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: April 30, 2017

Date of reporting period: July 31, 2016

Item 1. Schedule of Investments:

Putnam Multi-Cap Core Fund
The fund's portfolio
7/31/16 (Unaudited)
COMMON STOCKS (99.5%)(a)
	Shares	Value
Aerospace and defense (4.0%)
Boeing Co. (The)	8,954	$1,196,792
General Dynamics Corp.	11,202	1,645,462
Honeywell International, Inc.	14,525	1,689,693
L-3 Communications Holdings, Inc.	14,503	2,199,090
Northrop Grumman Corp.	25,563	5,537,713
Raytheon Co.	16,848	2,350,801
TransDigm Group, Inc.(NON)	7,230	2,020,930
United Technologies Corp.	14,009	1,508,069
		18,148,550
Air freight and logistics (0.3%)
United Parcel Service, Inc. Class B	13,675	1,478,268
		1,478,268
Airlines (1.7%)
American Airlines Group, Inc.	53,115	1,885,583
Delta Air Lines, Inc.	57,854	2,241,843
Southwest Airlines Co.	51,787	1,916,637
United Continental Holdings, Inc.(NON)	32,719	1,534,194
		7,578,257
Auto components (0.4%)
Lear Corp.	14,494	1,644,344
		1,644,344
Automobiles (0.5%)
General Motors Co.	69,917	2,205,182
		2,205,182
Banks (7.3%)
Bank of America Corp.	512,083	7,420,083
Citigroup, Inc.	145,675	6,382,022
JPMorgan Chase & Co.	185,424	11,861,573
KeyCorp	159,557	1,866,817
Regions Financial Corp.	191,715	1,758,027
Wells Fargo & Co.	83,376	3,999,547
		33,288,069
Beverages (2.2%)
Dr. Pepper Snapple Group, Inc.	21,563	2,124,171
Molson Coors Brewing Co. Class B	21,642	2,210,947
PepsiCo, Inc.	49,652	5,408,096
		9,743,214
Biotechnology (3.6%)
Amgen, Inc.	36,890	6,346,187
ARIAD Pharmaceuticals, Inc.(NON)	48,397	460,255
Biogen, Inc.(NON)	5,717	1,657,530
Gilead Sciences, Inc.	66,166	5,258,212
Medivation, Inc.(NON)	23,406	1,497,750
United Therapeutics Corp.(NON)	10,049	1,216,029
		16,435,963
Capital markets (2.6%)
Ameriprise Financial, Inc.	9,665	926,294
Goldman Sachs Group, Inc. (The)	25,057	3,979,302
KKR & Co. LP	128,528	1,855,944
Morgan Stanley	126,118	3,623,370
State Street Corp.	24,494	1,611,215
		11,996,125
Chemicals (1.8%)
Chemtura Corp.(NON)	25,823	725,368
Dow Chemical Co. (The)	42,430	2,277,218
E.I. du Pont de Nemours & Co.	18,876	1,305,653
LyondellBasell Industries NV Class A	21,220	1,597,017
Monsanto Co.	11,314	1,207,996
Mosaic Co. (The)(S)	35,289	952,803
		8,066,055
Commercial services and supplies (1.4%)
Deluxe Corp.	27,964	1,890,087
KAR Auction Services, Inc.	33,844	1,447,508
Tyco International PLC	24,172	1,101,518
Waste Connections, Inc. (Canada)	19,845	1,478,056
West Corp.	28,653	633,518
		6,550,687
Communications equipment (1.6%)
Cisco Systems, Inc.	188,358	5,750,570
RADCOM, Ltd. (Israel)(NON)	115,000	1,637,600
		7,388,170
Consumer finance (1.9%)
Capital One Financial Corp.	46,221	3,100,505
Discover Financial Services	52,748	2,998,196
Synchrony Financial(NON)	90,147	2,513,298
		8,611,999
Containers and packaging (0.5%)
Ball Corp.	17,636	1,246,336
Graphic Packaging Holding Co.	78,212	1,066,812
		2,313,148
Diversified financial services (1.1%)
Capitol Acquisition Corp. III (Units)(NON)	52,011	516,989
Easterly Acquisition Corp. (Units)(NON)	192,680	1,973,043
Pace Holdings Corp. (Units)(NON)	103,001	1,045,460
Silver Run Acquisition Corp. (Units)(NON)	105,575	1,314,409
		4,849,901
Diversified telecommunication services (1.5%)
AT&T, Inc.	50,118	2,169,608
Iridium Communications, Inc.(NON)(S)	72,064	647,135
Level 3 Communications, Inc.(NON)	35,627	1,802,726
Verizon Communications, Inc.	43,808	2,427,401
		7,046,870
Electric utilities (1.7%)
Edison International	14,665	1,134,778
Entergy Corp.	26,281	2,139,011
Exelon Corp.	87,364	3,256,930
FirstEnergy Corp.	31,364	1,095,231
		7,625,950
Electrical equipment (0.3%)
Emerson Electric Co.	23,655	1,322,315
		1,322,315
