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:         Bryan Chegwidden, Esq.
Ropes & Gray LLP
1211 Avenue of the Americas
New York, New York 10036

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

Date of fiscal year end: February 28, 2015

Date of reporting period: November 30, 2014

Item 1. Schedule of Investments:

Putnam Floating Rate Income Fund
The fund's portfolio
11/30/14 (Unaudited)
SENIOR LOANS (86.5%)(a)(c)
	Principal amount	Value
Advertising and marketing services (0.4%)
Lions Gate Entertainment Corp. bank term loan FRN 5s, 2020	$3,000,000	$2,998,125
		2,998,125
Automotive (1.5%)
Chrysler Group, LLC bank term loan FRN Ser. B, 3 1/2s, 2017	2,223,615	2,212,150
Chrysler Group, LLC bank term loan FRN Ser. B, 3 1/4s, 2018	3,184,000	3,160,120
Navistar, Inc. bank term loan FRN Ser. B, 5 3/4s, 2017	4,440,367	4,487,546
Visteon Corp. bank term loan FRN Ser. DD, 3 1/2s, 2021	2,493,750	2,468,813
		12,328,629
Basic materials (6.5%)
AIlnex Luxembourg & CY SCA bank term loan FRN Ser. B1, 4 1/2s, 2019 (Luxembourg)	2,157,686	2,146,897
AIlnex Luxembourg & CY SCA bank term loan FRN Ser. B2, 4 1/2s, 2019 (Luxembourg)	1,119,519	1,113,922
Appvion, Inc. bank term loan FRN 5 3/4s, 2019	3,942,575	3,904,794
Atkore International, Inc. bank term loan FRN 4 1/2s, 2021	2,992,500	2,971,927
Axalta Coating Systems US Holdings, Inc. bank term loan FRN 3 3/4s, 2020	3,776,087	3,724,842
AZ Chem US, Inc. bank term loan FRN 7 1/2s, 2022	2,000,000	1,990,000
AZ Chem US, Inc. bank term loan FRN 4 1/2s, 2021	1,915,068	1,912,276
Ferro Corp. bank term loan FRN Ser. B, 4s, 2021	4,000,000	3,962,500
FMG Resources, Ltd. bank term loan FRN Ser. B, 3 3/4s, 2019 (Australia)	2,696,436	2,526,784
HD Supply, Inc. bank term loan FRN Ser. B, 4s, 2018	3,942,147	3,928,598
Ineos US Finance, LLC bank term loan FRN 3 3/4s, 2018	5,461,886	5,402,488
Nexeo Solutions, LLC bank term loan FRN 5s, 2017	980,000	971,834
Nexeo Solutions, LLC bank term loan FRN Ser. B, 5s, 2017	2,952,900	2,928,293
Orion Engineered Carbons GmbH bank term loan FRN Ser. B, 5s, 2021 (Germany)	3,000,000	3,003,750
Oxbow Carbon & Minerals, LLC bank term loan FRN 8s, 2020	1,000,000	965,000
Oxea Sarl bank term loan FRN 8 1/4s, 2020 (Germany)	774,000	752,715
Quikrete Cos., Inc. (The) bank term loan FRN 7s, 2021	2,000,000	2,015,000
Solenis International LP bank term loan FRN 7 3/4s, 2022	2,000,000	1,961,500
TMS International Corp. bank term loan FRN Ser. B, 4 1/2s, 2020	4,962,500	4,939,757
Tronox, Ltd. bank term loan FRN Ser. B, 4s, 2020	2,979,874	2,957,525
		54,080,402
Broadcasting (2.6%)
iHeartCommunications, Inc. bank term loan FRN Ser. D, 6.906s, 2019	9,612,000	9,019,826
Media General, Inc. bank term loan FRN Ser. B2, 4 1/4s, 2020	3,000,000	2,992,500
Sinclair Television Group, Inc. bank term loan FRN Ser. B, 3s, 2020	3,959,877	3,868,304
Univision Communications, Inc. bank term loan FRN 4s, 2020	6,009,288	5,946,377
		21,827,007
Building materials (1.8%)
CPG International, Inc. bank term loan FRN Ser. B, 4 3/4s, 2020	3,960,000	3,955,050
Jeld-Wen, Inc. bank term loan FRN 5 1/4s, 2021	5,000,000	4,984,375
Nortek, Inc. bank term loan FRN Ser. B, 3 3/4s, 2020	2,490,000	2,451,873
Roofing Supply Group, LLC bank term loan FRN Ser. B, 5s, 2019	3,920,000	3,871,000
		15,262,298
Capital goods (6.4%)
Accudyne Industries Borrower SCA bank term loan FRN 4s, 2019 (Luxembourg)	2,240,758	2,188,006
ADS Waste Holdings, Inc. bank term loan FRN Ser. B, 3 3/4s, 2019	3,982,272	3,905,116
B/E Aerospace, Inc. bank term loan FRN Ser. B, 4s, 2021	4,000,000	4,007,500
Berry Plastics Group, Inc. bank term loan FRN Ser. E, 3 3/4s, 2021	1,812,222	1,786,980
Doosan Bobcat AS bank term loan FRN Ser. B, 4 1/2s, 2021 (Norway)	2,301,442	2,300,483
Gardner Denver, Inc. bank term loan FRN 4 1/4s, 2020	3,534,300	3,444,469
