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, 2016

Date of reporting period: April 30, 2016

Item 1. Schedule of Investments:

Putnam Short Duration Income Fund
The fund's portfolio
4/30/16 (Unaudited)
CORPORATE BONDS AND NOTES (62.2%)(a)
	Interest rate (%)	Maturity date	Principal amount	Value
Banking (33.9%)
Abbey National Treasury Services PLC/Stamford, CT company guaranty sr. unsec. unsub. FRN (United Kingdom)	1.040	9/29/17	$9,565,000	$9,516,391
Abbey National Treasury Services PLC/United Kingdom company guaranty sr. unsec. unsub. FRN Ser. GMTN (United Kingdom)	1.475	8/24/18	7,000,000	6,963,103
ABN Amro Bank NV 144A sr. unsec. FRN (Netherlands)	1.434	10/28/16	20,505,000	20,539,982
Australia & New Zealand Banking Group, Ltd. 144A sr. unsec. unsub. FRN (Australia)	1.368	11/16/18	10,000,000	9,962,160
Australia & New Zealand Banking Group, Ltd. 144A sr. unsec. unsub. FRN (Australia)	1.073	1/16/18	10,000,000	9,981,130
Bank of America Corp. unsec. sub. FRN	1.163	5/2/17	7,282,000	7,233,924
Bank of America Corp. unsec. sub. FRN	0.947	8/15/16	3,873,000	3,871,280
Bank of America, NA unsec. sub. FRN Ser. BKNT	0.934	6/15/17	14,500,000	14,429,559
Bank of Montreal sr. unsec. unsub. FRN (Canada)	0.989	4/10/18	3,000,000	2,983,854
Bank of Montreal sr. unsec. unsub. FRN Ser. MTN (Canada)	1.248	7/31/18	18,100,000	18,059,619
Bank of New York Mellon Corp. (The) sr. unsec. unsub. FRN	0.998	5/22/18	7,505,000	7,489,209
Bank of New York Mellon Corp. (The) sr. unsec. unsub. FRN Ser. 1	1.076	3/6/18	4,062,000	4,062,739
Bank of Nova Scotia (The) sr. unsec. unsub. FRN (Canada)	1.458	1/15/19	5,000,000	5,006,960
Bank of Nova Scotia (The) sr. unsec. unsub. FRN (Canada)	1.105	6/11/18	10,000,000	9,985,240
Bank of Nova Scotia (The) sr. unsec. unsub. FRN (Canada)	0.939	4/11/17	10,000,000	9,996,070
Bank of Tokyo-Mitsubishi UFJ, Ltd. (The) 144A sr. unsec. unsub. FRN (Japan)	1.246	9/9/16	4,300,000	4,305,483
Bank of Tokyo-Mitsubishi UFJ, Ltd. (The) 144A sr. unsec. unsub. FRN (Japan)	1.186	3/5/18	5,000,000	4,975,245
Bank of Tokyo-Mitsubishi UFJ, Ltd. (The) 144A sr. unsec. unsub. FRN (Japan)	0.944	9/8/17	5,000,000	4,979,195
Banque Federative du Credit Mutuel SA 144A sr. unsec. unsub. FRN (France)	1.484	1/20/17	17,850,000	17,889,788
Barclays Bank PLC sr. unsec. unsub. FRN (United Kingdom)	1.198	2/17/17	7,100,000	7,106,170
Barclays Bank PLC sr. unsec. unsub. FRN Ser. MTN (United Kingdom)	1.176	12/9/16	9,385,000	9,378,740
BNP Paribas SA company guaranty sr. unsec. FRN (France)	1.222	12/12/16	890,000	891,908
BNP Paribas SA company guaranty sr. unsec. unsub. FRN Ser. MTN (France)	1.122	3/17/17	12,553,000	12,545,380
BNP Paribas SA company guaranty sr. unsec. unsub. FRN Ser. MTN (France)	1.080	5/7/17	2,403,000	2,401,121
BNP Paribas SA company guaranty sr. unsec. unsub. notes Ser. MTN (France)	1.250	12/12/16	8,344,000	8,359,295
BPCE SA company guaranty sr. unsec. FRN Ser. MTN (France)	1.482	2/10/17	10,175,000	10,204,467
BPCE SA company guaranty sr. unsec. unsub. FRB Ser. MTN (France)	1.235	6/23/17	13,000,000	12,999,155
Branch Banking & Trust Co. sr. unsec. FRN	1.065	12/1/16	2,000,000	2,002,492
Branch Banking & Trust Co. unsec. sub. FRN	0.952	9/13/16	15,795,000	15,797,132
Branch Banking & Trust Co. unsec. sub. FRN Ser. BKNT	0.918	5/23/17	4,850,000	4,835,911
Canadian Imperial Bank of Commerce sr. unsec. unsub. FRN Ser. EMTN (Canada)	0.793	2/21/17	4,200,000	4,192,398
Capital One NA/Mclean VA sr. unsec. FRN	1.768	8/17/18	8,525,000	8,576,210
Capital One, NA sr. unsec. FRN Ser. BKNT	1.301	2/5/18	9,000,000	8,981,487
Citigroup, Inc. sr. unsec. FRN	1.325	11/24/17	5,145,000	5,130,522
Citigroup, Inc. unsec. sub. FRN	0.906	6/9/16	20,859,000	20,861,086
Comerica Bank unsec. sub. notes Ser. BKNT	5.750	11/21/16	14,334,000	14,670,906
Commonwealth Bank of Australia 144A sr. unsec. FRN (Australia)	0.904	9/8/17	7,000,000	6,978,517
Commonwealth Bank of Australia 144A sr. unsec. unsub. FRN (Australia)	1.032	3/12/18	10,000,000	9,949,580
Commonwealth Bank of Australia/New York, NY 144A sr. unsec. FRB	1.403	11/2/18	8,000,000	8,003,992
Credit Agricole SA/London 144A sr. unsec. FRN (United Kingdom)	1.428	4/15/19	18,980,000	18,849,626
Credit Suisse AG/New York, NY sr. unsec. FRN	1.328	1/29/18	14,860,000	14,798,123
Credit Suisse AG/New York, NY sr. unsec. FRN	1.314	4/27/18	10,600,000	10,512,635
Fifth Third Bancorp unsec. sub. FRB	1.043	12/20/16	15,560,000	15,518,517
Firth Third Bank/Cincinnati, OH sr. unsec. FRN Ser. MTN	1.528	8/20/18	10,000,000	10,019,310
HBOS PLC unsec. sub. FRN Ser. EMTN (United Kingdom)	1.336	9/6/17	8,830,000	8,769,868
HBOS PLC unsec. sub. FRN Ser. EMTN (United Kingdom)	1.329	9/30/16	15,035,000	15,004,930
