UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-07513
(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: August 31
Date of reporting period:
| ITEM 1. | REPORT TO STOCKHOLDERS. |
(a) The Report to Shareholders is filed herewith
 |
 |
|
| |
|
|
Semi-Annual
Shareholder Report | |
 | |
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†
|
|
Class
A |
$
|
|
| † | Annualized. |
KEY
FUND STATISTICS (as
of February 28, 2026)
|
Total
Net Assets |
$
|
|
Total
Number of Portfolio Holdings (excludes derivatives, except purchased options, if any) |
|
|
Portfolio
Turnover Rate |
|
WHAT
DID THE FUND INVEST IN? (as
of February 28, 2026)
Portfolio Composition* (%
of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 |
WHERE
CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
|
Additional
information is available on | |
|
•
prospectus • proxy voting information • financial information • holdings • tax information |
| Putnam Focused Equity Fund | PAGE 1 | 39115-STSA-0426 |
|
|
|
|
| |
|
|
Semi-Annual
Shareholder Report | |
|
| |
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†
|
|
Class
C |
$
|
|
| † | Annualized. |
KEY
FUND STATISTICS (as
of February 28, 2026)
|
Total
Net Assets |
$
|
|
Total
Number of Portfolio Holdings (excludes derivatives, except purchased options, if any) |
|
|
Portfolio
Turnover Rate |
|
WHAT
DID THE FUND INVEST IN? (as
of February 28, 2026)
Portfolio Composition* (%
of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
|
WHERE
CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
|
Additional
information is available on | |
|
•
prospectus • proxy voting information • financial information • holdings • tax information |
| Putnam Focused Equity Fund | PAGE 1 | 39115-STSC-0426 |
|
|
|
|
| |
|
|
Semi-Annual
Shareholder Report | |
|
| |
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†
|
|
Class
R |
$
|
|
| † | Annualized. |
KEY
FUND STATISTICS (as
of February 28, 2026)
|
Total
Net Assets |
$
|
|
Total
Number of Portfolio Holdings (excludes derivatives, except purchased options, if any) |
|
|
Portfolio
Turnover Rate |
|
WHAT
DID THE FUND INVEST IN? (as
of February 28, 2026)
Portfolio Composition* (%
of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
|
WHERE
CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
|
Additional
information is available on | |
|
•
prospectus • proxy voting information • financial information • holdings • tax information |
| Putnam Focused Equity Fund | PAGE 1 | 39115-STSR-0426 |
|
|
|
|
| |
|
|
Semi-Annual
Shareholder Report | |
|
| |
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†
|
|
Class
R6 |
$
|
|
| † | Annualized. |
KEY
FUND STATISTICS (as
of February 28, 2026)
|
Total
Net Assets |
$
|
|
Total
Number of Portfolio Holdings (excludes derivatives, except purchased options, if any) |
|
|
Portfolio
Turnover Rate |
|
WHAT
DID THE FUND INVEST IN? (as
of February 28, 2026)
Portfolio Composition* (%
of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
|
WHERE
CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
|
Additional
information is available on | |
|
•
prospectus • proxy voting information • financial information • holdings • tax information |
| Putnam Focused Equity Fund | PAGE 1 | 39115-STSR6-0426 |
|
|
|
|
| |
|
|
Semi-Annual
Shareholder Report | |
|
| |
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†
|
|
Class
Y |
$
|
|
| † | Annualized. |
KEY
FUND STATISTICS (as
of February 28, 2026)
|
Total
Net Assets |
$
|
|
Total
Number of Portfolio Holdings (excludes derivatives, except purchased options, if any) |
|
|
Portfolio
Turnover Rate |
|
WHAT
DID THE FUND INVEST IN? (as
of February 28, 2026)
Portfolio Composition* (%
of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
|
WHERE
CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
|
Additional
information is available on | |
|
•
prospectus • proxy voting information • financial information • holdings • tax information |
| Putnam Focused Equity Fund | PAGE 1 | 39115-STSY-0426 |
(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. |
| (a) | Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR. |
| (b) | Not applicable. |
| ITEM 7. | FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Putnam
Focused
Equity
Fund
Financial
Statements
and
Other
Important
Information
Semi-Annual
|
February
28,
2026
If
you
need
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this
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.
Table
of
Contents
franklintempleton.com
Financial
Statements
and
Other
Important
Information—Semiannual
1
Financial
Highlights
and
Schedule
of
Investments
2
Financial
Statements
11
Notes
to
Financial
Statements
15
Changes
In
and
Disagreements
with
Accountants
27
Results
of
Meeting(s)
of
Shareholders
27
Remuneration
Paid
to
Directors,
Officers
and
Others
27
Board
Approval
of
Management
and
Subadvisory
Agreements
27
Putnam
Funds
Trust
Financial
Highlights
Putnam
Focused
Equity
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
Six
Months
Ended
February
28,
2026
(unaudited)
Year
Ended
August
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
.....
$37.53
$35.28
$27.83
$25.93
$30.72
$24.12
Income
from
investment
operations
a
:
Net
investment
income
b
.............
—
c
0.07
0.07
0.13
0.17
0.11
Net
realized
and
unrealized
gains
(losses)
2.56
5.78
7.64
3.36
(2.52)
6.49
Total
from
investment
operations
........
2.56
5.85
7.71
3.49
(2.35)
6.60
Less
distributions
from:
Net
investment
income
..............
(0.08)
(0.04)
(0.15)
(0.54)
(0.01)
—
Net
realized
gains
.................
(2.86)
(3.56)
(0.11)
(1.05)
(2.43)
—
Total
distributions
...................
(2.94)
(3.60)
(0.26)
(1.59)
(2.44)
—
Net
asset
value,
end
of
period
..........
$37.15
$37.53
$35.28
$27.83
$25.93
$30.72
Total
return
d
.......................
6.73%
17.27%
27.94%
14.45%
(8.42)%
27.36%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.04%
1.08%
1.11%
1.15%
1.14%
f
1.16%
g
Expenses
net
of
waiver
and
payments
by
affiliates
h
..........................
1.04%
1.08%
1.11%
1.15%
1.14%
f
1.15%
g
Net
investment
income
...............
—%
i
0.21%
0.23%
0.52%
0.60%
0.41%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$550,021
$544,201
$512,150
$442,601
$411,469
$456,675
Portfolio
turnover
rate
................