Gates Global, LLC/Gates Global Co. bank term loan FRN 4 1/4s, 2021	6,000,000	5,936,784
Generac Power Systems, Inc. bank term loan FRN Ser. B, 3 1/4s, 2020	4,704,167	4,590,481
Husky Injection Molding Systems, Ltd. bank term loan FRN 7 1/4s, 2022 (Canada)	2,000,000	1,977,500
Husky Injection Molding Systems, Ltd. bank term loan FRN 4 1/4s, 2021 (Canada)	1,992,395	1,971,850
Manitowoc Co., Inc. (The) bank term loan FRN Ser. B, 3 1/4s, 2021	995,000	980,075
Mirror Bidco Corp. bank term loan FRN Ser. B, 4 1/4s, 2019 (Luxembourg)	3,452,472	3,420,823
Reynolds Group Holdings, Inc. bank term loan FRN Ser. B, 4s, 2018	2,996,854	2,986,365
Sequa Corp. bank term loan FRN Ser. B, 5 1/4s, 2017	1,473,750	1,435,064
Signode Industrial Group US, Inc. bank term loan FRN Ser. B, 3 3/4s, 2021	2,111,111	2,080,764
TransDigm, Inc. bank term loan FRN Ser. C, 3 3/4s, 2020	5,914,749	5,862,995
Zebra Technologies Corp. bank term loan FRN Ser. B, 4 3/4s, 2021	5,000,000	5,038,750
		53,914,005
Commercial and consumer services (3.3%)
Garda World Security Corp. bank term loan FRN Ser. B, 4s, 2020 (Canada)	4,455,407	4,392,287
Garda World Security Corp. bank term loan FRN Ser. DD, 4s, 2020 (Canada)	1,139,755	1,123,608
IMC OP LP bank term loan FRN 5 1/4s, 2020	5,000,000	4,981,250
Interactive Data Corp. bank term loan FRN Ser. B, 4 1/2s, 2021	4,289,250	4,308,015
Orbitz Worldwide, Inc. bank term loan FRN 4 1/2s, 2021	2,970,056	2,950,255
Sabre GLBL, Inc. bank term loan FRN Ser. B, 4s, 2019	2,036,792	2,021,007
Sabre GLBL, Inc. bank term loan FRN Ser. B2, 4 1/2s, 2019	1,960,000	1,945,790
Travelport Finance Sarl bank term loan FRN Ser. B, 6s, 2021 (Luxembourg)	5,515,000	5,529,935
		27,252,147
Communication services (7.6%)
Asurion, LLC bank term loan FRN 8 1/2s, 2021	2,460,000	2,475,375
Asurion, LLC bank term loan FRN Ser. B1, 5s, 2019	5,668,610	5,641,282
Atlantic Broadband Penn, LLC bank term loan FRN Ser. B, 3 1/4s, 2019	1,758,882	1,734,698
Charter Communications Operating, LLC bank term loan FRN Ser. E, 3s, 2020	3,932,563	3,874,805
Charter Communications Operating, LLC bank term loan FRN Ser. G, 4 1/4s, 2021	5,000,000	5,032,815
Crown Castle Operating Co. bank term loan FRN Ser. B2, 3s, 2021	2,379,843	2,369,134
Intelsat Jackson Holdings SA bank term loan FRN Ser. B2, 3 3/4s, 2019 (Bermuda)	1,839,628	1,828,898
Level 3 Financing, Inc. bank term loan FRN Ser. B, 4s, 2019	1,050,000	1,048,688
Level 3 Financing, Inc. bank term loan FRN Ser. B1, 4s, 2020	5,000,000	4,991,665
Level 3 Financing, Inc. bank term loan FRN Ser. B5, 4 1/2s, 2022	2,335,000	2,342,505
LTS Buyer, LLC bank term loan FRN 8s, 2021	158,125	158,520
LTS Buyer, LLC bank term loan FRN Ser. B, 4s, 2020	4,443,750	4,385,426
Numericable US, LLC bank term loan FRN Ser. B1, 4 1/2s, 2020 (France)	1,667,438	1,668,332
Numericable US, LLC bank term loan FRN Ser. B2, 4 1/2s, 2020 (France)	1,442,562	1,443,335
SBA Senior Finance II, LLC bank term loan FRN Ser. B, 3 1/4s, 2021	4,987,500	4,909,570
Telesat Canada bank term loan FRN Ser. B, 3 1/2s, 2019 (Canada)	3,693,750	3,655,272
Virgin Media Investment Holdings, Ltd. bank term loan FRN Ser. B, 3 1/2s, 2020 (United Kingdom)	2,500,000	2,475,520
Wide Open West Finance, LLC bank term loan FRN Ser. B, 4 3/4s, 2019	3,441,266	3,432,663
Windstream Corp. bank term loan FRN Ser. B4, 3 1/2s, 2020	2,947,500	2,925,394
Windstream Corp. bank term loan FRN Ser. B5, 3 1/2s, 2019	1,470,141	1,460,339
Zayo Group, LLC bank term loan FRN Ser. B, 4s, 2019	6,223,031	6,210,068
		64,064,304
Consumer staples (9.7%)
Amaya BV bank term loan FRN 8s, 2022 (Netherlands)	2,000,000	2,030,000
Amaya BV bank term loan FRN 5s, 2021 (Netherlands)	3,000,000	2,994,999
BC ULC bank term loan FRN Ser. B, 4 1/2s, 2021 (Canada)	4,965,000	4,976,524
Big Heart Pet Brands bank term loan FRN 3 1/2s, 2020	3,482,500	3,359,742