HSBC Finance Corp. sr. unsec. unsub. FRN	1.065	6/1/16	16,851,000	16,853,983
HSBC USA, Inc. sr. unsec. unsub. FRN	1.508	9/24/18	440,000	439,061
HSBC USA, Inc. sr. unsec. unsub. FRN	1.390	8/7/18	8,000,000	7,974,872
Huntington National Bank (The) sr. unsec. unsub. FRN	1.063	4/24/17	24,725,000	24,677,454
ING Bank NV 144A sr. unsec. FRN (Netherlands)	1.398	8/17/18	7,000,000	6,980,834
ING Bank NV 144A unsec. FRN (Netherlands)	1.190	3/16/18	14,500,000	14,437,027
JPMorgan Chase & Co. sr. unsec. FRN Ser. MTN	1.145	3/1/18	5,000,000	4,981,665
JPMorgan Chase & Co. sr. unsec. unsub. FRN	1.538	1/25/18	977,000	981,238
JPMorgan Chase Bank, NA unsec. sub. FRN	0.962	6/13/16	19,811,000	19,816,824
KeyBank NA/Cleveland, OH sr. unsec. FRN	1.119	11/25/16	3,000,000	3,002,706
Manufacturers & Traders Trust Co. sr. unsec. FRB	1.013	1/30/17	5,645,000	5,640,586
Manufacturers & Traders Trust Co. sr. unsec. FRN Ser. BKNT	0.938	7/25/17	6,000,000	5,989,620
Mizuho Bank, Ltd. 144A company guaranty sr. unsec. unsub. FRN (Japan)	1.270	3/26/18	9,000,000	8,964,198
Mizuho Bank, Ltd. 144A company guaranty sr. unsec. unsub. FRN (Japan)	1.080	9/25/17	3,000,000	2,986,968
Mizuho Bank, Ltd. 144A company guaranty sr. unsec. unsub. FRN (Japan)	1.063	4/16/17	11,000,000	10,964,063
National Australia Bank, Ltd. 144A sr. unsec. unsub. FRN (Australia)	1.410	1/14/19	10,000,000	9,986,450
National Australia Bank, Ltd. 144A sr. unsec. unsub. FRN (Australia)	1.276	7/23/18	10,000,000	9,973,440
National Bank of Canada sr. unsec. FRN Ser. BKNT (Canada)	1.472	12/14/18	10,000,000	10,020,700
National City Bank/Cleveland, OH unsec. sub. FRN Ser. BKNT	1.006	6/7/17	13,840,000	13,807,338
National City Bank/Cleveland, OH unsec. sub. FRN Ser. BKNT	0.984	12/15/16	6,039,000	6,029,108
Nordea Bank AB 144A sr. unsec. unsub. FRN (Sweden)	1.482	9/17/18	10,000,000	10,023,240
Nordea Bank AB 144A sr. unsec. unsub. FRN (Sweden)	0.989	4/4/17	7,000,000	7,002,492
PNC Bank NA sr. unsec. FRN Ser. MTN	1.055	6/1/18	5,000,000	4,984,420
Royal Bank of Canada sr. unsec. unsub. FRN (Canada)	1.335	12/10/18	10,000,000	9,992,200
Royal Bank of Canada sr. unsec. unsub. FRN Ser. GMTN (Canada)	1.178	7/30/18	10,000,000	9,975,830
Royal Bank of Scotland Group PLC sr. unsec. unsub. FRB (United Kingdom)	1.569	3/31/17	13,330,000	13,323,775
Santander Bank, NA sr. unsec. FRN	1.561	1/12/18	6,900,000	6,831,932
Societe Generale SA company guaranty sr. unsec. unsub. FRN (France)	1.705	10/1/18	13,675,000	13,710,692
Standard Chartered PLC 144A sr. unsec. notes (United Kingdom)	3.200	5/12/16	23,975,000	23,988,594
Sumitomo Mitsui Banking Corp. company guaranty sr. unsec. unsub. FRB (Japan)	1.213	1/16/18	6,000,000	5,974,770
Sumitomo Mitsui Banking Corp. company guaranty sr. unsec. unsub. FRB (Japan)	1.059	1/10/17	6,000,000	5,996,580
Sumitomo Mitsui Banking Corp. company guaranty sr. unsec. unsub. FRN Ser. GMTN (Japan)	1.378	7/23/18	8,000,000	7,972,400
Sumitomo Mitsui Banking Corp. company guaranty sr. unsec. unsub. FRN Ser. GMTN (Japan)	0.949	7/11/17	5,000,000	4,972,205
Suncorp-Metway, Ltd. 144A sr. unsec. unsub. FRN (Australia)	1.330	3/28/17	5,250,000	5,258,111
SunTrust Bank/Atlanta, GA sr. unsec. FRN Ser. BKNT	1.058	2/15/17	18,525,000	18,494,063
Svenska Handelsbanken AB company guaranty sr. unsec. notes (Sweden)	2.875	4/4/17	14,000,000	14,241,542
Toronto-Dominion Bank (The) sr. unsec. FRN Ser. GMTN (Canada)	1.178	7/23/18	10,000,000	9,977,730
Toronto-Dominion Bank (The) sr. unsec. unsub. FRN (Canada)	0.853	5/2/17	3,000,000	2,997,363
Toronto-Dominion Bank (The) sr. unsec. unsub. FRN Ser. MTN (Canada)	0.932	3/13/18	10,000,000	9,945,610
U.S. Bancorp sr. unsec. unsub. FRN Ser. MTN	1.108	11/15/18	10,000,000	9,983,260
U.S. Bank, NA/Cincinnati, OH sr. unsec. FRN Ser. BKNT	0.835	9/11/17	10,188,000	10,183,864
UBS AG/Stamford CT sr. unsec. FRN Ser. GMTN	1.330	3/26/18	12,225,000	12,222,457
UBS AG/Stamford CT sr. unsec. FRN Ser. GMTN	1.258	8/14/19	12,000,000	11,890,236
Wells Fargo & Co. sr. unsec. FRN	1.095	4/22/19	3,785,000	3,753,456
Wells Fargo & Co. sr. unsec. unsub. FRN	1.268	4/23/18	3,000,000	3,001,395
Wells Fargo & Co. sr. unsec. unsub. FRN	1.032	9/14/18	12,500,000	12,421,425
Wells Fargo Bank, NA sr. unsec. FRN Ser. BKNT	1.375	1/22/18	6,000,000	6,028,440
Westpac Banking Corp. sr. unsec. unsub. FRN (Australia)	1.358	11/23/18	10,000,000	9,991,820
Westpac Banking Corp. sr. unsec. unsub. FRN (Australia)	1.059	5/25/18	8,000,000	7,941,920
Westpac Banking Corp. sr. unsec. unsub. FRN (Australia)	1.005	12/1/17	7,000,000	6,976,935
				904,137,301
Basic materials (0.7%)
Glencore Funding, LLC 144A company guaranty sr. unsec. unsub. FRN	1.796	5/27/16	16,250,000	16,250,000
