116,278

12/17/25

—

(1,770)

Euro

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

GSCO

Sell

19,700

22,664

12/17/25

—

(214)

Euro

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

HSBK

Buy

3,900

4,526

12/17/25

—

Euro

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

HSBK

Sell

1,600

1,887

12/17/25

—

Euro

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

JPHQ

Buy

8,700

10,171

12/17/25

—

(67)

Euro

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

MSCO

Buy

140,400

165,538

12/17/25

—

(2,487)

Euro

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

SSBT

Sell

29,500

34,342

12/17/25

(137)

Euro

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

TDOM

Buy

1,000

1,178

12/17/25

—

(17)

Hungarian

Forint

....

BOFA

Sell

3,954,800

11,735

12/17/25

—

(287)

Hungarian

Forint

....

CITI

Sell

3,520,600

10,383

12/17/25

—

(318)

Hungarian

Forint

....

GSCO

Sell

2,841,400

8,548

12/17/25

—

(89)

Hungarian

Forint

....

SSBT

Sell

2,054,100

6,112

12/17/25

—

(132)

Hungarian

Forint

....

TDOM

Sell

1,433,300

4,267

12/17/25

—

(90)

Norwegian

Krone

...

BOFA

Sell

7,100

690

12/17/25

—

(11)

Norwegian

Krone

...

BZWS

Sell

66,100

6,688

12/17/25

—

Norwegian

Krone

...

CITI

Buy

8,700

873

12/17/25

—

(13)

Norwegian

Krone

...

HSBK

Sell

22,100

2,236

12/17/25

—

Norwegian

Krone

...

JPHQ

Sell

152,500

15,429

12/17/25

—

Norwegian

Krone

...

MSCO

Sell

43,200

4,372

12/17/25

—

Norwegian

Krone

...

SSBT

Sell

2,700

12/17/25

—

Norwegian

Krone

...

UBSW

Sell

55,400

5,607

12/17/25

—

Polish

Zloty

........

BOFA

Buy

3,400

934

12/17/25

—

(3)

Polish

Zloty

........

CITI

Sell

34,200

9,363

12/17/25

—

(7)

Polish

Zloty

........

GSCO

Buy

6,800

1,868

12/17/25

—

(5)

Polish

Zloty

........

GSCO

Sell

42,600

11,671

12/17/25

—

(1)

Polish

Zloty

........

HSBK

Buy

6,000

1,649

12/17/25

—

(5)

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Forward

#### Exchange

#### Contracts
(continued)

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount\*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
(continued)

Polish

Zloty

........

HSBK

Sell

17,200

4,717

12/17/25

$

$

—

Polish

Zloty

........

MSCO

Buy

1,200

12/17/25

—

(1)

Polish

Zloty

........

SSBT

Buy

26,700

7,347

12/17/25

—

(32)

Polish

Zloty

........

UBSW

Buy

24,000

6,603

12/17/25

—

(28)

Swedish

Krona

.....

BOFA

Buy

33,400

3,608

12/17/25

—

(67)

Swedish

Krona

.....

BZWS

Buy

16,300

1,761

12/17/25

—

(32)

Swedish

Krona

.....

BZWS

Sell

10,500

1,097

12/17/25

—

(16)

Swedish

Krona

.....

CITI

Buy

13,200

1,410

12/17/25

—

(10)

Swedish

Krona

.....

HSBK

Buy

209,600

22,638

12/17/25

—

(417)

Swedish

Krona

.....

MSCO

Sell

42,800

4,615

12/17/25

—

Swedish

Krona

.....

SSBT

Buy

208,100

22,440

12/17/25

—

(377)

Swedish

Krona

.....

TDOM

Buy

301,200

32,283

12/17/25

(433)

Swiss

Franc

.......

BOFA

Buy

19,600

24,862

12/17/25

—

(409)

Swiss

Franc

.......

GSCO

Buy

1,600

1,989

12/17/25

—

Swiss

Franc

.......

GSCO

Sell

7,800

9,803

12/17/25

(17)

Swiss

Franc

.......

MSCO

Buy

29,900

37,973

12/17/25

—

(670)

Swiss

Franc

.......

MSCO

Sell

30,900

38,299

12/17/25

(276)

Swiss

Franc

.......

SSBT

Buy

33,900

43,043

12/17/25

—

(749)

Swiss

Franc

.......

SSBT

Sell

2,100

2,653

12/17/25

—

Swiss

Franc

.......

TDOM

Buy

6,900

8,763

12/17/25

—

(155)

Swiss

Franc

.......

UBSW

Sell

700

889

12/17/25

—

Brazilian

Real

......

BOFA

Buy

6,800

1,245

1/05/26

—

Brazilian

Real

......

BOFA

Sell

435,500

79,704

1/05/26

—

(1,256)

Brazilian

Real

......

GSCO

Buy

49,200

9,005

1/05/26

—

Australian

Dollar

....

CITI

Buy

26,300

17,070

1/14/26

—

Australian

Dollar

....

CITI

Sell

5,100

3,285

1/14/26

—

(57)

Australian

Dollar

....

GSCO

Buy

6,800

4,438

1/14/26

—

Australian

Dollar

....

HSBK

Buy

46,400

30,147

1/14/26

—

Australian

Dollar

....

MSCO

Buy

15,400

10,051

1/14/26

—

Australian

Dollar

....

SSBT

Sell

10,100

6,568

1/14/26

—

(51)

Australian

Dollar

....

TDOM

Buy

20,400

13,273

1/14/26

—

Australian

Dollar

....

UBSW

Buy

18,000

11,686

1/14/26

—

Australian

Dollar

....

WPAC

Buy

1,900

1,241

1/14/26

—

Canadian

Dollar

....

TDOM

Sell

7,100

5,082

1/14/26

—

(11)

Canadian

Dollar

....

UBSW

Sell

16,800

12,048

1/14/26

—

(1)

Israeli

New

Shekel

..

BZWS

Sell

12,600

3,827

1/14/26

—

(44)

Israeli

New

Shekel

..

GSCO

Sell

6,400

1,951

1/14/26

—

(15)

Israeli

New

Shekel

..

HSBK

Buy

4,600

1,398

1/14/26

—

Israeli

New

Shekel

..

MSCO

Sell

4,100

1,249

1/14/26

—

(10)

Israeli

New

Shekel

..

SSBT

Sell

8,500

2,584

1/14/26

—

(28)

Israeli

New

Shekel

..

UBSW

Sell

10,400

3,159

1/14/26

—

(36)

Mexican

Peso

......

BOFA

Buy

83,300

4,447

1/14/26

—

Mexican

Peso

......

GSCO

Buy

376,000

20,192

1/14/26

—

Mexican

Peso

......

MSCO

Sell

35,400

1,901

1/14/26

—

(24)

Mexican

Peso

......

