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: July 31, 2015

Date of reporting period: April 30, 2015

Item 1. Schedule of Investments:

Putnam Short Term Investment Fund
The fund's portfolio
4/30/15 (Unaudited)
COMMERCIAL PAPER (27.8%)(a)
	Yield (%)	Maturity date		Principal amount	Value
ABN AMRO Funding USA, LLC	0.190	6/11/15		$6,000,000	$5,998,838
ABN AMRO Funding USA, LLC	0.190	6/8/15		13,000,000	12,997,719
American Honda Finance Corp.	0.130	5/22/15		28,750,000	28,748,050
American Honda Finance Corp.	0.110	5/20/15		8,950,000	8,949,453
Apple, Inc.	0.100	7/13/15		9,000,000	8,996,873
Apple, Inc.	0.090	6/22/15		29,000,000	28,993,553
Bank of New York Mellon Corp. (The) 144A	0.080	5/1/15		38,000,000	37,999,894
BPCE SA 144A (France)	0.120	5/1/15		19,250,000	19,249,979
Chevron Corp.	0.120	6/9/15		25,000,000	24,996,306
Chevron Corp.	0.110	5/27/15		15,000,000	14,998,684
Coca-Cola Co. (The)	0.160	6/9/15		12,000,000	11,998,840
Coca-Cola Co. (The)	0.140	5/26/15		4,000,000	3,999,769
Coca-Cola Co. (The)	0.120	7/22/15		22,000,000	21,993,508
Commonwealth Bank of Australia (Australia)	0.160	6/30/15		25,000,000	24,994,027
Commonwealth Bank of Australia (Australia)	0.150	6/5/15		14,000,000	13,998,418
Credit Agricole Corporate and Investment Bank/New York (France)	0.150	5/1/15		14,000,000	13,999,953
DnB Bank ASA (Norway)	0.220	7/13/15		16,500,000	16,494,302
DnB Bank ASA (Norway)	0.205	5/27/15		4,000,000	3,999,646
DnB Bank ASA (Norway)	0.180	7/9/15		13,000,000	12,995,956
DnB Bank ASA (Norway)	0.150	6/1/15		4,500,000	4,499,516
Export Development Canada (Canada)	0.135	5/4/15		33,700,000	33,699,813
Export Development Canada (Canada)	0.124	7/2/15		40,000,000	39,993,630
General Electric Capital Corp.	0.140	7/9/15		37,000,000	36,991,367
HSBC Bank PLC 144A (United Kingdom)	0.266	10/2/15		14,000,000	13,998,852
HSBC USA, Inc. (United Kingdom)	0.200	7/29/15		25,000,000	24,983,563
National Australia Bank, Ltd. (Australia)	0.140	7/13/15		38,000,000	37,987,580
National Bank of Canada 144A (Canada)	0.210	7/23/15		37,000,000	36,976,172
Nestle Capital Corp.	0.140	7/8/15		4,000,000	3,998,835
Nestle Capital Corp.	0.090	5/12/15		19,000,000	18,999,063
Nestle Finance International, Ltd. (Switzerland)	0.130	6/15/15		16,000,000	15,996,933
Nordea Bank AB (Sweden)	0.180	7/1/15		36,500,000	36,487,679
Proctor & Gamble Co. (The)	0.110	5/15/15		42,000,000	41,999,125
Prudential PLC (United Kingdom)	0.230	7/20/15		18,500,000	18,492,757
Prudential PLC 144A (United Kingdom)	0.140	5/18/15		18,350,000	18,349,037
Roche Holdings, Inc. (Switzerland)	0.125	6/1/15		28,000,000	27,996,939
Roche Holdings, Inc. (Switzerland)	0.110	5/20/15		9,000,000	8,999,460
Roche Holdings, Inc. (Switzerland)	0.100	5/11/15		5,000,000	4,999,847
Simon Property Group LP	0.160	7/1/15		1,000,000	999,671
Simon Property Group LP	0.160	6/10/15		3,000,000	2,999,436
Simon Property Group LP	0.150	7/15/15		17,000,000	16,992,786
Simon Property Group LP	0.150	7/8/15		16,500,000	16,493,801
Skandinaviska Enskilda Banken AB (Sweden)	0.240	7/6/15		20,000,000	19,993,709
Societe Generale SA (France)	0.180	5/1/15		19,000,000	18,999,962
State Street Corp.	0.200	5/5/15		24,000,000	23,999,567
State Street Corp.	0.180	6/1/15		16,275,000	16,272,787
