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 29, 2016

Date of reporting period: November 30, 2015

Item 1. Schedule of Investments:

Putnam Floating Rate Income Fund
The fund's portfolio
11/30/15 (Unaudited)
SENIOR LOANS (82.7%)(a)(c)
	Principal amount	Value
Advertising and marketing services (0.6%)
Lions Gate Entertainment Corp. bank term loan FRN 5s, 2022	$4,000,000	$4,000,000
		4,000,000
Automotive (1.1%)
FCA US, LLC bank term loan FRN Ser. B, 3 1/4s, 2018	3,152,000	3,131,512
Navistar, Inc. bank term loan FRN Ser. B, 6 1/2s, 2020	4,945,000	4,504,069
		7,635,581
Basic materials (6.7%)
A. Schulman, Inc. bank term loan FRN Ser. B, 4s, 2022	995,000	983,806
AIlnex Luxembourg & CY SCA bank term loan FRN Ser. B1, 4 1/2s, 2019 (Luxembourg)	2,135,324	2,124,648
AIlnex Luxembourg & CY SCA bank term loan FRN Ser. B2, 4 1/2s, 2019 (Luxembourg)	1,107,917	1,102,377
Axalta Coating Systems US Holdings, Inc. bank term loan FRN 3 3/4s, 2020	3,562,174	3,525,915
AZ Chem US, Inc. bank term loan FRN 7 1/2s, 2022	2,000,000	2,005,000
AZ Chem US, Inc. bank term loan FRN 4 1/2s, 2021	1,745,205	1,740,188
Beacon Roofing Supply, Inc. bank term loan FRN Ser. B, 4s, 2022	2,000,000	1,985,000
Builders FirstSource, Inc. bank term loan FRN Ser. B, 6s, 2022	4,188,000	4,119,945
Hanson Building Products North America bank term loan FRN 6 1/2s, 2022	3,480,000	3,393,000
HD Supply, Inc. bank term loan FRN Ser. B, 3 3/4s, 2021	3,000,000	2,973,126
Ineos US Finance, LLC bank term loan FRN 3 3/4s, 2018	2,312,267	2,270,563
KP Germany Erste GmbH bank term loan FRN 5s, 2020 (Germany)	2,096,542	2,091,301
KP Germany Erste GmbH bank term loan FRN 5s, 2020 (Germany)	895,958	893,718
Novelis, Inc. bank term loan FRN Ser. B, 4s, 2022	3,990,000	3,869,303
Orion Engineered Carbons GmbH bank term loan FRN Ser. B, 5s, 2021 (Germany)	2,970,000	2,981,138
Oxbow Carbon & Minerals, LLC bank term loan FRN 8s, 2020	1,000,000	875,000
Quikrete Cos., Inc. (The) bank term loan FRN 7s, 2021	1,768,421	1,766,211
Solenis International LP bank term loan FRN 7 3/4s, 2022	2,000,000	1,821,250
TMS International Corp. bank term loan FRN Ser. B, 4 1/2s, 2020	4,848,300	4,557,402
Univar, Inc. bank term loan FRN Ser. B, 4 1/4s, 2022	2,000,000	1,940,358
		47,019,249
Biotechnology (2.0%)
AMAG Pharmaceuticals, Inc. bank term loan FRN Ser. B, 4 3/4s, 2021	3,925,000	3,689,500
Concordia Healthcare Corp. bank term loan FRN Ser. B, 5 1/4s, 2021 (Canada)	2,000,000	1,903,750
Pharmaceutical Product Development, LLC bank term loan FRN 4 1/4s, 2022	5,321,663	5,176,982
Quintiles Transnational Corp. bank term loan FRN Ser. B, 3 1/4s, 2022	2,992,500	2,975,045
		13,745,277
Broadcasting (3.4%)
iHeartCommunications, Inc. bank term loan FRN Ser. D, 6.938s, 2019	7,105,000	5,144,020
Media General, Inc. bank term loan FRN 4s, 2020	2,717,813	2,695,391
Sinclair Television Group, Inc. bank term loan FRN Ser. B, 3s, 2020	3,919,753	3,853,607
Townsquare Media, Inc. bank term loan FRN Ser. B, 4 1/4s, 2022	2,797,566	2,790,572
Tribune Media Co. bank term loan FRN Ser. B, 3 3/4s, 2020	4,591,642	4,566,769
Univision Communications, Inc. bank term loan FRN 4s, 2020	4,954,334	4,883,888
		23,934,247
Building materials (1.9%)
CPG International, Inc. bank term loan FRN Ser. B, 4 3/4s, 2020	3,922,365	3,794,888
Jeld-Wen, Inc. bank term loan FRN 4s, 2021	1,055,000	1,050,715
Jeld-Wen, Inc. bank term loan FRN Ser. B, 4 3/4s, 2022	3,745,000	3,729,788
Nortek, Inc. bank term loan FRN Ser. B, 3 1/2s, 2020	4,463,748	4,374,474