Monsanto Co. sr. unsec. unsub. FRN	0.820	11/7/16	3,425,000	3,415,753
				19,665,753
Capital goods (0.6%)
John Deere Capital Corp. sr. unsec. FRN Ser. MTN	0.854	12/15/17	10,000,000	9,982,090
John Deere Capital Corp. sr. unsec. unsub. FRN Ser. MTN	0.923	1/16/18	6,000,000	5,996,322
				15,978,412
Communication services (1.6%)
AT&T, Inc. sr. unsec. unsub. FRN	1.546	11/27/18	10,000,000	10,025,470
British Telecommunications PLC sr. unsec. unsub. notes (United Kingdom)	1.625	6/28/16	1,400,000	1,401,581
Time Warner Cable, Inc. company guaranty sr. unsec. unsub. notes	5.850	5/1/17	6,755,000	7,043,911
Verizon Communications, Inc. sr. unsec. unsub. FRN	2.164	9/15/16	11,500,000	11,553,303
Verizon Communications, Inc. sr. unsec. unsub. FRN	1.036	6/9/17	13,000,000	13,009,620
				43,033,885
Conglomerates (0.8%)
General Electric Capital Corp. company guaranty sr. unsec. unsub. FRN Ser. MTN	0.890	8/7/18	4,062,000	4,051,276
General Electric Co. company guaranty sr. unsec. FRN Ser. EMTN	0.823	6/20/16	7,000,000	6,999,090
Siemens Financieringsmaatschappij NV 144A company guaranty sr. unsec. FRN (Netherlands)	0.909	5/25/18	10,000,000	9,962,130
				21,012,496
Consumer cyclicals (4.4%)
Daimler Finance North America, LLC 144A company guaranty sr. unsec. FRN	0.985	3/10/17	10,000,000	9,982,870
Daimler Finance North America, LLC 144A company guaranty sr. unsec. FRN	0.956	8/1/17	5,000,000	4,976,225
Ford Motor Credit Co., LLC sr. unsec. unsub. FRN	1.206	12/6/17	15,000,000	14,891,985
Ford Motor Credit Co., LLC sr. unsec. unsub. FRN	1.154	9/8/17	5,500,000	5,476,521
General Motors Financial Co., Inc. company guaranty sr. unsec. notes	2.750	5/15/16	11,732,000	11,738,734
General Motors Financial Co., Inc. company guaranty sr. unsec. unsub. FRN	1.989	4/10/18	905,000	899,491
Hutchison Whampoa International 14, Ltd. 144A company guaranty sr. unsec. unsub. bonds (Hong Kong)	1.625	10/31/17	2,500,000	2,501,768
Hyundai Capital Services, Inc. 144A sr. unsec. unsub. FRN (South Korea)	1.439	3/18/17	3,000,000	3,017,406
Hyundai Capital Services, Inc. 144A sr. unsec. unsub. notes (South Korea)	4.375	7/27/16	3,075,000	3,097,045
Nissan Motor Acceptance Corp. 144A sr. unsec. FRN	1.430	4/6/18	5,000,000	4,998,100
Nissan Motor Acceptance Corp. 144A sr. unsec. FRN	1.182	3/3/17	7,900,000	7,897,314
Nissan Motor Acceptance Corp. 144A sr. unsec. unsub. FRN	1.330	9/26/16	9,350,000	9,364,165
Toyota Motor Credit Corp. sr. unsec. unsub. FRB Ser. GMTN	1.090	7/13/18	10,000,000	10,020,950
Toyota Motor Credit Corp. sr. unsec. unsub. FRN Ser. MTN	1.023	1/17/19	2,105,000	2,092,705
Toyota Motor Credit Corp. sr. unsec. unsub. FRN Ser. MTN	0.818	5/16/17	10,000,000	9,995,840
Walt Disney Co. (The) sr. unsec. unsub. FRN	0.951	1/8/19	15,000,000	15,007,770
				115,958,889
Consumer finance (1.9%)
American Express Bank FSB sr. unsec. unsub. FRN Ser. BKNT	0.735	6/12/17	12,340,000	12,290,689
American Express Co. sr. unsec. unsub. FRN	1.208	5/22/18	5,250,000	5,225,273
American Express Credit Corp. sr. unsec. unsub. FRN Ser. MTN	1.401	11/5/18	6,000,000	5,998,746
American Honda Finance Corp. sr. unsec. unsub. FRN Ser. MTN	1.090	7/13/18	7,000,000	7,008,596
American Honda Finance Corp. sr. unsec. unsub. FRN Ser. MTN	0.945	12/11/17	15,000,000	14,990,280
Capital One Bank USA NA sr. unsec. unsub. notes Ser. BKNT	1.150	11/21/16	3,955,000	3,957,832
				49,471,416
Consumer staples (3.0%)
Anheuser-Busch InBev Finance, Inc. company guaranty sr. unsec. unsub. FRN	1.016	2/1/19	3,874,000	3,858,093
Anheuser-Busch InBev Finance, Inc. company guaranty sr. unsec. unsub. FRN	0.824	1/27/17	4,465,000	4,462,330
Kroger Co. (The) sr. unsec. FRN	1.163	10/17/16	25,142,000	25,168,374
PepsiCo, Inc. sr. unsec. unsub. FRN	1.215	2/22/19	4,000,000	4,028,468
PepsiCo, Inc. sr. unsec. unsub. FRN	0.980	10/13/17	10,000,000	10,018,070
SABMiller Holdings, Inc. 144A company guaranty sr. unsec. unsub. notes	2.450	1/15/17	13,225,000	13,342,544
Walgreens Boots Alliance, Inc. sr. unsec. unsub. FRN	1.068	5/18/16	17,900,000	17,902,864
				78,780,743
Energy (0.9%)
BP Capital Markets PLC company guaranty sr. unsec. unsub. FRN (United Kingdom)	0.982	2/10/17	10,000,000	9,992,180
Shell International Finance BV company guaranty sr. unsec. unsub. FRN (Netherlands)	1.212	11/10/18	15,000,000	14,955,000
				24,947,180
Financial (2.4%)
Berkshire Hathaway Finance Corp. company guaranty sr. unsec. unsub. FRN	1.184	3/7/18	10,000,000	10,046,200
Berkshire Hathaway Finance Corp. company guaranty sr. unsec. unsub. FRN	0.931	1/12/18	10,000,000	9,996,710
Goldman Sachs Group, Inc. (The) sr. unsec. unsub. FRN	1.288	5/22/17	5,000,000	4,998,955
Goldman Sachs Group, Inc. (The) sr. unsec. unsub. FRN Ser. MTN	1.434	12/15/17	6,000,000	5,999,706
