UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: (811-07513)

Exact name of registrant as specified in charter: Putnam Funds Trust

Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109

Name and address of agent for service: Robert T. Burns, Vice President
One Post Office Square
Boston, Massachusetts 02109

Copy to:         John W. Gerstmayr, Esq.
Ropes & Gray LLP
800 Boylston Street
Boston, Massachusetts 02199-3600

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

Date of fiscal year end: November 30, 2013

Date of reporting period: August 31, 2013

Item 1. Schedule of Investments:

Putnam Intermediate-Term Municipal Income Fund
The fund's portfolio
8/31/13 (Unaudited)
Key to holding's abbreviations
ABAG — Association Of Bay Area Governments
AGM — Assured Guaranty Municipal Corporation
AMBAC — AMBAC Indemnity Corporation
COP — Certificates of Participation
FGIC — Financial Guaranty Insurance Company
FHLMC Coll. — Federal Home Loan Mortgage Corporation Collateralized
FNMA Coll. — Federal National Mortgage Association Collateralized
G.O. Bonds — General Obligation Bonds
GNMA Coll. — Government National Mortgage Association Collateralized
NATL — National Public Finance Guarantee Corp.
PSFG — Permanent School Fund Guaranteed
MUNICIPAL BONDS AND NOTES (94.1%)(a)
	Rating(RAT)	Principal amount	Value
Arizona (5.3%)
AZ Agricultural Impt. & Pwr. Dist. Elec. Syst. Rev. Bonds, Ser. A, 5s, 12/1/22	Aa1	$75,000	$85,815
AZ Hlth. Fac. Auth. Rev. Bonds (Banner Hlth.), Ser. A, 5s, 1/1/17	AA-	50,000	55,735
AZ State COP, Ser. A, AGM, 5 1/4s, 10/1/20	AA-	50,000	55,732
AZ State Trans. Board Hwy. Rev. Bonds (Maricopa Cnty.)
5s, 7/1/24	Aa1	70,000	77,801
4 1/4s, 7/1/19	Aa1	70,000	78,205
Glendale, Indl. Dev. Auth. Rev. Bonds (Midwestern U.), 5 1/4s, 5/15/21	A-	75,000	82,560
Pima Cnty., Swr. Rev. Bonds, Ser. A, 5s, 7/1/20	A+	100,000	114,173
Scottsdale, Rev. Bonds, 5s, 7/1/20 (Prerefunded 7/1/16)	AAA	25,000	27,991
			578,012
California (13.5%)
ABAG Fin. Auth. for Nonprofit Corps. Rev. Bonds
(O'Connor Woods), 5s, 1/1/23	A	75,000	81,637
(Episcopal Sr. Cmntys.), 5s, 7/1/22	BBB	50,000	51,580
Alameda, Corridor Trans. Auth. Rev. Bonds, Ser. A
5s, 10/1/21	A3	25,000	28,179
Alameda, Corridor Trans. Auth. Rev. Bonds Ser. A, 5s, 10/1/24	A3	25,000	27,447
CA Edl. Fac. Auth. Rev. Bonds (Loyola-Marymount U.), Ser. A
5s, 10/1/17	A2	40,000	45,104
4s, 10/1/20	A2	60,000	63,410
CA Hlth. Fac. Fin. Auth. Rev. Bonds (Northern CA Retired Officers), 5s, 1/1/20	A	100,000	110,104
CA Muni. Fin. Auth. COP (Cmnty. Hosp. Central CA), 5s, 2/1/18	Baa2	50,000	52,584
CA Poll. Control Fin. Auth. Solid Waste Disp. Mandatory Put Bonds (11/1/13) (Republic Svcs., Inc.), Ser. A, 0.95s, 8/1/23	BBB	100,000	100,000
CA State Dept. of Wtr. Resources Rev. Bonds, Ser. M, 4s, 5/1/16	Aa3	50,000	54,403
