| 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: | June 30, 2015 |
| Date of reporting period: | March 31, 2015 |
Item 1. Schedule of Investments: |
| Putnam International Value Fund | ||||||
| The fund's portfolio | ||||||
| 3/31/15 (Unaudited) | ||||||
| COMMON STOCKS (96.0%)(a) | ||||||
| Shares | Value | |||||
| Aerospace and defense (2.1%) | ||||||
| Airbus Group NV (France) | 36,100 | $2,345,795 | ||||
| BAE Systems PLC (United Kingdom) | 200,569 | 1,555,024 | ||||
| 3,900,819 | ||||||
| Airlines (0.9%) | ||||||
| Japan Airlines Co., Ltd. (Japan)(UR) | 56,200 | 1,751,701 | ||||
| 1,751,701 | ||||||
| Automobiles (5.6%) | ||||||
| Daimler AG (Registered Shares) (Germany) | 27,077 | 2,607,893 | ||||
| Nissan Motor Co., Ltd. (Japan) | 334,600 | 3,411,946 | ||||
| Toyota Motor Corp. (Japan) | 46,300 | 3,231,349 | ||||
| Yamaha Motor Co., Ltd. (Japan) | 58,900 | 1,422,367 | ||||
| 10,673,555 | ||||||
| Banks (14.6%) | ||||||
| Banco Bilbao Vizcaya Argentaria SA (Rights) (Spain)(NON) | 132,526 | 19,095 | ||||
| Banco Bilbao Vizcaya Argentaria SA (Spain) | 132,526 | 1,337,438 | ||||
| Bank of Ireland (Ireland)(NON) | 4,682,538 | 1,776,101 | ||||
| Bank of Queensland, Ltd. (Australia) | 294,865 | 3,091,298 | ||||
| Barclays PLC (United Kingdom) | 113,244 | 406,341 | ||||
| DNB ASA (Norway) | 133,790 | 2,153,437 | ||||
| HSBC Holdings PLC (United Kingdom) | 221,479 | 1,884,825 | ||||
| ING Groep NV GDR (Netherlands)(NON) | 416,442 | 6,108,110 | ||||
| Lloyds Banking Group PLC (United Kingdom)(NON) | 1,074,902 | 1,247,615 | ||||
| Metro Bank PLC (acquired 1/15/14, cost $235,131) (Private) (United Kingdom)(F)(RES)(NON) | 30,891 | 650,697 | ||||
| Mizuho Financial Group, Inc. (Japan) | 784,500 | 1,379,895 | ||||
| Natixis SA (France) | 196,210 | 1,465,218 | ||||
| Sumitomo Mitsui Financial Group, Inc. (Japan) | 75,000 | 2,873,945 | ||||
| United Overseas Bank, Ltd. (Singapore) | 85,000 | 1,422,961 | ||||
| Virgin Money Holdings UK PLC (United Kingdom)(NON) | 331,274 | 1,955,381 | ||||
| 27,772,357 | ||||||
| Beverages (1.0%) | ||||||
| Anheuser-Busch InBev NV (Belgium) | 15,776 | 1,929,808 | ||||
| 1,929,808 | ||||||
| Building products (0.7%) | ||||||
| Compagnie De Saint-Gobain (France) | 27,623 | 1,211,862 | ||||
| 1,211,862 | ||||||
| Capital markets (1.1%) | ||||||
| UBS Group AG (Switzerland) | 111,506 | 2,092,703 | ||||
| 2,092,703 | ||||||
| Chemicals (1.0%) | ||||||
| Akzo Nobel NV (Netherlands) | 26,224 | 1,985,285 | ||||
| 1,985,285 | ||||||
| Commercial services and supplies (0.6%) | ||||||
| Elis SA (France)(NON) | 61,200 | 1,014,718 | ||||
| 1,014,718 | ||||||
| Communications equipment (0.8%) | ||||||
| Alcatel-Lucent (France)(NON) | 414,949 | 1,570,341 | ||||
| 1,570,341 | ||||||
| Construction and engineering (1.4%) | ||||||
| Vinci SA (France) | 47,405 | 2,712,924 | ||||
| 2,712,924 | ||||||
| Construction materials (0.6%) | ||||||
| CRH PLC (Ireland) | 39,655 | 1,032,488 | ||||
| 1,032,488 | ||||||
| Diversified financial services (1.8%) | ||||||
| Challenger, Ltd. (Australia) | 415,568 | 2,262,859 | ||||
| Eurazeo SA (France) | 16,844 | 1,155,546 | ||||
| 3,418,405 | ||||||
| Diversified telecommunication services (3.2%) | ||||||