Goldman Sachs Group, Inc. (The) sr. unsec. unsub. FRN Ser. MTN	1.260	6/4/17	10,200,000	10,193,839
Morgan Stanley sr. unsec. unsub. FRB Ser. MTN	1.083	10/18/16	23,000,000	23,017,641
				64,253,051
Health care (1.7%)
Actavis Funding SCS company guaranty sr. unsec. unsub. FRN (Luxembourg)	1.712	3/12/18	10,000,000	10,045,840
Amgen, Inc. sr. unsec. FRN	0.998	5/22/17	15,000,000	14,968,005
AstraZeneca PLC sr. unsec. unsub. FRN (United Kingdom)	1.148	11/16/18	10,000,000	9,989,810
Bayer US Finance, LLC 144A company guaranty sr. unsec. unsub. FRN	0.910	10/6/17	10,000,000	10,001,320
				45,004,975
Insurance (2.6%)
Hartford Financial Services Group, Inc. (The) sr. unsec. notes	5.500	10/15/16	9,007,000	9,178,556
Hartford Financial Services Group, Inc. (The) sr. unsec. notes	5.375	3/15/17	8,020,000	8,302,376
Jackson National Life Global Funding 144A sr. FRN	1.208	10/13/17	7,222,000	7,225,893
Liberty Mutual Group, Inc. 144A sr. unsec. notes	6.700	8/15/16	14,869,000	15,090,845
New York Life Global Funding 144A FRN	1.030	4/6/18	10,600,000	10,621,624
New York Life Global Funding 144A FRN	0.914	12/15/17	10,000,000	10,016,220
Principal Life Global Funding II 144A sr. FRN	1.135	12/1/17	10,000,000	9,993,640
				70,429,154
Investment banking/Brokerage (—%)
Macquarie Bank, Ltd. 144A sr. unsec. FRN (Australia)	1.418	3/24/17	625,000	624,071
				624,071
Real estate (3.4%)
AvalonBay Communities, Inc. sr. unsec. sub. notes Ser. MTN(R)	5.750	9/15/16	3,771,000	3,831,543
AvalonBay Communities, Inc. sr. unsec. unsub. notes Ser. GMTN(R)	5.700	3/15/17	19,885,000	20,613,825
HCP, Inc. sr. unsec. notes Ser. MTN(R)	6.300	9/15/16	11,350,000	11,545,084
HCP, Inc. sr. unsec. unsub. notes(R)	6.000	1/30/17	5,850,000	6,031,789
Realty Income Corp. sr. unsec. notes(R)	5.950	9/15/16	15,200,000	15,444,051
Simon Property Group LP sr. unsec. unsub. notes(R)	5.250	12/1/16	4,921,000	4,991,725
Ventas Realty LP company guaranty sr. unsec. notes(R)	1.550	9/26/16	20,396,000	20,425,758
Ventas Realty LP company guaranty sr. unsec. sub. notes(R)	1.250	4/17/17	4,185,000	4,176,630
Welltower, Inc. sr. unsec. notes(R)	6.200	6/1/16	3,910,000	3,925,104
				90,985,509
Technology (1.5%)
Apple, Inc. sr. unsec. unsub. FRN	1.438	2/22/19	7,000,000	7,083,545
Cisco Systems, Inc. sr. unsec. FRN	0.944	6/15/18	10,000,000	10,023,630
Cisco Systems, Inc. sr. unsec. unsub. FRN	1.236	2/21/18	5,000,000	5,034,260
eBay, Inc. sr. unsec. unsub. FRN	0.834	7/28/17	7,000,000	6,956,068
QUALCOMM, Inc. sr. unsec. unsub. FRN	0.888	5/18/18	10,000,000	9,890,160
				38,987,663
Transportation (0.2%)
Continental Airlines, Inc. pass-through certificates Ser. 97-4A	6.900	1/2/18	1,757,163	1,783,520
Kansas City Southern 144A company guaranty sr. unsec. sub. FRN	1.334	10/28/16	4,000,000	3,971,780
				5,755,300
Utilities and power (2.6%)
Duke Energy Corp. sr. unsec. FRN	1.009	4/3/17	14,100,000	14,086,802
Duke Energy Progress, Inc. sr. mtge. FRN	0.836	3/6/17	5,000,000	4,991,120
Electricite de France (EDF) 144A sr. unsec. unsub. FRN (France)	1.094	1/20/17	8,000,000	7,983,600
Enbridge, Inc. sr. unsec. unsub. FRN (Canada)	1.083	6/2/17	5,000,000	4,851,865
Exelon Corp. sr. unsec. unsub. notes	1.550	6/9/17	5,000,000	4,999,010
PPL WEM, Ltd./Western Power Distribution, Ltd. 144A sr. unsec. unsub. notes (United Kingdom)	3.900	5/1/16	20,000,000	20,000,000
TransCanada PipeLines, Ltd. sr. unsec. unsub. FRB (Canada)	1.309	6/30/16	7,100,000	7,103,493
Xcel Energy, Inc. sr. unsec. unsub. notes	1.200	6/1/17	5,000,000	4,994,855
				69,010,745
Total corporate bonds and notes (cost $1,659,493,041)				$1,658,036,543
COMMERCIAL PAPER (25.8%)(a)
	Yield (%)	Maturity date	Principal amount	Value
Abbott Laboratories	0.711	6/29/16	$20,000,000	$19,976,244
Agrium, Inc. (Canada)	0.801	5/13/16	10,000,000	9,998,137
Agrium, Inc. (Canada)	0.801	5/2/16	10,000,000	9,999,613
Albemarle Corp.	1.281	5/17/16	10,000,000	9,996,550
Altria Group, Inc.	0.650	6/1/16	7,250,000	7,246,584
Altria Group, Inc.	0.781	5/31/16	10,000,000	9,995,440
Altria Group, Inc.	0.670	5/6/16	6,000,000	5,999,452
Amphenol Corp.	0.801	5/13/16	3,500,000	3,499,348
Amphenol Corp.	0.811	5/4/16	10,000,000	9,999,351
Anheuser-Busch InBev Worldwide, Inc.	1.005	9/29/16	3,000,000	2,991,572
Anheuser-Busch InBev Worldwide, Inc.	1.056	9/15/16	3,000,000	2,992,772
Assa Abloy Financial Services (Sweden)	1.055	10/11/16	10,000,000	9,963,104
Assa Abloy Financial Services (Sweden)	1.090	9/16/16	5,000,000	4,985,864
Autonation, Inc.	0.950	5/2/16	20,000,000	19,998,892
AXA Financial, Inc.	0.924	9/12/16	12,500,000	12,467,558
AXA Financial, Inc.	0.701	6/8/16	3,695,000	3,692,976
AXA Financial, Inc.	0.802	5/3/16	2,500,000	2,499,879
