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: 100 Federal Street, Boston, Massachusetts 02110

Name and address of agent for service: Robert T. Burns, Vice President
100 Federal Street
Boston, Massachusetts 02110

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, 2019

Date of reporting period: September 30, 2018

Item 1. Schedule of Investments:

Putnam International Value Fund
The fund's portfolio
9/30/18 (Unaudited)
COMMON STOCKS (99.2%)(a)
		Shares	Value
Aerospace and defense (1.4%)
BAE Systems PLC (United Kingdom)		260,229	$2,136,172
			2,136,172
Airlines (1.2%)
Japan Airlines Co., Ltd. (Japan)		49,100	1,764,869
			1,764,869
Auto components (0.8%)
Magna International, Inc. (Canada)		23,813	1,250,890
			1,250,890
Automobiles (2.0%)
Fiat Chrysler Automobiles NV (Italy)(NON)		64,957	1,142,136
Nissan Motor Co., Ltd. (Japan)		78,300	732,900
Yamaha Motor Co., Ltd. (Japan)		42,400	1,188,558
			3,063,594
Banks (13.8%)
Australia & New Zealand Banking Group, Ltd. (Australia)		149,275	3,040,719
Bank of Ireland Group PLC (Ireland)		148,284	1,135,430
Danske Bank A/S (Denmark)		61,818	1,623,674
DNB ASA (Norway)		69,829	1,469,294
ING Groep NV (Netherlands)		372,743	4,840,138
Lloyds Banking Group PLC (United Kingdom)		762,155	588,784
Mizuho Financial Group, Inc. (Japan)		726,600	1,267,489
Skandinaviska Enskilda Banken AB (Sweden)		117,103	1,307,615
Societe Generale SA (France)		59,922	2,572,094
Sumitomo Mitsui Financial Group, Inc. (Japan)		69,300	2,797,129
			20,642,366
Building products (2.7%)
Compagnie De Saint-Gobain (France)		26,947	1,162,149
Johnson Controls International PLC		43,200	1,512,000
Sanwa Holdings Corp. (Japan)		118,000	1,405,158
			4,079,307
Capital markets (3.2%)
Credit Suisse Group AG (Switzerland)		60,487	909,092
Natixis SA (France)		201,148	1,364,825
Quilter PLC (United Kingdom)		821,442	1,437,907
UBS Group AG (Switzerland)		70,597	1,114,992
			4,826,816
Construction and engineering (2.3%)
Vinci SA (France)		36,397	3,466,063
			3,466,063
Construction materials (1.5%)
CRH PLC (Ireland)		38,683	1,265,646
LafargeHolcim, Ltd. (Switzerland)		18,730	924,667
			2,190,313
Diversified financial services (3.0%)
Challenger, Ltd. (Australia)		180,986	1,465,248
Eurazeo SA (France)		20,124	1,585,314
ORIX Corp. (Japan)		92,000	1,491,498
			4,542,060
Diversified telecommunication services (5.1%)
BCE, Inc. (Canada)		28,700	1,162,754
Com Hem Holding AB (Sweden)		89,383	1,478,419
Nippon Telegraph & Telephone Corp. (Japan)		53,800	2,430,044
Spark New Zealand, Ltd. (New Zealand)		660,670	1,773,597
Telecom Italia SpA RSP (Italy)		1,437,331	773,328
			7,618,142
Electric utilities (1.8%)
Fortum OYJ (Finland)		53,885	1,350,740
SSE PLC (United Kingdom)		92,607	1,383,268
			2,734,008
Electronic equipment, instruments, and components (0.5%)
Kyocera Corp. (Japan)		12,200	732,301
			732,301
Entertainment (0.6%)
Nintendo Co., Ltd. (Japan)		2,300	839,271
			839,271
Equity real estate investment trusts (REITs) (1.0%)
Hibernia REIT PLC (Ireland)		451,009	743,575
Vicinity Centres (Australia)		393,430	745,104
			1,488,679
Food and staples retail (1.9%)
Koninklijke Ahold Delhaize NV (Netherlands)		65,355	1,498,639
Seven & i Holdings Co., Ltd. (Japan)		28,700	1,278,138
			2,776,777
Food products (1.6%)
Kerry Group PLC Class A (Ireland)		21,280	2,353,356