19%
31%
30%
20%
19%
77%
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
Amount
rounds
to
less
than
$0.01
per
share.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Includes
one-time
proxy
cost
of
0.01%.
g
Includes
one-time
merger
costs
which
amounted
to
less
than
0.01%
as
a
percentage
of
average
net
assets.
h
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
i
Rounds
to
less
than
0.01%.
Putnam
Funds
Trust
Financial
Highlights
Putnam
Focused
Equity
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
3
a
Six
Months
Ended
February
28,
2026
(unaudited)
Year
Ended
August
31,
2025
2024
2023
2022
2021
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$33.01
$31.62
$25.15
$23.48
$28.24
$22.34
Income
from
investment
operations
a
:
Net
investment
(loss)
b
..............
(0.13)
(0.17)
(0.15)
(0.06)
(0.06)
(0.10)
Net
realized
and
unrealized
gains
(losses)
2.27
5.12
6.88
3.04
(2.26)
6.00
Total
from
investment
operations
........
2.14
4.95
6.73
2.98
(2.32)
5.90
Less
distributions
from:
Net
investment
income
..............
—
—
(0.15)
(0.26)
(0.01)
—
Net
realized
gains
.................
(2.86)
(3.56)
(0.11)
(1.05)
(2.43)
—
Total
distributions
...................
(2.86)
(3.56)
(0.26)
(1.31)
(2.44)
—
Net
asset
value,
end
of
period
..........
$32.29
$33.01
$31.62
$25.15
$23.48
$28.24
Total
return
c
.......................
6.36%
16.36%
27.01%
13.57%
(9.09)%
26.41%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.79%
1.83%
1.86%
1.90%
1.89%
e
1.91%
f
Expenses
net
of
waiver
and
payments
by
affiliates
g
..........................
1.79%
1.83%
1.86%
1.90%
1.89%
e
1.90%
f
Net
investment
(loss)
................
(0.75)%
(0.54)%
(0.54)%
(0.27)%
(0.22)%
(0.39)%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$16,107
$17,932
$25,507
$29,605
$51,468
$110,048
Portfolio
turnover
rate
................
19%
31%
30%
20%
19%
77%
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
Includes
one-time
proxy
cost
of
0.01%.
f
Includes
one-time
merger
costs
which
amounted
to
less
than
0.01%
as
a
percentage
of
average
net
assets.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Putnam
Funds
Trust
Financial
Highlights
Putnam
Focused
Equity
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
a
Six
Months
Ended
February
28,
2026
(unaudited)
Year
Ended
August
31,
2025
2024
2023
2022
2021
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$36.40
$34.36
$27.18
$25.37
$30.17
$23.75
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
........
(0.05)
(0.01)
(0.01)
0.06
0.10
0.04
Net
realized
and
unrealized
gains
(losses)
2.49
5.61
7.45
3.28
(2.46)
6.38
Total
from
investment
operations
........
2.44
5.60
7.44
3.34
(2.36)
6.42
Less
distributions
from:
Net
investment
income
..............
(0.01)
—
(0.15)
(0.48)
(0.01)
—
Net
realized
gains
.................
(2.86)
(3.56)
(0.11)
(1.05)
(2.43)
—
Total
distributions
...................
(2.87)
(3.56)
(0.26)
(1.53)
(2.44)
—
Net
asset
value,
end
of
period
..........
$35.97
$36.40
$34.36
$27.18
$25.37
$30.17
Total
return
c
.......................
6.59%
16.99%
27.61%
14.13%
(8.62)%
27.03%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.29%
1.33%
1.36%
1.40%
1.39%
e
1.41%
f
Expenses
net
of
waiver
and
payments
by
affiliates
g
..........................
1.29%
1.33%
1.36%
1.40%
1.39%
e
1.40%
f
Net
investment
income
(loss)
..........
(0.25)%
(0.03)%
(0.04)%
0.26%
0.35%
0.14%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$7,872
$7,375
$6,925
$7,391
$7,174
$8,030
Portfolio
turnover
rate
................
19%
31%
30%
20%
19%
77%
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
Includes
one-time
proxy
cost
of
0.01%.
f
Includes
one-time
merger
costs
which
amounted
to
less
than
0.01%
as
a
percentage
of
average
net
assets.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Putnam
Funds
Trust
Financial
Highlights
Putnam
Focused
Equity
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
5
a
Six
Months
Ended
February
28,
2026
(unaudited)
Year
Ended
August
31,
2025
2024
2023
2022
2021
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$39.11
$36.62
$28.76
$26.76
$31.50
$24.64
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.07
0.21
0.18
0.24
0.29
0.22
Net
realized
and
unrealized
gains
(losses)
2.68
6.00
7.94
3.46
(2.59)
6.64
Total
from
investment
operations
........
2.75
6.21
8.12
3.70
(2.30)
6.86
Less
distributions
from:
Net
investment
income
..............
(0.22)
(0.16)
(0.15)
(0.65)
(0.01)
—
Net
realized
gains
.................
(2.86)
(3.56)
(0.11)
(1.05)
(2.43)
—
Total
distributions
...................
(3.08)
(3.72)
(0.26)
(1.70)
(2.44)
—
Net
asset
value,
end
of
period
..........
$38.78
$39.11
$36.62
$28.76
$26.76
$31.50
Total
return
c
.......................
6.92%
17.70%
28.46%
14.87%
(8.03)%
27.84%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.70%
0.71%
0.73%
0.74%
0.74%
e
0.76%
f
Expenses
net
of
waiver
and
payments
by
affiliates
g
..........................
0.70%
0.71%
0.73%
0.74%
0.74%
e
0.75%
f
Net
investment
income
...............
0.35%
0.59%
0.57%
0.92%
1.00%
0.80%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$4,146
$3,622
$14,198
$20,877
$17,415
$20,768
Portfolio
turnover
rate
................
19%
31%
30%
20%
19%
77%
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
Includes
one-time
proxy
cost
of
0.01%.
f
Includes
one-time
merger
costs
which
amounted
to
less
than
0.01%
as
a
percentage
of
average
net
assets.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Putnam
Funds
Trust
Financial
Highlights
Putnam
Focused
Equity
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
Six
Months
Ended
February
28,
2026
(unaudited)
Year
Ended
August
31,
2025
2024
2023
2022
2021
Class
Y
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$38.69
$36.27
$28.53
$26.55
$31.32
$24.53
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.05
0.17
0.15
0.20
0.24
0.17
Net
realized
and
unrealized
gains
(losses)
2.65
5.93
7.85
3.44
(2.57)
6.62
Total
from
investment
operations
........