Bacardi Corp. (Puerto Rico)	0.700	5/18/16	11,000,000	10,997,138
BASF SE (Germany)	0.773	9/28/16	10,000,000	9,972,260
BASF SE (Germany)	0.702	6/21/16	12,500,000	12,491,884
Baxter International, Inc.	0.720	5/9/16	10,000,000	9,998,683
Baxter International, Inc.	0.720	5/4/16	10,000,000	9,999,351
Bell Canada (Canada)	0.760	5/19/16	10,000,000	9,997,406
Bell Canada (Canada)	0.761	5/10/16	10,000,000	9,998,640
Campbell Soup Co.	0.701	6/13/16	5,030,000	5,026,542
Campbell Soup Co.	0.620	5/18/16	1,548,000	1,547,600
Canadian Natural Resources, Ltd. (Canada)	1.170	5/11/16	15,000,000	14,996,720
CBS Corp.	0.711	5/31/16	10,000,000	9,995,440
CenterPoint Energy, Inc.	0.801	6/1/16	10,000,000	9,995,288
Church & Dwight Co., Inc.	0.720	5/11/16	10,000,000	9,998,413
Clorox Co. (The)	0.731	5/23/16	7,990,000	7,987,321
Duke Energy Corp. 144A	0.780	5/17/16	4,000,000	3,999,020
Entergy Corp. 144A	0.850	5/2/16	15,200,000	15,199,183
Equifax, Inc.	0.771	5/19/16	5,200,000	5,198,564
Equifax, Inc. 144A	0.720	5/17/16	4,000,000	3,999,020
FMC Technologies, Inc.	1.011	5/20/16	7,500,000	7,497,812
FMC Technologies, Inc.	1.041	5/11/16	7,370,000	7,368,831
Humana, Inc.	0.876	5/9/16	15,000,000	14,997,275
Jupiter Securitization Co., LLC 144A FRN	0.686	7/25/16	13,000,000	13,003,354
Kansas City Southern de Mexico SA de CV	0.850	5/2/16	16,000,000	15,999,113
Kinder Morgan, Inc./DE	1.050	5/2/16	20,000,000	19,998,892
Kraft Heinz Foods Co.	1.021	5/24/16	7,006,000	7,002,575
Kraft Heinz Foods Co.	0.971	5/19/16	10,000,000	9,996,128
Marriott International, Inc./MD	0.710	5/20/16	6,000,000	5,998,250
Marriott International, Inc./MD	0.680	5/12/16	2,800,000	2,799,517
Mondelez International, Inc.	0.821	6/23/16	3,000,000	2,997,511
Mondelez International, Inc.	0.771	6/21/16	7,500,000	7,494,026
Mondelez International, Inc.	0.761	5/24/16	4,490,000	4,488,429
Mondelez International, Inc. 144A	0.781	6/15/16	5,000,000	4,996,521
Monsanto Co.	0.841	5/23/16	15,000,000	14,994,970
NBCUniversal Enterprise, Inc.	0.660	5/5/16	15,000,000	14,998,827
NBCUniversal Enterprise, Inc. 144A	0.681	5/26/16	10,000,000	9,996,198
Newell Rubbermaid, Inc.	1.298	6/9/16	5,800,000	5,795,211
Newell Rubbermaid, Inc.	1.252	5/17/16	10,000,000	9,996,550
NiSource Finance Corp.	0.950	5/13/16	15,000,000	14,997,206
NiSource Finance Corp.	0.950	5/3/16	5,000,000	4,999,741
SCANA Corp.	1.021	5/12/16	10,000,000	9,997,624
SCANA Corp.	1.051	5/10/16	9,500,000	9,498,099
Schlumberger Holdings Corp.	1.002	6/30/16	1,800,000	1,798,689
Schlumberger Holdings Corp.	0.821	5/26/16	4,500,000	4,498,728
Schlumberger Holdings Corp.	0.801	5/24/16	5,000,000	4,998,701
Syngenta Wilmington Inc.	1.003	5/4/16	8,000,000	7,999,427
Syngenta Wilmington, Inc.	1.201	5/23/16	10,000,000	9,996,133
Thomson Reuters Corp. (Canada)	0.881	6/8/16	1,797,000	1,796,016
Thomson Reuters Corp. (Canada)	0.971	5/6/16	600,000	599,949
Thomson Reuters Corp. 144A (Canada)	1.013	7/12/16	10,000,000	9,988,838
Thomson Reuters Corp. 144A (Canada)	0.841	5/27/16	10,000,000	9,996,282
TransCanada PipeLines, Ltd. (Canada)	0.951	6/20/16	6,495,000	6,489,943
Tyco International Finance SA (Luxembourg)	0.851	5/13/16	10,000,000	9,998,137
Union Electric Co.	0.771	5/9/16	10,700,000	10,698,591
UnitedHealth Group, Inc.	0.680	5/24/16	20,000,000	19,993,417
Viacom, Inc.	1.151	5/20/16	10,000,000	9,997,083
Viacom, Inc.	1.201	5/18/16	731,000	730,810
Viacom, Inc. 144A	1.100	5/11/16	1,000,000	999,841
Whirlpool Corp.	0.761	6/21/16	7,500,000	7,494,026
Whirlpool Corp.	0.821	5/26/16	8,400,000	8,396,806
WPP CP, LLC	1.125	9/9/16	5,000,000	4,986,885
WPP CP, LLC 144A	1.053	7/29/16	10,000,000	9,984,758
Wyndham Worldwide Corp.	0.970	5/10/16	3,000,000	2,999,381
Wyndham Worldwide Corp.	1.061	5/6/16	5,500,000	5,499,283
Wyndham Worldwide Corp. 144A	1.041	5/25/16	10,000,000	9,994,901
Total commercial paper (cost $687,409,931)				$687,551,094
MORTGAGE-BACKED SECURITIES (6.2%)(a)
	Interest rate (%)	Maturity date	Principal amount	Value
Agency collateralized mortgage obligations (0.4%)
Federal Home Loan Mortgage Corporation
Ser. 1619, Class PZ	6.500	11/15/23	$194,334	$214,391
Ser. 2345, Class PQ	6.500	8/15/16	7,816	7,944
Ser. 2430, Class UD	6.000	3/15/17	18,928	19,247
Ser. 3724, Class CM	5.500	6/15/37	282,248	318,244
Ser. 3316, Class CD	5.500	5/15/37	119,051	133,901
Ser. 2503, Class B	5.500	9/15/17	27,902	28,704
Ser. 2888, Class CG	5.000	8/15/33	422	422
Ser. 3331, Class NV	5.000	6/15/29	124,295	125,556
Ser. 2561, Class BD	5.000	2/15/18	118,368	121,081
Ser. 2541, Class JC	5.000	12/15/17	47,787	48,763
Ser. 2542, Class ES	5.000	12/15/17	9,716	9,918
Ser. 2519, Class AH	5.000	11/15/17	110,232	112,698
Ser. 2513, Class DB	5.000	10/15/17	12,326	12,549
Ser. 3539, Class PM	4.500	5/15/37	53,892	57,002