| Com Hem Holding AB (Sweden)(NON) | 87,189 | 707,461 | ||||
| Nippon Telegraph & Telephone (NTT) Corp. (Japan) | 16,600 | 1,022,912 | ||||
| Spark New Zealand, Ltd. (New Zealand) | 704,341 | 1,563,724 | ||||
| Telecom Italia SpA RSP (Italy) | 1,476,691 | 1,388,760 | ||||
| Telstra Corp., Ltd. (Australia) | 302,500 | 1,451,723 | ||||
| 6,134,580 | ||||||
| Electric utilities (1.0%) | ||||||
| SSE PLC (United Kingdom) | 82,796 | 1,838,991 | ||||
| 1,838,991 | ||||||
| Food and staples retail (0.9%) | ||||||
| Seven & i Holdings Co., Ltd. (Japan) | 30,000 | 1,262,414 | ||||
| WM Morrison Supermarkets PLC (United Kingdom) | 147,320 | 421,109 | ||||
| 1,683,523 | ||||||
| Food products (2.7%) | ||||||
| Barry Callebaut AG (Switzerland) | 1,259 | 1,232,127 | ||||
| Kerry Group PLC Class A (Ireland) | 28,173 | 1,892,244 | ||||
| Nestle SA (Switzerland) | 27,420 | 2,070,194 | ||||
| 5,194,565 | ||||||
| Gas utilities (1.4%) | ||||||
| Tokyo Gas Co., Ltd. (Japan) | 436,000 | 2,745,901 | ||||
| 2,745,901 | ||||||
| Hotels, restaurants, and leisure (1.6%) | ||||||
| TUI AG (Germany) | 171,302 | 3,012,387 | ||||
| 3,012,387 | ||||||
| Household durables (1.7%) | ||||||
| Panasonic Corp. (Japan) | 199,500 | 2,619,335 | ||||
| Skyworth Digital Holdings, Ltd. (China) | 770,000 | 604,884 | ||||
| 3,224,219 | ||||||
| Household products (0.5%) | ||||||
| Henkel AG & Co. KGaA (Preference) (Germany) | 8,075 | 951,066 | ||||
| 951,066 | ||||||
| Industrial conglomerates (2.5%) | ||||||
| Siemens AG (Germany) | 31,451 | 3,405,030 | ||||
| Toshiba Corp. (Japan) | 334,000 | 1,402,160 | ||||
| 4,807,190 | ||||||
| Insurance (8.7%) | ||||||
| ACE, Ltd. | 17,586 | 1,960,663 | ||||
| Admiral Group PLC (United Kingdom) | 25,572 | 579,549 | ||||
| AIA Group, Ltd. (Hong Kong) | 366,000 | 2,293,907 | ||||
| Allianz SE (Germany) | 8,229 | 1,429,886 | ||||
| AXA SA (France) | 110,787 | 2,793,679 | ||||
| Intact Financial Corp. (Canada) | 22,900 | 1,725,252 | ||||
| Prudential PLC (United Kingdom) | 158,776 | 3,931,327 | ||||
| SCOR SE (France) | 52,242 | 1,764,532 | ||||
| 16,478,795 | ||||||
| Media (3.9%) | ||||||
| Atresmedia Corporacion de Medios de Comunicacion SA (Spain) | 65,674 | 992,064 | ||||
| Liberty Global PLC Ser. C (United Kingdom)(NON) | 39,000 | 1,942,590 | ||||
| Vivendi SA (France) | 56,216 | 1,397,721 | ||||
| WPP PLC (United Kingdom) | 136,157 | 3,087,823 | ||||
| 7,420,198 | ||||||
| Metals and mining (1.4%) | ||||||
| BHP Billiton, Ltd. (Australia) | 57,568 | 1,340,725 | ||||
| Glencore PLC (United Kingdom) | 311,879 | 1,313,007 | ||||
| 2,653,732 | ||||||
| Multi-utilities (1.8%) | ||||||
| RWE AG (Germany) | 65,958 | 1,686,431 | ||||
| Veolia Environnement SA (France) | 90,096 | 1,705,533 | ||||
| 3,391,964 | ||||||
| Oil, gas, and consumable fuels (8.2%) | ||||||
| BG Group PLC (United Kingdom) | 53,035 | 651,516 | ||||
| EnCana Corp. (Canada) | 140,700 | 1,570,801 | ||||
| Gaztransport Et Technigaz SA (France) | 14,579 | 860,303 | ||||
| Genel Energy PLC (United Kingdom)(NON) | 113,974 | 795,000 | ||||
| Origin Energy, Ltd. (Australia) | 132,435 | 1,135,017 | ||||
| Royal Dutch Shell PLC Class A (United Kingdom) | 253,931 | 7,583,126 | ||||