CA State Pub. Wks. Board Rev. Bonds
(Judicial Council Projects), Ser. A, 5s, 3/1/20	A2	100,000	113,989
(Regents U.), Ser. C, NATL, FGIC, 4s, 9/1/20	Aa2	30,000	33,255
CA Statewide Cmnty. Dev. Auth. Mandatory Put Bonds (4/1/20) (Southern CA Edison Co.), 1.9s, 4/1/28	A1	100,000	91,555
CA Statewide Cmnty. Dev. Auth. Rev. Bonds (Sutter Hlth.), Ser. A, 5s, 8/15/22	Aa3	100,000	111,325
Corona-Norco, School Dist. Pub. Fin. Auth. Special Tax Bonds, Ser. A, 4s, 9/1/17	BBB+	25,000	25,762
Golden State Tobacco Securitization Corp. Rev. Bonds, Ser. A, 5s, 6/1/21	A2	100,000	110,730
Los Angeles, Unified School Dist. G.O. Bonds, Ser. I, 5s, 7/1/20	Aa2	75,000	84,794
Modesto, Irrigation Dist. Elec. Rev. Bonds, Ser. A, 5s, 7/1/23	A+	25,000	28,271
Orange Cnty., Trans. Auth Toll Road Rev. Bonds (Sr. Lien - 91 Express Lane), 5s, 8/15/29	A1	100,000	102,040
Sacramento, Muni. Util. Dist. Fin. Auth. Rev. Bonds (Cosumnes), NATL, 5s, 7/1/18	A	20,000	21,404
San Diego Cnty., Regl. Arpt. Auth. Rev. Bonds, Ser. B, 5s, 7/1/22	A2	50,000	54,136
Sweetwater, G.O. Bonds, Ser. C, AGM, zero %, 8/1/20	AA-	50,000	38,036
Turlock, Irrigation Dist. Rev. Bonds, 5s, 1/1/23	A2	40,000	43,147
			1,472,892
Colorado (2.5%)
CO Hlth. Fac. Auth. Rev. Bonds (Evangelical Lutheran Good Samaritan Society), 5s, 12/1/22	A3	75,000	77,900
Denver City & Cnty., Arpt. Rev. Bonds, Ser. A
5 1/2s, 11/15/19	A1	70,000	80,205
5s, 11/15/20	A1	30,000	33,100
E-470 CO Pub. Hwy. Auth. Rev. Bonds, Ser. A1, NATL, 5 1/4s, 9/1/18	A	80,000	86,206
			277,411
Florida (6.0%)
Broward Cnty., Arpt. Syst. Rev. Bonds, Ser. P-2, 5s, 10/1/23	A1	40,000	44,008
Escambia Cnty., Hlth. Facs. Auth. Rev. Bonds (Baptist Hosp., Inc.), 5s, 8/15/18	Baa1	100,000	109,413
FL State Auth. Utility Rev. Bonds (Golden Gate Util.), AGM, 5s, 7/1/22	AA-	75,000	81,924
FL State Board of Ed. G.O. Bonds
Ser. B, 5s, 6/1/21	AAA	25,000	28,257
Ser. 2006C, 5s, 6/1/17	AAA	100,000	114,009
FL State Muni. Pwr. Agcy. Rev. Bonds (All Requirements Pwr.), Ser. A, 5 1/4s, 10/1/19	A2	50,000	57,155
Jea, Rev. Bonds, Ser. B, 4s, 10/1/22	Aa3	25,000	25,996
Manatee Cnty., Rev. Bonds, NATL, 5s, 10/1/17 (Prerefunded 10/1/16)	Aa2	30,000	33,854
Miami-Dade Cnty., Expressway Auth. Toll Syst. Rev. Bonds, Ser. A, 5s, 7/1/22	A3	50,000	55,568
Orange Cnty., Rev. Bonds, Ser. C, 5s, 1/1/24	Aa2	55,000	61,940
South Broward, Hosp. Dist. Rev. Bonds (South Broward Hosp. Dist.), 4 3/4s, 5/1/22	Aa3	40,000	42,291
			654,415
Hawaii (0.8%)
Honolulu City & Cnty., G.O. Bonds
Ser. B, 5s, 11/1/22	Aa1	25,000	28,846
Ser. F, 5s, 9/1/17	Aa1	50,000	57,148
			85,994
Illinois (5.3%)
Chicago, Waste Wtr. Transmission Rev. Bonds, NATL, 5 1/2s, 1/1/17	A+	75,000	83,369
Chicago, Wtr. Reclamation Dist. G.O. Bonds
5s, 12/1/35 (Prerefunded 12/1/16)	Aa1	70,000	79,404
Ser. A, 5s, 12/1/21	AAA	25,000	28,742