Blue Ribbon, LLC bank term loan FRN 9 1/4s, 2022	1,000,000	999,167
Blue Ribbon, LLC bank term loan FRN 5 3/4s, 2021	3,000,000	3,015,000
CEC Entertainment, Inc. bank term loan FRN Ser. B, 4s, 2021	4,748,140	4,666,534
Dave & Buster's, Inc. bank term loan FRN Ser. B, 4 1/2s, 2020	3,245,283	3,243,255
DE Master Blenders 1753 NV bank term loan FRN Ser. B2, 3 1/2s, 2021 (Netherlands)	2,500,000	2,485,418
Del Monte Foods, Inc. bank term loan FRN 8 1/4s, 2021	1,000,000	860,000
Del Monte Foods, Inc. bank term loan FRN 4 1/4s, 2021	3,056,900	2,830,179
H.J. Heinz Co. bank term loan FRN Ser. B2, 3 1/2s, 2020	7,892,538	7,879,712
Hearthside Group Holdings, LLC bank term loan FRN Ser. B, 4 1/2s, 2021	3,990,000	3,994,988
Hertz Corp. (The) bank term loan FRN Ser. B, 3s, 2018	1,970,000	1,923,213
JBS USA, LLC bank term loan FRN 3 3/4s, 2020	1,485,000	1,470,150
Landry's, Inc. bank term loan FRN Ser. B, 4s, 2018	4,521,718	4,511,354
Libbey Glass, Inc. bank term loan FRN Ser. B, 3 3/4s, 2021	4,344,113	4,316,962
Prestige Brands, Inc. bank term loan FRN Ser. B, 4 1/8s, 2019	1,133,113	1,131,224
Revlon Consumer Products Corp. bank term loan FRN Ser. B, 4s, 2019	2,481,250	2,462,641
Rite Aid Corp. bank term loan FRN 5 3/4s, 2020	1,900,000	1,909,500
Rite Aid Corp. bank term loan FRN 4 7/8s, 2021	2,000,000	1,998,750
Rite Aid Corp. bank term loan FRN Ser. 7, 3 1/2s, 2020	4,937,688	4,900,655
Sprouts Farmers Markets, Inc. bank term loan FRN 4s, 2020	2,052,679	2,050,969
US Foods, Inc. bank term loan FRN 4 1/2s, 2019	3,950,000	3,946,050
WNA Holdings, Inc. bank term loan FRN 8 1/2s, 2020	1,335,000	1,308,300
WNA Holdings, Inc. bank term loan FRN 4 1/2s, 2020	733,697	730,028
WNA Holdings, Inc. bank term loan FRN 4 1/2s, 2020	381,746	379,838
World Kitchen, LLC bank term loan FRN 5 1/2s, 2019	4,710,267	4,698,491
		81,073,643
Energy (3.9%)
American Energy-Marcellus, LLC bank term loan FRN 5 1/4s, 2020	1,850,000	1,749,791
EP Energy, LLC bank term loan FRN Ser. B3, 3 1/2s, 2018	4,143,333	4,066,682
Fieldwood Energy, LLC bank term loan FRN 8 3/8s, 2020	2,105,000	1,893,184
Fieldwood Energy, LLC bank term loan FRN 3 7/8s, 2018	3,955,020	3,777,044
Offshore Group Investment, Ltd. bank term loan FRN Ser. B, 5 3/4s, 2019 (Cayman Islands)	822,475	674,430
Offshore Group Investment, Ltd. bank term loan FRN Ser. B, 5s, 2017 (Cayman Islands)	3,064,000	2,696,320
Paragon Offshore Finance Co. bank term loan FRN Ser. B, 3 3/4s, 2021 (Cayman Islands)	5,000,000	4,450,000
Samson Investment Co. bank term loan FRN 5s, 2018	4,000,000	3,638,332
Seventy Seven Energy, Inc. bank term loan FRN 3 3/4s, 2021	2,992,500	2,869,059
Shelf Drilling Holdings, Ltd. bank term loan FRN 10s, 2018(PIK)	2,423,000	2,350,310
Tervita Corp. bank term loan FRN Ser. B, 6 1/4s, 2018 (Canada)	5,339,925	4,878,021
		33,043,173
Entertainment (1.2%)
AMC Entertainment, Inc. bank term loan FRN Ser. B, 3 1/2s, 2020	1,970,000	1,951,778
Delta 2 (Lux) Sarl bank term loan FRN 7 3/4s, 2022 (Luxembourg)	1,000,000	992,917
Delta 2 (Lux) Sarl bank term loan FRN 4 3/4s, 2021 (Luxembourg)	5,000,000	4,959,375
NEP/NCP Holdco, Inc. bank term loan FRN Ser. B, 4 1/4s, 2020	2,472,591	2,437,561
		10,341,631
Financials (4.5%)
Alliant Holdings I, Inc. bank term loan FRN Ser. B, 4 1/4s, 2019	2,416,363	2,380,118
Altisource Solutions Sarl bank term loan FRN Ser. B, 4 1/2s, 2020 (Luxembourg)	4,925,281	4,284,994
Capital Automotive LP bank term loan FRN 6s, 2020	2,500,000	2,525,000
Delos Finance SARL bank term loan FRN Ser. B, 3 1/2s, 2021 (Luxembourg)	2,500,000	2,496,250
Guggenheim Partners Investment Management Holdings, LLC bank term loan FRN Ser. B, 4 1/4s, 2020	1,980,000	1,973,565
HUB International, Ltd. bank term loan FRN Ser. B, 4 1/4s, 2020	5,441,403	5,380,187
iStar Financial, Inc. bank term loan FRN Ser. A2, 7s, 2017(R)	424,751	434,838