| Suncor Energy, Inc. (Canada) | 103,300 | 3,018,541 | ||||
| 15,614,304 | ||||||
| Personal products (0.3%) | ||||||
| Asaleo Care, Ltd. (Australia) | 386,616 | 555,918 | ||||
| 555,918 | ||||||
| Pharmaceuticals (9.7%) | ||||||
| Astellas Pharma, Inc. (Japan) | 236,400 | 3,873,798 | ||||
| AstraZeneca PLC (United Kingdom) | 44,817 | 3,072,659 | ||||
| Bayer AG (Germany) | 18,030 | 2,709,102 | ||||
| GlaxoSmithKline PLC (United Kingdom) | 77,751 | 1,780,492 | ||||
| Sanofi (France) | 71,290 | 7,015,012 | ||||
| 18,451,063 | ||||||
| Professional services (0.4%) | ||||||
| Recruit Holdings Co., Ltd. (Japan)(NON) | 21,700 | 677,963 | ||||
| 677,963 | ||||||
| Real estate investment trusts (REITs) (1.4%) | ||||||
| Hibernia REIT PLC (Ireland)(R) | 2,104,553 | 2,645,149 | ||||
| 2,645,149 | ||||||
| Real estate management and development (2.4%) | ||||||
| Mitsubishi Estate Co., Ltd. (Japan) | 59,000 | 1,369,437 | ||||
| Mitsui Fudosan Co., Ltd. (Japan) | 66,000 | 1,939,705 | ||||
| Sumitomo Realty & Development Co., Ltd. (Japan) | 36,000 | 1,296,357 | ||||
| 4,605,499 | ||||||
| Specialty retail (0.7%) | ||||||
| Kingfisher PLC (United Kingdom) | 249,956 | 1,410,540 | ||||
| 1,410,540 | ||||||
| Technology hardware, storage, and peripherals (1.8%) | ||||||
| Konica Minolta Holdings, Inc. (Japan) | 107,500 | 1,093,357 | ||||
| Samsung Electronics Co., Ltd. (South Korea) | 1,780 | 2,307,419 | ||||
| 3,400,776 | ||||||
| Tobacco (2.3%) | ||||||
| Japan Tobacco, Inc. (Japan) | 110,700 | 3,497,668 | ||||
| Philip Morris International, Inc. | 12,500 | 941,625 | ||||
| 4,439,293 | ||||||
| Trading companies and distributors (1.8%) | ||||||
| ITOCHU Corp. (Japan) | 95,500 | 1,035,460 | ||||
| Mitsubishi Corp. (Japan) | 118,000 | 2,378,800 | ||||
| 3,414,260 | ||||||
| Transportation infrastructure (1.2%) | ||||||
| Aena SA (Spain)(NON) | 14,024 | 1,410,066 | ||||
| Sumitomo Warehouse Co., Ltd. (The) (Japan) | 167,000 | 925,037 | ||||
| 2,335,103 | ||||||
| Wireless telecommunication services (2.3%) | ||||||
| SoftBank Corp. (Japan) | 14,800 | 860,317 | ||||
| Vodafone Group PLC (United Kingdom) | 1,047,125 | 3,422,047 | ||||
| 4,282,364 | ||||||
| Total common stocks (cost $165,736,730) | $182,436,309 | |||||
| U.S. TREASURY OBLIGATIONS (0.1%)(a) | ||||||
| Principal amount | Value | |||||
| U.S. Treasury Notes | ||||||
| 1.625%, March 31, 2019(i) | $111,000 | $112,865 | ||||
| 0.875%, September 15, 2016(i) | 90,000 | 90,607 | ||||
| Total U.S. treasury Obligations (cost $203,472) | $203,472 | |||||
| SHORT-TERM INVESTMENTS (3.4%)(a) | ||||||
| Principal amount/shares | Value | |||||
| Putnam Short Term Investment Fund 0.09%(AFF) | Shares | 3,960,224 | $3,960,224 | |||
| SSgA Prime Money Market Fund Class N 0.02%(P) | Shares | 199,000 | 199,000 | |||
| U.S. Treasury Bills with an effective yield of 0.03%, April 16, 2015(SEGSF) | 200,000 | 199,998 | ||||
| U.S. Treasury Bills with an effective yield of 0.02%, April 23, 2015(SEGSF) | 30,000 | 30,000 | ||||
| U.S. Treasury Bills with an effective yield of 0.01%, April 30, 2015(SEGSF) | 260,000 | 259,998 | ||||
| U.S. Treasury Bills with an effective yield of 0.03%, April 9, 2015(SEGSF) | 150,000 | 149,999 | ||||