UBSW

Buy

54,700

2,921

1/14/26

—

New

Zealand

Dollar

.

BZWS

Sell

1,900

1,092

1/14/26

—

—

New

Zealand

Dollar

.

HSBK

Sell

1/14/26

—

—

New

Zealand

Dollar

.

MSCO

Buy

4,300

2,474

1/14/26

—

(1)

South

African

Rand

..

BOFA

Buy

315,900

18,006

1/14/26

—

South

African

Rand

..

BZWS

Buy

1,151,600

66,748

1/14/26

—

South

African

Rand

..

GSCO

Buy

215,500

12,373

1/14/26

—

South

African

Rand

..

HSBK

Buy

575,100

32,800

1/14/26

697

—

South

African

Rand

..

MSCO

Sell

448,800

25,779

1/14/26

—

(362)

South

African

Rand

..

SSBT

Sell

313,800

17,873

1/14/26

—

(405)

South

African

Rand

..

TDOM

Buy

60,100

3,452

1/14/26

—

South

African

Rand

..

UBSW

Buy

21,800

1,241

1/14/26

—

Chinese

Yuan

......

CITI

Buy

141,400

20,028

2/11/26

—

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

franklintempleton.com

Semiannual

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)

Chinese

Yuan

......

HSBK

Buy

346,900

49,135

2/11/26

$

$

—

Chinese

Yuan

......

JPHQ

Buy

91,600

12,976

2/11/26

—

Hong

Kong

Dollar

...

BOFA

Buy

66,100

8,518

2/11/26

—

(10)

Hong

Kong

Dollar

...

BZWS

Sell

28,300

3,647

2/11/26

—

Hong

Kong

Dollar

...

CITI

Buy

38,200

4,923

2/11/26

—

(6)

Hong

Kong

Dollar

...

GSCO

Buy

629,600

81,136

2/11/26

—

(96)

Hong

Kong

Dollar

...

HSBK

Buy

125,300

16,133

2/11/26

—

(5)

Hong

Kong

Dollar

...

HSBK

Sell

377,500

48,645

2/11/26

—

Hong

Kong

Dollar

...

MSCO

Sell

95,900

12,357

2/11/26

—

Hong

Kong

Dollar

...

SSBT

Buy

319,500

41,176

2/11/26

—

(52)

Hong

Kong

Dollar

...

TDOM

Sell

132,600

17,089

2/11/26

—

Hong

Kong

Dollar

...

UBSW

Sell

170,000

21,906

2/11/26

—

Indian

Rupee

......

GSCO

Sell

1,561,000

17,520

2/11/26

—

New

Taiwan

Dollar

..

BZWS

Buy

1,432,100

45,923

2/11/26

—

(163)

New

Taiwan

Dollar

..

HSBK

Sell

2,407,100

79,233

2/11/26

2,319

—

New

Taiwan

Dollar

..

SSBT

Buy

2,094,900

68,843

2/11/26

—

(1,905)

Singapore

Dollar

....

HSBK

Buy

27,700

21,466

2/11/26

—

Singapore

Dollar

....

MSCO

Buy

7,500

5,794

2/11/26

—

Singapore

Dollar

....

SSBT

Buy

18,100

13,984

2/11/26

—

South

Korean

Won

..

GSCO

Buy

45,313,400

31,323

2/11/26

—

(337)

South

Korean

Won

..

JPHQ

Sell

19,291,200

13,327

2/11/26

—

Thai

Baht

.........

UBSW

Buy

839,300

25,998

2/11/26

—

Japanese

Yen

......

BOFA

Buy

695,000

4,539

2/12/26

—

(58)

Japanese

Yen

......

BZWS

Sell

377,500

2,466

2/12/26

—

Japanese

Yen

......

CITI

Sell

5,589,400

36,503

2/12/26

—

Japanese

Yen

......

GSCO

Sell

47,800

2/12/26

—

Japanese

Yen

......

HSBK

Sell

2,723,200

17,785

2/12/26

—

Japanese

Yen

......

JPHQ

Buy

6,877,500

44,918

2/12/26

—

(578)

Japanese

Yen

......

MSCO

Buy

2,719,300

17,672

2/12/26

—

(140)

Japanese

Yen

......

MSCO

Sell

143,500

925

2/12/26

—

(1)

Japanese

Yen

......

SSBT

Sell

1,157,000

7,519

2/12/26

—

Japanese

Yen

......

UBSW

Buy

28,017,400

182,066

2/12/26

—

(1,436)

Total

Forward

Exchange

Contracts

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

$11,778

$(17,642)

Net

unrealized

appreciation

(depreciation)

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

$(5,864)

\*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

At

November

30,

2025,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

1(c).

#### Futures

#### Contracts

#### Description

#### Type

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### \*

#### Expiration

#### Date

#### Value/

#### Unrealized

#### Appreciation
(Depreciation)

#### Equity

#### contracts
MSCI

EAFE

Index

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

Long

$

1,268,505

12/19/25

$

10,291

MSCI

Emerging

Markets

Index

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

Short

2,273,040

12/19/25

(44,288)

Russell

2000

E-Mini

Index

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

Long

1,002,040

12/19/25

31,763

S&P

500

E-Mini

Index

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

Long

3,086,775

12/19/25

81,229

Total

Futures

Contracts

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

$78,995

\*

As

of

period

end.

See

Note

regarding

other

derivative

information.

See

A

bbreviations

on

.

Putnam

Funds

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

November

30,

2025

(unaudited)

franklintempleton.com

Semiannual

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

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

$19,174,987

Cost

-

Non-controlled

affiliates

(Note

f)

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

3,389,652

Value

-

Unaffiliated

issuers

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

$28,375,062

Value

-

Non-controlled

affiliates

(Note

f)

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

3,389,652

Cash

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

1,374

Foreign

currency,

at

value

(cost

$

8,810)

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

8,809

Receivables:

Investment

securities

sold

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

3,960

Capital

shares

sold

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

82,058

Dividends

and

interest

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

48,745

European

Union

tax

reclaims

(Note

d)

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

46,126

Affiliates

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

7,610

Variation

margin

on

futures

contracts

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

16,425

Unrealized

appreciation

on

OTC

forward

exchange

contracts

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

11,778

Prepaid

expenses

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

10,516

Total

assets

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

32,002,115

Liabilities:

Payables:

Investment

securities

purchased

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

246,744

Capital

shares

redeemed

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

3,759

Administrative

fees

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

Transfer

agent

fees

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

2,002

Professional

fees

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

26,897

Trustees'

fees

and

expenses

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

5,214

Unrealized

depreciation

on

OTC

forward

exchange

contracts

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

17,642

Deferred

taxes

on

unrealized

appreciation

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

11,459

Accrued

expenses

and

other

liabilities

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

12,965

Total

liabilities

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

326,799

Net

assets,

at

value

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

$31,675,316

Net

assets

consist

of:

