-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PPaqzBjumEwToQ/QM5JhP9GGbIGkWjLcsflWWoL5UomTbXJP/wpUO8vR6cHj9e9v L8zW/RKiQviHhBsTm06rAA== 0000928816-09-000737.txt : 20090729 0000928816-09-000737.hdr.sgml : 20090729 20090729145025 ACCESSION NUMBER: 0000928816-09-000737 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 17 CONFORMED PERIOD OF REPORT: 20090531 FILED AS OF DATE: 20090729 DATE AS OF CHANGE: 20090729 EFFECTIVENESS DATE: 20090729 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM FUNDS TRUST CENTRAL INDEX KEY: 0001005942 IRS NUMBER: 043299786 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-07513 FILM NUMBER: 09969927 BUSINESS ADDRESS: STREET 1: ONE POST STREET 2: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921010 MAIL ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 0001005942 S000024760 Putnam Asset Allocation: Equity Portfolio C000073568 Class A C000073569 Class Y N-CSR 1 a_aaequityfl7.htm PUTNAM FUNDS TRUST a_aaequityfl7.htm
UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549 
 
FORM N-CSR 
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED 
MANAGEMENT INVESTMENT COMPANIES 
 
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:  Beth S. Mazor, Vice President 
  One Post Office Square 
  Boston, Massachusetts 02109 
 
Copy to:  John W. Gerstmayr, Esq. 
  Ropes & Gray LLP 
  One International Place 
  Boston, Massachusetts 02110 
 
Registrant’s telephone number, including area code:  (617) 292-1000 
 
Date of fiscal year end: May 31, 2009  
 
Date of reporting period: June 1, 2008 — May 31, 2009 

Item 1. Report to Stockholders:
The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940:


Since 1937, when George Putnam created a prudent mix of stocks and bonds in a single, professionally managed portfolio, we have championed the wisdom of the balanced approach. Today, we offer a world of equity, fixed-income, multi-asset, and absolute-return portfolios so investors can pursue a range of financial goals. Our seasoned portfolio managers seek superior results over time, backed by original, fundamental research on a global scale. We believe in service excellence, in the value of experienced financial advice, and in putting clients first in everything we do.

In 1830, Massachusetts Supreme Judicial Court Justice Samuel Putnam established The Prudent Man Rule, a legal foundation for responsible money management.


THE PRUDENT MAN RULE

All that can be required of a trustee to invest is that he shall conduct himself faithfully and exercise a sound discretion. He is to observe how men of prudence, discretion, and intelligence manage their own affairs, not in regard to speculation, but in regard to the permanent disposition of their funds, considering the probable income, as well as the probable safety of the capital to be invested.


Putnam
Asset Allocation:
Equity Portfolio

Annual Report
5|31|09

Message from the Trustees  1 
Performance snapshot  2 
Interview with your fund’s Portfolio Manager  3 
Performance in depth  7 
Expenses  8 
Your fund’s management  10 
Terms and definitions  11 
Trustee approval of management contract  12 
Other information for shareholders  15 
Financial statements  16 
Federal tax information  38 
About the Trustees  39 
Officers  43 

Message from the Trustees

Dear Fellow Shareholder:

Following many months of painful losses, the stock market finally reversed course this spring and posted solid gains. Returns in the fixed-income area have been more mixed, with Treasuries losing ground but corporate and high-yield debt rebounding. We are pleased to report that, in many instances, Putnam mutual fund performance has also been strong in recent months, demonstrating the power of active portfolio management and the substantial efforts of an investment team infused with new talent and a singular focus.

Putnam Investments and the Board of Trustees continue to evolve during this exciting time of renewal. After several years of steady leadership, Charles E. “Ed” Haldeman, Jr. has stepped down as President of the Putnam Funds and as a member of the Board of Trustees of the Funds. Effective July 1, 2009, Robert L. Reynolds, President and Chief Executive Officer of Putnam Investments and a Trustee of the Putnam Funds, replaced Mr. Haldeman as President of the Putnam Funds.

In other developments at Putnam, Walter C. Donovan, a 25-year investment industry veteran, has joined the firm as Chief Investment Officer. Mr. Donovan will oversee a reinvigorated investment organization strengthened by the recent arrival of several industry-leading senior portfolio managers, research analysts, and traders.

Ravi Akhoury has been elected to the Board of Trustees of the Putnam Funds and W. Thomas Stephens has rejoined the Board. From 1992 to 2007, Mr. Akhoury was Chairman and CEO of MacKay Shields, a multi-product investment management firm with more than $40 billion in assets under management. Mr. Stephens retired in December 2008 as Chairman and Chief Executive Officer of Boise Cascade, L.L.C., a paper, forest products, and timberland assets company.

We would like to take this opportunity to welcome new shareholders to the fund and to thank all of our investors for your continued confidence in Putnam.


Performance snapshot
Total return (%) comparison as of 5/31/09

“Several factors that contributed to market
volatility during the past couple of years appear
to be subsiding.”

Jeff Knight, Portfolio Manager, Putnam Asset Allocation: Equity Portfolio



Share price, principal value, and return will fluctuate, and you may have a gain or a loss when you sell your shares. Performance of class A shares assumes reinvestment of distributions and does not account for taxes. Fund returns in the bar chart do not reflect a sales charge of 5.75%; had they, returns would have been lower. See pages 3 and 7–8 for additional performance information. For a portion of the period, this fund may have limited expenses, without which returns would have been lower. Due to market volatility, current performance may be higher or lower than performance shown. A 1% short-term trading fee may apply. To obtain the most recent month-end performance, visit putnam.com. The short-term results of a relatively new fund are not necessarily indicative of its long-term prospects.

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Interview with your
fund’s Portfolio Manager

Jeff Knight

Jeff, this is the first report for the fund, covering a period from January 23 through May 31, 2009. Can you start by describing the fund’s performance and strategy?

The fund posted a significant gain of 18.50% for class A shares at net asset value (11.69% at public offering price) during the period. On the fund’s inception date in late January, equity markets were in the midst of a significant downturn, which only came to an end in early March, amid concerns about a worsening financial crisis. However, stocks then reversed course and staged one of their strongest periods of recovery in history as it became clear that government policies were helping to stabilize the financial system and the economy. With regard to strategy, the fund pursues capital appreciation with a portfolio of equities diversified across geography, market capitalization, investment style, and strategy. We typically allocate approximately 40% of assets to U.S. large caps, about 30% to U.S. small caps, and 30% to international markets, including emerging markets. U.S. holdings also include a “thematic equity” category. During the period, intern ational equities contributed the strongest results, followed by small-cap U.S. growth stocks, and then by U.S. large-cap stocks.

What is your approach to stock selection, and how does it differ across geography and investment style?

There are some broad commonalities in the strategy across all areas — we select stocks using fundamental selection criteria, implemented with quantitative tools that help us extend our reach across the thousands of stocks in our universe.

The U.S. large-cap equity allocation is benchmarked against the Russell 1000 Index, the small caps are benchmarked against the Russell 2000 Growth Index and the Russell 2000 Value Index, and international stocks are measured against the MSCI EAFE Index. In each area, we look for stocks with qualities that the markets have rewarded historically, such as attractive valuations, earnings growth, and earnings momentum, though the emphasis can vary in the style-specific categories of growth and value.

Can you tell us how the thematic equity category is managed?

The thematic equity category is different from all of the others. It targets stocks that we think will benefit from long-term secular changes in our economic forecast. We select these stocks by considering the implications of our macroeconomic

Broad market index and fund performance

This chart shows the performance of broad market indexes for the period from 1/23/09 (commencement of operations) to 5/31/09. See the previous page and pages 7–8 for additional fund performance information. Index descriptions can be found on page 11. The short-term results of a new fund are not necessarily indicative of its long-term prospects.


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views down to the levels of investment themes and specific securities. With this category, we have much greater latitude to differ from the benchmark, and we can invest in companies of all sizes.

What are some examples of themes you are pursuing?

Let me start by describing an area of technology known as cloud computing, which allows computer users to access software applications and data storage capabilities not on their computers, but rather in an online “cloud.” The growth of the Internet means that data and applications no longer need to be stored on hard memory drives. Consumers and businesses can instead use simpler devices, such as smart-phones, to access Web-based applications and data files. We think that, as this trend continues, a number of companies stand to achieve strong, sustained earnings growth, including Akamai Technologies and Juniper Networks, whose stocks contributed positively to fund performance in recent months.

What are some of the other themes?

Alternative energy offers a lot of potential. Strong long-term demand for traditional fuels, such as petroleum, should push energy prices higher and make a variety of alternatives cost-competitive. We believe this will take place at the same time that concerns about the effects of carbon emissions encourage a transition to alternatives. Reflecting this theme, the fund owns EnerSys, a U.S. battery company, and BKW FMB Energie, a Swiss company with diverse renewable energy services, including small-scale hydroelectric plants as well as biomass, wind, solar, and geothermal energy technologies. During the period, EnerSys and BKW added to fund performance.

Another theme is water, a scarce and valuable resource in many regions of the world. We have invested in companies that are building networks for distributing water, including California Water Services Group and Aqua America, which provide drinking water and some wastewater services. During the period, these stocks had an adverse impact on performance, but we think the long-term demands on water supplies provide growth potential for these stocks in the future.

How did the large-cap equity category perform?

This category overall outperformed its benchmark. Stock selection in the basic materials sector helped results, led by holdings Southern Copper, Dow Chemical, and Potash Corporation of Saskatchewan. We sold Potash at a profit during the period. Also, in the financials sector, we avoided much of the weakness in banks, particularly during February, but benefited from Goldman Sachs, which rose strongly in the last months of the period. Other strong contributors were Apple and IBM in the technology sector, and Pepsi Bottling, a consumer staples company that we sold at a profit during the period. An area of weakness was the energy sector, with overweight positions in Sunoco, Exxon Mobil, and Chevron

Top 10 equity holdings

This table shows the fund’s top 10 equity holdings and the percentage of the fund’s net assets that each represented as of 5/31/09. Also shown is each holding’s market sector and the specific industry within that sector. Holdings will vary over time.

HOLDING (percentage of fund’s net assets)  SECTOR  INDUSTRY 
S&P 500 Index Depository Receipts (SPDR Trust Series 1) (3.7%)  Market index  Market index 
Exxon Mobil Corp. (2.0%)  Energy  Oil and gas 
Microsoft Corp. (1.0%)  Technology  Software 
IBM Corp. (1.0%)  Technology  Computers 
Chevron Corp. (1.0%)  Energy  Oil and gas 
Apple, Inc. (0.9%)  Technology  Computers 
JPMorgan Chase & Co. (0.9%)  Financials  Banking 
AT&T, Inc. (0.9%)  Communication services  Regional Bells 
Cisco Systems, Inc. (0.8%)  Technology  Communications equipment 
Johnson & Johnson (0.8%)  Health care  Pharmaceuticals 

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detracting from performance. Although energy prices have risen in 2009, companies that get much of their earnings from refining oil, especially Sunoco, have not benefited nearly as much as exploration and production companies. The profit margins of refining do not rise proportionally with oil prices because of the costs involved in increasing output.

How did small-cap stocks perform?

There were mixed results. Growth-style small caps underperformed their benchmark, but value-style small caps outperformed. We saw the weakest stock selection results in the health-care sector, which included holdings such as Martek Biosciences, Osiris Therapeutics, and ViroPharma. These underperformers were partly offset by positive contributions from industrial and consumer discretionary stocks. Health-care stocks also hurt the small-cap value position, but the weighting was significantly smaller than it was in the growth strategy, while there were greater contributions from basic materials and utilities, as well as from industrials. Top contributors included General Cable and BWAY, a packaging company.

How did international markets contribute to performance?

Our international holdings outperformed U.S. holdings in general. Although many developed markets, including most of Europe and Japan, have had significant economic problems, international stocks have generally advanced, and foreign currencies have strengthened versus the dollar. Our stock selections outperformed the benchmark, thanks primarily to the recovery of financial stocks, including Barclays of the United Kingdom, Nordea Bank of Sweden, and UniCredit of Italy.

IN THE NEWS

Citigroup and General Motors Corp. were removed from the Dow Jones Industrial Average (DJIA) on June 1, 2009. Citigroup was dropped due to its substantial restructuring process, and General Motors because of its bankruptcy, an automatic disqualifier for DJIA membership. Dow Jones & Company, which manages the average, announced that the two companies were replaced by Travelers Companies and Cisco Systems. The DJIA, which consists of 30 stocks, is a widely cited measure of U.S. stock market performance. When the index was introduced 113 years ago, it included just 12 industrial companies. In 1928, it expanded to 30 stocks, and a divisor was introduced to adjust for the effects of stock splits, stock distributions, and stock substitutions. Index components change on a regular basis for varying reasons; the most recent modification occurred in September 2008, when Kraft Foods repla ced American International Group. General Electric is the only stock in the current DJIA that was part of the original index in 1896.

What is your outlook for the fund and the markets?

Stocks have rallied strongly since the middle of March in what appears to be a new bull market cycle. We believe the general trend for markets will be to remain positive. However, for a positive trend to become more firmly entrenched after the recent, rapid rise, we would need to start seeing some upside surprises for the economy and for earnings. Of course, temporary setbacks would not be impossible. Fortunately, several factors that contributed to market volatility during the past couple of years appear to be subsiding. In particular, we are growing increasingly comfortable with the notion that the worst of the deleveraging pressures are in the past. In this environment, we believe companies that can achieve earnings momentum might outperform, and we are adding stocks with these qualities. Generally speaking, we favor companies with high cash flows across each of our strategic equity categories.

Jeff, thanks for discussing the fund with us.

Portfolio composition

This table shows the fund’s portfolio composition as of 5/31/09. Allocations are represented as a percentage of portfolio market value and include derivative instruments. Holdings will vary over time.


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The views expressed in this report are exclusively those of Putnam Management. They are not meant as investment advice.

Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk.

International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. The fund invests some or all of its assets in small and/ or midsize companies. Such investments increase the risk of greater price fluctuations. Lower-rated bonds may offer higher yields in return for more risk. The use of derivatives involves special risks and may result in losses.

Mutual funds that invest in bonds are subject to certain risks including interest-rate risk, credit risk, and inflation risk. As interest rates rise, the prices of bonds fall. Long-term bonds are more exposed to interest-rate risk than short-term bonds. Unlike bonds, bond funds have ongoing fees and expenses.

Diversification does not assure a profit or protect against loss. It is possible to lose money in a diversified portfolio.

6

Your fund’s performance

This section shows your fund’s performance, price, and distribution information for the period ended May 31, 2009, the end of its most recent fiscal year. In accordance with regulatory requirements for mutual funds, we also include performance as of the most recent calendar quarter-end and expense information taken from the fund’s current prospectus. Performance should always be considered in light of a fund’s investment strategy. Data represents performance since the fund’s inception date of January 23, 2009. Past performance does not guarantee future results and the short-term results of a relatively new fund are not necessarily indicative of its long-term prospects. More recent returns may be less or more than those shown. Investment return and principal value will fluctuate, and you may have a gain or a loss when you sell your shares. Performance information does not reflect any deduction for taxes a shareh older may owe on fund distributions or on the redemption of fund shares. For the most recent month-end performance, please visit the Individual Investors section of putnam.com or call Putnam at 1-800-225-1581. Class Y shares are generally only available to corporate and institutional clients and clients in other approved programs. See the Terms and Definitions section in this report for definitions of the share classes offered by your fund.

Fund performance Total return for the period ended 5/31/09       
 
  Class A  Class Y 
(inception dates)  (1/23/09)  (1/23/09) 
  NAV  POP  NAV 
Life of fund  18.50%  11.69%  18.50% 

After-sales-charge returns (public offering price, or POP) for class A shares reflect a maximum 5.75% load.

Class Y shares have no initial sales charge or CDSC. The short-term results of a relatively new fund are not necessarily indicative of its long-term prospects.

For a portion of the period, this fund may have limited expenses, without which returns would have been lower.

Due to market volatility, current performance may be higher or lower than performance shown.

A 1% short-term trading fee may be applied to shares exchanged or sold within 7 days of purchase.

Change in the value of a $10,000 investment ($9,425 after sales charge) Cumulative total return from 1/23/09 to 5/31/09

 

Past performance does not indicate future results. At the end of the same time period, a $10,000 investment in the fund’s class Y shares would have been valued at $11,850.

Comparative index returns For the period ended 5/31/09     
 
    Lipper Multi-Cap Growth Funds 
  Russell 3000 Index  category average* 
Life of fund  13.25%  15.79% 

Index and Lipper results should be compared to fund performance at net asset value.

* Over the life-of-fund period ended 5/31/09, there were 482 funds in this Lipper category.

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Fund price and distribution information For the period ended 5/31/09       
  Class A Class Y  
Share value  NAV  POP  NAV 
1/23/09*  $10.00  $10.61  $10.00 
5/31/09  11.85  12.57  11.85 

The classification of distributions, if any, is an estimate. Final distribution information will appear on your year-end tax forms.

The fund made no distributions during the period.

* Inception date of the fund.

Fund performance as of most recent calendar quarter Total return for the period ended 6/30/09

  Class A  Class Y 
(inception dates)  (1/23/09)  (1/23/09) 
  NAV  POP  NAV 
Life of fund  18.10%  11.31%  18.20% 

Fund’s annual operating expenses The table below shows the fund’s estimated annual operating expenses for its first fiscal half year, which ended on 5/31/09.

  Class A  Class Y 
Net expenses*  1.37%  1.12% 
Total annual fund operating expenses  1.89%  1.64% 

Expense information in this table is taken from the most recent prospectus, is subject to change, and may differ from that shown in the next section and in the financial highlights of this report. Expenses are shown as a percentage of average net assets.

* Reflects Putnam Management’s decision to contractually limit expenses through 5/31/10.

Your fund’s expenses

As a mutual fund investor, you pay ongoing expenses, such as management fees, distribution fees (12b-1 fees), and other expenses. In the most recent period, your fund limited these expenses; had it not done so, expenses would have been higher. Using the following information, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You may also pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial representative.

Review your fund’s expenses

The following table shows the expenses you would have paid on a $1,000 investment in Putnam Asset Allocation: Equity Portfolio from January 23, 2009 (commencement of operations), to May 31, 2009. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.

  Class A  Class Y 
Expenses paid per $1,000*  $4.32  $4.32 
Ending value (after expenses)  $1,185.00  $1,185.00 

* Expenses for each share class are calculated using the fund’s annualized expense ratio for each class, which represents the ongoing expenses as a percentage of average net assets for the period from 1/23/09 (commencement of operations) to 5/31/09. The expense ratio may differ for each share class (see the last table in this section). Expenses are calculated by multiplying the expense ratio by the average account value for the period; then multiplying the result by the number of days in the period; and then dividing that result by the number of days in the year.

8

Estimate the expenses you paid

To estimate the ongoing expenses you paid for the period ended May 31, 2009, use the following calculation method.


Compare expenses using the SEC’s method

The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the following table shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total costs) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.

  Class A  Class Y 
Expenses paid per $1,000*  $3.99  $3.99 
Ending value (after expenses)  $1,013.71  $1,013.71 

* Expenses for each share class are calculated using the fund’s annualized expense ratio for each class, which represents the ongoing expenses as a percentage of average net assets for the period from 1/23/09 (commencement of operations) to 5/31/09. The expense ratio may differ for each share class (see the last table in this section). Expenses are calculated by multiplying the expense ratio by the average account value for the period; then multiplying the result by the number of days in the period; and then dividing that result by the number of days in the year.

Compare expenses using industry averages

You can also compare your fund’s expenses with the average of its peer group, as defined by Lipper, an independent fund-rating agency that ranks funds relative to others that Lipper considers to have similar investment styles or objectives. The expense ratio for each share class shown indicates how much of your fund’s average net assets have been used to pay ongoing expenses during the period.

  Class A  Class Y 
Your fund’s annualized expense ratio*  1.12%  1.12% 
Average annualized expense ratio for Lipper peer group†  1.12%  1.12% 

* For the fund’s most recent fiscal half year; may differ from expense ratios based on one-year data in the financial highlights.

† Putnam keeps fund expenses below the Lipper peer group average expense ratio by limiting our fund expenses if they exceed the Lipper average. The Lipper average is a simple average of front-end load funds in the peer group that excludes 12b-1 fees as well as any expense offset and brokerage/service arrangements that may reduce fund expenses. To facilitate the comparison in this presentation, Putnam has adjusted the Lipper average to reflect 12b-1 fees. Investors should note that the other funds in the peer group may be significantly smaller or larger than the fund, and that an asset-weighted average would likely be lower than the simple average. Also, the fund and Lipper report expense data at different times; the fund’s expense ratio shown here is annualized data for the period from 1/23/09 (commencement of operations), while the quarterly updated Lipper average is based on the most recent fiscal year-end data availab le for the peer group funds as of 3/31/09.

9

Your fund’s management

In addition to Jeffrey Knight, your fund’s Portfolio Managers are James Fetch, Robert Kea, Robert Schoen, and Jason Vaillancourt.

Other Putnam funds managed by the Portfolio Managers

Jeffrey Knight is also a Portfolio Manager of Putnam Absolute Return 500 Fund, Putnam Absolute Return 700 Fund, Putnam Asset Allocation: Balanced, Conservative, and Growth Portfolios, Putnam Income Strategies Fund, and Putnam RetirementReady® Funds.

James Fetch is also a Portfolio Manager of Putnam Absolute Return 500 Fund, Putnam Absolute Return 700 Fund, and Putnam Asset Allocation: Balanced, Conservative, and Growth Portfolios.

Robert Kea is also a Portfolio Manager of Putnam Absolute Return 500 Fund, Putnam Absolute Return 700 Fund, Putnam Asset Allocation: Balanced, Conservative, and Growth Portfolios, Putnam Income Strategies Fund, and Putnam RetirementReady® Funds.

Robert Schoen is also a Portfolio Manager of Putnam Absolute Return 500 Fund, Putnam Absolute Return 700 Fund, Putnam Asset Allocation: Balanced, Conservative, and Growth Portfolios, Putnam Income Strategies Fund, and Putnam RetirementReady® Funds.

Jason Vaillancourt is also a Portfolio Manager of Putnam Absolute Return 500 Fund, Putnam Absolute Return 700 Fund, and Putnam Asset Allocation: Balanced, Conservative, and Growth Portfolios.

Jeffrey Knight, James Fetch, Robert Kea, Robert Schoen, and Jason Vaillancourt may also manage other accounts and variable trust funds advised by Putnam Management or an affiliate.

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Terms and definitions

Important terms

Total return shows how the value of the fund’s shares changed over time, assuming you held the shares through the entire period and reinvested all distributions in the fund.

Net asset value (NAV) is the price, or value, of one share of a mutual fund, without a sales charge. NAVs fluctuate with market conditions. NAV is calculated by dividing the net assets of each class of shares by the number of outstanding shares in the class.

Public offering price (POP) is the price of a mutual fund share plus the maximum sales charge levied at the time of purchase. POP performance figures shown here assume the 5.75% maximum sales charge for class A shares.

Share classes

Class A shares are generally subject to an initial sales charge and no CDSC (except on certain redemptions of shares bought without an initial sales charge).

Class Y shares are not subject to an initial sales charge or CDSC, and carry no 12b-1 fee. They are generally only available to corporate and institutional clients and clients in other approved programs.

Comparative indexes

Barclays Capital Aggregate Bond Index is an unmanaged index of U.S. investment-grade fixed-income securities.

Merrill Lynch U.S. 3-Month Treasury Bill Index is an unmanaged index that seeks to measure the performance of U.S. Treasury bills available in the marketplace.

Morgan Stanley Capital International (MSCI) World Index is an unmanaged index of equity securities from developed countries.

Russell 3000 Index is an unmanaged index of the 3,000 largest U.S. companies.

S&P 500 Index is an unmanaged index of common stock performance.

Indexes assume reinvestment of all distributions and do not account for fees. Securities and performance of a fund and an index will differ. You cannot invest directly in an index.

Lipper is a third-party industry-ranking entity that ranks mutual funds. Its rankings do not reflect sales charges. Lipper rankings are based on total return at net asset value relative to other funds that have similar current investment styles or objectives as determined by Lipper. Lipper may change a fund’s category assignment at its discretion. Lipper category averages reflect performance trends for funds within a category.

11

Trustee approval of management contract

General conclusions

In October 2008, the Putnam funds’ Board of Trustees, which oversees the management of each Putnam fund, approved your fund’s management contract with Putnam Investment Management (“Putnam Management”) for an initial term (with respect to your fund) extending through June 30, 2009; the sub-management contract, in respect of your fund, between Putnam Management’s affiliate, Putnam Investments Limited (“PIL”), and Putnam Management; and the sub-advisory contract, in respect of your fund, among The Putnam Advisory Company (“PAC”), PIL and Putnam Management. In this regard, the Board of Trustees, with the assistance of its Contract Committee consisting solely of Trustees who are not “interested persons” (as such term is defined in the Investment Company Act of 1940, as amended) of the Putnam funds (the “Independent Trustees”), requested and evaluated all information it deemed reasonably necessary under the circumstances. The Contract Committee reviewed and discussed key aspects of this information with all of the Independent Trustees. The Contract Committee recommended, and the Independent Trustees approved, the initial execution of your fund’s management, sub-management and sub-advisory contracts, effective October 17, 2008. (Because PIL and PAC are affiliates of Putnam Management and Putnam Management remains fully responsible for all services provided by PIL and PAC, the Trustees have not evaluated PIL and PAC as separate entities, except as otherwise indicated below, and all subsequent references to Putnam Management below should be deemed to include reference to PIL and PAC as necessary or appropriate in the context.)

The Independent Trustees’ approval was based on the following conclusions:

• That the proposed fee schedule for your fund represented reasonable compensation in light of the nature and quality of the services to be provided to the fund, the fees paid by competitive funds and comparable Putnam funds, and the costs expected to be incurred by Putnam Management in providing such services, and

• That this fee schedule would represent an appropriate sharing between fund shareholders and Putnam Management of such economies of scale as may exist in the management of the fund at anticipated future asset levels.

These conclusions were based on a comprehensive consideration of all information provided to the Trustees, were subject to the application of certain expense reductions and waivers and other considerations noted below, and were not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered these factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors. It is also important to recognize that the fee arrangements for your fund were considered in light of fee arrangements for the other Putnam funds, which are the result of many years of review and discussion between the Independent Trustees and Putnam Management, and that the Trustees’ conclusions may be based, in part, on their consideration of these arrangements for other Putnam funds in the current and prior years.

Management fee schedules and categories; total expenses

The Trustees considered your fund’s proposed management fee schedule, including fee levels and breakpoints. The Trustees considered Putnam Management’s representation that investment research and portfolio management for your fund would be particularly labor-intensive, given the breadth of your fund’s investment universe and your fund’s goal of long-term growth. The Trustees also noted that the proposed fee schedule was consistent with the current fee schedules of other Putnam funds, which had been carefully developed over the years, re-examined on many occasions and adjusted where appropriate. The Trustees focused on two areas of particular interest, as discussed further below:

• Competitiveness. The Trustees reviewed comparative fee and expense information for funds in your fund’s Lipper category. The Trustees also noted that expense ratios for a number of Putnam funds were currently being controlled by expense limitations initially implemented in January 2004. The Trustees have received a commitment from Putnam Management and its parent company to continue this program of expense limitations for all Putnam funds through at least June 30, 2009, and, for your fund, through at least May 31, 2010 (the end of its first fiscal year). These expense limitations give effect to a commitment by Putnam Management that the expense ratio of each open-end fund would be no higher than the average expense ratio of the competitive funds included in the fund’s relevant Lipper universe (exclusive of any applicable 12b-1 charges i n each case). The Trustees observed that this commitment to limit fund expenses has served shareholders of the Putnam funds well.

• Economies of scale. Under its management contract, your fund has the benefit of breakpoints in its management fee that provide shareholders with significant economies of scale, which means that the effective management fee rate of the fund (as a percentage of fund assets) declines as the fund grows in size and crosses specified asset thresholds. Conversely, if the fund shrinks in size — as has been the case for many Putnam funds in recent years — these breakpoints result in increasing fee levels. In recent years, the Trustees have examined the operation of the existing breakpoint structure for the Putnam funds during periods of both growth and decline in asset levels. The Trustees concluded that the fee schedule proposed for your fund represented an appropriate sharing of economies of scale at projected asset levels.

12

Investment performance

The quality of the investment process provided by Putnam Management represented a major factor in the Trustees’ decision to approve your fund’s initial management contract with Putnam Management. The Trustees are assisted in their review of the Putnam funds’ investment process and performance by the work of the Investment Oversight Coordinating Committee of the Trustees and the Investment Oversight Committees of the Trustees, which generally meet on a regular monthly basis with the funds’ portfolio teams throughout the year. The Trustees concluded that Putnam Management generally provides a high-quality investment process — as measured by the experience and skills of the individuals assigned to the management of fund portfolios, the resources made available to such personnel, and in general the ability of Putnam Management to attract and retain high-quality personnel — but also recognized that this does not guarantee favorable investmen t results for every fund in every time period.

Because your fund was not yet operational, the Trustees were not able to consider your fund’s recent performance prior to their initial approval of your fund’s management, sub-management and sub-advisory contracts.

Brokerage and soft-dollar allocations; other benefits

The Trustees considered various potential benefits that Putnam Management may receive in connection with the services it provides under the management contract with your fund. These include benefits related to brokerage and soft-dollar allocations, whereby a portion of the commissions paid by a fund for brokerage may be used to acquire research services that may be useful to Putnam Management in managing the assets of the fund and of other clients. The Trustees considered changes made in 2008, at Putnam Management’s request, to the Putnam funds’ brokerage allocation policy, which expanded the permitted categories of brokerage and research services payable with soft dollars and increased the permitted soft dollar allocation to third-party services over what had been authorized in previous years. The Trustees indicated their continued intent to monitor the potential benefits associated with the allocation of fund brokerage and trends in industry practice to ensure that the principle of seeking “best price and execution” remains paramount in the portfolio trading process.

The Trustees’ review of your fund’s initial management contract arrangements also included the review of its distributor’s contract and distribution plan with Putnam Retail Management Limited Partnership and the investor servicing agreement with Putnam Fiduciary Trust Company, each of which provides benefits to affiliates of Putnam Management. In January 2009, the investor servicing agreement counterparty became Putnam Investor Services, Inc.

Comparison of retail and institutional fee schedules

The information examined by the Trustees as part of their annual contract review for the Putnam funds has included for many years information regarding fees charged by Putnam Management and its affiliates to institutional clients such as defined benefit pension plans, college endowments, etc. This information included comparisons of such fees with fees charged to the Putnam funds, as well as a detailed assessment of the differences in the services provided to these two types of clients. The Trustees observed, in this regard, that the differences in fee rates between institutional clients and mutual funds are by no means uniform when examined by individual asset sectors, suggesting that differences in the pricing of investment management services to these types of clients reflect to a substantial degree historical competitive forces operating in separate market places. The Trustees considered the fact that fee rates across different asset classes are typically higher on average for mutual funds than for institutional clients, as well as the differences between the services that Putnam Management provides to the Putnam funds and those that it provides to institutional clients of the firm, but did not rely on such comparisons to any significant extent in concluding that the management fees paid by your fund are reasonable.

Approval of the Sub-Management
Contract between Putnam
Management and Putnam
Investments Limited and the
Sub-Advisory Contract among
Putnam Management, Putnam
Investments Limited and The
Putnam Advisory Company

In October 2008, the Trustees approved a sub-management contract between Putnam Management and PIL in respect of your fund, under which PIL’s London office would manage a separate portion of the assets of the fund. Also in October 2008, the Trustees approved a sub-advisory contract among Putnam Management, PIL and PAC in respect of your fund, under which PAC’s Tokyo branch would begin providing non-discretionary investment services and its Singapore branch would begin providing discretionary investment management services for your fund. The Contract Committee reviewed information provided by Putnam Management, PIL and PAC and, upon completion of this review, recommended, and the Independent Trustees and the full Board of Trustees approved, the sub-management and sub-advisory contracts in respect of your fund, effective October 17, 2008.

The Trustees considered numerous factors they believed relevant in approving your fund’s sub-management and sub-advisory contracts, including Putnam Management’s belief that the interest of shareholders would be best served by utilizing investment professionals in PIL’s London office and PAC’s Tokyo and Singapore offices to manage a portion of your fund’s assets and PIL’s and PAC’s expertise in managing assets invested in European and Asian markets, respectively. The Trustees also considered that applicable securities laws require a sub-advisory relationship among Putnam Management, PIL and PAC in order for Putnam’s investment professionals in London, Tokyo and Singapore to be involved in the management of your fund.

13

The Trustees noted that Putnam Management, and not your fund, would pay the sub-management fee to PIL for its services, that Putnam Management and/or PIL, but not your fund, would pay the sub-advisory fee to PAC for its services, and that the sub-management and sub-advisory relationships with PIL and PAC, respectively, will not reduce the nature, quality or overall level of service provided to your fund.

14

Other information for shareholders

Putnam’s policy on confidentiality

In order to conduct business with our shareholders, we must obtain certain personal information such as account holders’ addresses, telephone numbers, Social Security numbers, and the names of their financial representatives. We use this information to assign an account number and to help us maintain accurate records of transactions and account balances. It is our policy to protect the confidenti-ality of your information, whether or not you currently own shares of our funds, and, in particular, not to sell information about you or your accounts to outside marketing firms. We have safeguards in place designed to prevent unauthorized access to our computer systems and procedures to protect personal information from unauthorized use. Under certain circumstances, we share this information with outside vendors who provide services to us, such as mailing and proxy solicitation. In those cases, the service providers enter into conf identiality agreements with us, and we provide only the information necessary to process transactions and perform other services related to your account. We may also share this information with our Putnam affiliates to service your account or provide you with information about other Putnam products or services. It is also our policy to share account information with your financial representative, if you’ve listed one on your Putnam account. If you would like clarification about our confidentiality policies or have any questions or concerns, please don’t hesitate to contact us at 1-800-225-1581, Monday through Friday, 8:30 a.m. to 8:00 p.m., or Saturdays from 9:00 a.m. to 5:00 p.m. Eastern Time.

Proxy voting

Putnam is committed to managing our mutual funds in the best interests of our shareholders. The Putnam funds’ proxy voting guidelines and procedures, as well as information regarding how your fund voted proxies relating to portfolio securities, are available in the Individual Investors section of putnam.com, and on the SEC’s Web site, www.sec.gov. If you have questions about finding forms on the SEC’s Web site, you may call the SEC at 1-800-SEC-0330. You may also obtain the Putnam funds’ proxy voting guidelines and procedures at no charge by calling Putnam’s Shareholder Services at 1-800-225-1581.

Fund portfolio holdings

The fund will file a complete schedule of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Shareholders may obtain the fund’s Forms N-Q on the SEC’s Web site at www.sec.gov. In addition, the fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. You may call the SEC at 1-800-SEC-0330 for information about the SEC’s Web site or the operation of the Public Reference Room.

15

Financial statements

These sections of the report, as well as the accompanying Notes, preceded by the Report of Independent Registered Public Accounting Firm, constitute the fund’s financial statements.

The fund’s portfolio lists all the fund’s investments and their values as of the last day of the reporting period. Holdings are organized by asset type and industry sector, country, or state to show areas of concentration and diversification.

Statement of assets and liabilities shows how the fund’s net assets and share price are determined. All investment and noninvestment assets are added together. Any unpaid expenses and other liabilities are subtracted from this total. The result is divided by the number of shares to determine the net asset value per share, which is calculated separately for each class of shares. (For funds with preferred shares, the amount subtracted from total assets includes the liquidation preference of preferred shares.)

Statement of operations shows the fund’s net investment gain or loss. This is done by first adding up all the fund’s earnings —from dividends and interest income — and subtracting its operating expenses to determine net investment income (or loss). Then, any net gain or loss the fund realized on the sales of its holdings — as well as any unrealized gains or losses over the period — is added to or subtracted from the net investment result to determine the fund’s net gain or loss for the fiscal year.