| U.S. Treasury Bills with an effective yield of 0.01%, May 14, 2015(SEGSF) | 325,000 | 324,997 | ||||
| U.S. Treasury Bills with an effective yield of 0.01%, May 21, 2015(SEGSF) | 700,000 | 699,988 | ||||
| U.S. Treasury Bills with effective yields ranging from 0.01% to 0.02%, May 7, 2015(SEGSF) | 702,000 | 701,987 | ||||
| Total short-term investments (cost $6,526,191) | $6,526,191 | |||||
| TOTAL INVESTMENTS | ||||||
| Total investments (cost $172,466,393)(b) | $189,165,972 | |||||
| FORWARD CURRENCY CONTRACTS at 3/31/15 (aggregate face value $97,508,224) (Unaudited) | |||||||
| Unrealized | |||||||
| Contract | Delivery | Aggregate | appreciation/ | ||||
| Counterparty | Currency | type | date | Value | face value | (depreciation) | |
| Bank of America N.A. | |||||||
| Australian Dollar | Buy | 4/15/15 | $6,315,757 | $6,665,767 | $(350,010) | ||
| Barclays Bank PLC | |||||||
| Canadian Dollar | Sell | 4/15/15 | 1,673,506 | 1,795,620 | 122,114 | ||
| Hong Kong Dollar | Buy | 5/20/15 | 4,192,693 | 4,191,616 | 1,077 | ||
| Japanese Yen | Buy | 5/20/15 | 1,946,197 | 1,968,300 | (22,103) | ||
| Singapore Dollar | Buy | 5/20/15 | 1,814,745 | 1,849,072 | (34,327) | ||
| Swiss Franc | Buy | 6/17/15 | 1,348,817 | 1,370,755 | (21,938) | ||
| Citibank, N.A. | |||||||
| British Pound | Buy | 6/17/15 | 1,082,913 | 1,122,645 | (39,732) | ||
| Danish Krone | Buy | 6/17/15 | 634,912 | 663,856 | (28,944) | ||
| Euro | Sell | 6/17/15 | 8,012,463 | 8,413,238 | 400,775 | ||
| Japanese Yen | Sell | 5/20/15 | 1,241,040 | 1,231,459 | (9,581) | ||
| Credit Suisse International | |||||||
| Australian Dollar | Sell | 4/15/15 | 476,044 | 495,631 | 19,587 | ||
| British Pound | Sell | 6/17/15 | 2,848,874 | 2,953,622 | 104,748 | ||
| Canadian Dollar | Sell | 4/15/15 | 103,020 | 144,438 | 41,418 | ||
| Euro | Buy | 6/17/15 | 4,049,394 | 4,229,379 | (179,985) | ||
| Japanese Yen | Buy | 5/20/15 | 3,464,142 | 3,534,851 | (70,709) | ||
| Norwegian Krone | Buy | 6/17/15 | 1,289,852 | 1,357,014 | (67,162) | ||
| Swedish Krona | Buy | 6/17/15 | 2,271,961 | 2,342,173 | (70,212) | ||
| Swiss Franc | Buy | 6/17/15 | 1,411,473 | 1,435,673 | (24,200) | ||
| Deutsche Bank AG | |||||||
| British Pound | Sell | 6/17/15 | 151,080 | 126,151 | (24,929) | ||
| Canadian Dollar | Sell | 4/15/15 | 732,351 | 785,405 | 53,054 | ||
| Euro | Sell | 6/17/15 | 236,693 | 247,241 | 10,548 | ||
| Goldman Sachs International | |||||||
| Japanese Yen | Buy | 5/20/15 | 3,175,628 | 3,238,573 | (62,945) | ||
| HSBC Bank USA, National Association | |||||||
| Australian Dollar | Buy | 4/15/15 | 174,208 | 173,180 | 1,028 | ||
| British Pound | Buy | 6/17/15 | 135,661 | 140,658 | (4,997) | ||
| Canadian Dollar | Sell | 4/15/15 | 1,855,627 | 1,990,305 | 134,678 | ||
| Euro | Sell | 6/17/15 | 448,629 | 468,454 | 19,825 | ||
| JPMorgan Chase Bank N.A. | |||||||
| British Pound | Buy | 6/17/15 | 6,197,690 | 6,425,293 | (227,603) | ||
| Canadian Dollar | Sell | 4/15/15 | 342,532 | 367,576 | 25,044 | ||
| Euro | Sell | 6/17/15 | 97,411 | 101,759 | 4,348 | ||
| Japanese Yen | Buy | 5/20/15 | 861,130 | 838,269 | 22,861 | ||