Ser. B, 5s, 12/1/21	AAA	75,000	86,227
IL State G.O. Bonds, 5s, 7/1/23	A3	50,000	51,803
IL State Toll Hwy. Auth. Rev. Bonds, Ser. A-2, AGM, 5s, 1/1/27 (Prerefunded 7/1/16)	Aa3	150,000	167,723
Railsplitter, Tobacco Settlement Auth. Rev. Bonds
5 1/4s, 6/1/21	A	20,000	22,083
5 1/4s, 6/1/20	A	50,000	55,686
			575,037
Louisiana (0.5%)
Morehouse Parish, Poll. Control Rev. Bonds (Intl. Paper Co.), Ser. A, 5 1/4s, 11/15/13	BBB	50,000	50,414
			50,414
Maryland (2.8%)
Baltimore, Board of School Comm. Rev. Bonds, 5s, 5/1/16	Aa1	250,000	274,960
MD Econ. Dev. Corp. Poll. Control Rev. Bonds (Potomac Electric Power Co.), 6.2s, 9/1/22	A	30,000	34,174
			309,134
Massachusetts (7.3%)
MA State G.O. Bonds, Ser. A, 5s, 9/1/18	Aa1	100,000	115,980
MA State Clean Energy Cooperative Corp. Rev. Bonds (Muni. Ltg. Plant Coop.), 5s, 7/1/26	A1	100,000	106,793
MA State Dev. Fin. Agcy. Rev. Bonds (MA College Pharmacy Allied)
Ser. E, AGM, 5s, 7/1/17	AA-	25,000	27,833
4s, 7/1/22	A2	60,000	62,443
MA State Hlth. & Edl. Fac. Auth. Mandatory Put Bonds (4/1/16) (U. of MA), Ser. A, 0.7s, 11/1/30	Aa2	50,000	49,244
MA State Hlth. & Edl. Fac. Auth. Rev. Bonds (Partners Hlth. Care Syst.)
Ser. J-2, 4 1/4s, 7/1/17	Aa2	50,000	55,285
4s, 7/1/19	Aa2	15,000	16,373
MA State Port Auth. Rev. Bonds, Ser. B, 5s, 7/1/17	Aa3	75,000	85,312
MA State School Bldg. Auth. Sr. Sales Tax Rev. Bonds, Ser. B, 5s, 10/15/17	AA+	65,000	74,681
MA State Tpk. Auth. Rev. Bonds, Ser. A, FHLMC Coll., FNMA Coll.,GNMA Coll., 5 1/8s, 1/1/23 Escrowed to maturity	Aaa	50,000	58,524
MA State Wtr. Resource Auth. Rev. Bonds, Ser. J, AGM, 5 1/4s, 8/1/16	Aa1	125,000	141,098
			793,566
Michigan (3.2%)
Lansing, Board of Wtr. & Ltg. Util. Syst. Rev. Bonds, Ser. A
4s, 7/1/19	Aa3	50,000	54,406
4s, 7/1/18	Aa3	50,000	54,985
MI State Rev. Bonds, AGM, 5 1/2s, 11/1/20	AA+	50,000	59,266
MI State Hosp. Fin. Auth. Mandatory Put Bonds (4/1/20) (Ascension Hlth.), 1.95s, 11/15/47	AA+	75,000	69,992
MI State Hosp. Fin. Auth. Rev. Bonds (Henry Ford Hlth. Syst.), 5s, 11/15/19	A2	65,000	71,793
Wayne Cnty., Arpt. Auth. Rev. Bonds (Detroit Metro. Arpt.), Ser. C, 5s, 12/1/17	A2	35,000	39,307
			349,749
Minnesota (1.9%)
Maple Grove, Hlth. Care Syst. Rev. Bonds (Maple Grove Hosp. Corp.), 5s, 5/1/21	Baa1	75,000	77,291
Minneapolis & St. Paul, Metro. Arpt. Comm. Rev. Bonds
5s, 1/1/20	A	20,000	22,632
Ser. C, 3s, 1/1/17	A	20,000	20,982
MN State Muni. Pwr. Agcy. Elec. Rev. Bonds, 5s, 10/1/23(FWC)	A3	75,000	83,535
			204,440
Mississippi (1.0%)
MS State G.O. Bonds, Ser. H, 4s, 12/1/21	Aa2	100,000	108,388
			108,388
Missouri (1.0%)
Cape Girardeau Cnty., Indl. Dev. Auth. Hlth. Care Fac. Rev. Bonds (St. Francis Med. Ctr.), Ser. A, 5s, 6/1/19	A+	100,000	113,170
			113,170
Nevada (2.3%)
Clark Cnty., Arpt. Rev. Bonds, Ser. 08-E, 4s, 7/1/17	Aa2	150,000	163,760