Ser. 2958, Class QD	4.500	4/15/20	25,515	26,202
Ser. 2854, Class DL	4.000	9/15/19	117,587	120,598
Ser. 2864, Class GB	4.000	9/15/19	88,176	90,922
Ser. 2783, Class AY	4.000	4/15/19	78,428	80,260
Ser. 3805, Class AK	3.500	4/15/24	58,823	59,817
Ser. 3683, Class JH	2.500	12/15/23	4,158	4,161
Ser. 3611, PO	0.000	7/15/34	86,091	81,142
Federal National Mortgage Association
Ser. 11-15, Class AB	9.750	8/25/19	127,400	136,506
Ser. 10-110, Class AE	9.750	11/25/18	96,169	103,088
Ser. 06-124, Class A	5.625	11/25/36	15,623	15,884
Ser. 05-48, Class AR	5.500	2/25/35	106,954	113,347
Ser. 08-8, Class PA	5.000	2/25/38	114,805	120,701
Ser. 09-15, Class MC	5.000	3/25/24	38,625	39,892
Ser. 02-73, Class OE	5.000	11/25/17	42,903	43,847
Ser. 02-65, Class HC	5.000	10/25/17	3,948	3,980
Ser. 09-100, Class PA	4.500	4/25/39	13,624	13,825
Ser. 04-8, Class GD	4.500	10/25/32	6,772	6,775
Ser. 04-26, Class PD	4.500	8/25/32	39,657	39,926
Ser. 11-60, Class PA	4.000	10/25/39	34,577	36,361
Ser. 11-4, Class JP	4.000	6/25/39	114,991	115,686
Ser. 11-36, Class PA	4.000	2/25/39	318,408	326,038
Ser. 03-43, Class YA	4.000	3/25/33	325,781	331,948
Ser. 10-109, Class JB	4.000	8/25/28	143,126	145,538
Ser. 04-27, Class HB	4.000	5/25/19	37,718	38,822
Ser. 03-128, Class NG	4.000	1/25/19	84,314	86,278
Ser. 11-20, Class PC	3.500	3/25/39	91,018	93,750
Ser. 10-155, Class A	3.500	9/25/25	31,191	31,859
Ser. 11-42, Class BJ	3.000	8/25/25	494,436	502,367
Ser. 10-43, Class KG	3.000	1/25/21	94,695	96,728
Ser. 11-23, Class AB	2.750	6/25/20	60,080	60,918
Ser. 10-81, Class AP	2.500	7/25/40	132,339	134,194
FRB Ser. 10-90, Class GF	0.939	8/25/40	2,460,115	2,477,827
FRB Ser. 06-74, Class FL	0.789	8/25/36	669,910	664,946
FRB Ser. 05-63, Class FC	0.689	10/25/31	1,104,157	1,103,044
Ser. 92-96, Class B, PO	0.000	5/25/22	20,840	20,589
Government National Mortgage Association
Ser. 10-39, Class PH	4.500	11/20/38	200,697	206,919
Ser. 09-109, Class NK	4.500	7/20/37	181,651	184,870
Ser. 09-94, Class MB	4.500	4/20/37	109,602	110,630
Ser. 09-59, Class P	4.250	9/20/33	59,891	60,768
Ser. 09-32, Class AB	4.000	5/16/39	32,387	34,756
Ser. 10-32, Class CJ	4.000	1/20/38	171,893	175,045
Ser. 09-118, Class AW	3.000	5/20/37	298,601	300,787
				9,651,961
Commercial mortgage-backed securities (1.6%)
DBRR Trust 144A FRB Ser. 13-EZ3, Class A	1.636	12/18/49	3,614,757	3,614,757
JPMorgan Chase Commercial Mortgage Securities Trust
Ser. 06-LDP8, Class A4	5.399	5/15/45	2,980,756	2,991,189
Ser. 04-LN2, Class A2	5.115	7/15/41	181,219	181,416
ML-CFC Commercial Mortgage Trust
FRB Ser. 06-2, Class AM	6.103	6/12/46	10,895,000	10,894,128
Ser. 06-3, Class A4	5.414	7/12/46	4,568,214	4,581,005
Morgan Stanley Capital I Trust
FRB Ser. 06-T23, Class AM	6.120	8/12/41	8,833,000	8,835,915
Ser. 07-HQ11, Class A31	5.439	2/12/44	363,613	363,468
Selkirk, Ltd. 144A Ser. 1, Class A (Cayman Islands)	1.329	2/20/41	2,235,650	2,223,423
Wachovia Bank Commercial Mortgage Trust 144A FRB Ser. 06-C28, Class A4FL	0.583	10/15/48	9,570,622	9,517,750
				43,203,051
Residential mortgage-backed securities (non-agency) (4.2%)
Accredited Mortgage Loan Trust FRB Ser. 06-2, Class A3	0.589	9/25/36	3,576,713	3,540,946
BCAP, LLC Trust 144A
FRB Ser. 12-RR12, Class 4A1	3.144	4/26/36	3,000,707	3,046,145
FRB Ser. 15-RR6, Class 3A1	1.290	5/26/46	6,003,960	5,917,503
FRB Ser. 12-RR10, Class 5A5	0.698	4/26/36	4,294,247	4,251,305
Bear Stearns Asset Backed Securities I Trust
FRB Ser. 05-FR1, Class M1	0.939	6/25/35	4,311,911	4,274,872
FRB Ser. 05-EC1, Class M1	0.889	11/25/35	5,818,817	5,782,884
Bear Stearns Asset Backed Securities Trust
FRB Ser. 05-4, Class M1	0.939	1/25/36	586,633	586,486
FRB Ser. 05-SD3, Class 1A	0.929	7/25/35	3,577,148	3,520,408
FRB Ser. 05-SD2, Class 1A3	0.839	3/25/35	1,974,031	1,957,717
Citigroup Mortgage Loan Trust 144A
Ser. 13-11, Class 2A3	5.532	8/25/27	4,103,965	4,108,315
FRB Ser. 09-6, Class 12A1	2.856	7/25/36	335,826	336,111
FRB Ser. 09-5, Class 1A1	2.233	6/25/37	119,204	119,204
Countrywide Asset-Backed Certificates Trust
FRB Ser. 04-9, Class MV2	1.444	12/25/34	1,729,456	1,716,952
FRB Ser. 05-2, Class M3	1.159	8/25/35	17,800,000	17,711,000
FRB Ser. 05-1, Class MV3	0.919	7/25/35	2,988,369	2,970,610
CSMC Trust 144A FRB Ser. 14-5R, Class 6A1	0.583	10/27/36	7,081,418	6,963,484
GSMSC Resecuritization Trust 144A FRB Ser. 09-6R, Class 3A1	2.380	2/26/36	5,071,443	5,090,451
JPMorgan Resecuritization Trust 144A FRB Ser. 09-7, Class 1A1	2.821	8/27/37	1,859,238	1,863,237
Long Beach Mortgage Loan Trust FRB Ser. 06-WL3, Class 2A3	0.639	1/25/36	3,580,985	3,538,762
Merrill Lynch Mortgage Investors Trust FRB Ser. 06-FF1, Class A1	0.544	8/25/36	18,996,552	18,947,161