		12,949,865
Capital goods (4.9%)
ADS Waste Holdings, Inc. bank term loan FRN Ser. B, 3 3/4s, 2019	2,829,195	2,760,233
Berry Plastics Corp. bank term loan FRN Ser. F, 4s, 2022	4,000,000	3,973,500
Berry Plastics Group, Inc. bank term loan FRN Ser. E, 3 3/4s, 2021	1,812,222	1,789,318
Gardner Denver, Inc. bank term loan FRN 4 1/4s, 2020	3,498,600	3,190,723
Gates Global, LLC/Gates Global Co. bank term loan FRN 4 1/4s, 2021	4,512,211	4,162,515
Generac Power Systems, Inc. bank term loan FRN Ser. B, 3 1/2s, 2020	2,640,000	2,587,200
Milacron, LLC bank term loan FRN Ser. B, 4 1/2s, 2020	1,320,548	1,312,295
Reynolds Group Holdings, Inc. bank term loan FRN Ser. B, 4 1/2s, 2018	2,913,590	2,901,009
Staples, Inc. bank term loan FRN Ser. B, 3 1/2s, 2021	4,000,000	3,945,556
TransDigm, Inc. bank term loan FRN Ser. C, 3 3/4s, 2020	3,892,531	3,796,841
TransDigm, Inc. bank term loan FRN Ser. E, 3 1/2s, 2022	2,239,291	2,174,213
Trinseo Materials Operating SCA bank term loan FRN Ser. B, 4 1/4s, 2021 (Luxembourg)	1,995,000	1,970,063
		34,563,466
Commercial and consumer services (1.5%)
Interactive Data Corp. bank term loan FRN Ser. B, 4 3/4s, 2021	3,751,263	3,741,494
Sabre GLBL, Inc. bank term loan FRN Ser. B, 4s, 2019	2,016,062	2,003,965
Travelport Finance Sarl bank term loan FRN Ser. B, 5 3/4s, 2021 (Luxembourg)	4,717,350	4,637,745
		10,383,204
Communication services (7.8%)
Altice Financing SA bank term loan FRN Ser. B, 5 1/4s, 2022 (Luxembourg)	1,995,000	1,982,531
Asurion, LLC bank term loan FRN 8 1/2s, 2021	2,007,000	1,756,753
Asurion, LLC bank term loan FRN Ser. B1, 5s, 2019	2,699,159	2,554,079
Asurion, LLC bank term loan FRN Ser. B4, 5s, 2022	2,623,425	2,431,587
CCO Safari III, LLC bank term loan FRN Ser. I, 3 1/2s, 2023	4,000,000	3,975,624
Charter Communications Operating, LLC bank term loan FRN Ser. E, 3s, 2020	2,404,161	2,367,348
Crown Castle Operating Co. bank term loan FRN Ser. B2, 3s, 2021	2,355,865	2,336,723
CSC Holdings, LLC bank term loan FRN Ser. B, 5s, 2022	5,000,000	4,987,500
Intelsat Jackson Holdings SA bank term loan FRN Ser. B2, 3 3/4s, 2019 (Bermuda)	1,839,628	1,717,753
Level 3 Financing, Inc. bank term loan FRN Ser. B1, 4s, 2020	5,000,000	4,953,750
Level 3 Financing, Inc. bank term loan FRN Ser. B2, 3 1/2s, 2022	2,335,000	2,313,401
LTS Buyer, LLC bank term loan FRN 8s, 2021	158,125	152,591
LTS Buyer, LLC bank term loan FRN Ser. B, 4s, 2020	4,398,750	4,310,775
Numericable US, LLC bank term loan FRN Ser. B1, 4 1/2s, 2020 (France)	1,279,625	1,252,433
Numericable US, LLC bank term loan FRN Ser. B2, 4 1/2s, 2020 (France)	1,107,050	1,083,525
SBA Senior Finance II, LLC bank term loan FRN Ser. B, 3 1/4s, 2021	4,937,500	4,837,980
T-Mobile USA, Inc. bank term loan FRN Ser. B, 3 1/2s, 2022	1,000,000	1,000,886
Telesat Canada bank term loan FRN Ser. B, 3 1/2s, 2019 (Canada)	3,656,250	3,619,688
Virgin Media Investment Holdings, Ltd. bank term loan FRN Ser. F, 3 1/2s, 2023 (United Kingdom)	1,683,303	1,656,739
WideOpenWest Finance, LLC bank term loan FRN Ser. B, 4 1/2s, 2019	4,228,750	4,129,197
Windstream Corp. bank term loan FRN Ser. B5, 3 1/2s, 2019	1,455,328	1,426,222
		54,847,085
Consumer (0.1%)
Spectrum Brands, Inc. bank term loan FRN Ser. B, 3 1/2s, 2022	846,155	845,758
		845,758
Consumer staples (7.8%)
Blue Ribbon, LLC bank term loan FRN 9 1/4s, 2022	1,000,000	975,833
Blue Ribbon, LLC bank term loan FRN 5 3/4s, 2021	2,734,177	2,720,506
