Dynamic Risk Asset Allocation: Annual Report - Putnam Investments

Report of Independent Registered Public Accounting FirmThe Board of Trustees and ShareholdersPutnam Funds Trust:We have audited the accompanying statement of assets and liabilities ofPutnam Dynamic Risk Allocation Fund (the fund), a series of Putnam FundsTrust, including the fund’s portfolio, as of May 31, 2014, and the relatedstatement of operations for the year then ended, the statements of changesin net assets for each of the years in the two-year period then ended, andthe financial highlights for each of the years or periods in the period fromSeptember 19, 2011 (commencement of operations) through May 31, 2014.These financial statements and financial highlights are the responsibility ofthe fund’s management. Our responsibility is to express an opinion on thesefinancial statements and financial highlights based on our audits.We conducted our audits in accordance with the standards of the PublicCompany Accounting Oversight Board (United States). Those standardsrequire that we plan and perform the audit to obtain reasonable assuranceabout whether the financial statements and financial highlights arefree of material misstatement. An audit includes examining, on a testbasis, evidence supporting the amounts and disclosures in the financialstatements. Our procedures included confirmation of securities owned asof May 31, 2014, by correspondence with the custodian and brokers or byother appropriate auditing procedures. An audit also includes assessing theaccounting principles used and significant estimates made by management,as well as evaluating the overall financial statement presentation. We believethat our audits provide a reasonable basis for our opinion.In our opinion, the financial statements and financial highlights referredto above present fairly, in all material respects, the financial position ofPutnam Dynamic Risk Allocation Fund as of May 31, 2014, the results ofits operations, the changes in its net assets and the financial highlights forthe periods specified in the first paragraph above, in conformity with U.S.generally accepted accounting principles.Boston, MassachusettsJuly 14, 2014Dynamic Risk Allocation Fund19