2.70
6.10
8.00
3.64
(2.33)
6.79
Less
distributions
from:
Net
investment
income
..............
(0.18)
(0.12)
(0.15)
(0.61)
(0.01)
—
Net
realized
gains
.................
(2.86)
(3.56)
(0.11)
(1.05)
(2.43)
—
Total
distributions
...................
(3.04)
(3.68)
(0.26)
(1.66)
(2.44)
—
Net
asset
value,
end
of
period
..........
$38.35
$38.69
$36.27
$28.53
$26.55
$31.32
Total
return
c
.......................
6.88%
17.54%
28.27%
14.73%
(8.18)%
27.68%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.79%
0.83%
0.86%
0.90%
0.89%
e
0.91%
f
Expenses
net
of
waiver
and
payments
by
affiliates
g
..........................
0.79%
0.83%
0.86%
0.90%
0.89%
e
0.90%
f
Net
investment
income
...............
0.26%
0.46%
0.48%
0.76%
0.85%
0.64%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$137,813
$125,339
$119,263
$107,108
$113,376
$134,722
Portfolio
turnover
rate
................
19%
31%
30%
20%
19%
77%
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
Includes
one-time
proxy
cost
of
0.01%.
f
Includes
one-time
merger
costs
which
amounted
to
less
than
0.01%
as
a
percentage
of
average
net
assets.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited),
February
28,
2026
Putnam
Focused
Equity
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
99.1%
Aerospace
&
Defense
1.2%
Northrop
Grumman
Corp.
.............................
United
States
12,240
$
8,866,411
Automobiles
2.5%
a
Tesla,
Inc.
.........................................
United
States
43,936
17,684,679
Banks
2.3%
Citigroup,
Inc.
......................................
United
States
149,067
16,425,693
Beverages
2.8%
Coca-Cola
Co.
(The)
.................................
United
States
248,421
20,261,217
Biotechnology
1.8%
AbbVie,
Inc.
.......................................
United
States
54,400
12,625,152
Broadline
Retail
4.8%
a
Amazon.com,
Inc.
...................................
United
States
163,459
34,326,390
Building
Products
1.5%
Trane
Technologies
plc
...............................
United
States
23,740
10,975,477
Capital
Markets
3.0%
Charles
Schwab
Corp.
(The)
...........................
United
States
227,142
21,623,918
Chemicals
2.0%
Corteva,
Inc.
.......................................
United
States
177,800
14,245,336
Communications
Equipment
1.7%
Cisco
Systems,
Inc.
.................................
United
States
152,335
12,104,539
Consumer
Finance
2.3%
Capital
One
Financial
Corp.
...........................
United
States
83,267
16,290,356
Consumer
Staples
Distribution
&
Retail
2.8%
Walmart,
Inc.
......................................
United
States
157,145
20,106,703
Electric
Utilities
2.3%
NextEra
Energy,
Inc.
.................................
United
States
103,000
9,658,310
NRG
Energy,
Inc.
...................................
United
States
41,600
7,444,736
17,103,046
Entertainment
1.4%
a
Netflix,
Inc.
........................................
United
States
108,120
10,405,469
Financial
Services
3.9%
Apollo
Global
Management,
Inc.
........................
United
States
154,959
16,208,711
Visa,
Inc.,
A
........................................
United
States
35,094
11,234,993
27,443,704
Ground
Transportation
0.9%
Union
Pacific
Corp.
..................................
United
States
25,500
6,756,990
Health
Care
Equipment
&
Supplies
1.5%
a
Boston
Scientific
Corp.
...............................
United
States
142,400
10,943,440
Health
Care
Providers
&
Services
1.1%
UnitedHealth
Group,
Inc.
..............................
United
States
27,000
7,918,290
Hotels,
Restaurants
&
Leisure
1.5%
Hilton
Worldwide
Holdings,
Inc.
.........................
United
States
13,338
4,158,522
a
Viking
Holdings
Ltd.
.................................
United
States
82,500
6,436,650
10,595,172
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Focused
Equity
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Industrial
Conglomerates
2.6%
Honeywell
International,
Inc.
...........................
United
States
76,100
$
18,537,199
Insurance
1.7%
American
International
Group,
Inc.
......................
United
States
151,936
12,229,329
Interactive
Media
&
Services
9.6%
Alphabet,
Inc.,
A
....................................
United
States
135,476
42,235,998
Meta
Platforms,
Inc.,
A
...............................
United
States
40,733
26,402,316
68,638,314
Life
Sciences
Tools
&
Services
1.8%
Thermo
Fisher
Scientific,
Inc.
..........................
United
States
24,140
12,579,595
Machinery
1.2%
Ingersoll
Rand,
Inc.
..................................
United
States
92,600
8,717,364
Office
REITs
0.6%
Vornado
Realty
Trust
.................................
United
States
150,807
4,159,257
Oil,
Gas
&
Consumable
Fuels
3.3%
Cenovus
Energy,
Inc.
................................
Canada
305,100
6,806,781
Exxon
Mobil
Corp.
...................................
United
States
112,700
17,186,750
23,993,531
Pharmaceuticals
3.2%
Eli
Lilly
&
Co.
......................................
United
States
21,820
22,954,422
Semiconductors
&
Semiconductor
Equipment
17.4%
a
Advanced
Micro
Devices,
Inc.
..........................
United
States
19,300
3,864,053
Analog
Devices,
Inc.
.................................
United
States
49,380
17,568,910
Broadcom,
Inc.
.....................................
United
States
97,986
31,311,426
Lam
Research
Corp.
.................................
United
States
61,000
14,267,290
NVIDIA
Corp.
......................................
United
States
322,687
57,176,910
124,188,589
Software
7.0%
Microsoft
Corp.
.....................................
United
States
127,280
49,987,947
Specialty
Retail
1.7%
Home
Depot,
Inc.
(The)
...............................
United
States
31,277
11,907,779
Technology
Hardware,
Storage
&
Peripherals
6.4%
Apple,
Inc.