Las Vegas, Special Assessment Bonds (Dist. No. 607 Local Impt.), 5s, 6/1/24	BB/P	25,000	24,470
NV State G.O. Bonds, 5s, 8/1/20	Aa2	55,000	63,293
			251,523
New Hampshire (0.3%)
NH State Bus. Fin. Auth. Rev. Bonds (Elliot Hosp.), Ser. A, 5 1/4s, 10/1/19	Baa1	25,000	28,027
			28,027
New Jersey (7.7%)
Burlington Cnty., Bridge Comm. Econ. Dev. Rev. Bonds, 5s, 10/1/22	Aa2	100,000	114,413
NJ State G.O. Bonds, Ser. Q, 5s, 8/15/21	Aa3	65,000	73,967
NJ State Econ. Dev. Auth. Rev. Bonds (School Fac. Construction), Ser. K, AMBAC, 5 1/2s, 12/15/19	A1	145,000	168,294
NJ State Edl. Fac. Auth. Rev. Bonds
(Montclair St. U.), Ser. J, NATL, 5 1/4s, 7/1/17	A1	50,000	55,969
(Ramapo College of NJ), Ser. A, 5s, 7/1/16	A2	50,000	55,036
NJ State Hlth. Care Fac. Fin. Auth. Rev. Bonds
(St. Joseph Hlth. Care Syst.), 5 3/4s, 7/1/15	BBB-	15,000	15,358
5s, 9/15/23	A1	75,000	80,759
(Holy Name Med. Ctr.), 4 1/2s, 7/1/20	Baa2	25,000	25,935
(Hackensack U. Med. Ctr.), 4 1/2s, 1/1/17	A3	25,000	26,716
(St. Barnabas Hlth.), Ser. A, 4 3/8s, 7/1/20	Baa1	15,000	15,323
(Holy Name Med. Ctr.), 4 1/4s, 7/1/18	Baa2	60,000	62,330
NJ State Tpk. Auth. Rev. Bonds, Ser. A, 5s, 1/1/21	A+	100,000	112,426
NJ State Trans. Trust Fund Auth. Rev. Bonds (Trans. Syst.), Ser. A, 5s, 6/15/20	A1	25,000	28,225
			834,751
New York (11.3%)
Niagara Area Dev. Corp. Rev. Bonds (Niagra U.), Ser. A, 5s, 5/1/18	BBB+	100,000	109,354
NY City, G.O. Bonds
Ser. C-1, 5s, 10/1/18	Aa2	25,000	28,423
Ser. H, 4s, 3/1/23	Aa2	195,000	205,717
NY City, Hsg. Dev. Corp. Rev. Bonds, Ser. C-1, 3 3/4s, 11/1/16	Aa2	25,000	26,481
NY City, Muni. Wtr. & Swr. Fin. Auth. Rev. Bonds
Ser. AA, 5s, 6/15/16	AA+	35,000	38,968
Ser. EE, 5s, 6/15/16	AA+	30,000	33,401
NY State Dorm. Auth. Rev. Bonds (Mount Sinai Hosp.), Ser. A, 4s, 7/1/20	A2	50,000	52,936
NY State Dorm. Auth. Non-State Supported Debt Rev. Bonds
(Fordham U.), 5s, 7/1/17	A2	30,000	33,826
(The New School), 4s, 7/1/16	A3	50,000	53,700
NY State Dorm. Auth. Personal Income Tax Gen. Purpose Rev. Bonds, Ser. B, 5s, 3/15/20	AAA	150,000	173,238
NY State Hsg. Fin. Agcy. Rev. Bonds (Affordable Hsg.), Ser. AA, 3.8s, 5/1/20	Aa2	50,000	52,304
NY State Urban Dev. Corp. Rev. Bonds
(State Personal Income Tax), Ser. A-2, NATL, 5 1/2s, 3/15/21	AAA	125,000	148,323
Ser. B, 5s, 1/1/18	AA-	25,000	28,290
Port Auth. NY & NJ Rev. Bonds, 5s, 7/15/24	Aa3	100,000	109,454
Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A, 5s, 6/1/17	AA-	25,000	28,463
Triborough, Bridge & Tunnel Auth. Rev. Bonds, Ser. B, 5s, 11/15/23	Aa3	50,000	56,522
Westchester Cnty., Indl Dev. Agcy. Civic Fac. Rev. Bonds (Kendal on Hudson), 4s, 1/1/23	BBB/F	50,000	47,927
			1,227,327
North Carolina (1.5%)
NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds, 6s, 1/1/22	AA-	50,000	59,672