Ocwen Financial Corp. bank term loan FRN Ser. B, 5s, 2018	3,447,500	3,304,574
Starwood Property Trust, Inc. bank term loan FRN 3 1/2s, 2020	3,688,064	3,617,375
Transfirst, Inc. bank term loan FRN 9s, 2022	1,000,000	1,002,188
Transfirst, Inc. bank term loan FRN 5 1/2s, 2021	2,000,000	2,004,376
USI, Inc. bank term loan FRN Ser. B, 4 1/4s, 2019	3,930,300	3,881,171
Walter Investment Management Corp. bank term loan FRN Ser. B, 4 3/4s, 2020	4,609,220	4,252,006
		37,536,642
Gaming and lottery (6.4%)
American Casino & Entertainment Properties, LLC bank term loan FRN 11 1/4s, 2020	2,000,000	2,080,000
American Casino & Entertainment Properties, LLC bank term loan FRN 4 1/2s, 2019	2,942,601	2,942,601
Caesars Entertainment Operating Co., Inc. bank term loan FRN Ser. B6, 6.985s, 2017	7,783,949	7,071,718
Caesars Entertainment Operating Co., Inc. bank term loan FRN Ser. B7, 9 3/4s, 2017	673,313	620,008
CBAC Borrower, LLC bank term loan FRN Ser. B, 8 1/4s, 2020	2,250,000	2,261,250
CCM Merger, Inc. bank term loan FRN Ser. B, 4 1/2s, 2021	3,795,959	3,791,214
Gateway Casinos & Entertainment, Inc. bank term loan FRN Ser. B, 5 1/4s, 2019	3,960,000	3,419,764
Golden Nugget, Inc. bank term loan FRN Ser. B, 5 1/2s, 2019	2,035,618	2,048,340
Golden Nugget, Inc. bank term loan FRN Ser. DD, 5 1/2s, 2019	872,408	877,860
Marina District Finance Co, Inc. bank term loan FRN Ser. B, 6 3/4s, 2018	922,763	928,069
Penn National Gaming, Inc. bank term loan FRN Ser. B, 3 1/4s, 2020	3,721,875	3,666,047
Pinnacle Entertainment, Inc. bank term loan FRN Ser. B2, 3 3/4s, 2020	2,249,999	2,227,499
ROC Finance, LLC bank term loan FRN 5s, 2019	5,944,962	5,655,145
Scientific Games International, Inc. bank term loan FRN 6s, 2021	6,500,000	6,393,361
Station Casinos, LLC bank term loan FRN Ser. B, 4 1/4s, 2020	4,772,691	4,732,920
Yonkers Racing Corp. bank term loan FRN 8 3/4s, 2020	2,000,000	1,450,000
Yonkers Racing Corp. bank term loan FRN 4 1/4s, 2019	3,703,586	3,302,365
		53,468,161
Health care (10.2%)
Akorn, Inc. bank term loan FRN Ser. B, 4 1/2s, 2020	7,000,000	7,017,500
AmSurg Corp. bank term loan FRN Ser. B, 3 3/4s, 2021	4,488,750	4,472,851
Ardent Medical Services, Inc. bank term loan FRN 6 3/4s, 2018	3,859,683	3,859,683
CHS/Community Health Systems, Inc. bank term loan FRN Ser. D, 4 1/4s, 2021	5,379,138	5,390,063
ConvaTec, Inc. bank term loan FRN Ser. B, 4s, 2016	4,312,364	4,312,364
Emergency Medical Services Corp. bank term loan FRN Ser. B, 4s, 2018	3,989,685	3,971,731
Grifols Worldwide Operations USA, Inc. bank term loan FRN 3.156s, 2021	6,283,413	6,217,958
IASIS Healthcare, LLC/IASIS Capital Corp. bank term loan FRN Ser. B, 4 1/2s, 2018	4,852,821	4,855,854
Kinetic Concepts, Inc. bank term loan FRN 4s, 2018	3,872,703	3,852,131
MPH Acquisition Holdings, LLC bank term loan FRN Ser. B, 3 3/4s, 2021	6,194,182	6,093,526
Ortho-Clinical Diagnostics, Inc. bank term loan FRN Ser. B, 4 3/4s, 2021	4,469,200	4,423,266
Par Pharmaceutical Cos., Inc. bank term loan FRN Ser. B, 4s, 2019	5,198,612	5,111,967
Patheon, Inc. bank term loan FRN Ser. B, 4 1/4s, 2021 (Canada)	7,381,500	7,206,189
Pharmaceutical Product Development, Inc. bank term loan FRN Ser. B, 4s, 2018	2,049,165	2,042,335
Quintiles Transnational Corp. bank term loan FRN Ser. B3, 3 3/4s, 2018	7,122,157	7,080,613
Surgical Care Affiliates, Inc. bank term loan FRN Ser. B-DD, 4s, 2018	2,962,500	2,925,469
United Surgical Partners International, Inc. bank term loan FRN 4 3/4s, 2019	2,462,500	2,461,732
Valeant Pharmaceuticals International, Inc. bank term loan FRN Ser. C2, 3 1/2s, 2019	1,918,785	1,904,394
Valeant Pharmaceuticals International, Inc. bank term loan FRN Ser. D2, 3 1/2s, 2019	1,918,785	1,904,928
		85,104,554
Homebuilding (0.8%)
Realogy Group, LLC bank term loan FRN 4.4s, 2016	161,022	157,600
Realogy Group, LLC bank term loan FRN Ser. B, 3 3/4s, 2020	6,897,863	6,863,374