Paid-in

capital

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

$21,510,863

Total

distributable

earnings

(losses)

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

10,164,453

Net

assets,

at

value

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

$31,675,316

Putnam

Funds

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

November

30,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund

#### Class

#### A:
Net

assets,

at

value

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

$8,033,725

Shares

outstanding

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

465,618

Net

asset

value

per

share

a

,b

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

$17.25

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

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

$18.30

#### Class

#### P:
Net

assets,

at

value

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

$23,641,591

Shares

outstanding

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

1,375,403

Net

asset

value

and

maximum

offering

price

per

share

b

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

$17.19

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

six

months

ended

November

31,

2025

(unaudited)

franklintempleton.com

Semiannual

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

$8,020)

Unaffiliated

issuers

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

$179,313

Non-controlled

affiliates

(Note

f)

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

46,812

Interest:

Unaffiliated

issuers

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

16,006

Other

income

(Note

d)

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

647

Total

investment

income

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

242,778

Expenses:

Management

fees

(Note

a)

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

83,105

Administrative

fees

(Note

b)

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

Transfer

agent

fees:

(Note

3d)

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

A

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

2,919

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

P

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

1,074

Custodian

fees

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

10,840

Reports

to

shareholders

fees

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

8,979

Registration

and

filing

fees

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

13,550

Professional

fees

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

51,238

Trustees'

fees

and

expenses

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

Other

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

5,414

Total

expenses

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

177,819

Expenses

waived/paid

by

affiliates

(Note

f

and

g)

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

(88,140)

Net

expenses

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

89,679

Net

investment

income

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

153,099

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

456,605

Written

options

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

1,367

Foreign

currency

transactions

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

(878) Forward

exchange

contracts

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

6,105

Futures

contracts

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

276,463

Net

realized

gain

(loss)

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

739,662

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

3,197,469

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

(1,114)

Written

options

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

(1,362)

Forward

exchange

contracts

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

(30,933)

Futures

contracts

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

(12,952)

Change

in

deferred

taxes

on

unrealized

appreciation

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

(217) Net

change

in

unrealized

appreciation

(depreciation)

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

3,150,891

Net

realized

and

unrealized

gain

(loss)

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

3,890,553

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$4,043,652

Putnam

Funds

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund

#### Six

#### Months

#### Ended

#### November

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### May

#### 31,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$153,099

$349,785

Net

realized

gain

(loss)

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

739,662

785,276

Net

change

in

unrealized

appreciation

(depreciation)

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

3,150,891

1,232,127

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

4,043,652

2,367,188

Distributions

to

shareholders:

Class

A

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

—

(582,439)

Class

P

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

—

(1,237,174)

Total

distributions

to

shareholders

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

—

(1,819,613)

Capital

share

transactions:

(Note

2)

Class

A

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

—

3,067

Class

P

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

648,844

11,368,527

Total

capital

share

transactions

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

648,844

11,371,594

Net

increase

(decrease)

in

net

assets

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

4,692,496

11,919,169

Net

assets:

Beginning

of

period

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

26,982,820

15,063,651

End

of

period

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

$31,675,316

$26,982,820

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund

franklintempleton.com

Semiannual

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 fourteen

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.

Equity

securities,

exchange

traded

funds, and

derivative

financial instruments listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-

counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Debt

securities

generally

trade

in

the OTC

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

Certain

derivative

financial

instruments

are

centrally

cleared

or

trade

in

the

OTC

market.

The

Fund's

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Fund's

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

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

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

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

November

30,

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

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

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.

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

November

30,

2025,

the

Fund

had

OTC

derivatives

in

a

net

liability

position

of

$10,192.

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

or

at

the

broker

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

price

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

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

c. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

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.

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

November

30,

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).

The

Fund's

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

to

examination

by

the

Internal

Revenue

Service

and

state

departments

of

revenue.

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.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

d. #### Income

#### and

#### Deferred

#### Taxes
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

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

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

November

30,

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
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

#### Six

#### Months

#### Ended

#### November

#### 30,

#### 2025

#### Year

#### Ended

#### May

#### 31,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

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

—

$—

—

$5,117

Shares

issued

in

reinvestment

of

distributions

..........

—

—

564

Shares

redeemed

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

—

—

—

(2,614)

Net

increase

(decrease)

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

—

$—

$3,067

#### Class

#### P

#### Shares:
Shares

sold

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

302,058

$4,902,720

930,865

$14,082,248

Shares

issued

in

reinvestment

of

distributions

..........

—

—

86,155

1,237,174

Shares

redeemed

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

(264,866)

(4,253,876)

(267,249)

(3,950,895)

Net

increase

(decrease)

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

37,192

$648,844

749,771

$11,368,527

#### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Putnam

Investment

Management,

LLC

(Putnam

Management)

Subadvisor

The

Putnam

Advisory

Company,

LLC

(PAC)

Subadvisor

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

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

period

ended

November

30,

2025,

the

annualized

gross

effective

investment

management

fee

rate

was 0.570%

of

the

Fund's

average daily

net

assets.

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.

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.

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.

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

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Fund.

The

Plans

provide

payments

by

the

Fund

to

Distributors

at

an

annual

rate

of

up

to

the

following

amounts

(Maximum

%)

of

the

average

net

assets

attributable

to

each

class.

The

Trustees

have

approved

payment

by

the

Fund

at

the

following

annual

rate

(Approved

%)

of

the

average

net

assets

attributable

to

each

class.

#### 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

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

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

period

ended

November

30,

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)

c. #### Distribution

#### Fees
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

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

November

30,

2025,

Putnam

Investment

Holdings,

LLC

owned

25.3%

of

the

Fund's

outstanding

shares.

At

November

30,

2025,

one

or

more

of

the

funds

in

Putnam

Target

Date

Funds

owned

5%

or

more

of

the

Fund's

outstanding

shares,

totaling

62.6%

of

the

Fund's

outstanding

shares.

4. #### Expense

#### Offset

#### Arrangement
The Fund has

entered

into

an

arrangement

with

PSERV

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

transfer

agent

fees.

During

the

period

ended

November

30,

2025,

there

were

no

credits

earned.

5. #### Income

#### Taxes
At

November

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) 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.

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Government

Money

Market

Fund,

Class

G,

3.827%

.

$466,686

$4,271,601

$(3,353,021)

$—

$—

$1,385,266

1,385,266

$5,703

Putnam

Short

Term

Investment

Fund,

Class

P,

4.194%

......