Energy equipment and services (1.4%)
Halliburton Co.	61,559	2,687,666
Nabors Industries, Ltd.	125,595	1,130,355
Schlumberger, Ltd.	31,345	2,523,899
		6,341,920
Food and staples retail (2.8%)
CVS Health Corp.	37,949	3,518,631
Kroger Co. (The)	55,312	1,891,117
Wal-Mart Stores, Inc.	66,858	4,878,628
Walgreens Boots Alliance, Inc.	32,609	2,584,263
		12,872,639
Food products (1.3%)
General Mills, Inc.	12,724	914,728
JM Smucker Co. (The)	16,261	2,506,796
Kraft Heinz Co. (The)	31,102	2,686,902
		6,108,426
Gas utilities (0.7%)
UGI Corp.	73,376	3,320,998
		3,320,998
Health-care equipment and supplies (2.6%)
Baxter International, Inc.	30,506	1,464,898
Becton Dickinson and Co.	8,393	1,477,168
C.R. Bard, Inc.	17,969	4,020,204
Danaher Corp.	26,327	2,144,071
Innocoll Holdings PLC (Ireland)(NON)	145,906	754,334
Tactile Systems Technology, Inc.(NON)	165,000	1,857,900
		11,718,575
Health-care providers and services (3.7%)
Aetna, Inc.	19,123	2,203,161
AmerisourceBergen Corp.	17,331	1,476,428
Anthem, Inc.	7,521	987,808
Cardinal Health, Inc.	20,776	1,736,874
Cigna Corp.	4,854	625,972
Express Scripts Holding Co.(NON)	10,660	810,906
HCA Holdings, Inc.(NON)	38,610	2,977,989
McKesson Corp.	10,879	2,116,618
Surgery Partners, Inc.(NON)(S)	121,133	2,196,141
UnitedHealth Group, Inc.	12,396	1,775,107
		16,907,004
Hotels, restaurants, and leisure (2.8%)
Carrols Restaurant Group, Inc.(NON)	48,235	584,126
Del Taco Restaurants, Inc.(NON)	183,246	1,925,915
McDonald's Corp.	32,400	3,811,860
Peak Resorts, Inc.	103,650	505,812
Penn National Gaming, Inc.(NON)	168,879	2,536,563
Wyndham Worldwide Corp.	29,101	2,066,753
Yum! Brands, Inc.	14,815	1,324,757
		12,755,786
Household durables (1.8%)
D.R. Horton, Inc.	33,455	1,100,000
New Home Co., Inc. (The)(NON)(S)	206,106	2,030,144
Tempur Sealy International, Inc.(NON)(S)	27,275	2,062,808
UCP, Inc. Class A(NON)	93,906	788,810
WCI Communities, Inc.(NON)	134,439	2,262,608
		8,244,370
Household products (0.5%)
Procter & Gamble Co. (The)	24,740	2,117,497
		2,117,497
Independent power and renewable electricity producers (0.6%)
Calpine Corp.(NON)	72,581	997,263
NRG Energy, Inc.	119,148	1,649,008
		2,646,271
Insurance (3.6%)
American International Group, Inc.	118,564	6,454,624
Assured Guaranty, Ltd.	60,008	1,607,614
Hartford Financial Services Group, Inc. (The)	53,522	2,132,852
Lincoln National Corp.	32,696	1,427,834
MetLife, Inc.	58,773	2,511,958
Prudential PLC (United Kingdom)	58,301	1,030,065
Travelers Cos., Inc. (The)	11,005	1,279,001
		16,443,948
Internet and catalog retail (1.0%)
Amazon.com, Inc.(NON)	5,794	4,396,545
FabFurnish GmbH (acquired 8/2/13, cost $1) (Private) (Brazil)(F)(RES)(NON)	1	1
Global Fashion Holding SA (acquired 8/2/13, cost $43,883) (Private) (Brazil)(F)(RES)(NON)	1,036	7,460
New Bigfoot Other Assets GmbH (acquired 8/2/13, cost $1) (Private) (Brazil)(F)(RES)(NON)	1	1
New Middle East Other Assets GmbH (acquired 8/2/13, cost $1) (Private) (Brazil)(F)(RES)(NON)	1	1
		4,404,008
Internet software and services (3.9%)
Alphabet, Inc. Class A(NON)	8,870	7,019,186
Alphabet, Inc. Class C(NON)	8,205	6,307,922
Facebook, Inc. Class A(NON)	27,057	3,353,445
Instructure, Inc.(NON)	200	4,348
Wix.com, Ltd. (Israel)(NON)	28,724	1,022,574
		17,707,475
IT Services (3.4%)
Computer Sciences Corp.	65,772	3,145,875
IBM Corp.	40,087	6,438,774
Visa, Inc. Class A	52,121	4,068,044
Xerox Corp.	193,296	1,990,949
		15,643,642
Leisure products (0.2%)
Malibu Boats, Inc. Class A(NON)	70,162	957,010
		957,010
Life sciences tools and services (0.3%)
Agilent Technologies, Inc.	31,211	1,501,561
		1,501,561
Machinery (1.1%)
Deere & Co.(S)	31,888	2,478,016
Fortive Corp.(NON)	13,163	634,588
Manitowoc Foodservice, Inc.(NON)	26,656	488,871