CEC Entertainment, Inc. bank term loan FRN Ser. B, 4 1/4s, 2021	4,700,420	4,436,021
Ceridian HCM Holding, Inc. bank term loan FRN Ser. B2, 4 1/2s, 2020	1,626,464	1,328,280
Coty, Inc. bank term loan FRN Ser. B, 3 3/4s, 2022	1,666,667	1,662,500
D.E Master Blenders 1753 NV bank term loan FRN Ser. B, 4 1/4s, 2022 (Netherlands)	2,431,254	2,409,981
Del Monte Foods, Inc. bank term loan FRN 8 1/4s, 2021	1,000,000	885,000
Del Monte Foods, Inc. bank term loan FRN 4.263s, 2021	3,026,100	2,882,360
Galleria Co. bank term loan FRN Ser. B, 3 3/4s, 2022	3,333,333	3,333,333
Hertz Corp. (The) bank term loan FRN Ser. B, 3s, 2018	1,950,000	1,921,563
Hostess Brands, LLC bank term loan FRN 8 1/2s, 2023	1,120,000	1,113,000
JBS USA, LLC bank term loan FRN 3 3/4s, 2020	1,470,000	1,466,325
JBS USA, LLC bank term loan FRN 2 3/4s, 2022	2,500,000	2,485,158
Landry's, Inc. bank term loan FRN Ser. B, 4s, 2018	4,131,443	4,124,990
Libbey Glass, Inc. bank term loan FRN Ser. B, 3 3/4s, 2021	4,300,563	4,250,388
Restaurant Brands International, Inc. bank term loan FRN Ser. B, 3 3/4s, 2021 (Canada)	6,959,420	6,929,591
Revlon Consumer Products Corp. bank term loan FRN Ser. B, 4s, 2019	2,412,081	2,403,790
Rite Aid Corp. bank term loan FRN 5 3/4s, 2020	1,900,000	1,912,667
Rite Aid Corp. bank term loan FRN 4 7/8s, 2021	2,000,000	2,000,626
US Foods, Inc. bank term loan FRN 4 1/2s, 2019	1,416,378	1,406,640
World Kitchen, LLC bank term loan FRN 5 1/2s, 2019	4,060,515	4,019,910
		54,668,462
Energy (2.0%)
American Energy-Marcellus, LLC bank term loan FRN 5 1/4s, 2020	1,850,000	582,750
EP Energy, LLC bank term loan FRN Ser. B3, 3 1/2s, 2018	2,486,333	2,237,700
Fieldwood Energy, LLC bank term loan FRN 8 3/8s, 2020	1,660,000	504,225
Fieldwood Energy, LLC bank term loan FRN 3 7/8s, 2018	3,915,092	3,176,119
Offshore Group Investment, Ltd. bank term loan FRN Ser. B, 5 3/4s, 2019 (Cayman Islands)	814,125	225,242
Offshore Group Investment, Ltd. bank term loan FRN Ser. B, 5s, 2017 (Cayman Islands)	2,655,705	756,876
Paragon Offshore Finance Co. bank term loan FRN Ser. B, 3 3/4s, 2021 (Cayman Islands)	4,950,000	1,373,625
Samson Investment Co. bank term loan FRN 6 1/4s, 2018 (In default)(NON)	4,000,000	170,000
Seventy Seven Energy, Inc. bank term loan FRN 3 3/4s, 2021	3,957,462	3,080,223
Tervita Corp. bank term loan FRN Ser. B, 6 1/4s, 2018 (Canada)	2,177,119	1,694,523
		13,801,283
Financials (4.2%)
Alliant Holdings I, LLC bank term loan FRN Ser. B, 4 1/2s, 2022	3,990,000	3,917,681
Altisource Solutions Sarl bank term loan FRN Ser. B, 4 1/2s, 2020 (Luxembourg)	4,874,968	4,326,534
Capital Automotive LP bank term loan FRN 6s, 2020	2,500,000	2,504,168
Guggenheim Partners Investment Management Holdings, LLC bank term loan FRN Ser. B, 4 1/4s, 2020	1,960,000	1,951,017
HUB International, Ltd. bank term loan FRN Ser. B, 4s, 2020	5,386,716	5,221,747
iStar, Inc. bank term loan FRN Ser. A2, 7s, 2017(R)	397,610	397,610
Starwood Property Trust, Inc. bank term loan FRN 3 1/2s, 2020	3,650,622	3,611,075
USI, Inc. bank term loan FRN Ser. B, 4 1/4s, 2019	3,890,600	3,821,301
Walter Investment Management Corp. bank term loan FRN Ser. B, 4 3/4s, 2020	4,407,978	3,812,901
		29,564,034
Gaming and lottery (8.3%)
Amaya BV bank term loan FRN 5s, 2021 (Netherlands)	2,970,056	2,837,889
American Casino & Entertainment Properties, LLC bank term loan FRN 5s, 2022	4,987,500	4,978,148
Caesars Entertainment Operating Co., Inc. bank term loan FRN Ser. B6, 11s, 2017	7,783,949	6,997,443