Statement of changes in net assets shows how the fund’s net assets were affected by the fund’s net investment gain or loss, by distributions to shareholders, and by changes in the number of the fund’s shares. It lists distributions and their sources (net investment income or realized capital gains) over the current reporting period and the most recent fiscal year-end. The distributions listed here may not match the sources listed in the Statement of operations because the distributions are determined on a tax basis and may be paid in a different period from the one in which they were earned.

Financial highlights provide an overview of the fund’s investment results, per-share distributions, expense ratios, net investment income ratios, and portfolio turnover in one summary table, reflecting the five most recent reporting periods. In a semiannual report, the highlight table also includes the current reporting period.

16

Report of Independent Registered Public Accounting Firm

To the Trustees of Putnam Funds Trust and Shareholders of
Putnam Asset Allocation: Equity Portfolio:

In our opinion, the accompanying statement of assets and liabilities, including the portfolio, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Putnam Asset Allocation: Equity Portfolio (the “fund”) at May 31, 2009, and the results of its operations, the changes in its net assets and the financial highlights for the period January 23, 2009 (commencement of operations) through May 31, 2009, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Compan y Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation.

We believe that our audit, which included confirmation of investments owned at May 31, 2009 by correspondence with the custodian and brokers, provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
July 14, 2009

17

The fund’s portfolio 5/31/09

COMMON STOCKS (83.7%)*  Shares  Value 
Advertising and marketing services (—%)     
ValueClick, Inc. †  663  $7,326 
    7,326 
Aerospace and defense (2.4%)     
AeroVironment, Inc. †  217  6,059 
BAE Systems PLC (United Kingdom)  28,636  158,790 
Boeing Co. (The)  1,100  49,335 
European Aeronautic Defense and     
Space Co. (France)  8,600  141,021 
General Dynamics Corp.  600  34,140 
Heico Corp.  194  6,767 
Lockheed Martin Corp.  1,600  133,808 
Northrop Grumman Corp.  2,100  100,002 
Raytheon Co.  3,100  138,415 
United Technologies Corp.  2,500  131,524 
    899,861 
Agriculture (0.1%)     
Andersons, Inc. (The)  840  21,084 
    21,084 
Airlines (0.2%)     
British Airways PLC (United Kingdom)  31,558  80,197 
Hawaiian Holdings, Inc. †  2,120  11,151 
    91,348 
Automotive (0.7%)     
Aisin Seiki Co., Ltd. (Japan)  1,200  23,985 
Dollar Thrifty Automotive Group †  428  3,689 
Hino Motors, Ltd. (Japan)  8,000  23,761 
Navistar International Corp. †  112  4,459 
Suzuki Motor Corp. (Japan)  6,900  154,416 
Tenneco Automotive, Inc. †  586  3,586 
Toyota Motor Corp. (Japan)  300  12,038 
Valeo SA (France)  1,628  32,303 
    258,237 
Banking (5.9%)     
Banco Latinoamericano de Exportaciones SA     
Class E (Panama)  1,114  14,114 
Bank of America Corp.  14,200  160,034 
Bank of Hawaii Corp.  300  11,229 
Bank of New York Mellon Corp. (The)  1,500  41,670 
Bank of the Ozarks, Inc.  348  8,801 
Barclays PLC (United Kingdom)  32,266  155,289 
BB&T Corp.  700  15,694 
BNP Paribas SA (France) †  2,093  145,461 
Citigroup, Inc.  17,000  63,240 
Danske Bank A/S (Denmark) †  3,252  55,941 
DBS Group Holdings, Ltd. (Singapore)  17,000  139,259 
Dexia (Belgium) †  14,420  91,801 
First Bancorp  316  4,358 
First Bancorp Puerto Rico (Puerto Rico)  1,008  4,929 
Flushing Financial Corp.  715  7,121 
Fortis (Belgium)  20,556  78,835 
Hudson City Bancorp, Inc.  900  11,547 
International Bancshares Corp.  505  5,666 
JPMorgan Chase & Co.  9,400  346,860 
MainSource Financial Group, Inc.  437  3,483 
Nordea AB (Sweden)  17,502  139,927 
Northern Trust Corp.  400  23,060 
Old Second Bancorp, Inc.  477  3,058 
Oriental Financial Group (Puerto Rico)  709  7,026 
PNC Financial Services Group, Inc.  600  27,330 

COMMON STOCKS (83.7%)* cont.  Shares  Value 
Banking cont.     
Sierra Bancorp  338  $4,894 
Smithtown Bancorp, Inc.  324  3,985 
Southwest Bancorp, Inc.  433  4,005 
Suffolk Bancorp  322  8,404 
U.S. Bancorp  6,400  122,880 
UniCredito Italiano SpA (Italy)  75,072  197,327 
Wells Fargo & Co.  9,600  244,800 
Westpac Banking Corp. (Australia)  5,425  82,213 
Wilshire Bancorp, Inc.  554  2,670 
WSFS Financial Corp.  157  4,165 
    2,241,076 
Basic materials (0.3%)     
Ameron International Corp.  140  7,763 
Antofagasta PLC (United Kingdom)  10,508  108,375 
Minefinders Corp. (Canada) †  465  4,245 
Paladin Energy, Ltd. (Australia) †  1,128  4,569 
PV Crystalox Solar PLC (United Kingdom)  1,227  1,568 
    126,520 
Beverage (1.3%)     
Anheuser-Busch InBev NV (Belgium)  3,109  109,849 
Coca-Cola Co. (The)  2,700  132,732 
Constellation Brands, Inc. Class A †  2,800  32,368 
Heineken Holding NV (Netherlands)  1,041  31,324 
Lion Nathan, Ltd. (Australia)  1,786  16,809 
PepsiCo, Inc.  3,000  156,150 
    479,232 
Biotechnology (1.1%)     
American Oriental Bioengineering, Inc. (China) †  1,858  9,011 
Amgen, Inc. †  3,700  184,778 
Biogen Idec, Inc. †  900  46,611 
Cubist Pharmaceuticals, Inc. †  406  6,926 
Enzon Pharmaceuticals, Inc. †  776  6,224 
Genzyme Corp. †  1,400  82,796 
Gilead Sciences, Inc. †  1,100  47,410 
Isis Pharmaceuticals, Inc. †  360  4,968 
Martek Biosciences Corp. †  664  14,070 
Maxygen, Inc. †  667  4,729 
Myriad Genetics, Inc. †  322  11,644 
Sequenom, Inc. †  520  1,711 
Viropharma, Inc. †  643  4,469 
    425,347 
Broadcasting (0.3%)     
Lodgenet Entertainment Corp. †  1,016  5,893 
Mediaset SpA (Italy)  20,549  121,102 
    126,995 
Building materials (0.1%)     
Boral, Ltd. (Australia)  6,395  20,876 
Geberit International AG (Switzerland)  166  20,494 
    41,370 
Cable television (1.0%)     
Comcast Corp. Class A  6,700  92,259 
DIRECTV Group, Inc. (The) †  6,400  144,000 
DISH Network Corp. Class A †  2,000  32,800 
Liberty Global, Inc. Class A †  4,100  56,662 
Time Warner Cable, Inc.  1,355  41,720 
    367,441 
Chemicals (1.8%)     
Albemarle Corp.  493  13,912 
BASF SE (Germany)  163  6,881 
Celanese Corp. Ser. A  2,423  49,696 

18

COMMON STOCKS (83.7%)* cont.  Shares  Value 
Chemicals cont.     
CF Industries Holdings, Inc.  1,300  $100,932 
Dow Chemical Co. (The)  5,200  91,936 
Eastman Chemical Co.  700  29,008 
FMC Corp.  1,500  81,525 
Innophos Holdings, Inc.  644  10,040 
Innospec, Inc.  669  5,961 
Koninklijke DSM NV (Netherlands)  705  24,594 
Koppers Holdings, Inc.  457  11,558 
Monsanto Co.  1,000  82,150 
Mosaic Co. (The)  400  21,880 
Nufarm, Ltd. (Australia)  2,764  27,216 
OM Group, Inc. †  575  15,238 
Spartech Corp.  1,354  5,727 
Terra Industries, Inc.  2,951  82,008 
W.R. Grace & Co. †  1,187  15,407 
    675,669 
Coal (0.2%)     
Alpha Natural Resources, Inc. †  1,440  39,672 
Arch Coal, Inc.  91  1,686 
China Coal Energy Co. (China)  2,000  2,416 
China Shenhua Energy Co., Ltd. (China)  1,500  5,008 
CONSOL Energy, Inc.  56  2,305 
Felix Resources, Ltd. (Australia)  163  1,556 
Foundation Coal Holdings, Inc.  61  1,790 
Massey Energy Co.  68  1,557 
Peabody Energy Corp.  67  2,277 
Walter Industries, Inc.  234  7,638 
Yanzhou Coal Mining Co., Ltd. (China)  2,000  2,520 
    68,425 
Commercial and consumer services (0.9%)     
Alliance Data Systems Corp. †  1,211  49,046 
Consolidated Graphics, Inc. †  268  4,350 
Deluxe Corp.  542  7,664 
Emergency Medical Services Corp. Class A †  188  5,828 
Equifax, Inc.  1,100  29,942 
Experian Group, Ltd. (Ireland)  2,050  15,155 
Guangdong Investment, Ltd. (China)  26,000  13,181 
Hackett Group Inc. (The) †  767  1,802 
Landauer, Inc.  77  4,438 
Manpower, Inc.  700  29,757 
PRG-Schultz International, Inc. †  396  1,137 
Spherion Corp. †  1,064  3,660 
Stantec, Inc. (Canada) †  432  11,215 
Steiner Leisure, Ltd. (Bahamas) †  190  5,539 
Swire Pacific, Ltd. (Hong Kong)  8,500  85,203 
Thomas Cook Group PLC (United Kingdom)  16,130  58,260 
Watson Wyatt Worldwide, Inc. Class A  123  4,667 
Wheelock and Co., Ltd. (Hong Kong)  2,000  5,703 
Wright Express Corp. †  152  3,780 
    340,327 
Communications equipment (1.4%)     
ADC Telecommunications, Inc. †  2,159  15,199 
ARRIS Group, Inc. †  2,849  34,530 
Cisco Systems, Inc. †  17,421  322,289 
F5 Networks, Inc. †  2,756  87,531 
Juniper Networks, Inc. †  1,241  30,690 
Qualcomm, Inc.  800  34,872 
    525,111 

COMMON STOCKS (83.7%)* cont.  Shares  Value 
Computers (4.0%)     
3Com Corp. †  3,419  $14,770 
Acme Packet, Inc. †  1,700  13,175 
Actuate Corp. †  967  4,680 
ANSYS, Inc. †  213  6,360 
Apple, Inc. †  2,600  353,106 
Avocent Corp. †  475  6,650 
Black Box Corp.  273  8,987 
Brocade Communications Systems, Inc. †  2,325  17,066 
Compuware Corp. †  5,700  43,491 
Dell, Inc. †  2,000  23,160 
EMC Corp. †  15,784  185,462 
Emulex Corp. †  642  7,056 
Hewlett-Packard Co.  4,300  147,705 
Hitachi, Ltd. (Japan)  41,000  136,891 
IBM Corp.  3,700  393,236 
NCR Corp. †  1,800  19,332 
NetApp, Inc. †  1,354  26,403 
NetSuite, Inc. †  696  8,046 
Quest Software, Inc. †  870  11,240 
Silicon Graphics International Corp. †  1,631  8,269 
SPSS, Inc. †  274  9,143 
Starent Networks Corp. †  224  4,733 
SXC Health Solutions Corp. (Canada) †  305  7,522 
Synaptics, Inc. †  215  7,551 
Western Digital Corp. †  2,200  54,670 
    1,518,704 
Conglomerates (1.7%)     
3M Co.  1,600  91,360 
Bouygues SA (France)  2,368  97,421 
Danaher Corp.  196  11,829 
General Electric Co.  23,400  315,432 
Hutchison Whampoa, Ltd. (Hong Kong)  3,000  21,099 
Marubeni Corp. (Japan)  5,000  22,756 
Silex Systems, Ltd. (Australia) †  510  2,409 
SPX Corp.  600  27,546 
Vivendi SA (France) †  2,451  64,684 
    654,536 
Construction (0.3%)     
Acciona SA (Spain)  148  19,393 
Balfour Beatty PLC (United Kingdom)  2,278  12,514 
Broadwind Energy, Inc. †  609  5,469 
Fletcher Building, Ltd. (New Zealand)  4,188  17,497 
Granite Construction, Inc.  124  4,532 
Grupo Ferrovial SA (Spain)  556  18,999 
Impregilo SpA (Italy)  3,609  11,577 
Insituform Technologies, Inc. †  441  6,434 
Layne Christensen Co. †  529  11,310 
    107,725 
Consumer (0.1%)     
Sony Corp. (Japan)  1,500  39,410 
    39,410 
Consumer finance (0.1%)     
Diamond Lease Co., Ltd. (Japan)  110  3,040 
Mastercard, Inc. Class A  200  35,266 
World Acceptance Corp. †  426  8,533 
    46,839 

19

COMMON STOCKS (83.7%)* cont.  Shares  Value 
Consumer goods (1.7%)     
Clorox Co.  700  $36,708 
Colgate-Palmolive Co.  2,000  131,900 
Elizabeth Arden, Inc. †  368  2,594 
Energizer Holdings, Inc. †  908  47,452 
KAO Corp. (Japan)  4,000  88,246 
Newell Rubbermaid, Inc.  2,500  28,775 
Prestige Brands Holdings, Inc. †  1,066  6,641 
Procter & Gamble Co. (The)  6,100  316,834 
    659,150 
Consumer services (0.1%)     
Brink’s Co. (The)  700  18,613 
HLTH Corp. †  982  11,578 
Internet Brands, Inc. Class A †  946  6,367 
WebMD Health Corp. Class A †  454  12,331 
    48,889 
Containers (0.1%)     
AEP Industries, Inc. †  123  3,049 
Ball Corp.  821  32,676 
Silgan Holdings, Inc.  197  8,719 
    44,444 
Distribution (0.1%)     
Beacon Roofing Supply, Inc. †  284  4,118 
Core-Mark Holding Co., Inc. †  190  4,961 
Fresh Del Monte Produce, Inc. (Cayman Islands) †  297  5,269 
Jardine Cycle & Carriage, Ltd. (Singapore)  1,000  11,437 
MWI Veterinary Supply, Inc. †  183  5,349 
Spartan Stores, Inc.  916  11,368 
    42,502 
Electric utilities (3.0%)     
A2A SpA (Italy)  21,378  40,345 
Alliant Energy Corp.  2,200  52,206 
BKW FMB Energie AG (Switzerland)  86  6,358 
Chubu Electric Power, Inc. (Japan)  1,700  37,965 
CMS Energy Corp.  2,300  26,082 
DPL, Inc.  280  6,093 
Edison International  3,700  108,188 
El Paso Electric Co. †  359  4,753 
Electricite de France (France)  352  18,450 
Enel SpA (Italy)  5,777  34,457 
Energias de Portugal (EDP) SA (Portugal)  20,037  80,528 
Entergy Corp.  149  11,118 
Exelon Corp.  1,197  57,468 
FirstEnergy Corp.  600  22,674 
FPL Group, Inc.  389  21,990 
Hokkaido Electric Power Co., Inc. (Japan)  400  7,555 
Hokuriku Electric Power Co. (Japan)  400  9,333 
Huaneng Power International, Inc. (China)  4,000  2,662 
Kansai Electric Power, Inc. (Japan)  600  13,070 
Kyushu Electric Power Co., Inc. (Japan)  500  10,529 
National Grid PLC (United Kingdom)  10,646  102,997 
NV Energy, Inc.  3,000  30,000 
OGE Energy Corp.  900  23,238 
PG&E Corp.  1,600  58,736 
Pike Electric Corp. †  1,124  12,297 
PPL Corp.  2,100  68,187 
Public Power Corp. SA (Greece)  2,525  57,328 
Public Service Enterprise Group, Inc.  500  15,935 
Shikoku Electric Power Co., Inc. (Japan)  300  8,477 

COMMON STOCKS (83.7%)* cont.  Shares  Value 
Electric utilities cont.     
Terna SPA (Italy)  15,488  $56,899 
Tokyo Electric Power Co. (Japan)  5,000  125,743 
TransAlta Corp. (Canada)  107  1,957 
Unitil Corp.  282  5,663 
    1,139,281 
Electrical equipment (0.6%)     
Capstone Turbine Corp. †  6,725  4,304 
China High Speed Transmission Equipment     
Group Co., Ltd. (China)  5,000  10,606 
Conergy AG (Germany) †  2,297  2,280 
Emerson Electric Co.  2,200  70,598 
GrafTech International, Ltd. †  422  4,292 
Mitsubishi Electric Corp. (Japan)  4,000  23,321 
Nordex AG (Germany) †  395  6,877 
Prysmian SpA (Italy)  4,111  59,886 
Solaria Energia y Medio Ambiente SA (Spain) †  533  1,827 
Solon AG Fuer Solartechnik (Germany) †  96  1,378 
Sunpower Corp. Class A †  161  4,692 
Vestas Wind Systems A/S (Denmark) †  203  14,855 
WESCO International, Inc. †  481  12,857 
Yingli Green Energy Holding Co., Ltd. ADR (China) † 302  3,866 
    221,639 
Electronics (2.5%)     
Advanced Battery Technologies, Inc. †  3,158  11,306 
Avnet, Inc. †  1,700  39,117 
Badger Meter, Inc.  233  9,464 
BYD Co., Ltd. (China) †  3,500  14,016 
China BAK Battery, Inc. (China) †  1,500  3,345 
Ducommun, Inc.  283  5,380 
Energy Conversion Devices, Inc. †  146  2,513 
EnerSys †  412  6,674 
FEI Co. †  3,115  67,782 
Greatbatch, Inc. †  293  6,053 
GS Yuasa Corp. (Japan)  1,000  7,984 
Intel Corp.  20,300  319,116 
IXYS Corp.  1,208  11,440 
MEMC Electronic Materials, Inc. †  2,994  57,754 
Multi-Fineline Electronix, Inc. †  303  5,802 
National Semiconductor Corp.  6,200  86,056 
NEC Corp. (Japan)  30,000  117,536 
NVIDIA Corp. †  1,800  18,774 
OSI Systems, Inc. †  350  6,440 
Renesola, Ltd. ADR (China) †  400  1,696 
Roth & Rau AG (Germany) †  83  2,297 
Saft Groupe SA (France) †  208  8,722 
Synopsys, Inc. †  766  14,922 
Texas Instruments, Inc.  3,500  67,900 
TTM Technologies, Inc. †  1,587  14,124 
Ultralife Batteries, Inc. †  506  3,512 
Valence Technology, Inc. †  2,016  3,548 
Watts Water Technologies, Inc. Class A  419  8,594 
Xilinx, Inc.  1,100  22,814 
    944,681 
Energy (oil field) (2.1%)     
Basic Energy Services, Inc. †  638  6,457 
Bolt Technology Corp. †  380  4,313 
Boots & Coots International Control, Inc. †  5,358  6,965 
Cameron International Corp. †  1,500  46,845 

20

COMMON STOCKS (83.7%)* cont.  Shares  Value 
Energy (oil field) cont.     
Compagnie Generale de     
Geophysique-Veritas SA (France) †  3,860  $68,203 
Core Laboratories NV (Netherlands)  55  5,222 
Dawson Geophysical Co. †  244  6,554 
Diamond Offshore Drilling, Inc.  600  50,568 
Dresser-Rand Group, Inc. †  4,000  112,000 
ENSCO International, Inc.  1,600  62,224 
FMC Technologies, Inc. †  1,200  49,944 
GulfMark Offshore, Inc. †  149  4,545 
Halliburton Co.  5,435  124,625 
ICO, Inc. †  990  2,851 
ION Geophysical Corp. †  3,377  9,557 
Key Energy Services, Inc. †  931  6,005 
Matrix Service Co. †  456  5,162 
Noble Corp.  1,200  41,244 
Parker Drilling Co. †  1,906  8,920 
Rowan Cos., Inc.  1,970  40,306 
Schlumberger, Ltd.  1,200  68,676 
Tidewater, Inc.  1,690  80,562 
Trico Marine Services, Inc. †  394  1,162 
Willbros Group, Inc. †  397  6,062 
    818,972 
Energy (other) (0.5%)     
Areva SA (France)  11  6,508 
Ballard Power Systems, Inc. (Canada) †  2,571  4,705 
Canadian Solar, Inc. (China) †  200  2,646 
China Sunergy Co., Ltd. ADR (China) †  400  1,512 
Covanta Holding Corp. †  862  13,025 
EDP Renovaveis SA (Spain) †  1,066  11,303 
Evergreen Energy, Inc. †  4,886  5,023 
Evergreen Solar, Inc. †  893  1,661 
First Solar, Inc. †  344  65,360 
FuelCell Energy, Inc. †  2,079  7,027 
Gamesa Corp Tecnologica SA (Spain)  608  13,684 
GT Solar International, Inc. †  1,128  7,242 
Gushan Environmental Energy, Ltd. ADR (China) †  1,715  4,631 
Headwaters, Inc. †  831  3,299 
Iberdrola Renovables SA (Spain) †  2,780  13,776 
JA Solar Holdings Co., Ltd. ADR (China) †  686  2,902 
LDK Solar Co., Ltd. ADR (China) †  300  2,736 
Q-Cells AG (Germany) †  161  4,064 
Renewable Energy Corp. AS (Norway) †  432  4,676 
Solar Millennium AG (Germany) †  103  2,212 
Solarfun Power Holdings Co., Ltd. ADR (China) †  494  3,695 
Suntech Power Holdings Co., Ltd. ADR (China) †  194  3,170 
Theolia SA (France) †  618  2,746 
Trina Solar, Ltd. ADR (China) †  147  3,641 
    191,244 
Engineering and construction (0.3%)     
Aecom Technology Corp. †  583  18,604 
EMCOR Group, Inc. †  676  15,190 
Fluor Corp.  1,000  46,980 
Jacobs Engineering Group, Inc. †  800  34,320 
    115,094 

COMMON STOCKS (83.7%)* cont.  Shares  Value 
Entertainment (0.1%)     
National CineMedia, Inc.  257  $3,215 
Panasonic Corp. (Japan)  3,500  50,561 
    53,776 
Environmental (0.3%)     
Bio-Treat Technology, Ltd. (China) †  30,000  1,155 
Energy Recovery, Inc. †  894  7,134 
Epure International, Ltd. (China)  3,000  953 
Foster Wheeler AG †  2,500  66,300 
Fuel Tech, Inc. †  750  7,320 
Hyflux, Ltd. (Singapore)  2,279  3,368 
Kurita Water Industries, Ltd. (Japan)  300  8,329 
Met-Pro Corp.  171  1,477 
Nalco Holding Co.  511  8,871 
Tetra Tech, Inc. †  754  19,355 
    124,262 
Food (1.6%)     
Archer Daniels Midland Co.  3,800  104,576 
Bunge, Ltd.  1,300  82,251 
Cal-Maine Foods, Inc.  205  5,010 
Campbell Soup Co.  1,600  44,352 
Colruyt SA (Belgium)  33  7,775 
Cosan, Ltd. Class A (Brazil) †  2,172  11,099 
Dean Foods Co. †  2,900  54,520 
General Mills, Inc.  500  25,590 
Kellogg Co.  700  30,275 
Kerry Group PLC Class A (Ireland)  1,083  25,768 
Kraft Foods, Inc. Class A  2,900  75,719 
Nestle SA (Switzerland)  181  6,578 
Overhill Farms, Inc. †  727  3,948 
Sara Lee Corp.  2,900  26,071 
SunOpta, Inc. (Canada) †  1,432  2,520 
Toyo Suisan Kaisha, Ltd. (Japan)  3,000  66,274 
Yamazaki Baking Co., Inc. (Japan)  4,000  41,324 
    613,650 
Forest products and packaging (0.7%)     
Amcor, Ltd. (Australia)  9,782  40,103 
Aracruz Celulose SA ADR (Brazil)  175  2,991 
Boise, Inc. †  3,200  5,568 
Bway Holding Co. †  414  6,015 
Canfor Corp. (Canada) †  456  2,339 
China Grand Forestry Green Resources     
Group, Ltd. (Hong Kong) †  32,000  1,970 
Clearwater Paper Corp. †  49  1,160 
Crown Holdings, Inc. †  1,800  42,300 
Deltic Timber Corp.  62  2,082 
Grief, Inc. Class A  82  3,962 
Grupo Empresarial Ence SA (Spain)  613  2,216 
Gunns, Ltd. (Australia)  2,734  2,171 
Hokuetsu Paper Mills, Ltd. (Japan)  500  2,255 
Holmen AB Class B (Sweden)  122  3,019 
International Paper Co.  379  5,446 
MeadWestvaco Corp.  1,638  26,159 
OJI Paper Co., Ltd. (Japan)  3,000  14,003 
Packaging Corp. of America  1,321  21,295 
Plum Creek Timber Company, Inc. R  755  26,161 
Portucel Empresa Produtora de     
Pasta e Papel SA (Portugal)  1,313  3,129 

21

COMMON STOCKS (83.7%)* cont.  Shares  Value 
Forest products and packaging cont.     
Potlatch Corp. R  108  $2,827 
Rayonier, Inc.  112  4,480 
Sappi, Ltd. ADR (South Africa)  533  1,860 
Sino-Forest Corp. (Canada) †  322  3,739 
Sonoco Products Co.  166  4,044 
Stora Enso OYJ Class R (Finland) †  631  3,785 
Sumitomo Forestry Co., Ltd. (Japan)  400  2,887 
Svenska Cellulosa AB Class B (Sweden)  398  4,595 
Timberwest Forest Corp. (Unit) (Canada)  514  1,763 
UPM-Kymmene OYJ (Finland)  382  3,580 
Votorantim Celulose e Papel SA ADR (Brazil)  278  3,300 
Wausau Paper Corp.  280  2,027 
West Fraser Timber Co., Ltd. (Canada)  110  2,923 
Weyerhaeuser Co.  174  5,843 
    261,997 
Gaming and lottery (0.2%)     
Bally Technologies, Inc. †  176  4,928 
Greek Organization of Football Prognostics     
(OPAP) SA (Greece)  2,074  64,057 
    68,985 
Health-care services (2.0%)     
Aetna, Inc.  2,000  53,560 
Allscripts-Misys Healthcare Solutions, Inc.  3,549  45,818 
Alnylam Pharmaceuticals, Inc. †  215  4,377 
Amedisys, Inc. †  316  9,613 
AmSurg Corp. †  219  4,091 
Assisted Living Concepts, Inc. Class A †  471  7,225 
athenahealth, Inc. †  1,000  30,180 
Brookdale Senior Living, Inc.  1,479  17,142 
Centene Corp. †  379  6,890 
Cerner Corp. †  255  14,864 
CIGNA Corp.  1,100  24,387 
Computer Programs & Systems, Inc.  264  9,029 
Coventry Health Care, Inc. †  3,100  55,955 
Eclipsys Corp. †  890  13,128 
Emeritus Corp. †  929  13,350 
Ensign Group, Inc. (The)  128  1,907 
Express Scripts, Inc. †  1,200  76,860 
Gentiva Health Services, Inc. †  310  4,938 
Health Management Associates, Inc. Class A †  2,430  14,118 
Humana, Inc. †  1,400  43,862 
Kindred Healthcare, Inc. †  1,004  13,183 
LHC Group, Inc. †  262  6,044 
LifePoint Hospitals, Inc. †  168  4,578 
McKesson Corp.  1,454  59,832 
Omega Healthcare Investors, Inc. R  335  5,350 
Omnicare, Inc.  1,600  43,248 
Onyx Pharmaceuticals, Inc. †  125  2,958 
Osiris Therapeutics, Inc. †  315  3,972 
Quality Systems, Inc.  850  42,441 
Skilled Healthcare Group, Inc. Class A †  242  2,277 
Sun Healthcare Group, Inc. †  1,361  12,616 
Sunrise Senior Living, Inc. †  3,231  7,787 
UnitedHealth Group, Inc.  2,100  55,860 
WellPoint, Inc. †  900  41,913 
    753,353 

COMMON STOCKS (83.7%)* cont.  Shares  Value 
Homebuilding (0.1%)     
D.R. Horton, Inc.  3,977  $36,628 
    36,628 
Household furniture and appliances (0.1%)     
Tempur-Pedic International, Inc.  534  5,890 
Whirlpool Corp.  600  25,284 
    31,174 
Insurance (2.4%)     
Aflac, Inc.  1,100  39,050 
Allianz SE (Germany)  124  12,220 
Allied World Assurance Company     
Holdings, Ltd. (Bermuda)  203  7,663 
American Equity Investment Life Holding Co.  1,372  7,971 
American Financial Group, Inc.  4,000  85,680 
American Safety Insurance Holdings, Ltd.     
(Bermuda) †  262  3,267 
Amerisafe, Inc. †  719  11,612 
Amtrust Financial Services, Inc.  500  4,785 
Arch Capital Group, Ltd. †  1,000  56,910 
Aspen Insurance Holdings, Ltd. (Bermuda)  321  7,412 
Assicurazioni Generali SpA (Italy)  7,538  168,509 
Assured Guaranty, Ltd. (Bermuda)  464  6,083 
Chubb Corp. (The)  2,600  103,090 
Conseco, Inc. †  2,694  6,493 
Fondiaria-SAI SpA (Italy)  1,532  25,406 
Hallmark Financial Services, Inc. †  690  4,802 
ING Groep NV (Netherlands)  2,898  30,897 
Loews Corp.  800  21,640 
Maiden Holdings, Ltd. (Bermuda)  1,067  5,452 
Meadowbrook Insurance Group, Inc.  500  3,695 
MetLife, Inc.  2,000  63,000 
Navigators Group, Inc. †  99  4,330 
Old Mutual PLC (South Africa)  40,501  48,203 
Pico Holdings, Inc. †  400  11,172 
Platinum Underwriters Holdings, Ltd. (Bermuda)  189  5,449 
Principal Financial Group  1,900  42,180 
QBE Insurance Group, Ltd. (Australia)  302  4,718 
SeaBright Insurance Holdings, Inc. †  839  6,788 
Travelers Cos., Inc. (The)  1,500  60,990 
Validus Holdings, Ltd. (Bermuda)  394  8,987 
W.R. Berkley Corp.  2,900  62,901 
    931,355 
Investment banking/Brokerage (2.4%)     
3i Group PLC (United Kingdom)  8,954  35,509 
3i Group PLC (Nil Paid Rights) (United Kingdom) † 11,512  19,505 
Ameriprise Financial, Inc.  1,600  48,320 
BlackRock, Inc.  400  63,800 
Charles Schwab Corp. (The)  2,300  40,480 
Goldman Sachs Group, Inc. (The)  2,200  318,054 
Interactive Brokers Group, Inc. Class A †  320  4,758 
Investment Technology Group, Inc. †  2,014  41,891 
Knight Capital Group, Inc. Class A †  665  11,445 
Macquarie Bank, Ltd. (Australia)  325  8,341 
Morgan Stanley  3,300  100,056 
Nationale A Portefeuille (Belgium)  204  10,618 
NGP Capital Resources Co.  1,375  10,835 
Penson Worldwide, Inc. †  939  9,277 
State Street Corp.  2,000  92,900 

22

COMMON STOCKS (83.7%)* cont.  Shares  Value 
Investment banking/Brokerage cont.     
SWS Group, Inc.  842  $10,786 
TD Ameritrade Holding Corp. †  2,600  44,304 
TradeStation Group, Inc. †  1,708  14,006 
Uranium Participation Corp. (Canada) †  322  2,303 
    887,188 
Lodging/Tourism (0.1%)     
Wyndham Worldwide Corp.  2,100  24,759 
    24,759 
Machinery (1.2%)     
AGCO Corp. †  2,400  69,264 
Altra Holdings, Inc. †  1,018  6,719 
Applied Industrial Technologies, Inc.  449  9,326 
Bucyrus International, Inc. Class A  62  1,778 
Caterpillar, Inc.  900  31,914 
Chart Industries, Inc. †  1,068  22,674 
CLARCOR, Inc.  173  4,958 
Columbus McKinnon Corp. †  442  6,139 
Cummins, Inc.  1,600  51,888 
Deere (John) & Co.  400  17,388 
Doosan Heavy Industries and Construction Co.,     
Ltd. (South Korea)  270  15,809 
Ebara Corp. (Japan)  4,000  12,324 
Franklin Electric Co., Inc.  186  4,423 
Gardner Denver, Inc. †  375  10,628 
GLV, Inc. Class A (Canada) †  526  3,054 
Gorman-Rupp Co. (The)  301  6,321 
Joy Global, Inc.  2,507  86,416 
Lindsay Corp.  168  5,352 
Manitowoc Co., Inc. (The)  4,100  26,732 
Parker-Hannifin Corp.  300  12,678 
Raser Technologies, Inc. †  1,494  5,871 
Spirax-Sarco Engineering PLC (United Kingdom)  622  8,266 
Tanfield Group PLC (United Kingdom) †  8,685  1,995 
Terex Corp. †  3,700  49,654 
Timken Co.  390  6,595 
    478,166 
Manufacturing (0.5%)     
Acuity Brands, Inc.  261  7,094 
EnPro Industries, Inc. †  237  4,174 
Exide Technologies †  2,781  17,020 
Flowserve Corp.  700  51,499 
General Cable Corp. †  371  14,187 
ITT Corp.  230  9,471 
John Bean Technologies Corp.  389  5,851 
LSB Industries, Inc. †  502  8,409 
Mueller Water Products, Inc. Class A  1,517  5,476 
Pentair, Inc.  473  11,839 
Roper Industries, Inc.  266  11,433 
Thomas & Betts Corp. †  800  24,544 
Valmont Industries, Inc.  167  11,458 
    182,455 
Media (0.6%)     
Dolby Laboratories, Inc. Class A †  1,100  39,666 
Time Warner, Inc.  5,400  126,468 
Walt Disney Co. (The)  2,900  70,238 
    236,372 

COMMON STOCKS (83.7%)* cont.  Shares  Value 
Medical technology (1.5%)     
American Medical Systems Holdings, Inc. †  312  $4,733 
Baxter International, Inc.  1,300  66,547 
Becton, Dickinson and Co.  2,200  148,896 
Boston Scientific Corp. †  3,700  34,780 
Cantel Medical Corp. †  650  8,847 
China Medical Technologies, Inc. ADR (China)  473  9,659 
Gen-Probe, Inc. †  1,414  60,279 
Kinetic Concepts, Inc. †  446  11,565 
Luminex Corp. †  467  7,402 
Medtronic, Inc.  1,900  65,265 
Millipore Corp. †  129  8,113 
Pall Corp.  257  6,600 
Somanetics Corp. †  252  4,236 
St. Jude Medical, Inc. †  1,800  70,236 
Steris Corp.  437  10,326 
Techne Corp.  93  5,605 
Varian Medical Systems, Inc. †  1,600  57,216 
    580,305 
Metal fabricators (—%)     
USEC, Inc. †  482  2,579 
    2,579 
Metals (2.4%)     
Abengoa SA (Spain)  432  10,785 
Agnico-Eagle Mines, Ltd. (Canada)  138  8,537 
AK Steel Holding Corp.  2,715  38,825 
Ampco-Pittsburgh Corp.  330  8,567 
AngloGold Ashanti, Ltd. ADR (South Africa)  143  6,053 
ArcelorMittal (Luxembourg)  5,359  178,500 
Aurizon Mines, Ltd. (Canada) †  2,935  13,031 
Barrick Gold Corp. (Canada)  302  11,500 
BlueScope Steel, Ltd. (Australia)  58,254  112,246 
Cameco Corp. (Canada)  248  6,845 
Cia de Minas Buenaventura SA ADR (Peru)  221  6,261 
Cliffs Natural Resources, Inc.  1,722  46,925 
Coeur d’Alene Mines Corp. †  543  8,020 
Crystallex International Corp. (Canada) †  3,602  973 
Denison Mines Corp. (Canada) †  939  1,812 
Eldorado Gold Corp. (Canada) †  566  5,615 
Energy Resources of Australia, Ltd. (Australia)  188  3,693 
Gammon Gold, Inc. (Canada) †  471  3,881 
Gold Fields, Ltd. ADR (South Africa)  221  3,001 
Goldcorp, Inc. (Canada)  341  13,548 
Golden Star Resources, Ltd. †  1,435  3,272 
Great Basin Gold, Ltd. (South Africa) †  1,675  2,630 
Harmony Gold Mining Co., Ltd. ADR     
(South Africa) †  273  3,303 
Hecla Mining Co. †  3,145  11,668 
Horsehead Holding Corp. †  880  6,318 
Iamgold Corp. (Canada)  516  5,815 
JFE Holdings, Inc. (Japan)  600  20,162 
Kinross Gold Corp. (Canada)  453  9,160 
Mitsui Mining & Smelting Co., Ltd. (Japan) †  14,000  33,117 
New Gold, Inc. (Canada) †  1,335  4,016 
Newmont Mining Corp.  261  12,755 
Northgate Minerals Corp. (Canada) †  1,789  4,329 
Northwest Pipe Co. †  179  6,977 
Nucor Corp.  1,400  61,474 