........................................
United
States
172,898
45,676,194
Trading
Companies
&
Distributors
1.3%
United
Rentals,
Inc.
..................................
United
States
11,380
9,559,200
Total
Common
Stocks
(Cost
$463,458,495)
...................................
709,830,702
Short
Term
Investments
1.3%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.1%
b,c
U.S.
Treasury
Bills
,
3.49%,
4/23/26
...................................
United
States
200,000
198,959
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Focused
Equity
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
Short
Term
Investments
(continued)
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
(continued)
b,c
U.S.
Treasury
Bills,
(continued)
3.53%,
7/16/26
...................................
United
States
300,000
$
295,991
494,950
Total
U.S.
Government
and
Agency
Securities
(Cost
$494,905)
..................
494,950
Shares
Management
Investment
Companies
1.2%
d,e
Putnam
Short
Term
Investment
Fund,
Class
P,
3.852%
.......
United
States
8,749,504
8,749,504
Total
Management
Investment
Companies
(Cost
$8,749,504)
...................
8,749,504
Total
Short
Term
Investments
(Cost
$9,244,409
)
...............................
9,244,454
a
Total
Investments
(Cost
$472,702,904)
100.4%
................................
$719,075,156
Other
Assets,
less
Liabilities
(0.4)%
.........................................
(3,116,610)
Net
Assets
100.0%
.........................................................
$715,958,546
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
The
rate
shown
represents
the
yield
at
period
end.
c
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
certain
derivative
contracts.
At
February
28,
2026,
the
aggregate
value
of
these
securities
pledged
amounted
to
$323,845,
representing
less
than
0.1%
of
net
assets.
d
See
Note
3
(
g
)
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Focused
Equity
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
At
February
28,
2026,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Note
1(c).
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
British
Pound
......
CITI
Buy
2,306,800
3,098,382
3/17/26
$
10,463
$
—
British
Pound
......
GSCO
Sell
2,323,600
3,120,967
3/17/26
—
(10,520)
British
Pound
......
MSCO
Sell
704,500
940,558
3/17/26
—
(8,887)
British
Pound
......
SSBT
Sell
3,912,800
5,223,885
3/17/26
—
(49,345)
British
Pound
......
TDOM
Buy
5,367,500
7,166,149
3/17/26
67,562
—
British
Pound
......
WPAC
Sell
733,000
978,637
3/17/26
—
(9,218)
Euro
.............
BOFA
Buy
12,682,400
15,078,581
3/17/26
—
(81,832)
Euro
.............
CITI
Sell
7,948,800
9,387,844
3/17/26
—
(11,493)
Euro
.............
JPHQ
Sell
2,021,300
2,387,057
3/17/26
—
(3,100)
Euro
.............
MSCO
Buy
5,183,900
6,112,357
3/17/26
17,527
—
Euro
.............
SSBT
Sell
6,292,700
7,419,660
3/17/26
—
(21,365)
Euro
.............
WPAC
Sell
982,600
1,158,595
3/17/26
—
(3,315)
Canadian
Dollar
....
BOFA
Sell
859,600
621,341
4/15/26
—
(10,035)
Canadian
Dollar
....
CITI
Sell
471,600
340,879
4/15/26
—
(5,511)
Canadian
Dollar
....
GSCO
Sell
459,400
332,060
4/15/26
—
(5,369)
Canadian
Dollar
....
MSCO
Buy
4,790,300
3,466,336
4/15/26
52,138
—
Canadian
Dollar
....
SSBT
Buy
592,300
428,587
4/15/26
6,457
—
Canadian
Dollar
....
UBSW
Sell
8,133,000
5,884,966
4/15/26
—
(88,720)
Canadian
Dollar
....
WPAC
Sell
3,171,800
2,292,666
4/15/26
—
(37,021)
Hong
Kong
Dollar
...
BOFA
Sell
21,592,500
2,771,602
5/13/26
3,410
—
Hong
Kong
Dollar
...
CITI
Sell
52,817,000
6,777,581
5/13/26
6,359
—
Hong
Kong
Dollar
...
GSCO
Buy
22,639,000
2,905,523
5/13/26
—
(3,167)
Hong
Kong
Dollar
...
HSBK
Buy
22,855,900
2,934,305
5/13/26
—
(4,143)
Hong
Kong
Dollar
...
JPHQ
Sell
13,820,600
1,773,617
5/13/26
1,794
—
Hong
Kong
Dollar
...
MSCO
Sell
16,141,300
2,071,452
5/13/26
2,112
—
Hong
Kong
Dollar
...
SSBT
Buy
84,402,800
10,825,528
5/13/26
—
(4,956)
Hong
Kong
Dollar
...
SSBT
Sell
19,292,400
2,476,105
5/13/26
2,789
—
Hong
Kong
Dollar
...
WPAC
Sell
12,290,200
1,577,357
5/13/26
1,734
—
Total
Forward
Exchange
Contracts
...................................................
$172,345
$(357,997)
Net
unrealized
appreciation
(depreciation)
............................................
$(185,652)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
See
Note
7
regarding
other
derivative
information.
See
A
bbreviations
on
page
26
.
Putnam
Funds
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
February
28,
2026
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
Putnam
Focused
Equity
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$463,953,400
Cost
-
Non-controlled
affiliates
(Note
3
g
)
........................................................
8,749,504
Value
-
Unaffiliated
issuers
..................................................................
$710,325,652
Value
-
Non-controlled
affiliates
(Note
3
g
)
.......................................................
8,749,504
Foreign
currency,
at
value
(cost
$
17,836
)
.........................................................
17,851
Receivables:
Capital
shares
sold
........................................................................
149,466
Dividends
...............................................................................
666,087
European
Union
tax
reclaims
(Note
1
e
)
.........................................................
163,417
Unrealized
appreciation
on
OTC
forward
exchange
contracts
..........................................
172,345
Prepaid
expenses
..........................................................................
354,208
Total
assets
..........................................................................
720,598,530
Liabilities:
Payables:
Capital
shares
redeemed
...................................................................
421,666
Management
fees
.........................................................................
333,916
Administrative
fees
........................................................................
12
Distribution
fees
..........................................................................
123,279
Transfer
agent
fees
........................................................................
250,001
Trustees'
fees
and
expenses
.................................................................
440,391
Deposits
from
brokers
for:
OTC
derivative
contracts
..................................................................