| New Zealand Dollar | Sell | 4/15/15 | 1,249,228 | 1,275,814 | 26,586 | ||
| Norwegian Krone | Sell | 6/17/15 | 1,170,156 | 1,222,545 | 52,389 | ||
| Singapore Dollar | Sell | 5/20/15 | 548,339 | 558,475 | 10,136 | ||
| Swedish Krona | Buy | 6/17/15 | 2,016,759 | 2,079,592 | (62,833) | ||
| Swiss Franc | Buy | 6/17/15 | 2,431,937 | 2,468,308 | (36,371) | ||
| Royal Bank of Scotland PLC (The) | |||||||
| Australian Dollar | Buy | 4/15/15 | 538,376 | 568,962 | (30,586) | ||
| State Street Bank and Trust Co. | |||||||
| Australian Dollar | Sell | 4/15/15 | 1,983,330 | 2,090,220 | 106,890 | ||
| Canadian Dollar | Sell | 4/15/15 | 516,759 | 525,864 | 9,105 | ||
| Euro | Sell | 6/17/15 | 810,503 | 785,681 | (24,822) | ||
| Hong Kong Dollar | Sell | 5/20/15 | 493,275 | 493,176 | (99) | ||
| Israeli Shekel | Buy | 4/15/15 | 887,597 | 893,639 | (6,042) | ||
| Swiss Franc | Sell | 6/17/15 | 3,909,577 | 3,976,754 | 67,177 | ||
| UBS AG | |||||||
| British Pound | Buy | 6/17/15 | 2,055,963 | 2,131,652 | (75,689) | ||
| Canadian Dollar | Sell | 4/15/15 | 120,545 | 129,214 | 8,669 | ||
| Euro | Sell | 6/17/15 | 523,759 | 544,625 | 20,866 | ||
| Swiss Franc | Buy | 6/17/15 | 1,289,257 | 1,311,286 | (22,029) | ||
| WestPac Banking Corp. | |||||||
| Australian Dollar | Buy | 4/15/15 | 941,054 | 992,050 | (50,996) | ||
| British Pound | Sell | 6/17/15 | 3,302,707 | 3,424,073 | 121,366 | ||
| Canadian Dollar | Sell | 4/15/15 | 921,419 | 988,558 | 67,139 | ||
| Euro | Buy | 6/17/15 | 3,138,035 | 3,277,522 | (139,487) | ||
| Japanese Yen | Sell | 5/20/15 | 6,960,054 | 7,102,241 | 142,187 | ||
|
| |||||||
| Total | $(94,716) | ||||||
| Key to holding's abbreviations | |||
| GDR | Global Depository Receipts: represents ownership of foreign securities on deposit with a custodian bank | ||
| 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 July 1, 2014 through March 31, 2015 (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 $190,111,618. | |||||
| (b) | The aggregate identified cost on a tax basis is $172,885,426, resulting in gross unrealized appreciation and depreciation of $29,248,433 and $12,967,885, respectively, or net unrealized appreciation of $16,280,546. | |||||
| (NON) | This security is non-income-producing. | |||||
| (RES) | This security is restricted with regard to public resale. The total fair value of this security and any other restricted securities (excluding 144A securities), if any, held at the close of the reporting period was $650,697, or less than 0.1% of net assets. | |||||
| (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* | $2,288,978 | $40,503,357 | $38,832,111 | $2,423 | $3,960,224 | |
| * Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. | ||||||
| (SEGSF) | This security, in part or in entirety, was pledged and segregated with the custodian for collateral on certain derivative contracts at the close of the reporting period. | |||||
| (F) | This 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. At the close of the reporting period, fair value pricing was also used for certain foreign securities in the portfolio. | |||||
| (i) | This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts. | |||||