Sumitomo Mitsui Banking Corp. (Japan)	0.240	7/13/15		19,000,000	18,990,900
Svenska Handelsbanken AB (Sweden)	0.175	5/20/15		42,000,000	41,996,454
Swedbank AB (Sweden)	0.200	5/26/15		40,000,000	39,996,273
Toronto-Dominion Holdings USA, Inc. 144A (Canada)	0.180	6/8/15		30,000,000	29,996,165
Toyota Motor Credit Corp.	0.170	5/8/15		42,000,000	41,999,160
Total commercial paper (cost $1,031,588,383)					$1,031,584,607
REPURCHASE AGREEMENTS (25.8%)(a)
				Principal amount	Value
Interest in $114,500,000 joint tri-party repurchase agreement dated 4/30/15 with Bank of Nova Scotia due 5/1/15 - maturity value of $50,000,139 for an effective yield of 0.100% (collateralized by various U.S. Treasury notes with coupon rates ranging from 0.125% to 3.625% and due dates ranging from 3/31/20 to 4/15/28, valued at $116,790,376)				$50,000,000	$50,000,000
Interest in $307,490,000 joint tri-party repurchase agreement dated 4/30/15 with Citigroup Global Markets, Inc. due 5/1/15 - maturity value of $121,531,439 for an effective yield of 0.130% (collateralized by various U.S. Treasury notes with coupon rates ranging from 1.000% to 2.125% and due dates ranging from 6/30/19 to 1/31/21, valued at $313,639,824)				121,531,000	121,531,000
Interest in $305,589,000 joint tri-party repurchase agreement dated 4/30/15 with Merrill Lynch, Pierce, Fenner and Smith, Inc. due 5/1/15 - maturity value of $119,639,366 for an effective yield of 0.110% (collateralized by a mortgage backed security with a coupon rate of 3.500% and a due date of 4/1/45, valued at $311,700,781)				119,639,000	119,639,000
Interest in $235,400,000 joint tri-party term repurchase agreement dated 4/30/15 with Barclays Capital, Inc. due 5/7/15 - maturity value of $146,802,284 for an effective yield of 0.08% (collateralized by various mortgage backed securities with coupon rates ranging from zero % to 5.938% and due dates ranging from 5/1/23 to 5/1/45, valued at $240,108,000)				146,800,000	146,800,000
Interest in $235,400,000 joint tri-party term repurchase agreement dated 4/30/15 with Citigroup Global Markets, Inc. due 5/7/15 - maturity value of $146,802,569 for an effective yield of 0.090% (collateralized by a U.S. Treasury note with a coupon rate of 2.625% and a due date of 11/15/20, valued at $240,108,038)				146,800,000	146,800,000
Interest in $100,000,000 joint tri-party term repurchase agreement dated 4/27/15 with Merrill Lynch, Pierce, Fenner and Smith, Inc. due 5/4/15 - maturity value of $63,000,858 for an effective yield of 0.070% (collateralized by a mortgage backed security with a coupon rate of 3.500% and a due date of 4/1/45, valued at $102,000,000)				63,000,000	63,000,000
Interest in $100,000,000 tri-party repurchase agreement dated 4/30/15 with Barclays Capital, Inc. due 5/1/15 - maturity value of $100,000,250 for an effective yield of 0.090% (collateralized by a U.S. Treasury bond with a coupon rate of 3.875% and a due date of 4/15/29, valued at $102,000,042)				100,000,000	100,000,000
Interest in $50,000,000 tri-party repurchase agreement dated 4/30/15 with Credit Suisse Securities (USA), LLC due 5/1/15 - maturity value of $50,000,139 for an effective yield of 0.10% (collateralized by various U.S. Treasury notes and bonds with coupon rates ranging from 0.375% to 4.500% and due dates ranging from 10/31/16 to 8/15/39, valued at $51,006,591)				50,000,000	50,000,000