Caesars Entertainment Operating Co., Inc. bank term loan FRN Ser. B7, 11 1/2s, 2017	671,625	569,202
CBAC Borrower, LLC bank term loan FRN Ser. B, 8 1/4s, 2020	2,250,000	2,070,000
CCM Merger, Inc. bank term loan FRN Ser. B, 4 1/2s, 2021	3,430,400	3,411,104
Eldorado Resorts, Inc. bank term loan FRN Ser. B, 4 1/4s, 2022	4,987,500	4,975,031
Gateway Casinos & Entertainment, Inc. bank term loan FRN Ser. B, 5 1/4s, 2019 (Canada)	3,920,000	2,928,002
Golden Nugget, Inc. bank term loan FRN Ser. B, 5 1/2s, 2019	1,953,578	1,949,182
Golden Nugget, Inc. bank term loan FRN Ser. DD, 5 1/2s, 2019	837,248	835,364
Marina District Finance Co., Inc. bank term loan FRN Ser. B, 6 1/2s, 2018	633,947	633,419
Penn National Gaming, Inc. bank term loan FRN Ser. B, 3 1/4s, 2020	3,684,375	3,655,206
Pinnacle Entertainment, Inc. bank term loan FRN Ser. B2, 3 3/4s, 2020	940,908	937,379
ROC Finance, LLC bank term loan FRN 5s, 2019	6,133,643	5,734,956
Scientific Games International, Inc. bank term loan FRN Ser. B2, 6s, 2021	6,451,250	5,956,317
Station Casinos, LLC bank term loan FRN Ser. B, 4 1/4s, 2020	4,534,734	4,493,164
Yonkers Racing Corp. bank term loan FRN 8 3/4s, 2020	2,000,000	1,935,000
Yonkers Racing Corp. bank term loan FRN 4 1/4s, 2019	3,528,827	3,440,606
		58,337,412
Health-care services (3.5%)
Acadia Healthcare Co., Inc. bank term loan FRN Ser. B, 4 1/4s, 2022	2,481,250	2,489,934
CHS/Community Health Systems, Inc. bank term loan FRN Ser. H, 4s, 2021	5,458,832	5,363,302
Envision Healthcare Corp. bank term loan FRN Ser. B, 4 1/4s, 2018	3,948,425	3,933,618
IASIS Healthcare, LLC bank term loan FRN Ser. B, 4 1/2s, 2018	4,803,428	4,728,375
MPH Acquisition Holdings, LLC bank term loan FRN Ser. B, 3 3/4s, 2021	5,252,909	5,107,141
Surgical Care Affiliates, LLC bank term loan FRN Ser. B, 4 1/4s, 2022	2,985,000	2,973,806
		24,596,176
Homebuilding (1.0%)
Realogy Group, LLC bank term loan FRN 4.4s, 2016	159,407	157,016
Realogy Group, LLC bank term loan FRN Ser. B, 3 3/4s, 2020	6,828,363	6,804,894
		6,961,910
Leisure (0.7%)
Steinway Musical Instruments, Inc. bank term loan FRN 4 3/4s, 2019	4,836,508	4,812,326
		4,812,326
Lodging/Tourism (1.8%)
Caesars Growth Properties Holdings, LLC bank term loan FRN 6 1/4s, 2021	4,162,313	3,676,708
CityCenter Holdings, LLC bank term loan FRN Ser. B, 4 1/4s, 2020	5,591,978	5,553,533
Hilton Worldwide Finance, LLC bank term loan FRN Ser. B, 3 1/2s, 2020	3,525,981	3,508,841
		12,739,082
Media (0.6%)
Getty Images, Inc. bank term loan FRN Ser. B, 4 3/4s, 2019	5,680,990	3,818,097
		3,818,097
Medical technology (2.4%)
ConvaTec, Inc. bank term loan FRN Ser. B, 4 1/4s, 2020	4,154,158	4,117,809
Kinetic Concepts, Inc. bank term loan FRN 4 1/2s, 2018	3,833,683	3,730,174
Ortho-Clinical Diagnostics, Inc. bank term loan FRN Ser. B, 4 3/4s, 2021	4,424,396	4,147,871
Sterigenics-Nordion Holdings, LLC bank term loan FRN Ser. B, 4 1/4s, 2022	5,000,000	4,925,000
		16,920,854
Pharmaceuticals (3.2%)
Akorn, Inc. bank term loan FRN Ser. B, 6s, 2020	5,940,000	5,672,700
Grifols Worldwide Operations USA, Inc. bank term loan FRN 3.188s, 2021	3,587,263	3,557,668
Horizon Pharma, Inc. bank term loan FRN Ser. B, 4 1/2s, 2021	3,990,000	3,630,900
Patheon, Inc. bank term loan FRN Ser. B, 4 1/4s, 2021 (Netherlands)	6,307,500	6,143,505
Valeant Pharmaceuticals International, Inc. bank term loan FRN Ser. BD, 3 1/2s, 2019	1,918,785	1,807,975
Valeant Pharmaceuticals International, Inc. bank term loan FRN Ser. C2, 3 3/4s, 2019	1,918,785	1,807,655
		22,620,403