NC State Muni. Pwr. Agcy. No. 1 Catawba Elec. Rev. Bonds, Ser. A, 5 1/4s, 1/1/19	A2	95,000	107,384
			167,056
Ohio (2.7%)
Hamilton Cnty., Hlth. Care Rev. Bonds (Life Enriching Cmntys.), 4s, 1/1/21	BBB	50,000	48,544
Lorain Cnty., Port Auth. Econ. Dev. Facs. Rev. Bonds (Kendal at Oberlin), 5s, 11/15/23	A-	50,000	53,372
OH State G.O. Bonds (Higher Ed.), Ser. A
5s, 8/1/22	Aa1	50,000	57,594
5s, 2/1/22	Aa1	25,000	28,590
OH State Tpk. Comm. Rev. Bonds, 5s, 2/15/27	A1	100,000	104,909
			293,009
Oregon (0.5%)
Yamhill Cnty., G.O. Bonds (McMinnville-School Dist. #40), AGM, 5s, 6/15/26 (Prerefunded 6/15/17)	Aa1	50,000	57,096
			57,096
Pennsylvania (4.8%)
Chester Cnty., Indl. Dev. Auth. Student Hsg. Rev. Bonds (U. Student Housing, LLC), 3s, 8/1/19	Baa3	100,000	93,729
Cumberland Cnty., Rev. Bonds (Dickinson College), 5s, 11/1/18	A+	25,000	27,975
East Hempfield Twp., Indl. Dev. Auth. Rev. Bonds (Student Svcs., Inc.-Millersville U.), 5s, 7/1/30	Baa3	40,000	38,200
Erie, Higher Ed. Bldg. Auth. Rev. Bonds (Gannon U.), 3s, 5/1/17	Baa2	40,000	40,192
Gen. Auth. of South Central Rev. Bonds (York College of PA), 4s, 11/1/19	A	30,000	31,691
Lycoming Cnty., Auth. Hlth. Syst. Rev. Bonds (Susquehanna Hlth. Syst.), Ser. A
5.1s, 7/1/20	BBB+	25,000	26,803
5s, 7/1/18	BBB+	25,000	27,334
Northampton Cnty., Hosp. Auth. Rev. Bonds, Ser. A, 5s, 8/15/20	A3	25,000	26,518
PA Hsg. Fin. Agcy. Rev. Bonds, Ser. 115A, 3.35s, 10/1/23	AA+	100,000	90,955
PA State G.O. Bonds, Ser. 2, 5s, 2/15/22	Aa2	30,000	33,568
PA State Pub. School Bldg. Auth. Rev. Bonds (Northampton Cnty. Area), 5 1/4s, 3/1/20	A1	25,000	27,429
Philadelphia, Gas Wks. Rev. Bonds, Ser. 9, AGM, 5s, 8/1/22	AA-	55,000	57,983
			522,377
Texas (7.7%)
Crowley, Indpt. School Dist. G.O. Bonds, PSFG, 5s, 8/1/19	Aaa	75,000	87,110
Midland, Indpt. School Dist. G.O. Bonds, PSFG, 5s, 2/15/18	Aaa	180,000	206,737
North TX, Tollway Auth. Mandatory Put Bonds (1/1/16), Ser. E-3, 5 3/4s, 1/1/38	A2	100,000	110,412
Northside, Indpt. School Dist. G.O. Bonds (School Bldg.), PSFG, 4s, 8/15/18	Aaa	150,000	166,445
San Antonio, G.O. Bonds, 4s, 2/1/16	Aaa	150,000	161,487
TX State G.O. Bonds, 5s, 4/1/16	Aaa	100,000	111,023
			843,214
Virginia (1.3%)
Amelia Cnty., Indl. Dev. Auth. Solid Waste Mandatory Put Bonds (4/1/14) (Waste Mgmt., Inc.), 0.85s, 4/1/27	BBB	75,000	74,894
Chesterfield Cnty., Econ. Dev. Auth. Poll. Control Rev. Bonds (VA Elec. & Pwr.), Ser. A, 5s, 5/1/23	A3	60,000	64,451
			139,345
Washington (2.9%)
Seattle, Light & Pwr. Rev. Bonds, Ser. A, 5s, 2/1/26	Aa2	100,000	108,553
WA State G.O. Bonds, Ser. C, 4s, 2/1/19	Aa1	150,000	165,783
WA State Hlth. Care Fac. Auth. Rev. Bonds (Swedish Hlth. Svcs.), Ser. A, 4s, 11/15/18 Escrowed to maturity	AAA/F	40,000	44,851
			319,187
TOTAL INVESTMENTS
Total investments (cost $10,654,581)(b)			$10,255,534