23

COMMON STOCKS (83.7%)* cont.  Shares  Value 
Metals cont.     
Oilsands Quest, Inc. (Canada) †  1,286  $1,312 
PAN American Silver Corp. (Canada) †  231  5,410 
Rangold Resources, Ltd. ADR (United Kingdom)  140  9,773 
Royal Gold, Inc.  111  5,169 
Schnitzer Steel Industries, Inc. Class A  673  36,705 
Seabridge Gold, Inc. (Canada) †  212  6,173 
Silver Standard Resources, Inc. (Canada) †  192  4,587 
Silver Wheaton Corp. (Canada) †  2,155  22,671 
Southern Copper Corp. (Peru)  3,400  71,162 
Thompson Creek Metals Co., Inc. (Canada) †  1,314  12,614 
Uex Corp. (Canada) †  1,320  1,690 
Umicore NV/SA (Belgium)  431  10,403 
Uranium One, Inc. (Canada) †  1,000  2,012 
Voestalpine AG (Austria)  2,257  65,092 
Yamana Gold, Inc. (Canada)  778  9,157 
    937,544 
Natural gas utilities (0.8%)     
Energen Corp.  3,000  111,660 
Gaz de France SA (France)  583  22,976 
Questar Corp.  3,500  118,615 
Sempra Energy  1,300  59,384 
    312,635 
Office equipment and supplies (0.4%)     
Canon, Inc. (Japan)  2,100  69,838 
Pitney Bowes, Inc.  2,100  48,048 
Steelcase, Inc.  5,900  28,497 
    146,383 
Oil and gas (7.3%)     
Apache Corp.  800  67,408 
Aventine Renewable Energy Holdings, Inc. †  1,865  298 
BP PLC (United Kingdom)  7,934  65,378 
Bronco Energy, Ltd. (Canada) †  470  434 
Canadian Oil Sands Trust (Unit) (Canada)  247  6,324 
Chevron Corp.  5,800  386,686 
Comstock Resources, Inc. †  168  6,691 
Connacher Oil and Gas, Ltd. (Canada) †  1,500  1,495 
ConocoPhillips  4,400  201,696 
Contango Oil & Gas Co. †  145  7,231 
CVR Energy, Inc. †  699  6,682 
Devon Energy Corp.  300  18,972 
ENI SpA (Italy)  8,853  214,234 
Exxon Mobil Corp.  11,200  776,720 
Hess Corp.  600  39,954 
Marathon Oil Corp.  4,600  146,648 
McMoRan Exploration Co. †  360  2,441 
Occidental Petroleum Corp.  2,300  154,353 
Oil States International, Inc. †  179  4,677 
OPTI Canada, Inc. (Canada) †  519  1,557 
Patterson-UTI Energy, Inc.  2,000  28,680 
Petroleum Development Corp. †  630  11,409 
Repsol YPF SA (Spain)  1,049  23,565 
Rosetta Resources, Inc. †  608  5,308 
Royal Dutch Shell PLC Class A (United Kingdom)  1,763  47,423 
Royal Dutch Shell PLC Class B (United Kingdom)  5,304  143,989 
Sasol, Ltd. ADR (South Africa)  190  7,180 
StatoilHydro ASA (Norway)  8,354  175,807 
Suncor Energy, Inc. (Canada)  265  9,384 
Sunoco, Inc.  2,600  79,118 

COMMON STOCKS (83.7%)* cont.  Shares  Value 
Oil and gas cont.     
Swift Energy Co. †  284  $4,666 
Tesoro Corp.  4,200  71,148 
Unit Corp. †  249  8,344 
UTS Energy Corp. (Canada) †  1,830  2,661 
Vaalco Energy, Inc. †  957  4,364 
Valero Energy Corp.  2,300  51,451 
    2,784,376 
Pharmaceuticals (5.6%)     
Abbott Laboratories  1,400  63,084 
Alkermes, Inc. †  460  3,744 
Astellas Pharma, Inc. (Japan)  1,200  40,862 
AstraZeneca PLC (United Kingdom)  4,729  196,802 
Bristol-Myers Squibb Co.  7,600  151,392 
Cephalon, Inc. †  900  52,479 
Depomed, Inc. †  1,790  3,849 
Eli Lilly & Co.  4,000  138,280 
Emergent Biosolutions, Inc. †  166  1,816 
Endo Pharmaceuticals Holdings, Inc. †  595  9,478 
Forest Laboratories, Inc. †  2,700  63,963 
GlaxoSmithKline PLC (United Kingdom)  6,723  113,132 
Hi-Tech Pharmacal Co., Inc. †  631  4,770 
Johnson & Johnson  5,800  319,928 
King Pharmaceuticals, Inc. †  391  3,699 
Matrixx Initiatives, Inc. †  496  9,231 
Merck & Co., Inc.  5,500  151,690 
Mylan, Inc. †  5,900  77,939 
Novartis AG (Switzerland)  2,045  81,769 
Noven Pharmaceuticals, Inc. †  526  5,839 
Obagi Medical Products, Inc. †  713  4,920 
OSI Pharmaceuticals, Inc. †  199  6,726 
Par Pharmaceutical Cos., Inc. †  515  6,875 
Perrigo Co.  180  4,835 
Pfizer, Inc.  19,932  302,766 
Questcor Pharmaceuticals, Inc. †  993  4,230 
Sanofi-Aventis (France)  1,960  124,819 
Santarus, Inc. †  2,435  4,919 
Schering-Plough Corp.  3,500  85,400 
Sepracor, Inc. †  848  13,271 
Taisho Pharmaceutical Co., Ltd. (Japan)  2,000  38,314 
Takeda Pharmaceutical Co., Ltd. (Japan)  900  35,753 
Valeant Pharmaceuticals International †  245  5,633 
    2,132,207 
Power producers (0.5%)     
AES Corp. (The) †  5,800  57,942 
International Power PLC (United Kingdom)  5,058  22,449 
Mirant Corp. †  1,352  21,105 
NRG Energy, Inc. †  1,400  31,500 
Ormat Technologies, Inc.  91  3,630 
SembCorp Industries, Ltd. (Singapore)  21,000  45,319 
    181,945 
Publishing (—%)     
Marvel Entertainment, Inc. †  398  13,206 
    13,206 
Railroads (0.5%)     
Central Japan Railway Co. (Japan)  12  77,034 
CSX Corp.  1,600  50,816 
Norfolk Southern Corp.  1,700  63,240 
    191,090 

24

COMMON STOCKS (83.7%)* cont.  Shares  Value 
Real estate (1.0%)     
Agree Realty Corp. R  313  $5,424 
Anworth Mortgage Asset Corp. R  855  5,694 
Ashford Hospitality Trust, Inc. R  2,499  10,121 
CFS Retail Property Trust (Australia) R  24,325  32,116 
Digital Realty Trust, Inc. R  600  21,462 
Entertainment Properties Trust R  265  5,385 
Hang Lung Group, Ltd. (Hong Kong)  4,000  18,237 
HCP, Inc. R  2,500  58,075 
HRPT Properties Trust R  1,277  6,066 
Kimco Realty Corp. R  1,900  22,211 
Lexington Corporate Properties Trust R  889  3,769 
LTC Properties, Inc. R  455  9,469 
Mack-Cali Realty Corp. R  1,800  44,478 
Macquarie Office Trust (Australia)  48,815  7,494 
National Health Investors, Inc. R  455  12,026 
Nationwide Health Properties, Inc. R  800  21,256 
NorthStar Realty Finance Corp. R  1,039  3,449 
ProLogis Trust R  2,600  22,074 
PS Business Parks, Inc. R  211  9,468 
Public Storage, Inc. R  700  46,627 
Ramco-Gershenson Properties R  425  3,829 
Saul Centers, Inc. R  159  4,565 
SL Green Realty Corp. R  438  10,030 
Sunstone Hotel Investors, Inc.  600  3,486 
Universal Health Realty Income Trust R  107  3,430 
Urstadt Biddle Properties, Inc. Class A R  340  4,498 
    394,739 
Regional Bells (1.4%)     
AT&T, Inc.  13,800  342,102 
Cincinnati Bell, Inc. †  3,044  8,493 
Verizon Communications, Inc.  6,900  201,894 
    552,489 
Restaurants (0.9%)     
AFC Enterprises †  971  6,758 
Brinker International, Inc.  1,871  33,491 
CEC Entertainment, Inc. †  407  13,077 
Domino’s Pizza, Inc. †  1,172  10,618 
McDonald’s Corp.  2,300  135,677 
Yum! Brands, Inc.  4,000  138,520 
    338,141 
Retail (4.1%)     
Aeropostale, Inc. †  148  5,124 
Amazon.com, Inc. †  141  10,997 
Best Buy Co., Inc.  1,200  42,120 
BJ’s Wholesale Club, Inc. †  1,833  64,595 
Buckle, Inc. (The)  629  22,506 
Cabela’s, Inc. †  582  7,735 
CVS Caremark Corp.  2,200  65,560 
Deckers Outdoor Corp. †  125  7,245 
Dollar Tree, Inc. †  800  35,816 
Dress Barn, Inc. †  509  8,057 
Foot Locker, Inc.  3,900  43,329 
Gap, Inc. (The)  3,200  57,120 
Genesco, Inc. †  702  18,105 
Herbalife, Ltd. (Cayman Islands)  1,736  50,709 
Home Depot, Inc. (The)  1,800  41,688 
Home Retail Group PLC (United Kingdom)  2,020  7,602 
Jos. A. Bank Clothiers, Inc. †  184  6,964 

COMMON STOCKS (83.7%)* cont.  Shares  Value 
Retail cont.     
Koninklijke Ahold NV (Netherlands)  7,556  $91,598 
Kroger Co.  4,800  109,440 
Lowe’s Cos., Inc.  2,100  39,921 
Macy’s, Inc.  4,200  49,056 
Nash Finch Co.  234  6,859 
Next PLC (United Kingdom)  2,902  68,921 
OfficeMax, Inc.  1,977  16,310 
RadioShack Corp.  2,700  36,288 
Regis Corp.  371  6,504 
Rent-A-Center, Inc. †  281  5,488 
Safeway, Inc.  2,400  48,624 
School Specialty, Inc. †  449  8,540 
Staples, Inc.  900  18,405 
Steven Madden, Ltd. †  302  8,220 
TJX Cos., Inc. (The)  1,800  53,118 
Toro Co. (The)  1,182  36,406 
Tractor Supply Co. †  100  3,838 
Wal-Mart Stores, Inc.  5,900  293,465 
Wolverine World Wide, Inc.  501  9,925 
Woolworths, Ltd. (Australia)  7,128  144,696 
World Fuel Services Corp.  149  6,324 
    1,557,218 
Schools (0.2%)     
Apollo Group, Inc. Class A †  319  18,853 
Career Education Corp. †  1,300  26,104 
ITT Educational Services, Inc. †  279  25,609 
Lincoln Educational Services Corp. †  726  13,387 
    83,953 
Semiconductor (0.1%)     
Atmel Corp. †  1,492  5,744 
Veeco Instruments, Inc. †  3,463  36,465 
    42,209 
Shipping (0.4%)     
International Shipholding Corp.  248  5,491 
Knightsbridge Tankers, Ltd. (Bermuda)  324  4,850 
Ryder System, Inc.  1,800  50,724 
SembCorp Marine, Ltd. (Singapore)  24,000  51,184 
Teekay Tankers, Ltd. Class A (Bahamas)  364  4,488 
Wabtec Corp.  512  18,268 
    135,005 
Software (3.3%)     
Adobe Systems, Inc. †  740  20,853 
Akamai Technologies, Inc. †  1,444  32,143 
Blackboard, Inc. †  266  7,666 
BMC Software, Inc. †  3,900  132,990 
Citrix Systems, Inc. †  1,059  33,263 
Concur Technologies, Inc. †  710  20,945 
MedAssets, Inc. †  574  9,075 
Microsoft Corp.  19,200  401,088 
NTT Data Corp. (Japan)  35  104,485 
Omnicell, Inc. †  799  7,343 
Oracle Corp.  10,100  197,859 
Parametric Technology Corp. †  1,187  13,745 
Red Hat, Inc. †  972  19,391 
Sybase, Inc. †  551  17,924 
Symantec Corp. †  7,700  120,042 
Take-Two Interactive Software, Inc. †  735  6,365 
THQ, Inc. †  1,136  7,304 

25

COMMON STOCKS (83.7%)* cont.  Shares  Value 
Software cont.     
TIBCO Software, Inc. †  1,795  $11,901 
VMware, Inc. Class A †  3,299  102,401 
    1,266,783 
Technology (—%)     
Amkor Technologies, Inc. †  1,059  4,808 
Solarworld AG (Germany)  150  4,691 
Tech Data Corp. †  208  6,660 
    16,159 
Technology services (1.4%)     
3PAR, Inc. †  1,182  10,272 
Accenture, Ltd. Class A  2,400  71,832 
Acxiom Corp.  921  9,845 
CSG Systems International, Inc. †  978  13,467 
eBay, Inc. †  2,600  45,812 
Google, Inc. Class A †  523  218,210 
i2 Technologies, Inc. †  600  7,368 
Perot Systems Corp. Class A †  397  5,423 
SAIC, Inc. †  3,000  52,410 
Salesforce.com, Inc. †  750  28,463 
Sohu.com, Inc. (China) †  1,238  78,167 
United Online, Inc.  972  6,221 
    547,490 
Telecommunications (1.7%)     
Carphone Warehouse Group PLC (The)     
(United Kingdom)  9,423  25,736 
CenturyTel, Inc.  1,400  43,190 
CPI International, Inc. †  407  4,449 
Earthlink, Inc. †  1,108  8,687 
EchoStar Corp. Class A †  876  14,042 
Embarq Corp.  1,000  42,020 
France Telecom SA (France)  6,357  155,382 
j2 Global Communications, Inc. †  256  5,709 
KDDI Corp. (Japan)  24  125,845 
NeuStar, Inc. Class A †  648  12,992 
Nice Systems, Ltd. ADR (Israel) †  150  3,444 
NII Holdings, Inc. †  2,800  57,288 
Novatel Wireless, Inc. †  501  5,852 
NTELOS Holdings Corp.  316  5,647 
Premiere Global Services, Inc. †  798  9,552 
Sprint Nextel Corp. †  18,730  96,460 
Telefonica SA (Spain)  1,417  30,599 
Telekom Austria AG (Austria)  491  7,581 
    654,475 
Telephone (0.5%)     
Atlantic Tele-Network, Inc.  365  8,311 
Nippon Telegraph & Telephone (NTT)     
Corp. (Japan)  3,900  162,391 
Telephone and Data Systems, Inc.  600  18,186 
    188,888 

COMMON STOCKS (83.7%)* cont.  Shares  Value 
Textiles (0.3%)     
Coach, Inc. †  1,700  $44,659 
Gymboree Corp. (The) †  325  11,976 
Maidenform Brands, Inc. †  409  5,284 
Phillips-Van Heusen Corp.  534  15,737 
True Religion Apparel, Inc. †  365  8,417 
Warnaco Group, Inc. (The) †  520  16,432 
    102,505 
Tire and rubber (0.2%)     
Bridgestone Corp. (Japan)  5,500  84,152 
    84,152 
Tobacco (1.1%)     
Altria Group, Inc.  7,700  131,593 
Philip Morris International, Inc.  4,500  191,880 
Reynolds American, Inc.  500  19,985 
Swedish Match AB (Sweden)  5,785  92,774 
    436,232 
Toys (0.2%)     
Hasbro, Inc.  2,300  58,443 
Jakks Pacific, Inc. †  249  3,175 
Mattel, Inc.  2,100  32,781 
    94,399 
Transportation services (0.3%)     
ComfortDelgro Corp., Ltd. (Singapore)  13,000  11,668 
FedEx Corp.  2,000  110,860 
    122,528 
Trucks and parts (0.2%)     
ATC Technology Corp. †  472  6,882 
Autoliv, Inc. (Sweden)  1,700  47,226 
Fuel Systems Solutions, Inc. †  100  2,114 
GUD Holdings, Ltd. (Australia)  449  2,206 
    58,428 
Utilities and power (—%)     
Babcock & Brown Wind Partners (Australia)  7,397  7,447 
EDF Energies Nouvelles SA (France)  231  10,812 
    18,259 
Waste Management (—%)     
Calgon Carbon Corp. †  345  3,978 
EnergySolutions, Inc.  448  3,615 
    7,593 
Water Utilities (0.2%)     
American States Water Co.  166  5,204 
Aqua America, Inc.  466  7,684 
California Water Service Group  151  5,258 
Cia de Saneamento Basico do Estado     
de Sao Paulo ADR (Brazil)  329  10,281 
Consolidated Water Co., Inc. (Cayman Islands)  171  2,669 
Fersa Energias Renovables SA (Spain)  1,975  7,019 
Severn Trent PLC (United Kingdom)  546  9,898 
SJW Corp.  187  3,787 
Southwest Water Co.  371  1,948 
Veolia Environnement (France)  563  16,630 
    70,378 
 
Total common stocks (cost $28,254,375)    $32,026,892 

26

INVESTMENT COMPANIES (5.1%)*  Shares  Value 
Eurazeo (France) †  511  $24,282 
Harris & Harris Group, Inc. †  3,067  13,556 
iShares Dow Jones U.S. Real Estate Index Fund  3,200  108,064 
iShares Russell 2000 Growth Index Fund  1,012  55,721 
iShares Russell 2000 Value Index Fund  1,504  70,101 
MCG Capital Corp.  1,899  4,102 
S&P 500 Index Depository Receipts (SPDR Trust Series 1)  15,281  1,412,117 
S&P Midcap 400 Index Depository Receipts (MidCap SPDR Trust Series 1)  1,300  135,993 
SPDR KBW Bank ETF  7,500  141,450 
Total investment companies (cost $1,767,498)    $1,965,386 
 
 
SHORT-TERM INVESTMENTS (9.7%)*  Principal amount/shares  Value 
Putnam Money Market Liquidity Fund e  3,241,068  $3,241,068 
U.S. Treasury Bills for an effective yield from 0.45% to 0.48%, December 17, 2009 #  $184,000  183,291 
U.S. Treasury Bills for an effective yield of 0.47%, November 19, 2009 #  285,000  284,154 
Total short-term investments (cost $3,708,944)    $3,708,513 
 
TOTAL INVESTMENTS     
Total investments (cost $33,730,817)    $37,700,791 

* Percentages indicated are based on net assets of $38,276,990.

† Non-income-producing security.

# These securities, in part or in entirety, were pledged and segregated with the broker to cover margin requirements for futures contracts at May 31, 2009.

e See Note 7 to the financial statements regarding investments in Putnam Money Market Liquidity Fund.

R Real Estate Investment Trust.

ADR after the name of a foreign holding stands for American Depository Receipts, representing ownership of foreign securities on deposit with a custodian bank.

DIVERSIFICATION BY COUNTRY

Distribution of investments by country of risk at May 31, 2009 (as a percentage of Portfolio Value):

Australia  1.4%  Japan  4.9%  United Kingdom  3.9% 
Belgium  0.8  Luxembourg  0.5  United States  76.9 
Canada  0.6  Netherlands  0.5  Other  3.0 
China  0.5  Norway  0.5  Total  100.0% 
France  2.5  Singapore  0.7     
Italy  2.5  Sweden  0.8     

FORWARD CURRENCY CONTRACTS TO BUY at 5/31/09 (aggregate face value $8,853,089)     
    Aggregate  Delivery  Unrealized appreciation/ 
  Value  face value  date  (depreciation) 
Australian Dollar  $1,814,652  $1,671,623  6/17/09  $143,029 
Brazilian Real  97,147  90,250  6/17/09  6,897 
British Pound  956,327  887,788  6/17/09  68,539 
Canadian Dollar  443,174  412,197  6/17/09  30,977 
Chilean Peso  82,366  81,209  6/17/09  1,157 
Czech Koruna  34,718  33,910  6/17/09  808 
Euro  1,269,316  1,230,533  6/17/09  38,783 
Hong Kong Dollar  341,550  341,652  6/17/09  (102) 
Hungarian Forint  18,236  17,507  6/17/09  729 
Japanese Yen  1,919,071  1,847,853  6/17/09  71,218 
Mexican Peso  135,553  135,106  6/17/09  447 
New Zealand Dollar  33,908  31,640  6/17/09  2,268 
Norwegian Krone  1,187,703  1,148,216  6/17/09  39,487 
Polish Zloty  16,702  16,460  6/17/09  242 
South African Rand  34,805  33,119  6/17/09  1,686 
South Korean Won  39,080  39,049  6/17/09  31 
Swedish Krona  377,683  360,194  6/17/09  17,489 
Swiss Franc  462,478  439,012  6/17/09  23,466 
Turkish Lira  36,355  35,771  6/17/09  584 
Total        $447,735 

27

FORWARD CURRENCY CONTRACTS TO SELL at 5/31/09 (aggregate face value $8,248,277)     
 
    Aggregate  Delivery  Unrealized appreciation/ 
  Value  face value  date  (depreciation) 
Brazilian Real  $19,782  $18,912  6/17/09  $(870) 
British Pound  1,748,561  1,646,074  6/17/09  (102,487) 
Canadian Dollar  1,427,717  1,333,676  6/17/09  (94,041) 
Chilean Peso  10,627  10,464  6/17/09  (163) 
Czech Koruna  54,547  52,334  6/17/09  (2,213) 
Euro  1,925,522  1,828,960  6/17/09  (96,562) 
Hungarian Forint  21,782  20,931  6/17/09  (851) 
Japanese Yen  1,058,450  1,024,207  6/17/09  (34,243) 
Mexican Peso  35,509  35,374  6/17/09  (135) 
New Zealand Dollar  17,592  16,417  6/17/09  (1,175) 
Norwegian Krone  453,709  436,463  6/17/09  (17,246) 
Polish Zloty  17,392  16,813  6/17/09  (579) 
Singapore Dollar  171,131  167,761  6/17/09  (3,370) 
South African Rand  42,361  40,124  6/17/09  (2,237) 
South Korean Won  2,829  2,839  6/17/09  10 
Swedish Krona  671,992  644,406  6/17/09  (27,586) 
Swiss Franc  940,225  895,122  6/17/09  (45,103) 
Taiwan Dollar  53,256  52,339  6/17/09  (917) 
Turkish Lira  5,120  5,061  6/17/09  (59) 
Total        $(429,827) 
 
 
FUTURES CONTRACTS OUTSTANDING at 5/31/09        Unrealized 
  Number of    Expiration  appreciation/ 
  contracts  Value  date  (depreciation) 
Dow Jones Euro Stoxx 50 Index (Short)  7  $241,770  Jun-09  $(32,140) 
Hang Seng Index (Long)  1  117,068  Jun-09  8,278 
New Financial Times Stock Exchange 100 Index (Long)  8  566,761  Jun-09  78,508 
OMXS 30 Index (Long)  42  429,914  Jun-09  (5,616) 
S&P 500 Index E-Mini (Short)  6  275,400  Jun-09  (1,231) 
S&P Mid Cap 400 Index E-Mini (Short)  4  230,000  Jun-09  (50,578) 
S&P/MIB Index (Short)  2  280,972  Jun-09  (12,048) 
S&P/Toronto Stock Exchange 60 Index (Long)  5  577,634  Jun-09  110,520 
Topix (Short)  5  470,721  Jun-09  (63,711) 
Total        $31,982 

TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 5/31/09       
    Termi-       
Swap  Notional  nation  Fixed payments received (paid)  Total return received by  Unrealized 
counterparty  amount  date  by fund per annum  or paid by fund  appreciation 
Citibank, N.A.           
  $10,690  1/28/10  (1 month USD-LIBOR-BBA  MSCI Daily Total Return Net Emerging  $135,540 
      plus 105 bp)  Markets USD Index   
Total          $135,540 

28

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“SFAS 157”). SFAS 157 is effective for finan-cial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. While the adoption of SFAS 157 does not have a material effect on the fund’s net asset value, it does require additional disclosures about fair value measurements. SFAS 157 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 May 31, 2009:

Valuation inputs  Investments in securities  Other financial instruments 
Level 1  $29,218,215  $31,982 
Level 2  8,482,576  153,448 
Level 3  —  — 
Total  $37,700,791  $185,430 

Other financial instruments include futures, written options, TBA sale commitments, swaps and forward contracts which are valued at the unrealized appreciation/(depreciation) on the instrument.

The accompanying notes are an integral part of these financial statements.

29

Statement of assets and liabilities 5/31/09

ASSETS   
Investment in securities, at value (Note 1):   
Unaffiliated issuers (identified cost $30,489,749)  $34,459,723 
Affiliated issuers (identified cost $3,241,068) (Note 7)  3,241,068 
Cash  403,635 
Foreign currency (cost $9,770) (Note 1)  9,824 
Dividends, interest and other receivables  112,614 
Receivable for shares of the fund sold  91,135 
Receivable for investments sold  84,728 
Unrealized appreciation on swap contracts (Note 1)  135,540 
Unrealized appreciation on forward currency contracts (Note 1)  448,920 
Total assets  38,987,187 
 
LIABILITIES   
Payable for variation margin (Note 1)  350 
Payable for investments purchased  126,238 
Payable for shares of the fund repurchased  23,022 
Payable for compensation of Manager (Note 2)  17,988 
Payable for investor servicing fees (Note 2)  6,937 
Payable for custodian fees (Note 2)  20,888 
Payable for Trustee compensation and expenses (Note 2)  371 
Payable for administrative services (Note 2)  1,211 
Payable for audit fees  64,600 
Unrealized depreciation on forward currency contracts (Note 1)  431,012 
Other accrued expenses  17,580 
Total liabilities  710,197 
 
Net assets  $38,276,990 

REPRESENTED BY   
Paid-in capital (Unlimited shares authorized) (Notes 1 and 4)  $32,469,136 
Undistributed net investment income (Note 1)  1,066,729 
Accumulated net realized gain on investments and   
foreign currency transactions (Note 1)  582,471 
Net unrealized appreciation of investments and   
assets and liabilities in foreign currencies  4,158,654 
Total — Representing net assets applicable to   
capital shares outstanding  $38,276,990 
 
 
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE   
Net asset value and redemption price per class A share   
($14,695 divided by 1,240 shares)  $11.85 
Offering price per class A share (100/94.25 of $11.85)*  $12.57 
Net asset value, offering price and redemption price per   
class Y share ($38,262,295 divided by 3,228,795 shares)  $11.85 

* On single retail sales of less than $50,000. On sales of $50,000 or more the offering price is reduced.

The accompanying notes are an integral part of these financial statements.

30

Statement of operations For the period 1/23/09
(commencement of operations) to 5/31/09

INVESTMENT INCOME   
Dividends (net of foreign tax of $16,184)  $324,723 
Interest (including interest income of $2,037 from investments   
in affiliated issuers) (Note 7)  11,180 
Total investment income  335,903 
 
 
EXPENSES   
Compensation of Manager (Note 2)  82,398 
Investor servicing fees (Note 2)  30,725 
Custodian fees (Note 2)  20,900 
Trustee compensation and expenses (Note 2)  5,974 
Administrative services (Note 2)  8,968 
Auditing  64,930 
Legal  11,672 
Other  6,496 
Fees waived and reimbursed by Manager (Note 2)  (100,263) 
Total expenses  131,800 
 
Expense reduction (Note 2)  (12) 
Net expenses  131,788 
 
 
Net investment income  204,115 
Net realized gain on investments (Notes 1 and 3)  576,167 
Net realized gain on swap contracts (Note 1)  917,036 
Net realized gain on futures contracts (Note 1)  38,819 
Net realized loss on foreign currency transactions (Note 1)  (86,937) 
Net unrealized appreciation of assets and liabilities in   
foreign currencies during the year  21,158 
Net unrealized appreciation of investments,   
futures contracts and swap contracts during the year  4,137,496 
Net gain on investments  5,603,739 
Net increase in net assets resulting from operations  $5,807,854 

Statement of changes in net assets   
 
INCREASE IN NET ASSETS   
  For the period 1/23/09 
  (commencement of 
  operations) to 5/31/09 
Operations:   
Net investment income  $204,115 
Net realized gain on investments and   
foreign currency transactions  1,445,085 
Net unrealized appreciation of investments   
and assets and liabilities in foreign currencies  4,158,654 
Net increase in net assets resulting from operations  5,807,854 
Increase from capital share transactions (Note 4)  32,449,136 
Total increase in net assets  38,256,990 
 
 
NET ASSETS   
Beginning of year (Note 5)  20,000 
End of year (including undistributed net investment income 
of $1,066,729)  $38,276,990 

The accompanying notes are an integral part of these financial statements.

31

Financial highlights (For a common share outstanding throughout the period)

INVESTMENT OPERATIONS:        LESS DISTRIBUTIONS:     RATIOS AND SUPPLEMENTAL DATA:  
      Net realized and            Net assets,  Ratio of expenses  Ratio of net investment   
  Net asset value,  Net investment  unrealized gain (loss)  Total from investment    Redemption  Net asset value,  Total return at net  end of period  to average net  income (loss) to average  Portfolio 
Period ended  beginning of period  income (loss) a  on investments  operations  Total distributions  fees  end of period  asset value (%) b  (in thousands)  assets (%) c  net assets (%) c  turnover (%) 
Class A                         
May 31, 2009 †  $10.00  .06  1.79  1.85  —  —  $11.85  18.50 *  $15  .40 *  .61 *  45.86 * 
Class Y                         
May 31, 2009 †  $10.00  .06  1.79  1.85  —  —  $11.85  18.50 *  $38,262  .40 *  .61 *  45.86 * 

* Not annualized.

† For the period January 23, 2009 (commencement of operations) to May 31, 2009.

a Per share net investment income (loss) has been determined on the basis of the weighted average number of shares outstanding during the period.

b Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

c Reflects an involuntary contractual expense limitation in effect during the period. As a result of such limitation, the expenses of each class, as a percentage of its net assets, reflect a reduction of 0.30% (not annualized) ( Note 2).

The accompanying notes are an integral part of these financial statements.

32    33

Notes to financial statements 5/31/09

Note 1: Significant accounting policies

Putnam Asset Allocation: Equity Portfolio is a diversified series of Putnam Funds Trust, a Massachusetts business trust organized on January 22, 1996 (the “Trust”). A copy of the Agreement and Declaration of Trust, which is governed by Massachusetts law, is on file with the Secretary of State of The Commonwealth of Massachusetts. The Trust is an open-end management investment company with an unlimited number of authorized shares of beneficial interest. The fund seeks long-term growth. The investment objective of the fund is to seek capital appreciation by investing mainly in common stocks of companies worldwide in mainly in midsized and large companies that Putnam Investment Management, LLC (“Putnam Management”), the fund’s investment manager, a wholly owned subsidiary of Putnam Investments, LLC, believes have favorable potential.

The fund offers class A and class Y shares. The fund began offering each class of shares on January 23, 2009. Class A shares are sold with a maximum front-end sales charge of 5.75%, and generally do not pay a contingent deferred sales charge. Class Y shares, which are sold at net asset value, are generally subject to the same expenses as class A, but do not bear a distribution fee. Class Y shares are generally only available to corporate and institutional clients and clients in other approved programs.

A 1.00% redemption fee may apply on any shares that are redeemed (either by selling or exchanging into another fund) within 7 days of purchase. The redemption fee is accounted for as an addition to paid-in-capital.

Investment income, realized and unrealized gains and losses and expenses of the fund are borne pro-rata based on the relative net assets of each class to the total net assets of the fund, except that each class bears expenses unique to that class (including the distribution fees applicable to such classes). Each class votes as a class only with respect to its own distribution plan or other matters on which a class vote is required by law or determined by the Trustees. If the fund were liquidated, shares of each class would receive their pro-rata share of the net assets of the fund. In addition, the Trustees declare separate dividends on each class of shares.

In the normal course of business, the fund enters into contracts that may include agreements to indemnify another party under given circumstances. The fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be, but have not yet been, made against the fund. However, the fund’s management team expects the risk of material loss to be remote.

The following is a summary of significant accounting policies consistently followed by the fund in the preparation of its financial statements. The preparation of financial statements is in conformity with accounting principles generally accepted in the United States of America and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A) Security valuation 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. If no sales are reported — as in the case of some securities traded over-the-counter — a security is valued at its last reported bid price. Many securities markets and exchanges outside the U.S. close prior to the 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 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. The number of days on which fair value prices will be used will depend on market activity and it is possib le that fair value prices will be used by the fund to a significant extent. At May 31, 2009, 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 which Putnam Management does not believe accurately reflects the security’s fair value, the security will be valued at fair value by Putnam Management. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. 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 at a given point in time and does not reflect an actual market price, which may be different by a material amount.

B) Security transactions and related investment income Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Gains or losses on securities sold are determined on the identified cost basis. Interest income is recorded on the accrual basis. Dividend income, net of applicable withholding taxes, is recognized on the ex-dividend date except that certain dividends from foreign securities, if any, are recognized as soon as the fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Dividends representing a return of capital or capital gains, if any, are reflected as a reduction of cost and/or as a realized gain.

C) Foreign currency translation The accounting records of the fund are maintained in U.S. dollars. The market value of foreign securities, currency holdings, and other assets and liabilities is recorded in the books and records of the fund after translation to U.S. dollars based on the exchange rates on that day. The cost of each security is determined using historical exchange rates. Income and withholding taxes are translated at prevailing exchange rates when earned or incurred. The fund does not isolate that portion of realized or unrealized gains or losses resulting from changes in the foreign exchange rate on investments from fluctuations arising from changes in the market prices of the securities. Such gains and losses are included with the net realized and unrealized gain or loss on investments. Net realized gains and losses on foreign currency transactions represent net realized exchange gains or losses on closed fo rward currency contracts, disposition of foreign currencies, currency gains and losses realized between the trade and settlement dates on securities transactions and the difference between the amount of investment income and foreign withholding taxes recorded on the fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized appreciation and depreciation of assets and liabilities in foreign currencies arise from changes in the value of open forward currency contracts and assets and liabilities other than investments at the period end, resulting from changes in the exchange rate. Investments in foreign securities involve certain risks, including those related to economic instability, unfavorable political developments, and currency fluctuations, not present with domestic investments.

D) Futures and options contracts The fund may use futures and options contracts to hedge against changes in the values of securities the fund owns, owned or expects to purchase, or for other investment purposes. The fund may also write options on swaps or securities it owns or in which it may invest to increase its current returns.

The potential risk to the fund is that the change in value of futures and options contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, interest or exchange rates moving unexpectedly or if the counterparty to the contract is unable to perform. With futures, there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. Risks may exceed amounts recognized on the Statement of assets and liabilities. When the contract is closed, 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. Realized gains and losses on purchased options are

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included in realized gains and losses on investment securities. If a written call option is exercised, the premium originally received is recorded as an addition to sales proceeds. If a written put option is exercised, the premium originally received is recorded as a reduction to the cost of investments.

Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as “variation margin.” Exchange traded options are valued at the last sale price or, if no sales are reported, the last bid price for purchased options and the last ask price for written options. Options traded over-the-counter are valued using prices supplied by dealers. Futures and written option contracts outstanding at period end, if any, are listed after the fund’s portfolio.

E) Forward currency contracts The fund may buy and sell forward currency contracts, which are agreements between two parties to buy and sell currencies at a set price on a future date. These contracts are used to protect against a decline in value relative to the U.S. dollar of the currencies in which its portfolio securities are denominated or quoted (or an increase in the value of a currency in which securities a fund intends to buy are denominated, when a fund holds cash reserves and short term investments), or for other investment purposes. The U.S. dollar value of forward currency contracts is determined using current forward currency exchange rates supplied by a quotation service. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily and the change in market value is recorded as an unrealized gain or loss. When the contract is closed, the fund r ecords 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. 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. Risks may exceed amounts recognized on the Statement of assets and liabilities. Forward currency contracts outstanding at period end, if any, are listed after the fund’s portfolio.

F) Total return swap contracts The fund may enter into total return swap contracts, which are arrangements to exchange a market linked return for a periodic payment, both based on a notional principal amount, to help enhance the fund’s return and manage the fund’s exposure to credit risk. To the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the fund will receive a payment from or make a payment to the counterparty. Total return swap contracts are marked to market daily based upon quotations from market makers and the change, if any, is recorded as an unrealized gain or loss. Payments received or made are recorded as realized gains or losses. Certain total return swap contracts may include extended effective dates. Payments related to these swap contracts are accrued based on the terms of t he contract. The fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or in the price of the underlying security or index, the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. The fund’s maximum risk of loss from counterparty risk, is the fair value of the contract. This risk may be mitigated by having a master netting arrangement between the fund and the counterparty. Risk of loss may exceed amounts recognized on the Statement of assets and liabilities. Total return swap contracts outstanding at period end, if any, are listed after the fund’s portfolio.

G) Master agreements The fund is a party to ISDA (International Swap and Derivatives Association, Inc.) Master Agreements (“Master Agreements”) with certain counterparties that govern over the counter 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, are presented in the fund’s portfolio; collateral pledged by the fund is segregated by the fund’s custodian and identified in the fund’s po rtfolio. 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&# 146;s future derivative activity.

At May 31, 2009, the fund had net unrealized losses of $134,787 on derivative contracts subject to the Master Agreements.

H) Federal taxes It is the policy of the fund to distribute all of its taxable income within the prescribed time and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies. It is also the intention of the fund to distribute an amount sufficient to avoid imposition of any excise tax under Section 4982 of the Code. The fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (“FIN 48”). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The fund did not have any unrecognized tax benefits in the accompanying financial statements. No provision has been made for federal taxes on income, cap ital gains or unrealized appreciation on securities held nor for excise tax on income and capital gains.

I) Distributions to shareholders Distributions to shareholders from net investment income are recorded by the fund on the ex-dividend date. Distributions from capital gains, if any, are recorded on the ex-dividend date and paid at least annually. The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. These differences include temporary and/or permanent differences of losses on wash sale transactions, foreign currency gains and losses, unrealized gains and losses on certain futures contracts, realized gains and losses on passive foreign investment companies, straddle loss deferrals and income on swap contracts. Reclassifications are made to the fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations. Fo r the period ended May 31, 2009, the fund reclassified $862,614 to increase undistributed net investment income and a decrease to accumulated net realized gains of $862,614.

The tax basis components of distributable earnings and the federal tax cost as of May 31, 2009 were as follows:

Unrealized appreciation  $4,813,233 
Unrealized depreciation  (897,403) 
Net unrealized appreciation  3,915,830 
Undistributed ordinary income  1,223,023 
Undistributed short-term gain  623,647 
Cost for federal income tax purposes  $33,784,961 

J) Expenses of the trust Expenses directly charged or attributable to any fund will be paid from the assets of that fund. Generally, expenses of the trust will be allocated among and charged to the assets of each fund on a basis that the Trustees deem fair and equitable, which may be based on the relative assets of each fund or the nature of the services performed and relative applicability to each fund.

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Note 2: Management fee, administrative services and other transactions

The fund pays Putnam Management for management and investment advisory services monthly based on the average net assets of the fund. Such fee is based on the following annual rates: 0.70% of the first $500 million of average net assets, 0.60% of the next $500 million, 0.55% of the next $500 million, 0.50% of the next $5 billion, 0.475% of the next $5 billion, 0.455% of the next $5 billion, 0.44% of the next $5 billion, 0.43% of the next $5 billion, 0.42% of the next $5 billion, 0.41% of the next $5 billion, 0.40% of the next $5 billion, 0.39% of the next $5 billion, 0.38% of the next $8.5 billion and 0.37% thereafter.

Putnam Management has agreed to waive fees and reimburse expenses of the fund through May 31, 2010 to the extent necessary to ensure that the fund’s expenses do not exceed the simple average of the expenses of all front-end load funds viewed by Lipper Inc. as having the same investment classification or objective as the fund. The expense reimbursement is based on a comparison of the fund’s expenses with the average annualized operating expenses of the funds in its Lipper peer group for each calendar quarter during the fund’s last fiscal year, excluding 12b-1 fees and without giving effect to any expense offset and brokerage/service arrangements that may reduce fund expenses. For the period ended May 31, 2009, Putnam Management waived $100,263 of its management fee from the fund.

Putnam Investments Limited (“PIL”), an affiliate of Putnam Management, is authorized by the Trustees to manage a separate portion of the assets of the fund as determined by Putnam Management from time to time. Putnam Management pays a quarterly sub-management fee to PIL for its services at an annual rate of 0.35% of the average net assets of the portion of the fund managed by PIL.

The Putnam Advisory Company, LLC (“PAC”), an affiliate of Putnam Management, is authorized by the Trustees to manage and provide investment recommendations with respect to a portion of the assets of the fund, as designated from time to time by Putnam Management or PIL. Putnam Management or PIL, as applicable, pays a quarterly sub-advisory fee to PAC for its services at the annual rate of 0.35% of the average net assets of the portion of the fund’s assets managed and 0.10% of the average net assets of the portion of the fund’s assets for which PAC provides investment recommendations.

The fund reimburses Putnam Management an allocated amount for the compensation and related expenses of certain officers of the fund and their staff who provide administrative services to the fund. The aggregate amount of all such reimbursements is determined annually by the Trustees.

 Custodial functions for the fund’s assets are provided by State Street Bank and Trust Company (“State Street”). Custody fees are based on the fund’s asset level, the number of its security holdings and transaction volumes.

Putnam Investor Services, Inc., an affiliate of Putnam Management, provided investor servicing agent functions to the fund. Putnam Investor Services, Inc. and Putnam Investor Services received fees for investor servicing, subject to certain limitations, based on the number of shareholder accounts in the fund and the level of defined contribution plan assets in the fund. The amounts incurred for investor servicing agent functions provided by affiliates of Putnam Management during the period ended May 31, 2009 are included in Investor servicing fees in the Statement of operations.

The fund has entered into expense offset arrangements with State Street whereby State Street’s fees are reduced by credits allowed on cash balances. For the period ended May 31, 2009, the fund’s expenses were reduced by $12 under the expense offset arrangements.

Each independent Trustee of the fund receives an annual Trustee fee, of which $279, as a quarterly retainer, has been allocated to the fund, and an additional fee for each Trustees meeting attended. Trustees receive additional fees for attendance at certain committee meetings and industry seminars and for certain compliance-related matters. Trustees also are reimbursed for expenses they incur relating to their services as Trustees.

The fund has adopted a Trustee Fee Deferral Plan (the “Deferral Plan”) which allows the Trustees to defer the receipt of all or a portion of Trustees fees payable on or after July 1, 1995. The deferred fees remain invested in certain Putnam funds until distribution in accordance with the Deferral Plan.

The fund has adopted an unfunded noncontributory defined benefit pension plan (the “Pension Plan”) covering all Trustees of the fund who have served as a Trustee for at least five years and were first elected prior to 2004. Benefits under the Pension Plan are equal to 50% of the Trustee’s average annual attendance and retainer fees for the three years ended December 31, 2005. The retirement benefit is payable during a Trustee’s lifetime, beginning the year following retirement, for the number of years of service through December 31, 2006. Pension expense for the fund is included in Trustee compensation and expenses in the Statement of operations. Accrued pension liability is included in Payable for Trustee compensation and expenses in the Statement of assets and liabilities. The Trustees have terminated the Pension Plan with respect to any Trustee first elected after 2003.

The fund has adopted a distribution plan (the “Plan”) with respect to its class A shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. The purpose of the Plan is to compensate Putnam Retail Management Limited Partnership, a wholly-owned subsidiary of Putnam Investments, LLC and Putnam Retail Management GP, Inc., for services provided and expenses incurred in distributing shares of the fund. The Plan provides for payment by the fund to Putnam Retail Management Limited Partnership at an annual rate of up to 0.35% of the average net assets attributable to class A shares. The Trustees currently have not approved payments under the Plan.

A deferred sales charge of up to 1.00% is assessed on certain redemptions of class A shares that were purchased without an initial sales charge as part of an investment of $1 million or more. For the year ended May 31, 2009, Putnam Retail Management Limited Partnership, acting as underwriter, received no monies on class A redemptions.

Note 3: Purchases and sales of securities

During the year ended May 31, 2009, cost of purchases and proceeds from sales of investment securities other than short-term investments aggregated $43,294,969 and $13,849,264, respectively. There were no purchases or sales of U.S. government securities.

Note 4: Capital shares

At May 31, 2009, there was an unlimited number of shares of beneficial interest authorized. Transactions in capital shares were as follows:

  For the period 1/23/09
  (commencement of operations) to 5/31/09
Class A  Shares Amount
Shares sold  240 $2,300
Shares issued in  — —
connection with 
reinvestment of 
distributions 
  240 2,300
Shares  — —
repurchased 
Net increase  240 $2,300

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  For the period 1/23/09
  (commencement of operations) to 5/31/09
Class Y  Shares Amount
Shares sold  4,227,198 $42,339,511
Shares issued in  — —
connection with 
reinvestment of 
distributions 
  4,227,198 42,339,511
Shares  (999,403) (9,892,675)
repurchased 
Net increase  3,227,795 $32,446,836

At May 31, 2009, Putnam Investments, LLC owned 1,000 class A shares of the fund (80.7% of class A shares outstanding), valued at $11,840.

The RetirementReady Funds owned 100% of the total outstanding class Y shares of the fund.

At May 31, 2009, the following funds owned the percentage indicated of Putnam Asset Allocation: Equity Portfolio’s outstanding shares:

RetirementReady Fund: 2030  7.35% 
RetirementReady Fund: 2035  22.87% 
RetirementReady Fund: 2040  28.13% 
RetirementReady Fund: 2045  26.67% 
RetirementReady Fund: 2050  14.95% 

Note 5: Initial capitalization and offering of shares

The fund was established as a series of the trust on October 17, 2008. Prior to January 23, 2009, the fund had no operations other than those related to organizational matters, including as noted below, the initial capital contributions and issuance of shares:

  Capital  Shares 
  contribution  issued 
  1/23/09  1/23/09 
Class A  $10,000  1,000 
Class Y  $10,000  1,000 

Note 6: Summary of derivative activity

The following is a summary of the market values of derivative instruments as of May 31, 2009:

  Asset derivatives 2009  Liability derivatives 2009 
Derivatives not accounted  Balance    Balance   
for as hedging instruments  sheet  Market  sheet  Market 
under Statement 133  location  value  location  value 
Foreign exchange         
contracts  Receivables  $448,920  Payables  $431,012 
Equity contracts  Receivables,  332,846*  Payables,  165,324* 
  Net Assets –    Net Assets –   
  Unrealized    Unrealized   
  appreciation/    appreciation/   
  (depreciation)    (depreciation)   
Total    $781,766    $596,366 

* Includes cumulative appreciation/depreciation of futures contracts as reported in the fund’s portfolio. Only current day’s variation margin is reported within the statement of assets and liabilities.

The following is a summary of realized and unrealized gains or losses of derivative instruments on the statement of operations for the period ended May 31, 2009 (see Note 1).

Amount of realized gain or (loss) on derivatives recognized in income

Derivatives not accounted for  Forward     
as hedging instruments    currency     
under Statement 133  Futures  contracts  Swaps  Total 
Foreign exchange         
contracts  —  $(81,828)  —  $(81,828) 
Equity contracts  $38,819  –  $917,036  955,855 
Total  $38,819  $(81,828)  $917,036  $874,027 

Change in unrealized appreciation or (depreciation) on derivatives recognized in income

Derivatives not accounted for  Forward     
as hedging instruments    currency     
under Statement 133  Futures  contracts  Swaps  Total 
Foreign exchange         
contracts  —  $17,908  —  $17,908 
Equity contracts  $31,982  –  $135,540  167,522 
Total  $31,982  $17,908  $135,540  $185,430 

Note 7: Investment in Putnam Money Market Liquidity Fund

The fund invested in Putnam Money Market Liquidity Fund, an open-end management investment company managed by Putnam Management. Investments in Putnam Money Market Liquidity Fund are valued at its closing net asset value each business day. Income distributions earned by the fund are recorded as interest income in the Statement of operations and totaled $2,037 for the period ended May 31, 2009. During the period ended May 31, 2009, cost of purchases and proceeds of sales of investments in Putnam Money Market Liquidity Fund aggregated $9,690,702 and $6,449,634, respectively. Management fees charged to Putnam Money Market Liquidity Fund have been waived by Putnam Management.

Note 8: Regulatory matters and litigation

In late 2003 and 2004, Putnam Management settled charges brought by the Securities and Exchange Commission (the “SEC”) and the Massachusetts Securities Division in connection with excessive short-term trading in Putnam funds. Distribution of payments from Putnam Management to certain open-end Putnam funds and their shareholders is expected to be completed in the next several months. These allegations and related matters have served as the general basis for certain lawsuits, including purported class action lawsuits against Putnam Management and, in a limited number of cases, some Putnam funds. Putnam Management believes that these lawsuits will have no material adverse effect on the funds or on Putnam Management’s ability to provide investment management services. In addition, Putnam Management has agreed to bear any costs incurred by the Putnam funds as a result of these matters.

Note 9: New accounting pronouncements

In April 2009, FASB issued FASB Staff Position FSP FAS 157-4, which amends FASB Statement No. 157, Fair Value Measurements, and is effective for interim and annual periods ending after June 15, 2009. FSP FAS 157-4 provides additional guidance when the volume and level of activity for the asset or liability measured at fair value has significantly decreased. Additionally, FSP FAS 157-4 expands disclosure by reporting entities with respect to categories of assets and liabilities carried at fair value. Putnam Management believes applying the provisions of FSP FAS 157-4 will not have a material impact on the fund’s financial statements.

Note 10: Market and credit risk

In the normal course of business, the fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the contracting party to the transaction to perform (credit risk). The fund may be exposed to additional credit risk that an institution or other entity with which the fund has unsettled or open transactions will default.

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Federal tax information (unaudited)

The Form 1099 you receive in January 2010 will show the tax status of all distributions paid to your account in calendar 2009.

The fund designated 9.37% of ordinary income distributions as qualifying for the dividends received deduction for corporations.

For its tax year ended May 31, 2009, the fund hereby designates 17.11%, or the maximum amount allowable, of its taxable ordinary income distributions as qualified dividends taxed at the individual net capital gain rates.

About the Trustees

Ravi Akhoury

Born 1947, Trustee since 2009

Mr. Akhoury serves as Advisor to New York Life Insurance Company, and previously was a Member of its Executive Management Committee. He is also a Director of Jacob Ballas Capital India (a non-banking finance company focused on private equity advisory services) and serves as a Trustee of American India Foundation and of the Rubin Museum, serving on its Investment Committee.

Previously, Mr. Akhoury was a Director and on the Compensation Committee of MaxIndia/New York Life Insurance Company in India. He was also Vice President and Investment Policy Committee Member of Fischer, Francis, Trees and Watts (a fixed-income portfolio management firm). He has also served on the Board of Bharti Telecom (an Indian telecommunications company), serving as a member of its Audit and Compensation committees, and as a member of the Audit Committee on the Board of Thompson Press (a publishing company). From 1992 to 2007, he was Chairman and CEO of MacKay Shields, a multi-product investment management firm with over $40 billion in assets under management.

Jameson A. Baxter

Born 1943, Trustee since 1994, Vice Chairman since 2005

Ms. Baxter is the President of Baxter Associates, Inc., a private investment firm.

Ms. Baxter serves as a Director of ASHTA Chemicals, Inc., and the Mutual Fund Directors Forum. Until 2007, she was a Director of Banta Corporation (a printing and supply chain management company), Ryerson, Inc. (a metals service corporation), and Advocate Health Care. Until 2004, she was a Director of BoardSource (formerly the National Center for Nonprofit Boards); and until 2002, she was a Director of Intermatic Corporation (a manufacturer of energy control products). She is Chairman Emeritus of the Board of Trustees, Mount Holyoke College, having served as Chairman for five years.

Ms. Baxter has held various positions in investment banking and corporate finance, including Vice President of and Consultant to First Boston Corporation and Vice President and Principal of the Regency Group. She is a graduate of Mount Holyoke College.

Charles B. Curtis

Born 1940, Trustee since 2001

Mr. Curtis is President and Chief Operating Officer of the Nuclear Threat Initiative (a private foundation dealing with national security issues), and serves as Senior Advisor to the United Nations Foundation.

Mr. Curtis is a member of the Council on Foreign Relations and serves as Director of Edison International and Southern California Edison. Until 2006, Mr. Curtis served as a member of the Trustee Advisory Council of the Applied Physics Laboratory, Johns Hopkins University. Until 2003, Mr. Curtis was a member of the Electric Power Research Institute Advisory Council and the University of Chicago Board of Governors for Argonne National Laboratory. Prior to 2002, Mr. Curtis was a member of the Board of Directors of the Gas Technology Institute and the Board of Directors of the Environment and Natural Resources Program Steering Committee, John F. Kennedy School of Government, Harvard University. Until 2001, Mr. Curtis was a member of the Department of Defense Policy Board and Director of EG&G Technical Services, Inc. (a fossil energy research and development support company).

 From August 1997 to December 1999, Mr. Curtis was a Partner at Hogan & Hartson LLP, an international law firm headquartered in Washington, D.C. Prior to May 1997, Mr. Curtis was Deputy Secretary of Energy and Under Secretary of the U.S. Department of Energy. He served as Chairman of the Federal Energy Regulatory Commission from 1977 to 1981 and has held positions on the staff of the U.S. House of Representatives, the U.S. Treasury Department, and the SEC.

Robert J. Darretta

Born 1946, Trustee since 2007

Mr. Darretta serves as Director of United Health Group, a diversified health-care company.

Until April 2007, Mr. Darretta was Vice Chairman of the Board of Directors of Johnson & Johnson, one of the world’s largest and most broadly based health-care companies. Prior to 2007, he had responsibility for Johnson & Johnson’s finance, investor relations, information technology, and procurement function. He served as Johnson & Johnson Chief Financial Officer for a decade, prior to which he spent two years as Treasurer of the corporation and over ten years leading various Johnson & Johnson operating companies.

Mr. Darretta received a B.S. in Economics from Villanova University.

Myra R. Drucker

Born 1948, Trustee since 2004

Ms. Drucker is Chair of the Board of Trustees of Commonfund (a not-for-profit firm specializing in managing assets for educational endowments and foundations), Vice Chair of the Board of Trustees of Sarah Lawrence College, and a member of the Investment Committee of the Kresge Foundation (a charitable trust). She is also a Director of Interactive Data Corporation (a provider of financial market data and analytics to financial institutions and investors).

Ms. Drucker is an ex-officio member of the New York Stock Exchange (NYSE) Pension Managers Advisory Committee, having served as Chair for seven years. She serves as an advisor to RCM Capital Management (an investment management firm) and to the Employee Benefits Investment Committee of The Boeing Company (an aerospace firm).

From November 2001 until August 2004, Ms. Drucker was Managing Director and a member of the Board of Directors of General Motors Asset Management

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and Chief Investment Officer of General Motors Trust Bank. From December 1992 to November 2001, Ms. Drucker served as Chief Investment Officer of Xerox Corporation (a document company). Prior to December 1992, Ms. Drucker was Staff Vice President and Director of Trust Investments for International Paper (a paper and packaging company).

Ms. Drucker received a B.A. degree in Literature and Psychology from Sarah Lawrence College and pursued graduate studies in economics, statistics, and portfolio theory at Temple University.

John A. Hill

Born 1942, Trustee since 1985 and Chairman since 2000

Mr. Hill is founder and Vice-Chairman of First Reserve Corporation, the leading private equity buyout firm specializing in the worldwide energy industry, with offices in Greenwich, Connecticut; Houston, Texas; London, England; and Shanghai, China. The firm’s investments on behalf of some of the nation’s largest pension and endowment funds are currently concentrated in 26 companies with annual revenues in excess of $13 billion, which employ over 100,000 people in 23 countries.

Mr. Hill is Chairman of the Board of Trustees of the Putnam Mutual Funds, a Director of Devon Energy Corporation and various private companies owned by First Reserve, and serves as a Trustee of Sarah Lawrence College where he chairs the Investment Committee.

Prior to forming First Reserve in 1983, Mr. Hill served as President of F. Eberstadt and Company, an investment banking and investment management firm. Between 1969 and 1976, Mr. Hill held various senior positions in Washington, D.C. with the federal government, including Deputy Associate Director of the Office of Management and Budget and Deputy Administrator of the Federal Energy Administration during the Ford Administration.

Born and raised in Midland, Texas, he received his B.A. in Economics from Southern Methodist University and pursued graduate studies as a Woodrow Wilson Fellow.

Paul L. Joskow

Born 1947, Trustee since 1997

Dr. Joskow is an economist and President of the Alfred P. Sloan Foundation (a philanthropic institution focused primarily on research and education on issues related to science, technology, and economic performance). He is on leave from his position as the Elizabeth and James Killian Professor of Economics and Management at the Massachusetts Institute of Technology (MIT), where he has been on the faculty since 1972. Dr. Joskow was the Director of the Center for Energy and Environmental Policy Research at MIT from 1999 through 2007.

Dr. Joskow serves as a Trustee of Yale University, as a Director of TransCanada Corporation (an energy company focused on natural gas transmission and power services) and of Exelon Corporation (an energy company focused on power services), and as a member of the Board of Overseers of the Boston Symphony Orchestra. Prior to August 2007, he served as a Director of National Grid (a UK-based holding company with interests in electric and gas transmission and distribution and telecommunications infrastructure). Prior to July 2006, he served as President of the Yale University Council. Prior to February 2005, he served on the board of the White-head Institute for Biomedical Research (a non-profit research institution). Prior to February 2002, he was a Director of State Farm Indemnity Company (an automobile insurance company), and prior to March 2000, he was a Director of New England Electric System (a public utility holding company).

Dr. Joskow has published six books and numerous articles on industrial organization, government regulation of industry, and competition policy. He is active in industry restructuring, environmental, energy, competition, and privatization policies —serving as an advisor to governments and corporations worldwide. Dr. Joskow holds a Ph.D. and MPhil from Yale University and a B.A. from Cornell University.

Elizabeth T. Kennan

Born 1938, Trustee since 1992

Dr. Kennan is a Partner of Cambus-Kenneth Farm (thoroughbred horse and cattle breeding). She is President Emeritus of Mount Holyoke College.

Dr. Kennan served as Chairman and is now Lead Director of Northeast Utilities. She is a Trustee of the National Trust for Historic Preservation, of Centre College, and of Midway College in Midway, Kentucky. Until 2006, she was a member of The Trustees of Reservations. Prior to 2001, Dr. Kennan served on the oversight committee of the Folger Shakespeare Library. Prior to June 2005, she was a Director of Talbots, Inc., and she has served as Director on a number of other boards, including Bell Atlantic, Chastain Real Estate, Shawmut Bank, Berkshire Life Insurance, and Kentucky Home Life Insurance. Dr. Kennan has also served as President of Five Colleges Incorporated and as a Trustee of the University of Notre Dame, and is active in various educational and civic associations.

As a member of the faculty of Catholic University for twelve years, until 1978, Dr. Kennan directed the post-doctoral program in Patristic and Medieval Studies, taught history, and published numerous articles and two books. Dr. Kennan holds a Ph.D. from the University of Washington in Seattle, an M.S. from St. Hilda’s College at Oxford University, and an A.B. from Mount Holyoke College. She holds several honorary doctorates.

Kenneth R. Leibler

Born 1949, Trustee since 2006

Mr. Leibler is a founder and former Chairman of the Boston Options Exchange, an electronic marketplace for the trading of derivative securities.

40

Mr. Leibler currently serves as a Trustee of Beth Israel Deaconess Hospital in Boston. He is also Lead Director of Ruder Finn Group, a global communications and advertising firm, and a Director of Northeast Utilities, which operates New England’s largest energy delivery system. Prior to December 2006, he served as a Director of the Optimum Funds group. Prior to October 2006, he served as a Director of ISO New England, the organization responsible for the operation of the electric generation system in the New England states. Prior to 2000, Mr. Leibler was a Director of the Investment Company Institute in Washington, D.C.

Prior to January 2005, Mr. Leibler served as Chairman and Chief Executive Officer of the Boston Stock Exchange. Prior to January 2000, he served as President and Chief Executive Officer of Liberty Financial Companies, a publicly traded diversified asset management organization. Prior to June 1990, Mr. Leibler served as President and Chief Operating Officer of the American Stock Exchange (AMEX), and at the time was the youngest person in AMEX history to hold the title of President. Prior to serving as AMEX President, he held the position of Chief Financial Officer, and headed its management and marketing operations. Mr. Leibler graduated magna cum laude with a degree in Economics from Syracuse University, where he was elected Phi Beta Kappa.

Robert E. Patterson

Born 1945, Trustee since 1984

Mr. Patterson is Senior Partner of Cabot Properties, LP and Chairman of Cabot Properties, Inc. (a private equity firm investing in commercial real estate).

Mr. Patterson serves as Chairman Emeritus and Trustee of the Joslin Diabetes Center. Prior to June 2003, he was a Trustee of Sea Education Association. Prior to December 2001, Mr. Patterson was President and Trustee of Cabot Industrial Trust (a publicly traded real estate investment trust). Prior to February 1998, he was Executive Vice President and Director of Acquisitions of Cabot Partners Limited Partnership (a registered investment adviser involved in institutional real estate investments). Prior to 1990, he served as Executive Vice President of Cabot, Cabot & Forbes Realty Advisors, Inc. (the predecessor company of Cabot Partners). Mr. Patterson practiced law and held various positions in state government, and was the founding Executive Director of the Massachusetts Industrial Finance Agency. Mr. Patterson is a graduate of Harvard College and Harvard Law School.

George Putnam, III

Born 1951, Trustee since 1984

Mr. Putnam is Chairman of New Generation Research, Inc. (a publisher of financial advisory and other research services), and President of New Generation Advisers, Inc. (a registered investment adviser to private funds). Mr. Putnam founded the New Generation companies in 1986.

Mr. Putnam is a Director of The Boston Family Office, LLC (a registered investment adviser). He is a Trustee of St. Mark’s School and a Trustee of the Marine Biological Laboratory in Woods Hole, Massachusetts. Until 2006, he was a Trustee of Shore Country Day School, and until 2002, was a Trustee of the Sea Education Association.

Mr. Putnam previously worked as an attorney with the law firm of Dechert LLP (formerly known as Dechert Price & Rhoads) in Philadelphia. He is a graduate of Harvard College, Harvard Business School, and Harvard Law School.

Robert L. Reynolds*

Born 1952, Trustee since 2008 and President of the Funds since 2009

Mr. Reynolds is President and Chief Executive Officer of Putnam Investments, a member of Putnam Investments’ Executive Board of Directors, and President of the Putnam Funds. He has more than 30 years of investment and financial services experience.

Prior to joining Putnam Investments in 2008, Mr. Reynolds was Vice Chairman and Chief Operating Officer of Fidelity Investments from 2000 to 2007. During this time, he served on the Board of Directors for FMR Corporation, Fidelity Investments Insurance Ltd., Fidelity Investments Canada Ltd., and Fidelity Management Trust Company. He was also a Trustee of the Fidelity Family of Funds. From 1984 to 2000, Mr. Reynolds served in a number of increasingly responsible leadership roles at Fidelity.

Mr. Reynolds serves on several not-for-profit boards, including those of the West Virginia University Foundation, Concord Museum, Dana-Farber Cancer Institute, Lahey Clinic, and Initiative for a Competitive Inner City in Boston. He is a member of the Chief Executives Club of Boston, the National Innovation Initiative, and the Council on Competitiveness.

Mr. Reynolds received a B.S. in Business Administration/Finance from West Virginia University.

W. Thomas Stephens

Born 1942, Trustee since 2009

Mr. Stephens is a Director of TransCanada Pipelines, Ltd. (an energy infrastructure company). From 1997 to 2008, Mr. Stephens served as a Trustee on the Board of the Putnam Funds, which he rejoined as a Trustee in 2009.

Mr. Stephens retired as Chairman and Chief Executive Officer of Boise Cascade, L.L.C. (a paper, forest products, and timberland assets company) in December 2008. Until 2004, Mr. Stephens was a Director of Xcel Energy Incorporated (a public utility company), Qwest Communications, and Norske Canada, Inc. (a paper manufacturer). Until 2003, Mr. Stephens was a Director of Mail-Well, Inc. (a diversified printing company). He served as Chairman of Mail-Well until 2001 and as CEO of MacMillan Bloedel, Ltd. (a forest products company) until 1999. Prior to 1996, Mr. Stephens was Chairman and Chief Executive Officer of Johns Manville Corporation.

He holds B.S. and M.S. degrees from the University of Arkansas.

41

Richard B. Worley

Born 1945, Trustee since 2004

Mr. Worley is Managing Partner of Permit Capital LLC, an investment management firm.

Mr. Worley serves as a Trustee of the University of Pennsylvania Medical Center, The Robert Wood Johnson Foundation (a philanthropic organization devoted to health-care issues), and the National Constitution Center. He is also a Director of The Colonial Williamsburg Foundation (a historical preservation organization), and the Philadelphia Orchestra Association. Mr. Worley also serves on the investment committees of Mount Holyoke College and World Wildlife Fund (a wildlife conservation organization). Prior to joining Permit Capital LLC in 2002, Mr. Worley served as President, Chief Executive Officer, and Chief Investment Officer of Morgan Stanley Dean Witter Investment Management and as a Managing Director of Morgan Stanley, a financial services firm. Mr. Worley also was the Chairman of Miller Anderson & Sherrerd, an investment management firm that was acquired by Morgan Stanley in 1996.

Mr. Worley holds a B.S. degree from the University of Tennessee and pursued graduate studies in economics at the University of Texas.

The address of each Trustee is One Post Office Square, Boston, MA 02109.

As of May 31, 2009, there were over 100 Putnam funds. All Trustees serve as Trustees of all Putnam funds. Each Trustee serves for an indefinite term, until his or her resignation, retirement at age 72, death, or removal.

* Trustee who is an “interested person” (as defined in the Investment Company Act of 1940) of the fund, Putnam Management, and/or Putnam Retail Management. Mr. Reynolds is President and Chief Executive Officer of Putnam Investments, as well as the President of your fund and each of the other Putnam funds.

42

Officers

In addition to Robert L. Reynolds, the other officers of the fund are shown below:

Charles E. Porter (Born 1938)  James P. Pappas (Born 1953)  Wanda M. McManus (Born 1947) 
Executive Vice President, Principal  Vice President  Vice President, Senior Associate 
Executive Officer, Associate Treasurer,  Since 2004  Treasurer and Assistant Clerk 
and Compliance Liaison  Managing Director, Putnam Investments  Since 2005 
Since 1989  and Putnam Management. During 2002,  Senior Associate Treasurer/Assistant Clerk 
Chief Operating Officer, Atalanta/Sosnoff  of Funds 
Jonathan S. Horwitz (Born 1955)  Management Corporation   
Senior Vice President and Treasurer    Nancy E. Florek (Born 1957) 
Since 2004  Francis J. McNamara, III (Born 1955)  Vice President, Assistant Clerk, 
Prior to 2004, Managing Director,  Vice President and Chief Legal Officer  Assistant Treasurer and Proxy Manager 
Putnam Investments  Since 2004  Since 2005 
Senior Managing Director, Putnam  Manager, Mutual Fund Proxy Voting 
Steven D. Krichmar (Born 1958)  Investments, Putnam Management and 
Vice President and  Putnam Retail Management. Prior to 2004,   
Principal Financial Officer  General Counsel, State Street Research &   
Since 2002  Management Company   
Senior Managing Director,   
Putnam Investments  Robert R. Leveille (Born 1969) 
Vice President and   
Janet C. Smith (Born 1965)  Chief Compliance Officer   
Vice President, Principal Accounting  Since 2007   
Officer and Assistant Treasurer  Managing Director, Putnam Investments,   
Since 2007  Putnam Management, and Putnam Retail   
Managing Director, Putnam Investments  Management. Prior to 2004, member of   
and Putnam Management  Bell Boyd & Lloyd LLC. Prior to 2003,   
  Vice President and Senior Counsel,   
Susan G. Malloy (Born 1957)  Liberty Funds Group LLC   
Vice President and Assistant Treasurer   
Since 2007  Mark C. Trenchard (Born 1962)   
Managing Director, Putnam Investments  Vice President and   
  BSA Compliance Officer   
Beth S. Mazor (Born 1958)  Since 2002   
Vice President  Managing Director, Putnam Investments   
Since 2002   
Managing Director, Putnam Investments  Judith Cohen (Born 1945)   
  Vice President,   
  Clerk and Assistant Treasurer   
  Since 1993   
   

The address of each Officer is One Post Office Square, Boston, MA 02109.

43

The Putnam Family of Funds

The following is a list of Putnam’s open-end mutual funds offered to the public. Investors should carefully consider the investment objective, risks, charges, and expenses of a fund before investing. For a prospectus containing this and other information for any Putnam fund or product, call your financial advisor at 1-800-225-1581 and ask for a prospectus. Please read the prospectus carefully before investing.

Growth
Growth Opportunities Fund
International New Opportunities Fund*
New Opportunities Fund
Small Cap Growth Fund*
Vista Fund
Voyager Fund

Blend
Asia Pacific Equity Fund*
Capital Opportunities Fund*
Capital Spectrum Fund‡
Emerging Markets Equity Fund*
Equity Spectrum Fund‡
Europe Equity Fund*
Global Equity Fund*
International Capital Opportunities Fund*
International Equity Fund*
Investors Fund
Research Fund

Value
Convertible Income-Growth Trust
Equity Income Fund
The George Putnam Fund of Boston
The Putnam Fund for Growth and Income
International Growth and Income Fund*
Mid Cap Value Fund
Small Cap Value Fund*

Income
American Government Income Fund
Diversified Income Trust
Floating Rate Income Fund
Global Income Trust*
High Yield Advantage Fund*
High Yield Trust*
Income Fund
Money Market Fund†
U.S. Government Income Trust

Tax-free income
AMT-Free Municipal Fund
Tax Exempt Income Fund
Tax Exempt Money Market Fund†
Tax-Free High Yield Fund

State tax-free income funds:
Arizona, California, Massachusetts, Michigan, Minnesota, New Jersey, New York, Ohio, and Pennsylvania

Absolute Return
Absolute Return 100 Fund
Absolute Return 300 Fund
Absolute Return 500 Fund
Absolute Return 700 Fund

Global Sector*
Global Consumer Fund
Global Energy Fund
Global Financials Fund
Global Health Care Fund**
Global Industrials Fund
Global Natural Resources Fund
Global Technology Fund
Global Telecommunications Fund
Global Utilities Fund††

Asset allocation
Income Strategies Fund
Putnam Asset Allocation Funds — three investment portfolios that spread your money across a variety of stocks, bonds, and money
market investments.