Publishing (0.1%)
SuperMedia, Inc. bank term loan FRN 11.6s, 2016	1,562,571	777,379
		777,379
Retail (6.7%)
Academy, Ltd. bank term loan FRN Ser. B, 5s, 2022	6,277,586	5,958,477
Bass Pro Group, LLC bank term loan FRN Ser. B, 4s, 2020	3,980,000	3,721,300
DBP Holding Corp. bank term loan FRN Ser. B, 5 1/4s, 2019	4,319,393	3,598,054
Dollar Tree Stores, Inc. bank term loan FRN Ser. B, 3 1/2s, 2022	1,158,430	1,153,121
J Crew Group, Inc. bank term loan FRN Ser. B, 4s, 2021	1,936,649	1,214,643
JC Penney Corp., Inc. bank term loan FRN 6s, 2018	4,180,323	4,136,429
JC Penney Corp., Inc. bank term loan FRN 5s, 2019	2,987,188	2,967,586
Jo-Ann Stores, Inc. bank term loan FRN Ser. B, 4s, 2018	3,616,915	3,345,647
Leslie's Poolmart, Inc. bank term loan FRN Ser. B, 4 1/4s, 2019	2,848,964	2,777,740
Neiman Marcus Group, Ltd., Inc. bank term loan FRN 4 1/4s, 2020	7,316,151	6,837,858
Petco Animal Supplies, Inc. bank term loan FRN 4s, 2017	2,857,500	2,848,316
PetSmart, Inc. bank term loan FRN Ser. B, 4 1/4s, 2022	3,050,909	2,996,374
Talbots, Inc. (The) bank term loan FRN 9 1/2s, 2021	1,825,000	1,742,875
Talbots, Inc. (The) bank term loan FRN 5 1/2s, 2020	3,654,273	3,498,966
		46,797,386
Technology (7.3%)
Avago Technologies Cayman Finance, Ltd. bank term loan FRN Ser. B, 4 1/4s, 2022 (Cayman Islands)	6,500,000	6,424,847
Avago Technologies, Ltd. bank term loan FRN Ser. B, 3 3/4s, 2020 (Cayman Islands)	3,099,224	3,086,310
Avaya, Inc. bank term loan FRN Ser. B6, 6 1/2s, 2018	2,114,363	1,798,266
Avaya, Inc. bank term loan FRN Ser. B7, 6 1/4s, 2020	2,476,436	1,867,646
BMC Software, Inc. bank term loan FRN 5s, 2020	4,738,889	4,101,508
CommScope, Inc. bank term loan FRN Ser. B, 3 3/4s, 2022	4,000,000	3,950,000
Dell International, LLC bank term loan FRN Ser. B2, 4s, 2020	3,185,648	3,168,924
First Data Corp. bank term loan FRN 4.212s, 2021	1,541,750	1,535,418
First Data Corp. bank term loan FRN Ser. B, 3.962s, 2022	1,000,000	985,625
First Data Corp. bank term loan FRN Ser. B, 3.712s, 2018	4,000,000	3,960,000
Freescale Semiconductor, Inc. bank term loan FRN Ser. B4, 4 1/4s, 2020	5,170,689	5,160,994
Freescale Semiconductor, Inc. bank term loan FRN Ser. B5, 5s, 2021	1,457,688	1,455,563
Infor US, Inc. bank term loan FRN Ser. B5, 3 3/4s, 2020	3,535,301	3,369,270
Informatica Corp. bank term loan FRN Ser. B, 4 1/2s, 2022	3,600,000	3,493,930
NXP BV bank term loan FRN Ser. B, 3 3/4s, 2020 (Netherlands)	2,900,000	2,882,600
SS&C European Holdings Sarl bank term loan FRN Ser. B2, 4s, 2022 (Luxembourg)	233,184	232,601
SS&C Technologies, Inc. bank term loan FRN Ser. B1, 3 3/4s, 2022	1,551,570	1,547,691
Syniverse Holdings, Inc. bank term loan FRN 4s, 2019	2,423,804	1,866,329
		50,887,522
Tire and rubber (0.5%)
American Tire Distributors, Inc. bank term loan FRN 5 1/4s, 2021	3,731,250	3,707,930
		3,707,930
Transportation (0.7%)
Air Medical Group Holdings, Inc. bank term loan FRN Ser. B, 4 1/2s, 2022	4,678,275	4,571,063
Livingston International, Inc. bank term loan FRN 9s, 2020 (Canada)	341,087	315,505
		4,886,568
Utilities and power (1.9%)
Calpine Construction Finance Co. LP bank term loan FRN Ser. B, 3s, 2020	2,346,000	2,247,273
Calpine Construction Finance Co. LP bank term loan FRN Ser. B2, 3 1/4s, 2022	1,768,435	1,695,487
Energy Future Intermediate Holding Co., LLC bank term loan FRN 4 1/4s, 2016	1,761,417	1,753,711
Energy Transfer Equity LP bank term loan FRN 3 1/4s, 2019	5,570,000	5,263,650