	Notes to the fund's portfolio
	Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from March 18, 2013 (commencement of operations) through August 31, 2013 (the reporting period). Within the following notes to the portfolio, references to “ASC 820” represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures, references to “Putnam Management” represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to “OTC”, if any, represent over-the-counter.
(a)	Percentages indicated are based on net assets of $10,903,578.
(RAT)	The Moody's, Standard & Poor's or Fitch ratings indicated are believed to be the most recent ratings available at the close of the reporting period for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at the close of the reporting period. Securities rated by Putnam are indicated by “/P.” Securities rated by Fitch are indicated by “/F.” The rating of an insured security represents what is believed to be the most recent rating of the insurer's claims-paying ability available at the close of the reporting period, if higher than the rating of the direct issuer of the bond, and does not reflect any subsequent changes. Security ratings are defined in the Statement of Additional Information.
(b)	The aggregate identified cost on a tax basis is $10,654,581, resulting in gross unrealized appreciation and depreciation of $912 and $399,959, respectively, or net unrealized depreciation of $399,047.
(FWC)	Forward commitment, in part or in entirety.
	The rates shown on Mandatory Put Bonds are the current interest rates at the close of the reporting period.
	The dates shown parenthetically on Mandatory Put Bonds represent the next mandatory put dates.
	The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates.
	The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets):
	State debt	17.6%
	Utilities	15.0
	Healthcare	13.2
	Transportation	12.3
	Local debt	11.9
	Security valuation: Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2.
	Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. Such valuations and procedures are reviewed periodically by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures and recovery rates. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.
	Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.

ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund’s investments. The three levels are defined as follows:
Level 1: Valuations based on quoted prices for identical securities in active markets.
Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement.
The following is a summary of the inputs used to value the fund’s net assets as of the close of the reporting period:
		Valuation inputs
Investments in securities:	Level 1	Level 2	Level 3
Municipal bonds and notes	$—	$10,255,534	$—
Totals by level	$—	$10,255,534	$—
For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com

Item 2. Controls and Procedures:

(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms.

(b) Changes in internal control over financial reporting: Not applicable

Item 3. Exhibits:

Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.

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, thereunto duly authorized.

Putnam Funds Trust

By (Signature and Title):

/s/ Janet C. Smith
Janet C. Smith
Principal Accounting Officer
Date: October 29, 2013

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 (Signature and Title):

/s/ Jonathan S. Horwitz
Jonathan S. Horwitz
Principal Executive Officer
Date: October 29, 2013

By (Signature and Title):

/s/ Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer
Date: October 29, 2013