1,250,488

4,531,496

(3,777,598)

—

—

2,004,386

2,004,386

41,109

#### Total

#### Affiliated

#### Securities

#### ...
$1,717,174

$8,803,097

$(7,130,619)

$—

$—

$3,389,652

$46,812

Cost

of

investments

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

$23,116,457

Unrealized

appreciation

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

$9,632,665

Unrealized

depreciation

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

(911,277)

Net

unrealized

appreciation

(depreciation)

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

$8,721,388

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

period

ended

November

30,

2025,

aggregated

$8,092,481 and

$7,960,066,

respectively.

7. #### Other

#### Derivative

#### Information
At

November

30,

2025,

investments

in

derivative

contracts

are

reflected

in

the Statement of

Assets

and

Liabilities

as

follows:

For

the

period

ended

November

30,

2025,

the

effect

of

derivative

contracts

in

the Statement

of

Operations

was

as

follows:

For

the

period

ended

November

30,

2025,

the

average

month

end

notional

amount

of

futures

contracts

and

options

represented

$6,897,696

and

$187,600,

respectively. The

average

month

end

contract

value

of

forward

exchange

contracts

was

$2,084,000.

#### 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

$

11,778

Unrealized

depreciation

on

OTC

forward

exchange

contracts

$

17,642

Equity

contracts

...........

Variation

margin

on

futures

contracts

123,283

a

Variation

margin

on

futures

contracts

44,288

a

Total

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

$135,061

$61,930

a

This

amount

reflects

the

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

the

variation

margin

receivable/payable

at

period

end

is

separately

reported

within

the

Statement

of

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

to

cash

upon

receipt

or

payment.

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Period

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Period

#### 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

$6,105

Forward

exchange

contracts

$(30,933)

Equity

contracts

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

Investments

(2,029)

a

Investments

2,019

a

Written

options

1,367

Written

options

(1,362)

Futures

contracts

276,463

Futures

contracts

(12,952)

Total

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

$281,906

$(43,228)

a

Purchased

option

contracts

are

included

in

net

realized

gain

(loss)

from

investments

and

net

change

in

unrealized

appreciation

(depreciation)

on

investments

in

the

Statement

of

Operations.

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

See

Note

1(c) regarding

derivative

financial

instruments.

8. #### Credit

#### Facility
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

may,

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

period

ended

November

30,

2025,

the Fund

did

not

use

the

Global

Credit

Facility.

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

November

30,

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

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

$

515,665

$

114,170

$

—

$

629,835

Air

Freight

&

Logistics

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

90,761

—

—

90,761

Automobile

Components

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

12,573

28,494

—

41,067

Automobiles

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

473,070

141,564

—

614,634

Banks

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

755,014

1,224,561

—

1,979,575

Beverages

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

232,788

27,476

—

260,264

Biotechnology

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

549,964

25,269

—

575,233

Broadline

Retail

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

830,783

226,973

—

1,057,756

Building

Products

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

114,534

36,230

—

150,764

Capital

Markets

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

744,978

165,723

—

910,701

Chemicals

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

297,336

56,511

—

353,847

Commercial

Services

&

Supplies

...........

56,605

22,599

—

79,204

7. #### Other

#### Derivative

#### Information
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Communications

Equipment

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

$

237,823

$

15,034

$

—

$

252,857

Construction

&

Engineering

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

14,654

124,211

—

138,865

Construction

Materials

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

85,239

94,198

—

179,437

Consumer

Finance

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

171,310

—

—

171,310

Consumer

Staples

Distribution

&

Retail

......

315,324

55,361

—

370,685

Containers

&

Packaging

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

52,198

—

—

52,198

Diversified

Consumer

Services

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

20,541

—

—

20,541

Diversified

REITs

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

12,261

—

—

12,261

Diversified

Telecommunication

Services

.....

80,406

78,357

—

158,763

Electric

Utilities

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

333,114

111,188

—

444,302

Electrical

Equipment

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

263,850

162,471

—

426,321

Electronic

Equipment,

Instruments

&

Components

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

13,486

48,854

—

62,340

Energy

Equipment

&

Services

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

88,803

—

—

88,803

Entertainment

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

386,993

15,782

—

402,775

Financial

Services

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

588,766

100,400

—

689,166

Food

Products

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

39,117

86,017

—

125,134

Gas

Utilities

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

13,275

20,265

—

33,540

Ground

Transportation

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

98,894

—

—

98,894

Health

Care

Equipment

&

Supplies

.........

276,153

72,877

—

349,030

Health

Care

Providers

&

Services

..........

247,839

50,276

—

298,115

Health

Care

REITs

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

13,868

—

—

13,868

Health

Care

Technology

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

105,320

—

—

105,320

Hotels,

Restaurants

&

Leisure

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

325,775

150,500

—

476,275

Household

Durables

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

78,844

10,468

—

89,312

Household

Products

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

222,637

37,071

—

259,708

Independent

Power

and

Renewable

Electricity

Producers

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

27,429

79,481

—

106,910

Industrial

Conglomerates

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

61,063

79,588

—

140,651

Industrial

REITs

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

33,803

—

—

33,803

Insurance

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

403,566

308,318

—

711,884

Interactive

Media

&

Services

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

1,570,761

374,889

—

1,945,650

IT

Services

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

124,959

39,347

—

164,306

Leisure

Products

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

13,794

38,148

—

51,942

Life

Sciences

Tools

&

Services

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

86,297

49,340

—

135,637

Machinery

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

341,625

96,313

—

437,938

Marine

Transportation

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

—

13,753

—

13,753

Media

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

37,843

8,380

—

46,223

Metals

&

Mining

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

68,228

270,738

—

338,966

Mortgage

Real

Estate

Investment

Trusts

(REITs)

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

13,639

—

—

13,639

Multi-Utilities

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

38,653

71,590

—

110,243

Office

REITs

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

22,718

—

—

22,718

Oil,

Gas

&

Consumable

Fuels

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

375,786

313,308

—

689,094

Passenger

Airlines

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

75,521

84,374

—

159,895

Personal

Care

Products

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

37,203

24,488

—

61,691

Pharmaceuticals

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

762,175

348,157

—

1,110,332

Professional

Services

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

198,383

41,296

—

239,679

Real

Estate

Management

&

Development

....

51,462

37,981

—

89,443

Residential

REITs

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

65,152

—

—

65,152

Retail

REITs

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

105,142

—

—

105,142

Semiconductors

&

Semiconductor

Equipment

.

2,621,724

814,626

—

3,436,350

Software

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

1,840,983

59,235

—

1,900,218

Specialized

REITs

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

110,490

—

—

110,490

9. #### Fair

#### Value

#### Measurements
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

10. #### Operating

#### Segments
The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within

the

Fund's

Investment

manager serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and

are

responsible

for

evaluating

the

Fund's

operating

results

and

allocating

resources

in

accordance

with

the

Fund's

investment

strategy.

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.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Specialty

Retail

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

$

263,431

$

5,071

$

—

$

268,502

Technology

Hardware,

Storage

&

Peripherals

.