Trinity Industries, Inc.	67,559	1,568,044
		5,169,519
Media (2.7%)
CBS Corp. Class B (non-voting shares)	25,232	1,317,615
Charter Communications, Inc. Class A(NON)	12,102	2,842,397
Comcast Corp. Class A	32,144	2,161,684
DISH Network Corp. Class A(NON)	20,625	1,101,788
Liberty Global PLC LiLAC Class C (United Kingdom)(NON)	5	175
Live Nation Entertainment, Inc.(NON)	79,208	2,171,883
Time Warner, Inc.	21,650	1,659,473
Townsquare Media, Inc. Class A(NON)	51,048	417,573
Walt Disney Co. (The)	7,499	719,529
		12,392,117
Metals and mining (0.8%)
ArcelorMittal ADR (France)(NON)	245,265	1,599,128
Nucor Corp.	39,774	2,133,477
		3,732,605
Multiline retail (1.4%)
Dollar General Corp.	33,156	3,141,199
Macy's, Inc.	23,514	842,507
Target Corp.	29,856	2,249,052
		6,232,758
Oil, gas, and consumable fuels (4.6%)
Boardwalk Pipeline Partners LP	75,864	1,267,687
ConocoPhillips	26,481	1,080,954
DHT Holdings, Inc. (Bermuda)	94,974	442,579
Enterprise Products Partners LP	78,997	2,249,045
Exxon Mobil Corp.	79,067	7,033,010
Memorial Resource Development Corp.(NON)	91,136	1,365,217
Pioneer Natural Resources Co.	5,572	905,840
Scorpio Tankers, Inc.	695,500	3,310,580
Suncor Energy, Inc. (Canada)	25,199	678,105
Valero Energy Corp.	45,560	2,381,877
		20,714,894
Personal products (0.6%)
Coty, Inc. Class A	24,383	655,171
Edgewell Personal Care Co.(NON)	25,901	2,191,484
		2,846,655
Pharmaceuticals (5.2%)
Bristol-Myers Squibb Co.	14,791	1,106,515
Cardiome Pharma Corp. (Canada)(NON)	114,245	357,587
Impax Laboratories, Inc.(NON)	18,629	585,323
Jazz Pharmaceuticals PLC(NON)	16,882	2,548,676
Johnson & Johnson	45,261	5,668,035
Merck & Co., Inc.	53,319	3,127,693
Mylan NV(NON)	34,000	1,590,860
Pfizer, Inc.	229,812	8,477,765
		23,462,454
Real estate investment trusts (REITs) (2.0%)
Armada Hoffler Properties, Inc.	217,631	3,257,936
Brixmor Property Group, Inc.	45,027	1,278,767
Easterly Government Properties, Inc.(S)	118,807	2,434,355
Gaming and Leisure Properties, Inc.	41,375	1,482,466
Hannon Armstrong Sustainable Infrastructure Capital, Inc.	35,582	800,239
		9,253,763
Real estate management and development (0.2%)
Kennedy-Wilson Holdings, Inc.	49,156	1,034,734
		1,034,734
Road and rail (1.0%)
Old Dominion Freight Line, Inc.(NON)	15,740	1,096,448
Union Pacific Corp.	35,282	3,282,990
		4,379,438
Semiconductors and semiconductor equipment (3.5%)
Broadcom, Ltd.	10,278	1,664,830
Intel Corp.	144,162	5,025,487
Lam Research Corp.(S)	19,911	1,787,410
Micron Technology, Inc.(NON)	143,525	1,972,034
NVIDIA Corp.	36,171	2,065,364
QUALCOMM, Inc.	27,847	1,742,665
Texas Instruments, Inc.	26,130	1,822,568
		16,080,358
Software (3.9%)
Electronic Arts, Inc.(NON)	19,422	1,482,287
Microsoft Corp.	230,907	13,087,809
Oracle Corp.	56,114	2,302,919
TubeMogul, Inc.(NON)	75,703	848,631
		17,721,646
Specialty retail (3.7%)
American Eagle Outfitters, Inc.(S)	140,468	2,517,187
Best Buy Co., Inc.	49,660	1,668,576
Gap, Inc. (The)(S)	84,759	2,185,935
Home Depot, Inc. (The)	35,796	4,948,439
Lowe's Cos., Inc.	31,818	2,617,985
Michaels Cos., Inc. (The)(NON)	51,140	1,348,050
TJX Cos., Inc. (The)	18,103	1,479,377
		16,765,549
Technology hardware, storage, and peripherals (3.4%)
Apple, Inc.	106,239	11,071,166
Hewlett Packard Enterprise Co.	128,130	2,693,293
HP, Inc.	128,130	1,795,101
		15,559,560
Thrifts and mortgage finance (0.4%)
Radian Group, Inc.	131,520	1,696,607
		1,696,607
Total common stocks (cost $426,415,292)		$453,026,854
SHORT-TERM INVESTMENTS (3.2%)(a)
	Shares	Value
Putnam Cash Collateral Pool, LLC 0.62%(d)	14,447,000	$14,447,000
Total short-term investments (cost $14,447,000)		$14,447,000
TOTAL INVESTMENTS
Total investments (cost $440,862,292)(b)		$467,473,854