			2,353,356
Health-care equipment and supplies (1.3%)
Hoya Corp. (Japan)		33,300	1,978,305
			1,978,305
Hotels, restaurants, and leisure (1.0%)
Dalata Hotel Group PLC (Ireland)(NON)		190,566	1,515,609
			1,515,609
Household durables (0.7%)
Panasonic Corp. (Japan)		94,400	1,099,616
			1,099,616
Household products (0.6%)
Henkel AG & Co. KGaA (Preference) (Germany)		8,278	971,209
			971,209
Industrial conglomerates (3.9%)
Siemens AG (Germany)		33,672	4,313,730
Toshiba Corp. (Japan)(NON)		52,800	1,526,562
			5,840,292
Insurance (10.6%)
AIA Group, Ltd. (Hong Kong)		319,600	2,853,735
Allianz SE (Germany)		7,741	1,725,637
AXA SA (France)		96,789	2,601,526
Chubb, Ltd.		15,386	2,056,185
Insurance Australia Group, Ltd. (Australia)		257,584	1,362,944
Prudential PLC (United Kingdom)		138,712	3,181,128
SCOR SE (France)		45,642	2,119,707
			15,900,862
Machinery (2.0%)
KION Group AG (Germany)		13,387	822,846
NSK, Ltd. (Japan)		99,100	1,135,612
SIG Combibloc Group AG (Switzerland)(NON)		79,224	992,924
			2,951,382
Metals and mining (2.6%)
Glencore PLC (United Kingdom)		311,705	1,347,619
Rio Tinto PLC (United Kingdom)		49,807	2,518,836
			3,866,455
Multi-utilities (1.1%)
Veolia Environnement SA (France)		85,303	1,702,516
			1,702,516
Oil, gas, and consumable fuels (8.9%)
Encana Corp. (Canada)		128,800	1,688,216
Royal Dutch Shell PLC Class A (Amsterdam Exchange) (United Kingdom)		107,760	3,700,270
Royal Dutch Shell PLC Class B (United Kingdom)		61,120	2,142,160
Suncor Energy, Inc. (Canada)		90,912	3,517,812
TOTAL SA (France)		34,979	2,267,796
			13,316,254
Personal products (1.8%)
Shiseido Co., Ltd. (Japan)		13,100	1,014,495
Unilever NV ADR (Netherlands)		30,153	1,679,214
			2,693,709
Pharmaceuticals (7.8%)
AstraZeneca PLC (United Kingdom)		39,156	3,043,273
Bayer AG (Germany)		17,124	1,521,159
Novartis AG (Switzerland)		37,448	3,220,513
Sanofi (France)		44,240	3,932,492
			11,717,437
Real estate management and development (1.0%)
Mitsui Fudosan Co., Ltd. (Japan)		60,500	1,431,830
			1,431,830
Semiconductors and semiconductor equipment (1.5%)
SCREEN Holdings Co., Ltd. (Japan)		24,500	1,431,790
Sino-American Silicon Products, Inc. (Taiwan)		313,000	803,694
			2,235,484
Technology hardware, storage, and peripherals (1.6%)
Samsung Electronics Co., Ltd. (South Korea)		55,502	2,324,154
			2,324,154
Tobacco (1.0%)
Imperial Brands PLC (United Kingdom)		45,119	1,570,765
			1,570,765
Trading companies and distributors (4.6%)
ITOCHU Corp. (Japan)		91,600	1,676,888
Mitsubishi Corp. (Japan)		110,300	3,398,700
Wolseley PLC (United Kingdom)		21,005	1,783,672
			6,859,260
Transportation infrastructure (0.7%)
Aena SME SA (Spain)		6,196	1,075,483
			1,075,483
Wireless telecommunication services (2.1%)
KDDI Corp. (Japan)		32,800	906,171
Vodafone Group PLC (United Kingdom)		1,056,267	2,264,735
			3,170,906
Total common stocks (cost $132,294,888)			$148,726,512
SHORT-TERM INVESTMENTS (1.3%)(a)
		Principal amount/shares	Value
Putnam Short Term Investment Fund 2.24%(AFF)	Shares	1,545,060	$1,545,060
U.S. Treasury Bills 2.043%, 11/8/18(SEGSF)		$121,000	120,736
U.S. Treasury Bills 2.020%, 11/1/18		151,000	150,732
U.S. Treasury Bills 1.999%, 10/25/18		81,000	80,888
Total short-term investments (cost $1,897,440)			$1,897,416
TOTAL INVESTMENTS
Total investments (cost $134,192,328)			$150,623,928