Interest in $74,000,000 tri-party repurchase agreement dated 4/30/15 with Goldman, Sachs & Co. due 5/1/15 - maturity value of $74,000,206 for an effective yield of 0.10% (collateralized by various mortgage backed securities with coupon rates ranging from 2.500% to 6.000% and due dates ranging from 4/1/27 to 4/1/45, valued at $75,480,001)				74,000,000	74,000,000
Interest in $37,630,000 tri-party term repurchase agreement dated 3/23/15 with BNP Paribas US due 6/23/15 - maturity value of $37,655,965 for an effective yield of 0.27% (collateralized by various corporate bonds and notes with coupon rates ranging from 0.875% to 9.875% and due dates ranging from 6/5/15 to 8/15/45, valued at $39,511,500)(IR)				37,630,000	37,633,644
Interest in $50,000,000 tri-party term repurchase agreement dated 4/30/15 with J.P. Morgan Securities, Inc. due 5/7/15 - maturity value of $50,000,875 for an effective yield of 0.090% (collateralized by various mortgage backed securities with coupon rates ranging from 2.500% to 11.000% and due dates ranging from 6/1/15 to 1/4/50, valued at $51,004,161)				50,000,000	50,000,000
Total repurchase agreements (cost $959,400,000)					$959,403,644
U.S. GOVERNMENT AGENCY OBLIGATIONS (16.1%)(a)
	Yield (%)	Maturity date		Principal amount	Value
Federal Farm Credit Banks Funding Corporation unsec. discount notes	0.080	5/20/15		$3,955,000	$3,954,937
Federal Home Loan Banks unsec. discount notes	0.145	5/19/15		3,797,000	3,796,943
Federal Home Loan Banks unsec. discount notes	0.135	6/3/15		12,500,000	12,499,463
Federal Home Loan Banks unsec. discount notes	0.125	5/29/15		17,500,000	17,499,598
Federal Home Loan Banks unsec. discount notes	0.125	5/27/15		18,000,000	17,999,604
Federal Home Loan Banks unsec. discount notes	0.110	5/18/15		9,100,000	9,099,873
Federal Home Loan Banks unsec. discount notes	0.095	5/1/15		63,000,000	63,000,000
Federal Home Loan Banks unsec. discount notes	0.057	5/8/15		25,000,000	24,999,850
Federal Home Loan Mortgage Corporation unsec. discount notes	0.131	7/10/15		42,800,000	42,794,992
Federal Home Loan Mortgage Corporation unsec. discount notes	0.130	6/8/15		17,500,000	17,499,125
Federal Home Loan Mortgage Corporation unsec. discount notes	0.100	5/8/15		17,500,000	17,499,895
Federal Home Loan Mortgage Corporation unsec. discount notes	0.090	6/12/15		5,000,000	4,999,725
Federal Home Loan Mortgage Corporation unsec. discount notes	0.090	5/20/15		34,500,000	34,499,448
Federal Home Loan Mortgage Corporation unsec. discount notes	0.090	5/19/15		20,000,000	19,999,700
Federal Home Loan Mortgage Corporation unsec. discount notes	0.078	5/11/15		35,955,000	35,954,712
Federal Home Loan Mortgage Corporation unsec. discount notes	0.075	8/14/15		50,000,000	49,990,500
Federal Home Loan Mortgage Corporation unsec. discount notes	0.060	5/18/15		7,100,000	7,099,901
Federal Home Loan Mortgage Corporation unsec. discount notes	0.050	5/22/15		27,000,000	26,999,514
Federal Home Loan Mortgage Corporation unsec. discount notes, Ser. RB	0.090	5/14/15		2,700,000	2,699,970
Federal Home Loan Mortgage Corporation unsec. discount notes, Ser. RB	0.080	5/12/15		6,100,000	6,099,945