170,000
Funds
advanced
by
custodian
.................................................................
2,424,097
Unrealized
depreciation
on
OTC
forward
exchange
contracts
..........................................
357,997
Accrued
expenses
and
other
liabilities
...........................................................
118,625
Total
liabilities
.........................................................................
4,639,984
Net
assets,
at
value
.................................................................
$715,958,546
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$547,388,237
Total
distributable
earnings
(losses)
.............................................................
168,570,309
Net
assets,
at
value
.................................................................
$715,958,546
Putnam
Funds
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
February
28,
2026
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
Putnam
Focused
Equity
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$550,020,652
Shares
outstanding
........................................................................
14,805,689
Net
asset
value
per
share
a
,b
..................................................................
$37.15
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94
.25
%
)
b
................................
$39.42
Class
C:
Net
assets,
at
value
.......................................................................
$16,106,911
Shares
outstanding
........................................................................
498,825
Net
asset
value
and
maximum
offering
price
per
share
a
,b
............................................
$32.29
Class
R:
Net
assets,
at
value
.......................................................................
$7,871,875
Shares
outstanding
........................................................................
218,820
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$35.97
Class
R6:
Net
assets,
at
value
.......................................................................
$4,145,788
Shares
outstanding
........................................................................
106,906
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$38.78
Class
Y:
Net
assets,
at
value
.......................................................................
$137,813,320
Shares
outstanding
........................................................................
3,593,704
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$38.35
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
February
28,
2026
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
Putnam
Focused
Equity
Fund
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$13,794)
Unaffiliated
issuers
........................................................................
$3,607,841
Non-controlled
affiliates
(Note
3
g
)
.............................................................
134,674
Interest:
Unaffiliated
issuers
........................................................................
13,875
Income
from
securities
loaned:
Unaffiliated
entities
(net
of
fees
and
rebates)
.....................................................
(38,197)
Non-controlled
affiliates
(Note
3
g
)
.............................................................
40,663
Other
income
(Note
1
e
)
......................................................................
24,353
Total
investment
income
...................................................................
3,783,209
Expenses:
Management
fees
(Note
3
a
)
...................................................................
2,159,970
Administrative
fees
(Note
3
b
)
..................................................................
4,416
Distribution
fees:
(Note
3c
)
Class
A
................................................................................
698,546
Class
C
................................................................................
86,698
Class
R
................................................................................
19,448
Transfer
agent
fees:
(Note
3e
)
Class
A
................................................................................
399,637
Class
C
................................................................................
12,451
Class
R
................................................................................
5,557
Class
R6
...............................................................................
959
Class
Y
................................................................................
95,938
Custodian
fees
............................................................................
1,382
Reports
to
shareholders
fees
..................................................................
52,753
Registration
and
filing
fees
....................................................................
30,699
Professional
fees
...........................................................................
65,837
Trustees'
fees
and
expenses
(Note
3
f
)
...........................................................
13,325
Other
....................................................................................
31,808
Total
expenses
.........................................................................
3,679,424
Expense
reductions
(Note
4)
...............................................................
(16,342)
Net
expenses
.........................................................................
3,663,082
Net
investment
income
................................................................
120,127
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
45,736,575
Foreign
currency
transactions
................................................................
(118)
Forward
exchange
contracts
.................................................................
109,843
Net
realized
gain
(loss)
..................................................................
45,846,300
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
763,041
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
158
Forward
exchange
contracts
.................................................................
268,894
Net
change
in
unrealized
appreciation
(depreciation)
............................................
1,032,093
Net
realized
and
unrealized
gain
(loss)
............................................................
46,878,393
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$46,998,520
Putnam
Funds
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
Putnam
Focused
Equity
Fund
Six
Months
Ended
February
28,
2026
(unaudited)
Year
Ended
August
31,
2025
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$120,127
$1,566,970
Net
realized
gain
(loss)
.................................................
45,846,300
59,788,210
Net
change
in
unrealized
appreciation
(depreciation)
...........................
1,032,093
47,137,120
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
46,998,520
108,492,300
Distributions
to
shareholders:
Class
A
.............................................................
(41,295,590)
(50,874,898)
Class
C
.............................................................
(1,403,850)
(2,686,897)
Class
R
.............................................................
(586,342)
(680,180)
Class
R6
............................................................
(297,682)
(1,390,447)
Class
Y
.............................................................
(10,354,347)
(11,893,566)
Total
distributions
to
shareholders
..........................................
(53,937,811)
(67,525,988)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
10,612,384
38,398
Class
B
.............................................................
—
(1,393,471)
Class
C
.............................................................
(1,549,324)
(8,367,227)
Class
R
.............................................................
597,397
16,053
Class
R6
............................................................
583,378
(10,586,643)
Class
Y
.............................................................
14,186,249
(1,682,946)
Total
capital
share
transactions
............................................
24,430,084
(21,975,836)
Net
increase
(decrease)
in
net
assets
...................................
17,490,793
18,990,476
Net
assets:
Beginning
of
period
.....................................................
698,467,753
679,477,277
End
of
period
..........................................................
$715,958,546
$698,467,753
Putnam
Funds
Trust
15
franklintempleton.com
Semiannual
Report
Notes
to
Financial
Statements
(unaudited)
Putnam
Focused
Equity
Fund
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
Focused
Equity
Fund
(Fund)
is
included
in
this
report.
The
Fund
offers five
classes
of
shares:
Class
A,
Class
C,
Class
R,
Class
R6
and
Class
Y. Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
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.
Effective
September
5,
2024,
all
Class B
shares
were
converted
to
Class
A.
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
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Trust's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded,
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the OTC
market
rather
than
on
a
securities
exchange.
The
Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
Certain
derivative
financial
instruments
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
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
16
franklintempleton.com
Semiannual
Report
Putnam
Focused
Equity
Fund
(continued)
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund's
business
day. Events
can occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund's
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time. In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund's
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund's
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
b.
Foreign
Currency
Translation
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Fund
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Fund
does
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
c.
Derivative
Financial
Instruments
The
Fund invested
in
derivative
financial
instruments
in
order
to
manage
risk
or
gain
exposure
to
various
other
investments
or
markets.