		7,020,974
Household furniture and appliances (0.4%)
Tempur Sealy International, Inc. bank term loan FRN Ser. B, 3 1/2s, 2020	3,651,708	3,604,922
		3,604,922
Leisure (0.6%)
Steinway Musical Instruments, Inc. bank term loan FRN 4 3/4s, 2019	4,959,950	4,956,850
		4,956,850
Lodging/Tourism (2.3%)
Caesars Growth Properties Holdings, LLC bank term loan FRN 6 1/4s, 2021	4,204,463	3,916,457
CityCenter Holdings, LLC bank term loan FRN Ser. B, 4 1/4s, 2020	5,591,978	5,582,192
Hilton Worldwide Finance, LLC bank term loan FRN Ser. B, 3 1/2s, 2020	5,276,213	5,221,568
MGM Resorts International bank term loan FRN Ser. B, 3 1/2s, 2019	4,912,500	4,842,905
		19,563,122
Media (1.0%)
Getty Images, Inc. bank term loan FRN Ser. B, 4 3/4s, 2019	5,739,406	5,427,326
TWCC Holding Corp. bank term loan FRN 7s, 2020	3,000,000	2,932,500
		8,359,826
Publishing (1.0%)
SuperMedia, Inc. bank term loan FRN 11.6s, 2016	1,728,510	1,404,414
Tribune Co. bank term loan FRN Ser. B, 4s, 2020	6,731,430	6,697,773
		8,102,187
Retail (5.2%)
Academy, Ltd. bank term loan FRN Ser. B, 4 1/2s, 2018	6,420,052	6,405,152
Burlington Coat Factory Warehouse Corp. bank term loan FRN Ser. B, 4 1/4s, 2021	7,980,000	7,932,120
JC Penney Corp., Inc. bank term loan FRN 6s, 2018	4,962,312	4,862,033
JC Penney Corp., Inc. bank term loan FRN 5s, 2019	3,017,438	2,918,429
Jo-Ann Stores, Inc. bank term loan FRN Ser. B, 4s, 2018	3,783,696	3,660,726
Leslie's Poolmart, Inc. bank term loan FRN Ser. B, 4 1/4s, 2019	2,878,330	2,826,758
Neiman Marcus Group, Ltd., Inc. bank term loan FRN 4 1/4s, 2020	7,390,616	7,341,342
Petco Animal Supplies, Inc. bank term loan FRN 4s, 2017	2,887,500	2,871,001
Talbots, Inc. (The) bank term loan FRN 8 1/4s, 2021	2,000,000	1,950,000
Talbots, Inc. (The) bank term loan FRN 4 3/4s, 2020	2,985,000	2,899,181
		43,666,742
Technology (5.3%)
Avago Technologies, Ltd. bank term loan FRN Ser. B, 3 3/4s, 2020	4,603,463	4,600,176
Avaya, Inc. bank term loan FRN Ser. B3, 4.654s, 2017	2,505,948	2,432,163
Avaya, Inc. bank term loan FRN Ser. B6, 6 1/2s, 2018	3,217,340	3,199,528
BMC Software, Inc. bank term loan FRN 5s, 2020	4,788,889	4,712,157
Dell, Inc. bank term loan FRN Ser. B, 4 1/2s, 2020	6,926,259	6,932,555
First Data Corp. bank term loan FRN 4.155s, 2021	1,541,750	1,530,573
First Data Corp. bank term loan FRN Ser. B, 3.655s, 2018	6,500,000	6,410,625
Freescale Semiconductor, Inc. bank term loan FRN Ser. B4, 4 1/4s, 2020	5,223,317	5,174,813
Freescale Semiconductor, Inc. bank term loan FRN Ser. B5, 5s, 2021	1,472,563	1,474,404
Infor US, Inc. bank term loan FRN Ser. B, 3 3/4s, 2020	1,946,206	1,915,392
Infor US, Inc. bank term loan FRN Ser. B5, 3 3/4s, 2020	3,571,944	3,522,086
Syniverse Holdings, Inc. bank term loan FRN 4s, 2019	2,423,804	2,379,368
		44,283,840
Textiles (0.5%)
Stuart Weitzman Acquistion Co., LLC bank term loan FRN Ser. B, 4 1/2s, 2020	3,990,000	3,895,238
		3,895,238
Transportation (1.1%)
Air Medical Group Holdings, Inc. bank term loan FRN 7 5/8s, 2018(PIK)	1,500,000	1,485,000
Air Medical Group Holdings, Inc. bank term loan FRN Ser. B1, 5s, 2018	3,944,465	3,954,327
Livingston International, Inc. bank term loan FRN 9s, 2020 (Canada)	1,466,087	1,462,422
Swift Transportation Company, LLC bank term loan FRN Ser. B, 3 3/4s, 2021	1,990,000	1,978,806
		8,880,555
Utilities and power (2.3%)
Calpine Construction Finance Co. LP bank term loan FRN Ser. B, 3s, 2020	2,370,000	2,317,663
Calpine Construction Finance Co. LP bank term loan FRN Ser. B2, 3 1/4s, 2022	1,786,472	1,748,509
Calpine Corp. bank term loan FRN Ser. B3, 4s, 2019	2,940,000	2,923,463
Energy Future Intermediate Holding Co., LLC bank term loan FRN 4 1/4s, 2016	1,761,417	1,760,977
Energy Transfer Equity LP bank term loan FRN 3 1/4s, 2019	5,570,000	5,494,187