| (P) | This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. | |||||
| (R) | Real Estate Investment Trust. | |||||
| (UR) | At the reporting period end, 4,800 shares owned by the fund were not formally entered on the company's shareholder register, due to local restrictions on foreign ownership. While the fund has full title to these unregistered shares, these shares do not carry voting rights. | |||||
| At the close of the reporting period, the fund maintained liquid assets totaling $889,975 to cover certain derivative contracts. | ||||||
| Debt obligations are considered secured unless otherwise indicated. | ||||||
| The dates shown on debt obligations are the original maturity dates. | ||||||
DIVERSIFICATION BY COUNTRY | ||||||
| Distribution of investments by country of risk at the close of the reporting period, excluding collateral received, if any (as a percentage of Portfolio Value): | ||||||
| Japan | 22.3% | |||||
| United Kingdom | 21.0 | |||||
| France | 14.3 | |||||
| Germany | 8.4 | |||||
| Australia | 5.2 | |||||
| United States | 4.9 | |||||
| Netherlands | 4.3 | |||||
| Ireland | 3.9 | |||||
| Canada | 3.4 | |||||
| Switzerland | 2.9 | |||||
| Spain | 2.0 | |||||
| Hong Kong | 1.2 | |||||
| South Korea | 1.2 | |||||
| Norway | 1.1 | |||||
| Belgium | 1.0 | |||||
| New Zealand | 0.8 | |||||
| Singapore | 0.8 | |||||
| Italy | 0.7 | |||||
| Other | 0.6 | |||||
| Total | 100.0% | |||||
Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have 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. | ||||||
| Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security. | ||||||
| Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. | ||||||
| Market quotations are not considered to be readily available for certain debt obligations and other investments; 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 security 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. | ||||||
| Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. These securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. At the close of the reporting period, fair value pricing was used for certain foreign securities in the portfolio. 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 in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, 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 in a current sale 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 had a net liability position of $943,682 on open derivative contracts subject to the Master Agreements. Collateral posted by the fund at period end for these agreements totaled $775,000 and may include amounts related to unsettled 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 discretionary | $1,942,590 | $23,798,309 | $— | |
| Consumer staples | 941,625 | 13,812,548 | — | |
| Energy | 4,589,342 | 11,024,962 | — | |
| Financials | 3,685,915 | 52,676,296 | 650,697 | |
| Health care | — | 18,451,063 | — | |
| Industrials | 2,424,784 | 19,401,756 | — | |
| Information technology | — | 4,971,117 | — | |
| Materials | — | 5,671,505 | — | |
| Telecommunication services | — | 10,416,944 | — | |
| Utilities | — | 7,976,856 | — | |
| Total common stocks | 13,584,256 | 168,201,356 | 650,697 | |