1,454,623

254,327

—

1,708,950

Textiles,

Apparel

&

Luxury

Goods

..........

21,464

62,298

—

83,762

Tobacco

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

196,692

42,651

—

239,343

Trading

Companies

&

Distributors

..........

34,238

80,273

—

114,511

Transportation

Infrastructure

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

—

78,314

—

78,314

Water

Utilities

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

63,392

—

—

63,392

Wireless

Telecommunication

Services

.......

113,639

225,427

—

339,066

Management

Investment

Companies

.........

697,372

—

—

697,372

Preferred

Stocks

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

78,751

—

—

78,751

Short

Term

Investments

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

3,389,652

397,889

—

3,787,541

Total

Investments

in

Securities

...........

$24,162,214

$7,602,500

a

$—

$31,764,714

Other

Financial

Instruments:

Forward

Exchange

Contracts

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

$—

$11,778

$—

$11,778

Futures

Contracts

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

123,283

—

—

123,283

Total

Other

Financial

Instruments

.........

$123,283

$11,778

$—

$135,061

#### Liabilities:
Other

Financial

Instruments:

Forward

Exchange

Contracts

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

$—

$17,642

$—

$17,642

Futures

Contracts

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

44,288

—

—

44,288

Total

Other

Financial

Instruments

.........

$44,288

$17,642

$—

$61,930

a

Includes

foreign

securities

valued

at

$7,204,611,

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

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund
(continued)

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.

#### Abbreviations

#### Counterparty

#### BOFA
Bank

of

America

NA

#### BZWS
Barclays

Bank

plc

#### CITI
Citibank

NA

#### GSCO
Goldman

Sachs

Group,

Inc.

#### HSBK
HSBC

Bank

plc

#### JPHQ
JPMorgan

Chase

Bank

NA

#### MSCO
Morgan

Stanley

#### SSBT
State

Street

Bank

and

Trust

Co.

#### TDOM
Toronto

Dominion

Bank

#### UBSW
UBS

AG

#### WPAC
Westpac

Banking

Corp.

#### Cu

#### r

#### rency

#### EUR
Euro

#### GBP
British

Pound

#### Selected

#### Portfolio

#### ADR
American

Depositary

Receipt

#### ETF
Exchange-Traded

Fund

#### REIT
Real

Estate

Investment

Trust

Putnam

Funds

Trust

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Equity

#### Fund

#### Trustee

#### approval

#### of

#### management

#### contracts
(unaudited)

*Consideration* 

*of* 

*your* 

*fund's* 

*management* 

*and* 

*sub-advisory* 

*contracts*

At

their

meeting

on

June

27,

2025,

the

Board

of

Trustees

("Board"

or

the

"Trustees")

of

your

fund,

including

all

of

the

Trustees

who

are

not

"interested

persons"

(as

this

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"))

of

the

Putnam

mutual

funds

and

exchange-traded

funds

(collectively,

the

"funds")

(the

"Independent

Trustees")

approved

the

continuance

of

a

management

contract

with

Franklin

Advisers,

Inc.

(the

"Advisor"),

a

subadvisory

agreement

between

the

Advisor

and

Franklin

Templeton

Investment

Management

Limited

("FTIML"),

a

subadvisory

agreement

between

the

Advisor

and

The

Putnam

Advisory

Company,

LLC

("PAC"),

and

a

subadvisory

agreement

between

the

Advisor

and

Putnam

Investment

Management,

LLC

("Putnam

Management"

and

together

with

FTIML

and

PAC,

the

"Subadvisors")

(collectively,

the

"Management

Contracts").

The

Advisor,

FTIML,

PAC,

and

Putnam

Management

are

each

direct

or

indirect,

wholly-owned

subsidiaries

of

Franklin

Resources,

Inc.

(together

with

its

subsidiaries,

"Franklin

Templeton").

*General* 

*conclusions*

The

Board

oversees

the

management

of

each

fund

and,

as

required

by

law,

determines

annually

whether

to

approve

the

continuance

of

your

fund's

management

contract

with

the

Advisor

and

the

sub-advisory

contract

with

respect

to

your

fund

between

the

Advisor

and

each

Subadvisor.

Because

the

Subadvisors

are

affiliates

of

the

Advisor

and

the

Advisor

remains

fully

responsible

for

all

services

provided

by

the

Subadvisors,

the

Trustees

did

not

attempt

to

evaluate

the

Subadvisors

as

separate

#### 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

Putnam

Funds

Trust

franklintempleton.com

Semiannual

Report

entities.

All

references

to

the

Advisor

describing

the

Board's

considerations

should

be

deemed

to

include

references

to

the

applicable

Subadvisor

as

necessary

or

appropriate

in

the

context.

The

Board,

with

the

assistance

of

its

Contract

Committee,

requests

and

evaluates

all

information

it

deems

reasonably

necessary

under

the

circumstances

in

connection

with

its

annual

contract

review.

The

Contract

Committee

consists

solely

of

Independent

Trustees.

At

the

outset

of

the

review

process,

the

Board's

independent

staff

and

independent

legal

counsel,

as

defined

in

Rule

0-1(a)

(6) under

the

1940

Act

(their

"independent

legal

counsel"),

considered

any

possible

changes

to

the

annual

contract

review

materials

furnished

to

the

Contract

Committee

in

prior

years

and,

as

applicable,

identified

those

changes

to

the

Advisor.

Following

these

discussions

and

in

consultation

with

the

Contract

Committee,

the

Independent

Trustees'

independent

legal

counsel

submitted

an

initial

request

that

the

Advisor

and

its

affiliates

furnish

specified

information,

together

with

any

additional

information

the

Advisor

considered

relevant,

to

the

Contract

Committee.

Over

the

course

of

several

months

ending

in

June

2025,

the

Contract

Committee

met

on

a

number

of

occasions

with

representatives

of

the

Advisor,

and

separately

in

executive

session,

to

consider

the

information

that

the

Advisor

provided,

including

information

provided

in

response

to

supplemental

requests

submitted

by

independent

legal

counsel.

Throughout

this

process,

the

Contract

Committee

was

assisted

by

the

Board's

independent

staff

and

by

independent

legal

counsel.

At

the

Board's

June

2025

meeting,

the

Contract

Committee

met

in

executive

session

to

discuss

and

consider

its

recommendations

with

respect

to

the

continuance

of

the

Management

Contracts.

At

that

meeting,

the

Contract

Committee

also

met

in

executive

session

with

the

other

Independent

Trustees

to

review

a

summary

of

the

process

undertaken

by

the

Contract

Committee

and

key

information

that

the

Contract

Committee

considered

in

the

course

of

its

review.

The

Contract

Committee

then

presented

its

written

report,

which

summarized

the

key

factors

that

the

Committee

had

considered

and

set

forth

its

recommendations.