FORWARD CURRENCY CONTRACTS at 9/30/18 (aggregate face value $51,496,203) (Unaudited)
Counterparty	Currency	Contract type*	Delivery date	Value	Aggregate face value	Unrealized appreciation/ (depreciation)
Bank of America N.A.
	Australian Dollar	Buy	10/17/18	$2,308,728	$2,337,214	$(28,486)
	British Pound	Sell	12/19/18	2,068,934	2,059,679	(9,255)
	Canadian Dollar	Sell	10/17/18	2,471,756	2,420,031	(51,725)
	Hong Kong Dollar	Buy	11/19/18	1,017,023	1,016,001	1,022
Barclays Bank PLC
	Australian Dollar	Buy	10/17/18	628,706	644,889	(16,183)
	British Pound	Buy	12/19/18	4,330,057	4,304,970	25,087
	Canadian Dollar	Sell	10/17/18	510,538	499,769	(10,769)
	Euro	Sell	12/19/18	1,276,177	1,279,180	3,003
	Hong Kong Dollar	Buy	11/19/18	1,789,924	1,788,153	1,771
Citibank, N.A.
	British Pound	Buy	12/19/18	1,768,681	1,752,299	16,382
	Canadian Dollar	Sell	10/17/18	719,648	704,590	(15,058)
	Danish Krone	Sell	12/19/18	1,055,006	1,058,019	3,013
	Euro	Sell	12/19/18	4,491,629	4,502,370	10,741
	Japanese Yen	Buy	11/19/18	1,300,836	1,301,406	(570)
Goldman Sachs International
	Canadian Dollar	Sell	10/17/18	766,039	749,963	(16,076)
	Chinese Yuan (Offshore)	Buy	11/19/18	58,789	59,322	(533)
	Euro	Sell	12/19/18	518,535	519,964	1,429
	Japanese Yen	Buy	11/19/18	2,437,504	2,488,774	(51,270)
JPMorgan Chase Bank N.A.
	Australian Dollar	Buy	10/17/18	718,563	727,713	(9,150)
	British Pound	Buy	12/19/18	2,816,360	2,805,853	10,507
	Canadian Dollar	Sell	10/17/18	882,366	863,821	(18,545)
	Euro	Sell	12/19/18	966,482	969,157	2,675
	Japanese Yen	Buy	11/19/18	1,663,793	1,695,017	(31,224)
	New Zealand Dollar	Sell	10/17/18	1,343,520	1,366,648	23,128
	Norwegian Krone	Buy	12/19/18	7,890	7,645	245
	Singapore Dollar	Buy	11/19/18	2,085,542	2,095,805	(10,263)
	South Korean Won	Sell	11/19/18	2,430,138	2,391,531	(38,607)
	Swedish Krona	Buy	12/19/18	114,376	112,242	2,134
	Swiss Franc	Buy	12/19/18	4,759,086	4,813,322	(54,236)
State Street Bank and Trust Co.
	British Pound	Buy	12/19/18	759,464	756,537	2,927
	Canadian Dollar	Sell	10/17/18	1,424,657	1,390,332	(34,325)
	Israeli Shekel	Buy	10/17/18	911,416	912,883	(1,467)
	Japanese Yen	Buy	11/19/18	38,509	39,331	(822)
UBS AG
	Canadian Dollar	Sell	10/17/18	1,084,660	1,061,773	(22,887)
Unrealized appreciation						104,064
Unrealized (depreciation)						(421,451)
Total						$(317,387)
* 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 July 1, 2018 through September 30, 2018 (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 Disclosures and references to "OTC", if any, represent over-the-counter.
(a)	Percentages indicated are based on net assets of $149,865,361.
(NON)	This security is non-income-producing.
(AFF)	Affiliated company. For investments in 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 6/30/18	Purchase cost	Sale proceeds	Investment income	Shares outstanding and fair value as of 9/30/18
	Short-term investments
	Putnam Short Term Investment Fund*	1,916,319	4,649,035	5,020,294	4,649	1,545,060
	Total Short-term investments	$1,916,319	$4,649,035	$5,020,294	$4,649	$1,545,060
	* 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.
(SEGSF)	This security, in part or in entirety, was pledged and segregated with the custodian for collateral on certain derivative contracts at the close of the reporting period. Collateral at period end totaled $120,710.
	At the close of the reporting period, the fund maintained liquid assets totaling $302,413 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):
	Japan	20.9%
	United Kingdom	18.0
	France	15.1
	Germany	6.2
	Netherlands	5.3
	Canada	5.1
	Switzerland	4.8
	Ireland	4.7
	Australia	4.4
	United States	3.6
	Hong Kong	1.9
	Sweden	1.8
	South Korea	1.5
	Italy	1.3
	New Zealand	1.2
	Denmark	1.1
	Norway	1.0
	Finland	0.9
	Spain	0.7
	Taiwan	0.5
	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.
	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. 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 $334,804 on open derivative contracts subject to the Master Agreements. Collateral posted by the fund at period end for these agreements totaled $120,710 and may include amounts related to unsettled 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*:
Communication services	$11,628,319	$—	$—
Consumer discretionary	6,929,709	—	—
Consumer staples	10,365,816	—	—
Energy	13,316,254	—	—
Financials	45,912,104	—	—
Health care	13,695,742	—	—
Industrials	28,172,828	—	—
Information technology	5,291,939	—	—
Materials	6,056,768	—	—
Real estate	2,920,509	—	—
Utilities	4,436,524	—	—
Total common stocks	148,726,512	—	—
Short-term investments	1,545,060	352,356	—
Totals by level	$150,271,572	$352,356	$—
		Valuation inputs
Other financial instruments:	Level 1	Level 2	Level 3
Forward currency contracts	$—	$(317,387)	$—
Totals by level	$—	$(317,387)	$—
* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation.
During the reporting period, transfers within the fair value hierarchy, if any, did not represent, in the aggregate, more than 1% of the fund's net assets measured as of the end of the period. Transfers are accounted for using the end of period pricing valuation method.
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	104,064	421,451
Total	$104,064	$421,451
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)		$58,300,000
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: November 28, 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: November 28, 2018

By (Signature and Title):

/s/ Janet C. Smith
Janet C. Smith
Principal Financial Officer
Date: November 28, 2018