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: August 31, 2018

Date of reporting period: November 30, 2017

Item 1. Schedule of Investments:

Putnam Global Consumer Fund
The fund's portfolio
11/30/17 (Unaudited)
COMMON STOCKS (97.6%)(a)
		Shares	Value
Beverages (4.3%)
Anheuser-Busch InBev SA/NV (Belgium)		22,202	$2,555,386
			2,555,386
Chemicals (5.8%)
Sherwin-Williams Co. (The)		8,506	3,397,467
			3,397,467
Equity real estate investment trusts (REITs) (3.4%)
American Tower Corp.		5,525	795,213
Gaming and Leisure Properties, Inc.		33,781	1,226,926
			2,022,139
Food and staples retail (1.9%)
Seven & i Holdings Co., Ltd. (Japan)		27,000	1,108,145
			1,108,145
Food products (5.0%)
Associated British Foods PLC (United Kingdom)		22,737	906,496
Kraft Heinz Co. (The)		25,338	2,061,753
			2,968,249
Hotels, restaurants, and leisure (17.3%)
Compass Group PLC (United Kingdom)		87,889	1,781,728
Hilton Worldwide Holdings, Inc.		19,150	1,485,274
Melco Resorts & Entertainment, Ltd. ADR (Hong Kong)		34,723	906,618
MGM China Holdings, Ltd. (Hong Kong)		378,000	966,566
Penn National Gaming, Inc.(NON)(S)		30,831	886,700
Restaurant Brands International, Inc. (Canada)		25,895	1,623,358
Wynn Macau, Ltd. (China)		386,800	1,115,882
Wynn Resorts, Ltd.		8,922	1,410,390
			10,176,516
Household durables (1.2%)
Coway Co., Ltd. (South Korea)		7,938	699,455
			699,455
Internet and direct marketing retail (13.1%)
Amazon.com, Inc.(NON)		4,250	5,001,185
MakeMyTrip, Ltd. (India)(NON)(S)		43,084	1,309,754
Priceline Group, Inc. (The)(NON)		818	1,423,083
			7,734,022
Internet software and services (1.5%)
Rightmove PLC (United Kingdom)		16,501	899,556
			899,556
Leisure products (1.5%)
Hasbro, Inc.		9,485	882,295
			882,295
Media (13.3%)
Charter Communications, Inc. Class A(NON)		10,992	3,585,700
Liberty Global PLC Ser. C (United Kingdom)(NON)		29,188	899,866
Liberty Media Corp.-Liberty SiriusXM Class C(NON)		81,309	3,318,220
			7,803,786
Personal products (7.9%)
Coty, Inc. Class A		63,890	1,100,825
Edgewell Personal Care Co.(NON)		18,247	1,058,144
Unilever NV ADR (Netherlands)		42,920	2,471,772
			4,630,741
Real estate management and development (1.7%)
RE/MAX Holdings, Inc. Class A		18,276	975,025
			975,025
Software (1.8%)
Nintendo Co., Ltd. (Japan)		2,600	1,055,598
			1,055,598
Specialty retail (15.8%)
CarMax, Inc.(NON)		31,761	2,188,651
Dick's Sporting Goods, Inc.		37,413	1,102,187
Dixons Carphone PLC (United Kingdom)		444,636	955,507
Home Depot, Inc. (The)		9,029	1,623,595
O'Reilly Automotive, Inc.(NON)(S)		14,383	3,397,408
			9,267,348
Textiles, apparel, and luxury goods (2.1%)
Luxottica Group SpA (Italy)		21,429	1,245,961
			1,245,961
Total common stocks (cost $45,075,805)			$57,421,689
SHORT-TERM INVESTMENTS (11.1%)(a)
		Principal amount/shares	Value
Putnam Cash Collateral Pool, LLC 1.31%(AFF)	Shares	5,083,860	$5,083,860
Putnam Short Term Investment Fund 1.23%(AFF)	Shares	1,231,746	1,231,746
U.S. Treasury Bills 1.140%, 1/25/18		$222,000	221,615
Total short-term investments (cost $6,537,225)			$6,537,221
TOTAL INVESTMENTS
Total investments (cost $51,613,030)			$63,958,910