Federal National Mortgage Association unsec. discount notes	0.140	6/10/15		8,786,000	8,785,543
Federal National Mortgage Association unsec. discount notes	0.110	8/26/15		32,143,000	32,136,218
Federal National Mortgage Association unsec. discount notes	0.100	7/8/15		12,500,000	12,498,588
Federal National Mortgage Association unsec. discount notes	0.086	5/18/15		19,600,000	19,599,726
Federal National Mortgage Association unsec. discount notes	0.081	5/1/15		69,931,000	69,931,000
Federal National Mortgage Association unsec. discount notes	0.067	7/15/15		37,000,000	36,995,375
Total U.S. government agency obligations (cost $598,910,093)					$598,934,145
ASSET-BACKED COMMERCIAL PAPER (12.5%)(a)
	Yield (%)	Maturity date		Principal amount	Value
Alpine Securitization Corp. (Switzerland)	0.140	5/4/15		$14,000,000	$13,999,799
Bedford Row Funding Corp.	0.150	7/17/15		3,100,000	3,098,778
CAFCO, LLC 144A	0.120	5/22/15		16,925,000	16,923,531
Chariot Funding, LLC 144A	0.110	6/8/15		37,500,000	37,492,606
CHARTA, LLC	0.154	5/4/15		19,250,000	19,249,724
Collateralized Commercial Paper Co., LLC	0.142	5/18/15		12,000,000	11,998,980
Collateralized Commercial Paper Co., LLC	0.120	5/15/15		6,000,000	5,999,575
Collateralized Commercial Paper II Co., LLC	0.170	6/12/15		21,950,000	21,945,097
Fairway Finance, LLC (Canada)	0.200	7/7/15		15,000,000	14,994,192
Fairway Finance, LLC (Canada)	0.200	6/4/15		12,500,000	12,497,849
Fairway Finance, LLC 144A (Canada)	0.200	8/5/15		11,000,000	10,993,065
Gotham Funding Corp. (Japan)	0.180	5/5/15		6,000,000	5,999,890
Gotham Funding Corp. (Japan)	0.160	5/8/15		29,000,000	28,999,072
Jupiter Securitization Co., LLC	0.180	7/6/15		12,000,000	11,995,422
Liberty Street Funding, LLC (Canada)	0.190	5/8/15		16,000,000	15,999,488
Liberty Street Funding, LLC (Canada)	0.180	5/14/15		7,000,000	6,999,548
Liberty Street Funding, LLC 144A (Canada)	0.190	5/11/15		10,000,000	9,999,526
Liberty Street Funding, LLC 144A (Canada)	0.180	7/23/15		4,000,000	3,997,984
Manhattan Asset Funding Co., LLC (Japan)	0.180	6/15/15		19,000,000	18,995,363
MetLife Short Term Funding, LLC	0.130	5/19/15		4,000,000	3,999,704
MetLife Short Term Funding, LLC 144A	0.170	7/20/15		34,250,000	34,235,821
Old Line Funding, LLC 144A	0.240	8/21/15		7,000,000	6,994,815
Old Line Funding, LLC 144A	0.240	8/14/15		31,000,000	30,979,736
Regency Markets No. 1, LLC 144A	0.160	5/20/15		38,000,000	37,996,411
Sheffield Receivables Corp. (United Kingdom)	0.200	5/27/15		18,000,000	17,997,705
Thunder Bay Funding, LLC 144A	0.240	8/21/15		27,225,000	27,202,269
Thunder Bay Funding, LLC 144A	0.220	6/10/15		13,000,000	12,997,261
Working Capital Management Co. (Japan)	0.170	5/4/15		19,000,000	18,999,728
Total asset-backed commercial paper (cost $463,591,609)					$463,582,939
U.S. TREASURY OBLIGATIONS (5.1%)(a)
	Yield (%)	Maturity date		Principal amount	Value
U.S. Treasury Bills	0.108	6/18/15		$20,500,000	$20,500,267
U.S. Treasury Notes FRN	0.109	1/31/17		42,150,000	42,162,367
U.S. Treasury Notes FRN	0.095	7/31/16		33,810,000	33,810,507
U.S. Treasury Notes FRN	0.094	4/30/16		31,600,000	31,602,879
U.S. Treasury Notes FRN	0.078	10/31/16		35,500,000	35,490,802
U.S. Treasury Notes FRN	0.070	1/31/16		24,500,000	24,498,770
Total U.S. treasury obligations (cost $188,055,873)					$188,065,592