The three portfolios:
Asset Allocation: Balanced Portfolio
Asset Allocation: Conservative Portfolio
Asset Allocation: Growth Portfolio

Putnam RetirementReady®
Putnam RetirementReady Funds — 10 investment portfolios that offer diversification among stocks, bonds, and money market instruments and adjust
 to become more conservative over time based on a target date for withdrawing assets.

The 10 funds:
Putnam RetirementReady 2050 Fund
Putnam RetirementReady 2045 Fund
Putnam RetirementReady 2040 Fund
Putnam RetirementReady 2035 Fund
Putnam RetirementReady 2030 Fund
Putnam RetirementReady 2025 Fund
Putnam RetirementReady 2020 Fund
Putnam RetirementReady 2015 Fund
Putnam RetirementReady 2010 Fund
Putnam RetirementReady Maturity Fund

* A 1% redemption fee on total assets redeemed or exchanged within 90 days of purchase may be imposed for all share classes of these funds.

† An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.

‡ A 1% redemption fee on total assets redeemed or exchanged within 30 days of purchase may be imposed for all share classes of these funds.

** Prior to January 2, 2009, the fund was known as Putnam Health Sciences Trust. Prior to January 2, 2009, the fund was known as Putnam Utilities Growth and Income Fund.

With the exception of money market funds, a 1% redemption fee may be applied to shares exchanged or sold within 7 days of purchase (90 days, for certain funds).

Check your account balances and the most recent month-end performance in the Individual Investors section at putnam.com.

44

Fund information

Founded over 70 years ago, Putnam Investments was built around the concept that a balance between risk and reward is the hallmark of a well-rounded financial program. We manage over 100 mutual funds across income, value, blend, growth, asset allocation, absolute return, and global sector categories.

Investment Manager  Officers  Judith Cohen 
Putnam Investment  Robert L. Reynolds  Vice President, Clerk and 
Management, LLC  President  Assistant Treasurer 
One Post Office Square     
Boston, MA 02109  Charles E. Porter  Wanda M. McManus 
Executive Vice President, Principal  Vice President, Senior Associate Treasurer 
Marketing Services  Executive Officer, Associate Treasurer and  and Assistant Clerk 
Putnam Retail Management  Compliance Liaison 
One Post Office Square  Nancy E. Florek 
Boston, MA 02109  Jonathan S. Horwitz  Vice President, Assistant Clerk, Assistant 
Senior Vice President and Treasurer  Treasurer and Proxy Manager 
Custodian 
State Street Bank and Trust Company  Steven D. Krichmar   
  Vice President and 
Legal Counsel  Principal Financial Officer   
Ropes & Gray LLP   
Janet C. Smith   
Independent Registered Public  Vice President, Principal Accounting   
Accounting Firm  Officer and Assistant Treasurer   
PricewaterhouseCoopers LLP     
  Susan G. Malloy   
Trustees  Vice President and Assistant Treasurer   
John A. Hill, Chairman   
Jameson A. Baxter, Vice Chairman  Beth S. Mazor   
Ravi Akhoury  Vice President   
Charles B. Curtis   
Robert J. Darretta  James P. Pappas   
Myra R. Drucker  Vice President   
Paul L. Joskow     
Elizabeth T. Kennan  Francis J. McNamara, III   
Kenneth R. Leibler  Vice President and Chief Legal Officer   
Robert E. Patterson   
George Putnam, III  Robert R. Leveille   
Robert L. Reynolds  Vice President and   
W. Thomas Stephens  Chief Compliance Officer   
Richard B. Worley     
Mark C. Trenchard   
Vice President and BSA Compliance Officer   
 
 
 
   

This report is for the information of shareholders of Putnam Asset Allocation: Equity Portfolio. It may also be used as sales literature when preceded or accompanied by the current prospectus, the most recent copy of Putnam’s Quarterly Performance Summary, and Putnam’s Quarterly Ranking Summary. For more recent performance, please visit putnam.com. Investors should carefully consider the investment objective, risks, charges, and expenses of a fund, which are described in its prospectus. For this and other information or to request a prospectus, call 1-800-225-1581 toll free. Please read the prospectus carefully before investing. The fund’s Statement of Additional Information contains additional information about the fund’s Trustees and is available without charge upon request by calling 1-800-225-1581.


Item 2. Code of Ethics:

(a) The fund’s principal executive, financial and accounting officers are employees of Putnam Investment Management, LLC, the Fund's investment manager. As such they are subject to a comprehensive Code of Ethics adopted and administered by Putnam Investments which is designed to protect the interests of the firm and its clients. The Fund has adopted a Code of Ethics which incorporates the Code of Ethics of Putnam Investments with respect to all of its officers and Trustees who are employees of Putnam Investment Management, LLC. For this reason, the Fund has not adopted a separate code of ethics governing its principal executive, financial and accounting officers.

(c) In May 2008, the Code of Ethics of Putnam Investment Management, LLC was updated in its entirety to include the amendments adopted in August 2007 as well as a several additional technical, administrative and non-substantive changes. In May of 2009, the Code of Ethics of Putnam Investment Management, LLC was amended to reflect that all employees will now be subject to a 90-day blackout restriction on holding Putnam open-end funds, except for portfolio managers and their supervisors (and each of their immediate family members), who will be subject to a one-year blackout restriction on the funds that they manage or supervise.

Item 3. Audit Committee Financial Expert:

The Funds' Audit and Compliance Committee is comprised solely of Trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The Trustees believe that each of the members of the Audit and Compliance Committee also possess a combination of knowledge and experience with respect to financial accounting matters, as well as other attributes, that qualify them for service on the Committee. In addition, the Trustees have determined that each of Mr. Patterson, Mr. Leibler, Mr. Hill, Mr. Darretta and Mr. Stephens qualifies as an "audit committee financial expert" (as such term has been defined by the Regulations) based on their review of his pertinent experience and education. The SEC has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the Audit and Compliance Committee and the Board of Trustees in the absence of such designation or identification.

Item 4. Principal Accountant Fees and Services:

The following table presents fees billed in each of the last two fiscal years for services rendered to the fund by the fund’s independent auditor:

Fiscal    Audit-     
year  Audit  Related  Tax  All Other 
ended  Fees  Fees  Fees  Fees 
 
May 31, 2009*  $59,862  $--  $5,068  $- 

* The fund commenced operations on January 23, 2009.

For the fiscal years ended May 31, 2009 , the fund’s independent auditor billed aggregate non-audit fees in the amount of $ 486,893 to the fund, Putnam Management and any entity

controlling, controlled by or under common control with Putnam Management that provides ongoing services to the fund.

Audit Fees represent fees billed for the fund's last two fiscal years relating to the audit and review of the financial statements included in annual reports and registration statements, and other services that are normally provided in connection with statutory and regulatory filings or engagements.

Audit-Related Fees represent fees billed in the fund’s last two fiscal years for services traditionally performed by the fund’s auditor, including accounting consultation for proposed transactions or concerning financial accounting and reporting standards and other audit or attest services not required by statute or regulation.

Tax Fees represent fees billed in the fund’s last two fiscal years for tax compliance, tax planning and tax advice services. Tax planning and tax advice services include assistance with tax audits, employee benefit plans and requests for rulings or technical advice from taxing authorities.

Pre-Approval Policies of the Audit and Compliance Committee. The Audit and Compliance Committee of the Putnam funds has determined that, as a matter of policy, all work performed for the funds by the funds’ independent auditors will be pre-approved by the Committee itself and thus will generally not be subject to pre-approval procedures.

The Audit and Compliance Committee also has adopted a policy to pre-approve the engagement by Putnam Management and certain of its affiliates of the funds’ independent auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by Putnam Management or certain of its affiliates are typically submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees, and why this work should be performed by that particular audit firm as opposed to another one. In reviewing such requests, the Committee considers, among other things, whether the provision of such services by the audit firm are compatible with the independence of the audit firm.

The following table presents fees billed by the fund’s independent auditor for services required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

Fiscal  Audit-    All  Total 
year  Related  Tax  Other  Non-Audit 
ended  Fees  Fees  Fees  Fees 
 
May 31, 2009  $ -  $ 415,341  $ -  $ - 

Item 5. Audit Committee of Listed Registrants

Not applicable

Item 6. Schedule of Investments:

The registrant’s schedule of investments in unaffiliated issuers is included in the report to shareholders in Item 1 above.

Item 7. Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies:

Not applicable

Item 8. Portfolio Managers of Closed-End Investment Companies

Not Applicable

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers:

Not applicable

Item 10. Submission of Matters to a Vote of Security Holders:

Not applicable

Item 11. 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 12. Exhibits:

(a)(1) The Code of Ethics of The Putnam Funds, which incorporates the Code of Ethics of Putnam Investments, is filed herewith.

(a)(2) 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.

(b) The certifications required by Rule 30a-2(b) 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: July 29, 2009

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/Charles E. Porter
Charles E. Porter
Principal Executive Officer

Date: July 29, 2009

By (Signature and Title):

/s/Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer

Date: July 29, 2009

 EX-99.CERT 2 b_aaequitycertfl7.htm EX-99.CERT b_aaequitycertfl7.htm

Certifications

I, Charles E. Porter, the Principal Executive Officer of the funds listed on Attachment A, certify that:

1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A:

2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report;

3. Based on my knowledge, the financial statements, and other financial information included in each report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in each report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of each report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant's ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting.

Date: July 28, 2009

/s/ Charles E. Porter
_______________________
Charles E. Porter
Principal Executive Officer

Certifications

I, Steven D. Krichmar, the Principal Financial Officer of the funds listed on Attachment A, certify that:

1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A:

2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report;

3. Based on my knowledge, the financial statements, and other financial information included in each report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in each report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of each report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant's ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting.

Date: July 28, 2009

/s/ Steven D. Krichmar
_______________________
Steven D. Krichmar
Principal Financial Officer

Attachment A 
N-CSR 
Period (s) ended May 31, 2009 
 
 
 
Putnam Arizona Tax Exempt Income Fund
Putnam Minnesota Tax Exempt Income Fund
Putnam Massachusetts Tax Exempt Income Fund
Putnam New York Tax Exempt Income Fund
Putnam High Yield Advantage Fund
Putnam Equity Income Fund
Putnam Pennsylvania Tax Exempt Income Fund
Putnam Ohio Tax Exempt Income Fund
Putnam New Jersey Tax Exempt Income Fund
Putnam Michigan Tax Exempt Income Fund
Putnam Asset Allocation: Equity Portfolio

 EX-99.906 CERT 3 c_aaequitycertnosfl7.htm EX-99.906 CERT c_aaequitycertnosfl7.htm

Section 906 Certifications

I, Charles E. Porter, the Principal Executive Officer of the Funds listed on Attachment A, certify that, to my knowledge:

1. The form N-CSR of the Funds listed on Attachment A for the period ended May 31, 2009 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended May 31, 2009 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A.

Date: July 28, 2009

/s/ Charles E. Porter
______________________
Charles E. Porter
Principal Executive Officer

Section 906 Certifications

I, Steven D. Krichmar, the Principal Financial Officer of the Funds listed on Attachment A, certify that, to my knowledge:

1. The form N-CSR of the Funds listed on Attachment A for the period ended May 31, 2009 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended May 31, 2009 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A.

Date: July 28, 2009

/s/ Steven D. Krichmar
______________________
Steven D. Krichmar
Principal Financial Officer

Attachment A 
N-CSR 
Period (s) ended May 31, 2009 
 
 
 
Putnam Arizona Tax Exempt Income Fund
Putnam Minnesota Tax Exempt Income Fund
Putnam Massachusetts Tax Exempt Income Fund
Putnam New York Tax Exempt Income Fund
Putnam High Yield Advantage Fund
Putnam Equity Income Fund
Putnam Pennsylvania Tax Exempt Income Fund
Putnam Ohio Tax Exempt Income Fund
Putnam New Jersey Tax Exempt Income Fund
Putnam Michigan Tax Exempt Income Fund
Putnam Asset Allocation: Equity Portfolio

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Amendments to Putnam’s Code of Ethics – May 5, 2009
The following sections of the Code are rewritten to read in their entirety as follows:

Code of Ethics Overview

Putnam mutual funds (page 2)

All employees and certain family members are subject to a minimum 90-day holding period for shares in Putnam’s open-end mutual funds. This restriction does not apply to Putnam’s Stable Value or money market funds. Except in limited circumstances, all employees must hold Putnam open-end fund shares in accounts at Putnam.

Employees who have sole or shared supervisory or portfolio management responsibility for a Putnam open-end mutual fund are subject to a minimum one-year holding period for shares of such fund.

Section I – Personal Securities Rules for All Employees

B. Prohibited Transactions

Rule 7: Putnam Mutual Fund Employee Restrictions (page 15)

(a) Employees (defined in Rule 6) may not, within a 90-calendar day period, make a purchase followed by a sale or a sale followed by a purchase of shares of the same open-end Putnam mutual fund, even if the transactions occur in different accounts.

(b) Employees who have sole or shared supervisory or portfolio management responsibility for a Putnam open-end mutual fund or a U.S. registered mutual fund to which Putnam acts as advisor or sub-advisor may not, within a one-year period, make a purchase followed by a sale or a sale followed by a purchase of shares of such fund, even if the transactions occur in different accounts.

(c) All employees are required to link their immediate family members’ accounts holding Putnam mutual funds to comply with the disclosure requirements. These accounts are also subject to the 90-day and one-year rules. To link these accounts, log on to Putnam’s intranet home page at http://intranet, and select Employee Essentials/Linked Mutual Fund Accounts. You are required to confirm the information and will be prompted to add any accounts that you or your family members have that should be linked, or delink accounts that you or your family members have closed.

COMMENTS

· Example: If an employee buys shares of a Putnam fund on Day 1 for a retail account and then sells (by exchange) shares of the same fund for his or her 401(k)/Profit Sharing Plan accounts on Day 85, the employee has violated the rule.

· Similarly, an employee who sells shares of an open-end Putnam mutual fund may not buy any shares of the same mutual fund until 90 calendar days have passed, or one year for employees who have sole or shared supervisory or portfolio management responsibility for such fund.

· Example: If an employee manages Putnam Voyager Fund, but does not manage Putnam High Yield Trust, that employee would be subject to the one-year blackout restriction in shares of Putnam Voyager Fund and a 90-day blackout restriction in shares of Putnam High Yield Trust.

· The purpose of these blackout period restrictions is to prevent any market timing or the appearance of any market timing activity.

· This Rule applies to transactions by a Putnam employee and his or her family members as defined in the Code in any type of account including retail, IRA, variable annuity, variable insurance, and 401(k)/Profit Sharing Plan, as well as any deferred compensation accounts.

· The minimum sanction for an initial violation of the blackout period will be disgorgement of any profit made on the transaction. Additional sanctions may apply, including termination of employment.

EXCEPTIONS

A. The restrictions do not apply to Putnam’s money market funds and Putnam Stable Value Fund.

B. 401(k)/Profit Sharing Plan Contributions and Payroll Deductions: The 90-day or one year restriction is not triggered by the initial allocation of regular employee or employer contributions or forfeitures to an employee’s account under the terms of Putnam employee benefit plans or a Putnam payroll-deduction direct-investment program; later exchanges of these contributions will be subject to either the 90-day or one-year blackout period.

C. Systematic Programs: The restrictions do not apply with respect to shares sold or acquired as a result of participation in a systematic program for contributions, withdrawals, or exchanges, provided that an election to participate in any such program and the participation dates of the program are not changed more often than quarterly after the program is elected by the employee. Access Persons may elect a quarterly or semiannual rebalancing program although it may only be changed on an annual basis.

D. Employee Benefit Plan Withdrawals and Distributions: No restriction applies with respect to shares sold for withdrawals, loans, or distributions under the terms of Putnam employee benefit plans.

E. Dividends, Distributions, Mergers, and Share Class Conversions: No restriction applies with respect to the acquisition of shares as a result of reinvestment of dividends, distributions, mergers, conversions of share classes, or other similar actions. Subsequent transactions with respect to the shares will be covered.

F. College Savings Program: Redemptions from an employee’s college savings 529 plan to pay for qualified educational expenses for the beneficiary of the account (and redemptions due to death or disability) are exempt from the 90-day and one-year restrictions applicable to Putnam mutual funds. Qualified redemptions include:

·  Tuition 
·  School fees 
·  Books 
·  Supplies and equipment required for enrollment 
·  Room and board 
·  Death 
·  Disability 

G. Special Situations: In special situations as determined from time to time by Putnam’s Code of Ethics Oversight Committee, exceptions may by granted to the blackout periods as a result of death, disability, or special circumstances (such as personal hardship). Employees may request an exception by submitting a written request to the Code of Ethics Officer.

 EX-99.CODE ETH 16 a_nf69mod5.htm a_nf69mod5.htm

Exhibit A

THE PUTNAM FUNDS

Code of Ethics

Each of The Putnam Funds (the “Funds”) has determined to adopt this Code of Ethics with respect to certain types of personal securities transactions by officers and Trustees of the Funds which might be deemed to create possible conflicts of interest and to establish reporting requirements and enforcement procedures with respect to such transactions.

I. Rules Applicable to Officers and Trustees Affiliated with Putnam Investments Trust or Its Subsidiaries

A. Incorporation of Adviser’s Code of Ethics. The provisions of the Code of Ethics for employees of Putnam Investments Trust and its subsidiaries (the “Putnam Investments Code of Ethics”), which is attached as Appendix A hereto, are hereby incorporated herein as the Funds’ Code of Ethics applicable to officers and Trustees of the Funds who are employees of the Funds or officers, directors or employees of Putnam Investments Trust or its subsidiaries. A violation of the Putnam Investments’ Code of Ethics shall constitute a violation of the Funds’ Code.

B. Reports. Officers and Trustees of each of the Funds who are made subject to the Putnam Investments’ Code of Ethics pursuant to the preceding paragraph shall file the reports required by the Putnam Investments’ Code of Ethics with the Code of Ethics Officer designated therein. A report filed with the Code of Ethics Officer shall be deemed to be filed with each of the Funds of which the reporting individual is an officer or Trustee.

C. Review and Reporting.

(1) The Code of Ethics Officer shall cause the reported personal securities transactions to be compared with completed and contemplated portfolio transactions of each of the Funds to determine whether a violation of this Code may have occurred. Before making any determination that a violation has been committed by any person, the Code of Ethics Officer shall give such person an opportunity to supply additional explanatory material.

(2) If the Code of Ethics Officer determines that a violation of any provision of this Code has or may have occurred, he shall submit his written determination, together with any additional explanatory material, to the Audit and Compliance Committee of the Funds at its next meeting when Code of Ethics matters are discussed.

D. Sanctions. In addition to reporting violations of this Code to the Audit and Compliance Committee of the Funds as provided in Section I-C(2), the Code of Ethics Officer shall also report to such Committee any sanctions imposed with

Exhibit A

respect to such violations. The Committee reserves the right to impose such additional sanctions as it deems appropriate.

II. Rules Applicable to Unaffiliated Trustees

A. Definitions.

(1) “Beneficial ownership” shall be interpreted in the same manner as it would be in determining whether a person is subject to the provisions of Section 16 of the Securities Exchange Act of 1934 and the rules and regulations thereunder.

(2) “Control” means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company.

(3) “Interested Trustee” means a Trustee of a Fund who is an “interested person” of the Fund within the meaning of the Investment Company Act.

(4) “Purchase or sale of a security” includes, among other things, the writing of an option to purchase or sell a security.

(5) “Security” shall have the same meaning as that set forth in Section 2(a)(36) of the Investment Company Act (in effect, all securities) except that it shall not include securities issued by the Government of the United States or an agency thereof, bankers’ acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt investments, including repurchase agreements, and shares of registered open-end investment companies, but shall include any security convertible into or exchangeable for a security.

(6) “Unaffiliated Trustee” means a Trustee who is not made subject to the Putnam Investments Code of Ethics pursuant to Part I hereof.

B. Prohibited Purchases and Sales. No Unaffiliated Trustee of any of the Funds shall purchase or sell, directly or indirectly, any security in which he has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which to his actual knowledge at the time of such purchase or sale:

(1) is being considered for purchase or sale by the Fund;

(2) is being purchased or sold by the Fund; or

(3) was purchased or sold by the Fund within the most recent five days if such person participated in the recommendation to, or the decision by, Putnam Investment Management to purchase or sell such security for the Fund.

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Exhibit A

C. Exempted Transactions. The prohibitions of Section II-B of this Code shall not apply to:

(1) purchases or sales of securities effected in any account over which the Unaffiliated Trustee has no direct or indirect influence or control;

(2) purchases or sales of securities which are non-volitional on the part of either the Unaffiliated Trustee or the Fund;

(3) purchases of securities which are part of an automatic dividend reinvestment plan;

(4) purchases of securities effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired;

(5) purchases or sales of securities other than those exempted in (1) through (4) above which do not cause the Unaffiliated Trustee to gain improperly a personal benefit through his relationship with the Fund and are only remotely potentially harmful to a Fund because they would be very unlikely to affect a highly institutional market, and are previously approved by the Compliance Liaison of the Funds, in consultation with the Code of Ethics Officer, which approval shall be confirmed in writing.

D. Reporting.

(1) Whether or not one of the exemptions listed in Section II-C applies, every Unaffiliated Trustee of a Fund shall file with the Funds’ Compliance Liaison a report containing the information described in Section II-D(2) of this Code with respect to purchases or sales of any security in which such Unaffiliated Trustee has, or by reason of such transaction acquires, any direct or indirect beneficial ownership, if such Trustee, at the time of that transaction, knew or, in the ordinary course of fulfilling his official duties as a Trustee of the Fund, should have known that, during the 15-day period immediately preceding or after the date of the transaction by the Trustee:

(a) such security was or is to be purchased or sold by the Fund or

(b) such security was or is being considered for purchase or sale by the Fund;

provided, however, that an Unaffiliated Trustee shall not be required to make a report with respect to transactions effected for any account over which such person does not have any direct or indirect influence or control.

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Exhibit A

(2) Every report shall be made not later than 10 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall contain the following information:

(a) The date of the transaction, the title, the number of shares, the interest rate and maturity date (if applicable) and the principal amount of each security involved;

(b) The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

(c) The price at which the transaction was effected;

(d) The name of the broker, dealer or bank with or through whom the transaction was effected; and

(e) the date that the report is submitted by each Unaffiliated Trustee.

(3) Every report concerning a purchase or sale prohibited under Section II-B hereof with respect to which the reporting person relies upon one of the exemptions provided in Section II-C shall contain a brief statement of the exemption relied upon and the circumstances of the transaction.

(4) Any such report may contain a statement that the report shall not be construed as an admission by the person making such report that he has any direct or indirect beneficial ownership in the security to which the report relates.

(5) Notwithstanding anything to the contrary contained herein, an Unaffiliated Trustee who is an “interested person” of the Funds shall file the reports required by Rule 17j-1(d)(1) under the Investment Company Act of 1940 with the Code of Ethics Officer of Putnam Investments. Such reports shall be reviewed by such Officer as provided in Section I-C(1) and any related violations shall be reported by him to the Audit and Compliance Committee as provided in Section I-C(2). The Committee may impose such additional sanctions as it deems appropriate.

E. Review and Reporting.

(1) The Compliance Liaison of the Funds, in consultation with the Code of Ethics Officer of Putnam Investments, shall cause the reported personal securities transactions that he receives pursuant to Section II-D(1) to be compared with completed and contemplated portfolio transactions of the Funds to determine whether any transaction (“Reviewable Transactions”) listed in Section II-B (disregarding exemptions provided by Section II-C(1) through (5)) may have occurred.

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Exhibit A

(2) If the Compliance Liaison determines that a Reviewable Transaction may have occurred, he shall then determine whether a violation of this Code may have occurred, taking into account all the exemptions provided under Section II-C. Before making any determination that a violation has occurred, the Compliance Liaison shall give the person involved an opportunity to supply additional information regarding the transaction in question.

F. Sanctions. If the Compliance Liaison determines that a violation of this Code has occurred, he shall so advise the Funds’ Audit and Compliance Committee, and provide the Committee with a report of the matter, including any additional information supplied by such person. The Committee may impose such sanctions as it deems appropriate.

III. Miscellaneous

A. Amendments to the Putnam Investments’ Code of Ethics. Any amendment to the Putnam Investments’ Code of Ethics shall be deemed an amendment to Section I-A of this Code effective 30 days after written notice of such amendment shall have been received by the Chairman of the Funds, unless the Trustees of the Funds expressly determine that such amendment shall become effective at an earlier or later date or shall not be adopted.

B. Records. The Funds shall maintain records in the manner and to the extent set forth below, which records may be maintained on microfilm under the conditions described in Rule 31a-2(f)(1) under the Investment Company Act and shall be available for examination by representatives of the Securities and Exchange Commission.

(1) A copy of this Code and any other code which is, or at any time within the past five years has been, in effect shall be preserved in an easily accessible place;

(2) A record of any violation of this Code and of any action taken as a result of such violation shall be preserved in an easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation occurs;

(3) A copy of each report made by an officer or Trustee pursuant to this Code shall be preserved for a period of not less than five years from the end of the fiscal year in which it is made, the first two years in an easily accessible place; and

(4) A list of all persons who are, or within the past five years have been, required to make reports pursuant to this Code shall be maintained in an easily accessible place.

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Exhibit A

To the extent any record required to be kept by this section is also required to be kept by Putnam Investments pursuant to the Putnam Investments’ Code of Ethics, Putnam Investments shall maintain such record on behalf of the Funds as well.

C. Confidentiality. All reports of securities transactions and any other information filed with any Fund pursuant to this Code shall be treated as confidential, but are subject to review as provided herein and by personnel of the Securities and Exchange Commission.

D. Interpretation of Provisions. The Trustees may from time to time adopt such interpretations of this Code as they deem appropriate.

E. Delegation by Chairman. The Chairman of the Funds may from time to time delegate any or all of his responsibilities under this Code, either generally or as to specific instances, to such officer or Trustee of the Funds as he may designate.

As revised
[July 13, 2007]

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 EX-99.CODE ETH 17 a_nf68mod8.htm a_nf68mod8.htm
working@PUTNAM MAY  2008 

Putnam’s
Code of Ethics

Graphic Omitted: Portrait of Justice Samuel Putnam

Dear Putnam Employee,

Putnam’s Code of Ethics is an essential component of the “fiduciary mindset” and of our commitment to the maintenance of the highest professional standards. Taking care of other people’s money is a serious responsibility, and we need to ensure that our clients’ interests come first. Firms with a strong fiduciary culture are attractive to clients who are looking for superior money management, and Putnam’s Code is designed to ensure that Putnam preserves that trust.

The rules reflected in the Code are good business practices and were not created simply to meet regulatory standards. If, from time to time, the rules seem burdensome, I ask you to put yourself in the place of our shareholders and clients, who have entrusted us to manage their assets so that they may pursue the goals of saving for retirement or funding their children’s education.

If you have any questions or concerns at any time, however, I encourage you to contact one of the members of our Code of Ethics staff in the Legal and Compliance Department.

Graphic Omitted: Signature of Ed Haldeman

Ed Haldeman
President and Chief Executive Officer

Table of Contents  
 
 
Code of Ethics Overview 1
 
Putnam’s Code of Ethics 4
 
Definitions 5
 
Section I — Personal Securities Rules for All Employees 8
A. Pre-clearance 8
Rule 1: Pre-clearance Requirements 8
Rule 2: Personal Trading Assistant (PTA) System and Restricted List 8
Rule 3: Marsh & McLennan (MMC) securities 11
B. Prohibited Transactions 12
Rule 1: Short-Selling Prohibition 12
Rule 2: Initial Public Offerings Prohibition 12
Rule 3: Private Placement Pre-approval Requirements 13
Rule 4: Trading with Material Non-public Information 13
Rule 5: No Personal Trading with Client Portfolios 13
Rule 6: Holding Putnam Mutual Fund Shares 14
Rule 7: Putnam Mutual Fund Employee Restrictions 15
Rule 8: Special Orders 16
Rule 9: Excessive Trading 16
Rule 10: Spread Betting 17
C. Discouraged Transaction 17
Rule 1: Naked Options 17
D. Exempted Transactions 17
Rule 1: Involuntary Transactions 17
Rule 2: Special Exemptions 18
 
Section II — Additional Special Rules for Personal Securities Transactions 19
A. Access Persons and Certain Investment Professionals 19
Rule 1: 90-Day Short-Term Rule 19
B. Certain Investment Professionals 19
Rule 2: 7-Day Rule 19
Rule 3: Blackout Rule 20
Rule 4: Contra-Trading Rule 21
Rule 5: No Personal Benefit 21
Section III — General Rules for All Employees 23
Rule 1: Compliance with All Laws, Regulations, and Policies 23
Rule 2: Conflicts of Interest 23
Rule 3: Gifts and Entertainment Policy 23
Rule 4: Anti-bribery/Kickback Policy 25
Rule 5: Political Activities, Contributions, Solicitations, and Lobbying Policy 26
Rule 6: Confidentiality of Putnam Business Information 27
Rule 7: Positions Outside Putnam 27
Rule 8: Role as Trustee or Fiduciary Outside of Putnam Investments 28
Rule 9: Investment Clubs 28
Rule 10: Business Negotiations for Putnam Investments 28
Rule 11: Accurate Records 29
Rule 12: Family Members’ Conflict Policy 29
Rule 13: Affiliated Entities 29

Rule 14: Computer Systems and Network Use Policy 30
Rule 15: CFA Institute Code of Ethics and Standards of Professional Conduct 31
Rule 16: Privacy Policy 31
Rule 17: Anti- money Laundering Policy 32
Rule 18: Record Retention 32
 
Section IV — Reporting Requirements 33
Reporting of Personal Securities Transactions 33
Rule 1: Broker Confirmations and Statements 33
Rule 2: Access Person — Quarterly Transaction Report 34
Rule 3: Access Person — Initial/Annual Holdings Report 34
Rule 4: Certifications 34
Rule 5: Positions Outside Putnam 34
Rule 6: Business Ethics 34
Rule 7: Ombudsman 35
 
Section V — Education Requirements 36
Rule 1: Distribution of Code 36
Rule 2: Annual Training Requirement 36
 
Section VI — Compliance and Appeal Procedures 37
 
Section VII — Sanctions 39
 
Appendix A — Insider Trading Prohibitions Policy Statement 40
 
Appendix A — Definitions: Insider Trading 41
 
Appendix A — Section I: Rules Concerning Inside Information 42
Rule 1: Inside Information 42
Rule 2: Material Non-public Information 42
Rule 3: Reporting of Material Non-public Information 42
 
Appendix A — Section II: Overview of Insider Trading 44
 
Appendix B — Policy Statement Regarding Employee Trades in Shares of Putnam Closed-End  
Funds 48
 
Appendix C — Contra- Trading Rule Clearance Form 49
 
Appendix D — CFA Institute Code of Ethics and Standards of Professional Conduct 50
 
Appendix E — Inducement Policy for Putnam Investments Limited (PIL) Employees 54

Code of Ethics Overview

This overview of Putnam’s Code of Ethics is not intended to substitute for a careful reading of the complete document. As a condition of continued employment, every Putnam employee is required to read, understand, and comply with all of the provisions of the Code of Ethics. Additionally, employees are expected to comply with the policies and procedures contained within the Putnam Employee Handbook, which is available online via Putnam’s intranet home page at http://intranet .

It is the personal responsibility of every Putnam employee to avoid any conduct that could create a conflict, or even the appearance of a conflict, with our fund shareholders or other clients, or do anything that could damage or erode the trust our clients place in Putnam and its employees. This is the spirit of the Code of Ethics. In accepting employment at Putnam, every employee accepts the absolute obligation to comply with the letter and the spirit of the Code of Ethics. Failure to comply with the spirit of the Code of Ethics is just as much a violation of the Code as failure to comply with the written rules of the Code.

The rules of the Code cover activities, including personal securities transactions, of Putnam employees, certain family members of employees, and entities (such as corporations, trusts, or partnerships) that employees may be deemed to control or influence.

Sanctions will be imposed for violations of the Code of Ethics. Sanctions may include monetary fines, bans on personal trading, reductions in salary increases or bonuses, disgorgement of trading profits, suspension of employment, and termination of employment. The proceeds resulting from monetary sanctions will be given to a charity chosen by the Code of Ethics Officer.

Insider trading

Putnam employees are forbidden to buy or sell any security while either Putnam or the employee is in possession of material non-public information (inside information) concerning the security or the issuer. A violation of Putnam’s insider trading policies may result in criminal and civil penalties, including imprisonment, disgorgement of profits, and substantial fines. An employee aware of or in possession of inside information must report it immediately to the Code of Ethics Officer. (See Appendix A: Insider Trading Prohibitions Policy Statement.)

Conflicts of interest

The Code of Ethics imposes limits on activities of Putnam employees where the activity may conflict with the interests of Putnam or its clients. These include limits on the receipt and solicitation of gifts and on service as a fiduciary for a person or entity outside of Putnam. For example, Putnam employees generally may not accept gifts over $100 in total value in a calendar year from any entity, or any supplier of goods or services to Putnam. In addition, a Putnam employee may not serve as a director of any corporation or other entity without prior approval of the Code of Ethics Officer.

Confidentiality

Information about Putnam clients and Putnam investment activity and research is proprietary and confidential and may not be disclosed or used by any Putnam employee outside Putnam without a valid business purpose.

1

Putnam mutual funds

All employees and certain family members are subject to a minimum 90-day holding period for shares in Putnam’s open-end mutual funds. This restriction does not apply to Putnam’s Stable Value or money market funds. Except in limited circumstances, all employees must hold Putnam open-end fund shares in accounts at Putnam.

Portfolio managers and others with access to investment information (“Access Persons”) are subject to a minimum one-year holding period for holding Putnam open-end fund shares.

Personal securities trading

Putnam employees may not buy or sell any security for their own account without clearing the proposed transaction in advance. Clearance is facilitated through the Personal Trading Assistant (PTA), the online pre-clearance system for equity securities, and directly with the Code of Ethics Administrator for fixed-income securities and transactions in Putnam closed-end funds. Certain securities are exempted from this pre-clearance requirement (e.g., shares of open-end (not closed-end) mutual funds).

Putnam employees may not buy any securities in an initial public offering or in a private placement, except in limited circumstances when prior written authorization is obtained.

Clearance must be obtained in advance, between 9:00 a.m. and 4:00 p.m. Eastern Time (ET) on the day of the trade. A clearance is valid only for the day it is obtained. Putnam employees are strongly discouraged from engaging in excessive trading for their personal accounts. Employees are prohibited from making more than 10 trades in individual securities each calendar quarter.

Short selling

Putnam employees are prohibited from short selling any security, whether or not it is held in a Putnam client portfolio, although short selling against broad market indexes and “against the box” is permitted. Note, however, that short selling “against the box” or otherwise hedging an investment in shares of Power Corporation of Canada, Power Financial Corporation, and Great-West Lifeco Inc. stock is prohibited.

Confirmations of trading and periodic account statements

All Putnam employees must have their brokers send copies of confirmations and statements of personal securities transactions to the Code of Ethics Administrator. This also applies to members of the immediate family who share the same household as the employee or for whom the employee has investment discretion. Employees must contact the Code of Ethics Administrator to (a) obtain an authorization [407] letter, (b) provide instructions to the broker in establishing a personal brokerage account, and (c) enter a broker account profile into PTA.

Quarterly and annual reporting

Employees will be notified if the following requirements apply. Upon commencement of employment and thereafter on an annual basis, Access Persons must disclose in the PTA system all personal securities holdings (even those to which pre-clearance may not apply). On a quarterly basis, Access Persons must disclose all their securities transactions in Personal Trading Assistant (PTA) within 15 days after the end of the quarter.