The

Contract

Committee

recommended,

and

the

Independent

Trustees

approved,

the

continuance

of

your

fund's

Management

Contracts,

effective

July

1,

2025. In

considering

the

continuance

of

the

Management

Contracts,

the

Board

took

into

account

a

number

of

factors,

including:

1. That

the

fee

schedule

in

effect

for

your

fund

represented

reasonable

compensation

in

light

of

the

nature

and

quality

of

the

services

being

provided

to

the

fund,

the

fees

paid

by

competitive

funds,

the

costs

incurred

by

the

Advisor

in

providing

services

to

the

fund

and

the

application

of

certain

reductions

and

waivers

noted

below;

2. That

the

fee

schedule

in

effect

for

your

fund

represented

an

appropriate

sharing

between

fund

shareholders

and

the

Advisor

of

any

economies

of

scale

that

may

exist

in

the

management

of

the

fund

at

current

asset

levels;

3. That

the

funds

benefited,

and

were

expected

to

continue

to

benefit,

from

Franklin

Templeton's

large

retail

and

institutional

global

distribution

capabilities

and

significant

network

of

intermediary

relationships,

which

may

provide

additional

opportunities

for

the

funds

to

increase

assets

and

reduce

the

impact

of

expenses

by

spreading

them

over

a

larger

asset

base;

4. Potential

benefits

to

shareholders

of

the

funds

that

could

result

from

the

alignment

of

certain

fund

features

and

shareholder

benefits

with

those

of

other

funds

sponsored

by

the

Advisor

and

its

affiliates

and

access

to

a

broader

array

of

investment

opportunities;

and

5. The

financial

strength,

reputation,

experience

and

resources

of

Franklin

Templeton

and

its

investment

advisory

subsidiaries.

These

conclusions

were

based

on

a

comprehensive

consideration

of

all

information

provided

to

the

Trustees

and

were

not

the

result

of

any

single

factor.

Some

of

the

factors

that

figured

particularly

in

the

Trustees'

deliberations

and

how

the

Trustees

considered

these

factors

are

described

below,

although

individual

Trustees

may

have

evaluated

the

information

presented

differently,

giving

different

weights

to

various

factors.

It

is

also

important

to

recognize

that

the

management

arrangements

for

your

fund

and

the

other

funds

are

the

result

of

many

years

of

review

and

discussion

between

the

Independent

Trustees

and

management,

occurring

both

in

connection

with

formal

contract

reviews

as

well

as

throughout

the

year

and

that

the

Trustees'

conclusions

may

be

based,

in

part,

on

their

consideration

of

fee

arrangements

in

previous

years.

For

example,

with

certain

exceptions

primarily

involving

newer

funds

(including

the

exchange-traded

funds)

or

repositioned

funds,

the

current

fee

arrangements

under

the

vast

majority

of

the

funds'

management

contracts

were

first

implemented

at

the

beginning

of

2010

following

extensive

review

by

the

Contract

Committee

and

discussions

with

management,

as

well

as

approval

by

shareholders.

Putnam

Funds

Trust

franklintempleton.com

Semiannual

Report

*Management* 

*fee* 

*schedules* 

*and* 

*total* 

*expenses*

The

Trustees

reviewed

the

management

fee

schedules

in

effect

for

all

funds,

including

fee

levels

and

any

breakpoints.

Under

its

management

contract,

your

fund

has

the

benefit

of

breakpoints

in

its

management

fee

schedule

that

provide

shareholders

with

reduced

fee

levels

as

assets

under

management

of

other

mutual

funds

sponsored

by

the

applicable

Advisor

(or

that

have

been

deemed

to

be

sponsored

by

the

Advisor

for

the

purpose

of

the

management

fee

calculation)

increase.

The

Trustees

also

reviewed

the

total

expenses

of

each

fund,

recognizing

that

in

most

cases

management

fees

represented

the

major,

but

not

the

sole,

determinant

of

total

costs

to

fund

shareholders.

(Two

mutual

funds

and

each

of

the

exchange-traded

funds

have

implemented

(or,

in

the

case

of

ten

municipal

income

funds

that

are

converting

into

exchange-traded

funds,

will

implement)

so-

called

"all-in"

or

unitary

management

fees

covering

substantially

all

routine

fund

operating

costs.)

In

reviewing

fees

and

expenses,

the

Trustees

generally

focus

their

attention

on

material

changes

in

circumstances

—

for

example,

changes

in

assets

under

management,

changes

in

a

fund's

investment

strategy,

changes

in

the

Advisor's

operating

costs

or

profitability,

or

changes

in

competitive

practices

in

the

fund

industry

—

that

suggest

that

consideration

of

fee

changes

might

be

warranted.

The

Trustees

concluded

that

the

circumstances

did

not

indicate

that

changes

to

the

management

fee

schedule

for

your

fund

would

be

appropriate

at

this

time.

As

in

the

past,

the

Trustees

also

focused

on

the

competitiveness

of

each

fund's

total

expense

ratio.

The

Trustees,

the

Advisor

and

the

funds'

investor

servicing

agent,

Putnam

Investor

Services,

Inc.

("PSERV"),

have

implemented

expense

limitations

that

were

in

effect

during

your

fund's

fiscal

year

ending

in

2024. These

expense

limitations

were:

(i) a

contractual

expense

limitation

applicable

to

specified

mutual

funds

(including

your

fund)

of

basis

points

on

investor

servicing

fees

and

expenses

and

(ii) a

contractual

expense

limitation

applicable

to

specified

mutual

funds

of

basis

points

and,

in

the

case

of

your

fund,

basis

points,

on

so-called

"other

expenses"

(i.e.,

all

expenses

exclusive

of

management

fees,

distribution

fees,

investor

servicing

fees,

investment-related

expenses,

interest,

taxes,

brokerage

commissions,

acquired

fund

fees

and

expenses

and

extraordinary

expenses).

These

expense

limitations

attempt

to

maintain

competitive

expense

levels

for

the

funds.

Most

funds

had

sufficiently

low

expenses

that

these

expense

limitations

were

not

operative

during

their

fiscal

years

ending

in

2024. However,

in

the

case

of

your

fund,

the

second

expense

limitation

applied

during

its

fiscal

year

ending

in

2024. The

Advisor

and

PSERV

have

agreed

to

maintain

these

expense

limitations

until

at

least

September

30,

2026. The

Advisor

and

PSERV's

commitment

to

these

expense

limitation

arrangements,

which

were

intended

to

support

an

effort

to

have

the

mutual

fund

expenses

meet

competitive

standards,

was

an

important

factor

in

the

Trustees'

decision

to

approve

the

continuance

of

your

fund's

Management

Contracts.

The

Trustees

reviewed

comparative

fee

and

expense

information

for

a

custom

group

of

competitive

funds

selected

by

Broadridge

Financial

Solutions,

Inc.