Derivatives
are
financial
contracts
based
on
an
underlying
or
notional
amount,
require
no
initial
investment
or
an
initial
net
investment
that
is
smaller
than
would
normally
be
required
to
have
a
similar
response
to
changes
in
market
factors,
and
require
or
permit
net
settlement.
Derivatives
contain
various
risks
including
the
potential
inability
of
the
counterparty
to
fulfill
their
obligations
under
the
terms
of
the
contract,
the
potential
for
an
illiquid
secondary
market,
and/or
the
potential
for
market
movements
which
expose
the
Fund
to
gains
or
losses
in
excess
of
the
amounts
shown
in
the
Statement
of
Assets
and
Liabilities.
Realized
gain
and
loss
and
unrealized
appreciation
and
depreciation
on
these
contracts
for
the
period
are
included
in
the
Statement
of
Operations.
Derivative
counterparty
credit
risk
is
managed
through
a
formal
evaluation
of
the
creditworthiness
of
all
potential
counterparties.
The
Fund
attempts
to
reduce
its
exposure
to
counterparty
credit
risk
on
OTC
derivatives,
whenever
possible,
by
entering
into
International
Swaps
and
Derivatives
Association
(ISDA)
master
agreements
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
17
franklintempleton.com
Semiannual
Report
Putnam
Focused
Equity
Fund
(continued)
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
February
28,
2026,
the
Fund
had
OTC
derivatives
in
a
net
liability
position
of
$316,104
and
the
aggregate
value
of
collateral
pledged
for
such
contracts
was
$323,845.
Collateral
requirements
differ
by
type
of
derivative.
Collateral
terms
are
contract
specific
for
OTC
derivatives.
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,
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
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.
See
Note
7
regarding
other
derivative
information.
d.
Securities
Lending
The
Fund
participates
in
an
agency
based
securities
lending
program
to
earn
additional
income.
The
Fund
receives
collateral
in
the
form
of
cash
and/or
U.S.
Government
and
Agency
securities
against
the
loaned
securities
in
an
amount
equal
to
at
least
102%
of
the
fair
value
of
the
loaned
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
100%
of
the
fair
value
of
loaned
securities,
as
determined
at
the
close
of
Fund
business
each
day;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
Fund
on
the
next
business
day.
Any
cash
collateral
received
is
deposited
into
a
joint
cash
account
with
other
funds
and
is
used
to
invest
in
the
Putnam
Cash
Collateral
Pool,
LLC,
a
limited
liability
company,
an
affiliate
of
Putnam
Management. The
Fund
may
receive
income
from
the
investment
of
cash
collateral,
in
addition
to
lending
fees paid
by
the
borrower.
Income
from
securities
loaned,
net
of
fees
paid
to
the
securities
lending
agent
and/or
third-party
vendor,
is
reported
separately
in
the Statement of
Operations.
The
Fund
bears
the
market
risk
with
respect
to
any
cash
collateral
investment,
securities
loaned,
and
the
risk
that
the
agent
may
default
on
its
obligations
to
the
Fund.
If
the
borrower
defaults
on
its
obligation
to
return
the
securities
loaned,
the
Fund
has
the
right
to
repurchase
the
securities
in
the
open
market
using
the
collateral
received.
The
securities
lending
agent
has
agreed
to
indemnify
the
Fund
in
the
event
of
default
by
a
third
party
borrower.
Securities
on
loan
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund‘s
Schedule
of
Investments.
e.
Income
and
Deferred
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and
excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
1.
Organization
and
Significant
Accounting
Policies
(continued)
c.
Derivative
Financial
Instruments
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
18
franklintempleton.com
Semiannual
Report
Putnam
Focused
Equity
Fund
(continued)
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.
In
some
cases,
the
Fund
may
be
entitled
to
reclaim
all
or
a
portion
of
such
taxes,
and
such
reclaim
amounts,
if
any,
are
reflected
as
a
dividend
receivable
in
the
Statement
of
Assets
and
Liabilities
and
dividend
income
in
the
Statement
of
Operations.
In
many
cases,
however,
the
Fund
may
not
receive
such
amounts
for
an
extended
period
of
time,
depending
on
the
country
of
investment.
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.
In
the
event
that
EU
reclaims
received
by
the Fund
during a
fiscal
year
exceed
foreign
withholding
taxes
paid
by
the
Fund,
and
the
Fund previously
passed
through to
its
shareholders
foreign
taxes
incurred
by
the
Fund
to
be
used
as
a
credit
or
deduction
on
a
shareholder’s
income
tax
return,
the Fund
will enter
into
a
closing
agreement
with
the
Internal
Revenue
Service
(IRS)
in
order
to
pay
the
associated
tax
liability
on
behalf
of
the Fund's
shareholders.
During
the
fiscal
year
ended
February
28,
2026,
the Fund
received
EU
reclaims
in
excess
of
the
foreign
taxes
paid
during
the
year.
The
Fund
determined
to
enter
into
a
closing
agreement
with
the
IRS
and
recorded
the
estimated payments
as
a
reduction
to
income,
as
reflected
in
the
Statement
of
Operations.
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
February
28,
2026, 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.
f.
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
is
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.
1.
Organization
and
Significant
Accounting
Policies
(continued)
e.
Income
and
Deferred
Taxes
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
19
franklintempleton.com
Semiannual
Report
Putnam
Focused
Equity
Fund
(continued)
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.
g.
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.
h.
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
February
28,
2026,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
were
as
follows:
Six
Months
Ended
February
28,
2026
Year
Ended
August
31,
2025
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
504,829
$19,387,282
827,296
$29,060,004
Shares
issued
in
reinvestment
of
distributions
..........
1,067,861
40,151,566
1,405,043
49,274,853
Shares
redeemed
...............................
(1,268,892)
(48,926,464)
(2,247,475)
(78,296,459)
Net
increase
(decrease)
..........................
303,798
$10,612,384
(15,136)
$38,398
Class
B
Shares:
*
Shares
redeemed
...............................
—
$—
(45,422)
$(1,393,471)
Net
increase
(decrease)
..........................
—
$—
(45,422)
$(1,393,471)
Class
C
Shares:
Shares
sold
...................................
18,767
$632,480
76,688
$2,356,844
Shares
issued
in
reinvestment
of
distributions
..........
42,836
1,402,032
86,417
2,681,507
Shares
redeemed
a
..............................