Texas Competitive Electric Holdings Co., LLC bank term loan FRN 4.65s, 2017	6,830,362	4,943,474
Texas Competitive Electric Holdings Co., LLC bank term loan FRN 4.65s, 2017	70,101	50,736
		19,239,009
Total senior loans (cost $733,411,284)		$723,867,986
CORPORATE BONDS AND NOTES (9.7%)(a)
	Principal amount	Value
Basic materials (1.5%)
Cemex SAB de CV 144A company guaranty sr. FRN notes 4.981s, 2018 (Mexico)	$1,500,000	$1,563,750
Hexion U.S. Finance Corp./Hexion Nova Scotia Finance, ULC company guaranty sr. notes 8 7/8s, 2018	1,536,000	1,451,520
Huntsman International, LLC company guaranty sr. unsec. sub. notes 8 5/8s, 2021	1,750,000	1,898,750
Perstorp Holding AB 144A company guaranty sr. notes 8 3/4s, 2017 (Sweden)	1,710,000	1,752,750
PQ Corp. 144A sr. notes 8 3/4s, 2018	1,934,000	2,035,535
Ryerson, Inc./Joseph T Ryerson & Son, Inc. company guaranty sr. notes 9s, 2017	1,765,000	1,800,300
Taminco Global Chemical Corp. 144A sr. notes 9 3/4s, 2020 (Belgium)	638,000	699,408
TPC Group, Inc. 144A company guaranty sr. notes 8 3/4s, 2020	1,120,000	1,162,000
		12,364,013
Capital goods (0.4%)
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 144A FRN 3.234s, 2019 (Ireland)	1,155,000	1,120,350
Novafives SAS 144A FRN 4.082s, 2020 (France)	1,000,000	1,237,295
Pittsburgh Glass Works, LLC 144A company guaranty sr. notes 8s, 2018	1,000,000	1,060,000
		3,417,645
Communication services (1.6%)
Cablevision Systems Corp. sr. unsec. unsub. notes 8 5/8s, 2017	1,148,000	1,300,110
Digicel, Ltd. 144A sr. unsec. notes 8 1/4s, 2017 (Jamaica)	1,950,000	1,991,438
DISH DBS Corp. company guaranty sr. unsec. unsub. notes 4 1/4s, 2018	1,062,000	1,080,585
Intelsat Jackson Holdings SA company guaranty sr. unsec. notes 7 1/4s, 2019 (Bermuda)	1,500,000	1,569,375
Intelsat Luxembourg SA company guaranty sr. unsec. bonds 6 3/4s, 2018 (Luxembourg)	1,000,000	1,025,000
Numericable Group SA 144A sr. notes 4 7/8s, 2019 (France)	2,050,000	2,035,240
Sprint Communications, Inc. 144A company guaranty sr. unsec. notes 9s, 2018	2,000,000	2,315,000
WideOpenWest Finance, LLC/WideOpenWest Capital Corp. company guaranty sr. unsec. notes 10 1/4s, 2019	2,000,000	2,170,000
		13,486,748
Consumer cyclicals (1.3%)
Clear Channel Worldwide Holdings, Inc. company guaranty sr. unsec. notes 7 5/8s, 2020	1,000,000	1,040,000
GLP Capital LP/GLP Financing II, Inc. company guaranty sr. unsec. notes 4 3/8s, 2018	2,000,000	2,050,000
Igloo Holdings Corp. 144A sr. unsec. unsub. notes 8 1/4s, 2017(PIK)	1,250,000	1,259,375
M/I Homes, Inc. company guaranty sr. unsec. notes 8 5/8s, 2018	815,000	851,675
MTR Gaming Group, Inc. company guaranty notes 11 1/2s, 2019	1,774,000	1,946,965
Petco Animal Supplies, Inc. 144A company guaranty sr. unsec. notes 9 1/4s, 2018	367,000	383,056
Schaeffler Finance BV 144A company guaranty sr. notes 7 3/4s, 2017 (Netherlands)	1,815,000	2,019,188
Standard Pacific Corp. company guaranty sr. unsec. notes 8 3/8s, 2018	1,000,000	1,138,750
		10,689,009
Consumer staples (0.4%)
BlueLine Rental Finance Corp. 144A sr. notes 7s, 2019	2,198,000	2,280,425
Hertz Corp. (The) company guaranty sr. unsec. notes 4 1/4s, 2018	1,298,000	1,285,020
		3,565,445
Energy (0.9%)
Calfrac Holdings LP 144A company guaranty sr. unsec. unsub. notes 7 1/2s, 2020	1,106,000	995,400
Chesapeake Energy Corp. company guaranty sr. unsec. FRN notes 3.481s, 2019	2,000,000	1,985,000
Gulfport Energy Corp. company guaranty sr. unsec. unsub. notes 7 3/4s, 2020	1,500,000	1,530,000
Hiland Partners LP/Hiland Partners Finance Corp. 144A company guaranty sr. notes 7 1/4s, 2020	425,000	444,125
Linn Energy, LLC/Linn Energy Finance Corp. company guaranty sr. unsec. notes 6 1/2s, 2019	2,000,000	1,797,500
Shelf Drilling Holdings, Ltd. 144A sr. notes 8 5/8s, 2018	1,270,000	1,130,300
		7,882,325
Financials (1.3%)
Icahn Enterprises LP/Icahn Enterprises Finance Corp. company guaranty sr. unsec. notes 3 1/2s, 2017	2,500,000	2,471,875