Morgan Stanley Mortgage Loan Trust FRB Ser. 05-6AR, Class 1A2	0.709	11/25/35	1,281,231	1,272,525
Opteum Mortgage Acceptance Corp. Asset Backed Pass-Through Certificates FRB Ser. 05-1, Class M1	1.144	2/25/35	220,054	219,994
Opteum Mortgage Acceptance Corp. Trust FRB Ser. 05-4, Class 1A1C	0.849	11/25/35	2,935,510	2,895,294
Park Place Securities, Inc. FRB Ser. 05-WHQ2, Class M1	1.069	5/25/35	4,695,908	4,673,128
People's Choice Home Loan Securities Trust FRB Ser. 05-2, Class M2	1.084	5/25/35	3,141,487	3,125,779
Residential Asset Mortgage Products Trust FRB Ser. 05-EFC2, Class M3	1.174	7/25/35	2,549,467	2,529,124
Structured Asset Securities Corp. Mortgage Loan Trust FRB Ser. 07-BC2, Class A3	0.569	3/25/37	1,469,505	1,465,452
				112,424,849
Total mortgage-backed securities (cost $165,632,518)				$165,279,861
CERTIFICATES OF DEPOSIT (2.8%)(a)
	Yield (%)	Maturity date	Principal amount	Value
Banco Bilbao Vizcaya/NY FRN	1.468	5/16/16	$23,750,000	$23,748,100
Bank of Montreal/Chicago, IL FRN (Canada)	0.675	8/12/16	5,000,000	5,000,665
Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)/New York, NY FRN (Japan)	1.008	7/15/16	7,000,000	7,006,832
Canadian Imperial Bank of Commerce/New York, NY FRN	0.988	5/23/17	10,000,000	9,995,500
Canadian Imperial Bank of Commerce/New York, NY FRN	0.903	6/2/17	10,000,000	10,015,000
National Bank of Canada/New York, NY FRN	1.025	5/24/17	10,000,000	9,986,500
Svenska Handelsbanken/New York, NY FRN (Sweden)	1.075	8/24/17	10,000,000	9,998,800
Total certificates of deposit (cost $75,737,616)				$75,751,397
ASSET-BACKED SECURITIES (1.1%)(a)
	Interest rate (%)	Maturity date	Principal amount	Value
Station Place Securitization Trust FRB Ser. 16-1, Class A	1.433	2/25/17	$10,000,000	$10,000,000
Station Place Securitization Trust 144A FRB Ser. 14-2, Class A	1.055	5/25/16	20,000,000	20,000,000
Total asset-backed securities (cost $30,000,000)				$30,000,000
ASSET-BACKED COMMERCIAL PAPER (0.8%)(a)
	Yield (%)	Maturity date	Principal amount	Value
Sheffield Receivables Co., LLC (United Kingdom)	1.005	9/9/16	$12,500,000	$12,465,688
Sheffield Receivables Co., LLC (United Kingdom)	0.924	8/26/16	10,000,000	9,976,960
Total asset-backed commercial paper (cost $22,424,614)				$22,442,648
U.S. GOVERNMENT AND AGENCY MORTGAGE OBLIGATIONS (—%)(a)
	Interest rate (%)	Maturity date	Principal amount	Value
U.S. Government Guaranteed Mortgage Obligations (—%)
Government National Mortgage Association Pass-Through Certificates	4.500	10/15/19	$67,031	$69,638
Government National Mortgage Association Pass-Through Certificates	4.500	5/15/18	51,996	53,465
				123,103
U.S. Government Agency Mortgage Obligations (—%)
Federal Home Loan Mortgage Corporation	4.500	10/1/18	15,701	16,096
Federal Home Loan Mortgage Corporation Pass-Through Certificates	6.500	3/1/19	51,018	58,344
Federal Home Loan Mortgage Corporation Pass-Through Certificates	6.500	6/1/17	28,491	29,178
Federal Home Loan Mortgage Corporation Pass-Through Certificates	6.000	2/1/19	21,083	21,420
Federal Home Loan Mortgage Corporation Pass-Through Certificates	6.000	9/1/17	68,438	70,338
Federal Home Loan Mortgage Corporation Pass-Through Certificates	6.000	7/1/17	68,677	70,329
Federal Home Loan Mortgage Corporation Pass-Through Certificates	6.000	6/1/17	30,988	31,675
Federal Home Loan Mortgage Corporation Pass-Through Certificates	5.500	11/1/18	44,926	46,464
Federal Home Loan Mortgage Corporation Pass-Through Certificates	5.500	4/1/18	38,106	39,272
Federal Home Loan Mortgage Corporation Pass-Through Certificates	5.000	5/1/21	73,580	77,248
Federal Home Loan Mortgage Corporation Pass-Through Certificates	5.000	11/1/19	79,377	82,801
Federal Home Loan Mortgage Corporation Pass-Through Certificates	5.000	5/1/18	24,801	25,546
Federal Home Loan Mortgage Corporation Pass-Through Certificates	5.000	3/1/18	29,024	29,872
Federal Home Loan Mortgage Corporation Pass-Through Certificates	5.000	2/1/18	28,557	29,380
Federal Home Loan Mortgage Corporation Pass-Through Certificates	4.500	8/1/18	40,478	41,743
Federal National Mortgage Association Pass-Through Certificates	6.500	12/1/19	42,711	43,990
Federal National Mortgage Association Pass-Through Certificates	6.500	8/1/17	33,782	34,657
Federal National Mortgage Association Pass-Through Certificates	6.000	5/1/23	50,002	53,526
Federal National Mortgage Association Pass-Through Certificates	6.000	9/1/19	10,379	10,663
Federal National Mortgage Association Pass-Through Certificates	6.000	9/1/18	26,846	27,964
Federal National Mortgage Association Pass-Through Certificates	6.000	12/1/17	30,376	31,167
Federal National Mortgage Association Pass-Through Certificates	5.000	11/1/23	75,836	79,520
Federal National Mortgage Association Pass-Through Certificates	5.000	6/1/20	90,443	94,595