2

Personal securities transactions by Access Persons and certain investment professionals

The Code imposes several special restrictions on personal securities transactions by Access Persons and certain investment professionals, which are summarized as follows. (Refer to Section II for details):

• 90-Day Short-Term Rule. No Access Person shall purchase and then sell at a profit, or sell and then repurchase at a lower price, any security or related derivative security, for example, options, within 90 calendar days.

• 7-Day Rule. Before a portfolio manager places an order to buy a security for any portfolio he manages, he must sell from his personal account any such security or related derivative security purchased within the preceding seven calendar days, and disgorge any profit from the sale.

• Blackout Rule. No portfolio manager may sell any security or related derivative security for her personal account until seven calendar days after the most recent purchase of that security or related derivative security for any portfolio she manages. No portfolio manager may buy any security or related derivative security for her personal account until seven calendar days after the most recent sale of that security or related derivative security by any portfolio she manages.

Analysts are also subject to the 7-Day and Blackout rules in connection with a recommendation to buy/outperform or sell/underperform a security.

• Contra-Trading Rule. No portfolio manager may sell out of her personal account any security or related derivative security that is held in any portfolio she manages unless she has received the written approval of an appropriate CIO and the Code of Ethics Officer.

• No portfolio manager may cause a Putnam client to take action for the manager’s personal benefit.

3

Putnam’s Code of Ethics

Putnam Investments is required by law to adopt a Code of Ethics. The purposes of the law are to ensure that companies and their employees comply with all applicable laws and to prevent abuses in the investment advisory business that can arise when conflicts of interest exist between the employees of an investment advisor and its clients. By adopting and enforcing a Code of Ethics, we strengthen the trust and confidence reposed in us by demonstrating that at Putnam, client interests come first.

The Code that follows represents a balancing of important interests. On the one hand, as a registered investment advisor, Putnam owes a duty of undivided loyalty to its clients, and must avoid even the appearance of a conflict that might be perceived as abusing the trust they have placed in Putnam. On the other hand, Putnam does not want to prevent conscientious professionals from investing for their own account where conflicts do not exist or that are immaterial to investment decisions affecting Putnam clients.

When conflicting interests cannot be reconciled, the Code makes clear that, first and foremost, Putnam employees owe a fiduciary duty to Putnam clients. In most cases, this means that the affected employee will be required to forego conflicting personal securities transactions. In some cases, personal investments will be permitted, but only in a manner, which, because of the circumstances and applicable controls, cannot reasonably be perceived as adversely affecting Putnam client portfolios or taking unfair advantage of the relationship Putnam employees have to Putnam clients.

The Code contains specific rules prohibiting defined types of conflicts. Because every potential conflict cannot be anticipated, the Code also contains general provisions prohibiting conflict situations. In view of these general provisions, it is critical that any individual who is in doubt about the applicability of the Code in a given situation seeks a determination from the Code of Ethics Officer about the propriety of the conduct in advance. The procedures for obtaining such a determination are described in Section VI of the Code.

It is critical that the Code be strictly observed. Not only will adherence to the Code ensure that Putnam renders the best possible service to its clients, it will help to ensure that no individual is liable for violations of law.

It should be emphasized that adherence to this policy is a fundamental condition of employment at Putnam. Every employee is expected to adhere to the requirements of this Code of Ethics despite any inconvenience that may be involved. Any employee failing to do so may be subject to disciplinary action, including financial penalties and termination of employment, as determined by the Code of Ethics Officer, the Code of Ethics Oversight Committee, or the Chief Executive Officer of Putnam Investments.

4

Definitions

The words below are defined specifically for the purpose of Putnam’s Code of Ethics.

Access Persons

Each employee will be informed if he or she is considered an Access Person. The Code of Ethics Officer maintains a list of all Access Persons, categorized as follows:

• All employees of Putnam’s Investment Management Division

• Employees of the Operations and Administration Division within the following specific groups and departments:

o Fund Administration Group

o Global Operations Strategy Group

o Fund Accounting Oversight Group

o Custody Oversight Group

o Alternative Investments Department (in the Global Client Operations & Services Group)

• All employees in the Market Data Services Group

• Senior Managing Directors and Managing Directors in:

o Mutual Fund Shareholder Services Group

o Fund Accounting Oversight & Control Group

o Global Client Operations, Services & Custody Group

o Global Distribution and Marketing Division

o Corporate Development & Global Distribution Services Division

• All members of Putnam’s Executive Board

• All directors and employees of Putnam Investments Limited (PIL) and those based in Europe

• All directors and officers of a registered investment advisor affiliate, e.g., Putnam Investment Management, LLC (PIM), or The Putnam Advisory Company, LLC (PAC)

• All employees who have access to My Putnam (unless access is limited to the Wall Street Journal via Factiva )

• Employees who have systems access to non-public information about any client’s purchase or sale of securities or to information regarding recommendations with respect to such purchases or sales

• Employees who have access to non-public information regarding the portfolio holdings of any Putnam-advised or sub-advised mutual fund

• Others as defined by the Legal and Compliance Department

Closed-end fund A fund with a fixed number of shares outstanding, and that does not redeem shares the way a typical mutual fund does. Closed-end funds typically trade like stocks on exchange.

5

Code of Ethics Administrator The individual designated by the Code of Ethics Officer to assume responsibility for day-to-day, nondiscretionary administration of this Code. The current Code of Ethics Administrator is Laura Rose, who can be reached at extension 11104.

Code of Ethics Officer The Putnam officer who has been assigned the responsibility of enforcing and interpreting this Code. The Code of Ethics Officer shall be the Chief Compliance Officer or such other person as is designated by the Chief Executive Officer of Putnam Investments. If the Code of Ethics Officer is unavailable, the Deputy Code of Ethics Officer shall act in his stead. The Code of Ethics Officer is Bob Leveille. The Deputy Code of Ethics Officer is Kathleen Griffin.

Code of Ethics Oversight Committee Has oversight responsibility for administering the Code of Ethics. Members include the Code of Ethics Officer and other members of Putnam’s senior management approved by the Chief Executive Officer of Putnam.

Discretionary Account An account for which the holder gives his/her broker or investment advisor (but not an immediate family member) complete authority to make management decisions to buy and sell securities (also called controlled account or managed account).

Exchange-Traded Fund (ETF) A fund that tracks an index, but can be traded like a stock. ETFs always bundle together the securities that are in an index. Examples include (but are not limited to): SPDRs, WEBs, QQQQs, iShares, and HLDRs.

NOTE:

Excluded from pre-clearance but not from reporting requirements are: exchange-traded index funds (ETFs) containing a portfolio of securities of 25 or more issuers (e.g., SPDRs, WEBs, QQQQs, iShares, and HLDRs), and any option on a broad-based market index or an exchange-traded futures contract or option. Country funds, as well as other funds that are not tied to an index, are considered closed-end funds and are subject to pre-clearance and reporting requirements. (See Section I.A, Rule 1: Pre-clearance Requirements for more information.)

Immediate family Spouse, domestic partner, minor children, or other relatives living in the same household as the Putnam employee. All pre-clearance and reporting rules apply to “immediate family members.”

Narrow-based derivative A future, swap, put or call option, or similar derivative instrument whose return is determined by reference to fewer than 25 underlying issuers. Single stock futures and ETFs based on less than 25 issuers are included.

Personal Trading Assistant (PTA) The Personal Trading Assistant (PTA) is an Internet application designed for employees to manage personal trading activities, such as pre-clearance, reporting, and certifications, in accordance with regulatory requirements and Putnam’s Code of Ethics.

Policy statements The Insider Trading Prohibitions Policy Statement is attached to the Code as Appendix A and the Policy Statement Regarding Employee Trades in Shares of Putnam Closed-End Funds is attached to the Code as Appendix B.

Private placement Any offering of a security not offered to the public and not requiring registration with the relevant securities authorities.

Purchase or sale of a security Any acquisition or transfer of any interest in the security for direct or indirect consideration; this includes the writing of an option. This definition includes any transfer of a security by an employee as a gift to an individual or a charity.

Putnam Any or all of Putnam Investments, LLC and its subsidiaries, any one of which shall be a Putnam company.

Putnam client Any of the Putnam mutual funds, or any advisor, trust, or other client for whom Putnam manages money.

6

Putnam employee (or employee) Any employee of Putnam.

Restricted list The list established in accordance with Rule 1 of Section I.A.

Security The following instruments are defined as “securities” and require pre-clearance:

• Any type or class of equity or debt security, e.g., corporate or municipal bonds

• Any rights relating to a security, such as warrants and convertible securities

• Closed-end funds

• Any narrow-based derivative, e.g., a put or call option on a single security

Pre-clearance and reporting is not required (unless otherwise noted) for:

• Open-end mutual funds

• Currencies, Treasuries (T-bills), and direct and indirect obligations of the U.S. government and its agencies

• Direct and indirect obligations of any member country in the Organization for Economic CoOperation and Development (OECD), commercial paper, certificates of deposit (CDs), repurchase agreements, bankers’ acceptances, and other money market instruments

Short selling The sale of a security that the investor does not own in order to take advantage of an anticipated decline in the price of the security. In order to sell short, the investor must borrow the security from his broker in order to make delivery to the buyer.

Short selling against the box A short sale where the investor owns the security, but does not want to use the shares for delivery, so he borrows them from the brokerage firm.

Transaction for a personal account Securities transactions: (a) for the personal account of any employee; (b) for the account of a member of the immediate family of any employee; (c) for the account of a partnership in which a Putnam employee or immediate family member is a general partner or a partner with investment discretion; (d) for the account of a trust in which a Putnam employee or immediate family member is a trustee with investment discretion; (e) for the account of a closely held corporation in which a Putnam employee or immediate family member holds shares and for which he has investment discretion; and (f ) for any account other than a Putnam client account, which receives investment advice of any sort from the employee or immediate family member, or as to which the employee or immediate family member has investment discretion.

Rule of construction regarding time periods Unless the context indicates otherwise, time periods used in the Code of Ethics shall be measured inclusively, i.e., beginning on the date from which the measurement is made.

EXCEPTIONS

Unless the context indicates otherwise, there will be no exceptions to the rules.

7

Section I — Personal Securities Rules for All Employees

A. Pre-clearance

Rule 1: Pre-clearance Requirements

Pre-clearance is required for the following securities:

• Any type or class of equity or debt security, including corporate and municipal bonds

• Stock of Power Corporation of Canada, Power Financial Corporation, and Great-West Lifeco Inc.

• Any rights relating to a security, such as warrants and convertible securities

• Closed-end funds – including Putnam closed-end funds. Country funds, as well as other funds that are not tied to an index, are considered closed-end funds and are subject to pre-clearance and reporting requirements, e.g., India Fund (IFN), Morgan Stanley Asia Pacific Fund (APF), and Central Europe and Russia Fund (CEE). Certain closed-end funds that sometimes are referred to as closed-end ETFs, such as Western Asset Emerging (ESD) or Eaton Vance Muni Trust (EVN), are also subject to pre-clearance and reporting requirements.

• Any narrow-based derivative, e.g., a put or call option on a single security

• Any security donated as a gift to an individual or a charity

• Marsh & McLennan (MMC) securities

Pre-clearance is not required for:

• Open-end mutual funds

• Currencies, Treasuries (T-bills), and direct and indirect obligations of the U.S. government and its agencies

• Direct and indirect obligations of any member of the country of the Organization for Economic Co-Operation and Development (OECD), commercial paper, certificates of deposit (CDs), repurchase agreements, bankers’ acceptances, and other money market instruments

• Application for a loan and/or withdrawals of MMC stock from your 401(k)/Profit Sharing Plan

The following are excluded from pre-clearance but not from reporting requirements:

Exchange-traded funds (ETFs) containing a portfolio of securities of 25 or more issuers (e.g., SPDRs, WEBs, QQQQs, iShares, and HLDRs), and any option on a broad-based market index or an exchange-traded futures contract or option thereon.

Rule 2: Personal Trading Assistant (PTA) System and Restricted List

No Putnam employee shall purchase or sell for his personal account any security requiring pre-clearance under Rule 1 without prior clearance obtained through procedures set forth by the Code of Ethics Officer. Equity securities are pre-cleared through the PTA pre-clearance system (on Putnam’s intranet home page at http://intranet ). Fixed-income securities must be pre-cleared by calling the Code of Ethics Administrator. There are special rules for trading in Putnam closed-end funds. (See Appendix B.) Subject to the limited exceptions below, no clearance will be granted for securities appearing on the Restricted List. Securities will be placed on the Restricted List in the following circumstances:

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(a) When orders to purchase or sell such security have been entered for any Putnam client or the security is being actively considered for purchase for any Putnam client, unless the security is a non-convertible investment-grade (rated at least BBB by S&P or Baa by Moody’s) fixed-income investment;

(b) When such a security is a voting security of a corporation in the banking, savings and loan, insurance, communications, public utilities, or gaming (i.e., casinos) industries, if holdings of Putnam clients in that corporation exceed 7%;

(c) When, in the judgment of the Code of Ethics Officer, other circumstances warrant restricting personal transactions of Putnam employees in a particular security; and

(d) When required under the Policy Statement Concerning Insider Trading Prohibitions. (See Appendix A.)

IMPLEMENTATION

An employee wishing to trade any equity securities for his personal account shall first obtain clearance through the Personal Trading Assistant (PTA) system. The system may be accessed online via Putnam’s intranet home page at http://intranet . Employees may pre-clear securities between 9:00 a.m. and 4:00 p.m. ET. Requests to make personal securities transactions may not be made using the system or presented to the Code of Ethics Administrator before 9:00 a.m. or after 4:00 p.m. ET.

Pre-clearance must be made by calling the Code of Ethics Administrator for a fixed-income investment (municipal and corporate bonds, including non-convertible investment-grade bonds rated BBB by S&P or Baa by Moody’s).

The PTA system will inform the employee whether the security may be traded and whether trading in the security is only eligible up to the limits under the “Large-/Mid-Cap Exemption.” The response of the pre-clearance system as to whether a security appears on the Restricted List and, if so, whether it is eligible for the exceptions set forth after this Rule shall be final, unless the employee appeals to the Code of Ethics Officer, using the procedure described in Section VI, regarding the request to trade a particular security.

A clearance is only valid for trading on the day it is obtained. Trades in any security by employees in Asian or European offices of Putnam or trades by any employee in securities listed on Asian or European stock exchanges, however, may be executed within one business day after pre-clearance is obtained.

If a security is not on the Restricted List, other classes of securities of the same issuer (e.g., preferred or convertible preferred stock) may be on the Restricted List. It is the employee’s responsibility to identify with particularity the class of securities for which permission is being sought for a personal investment.

If the PTA system does not recognize a security, or if an employee is unable to use the system or has any questions with respect to the system or pre-clearance, the employee may consult the Code of Ethics Administrator. The Code of Ethics Administrator shall not have authority to answer any questions about a security other than whether trading is permitted. The response of the Code of Ethics Administrator as to whether a security appears on the Restricted List and, if so, whether it is eligible for any applicable exceptions set forth after this Rule shall be final, unless the employee appeals to the Code of Ethics Officer, using the procedure described in Section VI, regarding the request to trade a particular security.

EXCEPTIONS

A. Large-/Mid-Cap Exemption. If a security appearing on the Restricted List is an equity security for which the issuer has a market capitalization (defined as outstanding shares multiplied by current price per share) of over $2 billion, then upon clearance approval, the Putnam employee may not trade more than 1,000 shares of the security for the day.

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B. Pre-clearing Transactions Effected by Share Subscription. Trades of securities made by subscription rather than on an exchange are limited to issuers having a market capitalization of $2 billion or more and are subject to the 1,000 share limit. The following are procedures to comply with Rules 1 and 2 when effecting a purchase or sale of shares by subscription:

• The Putnam employee must pre-clear the trade on the day he or she submits a subscription to the issuer rather than on the actual day of the trade since the actual day of the trade typically will not be known to the employee who submits the subscription. The employee must contact the Code of Ethics Administrator at the time of pre-clearance and will be told whether the purchase is permitted (in the case of a corporation having a market capitalization of $2 billion or more) or not permitted (in the case of a smaller capitalization issuer).

• The subscription for any purchase or sale of shares must be reported on the Access Person’s quarterly personal securities transaction report, noting the trade was accomplished by subscription.

• Because no brokers are involved in the transaction, the confirmation requirement will be waived for these transactions, although the Putnam employee must provide the Legal and Compliance Department with any transaction summaries or statements sent by the issuer.

C. Trades in Approved Discretionary Brokerage Accounts. A transaction does not need to be pre-cleared if it takes place in an account that the Code of Ethics Officer has approved in writing as exempt from the pre-clearance requirement prior to establishing the account. In the sole discretion of the Code of Ethics Officer, accounts that will be considered for exclusion from the pre-clearance requirement are only those for which an employee’s securities broker or investment advisor has complete discretion (a discretionary account).

Employees wishing to seek such an exemption must send a written request to the Code of Ethics Administrator and meet the following conditions: (i) the employee certifies annually in writing that the employee has no influence over the transactions in the discretionary account and is not aware of the transactions in the discretionary account prior to their execution; (ii) the broker or investment advisor certifies annually in writing that the employee has no influence over the transactions in the discretionary account and is not aware of the transactions in the discretionary account prior to their execution; and (iii) each calendar quarter, the broker or investment advisor sends Putnam’s Code of Ethics Administrator copies of each quarterly statement for the discretionary account.

COMMENTS

• Pre-clearance. Subpart (a) of Rule 2 is designed to avoid the conflict of interest that might occur when an employee trades for his personal account a security that currently is being traded or is likely to be traded for a Putnam client. Such conflicts arise, for example, when the trades of an employee might have an impact on the price or availability of a particular security, or when the trades of the client might have an impact on price to the benefit of the employee. Thus, exceptions involve situations where the trade of a Putnam employee is unlikely to have an impact on the market.

• Regulatory Limits. Owing to a variety of federal statutes and regulations in the banking, savings and loan, insurance, communications, public utilities, and gaming industries, it is critical that accounts of Putnam clients do not hold more than 7% of the voting securities of any issuer in those industries. Subpart (b) of this rule limits employees’ personal trades to sales of shares in these areas because of the risk that the personal holdings of Putnam employees may be aggregated with Putnam holdings. Putnam’s so-called 7% rule will allow the regulatory limits to be observed.

• Options. For the purposes of this Code, options are treated like the underlying security. Thus, an employee may not purchase, sell, or “write” option contracts for a security that is on the

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Restricted List. The automatic exercise or assignment of an options contract (the purchase or writing of which was previously pre-cleared) does not have to be pre-cleared. Note, however, that the purchase or sale of securities obtained through the exercise of options must be pre-cleared.

• Involuntary Transactions. Involuntary personal securities transactions are exempted from the Code. Special attention should be paid to this exemption. (See Section I.D.)

• Tender Offers. This Rule does not prohibit an employee from tendering securities from his personal account in response to any and all tender offers, even if Putnam clients are also tendering securities. If tendering a security in response to a “partial tender offer,” an employee must pre-clear the trade on the day she submits instructions to her broker, and she will be prohibited from trading if Putnam clients are also tendering the same security.

• Gifts of Securities. Pre-clearance is required for securities donated as a gift to a charitable organization or to an individual. Employees are required to provide a gift transfer certificate of the transaction (if produced) to the Code of Ethics Administrator along with an account statement reflecting the gift transaction. Employees who receive a security gift must report the gift to the Code of Ethics Administrator who will make the necessary adjustments in PTA. Access Persons must enter the gift as a security holding in PTA and report in their Annual Holdings Report.

Rule 3: Marsh & McLennan (MMC) securities

All employees trading MMC securities must pre-clear the trades in the PTA system. MMC securities include stock, options, and any other securities such as debt. Sales out of the MMC Employee Stock Purchase Plan and transactions in all Putnam and MMC employee benefit and bonus plans, i.e., rebalancing or exchanging out of the 401(k)/Profit Sharing/Bonus Plan, are included in this requirement.

Pre-clearance of MMC is required when, for example, you:

• Sell MMC out of the Stock Purchase Plan

• Exchange MMC shares out of your 401(k)/Profit Sharing/Bonus Plan

• Rebalance your Putnam fund choices, which results in a sale of MMC from your 401(k)/Profit Sharing/Bonus Plan

• Trade in MMC securities in other accounts held outside Putnam Investments

Pre-clearance is not required when you apply for a loan and/or make withdrawals of the stock from your 401(k)/Profit Sharing Plan.

COMMENTS

All transactions of MMC require pre-clearance in PTA before you contact Citi Smith Barney to sell shares out of your Stock Purchase Plan. Also, if MMC is one of your choices in the 401(k)/Profit Sharing Plan, all exchanges must be cleared. Even though clearance is not required for Putnam mutual funds, if you do not wish to include MMC shares when rebalancing any of your fund choices, which will result in an automatic exchange of your MMC shares, you must remember to exclude MMC shares prior to submitting your changes. If you are investing online, check the box to exclude MMC; or if you are investing by telephone with a Putnam representative, ask to exclude MMC before rebalancing the funds.

Additional MMC-related policies:

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• Transactions in MMC securities that are held in Putnam’s internal plans are not subject to the 90-Day Short-Term Rule (applicable to Access Persons only) or to the holding periods that apply to Putnam mutual funds.

B. Prohibited Transactions

Rule 1: Short-Selling Prohibition

Putnam employees are prohibited from short selling any security in their own account, whether or not the security is held in a Putnam client portfolio. Employees are prohibited from hedging investments made in securities of Power Corporation of Canada, Power Financial Corporation, and Great-West Lifeco Inc.

EXCEPTION

Short selling against broad market indexes (such as the Dow Jones Industrial Average, the NASDAQ Index, and the S&P 100 and 500 indexes) and short selling against the box are permitted (except that short selling shares of Power Corporation of Canada, Power Financial Corporation, and Great-West Lifeco Inc. against the box is not permitted).

Rule 2: Initial Public Offerings Prohibition

No Putnam employee shall purchase any security for her personal account in an initial public offering. Employees are also restricted from participating in Initial Public Offerings via a Discretionary Account.

EXCEPTION

Pre-existing Status Exception. A Putnam employee shall not be barred by this Rule or by Rule 2(a) of Section I.A. from purchasing securities for her personal account in connection with an initial public offering of securities by a bank or insurance company when the employee’s status as a policyholder or depositor entitles her to purchase securities on terms more favorable than those available to the general public, in connection with the bank’s conversion from mutual or cooperative form to stock form, or the insurance company’s conversion from mutual to stock form, provided that the employee has had the status entitling her to purchase on favorable terms for at least two years. This exception is only available with respect to the value of bank deposits or insurance policies that an employee owns before the announcement of the initial public offering. This exception does not apply, however, if the security app ears on the Restricted List in the circumstances set forth in subparts (b), (c), or (d) of Section I.A., Rule 2.

COMMENTS

• The purpose of this Rule is twofold. First, it is designed to prevent a conflict of interest between Putnam employees and Putnam clients who might be in competition for the same securities in a limited public offering. Second, the Rule is designed to prevent Putnam employees from being subject to undue influence as a result of receiving favors in the form of special allocations of securities in a public offering from broker-dealers who seek to do business with Putnam.

• Purchases of securities in the immediate after-market of an initial public offering are not prohibited, provided they do not constitute violations of other provisions of the Code of Ethics. For example, participation in the immediate after-market as a result of a special allocation from an underwriting group would be prohibited by Section III, Rule 3, concerning gifts and other favors.

• Public offerings subsequent to initial public offerings are not deemed to create the same potential for competition between Putnam employees and Putnam clients because of the pre-existence of a market for the securities.

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Rule 3: Private Placement Pre-approval Requirements

No Putnam employee shall purchase any security for his personal account in a limited private offering or private placement without prior approval of the Code of Ethics Officer. Privately placed limited partnerships and funds such as private equity or hedge funds are specifically included in this Rule.

COMMENTS

• The purpose of this Rule is to prevent a Putnam employee from investing in securities for his own account pursuant to a limited private offering that could compete with or disadvantage Putnam clients, and to eliminate any incentives Putnam employees might have to favor those who can affect access to limited offerings.

• Exemptions to the prohibition will generally not be granted where the proposed investment relates directly or indirectly to investments by a Putnam client, or where individuals involved in the offering (including the issuers, broker, underwriter, placement agent, promoter, fellow investors, and affiliates of the foregoing) have any prior or existing business relationship with Putnam or a Putnam employee, or where the Putnam employee believes that such individuals may expect to have a future business relationship with Putnam or a Putnam employee.

• An exemption may be granted, subject to reviewing all the facts and circumstances, for investments in:

(a) Pooled investment funds, including hedge funds, subject to the condition that an employee investing in a pooled investment fund would have no involvement in the activities or decision-making process of the fund except for financial reports made in the ordinary course of the fund’s business, and subject to the condition that the hedge fund does not invest significantly in registered investment companies.

(b) Private placements where the investment cannot relate, or be expected to relate, directly or indirectly to Putnam or investments by a Putnam client.

• Employees who apply for an exemption will be expected to disclose to the Code of Ethics Officer in writing all facts and relationships relating to the proposed investment.

• Applications to invest in private placements will be reviewed by the Code of Ethics Oversight Committee. This review will take into account, among other factors, the considerations described in the preceding comments.

Rule 4: Trading with Material Non-public Information

No Putnam employee shall purchase or sell any security for her personal account or for any Putnam client account while in possession of material non-public information concerning the security or the issuer. Please read Appendix A, Policy Statement Concerning Insider Trading Prohibitions.

Rule 5: No Personal Trading with Client Portfolios

No Putnam employee shall purchase from or sell to a Putnam client any securities or other property for his personal account, nor engage in any personal transaction to which a Putnam client is known to be a party, or in which the transaction may have a significant relationship to any action taken by a Putnam client.

IMPLEMENTATION

It is the responsibility of every Putnam employee to make inquiry prior to any personal transaction in order to satisfy himself that the requirements of this Rule have been met.

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COMMENT

This Rule is required by federal law. It does not prohibit a Putnam employee from purchasing any shares of an open-end Putnam fund. The policy with respect to employee trading in Putnam closed-end funds is attached as Appendix B.

Rule 6: Holding Putnam Mutual Fund Shares

Putnam employees may not hold shares of Putnam open-end U.S. mutual funds other than through accounts maintained at Putnam. Employees placing purchase orders in shares of Putnam open-end funds must place such orders through Putnam and not through an outside broker or other intermediary. Employees redeeming or exchanging shares of Putnam open-end funds must place those orders through Putnam and not through an outside broker or other intermediary. For transfer instructions, contact a Putnam Preferred Client Services (PCS) representative at 1-800-634-1590.

REMINDER

For purposes of this Rule, “employee” includes:

• Members of the immediate family of a Putnam employee who share the same household as the employee or for whom the Putnam employee has investment discretion (family member);

• Any trust in which a Putnam employee or family member is a trustee with investment discretion and in which such Putnam employee or any family members are collectively beneficiaries;

• Any closely held entity (such as a partnership, limited liability company, or corporation) in which a Putnam employee and his or her family members hold a controlling interest and with respect to which they have investment discretion; and

• Any account (including any retirement, pension, deferred compensation, or similar account) in which a Putnam employee or family member has a substantial economic interest and over which the Putnam employee or family member exercises investment discretion.

COMMENTS

These requirements also apply to:

• Self-directed IRA accounts holding Putnam fund shares;

• Variable annuities and variable insurance contracts, such as Putnam/Hartford Manager, that invest in Putnam Variable Trusts. Employees must designate Putnam Retail Management as the broker of record for all such accounts.

NOTE:

Employees are required to seek permission from the Code of Ethics Officer to hold Putnam funds in variable trusts outside of Putnam.

EXCEPTION

Retirement, pension, deferred compensation, and similar accounts that cannot be legally transferred to Putnam are not subject to the requirement. For example, a spouse of a Putnam employee may have a 401(k)/Profit Sharing Plan with her employer that invests in Putnam funds. Employees may also hold Putnam money market funds at Mercer Securities. Any employee who continues to hold shares in open-end Putnam funds outside of Putnam must notify the Code of Ethics Officer in writing of the account information, provide the reason why the account cannot be transferred to Putnam, and arrange for a quarterly statement of transactions in such account to be sent to the Code of Ethics Administrator.

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Rule 7: Putnam Mutual Fund Employee Restrictions

(a) Employees (defined in Rule 6) may not, within a 90-calendar day period, make a purchase followed by a sale or a sale followed by a purchase of shares of the same open-end Putnam mutual fund, even if the transactions occur in different accounts.

(b) Employees who are Access Persons may not, within a one-year period, make a purchase followed by a sale or a sale followed by a purchase of shares of the same open-end Putnam mutual fund or of shares of any U.S. registered mutual fund to which Putnam acts as advisor or sub-advisor, even if the transactions occur in different accounts.

(c) All employees are required to link their immediate family members’ accounts holding Putnam mutual funds to comply with the disclosure requirements. These accounts are also subject to the 90-day and one-year rules. To link these accounts, log on to Putnam’s intranet home page at http://intranet , and select Employee Essentials/Linked Mutual Fund Accounts. You are required to confirm the information and will be prompted to add any accounts that you or your family members have that should be linked, or delink accounts that you or your family members have closed.

COMMENTS

This Rule applies to transactions by a Putnam employee and family members as defined in the Code in any type of account including retail, IRA, variable annuity, and 401(k)/Profit Sharing Plan, as well as any deferred compensation accounts, and the restrictions apply across all accounts maintained by an employee and family members:

• An employee who buys shares of an open-end Putnam mutual fund may not sell any shares of the same mutual fund until 90 calendar days have passed, or one year for Access Persons.

• Example: If an employee buys shares of a Putnam fund on Day 1 for a retail account and then sells (by exchange) shares of the same fund for his or her 401(k)/Profit Sharing Plan accounts on Day 85, the employee has violated the rule.

• Similarly, an employee who sells shares of an open-end Putnam mutual fund may not buy any shares of the same mutual fund until 90 calendar days have passed, or one year for Access Persons.

• The purpose of these blackout period restrictions is to prevent any market timing or the appearance of any market timing activity.

• This Rule applies to transactions by a Putnam employee and his or her family members as defined in the Code in any type of account including retail, IRA, variable annuity, variable insurance, and 401(k)/Profit Sharing Plan, as well as any deferred compensation accounts.

• The minimum sanction for an initial violation of the blackout period will be disgorgement of any profit made on the transaction. Additional sanctions may apply, including termination of employment.

EXCEPTIONS

A. The restrictions do not apply to Putnam’s money market funds and Putnam Stable Value Fund.

B. 401(k)/Profit Sharing Plan Contributions and Payroll Deductions: The 90-day or one year restriction is not triggered by the initial allocation of regular employee or employer contributions or forfeitures to an employee’s account under the terms of Putnam employee benefit plans or a Putnam payroll-deduction direct-investment program; later exchanges of these contributions will be subject to either the 90-day or one-year blackout period.

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C. Systematic Programs: The restrictions do not apply with respect to shares sold or acquired as a result of participation in a systematic program for contributions, withdrawals, or exchanges, provided that an election to participate in any such program and the participation dates of the program are not changed more often than quarterly after the program is elected by the employee. Access Persons may elect a quarterly or semiannual rebalancing program although it may only be changed on an annual basis.

D. Employee Benefit Plan Withdrawals and Distributions: No restriction applies with respect to shares sold for withdrawals, loans, or distributions under the terms of Putnam employee benefit plans.

E. Dividends, Distributions, Mergers, and Share Class Conversions: No restriction applies with respect to the acquisition of shares as a result of reinvestment of dividends, distributions, mergers, conversions of share classes, or other similar actions. Subsequent transactions with respect to the shares will be covered.

F. College Savings Program: Redemptions from an employee’s college savings 529 plan to pay for qualified educational expenses for the beneficiary of the account (and redemptions due to death or disability) are exempt from the 90-day and one-year restrictions applicable to Putnam mutual funds. Qualified redemptions include:

• Tuition

• School fees

• Books

• Supplies and equipment required for enrollment

• Room and board

• Death

• Disability

G. Special Situations: In special situations as determined from time to time by Putnam’s Code of Ethics Oversight Committee, exceptions may by granted to the blackout periods as a result of death, disability, or special circumstances (such as personal hardship). Employees may request an exception by submitting a written request to the Code of Ethics Officer.

Rule 8: Special Orders

Good Until Canceled (GTC) Limit Orders are prohibited.

Any order not executed on the day of pre-clearance must be resubmitted for pre-clearance before being executed on a subsequent day. “Good until canceled limit” orders are prohibited because of the potential failure to pre-clear.

EXCEPTION

Same-day limit orders are permitted.

Rule 9: Excessive Trading

Putnam employees are strongly discouraged from engaging in excessive trading for their personal accounts. Employees are prohibited from making more than 10 trades in individual securities in any given quarter. For the purpose of this rule, an employee is prohibited from engaging in more than a total of 10 trades in all accounts the employee may hold (including those accounts held by his immediate family members), not 10 trades per individual account.

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EXCEPTION

For the purpose of calculating the number of trades in any quarter, trading the same security in the same direction (buy or sell) over a period of five business days will be counted as one transaction.

Trades in ETFs containing 25 or more issuers and trades of MMC stock in Putnam internal plans are not counted towards the 10-trade limit.

COMMENT

Although a Putnam employee’s excessive trading may not itself constitute a conflict of interest with Putnam clients, Putnam believes that its clients’ confidence in Putnam will be enhanced and that the likelihood of Putnam achieving better investment skills results for its clients over the long term will be increased if Putnam employees rely on their investment skills, as opposed to their trading skills in transactions for their own account. Moreover, excessive trading by a Putnam employee for his or her own account diverts an employee’s attention from the responsibility of servicing Putnam clients, and increases the possibilities for transactions that are in actual or apparent conflict with Putnam client transactions. Short-term trading is strongly discouraged, and employees are encouraged to take a long-term view.

Rule 10: Spread Betting

PIL employees may not enter into any spread betting contracts on financial instruments.

COMMENT

Spread betting provides exposure to the movement of an index or security price without holding any form of certificate.

This Rule guards against the danger that a Putnam employee may be in violation of the Code of Ethics by virtue of his spread betting transactions. Please note that this restriction also applies to the spouse of a Putnam employee and any relatives of a Putnam employee living in the same household as the employee, as their transactions are covered by the Code of Ethics. (See page 6.)

C. Discouraged Transaction Rule 1: Naked Options

Putnam employees are strongly discouraged from engaging in writing (selling) naked options for their personal accounts.

Naked option transactions are particularly dangerous, because a Putnam employee may be prevented by the restrictions in this Code of Ethics from covering the naked option at the appropriate time. All employees should keep in mind the limitations on their personal securities trading imposed by this Code when contemplating such an investment strategy. Engaging in naked options transactions on the basis of material non-public information is prohibited. (See Appendix A, Policy Statement Concerning Insider Trading Prohibitions.)

D. Exempted Transactions Rule 1: Involuntary Transactions

Transactions that are involuntary on the part of a Putnam employee are exempt from the prohibitions set forth in Sections I.A., I.B., and I.C.

COMMENTS

This exemption is based on categories of conduct that the Securities and Exchange Commission does not consider “abusive.”

• Examples of involuntary personal securities transactions include:

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(a) Sales out of the brokerage account of a Putnam employee as a result of a bona fide margin call, provided that withdrawal of collateral by the Putnam employee within the ten days previous to the margin call was not a contributing factor to the margin call;

(b) Purchases arising out of an automatic dividend reinvestment program of an issuer of a publicly traded security.

• Transactions by a trust in which the Putnam employee (or a member of his immediate family) holds a beneficial interest, but for which the employee has no direct or indirect influence or control with respect to the selection of investments, are involuntary transactions. In addition, these transactions do not fall within the definition of “personal securities transactions.” (See Definitions.)

• A good-faith belief on the part of the employee that a transaction was involuntary will not be a defense to a violation of the Code of Ethics. In the event of confusion as to whether a particular transaction is involuntary, the burden is on the employee to seek a prior written determination of the applicability of this exemption. The procedures for obtaining such a determination appear in Section VI.