MUNICIPAL BONDS AND NOTES (5.1%)(a)
	Yield (%)	Maturity date	Rating(RAT)	Principal amount	Value
Connecticut (0.5%)
Yale University Commercial Paper	0.120	5/5/15	P-1	$19,500,000	$19,499,729
					19,499,729
Illinois (1.1%)
University of Chicago Commercial Paper	0.100	5/19/15	P-1	20,000,000	19,999,200
University of Chicago Commercial Paper, Ser. A	0.120	6/11/15	P-1	20,000,000	19,997,400
					39,996,600
Maryland (0.8%)
Johns Hopkins University Commercial Paper, Ser. C	0.120	5/20/15	P-1	15,575,000	15,574,533
Johns Hopkins University Commercial Paper, Ser. C	0.120	5/19/15	P-1	12,000,000	11,999,640
					27,574,173
Massachusetts (1.1%)
President and Fellows of Harvard College Commercial Paper	0.150	5/6/15	P-1	28,707,000	28,706,761
President and Fellows of Harvard College Commercial Paper	0.110	5/19/15	P-1	12,658,000	12,657,666
					41,364,427
North Carolina (0.6%)
Duke University Commercial Paper, Ser. B-98	0.150	7/22/15	P-1	15,000,000	14,993,948
Duke University Commercial Paper, Ser. B-98	0.130	5/18/15	P-1	7,000,000	6,999,633
					21,993,581
Texas (1.0%)
Texas A&M University Commercial Paper, Ser. B	0.160	5/20/15	A-1+	12,500,000	12,499,750
Texas A&M University Commercial Paper, Ser. B	0.130	5/20/15	P-1	10,100,000	10,099,697
University of Texas System Permanent University Fund (The) Commercial Paper, Ser. B	0.110	5/4/15	A-1+	15,000,000	14,999,850
					37,599,297
Total municipal bonds and notes (cost $188,029,158)					$188,027,807
CERTIFICATES OF DEPOSIT (4.7%)(a)
	Yield (%)	Maturity date		Principal amount	Value
Australia & New Zealand Banking Group, Ltd./New York, NY	0.150	6/8/15		$40,000,000	$40,000,996
Canadian Imperial Bank of Commerce/New York, NY	0.140	5/26/15		40,000,000	40,000,114
Rabobank Nederland NV/NY (Netherlands)	0.140	5/21/15		38,000,000	38,002,193
Royal Bank of Canada/New York, NY (Canada)	0.190	7/6/15		10,000,000	10,000,852
Royal Bank of Canada/New York, NY FRN (Canada)	0.262	7/23/15		19,000,000	18,998,898
Skandinaviska Enskilda Banken AB/New York, NY	0.220	7/2/15		18,750,000	18,752,819
Toronto-Dominion Bank/NY FRN (Canada)	0.271	11/18/15		10,000,000	9,998,820
Total certificates of deposit (cost $175,757,234)					$175,754,692
TIME DEPOSITS (2.7%)(a)
	Yield (%)	Maturity date		Principal amount	Value
Australia & New Zealand Banking Group, Ltd./Cayman Islands (Cayman Islands)	0.110	5/1/15		$38,000,000	$38,000,000
Credit Agricole Corporate and Investment Bank/Grand Cayman (Cayman Islands)	0.070	5/1/15		24,000,000	24,000,000
Svenska Handelsbanken/Cayman Islands (Sweden)	0.050	5/1/15		38,000,000	38,000,000
Total time deposits (cost $100,000,000)					$100,000,000
CORPORATE BONDS AND NOTES (0.3%)(a)
	Interest rate (%)	Maturity date		Principal amount	Value
Westpac Banking Corp. 144A company guaranty sr. notes (Australia)	1.375	7/17/15		$10,272,000	$10,288,533
Total corporate bonds and notes (cost $10,294,394)					$10,288,533
TOTAL INVESTMENTS
Total investments (cost $3,715,626,744)(b)					$3,715,641,959

Key to holding's abbreviations
FRN	Floating Rate Notes: the rate shown is the current interest rate or yield 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 August 1, 2014 through April 30, 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 $3,715,175,149.