(105,940)
(3,583,836)
(426,699)
(13,405,578)
Net
increase
(decrease)
..........................
(44,337)
$(1,549,324)
(263,594)
$(8,367,227)
Class
R
Shares:
Shares
sold
...................................
15,796
$596,366
47,834
$1,594,778
Shares
issued
in
reinvestment
of
distributions
..........
15,844
577,187
19,655
669,853
Shares
redeemed
...............................
(15,439)
(576,156)
(66,379)
(2,248,578)
Net
increase
(decrease)
..........................
16,201
$597,397
1,110
$16,053
1.
Organization
and
Significant
Accounting
Policies
(continued)
f.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
20
franklintempleton.com
Semiannual
Report
Putnam
Focused
Equity
Fund
(continued)
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:
Six
Months
Ended
February
28,
2026
Year
Ended
August
31,
2025
Shares
Amount
Shares
Amount
Class
R6
Shares:
Shares
sold
...................................
17,332
$709,406
54,071
$1,977,910
Shares
issued
in
reinvestment
of
distributions
..........
7,229
283,599
37,554
1,368,859
Shares
redeemed
...............................
(10,256)
(409,627)
(386,744)
(13,933,412)
Net
increase
(decrease)
..........................
14,305
$583,378
(295,119)
$(10,586,643)
Class
Y
Shares:
Shares
sold
...................................
457,797
$18,504,155
346,209
$12,428,419
Shares
issued
in
reinvestment
of
distributions
..........
254,459
9,873,025
315,890
11,403,618
Shares
redeemed
...............................
(357,854)
(14,190,931)
(711,201)
(25,514,983)
Net
increase
(decrease)
..........................
354,402
$14,186,249
(49,102)
$(1,682,946)
*
Effective
September
5,
2024,
the
Fund
has
terminated
its
Class
B
shares.
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
Subsidiary
Affiliation
Putnam
Investment
Management,
LLC
(Putnam
Management)
Investment
manager
Franklin
Advisers,
Inc.
(Advisers)
Subadvisor
Franklin
Templeton
Investment
Management
Limited
(FTIML)
Subadvisor
Putnam
Advisory
Company,
LLC
(PAC)
Subadvisor
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Putnam
Investor
Services,
Inc.
(PSERV)
Transfer
agent
2.
Shares
of
Beneficial
Interest
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
21
franklintempleton.com
Semiannual
Report
Putnam
Focused
Equity
Fund
(continued)
a.
Management
Fees
The
Fund
pays
Putnam
Management
a
management
fee
(based
on
the
Fund’s
average
net
assets
and
computed
and
paid
monthly)
at
annual
rates
that
may
vary
based
on
the
average
of
the
aggregate
net
assets
of
all
open-end
mutual
funds
sponsored
by
Putnam
Management
(including
open-end
funds
managed
by
affiliates
of
Putnam
Management
that
have
been
deemed
to
be
sponsored
by
Putnam
Management
for
this
purpose)
(excluding
net
assets
of
such
funds
that
are
invested
in,
or
that
are
invested
in
by,
other
such
funds
to
the
extent
necessary
to
avoid
“double
counting”
of
those
assets).
Such
annual
rates
may
vary
as
follows:
For
the
period
ended
February
28,
2026,
the
annualized
gross
effective
investment
management
fee
rate
was 0.599%
of
the
Fund’s
average daily
net
assets.
Putnam
Management
retained
Advisers
as
subadvisor
for
the
Fund.
Pursuant
to
the
agreement,
Advisers
provides
certain
advisory
and
related
services
to
the
Fund.
Putnam
Management
pays
a
monthly
fee
to
Advisers
based
on
the
costs
of
Advisers
in
providing
these
services
to
the
Fund,
which
may
include
a
mark-up
not
to
exceed
15%
over
such
costs.
Under
a
subadvisory
agreement,
FTIML
provides
subadvisory
services
to
the
Fund.
The
subadvisory
fee
is
paid by Putnam
Management
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
Putnam
Management 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
Putnam
Management,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by Putnam
Management
based
on
the Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
The
Fund
reimburses
Putnam
Management
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
0.780%
of
the
first
$5
billion,
0.730%
of
the
next
$5
billion,
0.680%
of
the
next
$10
billion,
0.630%
of
the
next
$10
billion,
0.580%
of
the
next
$50
billion,
0.560%
of
the
next
$50
billion,
0.550%
of
the
next
$100
billion
and
0.545%
of
any
excess
thereafter.
3.
Transactions
with
Affiliates
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
22
franklintempleton.com
Semiannual
Report
Putnam
Focused
Equity
Fund
(continued)
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Fund's
shares
for
the
period:
e.
Transfer
Agent
Fees
PSERV,
an
affiliate
of
Putnam
Management,
provides
investor
servicing
agent
functions
to
the
Fund.
PSERV
received
fees
for
investor
servicing
for
Class
A,
Class
C,
Class
R,
Class
R6
and
Class
Y
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
R6
shares
paid
a
monthly
fee
based
on
the
average
net
assets
of
Class
R6
shares
at
an
annual
rate
of
0.05%.
f.
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.
g.
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,
Maximum
%
Approved
%
Class
A
...................................................................
0.35%
0.25%
Class
C
...................................................................
1.00%
1.00%
Class
R
...................................................................
1.00%
0.50%
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$18,515
CDSC
retained
..............................................................................
$962
3.
Transactions
with
Affiliates
(continued)
c.
Distribution
Fees
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
23
franklintempleton.com
Semiannual
Report
Putnam
Focused
Equity
Fund
(continued)
in
an
amount
not
to
exceed
the
management
and
administrative
fees,
if
applicable, paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
February
28,
2026,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
h.
Waiver
and
Expense
Reimbursements
Putnam
Management has
contractually
agreed,
through
December
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
0.20%
of
the
Fund’s
average
net
assets
over
such
fiscal
year-to-date
period.
4.
Expense
Offset
Arrangement
The Fund has entered
into arrangements
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
February
28,
2026,
the
fees
were
reduced
as
noted
in
the
Statement
of
Operations.
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
August
31,
2025,
the
capital
loss
carryforwards
were
as
follows:
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a
a
a
a
a
a
a
a
Putnam
Focused
Equity
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Short
Term
Investment
Fund,
Class
P,
3.852%
......