Texas Competitive Electric Holdings Co., LLC bank term loan FRN 4.676s, 2017	6,830,362	2,311,654
Texas Competitive Electric Holdings Co., LLC bank term loan FRN 4.676s, 2017	70,101	23,725
		13,295,500
Total senior loans (cost $617,898,210)		$579,116,056
CORPORATE BONDS AND NOTES (11.9%)(a)
	Principal amount	Value
Basic materials (1.9%)
ArcelorMittal SA sr. unsec. bonds 10.85s, 2019 (France)	$1,500,000	$1,593,750
Cemex Finance, LLC 144A company guaranty sr. notes 9 3/8s, 2022 (Mexico)	1,600,000	1,714,400
Cemex SAB de CV 144A company guaranty sr. FRN 5.071s, 2018 (Mexico)	1,500,000	1,518,750
HudBay Minerals, Inc. company guaranty sr. unsec. notes 9 1/2s, 2020 (Canada)	1,000,000	765,000
Novelis, Inc. company guaranty sr. unsec. notes 8 3/4s, 2020	1,000,000	972,500
Novelis, Inc. company guaranty sr. unsec. notes 8 3/8s, 2017	640,000	633,600
Perstorp Holding AB 144A company guaranty sr. notes 8 3/4s, 2017 (Sweden)	1,500,000	1,511,250
PQ Corp. 144A sr. notes 8 3/4s, 2018	1,126,000	1,114,740
Ryerson, Inc./Joseph T Ryerson & Son, Inc. company guaranty sr. notes 9s, 2017	1,765,000	1,486,801
Steel Dynamics, Inc. company guaranty sr. unsec. unsub. notes 6 1/8s, 2019	2,000,000	2,070,000
		13,380,791
Capital goods (1.0%)
ADS Waste Holdings, Inc. company guaranty sr. unsec. notes 8 1/4s, 2020	1,250,000	1,293,750
American Axle & Manufacturing, Inc. company guaranty sr. unsec. notes 7 3/4s, 2019	930,000	1,029,975
Bombardier, Inc. 144A unsec. notes 5 1/2s, 2018 (Canada)	1,250,000	1,184,375
Manitowoc Co., Inc. (The) company guaranty sr. unsec. notes 8 1/2s, 2020	910,000	946,400
Pittsburgh Glass Works, LLC 144A company guaranty sr. notes 8s, 2018	1,231,000	1,283,318
ZF North America Capital, Inc. 144A company guaranty sr. unsec. unsub. notes 4s, 2020	1,250,000	1,254,688
		6,992,506
Communication services (1.8%)
Altice Financing SA 144A company guaranty sr.notes 7 7/8s, 2019 (Luxembourg)	1,600,000	1,662,000
Cablevision Systems Corp. sr. unsec. unsub. notes 8 5/8s, 2017	1,148,000	1,211,140
Digicel, Ltd. 144A sr. unsec. notes 7s, 2020 (Jamaica)	1,900,000	1,824,000
DISH DBS Corp. company guaranty sr. unsec. unsub. notes 4 1/4s, 2018	1,062,000	1,056,690
Intelsat Jackson Holdings SA company guaranty sr. unsec. notes 7 1/4s, 2019 (Bermuda)	1,500,000	1,309,688
Intelsat Luxembourg SA company guaranty sr. unsec. bonds 6 3/4s, 2018 (Luxembourg)	1,000,000	655,000
Sprint Communications, Inc. 144A company guaranty sr. unsec. notes 9s, 2018	2,000,000	2,160,000
T-Mobile USA, Inc. company guaranty sr. unsec. bonds 6.542s, 2020	1,500,000	1,548,750
WideOpenWest Finance, LLC/WideOpenWest Capital Corp. company guaranty sr. unsec. notes 10 1/4s, 2019	1,500,000	1,436,250
		12,863,518
Consumer cyclicals (1.6%)
Brookfield Residential Properties, Inc. 144A company guaranty sr. unsec. notes 6 1/2s, 2020 (Canada)	740,000	717,800
CalAtlantic Group, Inc. company guaranty sr. unsec. notes 8 3/8s, 2018	1,000,000	1,125,000
Clear Channel Worldwide Holdings, Inc. company guaranty sr. unsec. notes 7 5/8s, 2020	1,000,000	970,000
FCA US, LLC/CG Co-Issuer, Inc. company guaranty notes 8 1/4s, 2021	1,000,000	1,077,800
General Motors Financial Co., Inc. company guaranty sr. unsec. FRN 1.881s, 2020	2,275,000	2,250,528
General Motors Financial Co., Inc. company guaranty sr. unsec. unsub. FRN 2.388s, 2019	463,000	465,449
GLP Capital LP/GLP Financing II, Inc. company guaranty sr. unsec. notes 4 3/8s, 2018	2,000,000	2,052,500
Jo-Ann Stores, Inc. 144A sr. unsec. notes 8 1/8s, 2019	1,000,000	830,000