Rule 2: Special Exemptions

Transactions that have been determined, in writing by the Code of Ethics Officer before the transaction occurs, to be no more than remotely harmful to Putnam clients because the transaction would be very unlikely to affect a highly institutional market, or because the transaction is clearly not related economically to the securities to be purchased, sold, or held by a Putnam client, are exempt from the prohibitions set forth in Sections I.A., I.B., and I.C.

IMPLEMENTATION

An employee may seek an ad hoc exemption under this Rule by following the procedures in Section VI.

COMMENTS

• This exemption is also based upon categories of conduct that the Securities and Exchange Commission does not consider “abusive.”

• The burden is on the employee to seek a prior written determination that the proposed transaction meets the standards for an ad hoc exemption set forth in this Rule.

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Section II — Additional Special Rules for Personal Securities Transactions

A. Access Persons and Certain Investment Professionals

Access Persons include all investment professionals and other employees as defined on page 1.

Rule 1: 90-Day Short-Term Rule

Access Persons may not sell a security at a profit within 90 days of purchase or buy a security at a price below which he or she sold it within the past 90 days.

EXCEPTION

None, unless prior written approval from the Code of Ethics Officer is obtained. Exceptions may be granted on a case-by-case basis when no abuse is involved and the equities of the situation support an exemption. For example, although an Access Person may buy a stock as a long-term investment, that stock may have to be sold involuntarily due to unforeseen activity such as a merger.

IMPLEMENTATION

A. The 90-Day Short-Term Rule applies to all Access Persons, as defined in the Definitions section of the Code.

B. Calculation of whether there has been a profit is based upon the market prices of the securities. The calculation includes commissions and other sales charges.

C. As an example, an Access Person would not be permitted to sell a security at $12 that he purchased within the prior 90 days for $10. Similarly, an Access Person would not be permitted to purchase a security at $10 that she had sold within the prior 90 days for $12.

COMMENTS

• The prohibition against short-term trading profits by Access Persons is designed to minimize the possibility that they will capitalize inappropriately on the market impact of trades involving a client portfolio about which they might possibly have information.

• Although Chief Investment Officers, portfolio managers, and analysts may sell securities at a profit within 90 days of purchase in order to comply with the requirements of the 7-Day Rule applicable to them (described below), the profit will have to be disgorged to charity under the terms of the 7-Day Rule.

B. Certain Investment Professionals Rule 2: 7-Day Rule

(a) Portfolio Managers: Before a portfolio manager (including a Chief Investment Officer with respect to an account he manages) places an order to buy a security for any Putnam client portfolio that he manages, he must sell that security or related derivative security if he has purchased it in his personal account within the preceding seven calendar days.

(b) Analysts: Before an analyst makes a purchase or an outperform recommendation for a security (including designation of a security for inclusion in the portfolio of Putnam Research Fund), he must sell that security or related derivative security if he has purchased it in his personal account within the preceding seven calendar days.

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COMMENTS

• This Rule applies to portfolio managers (including Chief Investment Officers with respect to accounts they manage) in connection with any purchase, no matter how small, in any client account managed by that portfolio manager or CIO (even so-called “clone accounts”). In particular, it should be noted that the requirements of this Rule also apply with respect to purchases in client accounts, including “clone accounts,” resulting from “cash flows.” To comply with the requirements of this Rule, it is the responsibility of each portfolio manager or CIO to be aware of the placement of all orders for purchases of a security by client accounts that he or she manages for seven days following the purchase of that security for his or her personal account.

• An investment professional who must sell securities to be in compliance with the 7-Day Rule must absorb any loss and disgorge to charity any profit resulting from the sale. The recipient charity will be chosen by the Code of Ethics Officer.

• This Rule is designed to avoid even the appearance of a conflict of interest between an investment professional and a Putnam client. A greater burden is placed on these professionals given their positions in the organization. Transactions executed for the employee’s personal account must be conducted in a manner consistent with the Code of Ethics and in such a manner as to avoid any actual or perceived conflict of interest or any abuse of the employee’s position of trust and responsibility.

• “Portfolio manager” is used in this Section as a functional label, and is intended to cover any employee with authority to authorize a trade on behalf of a Putnam client, whether or not such employee bears the title “portfolio manager.” “Analyst” is also used in this Section as a functional label, and is intended to cover any employee who is not a portfolio manager but who may make recommendations regarding investments for Putnam clients.

Rule 3: Blackout Rule

(a) Portfolio Managers: No portfolio manager (including Chief Investment Officers with respect to accounts they manage) shall: (i) sell any security or related derivative security for her personal account until seven calendar days have elapsed since the most recent purchase of that security or related derivative security by any Putnam client portfolio she manages or co-manages; or (ii) purchase any security or related derivative security for her personal account until seven calendar days have elapsed since the most recent sale of that security or related derivative security from any Putnam client portfolio that she manages or co-manages.

(b) Analysts: No analyst shall: (i) sell any security or related derivative security for his personal account until seven calendar days have elapsed since his most recent buy or outperform recommendation for that security or related derivative security (including designation of a security for inclusion in the portfolio of Putnam Research Fund); or (ii) purchase any security or related derivative security for his personal account until seven calendar days have elapsed since his most recent sell or underperform recommendation for that security or related derivative security (including the removal of a security from the portfolio of Putnam Research Fund).

COMMENTS

• This Rule applies to portfolio managers (including Chief Investment Officers with respect to accounts they manage) in connection with any purchase, no matter how small, in any client account managed by that portfolio manager or CIO (even clone accounts). In particular, it should be noted that the requirements of this rule also apply with respect to transactions in client accounts, including clone accounts, resulting from cash flows. In order to comply with the requirements of this Rule, it is the responsibility of each portfolio manager and CIO to be aware of all transactions in a security by client accounts that he or she manages that took place within the seven days preceding a transaction in that security for his or her personal account.

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• This Rule is designed to prevent a Putnam portfolio manager or analyst from engaging in personal investment conduct that appears to be counter to the investment strategy she is pursuing or recommending on behalf of a Putnam client.

Rule 4: Contra-Trading Rule

(a)Portfolio Managers: No portfolio manager shall, without prior clearance and written approval, sell out of his personal account securities or related derivative securities held in any Putnam client portfolio that he manages or co-manages.

(b)Chief Investment Officers: No Chief Investment Officer shall, without prior clearance and written approval, sell out of his personal account securities or related derivative securities held in any Putnam client portfolio managed in his investment group.

IMPLEMENTATION

A. Individuals Authorized to Give Approval. Prior to engaging in any such sale, a portfolio manager shall seek written approval of the proposed sale. In the case of a portfolio manager, prior written approval of the proposed sale shall be obtained from a Chief Investment Officer to whom he reports or, in his absence, another Chief Investment Officer. In the case of a Chief Investment Officer, prior written approval of the proposed sale shall be obtained from another Chief Investment Officer. In addition to the foregoing, prior written approval must also be obtained from the Code of Ethics Officer.

B. Contents of Written Approval. In every instance, use either the attached form of written approval known as “Appendix C” in this Booklet or such other form as the Code of Ethics Officer shall designate. The written approval should be signed by the Chief Investment Officer giving approval and dated when such approval was given, and shall state, briefly, the reasons why the trade was allowed and why the investment conduct pursued by the portfolio manager or Chief Investment Officer was deemed inappropriate for the Putnam client account controlled by the individual seeking to engage in the transaction for his personal account. Such written approval shall be sent by the Chief Investment Officer approving the transaction to the Code of Ethics Officer, for her approval, within 24 hours or as promptly as circumstances permit. Approvals obtained after a transaction has been completed, or while it is in process, will not satisfy the requirements of this Rule.

COMMENT

This Rule, like Rule 3 of this section, is designed to prevent a Putnam portfolio manager from engaging in personal investment conduct that appears to be counter to the investment strategy that he is pursuing on behalf of a Putnam client.

Rule 5: No Personal Benefit

No portfolio manager shall cause, and no analyst shall recommend, a Putnam client to take action for the portfolio manager’s or analyst’s own personal benefit.

COMMENTS

• A portfolio manager who trades in, or an analyst who recommends, particular securities for a Putnam client account in order to support the price of securities in his personal account, or who “front runs” a Putnam client order is in violation of this Rule. Portfolio managers and analysts should be aware that this Rule is not limited to personal transactions in securities (as that word is defined in the Definitions section). Thus, a portfolio manager or analyst who front runs a Putnam client purchase or sale of obligations of the U.S. government is in violation of this Rule. U.S. government obligations are excluded from the definition of security.

• This Rule is not limited to instances when a portfolio manager or analyst has malicious intent. It also prohibits conduct that creates an appearance of impropriety. Portfolio managers and

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analysts who have questions about whether proposed conduct creates an appearance of impropriety should seek a prior written determination from the Code of Ethics Officer, using the procedures described in Section VI.

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Section III — General Rules for All Employees

Rule 1: Compliance with All Laws, Regulations, and Policies

All employees must comply with applicable laws and regulations as well as company policies. This includes tax, anti-trust, political contribution, and international boycott laws. In addition, no employee at Putnam may engage in fraudulent conduct of any kind.

COMMENTS

• Putnam may report to the appropriate legal authorities conduct by Putnam employees that violates this Rule.

• It should also be noted that the U.S. Foreign Corrupt Practices Act makes it a criminal offense to make a payment or offer of payment to any non-U.S. governmental official, political party, or candidate to induce that person to affect any governmental act or decision, or to assist Putnam’s obtaining or retaining business.

Rule 2: Conflicts of Interest

No Putnam employee shall conduct herself in a manner that is contrary to the interests of, or in competition with, Putnam or a Putnam client, or that creates an actual or apparent conflict of interest with a Putnam client.

COMMENTS

• This Rule is designed to recognize the fundamental principle that Putnam employees owe their chief duty and loyalty to Putnam and Putnam clients.

• It is expected that a Putnam employee who becomes aware of an investment opportunity that she believes is suitable for a Putnam client whom she services will present it to the appropriate portfolio manager prior to taking advantage of the opportunity herself.

Rule 3: Gifts and Entertainment Policy

No Putnam employee shall accept anything of material value from any broker-dealer, financial institution, corporation, or other entity; any existing or prospective supplier of goods or services with a business relationship to Putnam; or any company or other entity whose securities are held in or are being considered as investments for the Putnam funds, or any other client account. Included are gifts, favors, preferential treatment, special arrangements, or access to special events.

COMMENTS

This Rule is intended to permit the acceptance of only proper types of customary and limited business amenities.

A Putnam employee may not, under any circumstances, accept anything that could create the appearance of a conflict of interest. For example, acceptance of any consideration is prohibited if it would create the appearance of a reward or inducement for conducting Putnam business either with the person providing the gift or his employer.

IMPLEMENTATION

A. Gifts. An employee may not accept gifts with an aggregate value of more than $100 in any year from any one source, i.e., entity or firm. Any Putnam employee who is offered or receives an item exceeding $100 in value must report the details to the Code of Ethics Officer and surrender or return the gift. Any entertainment event provided to an employee where the host is not in attendance is treated as a gift and is subject to the $100 per year per source limit.

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B. Entertainment. Putnam’s rules are designed to permit reasonable, ordinary business entertainment, but prohibit any events that may be perceived as extravagant or that involve lavish expenditures.

1. Occasional lunches, dinners, cocktail parties, or comparable gatherings conducted for business purposes are permitted.

For example, occasional attendance at group functions sponsored by sell-side firms is permitted where the function relates to investments or other business activity. Occasional attendance at these functions is not required to be counted against the limits described in section (B)(2) below.

2. Other entertainment events, such as sporting events, theater, movies, concerts, or other forms of entertainment conducted for business purposes, are permitted only under the following conditions: (i) The host must be present for the event.

(ii) The location of the event must be in the metropolitan area in which the office of the employee is located. For wholesalers, the wholesaler’s entire territory is considered to be his or her metropolitan area.

(iii)Spouses or other family members of the employee may not attend the entertainment event or any meals before or after the entertainment event.

(iv)The value of the entertainment event provided to the employee may not exceed $200, not including the value of any meals that may be provided to the employee before or after the event.

Acceptance of entertainment events that have a market value materially exceeding the face value of the entertainment, which includes, for example, attendance at sporting event playoff games, is prohibited. This prohibition applies even if the face value of tickets to the events is $200 or less or if the Putnam employee offers to pay for the tickets. If there is any ambiguity about whether to accept an entertainment event in these circumstances, please consult the Code of Ethics Officer.

(v) The employee may not accept entertainment events under this provision in section (B)(2) more than six times a year and not more than two times in any year from any single source.

(vi)The Code of Ethics Officer may grant exceptions to these rules. For example, it may be appropriate for an employee attending a legitimate conference in a location away from the office to attend a business entertainment event in that location. All exceptions must be approved in advance by written request to the Code of Ethics Officer.

3. Any employee participating in meals or entertainment under the provisions in sections (B)(1) or (B)(2) above must report the meal or event in PTA within 20 business days (events are subject to the limits of section (B)(2) above). However, the reporting rules do not apply if meals or events are part of the regular program at an investment conference, i.e., open to all participants.

Planned absences, i.e., vacations, leaves (other than certain medical leaves) or business trips, are not valid excuses for providing late reports. Failure to meet the deadline violates the Code’s rule, and sanctions may be imposed.

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C. The following items are prohibited:

1. Any entertainment event attendance that would reflect badly on Putnam as a firm of the highest fiduciary and ethical standards. For example, events involving adult entertainment or gambling must be avoided.

2. Entertainment involving travel away from the metropolitan area in which the employee is located. Even if an exception is granted as discussed in section (B)(2)(vi) above, payment by a third party of the cost of transportation to a location outside the employee’s metropolitan area, lodging while in another location, and any meals not specifically approved by the Code of Ethics officer are prohibited.

3. Personal loans to a Putnam employee on terms more favorable than those generally available for comparable credit standing and collateral.

4. Preferential brokerage or underwriting commissions or spreads or allocations of shares or interests in an investment for the personal account of a Putnam employee.

D. As with any of the provisions of the Code of Ethics, a sincere belief by the employee that he was acting in accordance with the requirements of this Rule will not satisfy his obligations under the Rule. Therefore, an employee who is in doubt concerning the propriety of any gift or favor should seek a prior written determination from the Code of Ethics Officer, as provided in Section VI.C.

E. No Putnam employee may solicit any gift or entertainment from any person, even if the gift or entertainment, if unsolicited, would be permitted.

F. The Rule does not prohibit employees on business travel from using local transportation and arrangements customarily supplied by brokers or similar entities. For example, it is customary for brokers in developing markets to make local transportation arrangements. These arrangements are permitted so long as the expenses of lodging and air travel are paid by Putnam.

G. Putnam Retail Management (PRM) employees are subject to additional Financial Industry Regulatory Authority (FINRA) rules on gifts and entertainment, which can be found in the PRM Compliance Manual.

Rule 4: Anti-bribery/Kickback Policy

No Putnam employee shall pay, offer, or commit to pay any amount of consideration that might be, or appear to be, a bribe or kickback in connection with Putnam’s business.

COMMENT

Although the Rule does not specifically address political contributions (described in Rule 5), Putnam employees should be aware that it is against corporate policy to use company assets to fund political contributions of any sort, even where such contributions may be legal. No Putnam employee should offer or agree to make any political contributions (including political dinners and similar fundraisers) on behalf of Putnam, and no employee will be reimbursed by Putnam for such contributions made by the employee personally.

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Rule 5: Political Activities, Contributions, Solicitations, and Lobbying Policy

A. Corporate Contributions. Political activities of corporations such as Putnam are highly regulated, and corporate political contributions are prohibited. No corporate assets, funds, facilities, or personnel may be used to benefit any candidate, campaign, political party, or political committee, including contributions made in connection with fundraisers.

1. If employees anticipate that any corporate funds or assets (such as corporate facilities or personnel) may be used in connection with any political volunteer activity, they must obtain pre-approval from the Chief Compliance Officer.

2. Employees should not seek or approve reimbursement from Putnam for any political contribution expenses. Any contributions for which employees seek reimbursement from Putnam are considered contributions by Putnam and are subject to the corporate political contribution requirements.

B. Personal Contributions. Employees have the right to make personal contributions. However, if employees choose to participate in the political process, they must do so as individuals, not as representatives of Putnam.

In certain limited circumstances, individual contributions may raise issues under applicable laws regulating political contributions to public officials, or candidates for official positions, who could be in a position to hire Putnam. As a result, the following rules apply to individual contributions by employees.

1. Prior to making any political contribution to a person or entity with whom Putnam has a current or proposed business relationship, or who can make or influence decisions to engage Putnam to provide services, employees must pre-clear the proposed contribution with the Chief Compliance Officer.

2. Employees may not make contributions to candidates or elected officials for the following offices without prior written approval from the Chief Compliance Officer:

• State or local offices in California, New Jersey, Ohio, West Virginia, or Pennsylvania

• State Treasurer in Connecticut or Vermont

• Any public office in the City of Houston

• Contributions by certain PRM employees to Ohio officials and candidates are also subject to Putnam’s Municipal Securities Rulemaking Board (MSRB) Political Contribution Policy.

C. Government Official. Employees must obtain pre-approval from the Code of Ethics Officer or the Deputy Code of Ethics Officer prior to providing any gift (including meals, entertainment, transportation, or lodging) to any government official or employee.

D. Lobbying. Federal and state law imposes limits and registration requirements on efforts by individuals and companies to influence the passage of legislation or to obtain business from governments. Accordingly, Putnam employees should not engage in any lobbying activities without approval from the Legal and Compliance Department. Lobbying does not include solicitation of investment management business through the ordinary course of business, such as responding to a Request For Proposal (RFP).

For additional detail on entertainment and lobbying of elected officials, please refer to the State Regulation Governing Meals, Entertainment, Gifts — Lobbying Policy found on the Chief Compliance Officer’s Compliance site via Putnam’s intranet home page at http://intranet or contact the Legal and Compliance Department.

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COMMENTS

• Putnam has established a political action committee (PAC) that contributes to worthy candidates for political office. Any request received by a Putnam employee for a political contribution must be directed to Putnam’s Legal and Compliance Department.

• This Rule prohibits solicitation on personal letterhead by Putnam employees except as approved by the Code of Ethics Officer.

• Certain officers and employees of Putnam Retail Management (PRM) and other employees involved in Putnam’s College Advantage Section 529 Plan with Ohio Tuition Trust Authority are subject to special rules on political contributions. For questions on these requirements, please call the Director of Compliance for PRM.

Rule 6: Confidentiality of Putnam Business Information

No unauthorized disclosure may be made by any employee or former employee of any trade secrets or proprietary information of Putnam or of any confidential information. No information regarding any Putnam client portfolio, actual or proposed securities trading activities of any Putnam client, or Putnam research shall be disclosed outside the Putnam organization unless doing so has a valid business purpose and is in accord with relevant procedures established by Putnam relating to such disclosures.

COMMENT

All information about Putnam and Putnam clients is strictly confidential. Putnam research information should not be disclosed without proper approval and never for personal gain.

Rule 7: Positions Outside Putnam

No Putnam employee shall serve as employee, officer, director, trustee, or general partner of a corporation or entity other than Putnam, without prior written approval of the Code of Ethics Officer. Requests for a role at a publicly traded company are especially disfavored and are closely reviewed. Permission will be granted only in extenuating circumstances. (See also Section IV, Rule 5.)

IMPLEMENTATION

A. All employees must provide a written request seeking approval from the Code of Ethics Officer if they wish to serve as an employee, officer, director, trustee, or general partner of a corporation or entity other than Putnam. The details of the position outside Putnam must be disclosed in PTA. Click on Certifications/Disclosures/Positions Outside Putnam/start/complete each question/click Submit. A determination will be sent via e-mail.

B. FINRA-licensed employees under PRM also have an obligation to disclose outside positions, new or terminated, in PTA as well.

C. Upon hire, all employees who also hold an outside position must complete a disclosure request in PTA to continue to hold the position.

EXCEPTION

Charitable or Non-profit Exception. Putnam employees may serve as an officer, director, or trustee of a charitable or not-for-profit institution, provided that the employee abides by the Code of Ethics and the Policy Statements with respect to any investment activity for which she has any discretion or input as officer, director, or trustee. The pre-clearance and reporting requirements of the Code of Ethics do not apply to the trading activities of such charitable or not-for-profit institutions for which an employee serves as an officer, director, or trustee unless the employee is responsible for day-to-day portfolio management of the account.

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COMMENTS

• This Rule is designed to ensure that Putnam cannot be deemed an affiliate of any issuer of securities by virtue of service by one of its officers or employees as director or trustee.

• Positions with public companies are especially problematic and will normally not be approved.

• Certain charitable or not-for-profit institutions have assets (such as endowment funds or employee benefit plans) that require prudent investment. To the extent that a Putnam employee (because of her position as officer, director, or trustee of an outside entity) is charged with responsibility to invest such assets prudently, she may not be able to discharge that duty while simultaneously abiding by the spirit of the Code of Ethics and the Policy Statements. Employees are cautioned that they should not accept service as an officer, director, or trustee of an outside charitable or not-for-profit entity where such investment responsibility is involved, without seriously considering their ability to discharge their fiduciary duties with respect to such investments.

Rule 8: Role as Trustee or Fiduciary Outside of Putnam Investments

No Putnam employee shall serve as a trustee, an executor, a custodian, or any other fiduciary, or as an investment advisor or counselor for any account outside Putnam.

EXCEPTIONS

A. Charitable or Religious Exception. Putnam employees may serve as a fiduciary with respect to a religious or charitable trust or foundation, so long as the employee abides by the spirit of the Code of Ethics and the Policy Statements with respect to any investment activity over which he has any discretion or input. The pre-clearance and reporting requirements of the Code of Ethics do not apply to the trading activities of such a religious or charitable trust or foundation unless the employee is responsible for day-to-day portfolio management of the account.

B. Family Trust or Estate Exception. Putnam employees may serve as a fiduciary with respect to a family trust or estate, as long as the employee abides by all of the Rules of the Code of Ethics with respect to any investment activity over which he has any discretion.

COMMENT

The roles permissible under this Rule may carry with them the obligation to invest assets prudently. Once again, Putnam employees are cautioned that they may not be able to fulfill their duties in that respect while abiding by the Code of Ethics and the Policy Statements.

Rule 9: Investment Clubs

No Putnam employee may be a member of any investment club.

COMMENT

This Rule guards against the danger that a Putnam employee may be in violation of the Code of Ethics and the Policy Statements by virtue of his personal securities transactions in or through an entity that is not bound by the restrictions imposed by this Code of Ethics and the Policy Statements. Please note that this restriction also applies to the spouse of a Putnam employee and any relatives of a Putnam employee living in the same household as the employee, as their transactions are covered by the Code of Ethics. (See pages 1 and 6.)

Rule 10: Business Negotiations for Putnam Investments

No Putnam employee may become involved in a personal capacity in consultations or negotiations for corporate financing, acquisitions, or other transactions for outside companies (whether or not held by any Putnam client), nor negotiate nor accept a fee in connection with these activities

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without obtaining the prior written permission of the Chief Executive Officer of Putnam Investments.

Rule 11: Accurate Records

No employee may create, alter, or destroy (or participate in the creation, alteration, or destruction of) any record that is intended to mislead anyone or to conceal anything that is, or is reasonably believed to be, improper. In addition, all employees responsible for the preparation, filing, or distribution of any regulatory filings or public communications must ensure that such filings or communications are timely, complete, fair, accurate, and understandable.

COMMENTS

• In many cases, this is not only a matter of company policy and ethical behavior but also required by law. Our books and records must accurately reflect the transactions represented and their true nature. For example, records must be accurate as to the recipient of all payments; expense items, including personal expense reports, must accurately reflect the true nature of the expense. No unrecorded fund or asset shall be established or maintained for any reason.

• All financial books and records must be prepared and maintained in accordance with generally accepted accounting principles and Putnam’s existing accounting controls, to the extent applicable.

Rule 12: Family Members’ Conflict Policy

No employee or member of an employee’s immediate family shall have any direct or indirect personal financial interests in companies that do business with Putnam, unless such interest is disclosed and approved by the Code of Ethics Officer. Investment holdings in public companies that are not material to the employee are excluded from this prohibition. The Code also provides more detailed supplemental rules to address potential conflicts of interests that may arise if members of employees’ families are closely involved in doing business with Putnam.

Corporate Purchase of Goods and Services — Putnam will not acquire goods and services from any firm in which a member of an employee’s immediate family serves as the sales representative in a senior management capacity or has an ownership interest with the supplier firm (excluding normal investment holdings in public companies) without permission from the Director of Procurement and the Code of Ethics Officer. Any employee who is aware of a proposal to purchase goods and services from a firm at which a member of the employee’s immediate family meets one of the previously mentioned conditions must notify the Director of Procurement and the Code of Ethics Officer.

Portfolio Trading — Putnam will not allocate any trades for a portfolio to any firm that employs a member of an employee’s immediate family as a sales representative to Putnam (in a primary, secondary, or backup role). Any Putnam employee who is aware that an immediate family member serves as a broker-dealer’s sales representative to Putnam should inform the Code of Ethics Officer.

Definition of Immediate Family (specific to Rule 12) — “Immediate family” of an employee means (1) spouse or domestic partner of the employee, (2) any child, sibling, or parent of an employee and any person married to a child, sibling, or parent of an employee, and (3) any other person who lives in the same household as the employee.

Rule 13: Affiliated Entities

Non-Putnam affiliates (NPAs), listed below in the last comment, provide investment advisory services. No employee shall:

(a)Directly or indirectly seek to influence the purchase, retention or disposition of, or exercise of voting consent, approval, or similar rights with respect to any portfolio security in any account or fund advised by the NPA and not by Putnam;

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(b)Transmit any information regarding the purchase, retention or disposition of, or exercise of voting, consent, approval, or similar rights with respect to any portfolio security held in a Putnam or NPA client account to any personnel of the NPA;

(c)Transmit any trade secrets, proprietary information, or confidential information of Putnam to the NPA unless doing so has a valid business purpose and is in accord with any relevant procedures established by Putnam relating to such disclosures;

(d)Use confidential information or trade secrets of the NPA for the benefit of the employee, Putnam, or any other NPA; or

(e)Breach any duty of loyalty to the NPA derived from the employee’s service as a director or officer of the NPA.

COMMENTS

• Sections (a) and (b) of the Rule are designed to help ensure that the portfolio holdings of Putnam clients and clients of the NPA need not be aggregated for purposes of determining beneficial ownership under Section 13(d) of the Securities Exchange Act or applicable regulatory or contractual investment restrictions that incorporate such definition of beneficial ownership. Persons who serve as directors or officers of both Putnam and an NPA should take care to avoid even inadvertent violations of Section (b). Section (a) does not prohibit a Putnam employee who serves as a director or officer of the NPA from seeking to influence the modification or termination of a particular investment product or strategy in a manner that is not directed at any specific securities. Sections (a) and (b) do not apply when a Putnam affiliate serves as an advisor or sub-advisor to the NPA or one of its products, in which case normal Putnam aggregation rules apply.

• As a separate entity, any NPA may have trade secrets or confidential information that it would not choose to share with Putnam. This choice must be respected.

• When Putnam employees serve as directors or officers of an NPA, they are subject to common law duties of loyalty to the NPA, despite their Putnam employment. In general, this means that when performing their duties as NPA directors or officers, they must act in the best interest of the NPA and its shareholders. Putnam’s Legal and Compliance Department will assist any Putnam employee who is a director or officer of an NPA and has questions about the scope of his or her responsibilities to the NPA.

• Entities that are currently non-Putnam affiliates within the scope of this Rule are: Nissay Asset Management Co., Ltd., LP and PanAgora Asset Management, Inc. (“PanAgora”).

• Putnam and PanAgora also maintain an information barrier between the investment professionals of each organization regarding investment and trading information.

Rule 14: Computer Systems and Network Use Policy

No employee shall use computers, the Internet, e-mail, instant messaging, phones, fax machines and/or the mail service in a manner that is inconsistent with their use as set forth in Putnam’s Employee Handbook. No employee shall introduce a computer virus or computer code that may result in damage to Putnam’s information or computer systems.

All Putnam business must be conducted on Putnam e-mail and instant messaging accounts in order to comply with regulatory and record-retention requirements. Conducting Putnam-related business through personal accounts such as Yahoo, AOL, Hotmail, etc., is prohibited.

COMMENT

Putnam’s policy statements relating to these matters are contained in the Computer System and Network Responsibilities section within the Employee Handbook. The online Employee Handbook is also available directly on Putnam’s intranet site at: http://intranet/employee _ handbook .

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Rule 15: CFA Institute Code of Ethics and Standards of Professional Conduct

All employees must follow and abide by the spirit of the Code of Ethics and the Standards of Professional Conduct of the CFA Institute. The text of the CFA Institute Code of Ethics and Standards of Professional Conduct are set forth in Appendix D.

Rule 16: Privacy Policy

Except as provided below, no employee may disclose to any outside organization or person any non-public personal information about any individual who is a current or former shareholder of any Putnam retail or institutional fund, or current or former client of a Putnam company. All employees shall follow the security procedures as established from time to time by a Putnam company to protect the confidentiality of all shareholder and client account information.

Except as Putnam’s Legal and Compliance Department may expressly authorize, no employee shall collect any non-public personal information about a prospective or current shareholder of a Putnam fund or prospective or current client of a Putnam company, other than through an account application (or corresponding information provided by the shareholder’s financial representative) or in connection with executing shareholder or client transactions, nor shall any information be collected other than the following: name, address, telephone number, date of birth, Social Security number, and investment, broker, and transaction information.

EXCEPTIONS

A. Putnam Employees. Non-public personal information may be disclosed to a Putnam employee in connection with processing transactions or maintaining accounts for shareholders of a Putnam fund and clients of a Putnam company, to the extent that access to such information is necessary to the performance of that employee’s job functions.

B. Shareholder Consent Exception. Non-public personal information about a shareholder’s or client’s account may be provided to a non-Putnam organization at the specific request of the shareholder or client or with the shareholder’s or client’s prior written consent.

C. Broker or Advisor Exception. Non-public personal information about a shareholder’s or client’s account may be provided to the shareholder’s or client’s broker of record.

D. Third-Party Service Provider Exception. Non-public personal information may be disclosed to a service provider that is not affiliated with a Putnam fund or Putnam company only when such disclosure is necessary for the service provider to perform the specific services contracted for, and only (a) if the service provider executes Putnam’s standard confidentiality agreement, or (b) pursuant to an agreement containing a confidentiality provision that has been approved by the Legal and Compliance Department. Examples of such service providers include proxy solicitors and proxy vote tabulators, mail services, and providers of other administrative services, and Information Services Division consultants who have access to non-public personal information.

COMMENTS

• Non-public personal information is any information that personally identifies a shareholder of a Putnam fund or client of a Putnam company and is not derived from publicly available sources. This privacy policy applies to shareholders or clients who are individuals, not institutions. However, as a general matter, all information that we receive about a shareholder of a Putnam fund or client of a Putnam company shall be treated as confidential. No employee may sell or otherwise provide shareholder or client lists or any other information relating to a shareholder or client to any marketing organization.

• All Putnam employees with access to shareholder or client account information must be trained in and follow Putnam’s security procedures designed to safeguard that information from unauthorized use. For example, a telephone representative must be trained in and follow Putnam’s security procedures to verify the identity of a caller requesting account information.

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• Any questions regarding this privacy policy should be directed to Putnam’s Legal and Compliance Department. A violation of this policy will be subject to the sanctions imposed for violations of Putnam’s Code of Ethics.

• Employees must report any violation of this policy or any possible breach of the confidentiality of client information, whether intentional or accidental, to the managing director in charge of the employee’s business unit. Managing directors who are notified of such a violation or possible breach must immediately report it in writing to Putnam’s Chief Compliance Officer and, in the event of a breach of computerized data, Putnam’s Chief Technology Officer.

Rule 17: Anti-money Laundering Policy

No employee may engage in any money laundering activity or facilitate any money laundering activity through the use of any Putnam account or client account. Any situations giving rise to a suspicion that attempted money laundering may be occurring in any account must be reported immediately to the managing director in charge of the employee’s business unit. Managing directors who are notified of such a suspicion of money laundering activity must immediately report it in writing to Putnam’s Chief Compliance Officer and Chief Financial Officer.

Rule 18: Record Retention

All employees must comply with the record retention requirements applicable to the business unit. Employees should check with their managers or the Chief Administrative Officer of their division to determine what record retention requirements apply to their business unit.

For PIL employees, the Code of Ethics incorporates any relevant requirements of the U.K. regulator, the Financial Services Authority (FSA), and will be amended from time to time to reflect any U.K. regulatory changes as required.

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Section IV — Reporting Requirements

Reporting of Personal Securities Transactions

Rule 1: Broker Confirmations and Statements

Each Putnam employee shall ensure that copies of all confirmations for securities transactions for personal brokerage accounts, and brokerage account statements are sent to the Legal and Compliance Department Code of Ethics Administrator. (For the purpose of this Rule, securities shall also include ETFs, futures, and other derivatives on broad-based market indexes excluded from the pre-clearance requirement.) Statements and confirmations are required for Putnam funds not held at Putnam or in a Putnam retirement plan, as well as for U.S. mutual funds sub-advised by Putnam.

Putnam employees must disclose their brokerage accounts in the PTA system and complete all required information, which will facilitate the instructions to the broker.

IMPLEMENTATION

A. Putnam employees should contact the Code of Ethics Administrator for a 407 letter instructing the broker to mail copies of confirmations and statements directly to Putnam. It is the employees’ responsibility to follow up with the broker on a reasonable basis to ensure that instructions are being followed.

B. Upon hire and within a designated time frame, Putnam employees are required to establish their broker profiles in PTA.

C. Specific procedures apply to employees of PIL. Employees of PIL should contact the London Code of Ethics Administrator.

D. Failure of a broker-dealer to comply with the instructions of a Putnam employee to send confirmations and statements shall be a violation by the Putnam employee of this Rule. Similarly, failure by an employee to report the existence of a personal account and, if the account is opened after joining Putnam, failure to obtain proper authorization to establish the account shall be a violation of this Rule.

E. Statements and confirmations must also be sent for members of an employee’s immediate family, including statements from a family member’s 401(k)/Profit Sharing Plan at another employer.

F. Employees are not required to provide broker confirmations and statements for MMC transactions in Putnam’s 401(k)/Profit Sharing and Stock Purchase Plan accounts because we rely on internal reporting.

COMMENTS

• Transactions for personal accounts are defined broadly to include more than transactions in accounts under an employee’s own name. (See Definitions.)

• Statements and confirmations are required for all personal securities transactions, whether or not exempted or excepted by this Code.

• To the extent that a Putnam employee has investment authority over securities transactions of a family trust or estate, confirmations of those transactions must also be made, unless the employee has received a prior written exception from the Code of Ethics Officer.

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Rule 2: Access Person — Quarterly Transaction Report

Every Access Person shall file a quarterly report within fifteen calendar days of the end of each quarter, recording all purchases and sales of securities for personal accounts as defined in the Definitions section. (For the purpose of this Rule, reportable “securities” also include exchange-traded funds (ETFs), futures, and any option on a security or securities index, including broad-based market indexes excluded from the pre-clearance requirement, and transactions in Putnam open-end funds if the account for the Putnam funds is not held at Putnam or in a Putnam retirement plan and for transactions in U.S. mutual funds sub-advised by Putnam.)

IMPLEMENTATION

It is mandatory that all Access Persons file a quarterly transaction report in the PTA online system. The form shall contain a representation that employees have complied fully with all provisions of the Code of Ethics.

The date for each transaction required to be disclosed in the quarterly report is the trade date for the transaction, not the settlement date.

Planned absences, i.e., vacations, leaves (other than certain medical leaves), or business trips, are not valid excuses for providing late reports. Failure to meet the deadline violates the Code’s rules and sanctions may be imposed.