| U.S. treasury obligations | $— | $203,472 | $— | |
| Short-term investments | 4,159,224 | 2,366,967 | — | |
|
|
|
|
||
| Totals by level | $17,743,480 | $170,771,795 | $650,697 | |
| Valuation inputs | ||||
|
| ||||
| Other financial instruments: | Level 1 | Level 2 | Level 3 | |
| Forward currency contracts | $— | $(94,716) | $— | |
|
|
|
|
||
| Totals by level | $— | $(94,716) | $— | |
| * 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, (other than certain transfers involving non-U.S. equity securities as described in the Security valuation note above) did not represent, in the aggregate, more than 1% of the fund's net assets measured as of the end of the period. | ||||
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 | 1,593,615 | 1,688,331 | ||
|
|
|
|||
| Total | $1,593,615 | $1,688,331 | ||
| 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) | $127,200,000 | |||
| 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. | ||||||||||||||||
| Bank of America N.A. | Barclays Bank PLC | Citibank, N.A. | Credit Suisse International | Deutsche Bank AG | Goldman Sachs International | HSBC Bank USA, National Association | JPMorgan Chase Bank N.A. | Royal Bank of Scotland PLC (The) | State Street Bank and Trust Co. | UBS AG | WestPac Banking Corp. | Total | ||||
| Assets: | ||||||||||||||||
| Forward currency contracts# | — | 123,191 | 400,775 | 165,753 | 63,602 | — | 155,531 | 141,364 | — | 183,172 | 29,535 | 330,692 | 1,593,615 | |||
| Total Assets | $— | $123,191 | $400,775 | $165,753 | $63,602 | $— | $155,531 | $141,364 | $— | $183,172 | $29,535 | $330,692 | $1,593,615 | |||
| Liabilities: | ||||||||||||||||
| Forward currency contracts# | 350,010 | 78,368 | 78,257 | 412,268 | 24,929 | 62,945 | 4,997 | 326,807 | 30,586 | 30,963 | 97,718 | 190,483 | 1,688,331 | |||
| Total Liabilities | $350,010 | $78,368 | $78,257 | $412,268 | $24,929 | $62,945 | $4,997 | $326,807 | $30,586 | $30,963 | $97,718 | $190,483 | $1,688,331 | |||
| Total Financial and Derivative Net Assets | $(350,010) | $44,823 | $322,518 | $(246,515) | $38,673 | $(62,945) | $150,534 | $(185,443) | $(30,586) | $152,209 | $(68,183) | $140,209 | $(94,716) | |||
| Total collateral received (pledged)##† | $(238,000) | $— | $199,000 | $(150,000) | $— | $(62,945) | $150,534 | $(160,000) | $— | $— | $(68,183) | $— | ||||
| Net amount | $(112,010) | $44,823 | $123,518 | $(96,515) | $38,673 | $— | $— | $(25,443) | $(30,586) | $152,209 | $— | $140,209 | ||||
| † | 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: May 29, 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: May 29, 2015 |
| By (Signature and Title): |
| /s/ Steven D. Krichmar Steven D. Krichmar Principal Financial Officer Date: May 29, 2015 |
| Certifications | |
| I, Jonathan S. Horwitz, the Principal Executive Officer of the funds listed on Attachment A, certify that: | |
1. I have reviewed each report on Form N-Q of the funds listed on Attachment A: | |
2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report; | |
3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; | |
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have: | |
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared; | |