M/I Homes, Inc. company guaranty sr. unsec. notes 8 5/8s, 2018	815,000	836,394
Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp. 144A sr. notes 9 1/2s, 2019	712,000	745,820
		11,071,291
Consumer staples (0.5%)
BlueLine Rental Finance Corp. 144A sr. notes 7s, 2019	2,198,000	1,994,685
Hertz Corp. (The) company guaranty sr. unsec. notes 4 1/4s, 2018	1,298,000	1,310,980
		3,305,665
Energy (0.3%)
CHC Helicopter SA company guaranty sr. notes 9 1/4s, 2020 (Canada)	1,120,500	537,840
Chesapeake Energy Corp. company guaranty sr. unsec. FRN 3.571s, 2019	3,000,000	1,342,500
Linn Energy, LLC/Linn Energy Finance Corp. 144A company guaranty notes 12s, 2020	1,000,000	615,000
		2,495,340
Financials (1.8%)
CIT Group, Inc. sr. unsec. unsub. notes 5 1/4s, 2018	1,250,000	1,296,875
CNO Financial Group, Inc. sr. unsec. unsub. notes 4 1/2s, 2020	1,000,000	1,020,000
iStar, Inc. company guaranty sr. unsec. unsub. notes 4 7/8s, 2018(R)	2,000,000	1,940,000
JPMorgan Chase & Co. jr. unsec. sub. FRN 7.9s, perpetual maturity	3,000,000	3,090,000
Nationstar Mortgage, LLC/Nationstar Capital Corp. company guaranty sr. unsec. notes 6 1/2s, 2018	1,790,000	1,740,775
OneMain Financial Holdings, Inc. 144A company guaranty sr. unsec. notes 6 3/4s, 2019	2,000,000	2,095,000
TMX Finance, LLC/TitleMax Finance Corp. 144A sr. notes 8 1/2s, 2018	1,500,000	1,155,000
		12,337,650
Health care (0.7%)
Tenet Healthcare Corp. company guaranty sr. notes 6 1/4s, 2018	1,268,000	1,340,910
Tenet Healthcare Corp. 144A company guaranty sr. FRN 3.837s, 2020	1,805,000	1,780,181
Valeant Pharmaceuticals International, Inc. 144A sr. unsec. notes 6 3/4s, 2018	1,500,000	1,462,500
		4,583,591
Technology (1.1%)
Avaya, Inc. 144A company guaranty sr. notes 7s, 2019	2,000,000	1,575,000
Infor US, Inc. 144A sr. notes 5 3/4s, 2020	2,188,000	2,193,470
Iron Mountain, Inc. 144A company guaranty sr. unsec. notes 6s, 2020(R)	1,235,000	1,295,515
SoftBank Corp. 144A sr. unsec. notes 4 1/2s, 2020 (Japan)	930,000	925,350
SunGard Data Systems, Inc. company guaranty sr. unsec. notes 7 3/8s, 2018	1,000,000	1,018,440
Syniverse Holdings, Inc. company guaranty sr. unsec. notes 9 1/8s, 2019	1,365,000	846,300
		7,854,075
Utilities and power (1.2%)
AES Corp./Virginia (The) sr. unsec. FRN 3.324s, 2019	3,000,000	2,812,500
Dynegy, Inc. company guaranty sr. unsec. notes 6 3/4s, 2019	2,000,000	1,953,760
Kinder Morgan, Inc. company guaranty sr. unsec. unsub. notes 3.05s, 2019	2,000,000	1,833,733
NRG Energy, Inc. company guaranty sr. unsec. notes 7 5/8s, 2018	1,500,000	1,560,000
		8,159,993
Total corporate bonds and notes (cost $90,281,642)		$83,044,420
PREFERRED STOCKS (0.1%)(a)
	Shares	Value
HSBC USA, Inc. $0.88 pfd.	39,050	$867,301
Total preferred stocks (cost $875,910)		$867,301
COMMON STOCKS (—%)(a)
	Shares	Value
Tribune Media Co. Class 1C(NON)(F)	591,290	$147,822
Total common stocks (cost $—)		$147,822
SHORT-TERM INVESTMENTS (4.3%)(a)
	Shares	Value
Putnam Short Term Investment Fund 0.16%(AFF)	30,471,084	$30,471,084
Total short-term investments (cost $30,471,084)		$30,471,084
TOTAL INVESTMENTS
Total investments (cost $739,526,846)(b)		$693,646,683

FORWARD CURRENCY CONTRACTS at 11/30/15 (aggregate face value $5,149,726) (Unaudited)
						Unrealized
		Contract	Delivery		Aggregate	appreciation/
Counterparty	Currency	type	date	Value	face value	(depreciation)
Bank of America N.A.
	Canadian Dollar	Buy	1/20/16	$12,655	$12,658	$(3)
Credit Suisse International