Federal National Mortgage Association Pass-Through Certificates	5.000	11/1/18	61,134	63,051
Federal National Mortgage Association Pass-Through Certificates	5.000	4/1/18	75,849	78,228
Federal National Mortgage Association Pass-Through Certificates	5.000	11/1/19	78,753	82,292
				1,269,359
Total U.S. government and agency mortgage obligations (cost $1,431,350)				$1,392,462
TOTAL INVESTMENTS
Total investments (cost $2,642,129,070)(b)				$2,640,454,005

Key to holding's abbreviations
BKNT	Bank Note
EMTN	Euro Medium Term Notes
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
GMTN	Global Medium Term Notes
MTN	Medium Term Notes
PO	Principal Only

	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, 2015 through April 30, 2016 (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 $2,667,081,509.
(b)	The aggregate identified cost on a tax basis is $2,642,129,070, resulting in gross unrealized appreciation and depreciation of $1,478,304 and $3,153,369, respectively, or net unrealized depreciation of $1,675,065.
(F)	This security is valued by Putnam Management at fair value following procedures approved by the Trustees. Securities may be classified as Level 2 or Level 3 for ASC 820 based on the securities' valuation inputs.
(R)	Real Estate Investment Trust.
	Debt obligations are considered secured unless otherwise indicated.
	144A after the name of an issuer represents securities exempt from registration under Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
	The dates shown on debt obligations are the original maturity dates.
	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	69.3%
	Canada	7.7
	United Kingdom	6.7
	Australia	3.3
	France	3.3
	Japan	2.6
	Netherlands	2.5
	Sweden	2.1
	Germany	0.9
	Luxembourg	0.8
	Other	0.8
	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 (including short-term investments with remaining maturities of 60 days or less) 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.
	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. Certain securities may be valued on the basis of a price provided by a single source. 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.
	Stripped securities: The fund may invest in stripped securities which represent a participation in securities that may be structured in classes with rights to receive different portions of the interest and principal. Interest-only securities receive all of the interest and principal-only securities receive all of the principal. If the interest-only securities experience greater than anticipated prepayments of principal, the fund may fail to recoup fully its initial investment in these securities. Conversely, principal-only securities increase in value if prepayments are greater than anticipated and decline if prepayments are slower than anticipated. The fair value of these securities is highly sensitive to changes in interest rates.

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	$—	$22,442,648	$—
Asset-backed securities	—	—	30,000,000
Certificates of deposit	—	75,751,397	—
Commercial paper	—	687,551,094	—
Corporate bonds and notes	—	1,658,036,543	—
Mortgage-backed securities	—	165,279,861	—
U.S. government and agency mortgage obligations	—	1,392,462	—
Totals by level	$—	$2,610,454,005	$30,000,000
During the reporting period, transfers between Level 1 and Level 2 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.
The following is a reconciliation of Level 3 assets as of the close of the reporting period:

Investments in securities:	Balance as of 7/31/15	Accrued discounts/ premiums	Realized gain/ (loss)	Change in net unrealized appreciation/ (depreciation)#	Cost of purchases	Proceeds from sales	Total transfers into Level 3†	Total transfers out of Level 3†	Balance as of 4/30/16
Mortgage-backed securities	$20,000,000	$—	$—	$—	$10,000,000	$(20,000,000)	$20,000,000	$—	$30,000,000
Totals	$20,000,000	$—	$—	$—	$10,000,000	$(20,000,000)	$20,000,000	$—	$30,000,000
† Transfers during the reporting period are accounted for using the end of period market value and did not represent, in the aggregate, more than 1% of the fund's net assets measured as of the end of the period.
# Includes $— related to Level 3 securities still held at period end. Total change in unrealized appreciation/(depreciation) for securities (including Level 1 and Level 2) can be found in the Statement of operations.
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 28, 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: June 28, 2016

By (Signature and Title):

/s/ Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer
Date: June 28, 2016