("Broadridge").

This

comparative

information

included

your

fund's

percentile

ranking

for

effective

management

fees

and

total

expenses

(excluding

any

applicable

12b-1

fees),

which

provides

a

general

indication

of

your

fund's

relative

standing.

In

the

custom

peer

group,

your

fund

ranked

in

the

first

quintile

in

effective

management

fees

(determined

for

your

fund

and

the

other

funds

in

the

custom

peer

group

assuming

the

same

fund

asset

size

for

your

fund

and

the

other

funds

in

the

custom

peer

group

and

the

applicable

contractual

management

fee

schedule)

and

also

in

the

first

quintile

in

total

expenses

(excluding

any

applicable

12b-1

fees)

as

of

December

31,

2024. The

first

quintile

represents

the

least

expensive

funds

and

the

fifth

quintile

the

most

expensive

funds.

The

fee

and

expense

data

reported

by

Broadridge

as

of

December

31,

2024

reflected

the

most

recent

fiscal

year-end

data

available

in

Broadridge's

database

at

that

time.

In

connection

with

their

review

of

fund

management

fees

and

total

expenses,

the

Trustees

also

reviewed

the

costs

of

the

services

provided

and

the

profits

realized

by

the

Advisor

and

its

affiliates

from

their

contractual

relationships

with

the

funds.

This

information

included

trends

in

revenues,

expenses

and

profitability

of

the

Advisor

and

its

affiliates

relating

to

the

investment

management,

investor

servicing

and

distribution

services

provided

to

the

funds,

as

applicable.

In

this

regard,

the

Trustees

reviewed

an

analysis

of

the

revenues,

expenses

and

profitability

of

the

Advisor

and

its

affiliates,

allocated

on

a

fund-by-fund

basis,

with

respect

to

(as

applicable)

the

funds'

management,

distribution

and

investor

servicing

contracts.

For

each

fund,

the

analysis

presented

information

about

revenues,

expenses

and

profitability

in

2024

for

each

of

the

applicable

Putnam

Funds

Trust

franklintempleton.com

Semiannual

Report

agreements

separately

and

for

the

agreements

taken

together

on

a

combined

basis.

The

Trustees

concluded

that,

at

current

asset

levels,

the

fee

schedules

in

place

for

each

of

the

funds,

including

the

fee

schedule

for

your

fund,

represented

reasonable

compensation

for

the

services

being

provided

and

represented

an

appropriate

sharing

between

fund

shareholders

and

the

Advisor

of

any

economies

of

scale

as

may

exist

in

the

management

of

the

funds

at

that

time.

The

information

examined

by

the

Trustees

in

connection

with

their

annual

contract

review

for

the

funds

included

information

regarding

services

provided

and

fees

charged

by

the

Advisor

and

certain

affiliates

to

other

clients

in

similar

asset

categories,

including

other

1940

Act

funds

advised

by

the

Advisor

but

overseen

by

a

board

of

trustees

other

than

the

Board,

sub-advised

U.S.

mutual

funds,

exchange-traded

funds,

other

U.S.

products

(such

as

collective

investment

trusts,

private

funds,

and

separately

managed

and

institutional

accounts),

non-U.S.

funds,

and

other

non-U.S.

products.

This

information

included,

for

products

that

are

managed

by

the

same

portfolio

team

in

a

similar

asset

category

to

those

of

the

funds,

comparisons

of

the

fees

charged

to

other

clients,

by

category,

with

fees

charged

to

the

funds,

as

well

as

a

detailed

assessment

of

the

differences

in

the

services

provided

to

these

clients

as

compared

to

the

services

provided

to

the

funds.

The

Trustees

observed

that

the

differences

in

fee

rates

between

these

clients

and

the

funds

are

by

no

means

uniform

when

examined

by

individual

asset

classes,

suggesting

that

differences

in

the

pricing

of

investment

management

services

to

these

types

of

clients

may

reflect,

among

other

things,

historical

competitive

forces

operating

in

separate

marketplaces,

the

characteristics

of

different

clients,

the

particulars

of

different

fee

structures,

factors

unique

to

specific

market

segments,

and

the

distinct

risks

and

costs

associated

with

providing

services

to

different

clients.

The

Trustees

considered

the

fact

that

in

many

cases

fee

rates

across

different

asset

classes

are

higher

on

average

for

1940

Act-registered

funds

than

for

other

clients,

and

the

Trustees

also

considered

the

differences

between

the

services

that

the

Advisor

provides

to

the

funds

and

those

that

it

provides

to

its

other

clients.

The

Trustees

did

not

rely

on

these

fee

comparisons

to

any

significant

extent

in

concluding

that

the

management

fees

paid

by

your

fund

are

reasonable.

*Investment* 

*performance*

The

quality

of

the

investment

process

provided

by

the

Advisor

represented

a

major

factor

in

the

Trustees'

evaluation

of

the

quality

of

services

provided

by

the

Advisor

under

your

fund's

Management

Contracts.

The

Trustees

were

assisted

in

their

review

of

the

Advisor's

investment

process

and

performance

by

the

work

of

the

investment

oversight

committees

of

the

Trustees

and

the

full

Board,

which

meet

on

a

regular

basis

with

individual

portfolio

managers

and

with

senior

investment

management

of

the

Advisor

throughout

the

year.

The

Trustees

concluded

that

the

Advisor

generally

provides

a

high-quality

investment

process

—

based

on

the

experience

and

skills

of

the

individuals

assigned

to

the

management

of

fund

portfolios,

the

resources

made

available

to

them

and

in

general

the

Advisor's

ability

to

attract

and

retain

high-quality

personnel

—

but

also

recognized

that

this

does

not

guarantee

favorable

investment

results

for

every

fund

in

every

time

period.

The

Trustees

considered

that,

in

the

aggregate,

peer-relative

and

benchmark-relative

fund

performance

was

strong

in

2024

against

a

constructive

yet

complex

investing

environment.

The

S&P

500

was

up

25%

in

2024,

but

significant

concentration

of

returns

among

large

cap

and

technology

stocks

and

periods

of

volatility

posed

challenges

in

the

market.

The

Bloomberg

Aggregate

fixed

income

index

was

up

slightly

over

1%

amidst

many

moving

pieces,

with

the

Federal

Reserve

cutting

the

Effective

Federal

Funds

rate

from

5.25%

at

year-end

2023

to

4.25%

at

year-end

2024,

with

three

cuts

in

the

latter

part

of

the

year,

while

also

trying

to

manage

inflation

concerns.

Ten-year

Treasury

yields

ended

2024

at

4.6%

up

from

3.9%

at

year-end

2023. Corporate

earnings

and

employment

figures

continued

to

generally

show

strength

during

the

year,

while

geopolitical

tensions

were

closely

watched.