FORWARD CURRENCY CONTRACTS at 11/30/17 (aggregate face value $19,456,131) (Unaudited)
Counterparty	Currency	Contract type*	Delivery date	Value	Aggregate face value	Unrealized appreciation/ (depreciation)
Bank of America N.A.
	British Pound	Sell	12/20/17	$1,145,106	$1,120,565	$(24,541)
	Hong Kong Dollar	Sell	2/22/18	830,313	832,300	1,987
	Japanese Yen	Buy	2/22/18	383,844	379,449	4,395
Barclays Bank PLC
	British Pound	Sell	12/20/17	630,472	606,551	(23,921)
	Canadian Dollar	Sell	1/17/18	281,183	290,360	9,177
	Hong Kong Dollar	Sell	2/22/18	463,534	464,656	1,122
	Norwegian Krone	Buy	12/20/17	126,291	135,329	(9,038)
	Swiss Franc	Buy	12/20/17	2,030,820	2,055,491	(24,671)
Citibank, N.A.
	British Pound	Buy	12/20/17	134,376	132,148	2,228
	Danish Krone	Buy	12/20/17	125,870	126,245	(375)
	Euro	Buy	12/20/17	1,776,323	1,780,847	(4,524)
	Japanese Yen	Buy	2/22/18	1,345,805	1,327,897	17,908
Credit Suisse International
	Australian Dollar	Buy	1/17/18	196,693	203,246	(6,553)
	Euro	Sell	12/20/17	797,129	801,536	4,407
	Swedish Krona	Buy	12/20/17	69,711	73,592	(3,881)
	Swiss Franc	Buy	12/20/17	633,238	650,371	(17,133)
	Swiss Franc	Sell	12/20/17	633,238	634,148	910
Goldman Sachs International
	Australian Dollar	Buy	1/17/18	155,857	161,030	(5,173)
	Euro	Buy	12/20/17	288,468	287,920	548
	Japanese Yen	Buy	2/22/18	381,990	376,783	5,207
HSBC Bank USA, National Association
	British Pound	Buy	12/20/17	306,913	295,489	11,424
	Euro	Buy	12/20/17	185,044	186,089	(1,045)
JPMorgan Chase Bank N.A.
	Australian Dollar	Buy	1/17/18	187,467	193,675	(6,208)
	British Pound	Buy	12/20/17	651,853	627,727	24,126
	Euro	Buy	12/20/17	195,529	196,628	(1,099)
	Japanese Yen	Buy	2/22/18	1,844,913	1,819,607	25,306
	Singapore Dollar	Buy	2/22/18	76,953	76,380	573
	Swedish Krona	Buy	12/20/17	100,823	106,487	(5,664)
	Swiss Franc	Buy	12/20/17	433,932	444,175	(10,243)
State Street Bank and Trust Co.
	Australian Dollar	Buy	1/17/18	143,304	148,048	(4,744)
	British Pound	Buy	12/20/17	212,052	205,596	6,456
	Canadian Dollar	Sell	1/17/18	348,822	360,231	11,409
	Japanese Yen	Buy	2/22/18	819,874	808,485	11,389
	Swedish Krona	Buy	12/20/17	348,376	367,736	(19,360)
	Swiss Franc	Buy	12/20/17	360,847	370,677	(9,830)
	Swiss Franc	Sell	12/20/17	360,847	361,376	529
UBS AG
	Swiss Franc	Buy	12/20/17	194,012	199,298	(5,286)
	Swiss Franc	Sell	12/20/17	194,012	194,294	282
WestPac Banking Corp.
	Canadian Dollar	Sell	1/17/18	51,970	53,669	1,699
Unrealized appreciation						141,082
Unrealized (depreciation)						(183,289)
Total						$(42,207)
* The exchange currency for all contracts listed is the United States Dollar.

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 September 1, 2017 through November 30, 2017 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosuresand references to "OTC", if any, represent over-the-counter.
(a)	Percentages indicated are based on net assets of $58,825,103.
(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 8/31/17	Purchase cost	Sale proceeds	Investment income	Shares outstanding and fair value as of 11/30/17
	Short-term investments
	Putnam Cash Collateral Pool, LLC*#	$1,029,600	$18,935,013	$14,880,753	$16,526	$5,083,860
	Putnam Short Term Investment Fund**	3,203,551	2,435,939	4,407,744	5,775	1,231,746
	Total Short-term investments	$4,233,151	$21,370,952	$19,288,497	$22,301	$6,315,606
	* 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 $5,083,860, 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 $5,020,758.
	** 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.
	At the close of the reporting period, the fund maintained liquid assets totaling $88,779 to cover certain derivative contracts.
	Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity.
	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	65.2%
	United Kingdom	9.2
	Belgium	4.3
	Netherlands	4.2
	Japan	3.7
	Hong Kong	3.2
	Canada	2.8
	India	2.2
	Italy	2.1
	China	1.9
	South Korea	1.2
	Total	100.0%
	⌂ Methodology differs from that used for purposes of complying with the fund's policy regarding investments in securities of foreign issuers, as discussed further in the fund's prospectus.
	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.
	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.
	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. At the close of the reporting period, fair value pricing was used for certain foreign securities in the portfolio. 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. 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.
	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 to hedge foreign exchange risk.
	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 $96,895 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 discretionary	$35,027,480	$2,781,903	$—
Consumer staples	10,154,376	1,108,145	—
Information technology	899,556	1,055,598	—
Materials	3,397,467	—	—
Real estate	2,997,164	—	—
Total common stocks	52,476,043	4,945,646	—
Short-term investments	1,231,746	5,305,475	—
Totals by level	$53,707,789	$10,251,121	$—
		Valuation inputs
Other financial instruments:	Level 1	Level 2	Level 3
Forward currency contracts	$—	$(42,207)	$—
Totals by level	$—	$(42,207)	$—
* 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.
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	$141,082	$183,289
Total	$141,082	$183,289
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)		$19,400,000
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 25, 2018

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 25, 2018

By (Signature and Title):

/s/ Janet C. Smith
Janet C. Smith
Principal Financial Officer
Date: January 25, 2018