UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: (811-07513)

Exact name of registrant as specified in charter: Putnam Funds Trust

Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109

Name and address of agent for service: Robert T. Burns, Vice President
One Post Office Square
Boston, Massachusetts 02109

Copy to:         Bryan Chegwidden, Esq.
Ropes & Gray LLP
1211 Avenue of the Americas
New York, New York 10036

Registrant's telephone number, including area code: (617) 292-1000

Date of fiscal year end: June 30, 2018

Date of reporting period: September 30, 2017

Item 1. Schedule of Investments:

Putnam Small Cap Growth Fund
The fund's portfolio
9/30/17 (Unaudited)
COMMON STOCKS (98.3%)(a)
	Shares	Value
Aerospace and defense (3.0%)
BWX Technologies, Inc.	54,758	$3,067,543
HEICO Corp.(S)	17,152	1,540,421
		4,607,964
Banks (1.2%)
Pacific Premier Bancorp, Inc.(NON)	49,412	1,865,303
		1,865,303
Biotechnology (10.9%)
Acceleron Pharma, Inc.(NON)(S)	40,258	1,502,429
Agios Pharmaceuticals, Inc.(NON)(S)	14,800	987,900
Array BioPharma, Inc.(NON)	131,800	1,621,140
Avexis, Inc.(NON)(S)	12,000	1,160,760
Clovis Oncology, Inc.(NON)(S)	19,725	1,625,340
Emergent BioSolutions, Inc.(NON)	39,300	1,589,685
Exact Sciences Corp.(NON)(S)	36,660	1,727,419
Ligand Pharmaceuticals, Inc.(NON)(S)	18,700	2,546,005
Mirati Therapeutics, Inc.(NON)	5,895	68,972
Portola Pharmaceuticals, Inc.(NON)	5,194	280,632
Puma Biotechnology, Inc.(NON)	7,000	838,250
Radius Health, Inc.(NON)	21,600	832,680
Repligen Corp.(NON)	38,221	1,464,629
Sarepta Therapeutics, Inc.(NON)(S)	16,404	744,085
		16,989,926
Building products (4.1%)
Patrick Industries, Inc.(NON)	35,658	2,998,838
Trex Co., Inc.(NON)	38,384	3,457,247
		6,456,085
Capital markets (2.1%)
Evercore Partners, Inc. Class A	29,562	2,372,351
WisdomTree Investments, Inc.(S)	81,600	830,688
		3,203,039
Chemicals (2.4%)
Ferro Corp.(NON)	132,500	2,954,750
Orion Engineered Carbons SA (Luxembourg)	35,374	794,146
		3,748,896
Commercial services and supplies (1.6%)
Healthcare Services Group, Inc.	47,463	2,561,578
		2,561,578
Construction and engineering (1.8%)
MasTec, Inc.(NON)	35,990	1,669,936
Quanta Services, Inc.(NON)	31,900	1,192,103
		2,862,039
Construction materials (2.4%)
Summit Materials, Inc. Class A(NON)	118,273	3,788,279
		3,788,279
Diversified consumer services (4.7%)
Bright Horizons Family Solutions, Inc.(NON)	38,734	3,339,258
Chegg, Inc.(NON)(S)	52,214	774,856
Grand Canyon Education, Inc.(NON)	35,600	3,233,192
		7,347,306
Electronic equipment, instruments, and components (2.1%)
Littelfuse, Inc.	16,938	3,317,815
		3,317,815
Equity real estate investment trusts (REITs) (2.3%)
Physicians Realty Trust	136,200	2,414,826
QTS Realty Trust, Inc. Class A	20,900	1,094,324
		3,509,150
Food products (0.7%)
Hostess Brands, Inc.(NON)(S)	84,871	1,159,338
		1,159,338
Health-care equipment and supplies (7.4%)
GenMark Diagnostics, Inc.(NON)	112,982	1,088,017
Globus Medical, Inc. Class A(NON)	85,691	2,546,737
Heska Corp.(NON)	13,800	1,215,642
Insulet Corp.(NON)	27,719	1,526,763
Integra LifeSciences Holdings Corp.(NON)	37,200	1,877,856
K2M Group Holdings, Inc.(NON)	74,500	1,580,145
Penumbra, Inc.(NON)(S)	18,225	1,645,718
		11,480,878
Health-care providers and services (1.2%)
HealthEquity, Inc.(NON)(S)	35,852	1,813,394
		1,813,394
Health-care technology (1.3%)
Veeva Systems, Inc. Class A(NON)	36,152	2,039,334
		2,039,334
Hotels, restaurants, and leisure (2.4%)
Marcus Corp. (The)	29,998	830,945
Wingstop, Inc.(S)	86,471	2,875,161
		3,706,106
Household durables (2.0%)
Installed Building Products, Inc.(NON)	45,551	2,951,705
		2,951,705
Household products (1.5%)
Central Garden & Pet Co.(NON)	61,346	2,382,679
		2,382,679
Insurance (1.2%)
Kinsale Capital Group, Inc.	43,062	1,858,987
		1,858,987
Internet software and services (9.8%)
2U, Inc.(NON)(S)	34,687	1,943,859
Envestnet, Inc.(NON)	40,033	2,041,683
GoDaddy, Inc. Class A(NON)	57,503	2,501,956
Instructure, Inc.(NON)	41,400	1,372,410
J2 Global, Inc.(S)	30,733	2,270,554
LogMeIn, Inc.	30,700	3,378,535
Q2 Holdings, Inc.(NON)	41,606	1,732,890
		15,241,887
IT Services (1.5%)
MAXIMUS, Inc.	37,420	2,413,590
		2,413,590
Machinery (3.7%)
ESCO Technologies, Inc.	39,100	2,344,045
John Bean Technologies Corp.	34,400	3,477,840
		5,821,885
Media (4.3%)
Cable One, Inc.	2,600	1,877,512
Liberty Media Corp. - Liberty Braves Class A(NON)	61,310	1,555,435
Live Nation Entertainment, Inc.(NON)	76,700	3,340,285
		6,773,232
Pharmaceuticals (5.1%)
Aclaris Therapeutics, Inc.(NON)(S)	59,800	1,543,438
Medicines Co. (The)(NON)(S)	30,100	1,114,904
Nektar Therapeutics(NON)	64,000	1,536,000
Pacira Pharmaceuticals, Inc.(NON)	28,062	1,053,728
Prestige Brands Holdings, Inc.(NON)	52,892	2,649,360
		7,897,430
Road and rail (1.2%)
Saia, Inc.(NON)	28,667	1,795,988
		1,795,988
Semiconductors and semiconductor equipment (3.9%)
Advanced Energy Industries, Inc.(NON)(S)	22,000	1,776,720
CEVA, Inc.(NON)	31,192	1,335,018
Integrated Device Technology, Inc.(NON)	62,800	1,669,224
MKS Instruments, Inc.	14,500	1,369,525
		6,150,487
Software (7.5%)
Everbridge, Inc.(NON)	73,990	1,954,816
Proofpoint, Inc.(NON)(S)	17,566	1,532,107
PROS Holdings, Inc.(NON)	52,600	1,269,238
QAD, Inc. Class A	51,869	1,781,700
RealPage, Inc.(NON)	80,801	3,223,960
RingCentral, Inc. Class A(NON)	46,042	1,922,254
		11,684,075
Specialty retail (2.1%)
Five Below, Inc.(NON)(S)	59,164	3,246,920
		3,246,920
Trading companies and distributors (2.9%)
H&E Equipment Services, Inc.	43,137	1,259,600
SiteOne Landscape Supply, Inc.(NON)(S)	56,338	3,273,238
		4,532,838
Total common stocks (cost $132,400,845)		$153,208,133
SHORT-TERM INVESTMENTS (19.1%)(a)
	Shares	Value
Putnam Cash Collateral Pool, LLC 1.25%(AFF)	26,588,200	$26,588,200
Putnam Short Term Investment Fund 1.17%(AFF)	3,106,911	3,106,911
Total short-term investments (cost $29,695,111)		$29,695,111
TOTAL INVESTMENTS
Total investments (cost $162,095,956)		$182,903,244