(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. If a security is insured, it will usually be rated by the ratings organizations based on the financial strength of the insurer. For further details regarding security ratings, please see the Statement of Additional Information.
(b)	The aggregate identified cost on a tax basis is $3,715,626,744, resulting in gross unrealized appreciation and depreciation of $75,823 and $60,608, respectively, or net unrealized appreciation of $15,215.
(IR)	Repurchase agreements with a maturity of more than seven days are considered to be illiquid investments.
	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.
	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):
	United States	74.0%
	Canada	6.9
	Sweden	4.8
	United Kingdom	2.5
	Japan	2.5
	Australia	2.3
	Switzerland	1.9
	Cayman Islands	1.7
	France	1.4
	Netherlands	1.0
	Norway	1.0
	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.
	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. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. 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.
	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.
	Repurchase agreements: The fund, or any joint trading account, through its custodian, receives delivery of the underlying securities, the fair value of which at the time of purchase is required to be in an amount at least equal to the resale price, including accrued interest. Collateral for certain tri-party repurchase agreements is held at the counterparty’s custodian in a segregated account for the benefit of the fund and the counterparty. Putnam Management is responsible for determining that the value of these underlying securities is at all times at least equal to the resale price, including accrued interest. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings.

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
Asset-backed commercial paper	$—	$463,582,939	$—
Certificates of deposit	—	175,754,692	—
Commercial paper	—	1,031,584,607	—
Corporate bonds and notes	—	10,288,533	—
Municipal bonds and notes	—	188,027,807	—
Repurchase agreements	—	959,403,644	—
Time deposits	—	100,000,000	—
U.S. government agency obligations	—	598,934,145	—
U.S. treasury obligations	—	188,065,592	—
Totals by level	$—	$3,715,641,959	$—
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.

	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 Nova Scotia	Barclays Capital, Inc.	BNP Paribas US	Citigroup Global Markets, Inc.	Credit Suisse Securities (USA), LLC	Goldman, Sachs & Co.	J.P. Morgan Securities, Inc.	Merrill Lynch, Pierce, Fenner and Smith, Inc.	Total
	Assets:
	Repurchase agreements	$50,000,000	$246,800,000	$37,633,644	$268,331,000	$50,000,000	$74,000,000	$50,000,000	$182,639,000	$959,403,644
	Total Assets	$50,000,000	$246,800,000	$37,633,644	$268,331,000	$50,000,000	$74,000,000	$50,000,000	$182,639,000	$959,403,644
	Liabilities:
	Total Liabilities	$—	$—	$—	$—	$—	$—	$—	$—	$—
	Total Financial and Derivative Net Assets	$50,000,000	$246,800,000	$37,633,644	$268,331,000	$50,000,000	$74,000,000	$50,000,000	$182,639,000	$959,403,644
	Total collateral received (pledged)##†	$50,000,000	$246,800,000	$37,633,644	$268,331,000	$50,000,000	$74,000,000	$50,000,000	$182,639,000
	Net amount	$—	$—	$—	$—	$—	$—	$—	$—
†	Additional collateral may be required from certain brokers based on individual agreements.
##	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: June 26, 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: June 26, 2015

By (Signature and Title):

/s/ Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer
Date: June 26, 2015