Key to holding's abbreviations
ADR	American Depository Receipts: represents ownership of foreign securities on deposit with a custodian bank

	Notes to the fund's portfolio
	Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from May 1, 2016 through July 31, 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 $455,093,260.
(b)	The aggregate identified cost on a tax basis is $442,005,136, resulting in gross unrealized appreciation and depreciation of $50,018,188 and $24,549,470, respectively, or net unrealized appreciation of $25,468,718.
(NON)	This security is non-income-producing.
(RES)	This security is restricted with regard to public resale. The total fair value of this security and any other restricted securities (excluding 144A securities), if any, held at the close of the reporting period was $7,463, or less than 0.1% of net assets.
(d)	Affiliated company. The fund may lend securities, through its agent, to qualified borrowers in order to earn additional income. The loans are collateralized by cash in an amount at least equal to the fair value of the securities loaned. The fair value of securities loaned is determined daily and any additional required collateral is allocated to the fund on the next business day. The remaining maturities of the securities lending transactions are considered overnight and continuous. The risk of borrower default will be borne by the fund's agent; the fund will bear the risk of loss with respect to the investment of the cash collateral.
	The fund received cash collateral of $14,447,000, which is invested in Putnam Cash Collateral Pool, LLC, a limited liability company managed by an affiliate of Putnam Management. Investments in Putnam Cash Collateral Pool, LLC are valued at its closing net asset value each business day. There are no management fees charged to Putnam Cash Collateral Pool, LLC. The rate quoted in the security description is the annualized 7-day yield at the close of the reporting period. At the close of the reporting period, the value of securities loaned amounted to $14,180,508.
(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.
(S)	This security is on loan, in part or in entirety, at the close of the reporting period.
	Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund's assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.
	Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security.
	Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.
	Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. These securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. 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 are valued using an independent pricing service approved by the Trustees, 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.

ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows:
Level 1: Valuations based on quoted prices for identical securities in active markets.
Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement.
The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period:
		Valuation inputs
Investments in securities:	Level 1	Level 2	Level 3
Common stocks*:
Consumer discretionary	$65,593,661	$—	$7,463
Consumer staples	33,688,431	—	—
Energy	27,056,814	—	—
Financials	87,175,146	—	—
Health care	70,025,557	—	—
Industrials	44,627,034	—	—
Information technology	90,100,851	—	—
Materials	14,111,808	—	—
Telecommunication services	7,046,870	—	—
Utilities	13,593,219	—	—
Total common stocks	453,019,391	—	7,463
Short-term investments	—	14,447,000	—
Totals by level	$453,019,391	$14,447,000	$7,463
* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation.
During the reporting period, transfers within the fair value hierarchy, if any (other than certain transfers involving non-U.S. equity securities as described in Note 1), 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.
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: September 29, 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: September 29, 2016

By (Signature and Title):

/s/ Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer
Date: September 29, 2016