For

the

one-year

period

ended

December

31,

2024,

the

Trustees

noted

that

the

funds,

on

an

asset-weighted

basis,

ranked

in

the

27th

percentile

of

their

peers

as

determined

by

Lipper

Inc.

("Lipper")

and,

on

an

asset-weighted

basis,

outperformed

their

benchmarks

by

3.0%

gross

of

fees

over

the

one-year

period.

The

Committee

also

noted

that

the

funds'

aggregate

performance

over

longer-term

periods

continued

to

be

strong,

with

the

funds,

on

an

asset-weighted

basis,

ranking

in

the

20th,

22nd

and

20th

percentiles

of

their

Lipper

peers

over

the

three-year,

five-year

and

ten-year

periods

ended

December

31,

2024,

respectively.

The

Trustees

further

noted

that

the

funds,

in

the

aggregate,

outperformed

their

benchmarks

on

a

gross

basis

for

Putnam

Funds

Trust

franklintempleton.com

Semiannual

Report

each

of

the

three-year,

five-year

and

ten-year

periods.

The

Trustees

also

considered

the

Morningstar

Inc.

ratings

assigned

to

the

funds

and

that

funds

were

rated

four

or

five

stars

at

the

end

of

2024,

which

represented

an

increase

of

seven

funds

year-over-year.

The

Trustees

also

considered

that

funds

were

five-star

rated

at

the

end

of

2024,

which

was

also

a

year-

over-year

increase

of

seven

funds.

The

Board

noted,

however,

the

disappointing

investment

performance

of

some

funds

for

periods

ended

December

31,

2024

and

considered

information

provided

by

the

Advisor

regarding

the

factors

contributing

to

the

underperformance

and,

where

relevant,

actions

being

taken

to

improve

the

performance

of

these

particular

funds.

The

Trustees

indicated

their

intention

to

continue

to

monitor

the

performance

of

those

funds.

For

purposes

of

the

Trustees'

evaluation

of

the

funds'

investment

performance,

the

Trustees

generally

focus

on

a

competitive

industry

ranking

of

each

fund's

total

net

return

over

a

one-year,

three-year

and

five-year

period.

For

a

number

of

funds

with

relatively

unique

investment

mandates

for

which

the

Advisor

informed

the

Trustees

that

meaningful

competitive

performance

rankings

are

not

considered

to

be

available,

the

Trustees

evaluated

performance

based

on

their

total

gross

and

net

returns

and

comparisons

of

those

returns

to

the

returns

of

selected

investment

benchmarks.

In

the

case

of

your

fund,

the

Trustees

considered

information

about

your

fund's

total

return

and

its

performance

relative

to

its

benchmark

over

the

one-year,

three-year

and

five-year

periods

ended

December

31,

2024. Your

fund's

class

A

shares'

return,

net

of

fees

and

expenses,

was

positive

and

exceeded

the

return

of

its

benchmark

over

the

one-year,

three-year

and

five-year

periods

ended

December

31,

2024. (When

considering

performance

information,

shareholders

should

be

mindful

that

past

performance

is

not

a

guarantee

of

future

results.)

The

Trustees

noted

that

the

Advisor

had

made

internal

promotions

and

other

portfolio

management

assignment

changes

in

2024

to

strengthen

its

investment

teams

providing

services

to

the

funds.

*Brokerage* 

*and* 

*soft-dollar* 

*allocations;* 

*distribution* 

*and* 

*investor* 

*servicing*

The

Trustees

considered

various

potential

benefits

that

the

Advisor

may

receive

in

connection

with

the

services

it

provides

under

the

management

contract

with

your

fund.

These

include

benefits

related

to

brokerage

allocation

and

the

use

of

soft

dollars,

whereby

a

portion

of

the

commissions

paid

by

a

fund

for

brokerage

may

be

used

to

acquire

research

services

that

are

expected

to

be

useful

to

the

Advisor

in

managing

the

assets

of

the

fund

and

of

other

clients.

Subject

to

policies

approved

by

the

Trustees,

soft

dollars

generated

by

these

means

may

be

used

to

acquire

brokerage

and

research

services

(including

proprietary

executing

broker

research,

third-party

research

and

market

data)

that

enhance

the

Advisor's

investment

capabilities

and

supplement

the

Advisor's

internal

research

efforts.

The

Trustees

indicated

their

continued

intent

to

monitor

regulatory

and

industry

developments

in

this

area

with

the

assistance

of

their

Contract

Committee.

In

addition,

with

the

assistance

of

their

Contract

Committee,

the

Trustees

indicated

their

continued

intent

to

monitor

the

allocation

of

the

funds'

brokerage

in

order

to

ensure

that

the

principle

of

seeking

best

price

and

execution

remains

paramount

in

the

portfolio

trading

process.

The

Advisor

may

also

receive

benefits

from

payments

that

funds

make

to

the

Advisor

for

distribution

services

and

investor

services.

In

conjunction

with

the

review

of

your

fund's

management

and

sub-advisory

contracts,

the

Trustees

reviewed

your

fund's

investor

servicing

agreement

with

PSERV

and

its

distributor's

contract

and

distribution

plans

with

Franklin

Distributors,

LLC

("Franklin

Distributors"),

both

of

which

are

affiliates

of

the

Advisor.

The

Trustees

concluded

that

the

fees

payable

by

the

mutual

funds

to

PSERV

and

Franklin

Distributors

for

such

services

were

fair

and

reasonable

in

relation

to

the

nature

and

quality

of

such

services,

the

fees

paid

by

competitive

funds

and

the

costs

incurred

by

PSERV

and

Franklin

Distributors

in

providing

such

services.

Furthermore,

the

Trustees

were

of

the

view

that

the

investor

services

provided

by

PSERV

were

required

for

the

operation

of

the

mutual

funds,

and

that

they

were

of

a

quality

at

least

equal

to

those

provided

by

other

providers.

39117-SFSOI

01/26©

2026

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 EQUITY 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;(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;(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;(a) Not applicable.

&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;(a) (1) Not applicable.

Exhibit 99.CODE ETH

&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.](pdaef-efp21832_ex99cert.htm)

Exhibit 99.CERT

&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.](pdaef-efp21832_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: | January 27, 2026 |

---

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: | January 27, 2026 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | January 27, 2026 |

---

## 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: | January 27, 2025 |
| /s/ Jonathan S. Horwitz | /s/ Jonathan S. Horwitz |
| Jonathan S. Horwitz | Jonathan S. Horwitz |
| Principal Executive Officer | 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;

&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: | January 27, 2025 |
| /s/ Jeffrey White | /s/ Jeffrey White |
| Jeffrey White | Jeffrey White |
| Principal Financial Officer | 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 **November 30, 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: January 27, 2026 | Date: January 27, 2026 |

---

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.