	Notes to the fund's portfolio
	Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from July 1, 2017 through September 30, 2017 (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 $155,781,708.
(NON)	This security is non-income-producing.
(AFF)	Affiliated company. For investments in Putnam Cash Collateral Pool, LLC and Putnam Short Term Investment Fund, 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 any company which is under common ownership or control were as follows:
	Name of affiliate	Fair value as of 6/30/17	Purchase cost	Sale proceeds	Investment income	Shares outstanding and fair value as of 9/30/17
	Short-term investments
	Putnam Cash Collateral Pool, LLC*#	$24,642,225	$28,742,780	$26,796,805	$75,052	$26,588,200
	Putnam Short Term Investment Fund**	1,624,061	17,764,322	16,281,472	3,814	3,106,911
	Total Short-term investments	$26,266,286	$46,507,102	$43,078,277	$78,866	$29,695,111
	* No management fees are charged to Putnam Cash Collateral Pool, LLC. There were no realized or unrealized gains or losses during the period.
	# 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 $26,588,200, 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 $26,284,157. Certain of these securities were sold prior to the close of the reporting period.
	** Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period.
(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 certain 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. The foreign equity 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	$24,025,269	$—	$—
Consumer staples	3,542,017	—	—
Financials	6,927,329	—	—
Health care	40,220,962	—	—
Industrials	28,638,377	—	—
Information technology	38,807,854	—	—
Materials	7,537,175	—	—
Real estate	3,509,150	—	—
Total common stocks	153,208,133	—	—
Short-term investments	3,106,911	26,588,200	—
Totals by level	$156,315,044	$26,588,200	$—
* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation.
During the reporting period, transfers within the fair value hierarchy, if any (other than certain transfers involving non-U.S. equity securities as described in the Security valuation note above), did not represent, in the aggregate, more than 1% of the fund's net assets measured as of the end of the period. Transfers are accounted for using the end of period pricing valuation method.
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: November 28, 2017

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: November 28, 2017

By (Signature and Title):

/s/ Janet C. Smith
Janet C. Smith
Principal Financial Officer
Date: November 28, 2017