$477,117
$75,786,725
$(67,514,338)
$—
$—
$8,749,504
8,749,504
$134,674
Non-Controlled
Affiliates
Income
from
securities
loaned
Putnam
Cash
Collateral
Pool,
LLC,
3.897%
.............
$3,305,750
$33,581,535
$(36,887,285)
$—
$—
$—
—
$40,663
Total
Affiliated
Securities
...
$3,782,867
$109,368,260
$(104,401,623)
$—
$—
$8,749,504
$175,337
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$
52,900,312
Long
term
................................................................................
70,312,259
Total
capital
loss
carryforwards
...............................................................
$123,212,571
3.
Transactions
with
Affiliates
(continued)
g.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
24
franklintempleton.com
Semiannual
Report
Putnam
Focused
Equity
Fund
(continued)
At
February
28,
2026,
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
treatment
of
foreign
currency
transactions.
6.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
February
28,
2026,
aggregated
$138,067,683 and
$169,750,367,
respectively.
7.
Other
Derivative
Information
At
February
28,
2026,
investments
in
derivative
contracts
are
reflected
in
the Statement of
Assets
and
Liabilities
as
follows:
For
the
period
ended
February
28,
2026,
the
effect
of
derivative
contracts
in
the Statement
of
Operations
was
as
follows:
For
the
period
ended
February
28,
2026,
the
average
month
end contract
value
of
forward
exchange
contracts
was
$89,553,684.
Cost
of
investments
..........................................................................
$472,425,582
Unrealized
appreciation
........................................................................
$254,481,197
Unrealized
depreciation
........................................................................
(8,017,275)
Net
unrealized
appreciation
(depreciation)
..........................................................
$246,463,922
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
Focused
Equity
Fund
Foreign
exchange
contracts
..
Unrealized
appreciation
on
OTC
forward
exchange
contracts
$
172,345
Unrealized
depreciation
on
OTC
forward
exchange
contracts
$
357,997
Total
....................
$172,345
$357,997
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
Focused
Equity
Fund
Net
realized
gain
(loss)
from:
Net
change
in
unrealized
appreciation
(depreciation)
on:
Foreign
exchange
contracts
.....
Forward
exchange
contracts
$109,843
Forward
exchange
contracts
$268,894
Total
.......................
$109,843
$268,894
5.
Income
Taxes
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
25
franklintempleton.com
Semiannual
Report
Putnam
Focused
Equity
Fund
(continued)
See
Note
1(c) regarding
derivative
financial
instruments.
8.
Upcoming
Reorganization
On
March
27,
2026,
the
Board
approved
a
proposal
to
reorganize
the
Fund
with
and
into
a
newly-organized
exchange
traded
fund
(ETF).
Upon
completion
of
the
reorganization,
and
subject
to
certain
conditions,
on
or
around
the
fourth
quarter
of
2026,
substantially
all
net
assets
in
the
Fund
will
be
transferred
into
the
ETF
and
ETF
shares
will
be
distributed
to
the
Fund’s
shareholders
in
complete
liquidation
of
the
Fund.
9.
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
29,
2027.
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
February
28,
2026,
the Fund
did
not
use
the
Global
Credit
Facility.
10.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
February
28,
2026,
in
valuing
the
Fund's assets
and
liabilities carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Putnam
Focused
Equity
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
.........................
$
709,830,702
$
—
$
—
$
709,830,702
Short
Term
Investments
...................
8,749,504
494,950
—
9,244,454
Total
Investments
in
Securities
...........
$718,580,206
$494,950
$—
$719,075,156
7.
Other
Derivative
Information
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
26
franklintempleton.com
Semiannual
Report
Putnam
Focused
Equity
Fund
(continued)
11.
Operating
Segments
The Fund operates
as
a
single
operating
segment,
which
is
an
investment
portfolio.
A
management
group
of
the
Fund’s
investment
manager serves
as
the
Chief
Operating
Decision
Maker
(“CODM”)
and
is
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.
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
other
than
those
already
disclosed
in
the
financial
statements.
Abbreviations
Level
1
Level
2
Level
3
Total
Putnam
Focused
Equity
Fund
(continued)
Assets:
(continued)
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$172,345
$—
$172,345
Total
Other
Financial
Instruments
.........
$—
$172,345
$—
$172,345
Liabilities:
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$
—
$
357,997
$
—
$
357,997
Total
Other
Financial
Instruments
.........
$—
$357,997
$—
$357,997
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
Counterparty
BOFA
Bank
of
America
NA
CITI
Citibank
NA
GSCO
Goldman
Sachs
Group,
Inc.
HSBK
HSBC
Bank
plc
JPHQ
JPMorgan
Chase
Bank
NA
MSCO
Morgan
Stanley
SSBT
State
Street
Bank
and
Trust
Co.
TDOM
Toronto
Dominion
Bank
UBSW
UBS
AG
WPAC
Westpac
Banking
Corp.
Selected
Portfolio
REIT
Real
Estate
Investment
Trust
10.
Fair
Value
Measurements
(continued)
Putnam
Funds
Trust
27
franklintempleton.com
Semiannual
Report
Changes
In
and
Disagreements
with
Accountants
For
the
period
covered
by
this
report
Not
applicable.
Results
of
Meeting(s)
of
Shareholders
For
the
period
covered
by
this
report
Not
applicable.
Remuneration
Paid
to
Directors,
Officers
and
Others
For
the
period
covered
by
this
report
Refer
to
the
financial
statements
included
herein.
Remuneration
to
officers
is
paid
by
the
Fund’s
investment
manager
according
to
the
terms
of
the
agreement.
Board
Approval
of
Management
and
Subadvisory
Agreements
For
the
period
covered
by
this
report
Not
applicable.
39115-SFSOI
04/26
©
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. |
| (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. |
| (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. |
| (a) | Not applicable. |
| (b) | Not applicable. |
| ITEM 19. | EXHIBITS. |
(a) (1) Not applicable.
Exhibit 99.CODE ETH
(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.
Exhibit 99.CERT
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.
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 | ||
| By: | /s/ Jonathan S. Horwitz | |
| Jonathan S. Horwitz | ||
| Principal Executive Officer | ||
| Date: | April 29, 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: | April 29, 2026 | |
| By: | /s/ Jeffrey White | |
| Jeffrey White | ||
| Principal Financial Officer | ||
| Date: | April 29, 2026 |