iStar Financial, Inc. company guaranty sr. unsec. unsub. notes 4 7/8s, 2018(R)	2,000,000	1,967,500
JPMorgan Chase & Co. jr. unsec. sub. FRN notes 7.9s, perpetual maturity	3,000,000	3,256,830
Nationstar Mortgage, LLC/Nationstar Capital Corp. company guaranty sr. unsec. notes 6 1/2s, 2018	1,790,000	1,718,400
TMX Finance, LLC/TitleMax Finance Corp. 144A sr. notes 8 1/2s, 2018	1,500,000	1,440,000
		10,854,605
Health care (0.6%)
Jaguar Holding Co. I 144A sr. unsec. notes 9 3/8s, 2017(PIK)	1,128,000	1,150,560
Tenet Healthcare Corp. company guaranty sr. notes 6 1/4s, 2018	2,000,000	2,167,500
Valeant Pharmaceuticals International, Inc. 144A sr. unsec. notes 6 3/4s, 2018	1,500,000	1,603,125
		4,921,185
Technology (0.7%)
Avaya, Inc. 144A company guaranty sr. notes 7s, 2019	2,000,000	1,955,000
First Data Corp. company guaranty sr. unsec. notes 11 1/4s, 2021	1,200,000	1,368,000
SunGard Data Systems, Inc. company guaranty sr. unsec. notes 7 3/8s, 2018	1,000,000	1,040,000
Syniverse Holdings, Inc. company guaranty sr. unsec. notes 9 1/8s, 2019	1,365,000	1,426,425
		5,789,425
Transportation (0.2%)
CHC Helicopter SA company guaranty sr. notes 9 1/4s, 2020 (Canada)	1,278,000	1,290,780
		1,290,780
Utilities and power (0.8%)
AES Corp./Virginia (The) sr. unsec. FRN notes 3.234s, 2019	3,000,000	2,985,000
AES Corp./Virginia (The) sr. unsec. unsub. notes 8s, 2017	1,750,000	1,986,250
NRG Energy, Inc. company guaranty sr. unsec. notes 7 5/8s, 2018	1,500,000	1,661,250
		6,632,500
Total corporate bonds and notes (cost $82,632,857)		$80,893,680
PREFERRED STOCKS (0.1%)(a)
	Shares	Value
HSBC USA, Inc. $0.88 pfd. (United Kingdom)	39,050	$875,501
Total preferred stocks (cost $875,910)		$875,501
COMMON STOCKS (—%)(a)
	Shares	Value
Tribune Co. Class 1C(F)(NON)	591,290	$147,822
Total common stocks (cost $—)		$147,822
SHORT-TERM INVESTMENTS (4.3%)(a)
	Shares	Value
Putnam Short Term Investment Fund 0.09%(AFF)	35,666,429	$35,666,429
Total short-term investments (cost $35,666,429)		$35,666,429
TOTAL INVESTMENTS
Total investments (cost $852,586,480)(b)		$841,451,418

FORWARD CURRENCY CONTRACTS at 11/30/14 (aggregate face value $4,844,173) (Unaudited)
						Unrealized
		Contract	Delivery		Aggregate	appreciation/
Counterparty	Currency	type	date	Value	face value	(depreciation)
Barclays Bank PLC
	Euro	Sell	12/17/14	$1,243,547	$1,313,449	$69,902
HSBC Bank USA, National Association
	Canadian Dollar	Sell	1/21/15	422,592	431,879	9,287
JPMorgan Chase Bank N.A.
	Canadian Dollar	Sell	1/21/15	850,425	869,338	18,913
UBS AG
	Canadian Dollar	Sell	1/21/15	2,177,163	2,229,507	52,344
Total						$150,446

Key to holding's abbreviations
FRN	Floating Rate Notes: the rate shown is the current interest rate at the close of the reporting period

	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 1, 2014 through November 30, 2014 (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 $837,324,843.
(b)	The aggregate identified cost on a tax basis is $853,092,717, resulting in gross unrealized appreciation and depreciation of $1,946,123 and $13,587,422, respectively, or net unrealized depreciation of $11,641,299.
(NON)	Non-income-producing security.
(PIK)	Income may be received in cash or additional securities at the discretion of the issuer.
(AFF)	Affiliated company. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with Putnam Short Term Investment Fund, which is under common ownership and control, were as follows:
	Name of affiliate	Fair value at the beginning of the reporting period	Purchase cost	Sale proceeds	Investment income	Fair value at the end of the reporting period
	Putnam Short Term Investment Fund *	$49,886,929	$347,584,696	$361,805,196	$16,758	$35,666,429
	* Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management.