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |
c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and | |
d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and | |
5. The registrant’s other certifying officer and I have disclosed to each registrant’s auditors and the audit committee of each registrant’s board of directors (or persons performing the equivalent functions): | |
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant’s ability to record, process, summarize, and report financial information; and | |
b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant’s internal control over financial reporting. | |
/s/ Jonathan S. Horwitz | |
| _____________________________ | |
Date: May 28, 2015 | |
| Jonathan S. Horwitz | |
| Principal Executive Officer | |
Certifications | |
| I, Steven D. Krichmar, the Principal Financial Officer of the funds listed on Attachment A, certify that: | |
1. I have reviewed each report on Form N-Q of the funds listed on Attachment A: | |
2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report; | |
3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; | |
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have: | |
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared; | |
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |
c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and | |
d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and | |
5. The registrant’s other certifying officer and I have disclosed to each registrant’s auditors and the audit committee of each registrant’s board of directors (or persons performing the equivalent functions): | |
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant’s ability to record, process, summarize, and report financial information; and | |
b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant’s internal control over financial reporting. | |
/s/ Steven D. Krichmar | |
| _______________________________ | |
Date: May 28, 2015 | |
| Steven D. Krichmar | |
| Principal Financial Officer | |
Attachment A | |
NQ | |
Period (s) ended March 31, 2015 | |
| Putnam Europe Equity Fund | |
| Putnam International Equity Fund | |
| Putnam Multi-Cap Growth Fund | |
| Putnam Small Cap Growth Fund | |
| Putnam International Value Fund | |
Putnam VT Absolute 500 Fund | |
| Putnam VT American Government Income Fund | |
| Putnam VT Capital Opportunities Fund | |
| Putnam VT Diversified Income Fund | |
| Putnam VT Equity Income Fund | |
| Putnam VT George Putnam Balanced Fund | |
| Putnam VT Global Asset Allocation Fund | |
| Putnam VT Global Equity Fund | |
| Putnam VT Global Health Care Fund | |
| Putnam VT Global Utilities Fund | |
| Putnam VT Growth and Income Fund | |
| Putnam VT Growth Opportunities Fund | |
| Putnam VT High Yield Fund | |
| Putnam VT Income Fund | |
| Putnam VT International Equity Fund | |
| Putnam VT International Value Fund | |
| Putnam VT International Growth Fund | |
| Putnam VT Investors Fund | |
| Putnam VT Multi-Cap Value Fund | |
| Putnam VT Money Market Fund | |
| Putnam VT Multi-Cap Growth Fund | |
| Putnam VT Research Fund | |
| Putnam VT Small Cap Value Fund | |
| Putnam VT Voyager Fund |