	Canadian Dollar	Buy	1/20/16	13,104	13,217	(113)
Deutsche Bank AG
	Euro	Buy	12/16/15	1,053,764	1,129,332	(75,568)
HSBC Bank USA, National Association
	Canadian Dollar	Sell	1/20/16	246,131	248,315	2,184
JPMorgan Chase Bank N.A.
	Canadian Dollar	Sell	1/20/16	702,526	708,755	6,229
	Euro	Sell	12/16/15	1,056,935	1,132,725	75,790
UBS AG
	Canadian Dollar	Sell	1/20/16	1,866,390	1,883,720	17,330
WestPac Banking Corp.
	Canadian Dollar	Buy	1/20/16	20,217	21,004	(787)
Total						$25,062

Key to holding's abbreviations
FRB	Floating Rate Bonds: the rate shown is the current interest rate at the close of the reporting period
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 March 1, 2015 through November 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 $700,605,028.
(b)	The aggregate identified cost on a tax basis is $740,001,734, resulting in gross unrealized appreciation and depreciation of $424,191 and $46,779,242, respectively, or net unrealized depreciation of $46,355,051.
(NON)	This security is non-income-producing.
(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*	$14,658,513	$252,322,993	$236,510,422	$32,800	$30,471,084
	* 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)	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.
(R)	Real Estate Investment Trust.
	At the close of the reporting period, the fund maintained liquid assets totaling $73,581 to cover certain derivative contracts.
	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 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.
	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 for hedging currency exposures.
	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 $76,471 on open derivative contracts subject to the Master Agreements. There was no collateral posted by the fund at period end for these 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	—	83,044,420	—
Preferred stocks	867,301	—	—
Senior loans	—	579,116,056	—
Short-term investments	30,471,084	—	—
Totals by level	$31,338,385	$662,160,476	$147,822
		Valuation inputs
Other financial instruments:	Level 1	Level 2	Level 3
Forward currency contracts	$—	$25,062	$—
Totals by level	$—	$25,062	$—
* 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. Transfers are accounted for using the end of period pricing valuation method.
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	$101,533	$76,471
Total	$101,533	$76,471
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 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)		$5,500,000

	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.	Credit Suisse International	Deutsche Bank AG	HSBC Bank USA, National Association	JPMorgan Chase Bank N.A.	UBS AG	WestPac Banking Corp.	Total
	Assets:
	Forward currency contracts#	$—	$—	$—	$2,184	$82,019	$17,330	$—	101,533
	Total Assets	$—	$—	$—	$2,184	$82,019	$17,330	$—	$101,533
	Liabilities:
	Forward currency contracts#	3	113	75,568	—	—	—	787	76,471
	Total Liabilities	$3	$113	$75,568	$—	$—	$—	$787	$76,471
	Total Financial and Derivative Net Assets	$(3)	$(113)	$(75,568)	$2,184	$82,019	$17,330	$(787)	$25,062
	Total collateral received (pledged)##†	$—	$—	$—	$—	$—	$—	$—
	Net amount	$(3)	$(113)	$(75,568)	$2,184	$82,019	$17,330	$(787)
†	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 27, 2016

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 27, 2016

By (Signature and Title):

/s/ Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer
Date: January 27, 2016