(c)	Senior loans are exempt from registration under the Securities Act of 1933, as amended, but contain certain restrictions on resale and cannot be sold publicly. These loans pay interest at rates which adjust periodically. The interest rates shown for senior loans are the current interest rates at the close of the reporting period. Senior loans are also subject to mandatory and/or optional prepayment which cannot be predicted. As a result, the remaining maturity may be substantially less than the stated maturity shown. Senior loans are purchased or sold on a when-issued or delayed delivery basis and may be settled a month or more after the trade date, which from time to time can delay the actual investment of available cash balances; interest income is accrued based on the terms of the securities.
	Senior loans can be acquired through an agent, by assignment from another holder of the loan, or as a participation interest in another holder’s portion of the loan. When the fund invests in a loan or participation, the fund is subject to the risk that an intermediate participant between the fund and the borrower will fail to meet its obligations to the fund, in addition to the risk that the borrower under the loan may default on its obligations.
(F)	Security is valued at fair value following procedures approved by the Trustees. Securities may be classified as Level 2 or Level 3 for ASC 820 based on the securities' valuation inputs.
(R)	Real Estate Investment Trust.
	Debt obligations are considered secured unless otherwise indicated.
	144A after the name of an issuer represents securities exempt from registration under Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
	The dates shown on debt obligations are the original maturity dates.
	Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Board has formed a Pricing Committee to oversee the implementation of these procedures and has delegated responsibility for valuing the fund’s assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.
	Senior loans are valued at fair value on the basis of valuations provided by an independent pricing service, approved by the Trustees. Such services use information with respect to transactions in senior loans, quotations from senior loan dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2.
	Market quotations are not considered to be readily available for certain debt obligations; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by Putnam Management. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as prices, yields, maturities and ratings). These securities will generally be categorized as Level 2. Short-term securities with remaining maturities of 60 days or less may be valued at amortized cost, which approximates fair value and are classified as Level 2 securities.
	Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management. Certain investments, including certain restricted and illiquid securities, are also valued at fair value following procedures approved 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, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.
	To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. 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 at a given point in time and does not reflect an actual market price, which may be different by a material amount.
	Forward currency contracts: The fund buys and sells forward currency contracts, which are agreements between two parties to buy and sell currencies at a set price on a future date. These contracts were used to hedge foreign exchange risk.
	The U.S. dollar value of forward currency contracts is determined using current forward currency exchange rates supplied by a quotation service. The fair value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily and the change in fair value is recorded as an unrealized gain or loss. The fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed when the contract matures or by delivery of the currency. The fund could be exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the fund is unable to enter into a closing position.
	For the fund's average contract amount on forward currency contracts, see the appropriate table at the end of these footnotes.
	Master agreements: The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund’s custodian and with respect to those amounts which can be sold or repledged, is presented in the fund’s portfolio.
	Collateral pledged by the fund is segregated by the fund’s custodian and identified in the fund’s portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund’s net position with each counterparty.
	Termination events applicable to the fund may occur upon a decline in the fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund’s counterparties to elect early termination could impact the fund’s future derivative activity.
	At the close of the reporting period, the fund did not have a net liability position on open derivative contracts subject to the Master Agreements.

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
Common stocks*:
Consumer cyclicals	$—	$—	$147,822
Total common stocks	—	—	147,822
Corporate bonds and notes	—	80,893,680	—
Preferred stocks	875,501	—	—
Senior loans	—	723,867,986	—
Short-term investments	35,666,429	—	—
Totals by level	$36,541,930	$804,761,666	$147,822
		Valuation inputs
Other financial instruments:	Level 1	Level 2	Level 3
Forward currency contracts	$—	$150,446	$—
Totals by level	$—	$150,446	$—
* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation.
During the reporting period, transfers within the fair value hierarchy, if any, did not represent, in the aggregate, more than 1% of the fund's net assets measured as of the end of the period.
At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and were not considered a significant portion of the fund's portfolio.
Fair Value of Derivative Instruments as of the close of the reporting period
	Asset derivatives	Liability derivatives
Derivatives not accounted for as hedging instruments under ASC 815	Fair value	Fair value
Foreign exchange contracts	$150,446	$—
Total	$150,446	$—
The volume of activity for the reporting period for any derivative type that was held at the close of the period is listed below and was as follows based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period:
Forward currency contracts (contract amount)		$4,400,000

	The following table summarizes any derivatives, repurchase agreements and reverse repurchase agreements, at the end of the reporting period, that are subject to an enforceable master netting agreement or similar agreement. For securities lending transactions, if applicable, see note "(d)" above, and for borrowing transactions associated with securities sold short, if applicable, see the "Short sales of securities" note above.
		Barclays Bank PLC	HSBC Bank USA, National Association	JPMorgan Chase Bank N.A.	UBS AG	Total
	Assets:
	Forward currency contracts#	$ 69,902	$ 9,287	$ 18,913	$ 52,344	$ 150,446
	Total Assets	$69,902	$9,287	$18,913	$52,344	$150,446
	Liabilities:
	Forward currency contracts#	–	–	–	–	–
	Total Liabilities	$–	$–	$–	$–	$–
	Total Financial and Derivative Net Assets	$69,902	$9,287	$18,913	$52,344	$150,446
	Total collateral received (pledged)##†	$–	$–	$–	$–
	Net amount	$69,902	$9,287	$18,913	$52,344
†	Additional collateral may be required from certain brokers based on individual agreements.
#	Covered by master netting agreement.
##	Any over-collateralization of total financial and derivative net assets is not shown. Collateral may include amounts related to unsettled agreements.
	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: January 28, 2015

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: January 28, 2015

By (Signature and Title):

/s/ Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer
Date: January 28, 2015