COMMENT

If the requirement to file a quarterly report applies to you and you fail to report within the required 15-day period, monetary fines or harsher sanctions will be imposed. It is the responsibility of the employee to request an early report if he has knowledge of a planned absence, i.e., vacation, business trip, or leave.

Rule 3: Access Person — Initial/Annual Holdings Report

Access Persons must disclose their personal securities holdings in the Code of Ethics monitoring system, PTA, upon commencement of employment (within ten days of hire) and thereafter on an annual basis. These SEC requirements are mandatory and designed to facilitate the monitoring of personal securities transactions. Putnam’s Code of Ethics Administrator provides Access Persons with instructions regarding their submissions and certifications of these reports in PTA.

Non - Access Persons must disclose their brokerage accounts within 30 days of hire.

Rule 4: Certifications

All employees are required to submit a certification in PTA annually attesting to compliance with all of the conditions of the Code of Ethics.

Rule 5: Positions Outside Putnam

The details of a position outside Putnam must be disclosed in PTA under Certifications/Disclosures/Positions Outside Putnam. (See Section III, Rule 7.)

Rule 6: Business Ethics

If a Putnam employee suspects that fraudulent, illegal, or other irregular activity (including violations of the Code of Ethics) might be occurring at Putnam, the activity should be reported immediately to the managing director in charge of that employee’s business unit. Managing directors who are notified of any such activity must immediately report it in writing to Putnam’s Chief Financial Officer and Putnam’s Chief Compliance Officer.

An employee who does not feel comfortable reporting this activity to the managing director may instead contact the Chief Compliance Officer, the Putnam Ethics hotline at 1-808-475-4210, or Putnam’s Ombudsman.

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Rule 7: Ombudsman

Putnam has established the office of the corporate ombudsman as a resource to help employees address legal or ethical issues in the workplace and to allow employees to voice concerns or seek clarity on issues. The Ombudsman provides a confidential, independent, and impartial source to employees to discuss potential violations of law or of company standards without fear of retribution, and serves as a neutral party with no vested interest in a particular outcome. The Ombudsman is available on an anonymous basis by calling 1-866-ombuds7 (866-662-8377) or by calling 1-617-760-8897.

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Section V — Education Requirements

Every Putnam employee has an obligation to fully understand the rules and requirements of the Code of Ethics.

Rule 1: Distribution of Code

A copy of the Code of Ethics will be distributed to every Putnam employee at least annually. All Access Persons will be required to certify annually that they have read, understood, and will comply with the provisions of the Code of Ethics, including the Code’s Policy Statement Concerning Insider Trading Prohibitions.

Rule 2: Annual Training Requirement

Every employee will be required to complete training on Putnam’s Code of Ethics on an annual basis.

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Section VI — Compliance and Appeal Procedures

A. Restricted List

No employee may engage in a personal securities transaction without prior clearance.

B. Consultation of Restricted List

It is the responsibility of each employee to pre-clear through PTA or consult with the Code of Ethics Administrator, prior to engaging in a personal securities transaction, to determine if the security he proposes to trade is on the Restricted List and, if so, whether it is subject to the Large-/Mid-Cap Exemption.

C. Request for Determination

An employee who has a question concerning the applicability of the Code of Ethics to a particular situation shall request a determination from the Code of Ethics Officer before engaging in the conduct or personal securities transaction about which he has a question.

If the question pertains to a personal securities transaction, the request shall state for whose account the transaction is proposed, the relationship of that account to the employee, the security proposed to be traded, the proposed price and quantity, the entity with whom the transaction will take place (if known), and any other information or circumstances of the trade that could have a bearing on the Code of Ethics Officer’s determination. If the question pertains to other conduct, the request for determination shall give sufficient information about the proposed conduct to assist the Code of Ethics Officer in ascertaining the applicability of the Code. In every instance, the Code of Ethics Officer may request additional information, and may decline to render a determination if the information provided is insufficient.

The Code of Ethics Officer shall make every effort to render a determination promptly.

No perceived ambiguity in the Code of Ethics shall excuse any violation. Any person who believes the Code to be ambiguous in a particular situation should request a determination from the Code of Ethics Officer.

D. Request for Ad Hoc Exemption

Any employee who wishes to obtain an ad hoc exemption under Section I.D., Rule 2, should request from the Code of Ethics Officer an exemption in writing in advance of the conduct or transaction sought to be exempted. In the case of a personal securities transaction, the request for an ad hoc exemption shall give the same information about the transaction required in a request for determination under Section VI.C., and should state why the proposed personal securities transaction would be unlikely to affect a highly institutional market, or is unrelated economically to securities to be purchased, sold, or held by any Putnam client. In the case of other conduct, the request shall give information sufficient for the Code of Ethics Officer to ascertain whether the conduct raises questions of propriety or conflict of interest, real or apparent.

The Code of Ethics Officer shall make reasonable efforts to promptly render a written determination concerning the request for an ad hoc exemption.

E. Appeal to Code of Ethics Officer with Respect to Restricted List

If an employee ascertains that a security that he wishes to trade for his personal account appears on the Restricted List, and thus the transaction is prohibited, he may appeal the prohibition to the Code of Ethics Officer by submitting a written memorandum containing the same information as

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would be required in a request for a determination. The Code of Ethics Officer shall make every effort to respond to the appeal promptly.

F. Information Concerning Identity of Compliance Personnel

The names of Code of Ethics personnel are available by contacting the Legal and Compliance Department and will be published on Putnam’s intranet site.

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Section VII — Sanctions

Sanction Guidelines

The Code of Ethics Oversight Committee is responsible for setting sanctions policies for violating the Code. The Committee has adopted the following minimum monetary sanctions for violations of the Code. These sanctions apply even if the exception results from inadvertence rather than intentional misbehavior. The Code of Ethics Officer is authorized to impose the minimum sanction on employees without further Committee action. However, the sanctions noted below are only minimums and the Committee reserves the right to impose additional sanctions such as higher monetary sanctions, trading bans, suspension, or termination of employment as it determines to be appropriate.

A. The minimum sanction per violation of the following Rules is disgorgement of any profits or payment of avoided losses and the following payments:

Section I.A., Rule 1 (Pre-clearance and Restricted List) Section I.B., Rule 1 (Short selling) Section I.B., Rule 2 (IPOs) Section I.B., Rule 3 (Private Placements) Section I.B., Rule 4 (Trading with Inside Information) Section I.B., Rules 6-8 (Holding and Trading of Putnam Funds) Section II, Rule 2 (7-Day Rule) Section II, Rule 3 (Blackout Rule) Section II, Rule 4 (Contra-Trading Rule) Section II, Rule 5 (Trading for Personal Benefit)

Officer Level SMD/MD SVP/VP AVP/non-officer
1st violation $500 $250 $50
2nd violation $1,000 $500 $100
3rd violation Minimum monetary sanction as above with ban on all new personal
  individual investments.  

B. The minimum sanction for violations of all other Rules in the Code is as follows:

 
Officer Level SMD/MD SVP/VP AVP/non-officer
1st violation $100 $50 $ 25
Subsequent violation $200 $100 $ 50

The reference period for determining whether a violation is initial or subsequent will be five years.

NOTE

The Committee’s belief that an employee has violated the Code of Ethics intentionally will result in more severe sanctions than outlined in the guidelines above. The Code of Ethics Oversight Committee retains the right to increase or decrease the sanctions for a particular violation in light of the circumstances.

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Appendix A — Insider Trading Prohibitions Policy Statement

Putnam has always forbidden trading by its employees on material non-public information (inside information). Tough federal laws make it important for Putnam to state that prohibition in the strongest possible terms, and to establish, maintain, and enforce written policies and procedures to prevent the use of material non-public information.

Unlawful trading while in possession of inside information can be a crime. Federal law provides that an individual convicted of trading on inside information may go to jail for a period of time. There is also significant monetary liability for an inside trader; the Securities and Exchange Commission can seek a court order requiring a violator to pay back profits, as well as penalties substantially greater than those profits. In addition private plaintiffs can seek recovery for harm suffered by them. The inside trader is not the only subject to liability. In certain cases, controlling persons of inside traders, including supervisors of inside traders or Putnam itself, can be liable for large penalties.

Section I. of this Policy Statement contains rules concerning inside information. Section II. contains a discussion of what constitutes unlawful insider trading.

Neither material non-public information nor unlawful insider trading is easy to define. Section II. of this Policy Statement gives a general overview of the law in this area. However, the legal issues are complex and must be resolved by the Code of Ethics Officer. If an employee has any doubt as to whether she has received material non-public information, she must consult with the Code of Ethics Officer prior to using that information in connection with the purchase or sale of a security for his own account or the account of any Putnam client, or communicating the information to others. A simple rule of thumb is if you think the information is not available to the public at large, do not disclose it to others and do not trade securities to which the inside information relates.

An employee aware of, or in possession of, inside information must report it immediately to the Code of Ethics Officer. If an employee has failed to consult the Code of Ethics Officer, Putnam will not excuse employee misuse of inside information on the grounds that the employee claims to have been confused about this Policy Statement or the nature of the information in his possession.

If Putnam determines, in its sole discretion, that an employee has failed to abide by this Policy Statement, or has engaged in conduct that raises a significant question concerning insider trading, he will be subject to disciplinary action, including termination of employment.

There are no exceptions to this policy statement, and no one is exempt.

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Appendix A — Definitions: Insider Trading

Code of Ethics Administrator The individual designated by the Code of Ethics Officer to assume responsibility for day-to-day, nondiscretionary administration of this Policy Statement. The Code of Ethics Administrator is Laura Rose.

Code of Ethics Officer The Putnam officer who has been assigned the responsibility of enforcing and interpreting this Code. The Code of Ethics Officer shall be the Chief Compliance Officer or such other person as is designated by the Chief Executive Officer of Putnam Investments. If the Code of Ethics Officer is unavailable, the Deputy Code of Ethics Officer shall act in his stead. The Code of Ethics Officer is Bob Leveille. The Deputy Code of Ethics Officer is Kathleen Griffin.

Immediate family Spouse, domestic partner, minor children, or other relatives living in the same household as the Putnam employee.

Purchase or sale of a security Any acquisition or transfer of any interest in the security for direct or indirect consideration, including the writing of an option.

Putnam Any or all of Putnam Investments Trust, and its subsidiaries, any one of which shall be a Putnam company.

Putnam client Any client of the Putnam mutual funds, or any advisory, trust, or other client for whom Putnam manages money.

Putnam employee (or employee) Any employee of Putnam.

Security Anything defined as a security under federal law. The term includes any type of equity or debt security, any interest in a business trust or partnership, and any rights relating to a security, such as put and call options, warrants, convertible securities, and securities indexes. (Note: The definition of security in this Insider Trading Prohibitions Policy Statement varies significantly from that in the Code of Ethics. For example, the definition in this Policy Statement specifically includes all securities of any type.)

Transaction for a personal account (or personal securities transaction) Securities transactions: (a) for the personal account of any employee; (b) for the account of a member of the immediate family of any employee; (c) for the account of a partnership in which a Putnam employee or immediate family member is a domestic partner with investment discretion; (d) for the account of a trust in which a Putnam employee or immediate family member is a trustee with investment discretion; (e) for the account of a closely held corporation in which a Putnam employee or immediate family member holds shares and for which he has investment discretion; and (f ) for any account other than a Putnam client account that receives investment advice of any sort from the employee or immediate family member, or as to which the employee or immediate family member has investment discretion. Officers and employees of PIL must also consult the relevant procedures on compliance with U.K. insider dealing legislation set forth in PIL’s Compliance Manual.

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Appendix A — Section I: Rules Concerning Inside Information

Rule 1: Inside Information

No Putnam employee shall purchase or sell any security listed on the Inside Information List (the Red List) either for his personal account or for a Putnam client.

IMPLEMENTATION

When an employee seeks clearance in the PTA system for a personal security transaction that is on the Red List, the request will be denied via a message in the PTA system.

COMMENT

This Rule is designed to prohibit any employee from trading a security while Putnam may have inside information concerning that security or the issuer. Every trade, whether for a personal account or for a Putnam client, is subject to this Rule.

Rule 2: Material Non-public Information

No Putnam employee shall purchase or sell any security, either for a personal account or for the account of a Putnam client, while in possession of material non-public information concerning that security or the issuer, without the prior written approval of the Code of Ethics Officer.

IMPLEMENTATION

In order to obtain prior written approval of the Code of Ethics Officer, a Putnam employee should follow the reporting steps prescribed in Rule 3.

COMMENTS

• Rule 1 concerns the conduct of an employee when Putnam possesses material non-public information. Rule 2 concerns the conduct of an employee who herself possesses material non-public information about a security that is not yet on the Red List.

• If an employee has any question as to whether information she possesses is material and/or non-public information, she must contact the Code of Ethics Officer immediately in accordance with Rule 3 prior to purchasing or selling any security related to the information or communicating the information to others. The Code of Ethics Officer shall have the sole authority to determine what constitutes material non-public information for the purposes of this Policy Statement.

Rule 3: Reporting of Material Non-public Information

Any Putnam employee who believes he is aware of or has received material non-public information concerning a security or an issuer shall immediately report the information to the Code of Ethics Officer, the Deputy Code of Ethics Officer or, in his or her absence, a lawyer in the Putnam Legal and Compliance Department and to no one else. After reporting the information, the Putnam employee shall comply strictly with Rule 2 by not trading in the security without the prior written approval of the Code of Ethics Officer and shall (a) take precautions to ensure the continued confidentiality of the information and (b) refrain from communicating the information in question to any person.

IMPLEMENTATION

A. An employee must communicate any potential material non-public information to the Code of Ethics Officer in a way designed to prevent the spread of such information and must do so prior to purchasing or selling a security or communicating the information to others. Once the employee has reported potential material non-public information to the Code of Ethics Officer, the Code of

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Ethics Officer will evaluate whether such information constitutes material non-public information, and whether a duty exists that makes use of such information improper. If the Code of Ethics Officer determines either (a) that the information is not material or is public or (b) that use of the information is proper, he will issue a written approval to the employee specifically authorizing trading while in possession of the information, if the employee so requests. If the Code of Ethics Officer determines (a) that the information may be non-public and material and (b) that use of such information may be improper, he will place the security that is the subject of such information on the Red List.

B. An employee who reports potential inside information to the Code of Ethics Officer should expect that the Code of Ethics Officer will need significant information, and time to gather such information, to make the evaluation, including information about (a) the manner in which the employee acquired the information and (b) the identity of individuals to whom the employee has revealed the information, or who have otherwise learned the information. In appropriate situations, the Code of Ethics Officer will normally place the affected security or securities on the Red List pending the completion of his evaluation.

C. If an employee possesses documents, disks, or other materials containing potential inside information, the employee must take precautions to ensure the confidentiality of the information in question. Those precautions include (a) putting documents containing such information out of the view of a casual observer, and (b) securing files containing such documents or ensuring that computer files reflecting such information are secure from viewing by others.

D. The PTA system will automatically reject requests to pre-clear a purchase or sale of securities of any of the following Putnam affiliates: Great-West Lifeco Inc., Power Financial Corporation, Power Corporation of Canada, and IGM Financial Inc. Any employee wishing to place a trade in one of these companies’ securities must contact the Code of Ethics Officer or the Deputy Code of Ethics Officer to request manual approval of the pre-clearance request. An employee requesting such approval must certify that he or she is not in possession of any material non-public information regarding the company in which he or she is seeking to place a trade. The decision whether or not to grant the pre-clearance request is in the sole discretion of the Code of Ethics Officer and the Deputy Code of Ethics Officer. The Code of Ethics Officer and Deputy Code of Ethics Officer will reject any such request for pre-clearance made by members of Putnam’s Executive Board and cert ain members of the Chief Financial Officer’s staff from the end of each calendar quarter to the date of announcement of Great-West Lifeco Inc.’s earnings for such quarter.

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Appendix A — Section II: Overview of Insider Trading

Introduction

This section of the Policy Statement provides guidelines for employees as to what may constitute inside information. It is possible that in the course of her employment, an employee may receive inside information. No employee should misuse that information, either by trading for her own account or by communicating the information to others.

What constitutes unlawful insider trading?

The basic definition of unlawful insider trading is trading on material non-public information (also called inside information) by an individual who has a duty not to take advantage of the information. The following sections help explain the definition.

What is material information?

Trading on inside information is not a basis for liability unless the information is material. Information is material if a reasonable person would attach importance to the information in determining his course of action with respect to a security. Information that is reasonably likely to affect the price of a company’s securities is material, but effect on price is not the sole criterion for determining materiality. Information that employees should consider material includes, but is not limited to, dividend changes, earnings estimates, changes in previously released earnings estimates, reorganization, recapitalization, asset sales, plans to commence a tender offer, merger or acquisition proposals or agreements, major litigation, liquidity problems, significant contracts, and extraordinary management developments.

Material information does not have to relate to a company’s business. For example, a court considered as material certain information about the contents of a forthcoming newspaper column that was expected to affect the market price of a security. In that case, a reporter for the Wall Street Journal was found criminally liable for disclosing to others the dates that reports on various companies would appear in the Journal’s “Heard on the Street” column and whether those reports would be favorable or not.

What is non-public information?

Information is non-public until it has been effectively communicated to, and sufficient opportunity has existed for it to be absorbed by, the marketplace. One must be able to point to some fact to show that the information is generally public. For example, information found in a report filed with the Securities and Exchange Commission, or appearing in Dow Jones, Reuters, the Wall Street Journal , or other publications of general circulation would be considered public.

Who has a duty not to “take advantage” of inside information?

Unlawful insider trading occurs only if there is a duty not to take advantage of material non-public information. When there is no such duty, it is permissible to trade while in possession of such information. Questions as to whether a duty exists are complex, are fact-specific, and must be answered by a lawyer. If you have any doubt, err on the side of caution.

Insiders and Temporary Insiders Corporate insiders have a duty not to take advantage of inside information. The concept of insider is broad. It includes officers, directors, and employees of a corporation. In addition, a person can be a temporary insider if she enters into a special confidential relationship with a corporation and, as a result, is given access to information concerning the corporation’s affairs. A temporary insider can include, among others, accounting firms, consulting

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firms, law firms, banks, and the employees of such organizations. Putnam would generally be a temporary insider of a corporation it advises or for which it performs other services, because typically Putnam clients expect Putnam to keep any information disclosed to it confidential.

EXAMPLE

An investment advisor to the pension fund of a large publicly traded corporation, Acme, Inc., learns from an Acme employee that Acme will not be making the minimum required annual contribution to the pension fund because of a serious downturn in Acme’s financial situation. The information conveyed is material and non-public.

COMMENT

Neither the investment advisor, its employees, nor its clients can trade on the basis of that information, because the investment advisor and its employees could be considered temporary insiders of Acme.

Misappropriators Certain people who are not insiders (or temporary insiders) also have a duty not to deceptively take advantage of inside information. Included in this category is an individual who misappropriates (or takes for his own use) material non-public information in violation of a duty owed either to the corporation that is the subject of inside information or some other entity. Such a misappropriator can be held liable if he trades while in possession of that material non-public information.

EXAMPLE

The Chief Investment Officer of Acme, Inc., is aware of Acme’s plans to engage in a hostile takeover of Profit, Inc. The proposed hostile takeover is material and non-public.

COMMENT

The Chief Investment Officer of Acme cannot trade in Profit, Inc.’s stock for his own account. Even though he owes no duty to Profit, Inc., or its shareholders, he owes a duty to Acme not to take advantage of the information about the proposed hostile takeover by using it for his personal benefit.

Tippers and Tippees A person (the tippee) who receives material non-public information from an insider or misappropriator (the tipper) has a duty not to trade while in possession of that information if he knew, or should have known, that the information was provided by the tipper for an improper purpose and in breach of a duty owed by the tipper. In this context, it is an improper purpose for a person to provide such information for personal benefit.

EXAMPLE

The Chief Executive Officer of Acme, Inc., tells his daughter that negotiations concerning a previously announced acquisition of Acme have been terminated. This news is material and, at the time the father tells his daughter, non-public. The daughter sells her shares of Acme.

COMMENT

The father is a tipper because he has a duty to Acme and its shareholders not to take advantage of the information concerning the breakdown of negotiations, and he has conveyed the information for an improper purpose. The daughter is a tippee and is liable for trading on inside information because she knew, or should have known, that her father was conveying the information to her for his personal benefit, and that her father had a duty not to take advantage of Acme information. A person can be a tippee even if he did not learn the information directly from the tipper, but learned it from a previous tippee.

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EXAMPLE

An employee of a law firm that works on mergers and acquisitions learns at work about impending acquisitions. She tells her friend and her friend’s stockbroker about the upcoming acquisitions on a regular basis. The stockbroker tells the brother of a client on a regular basis, who in turn tells two friends, A and B. A and B buy shares of the companies being acquired before the public announcement of the acquisition, and regularly profit from such purchases. A and B do not know the employee of the law firm. They do not, however, ask about the source of the information.

COMMENT

A and B, although they have never heard of the tipper, are tippees because they did not ask about the source of the information, even though they were experienced investors, and were aware that the “tips” they received from this particular source were accurate.

Who can be liable for insider trading?

The categories of individuals discussed above (insiders, temporary insiders, misappropriators, or tippees) can be liable if they trade while in possession of material non-public information.

In addition, individuals other than those who actually trade on inside information can be liable for trades of others. A tipper can be liable if (a) he provided the information in exchange for a personal benefit in breach of a duty, and (b) the recipient of the information (the tippee) traded while in possession of the information.

Most importantly, a controlling person can be liable if the controlling person knew or recklessly disregarded the fact that the controlled person was likely to engage in misuse of inside information and failed to take appropriate steps to prevent it. Putnam is a controlling person of its employees. In addition, certain supervisors may be controlling persons of those employees they supervise.

EXAMPLE

A supervisor of an analyst learns that the analyst has, over a long period of time, secretly received material inside information from Acme, Inc.’s Chief Investment Officer. The supervisor learns that the analyst has engaged in a number of trades for his personal account on the basis of the inside information. The supervisor takes no action.

COMMENT

Even if he is not liable to a private plaintiff, the supervisor can be liable to the Securities and Exchange Commission for a civil penalty of up to three times the amount of the analyst’s profit.

Penalties for insider trading

Penalties for misuse of inside information are severe, both for individuals involved in such unlawful conduct and their employers. A person who violates the insider trading laws can be subject to some or all of the types of penalties below, even if he does not personally benefit from the violation. Penalties include:

• Jail sentences, criminal monetary penalties

• Injunctions permanently preventing an individual from working in the securities industry

• Injunctions ordering an individual to disgorge profits obtained from unlawful insider trading

• Civil penalties substantially greater than the profit gained or loss avoided by the trader, even if the individual paying the penalty did not trade or did not benefit personally

• Civil penalties for the employer or other controlling person

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• Damages in the amount of actual losses suffered by other participants in the market for the security at issue Regardless of whether penalties or money damages are sought by others, Putnam will take whatever action it deems appropriate, including dismissal, if Putnam determines, in its sole discretion, that an employee appears to have committed any violation of this Policy Statement, or to have engaged in any conduct that raises significant questions about whether an insider trading violation has occurred.

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Appendix B — Policy Statement Regarding Employee Trades in Shares of Putnam Closed-End Funds

Pre-clearance

Any purchase or sale of Putnam closed-end fund shares by a Putnam employee must be pre-cleared. A list of the closed-end funds can be obtained from the Code of Ethics Administrator.

Reporting

Employees must direct their brokers to provide to the Code of Ethics Administrator duplicate confirmations and statements of all purchases and sales. If you are an access person required to file a quarterly report of all personal securities transactions, you must include all purchases and sales of closed-end fund shares.

Special Rules Applicable to Managing Directors of Putnam Investment Management, LLC, Executive Board, and officers of the Putnam Funds

Please be aware that managing directors of Putnam Investment Management, LLC, Executive Board, the investment manager of the Putnam mutual funds, Putnam Executive Board members, and officers of the Putnam Funds will not receive clearance to engage in any combination of purchase and sale, or sale and purchase, of the shares of a given closed-end fund within six months of each other. Therefore, purchases should be made only if you intend to hold the shares more than six months; no sales of fund shares should be made if you intend to purchase additional shares of that same fund within six months.

Certain forms are also required to be filed with the Securities and Exchange Commission in connection with purchases and sales of Putnam closed-end funds. You will be notified by the Code of Ethics Administrator if this applies to you. Please contact the Code of Ethics Officer Administrator for further information.

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Appendix C — Contra- Trading Rule Clearance Form
   
To: Code of Ethics Officer  
   
From:  
Date:  
Re: Sale of Personal Security  
    
This serves as prior written approval to sell the following personal security:
  
Name of portfolio manager contemplating personal sale:  
Security to be sold:  
Number of shares to be sold:  
Fund(s) holding security:  
Number of shares held by fund:  
Reason for the personal sale:  
Specify the reason why the sale is inappropriate for fund:  
(Please attach additional sheets if necessary. )  
CIO approval: Date:
Code of Ethics Officer/  
Deputy Code of Ethics Officer approval: Date:

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Appendix D — CFA Institute Code of Ethics and Standards of Professional Conduct

The CFA Institute Code of Ethics and Standards of Professional Conduct (Code and Standards) are fundamental to CFA Institute’s values and essential to achieving its mission to lead the investment profession globally by setting high standards of education, integrity, and professional excellence. High ethical standards are critical to maintaining the public’s trust in financial markets and in the investment profession.

Since their creation in the 1960s, the Code and Standards have promoted the integrity of CFA Institute members and served as a model for measuring the ethics of investment professionals globally, regardless of job function, cultural differences, or local laws and regulations. All CFA Institute members (including holders of the Chartered Financial Analyst® (CFA®) designation) and CFA candidates must abide by the Code and Standards and are encouraged to notify their employer of this responsibility. Violations may result in disciplinary sanctions by CFA Institute. Sanctions can include revocation of membership, candidacy in the CFA Program, and the right to use the CFA designation.

The Code of Ethics

Members of CFA Institute (including Chartered Financial Analyst® (CFA®) charterholders) and candidates for the CFA designation (“Members and Candidates”) must:

• Act with integrity, competence, diligence, and respect, and in an ethical manner with the public, clients, prospective clients, employers, employees, colleagues in the investment profession, and other participants in the global capital markets.

• Place the integrity of the investment profession and the interests of clients above their own personal interests.

• Use reasonable care and exercise independent professional judgment when conducting investment analysis, making investment recommendations, taking investment actions, and engaging in other professional activities.

• Practice and encourage others to practice in a professional and ethical manner that will reflect credit on themselves and the profession.

• Promote the integrity of, and uphold the rules governing, capital markets.

• Maintain and improve their professional competence and strive to maintain and improve the competence of other investment professionals.

Standards of Professional Conduct

I. PROFESSIONALISM

A. Knowledge of the Law. Members and Candidates must understand and comply with all applicable laws, rules, and regulations (including the CFA Institute Code of Ethics and Standards of Professional Conduct) of any government, regulatory organization, licensing agency, or professional association governing their professional activities. In the event of conflict, Members and Candidates must comply with the more strict law, rule, or regulation. Members and Candidates must not knowingly participate or assist in and must dissociate from any violation of such laws, rules, or regulations.

B. Independence and Objectivity. Members and Candidates must use reasonable care and judgment to achieve and maintain independence and objectivity in their professional activities.

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Members and Candidates must not offer, solicit, or accept any gift, benefit, compensation, or consideration that reasonably could be expected to compromise their own or another’s independence and objectivity.

C. Misrepresentation. Members and Candidates must not knowingly make any misrepresentations relating to investment analysis, recommendations, actions, or other professional activities.

D. Misconduct. Members and Candidates must not engage in any professional conduct involving dishonesty, fraud, or deceit, or commit any act that reflects adversely on their professional reputation, integrity, or competence.

II. INTEGRITY OF CAPITAL MARKETS

A. Material Non-public Information. Members and Candidates who possess material non-public information that could affect the value of an investment must not act or cause others to act on the information.

B. Market Manipulation. Members and Candidates must not engage in practices that distort prices or artificially inflate trading volume with the intent to mislead market participants.

III. DUTIES TO CLIENTS

A. Loyalty, Prudence, and Care. Members and Candidates have a duty of loyalty to their clients and must act with reasonable care and exercise prudent judgment. Members and Candidates must act for the benefit of their clients and place their clients’ interests before their employer’s or their own interests. In relationships with clients, Members and Candidates must determine applicable fiduciary duty and must comply with such duty to persons and interests to whom it is owed.

B. Fair Dealing. Members and Candidates must deal fairly and objectively with all clients when providing investment analysis, making investment recommendations, taking investment action, or engaging in other professional activities.

C. Suitability.

1. When Members and Candidates are in an advisory relationship with a client, they must:

a) Make a reasonable inquiry into a client’s or prospective clients’ investment experience, risk and return objectives, and financial constraints prior to making any investment recommendation or taking investment action, and must reassess and update this information regularly.

b) Determine that an investment is suitable to the client’s financial situation and consistent with the client’s written objectives, mandates, and constraints before making an investment recommendation or taking investment action.

c) Judge the suitability of investments in the context of the client’s total portfolio.

2. When Members and Candidates are responsible for managing a portfolio to a specific mandate, strategy, or style, they must only make investment recommendations or take investment actions that are consistent with the stated objectives and constraints of the portfolio.

D. Performance Presentation. When communicating investment performance information, Members or Candidates must make reasonable efforts to ensure that it is fair, accurate, and complete.

E. Preservation of Confidentiality. Members and Candidates must keep information about current, former, and prospective clients confidential unless:

1. The information concerns illegal activities on the part of the client or prospective client.

2. Disclosure is required by law.

3. The client or prospective client permits disclosure of the information.

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IV. DUTIES TO EMPLOYERS

A. Loyalty. In matters related to their employment, Members and Candidates must act for the benefit of their employer and not deprive their employer of the advantage of their skills and abilities, divulge confidential information, or otherwise cause harm to their employer.

B. Additional Compensation Arrangements. Members and Candidates must not accept gifts, benefits, compensation, or consideration that competes with, or might reasonably be expected to create a conflict of interest with, their employer’s interest unless they obtain written consent from all parties involved.

C. Responsibilities of Supervisors. Members and Candidates must make reasonable efforts to detect and prevent violations of applicable laws, rules, regulations, and the Code and Standards by anyone subject to their supervision or authority.

V. INVESTMENT ANALYSIS, RECOMMENDATIONS, AND ACTION

A. Diligence and Reasonable Basis. Members and Candidates must:

1. Exercise diligence, independence, and thoroughness in analyzing investments, making investment recommendations, and taking investment actions.

2. Have a reasonable and adequate basis, supported by appropriate research and investigation, for any investment analysis, recommendation, or action.

B. Communication with Clients and Prospective Clients. Members and Candidates must:

1. Disclose to clients and prospective clients the basic format and general principles of the investment processes used to analyze investments, select securities, and construct portfolios, and must promptly disclose any changes that might materially affect those processes.

2. Use reasonable judgment in identifying which factors are important to their investment analysis, recommendations, or actions and include those factors in communications with clients and prospective clients.

3. Distinguish between fact and opinion in the presentation of investment analysis and recommendations.

C. Record Retention. Members and Candidates must develop and maintain appropriate records to support their investment analysis, recommendations, actions, and other investment-related communications with clients and prospective clients.

VI. CONFLICTS OF INTEREST

A. Disclosure of Conflicts. Members and Candidates must make full and fair disclosure of all matters that could reasonably be expected to impair their independence and objectivity or interfere with respective duties to their clients, prospective clients, and employer. Members and Candidates must ensure that such disclosures are prominent, are delivered in plain language, and communicate the relevant information effectively.

B. Priority of Transactions. Investment transactions for clients and employers must have priority over investment transactions in which a Member or Candidate is the beneficial owner.

C. Referral Fees. Members and Candidates must disclose to their employer, clients, and prospective clients, as appropriate, any compensation, consideration, or benefit received by, or paid to, others for the recommendation of products or services.

VII. RESPONSIBILITIES AS A CFA INSTITUTE MEMBER OR CFA CANDIDATE

A. Conduct as Members and Candidates in the CFA Program. Members and Candidates must not engage in any conduct that compromises the reputation or integrity of the CFA Institute or the CFA designation or the integrity, validity, or security of the CFA examinations.

B. Reference to the CFA Institute, the CFA designation, and the CFA Program. When referring to the CFA Institute, CFA Institute membership, the CFA designation, or candidacy in the

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CFA Program, Members and Candidates must not misrepresent or exaggerate the meaning or implications of membership in the CFA Institute, holding the CFA designation, or candidacy in the CFA Program.

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Appendix E — Inducement Policy for Putnam Investments Limited (PIL) Employees

Inducements

Putnam Investments Limited has adopted the following procedures to enable it to comply with, and demonstrate compliance with, the requirements in this area:

Gifts, business meals, or entertainment events that are given or received (“inducements”) and that exceed a value of £25 (40 euros or equivalent) must be reported through the PTA system within 20 business days.

PIL’s policy limits gifts to a value of £100 (150 euros or equivalent) per item.

No limit is applied to meals provided such meals are for business purposes, reasonable, and not lavish.

Entertainment provided to, or received from, suppliers (including brokers) is limited to a value of £150 (225 euros or equivalent). When receiving or providing entertainment to clients or potential clients, the limit of £150 (225 euros or equivalent) may be exceeded provided that such event is for business purposes, reasonable, and not lavish. Pre-clearance must be obtained from the PIL Compliance Officer.

Inducements exceeding these limits should be politely declined, explaining that PIL’s internal policies will not permit their acceptance.

There may be rare occasions where you are unexpectedly offered a gift or are entertained where the value exceeds the limits and it would be very discourteous to decline, or difficult to pay part of the bill yourself (such as in a members’ dining club). In these circumstances the gift should be handed in to the PIL Compliance Officer, who will arrange to give it to charity, or the entertainment reported immediately to the PIL Compliance Officer with an explanation of the circumstances.

Where the gift is below £100 (150 euros or equivalent) or the entertainment is below £150 (225 euros or equivalent) for any individual, no pre-clearance is necessary. Above these levels, pre-clearance is required from the PIL Compliance Officer. If you are in doubt as to whether limits might be exceeded, please err on the side of caution and seek pre-clearance.

Employees must disclose inducements in PTA where the value is above £25 (40 euros or equivalent).

Inducements below £25 (40 euros or equivalent), e.g., an umbrella, a casual drink, or a snack, need not be reported.

No more than six entertainment events per year, and no more than two events may be accepted from a single source. Meals are not included in this limit.

Where breaches of the inducement policy occur, sanctions may apply.

Employees are required to make an annual declaration that they have reported all reportable inducements given and received, or that they have not given or received any inducements during the course of the year.

Further detailed guidance on PIL’s Inducement Policy is available in the PIL Compliance Manual.

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407 Letter 2, 33 Employees  
7-Day Rule 3, 19, 20 general rules for 23
90-Day Short-Term Rule 12, 19 personal political contributions 26
Access Person   Entertainment Policy 23
definition 5 Excessive trading (over 10 trades) prohibited 16
reporting requirements for 33 Exchange-traded index funds (ETFs)  6, 8, 17, 33, 34
reporting transactions/holdings 33 Exempted transactions 17
Ad Hoc Exemption 37 Family member accounts 15
Affiliated Entities 29 Family Members’ Conflict Policy 29
Analysts   Fiduciary 28
special rules 19, 20, 21 Gifts and Entertainment Policy 23
Annual Holdings Report 11, 34 Gifts donated as securities 11
Anti-bribery/Kickback Policy 25 Good Until Canceled (GTC) Limit orders 16
Anti-money Laundering Policy 32 Goods and services, purchasing 29
Anti-trust and other laws 23 Great-West Lifeco Inc. 2, 8, 12, 43
Appeal Procedures 38 Initial holdings report 34
Blackout Rule      
trading by portfolio managers,   Initial Public Offerings (IPOs) 12
analysts, and CIOs 3, 20 Inside Information 1, 43, 44
Boycott laws 23 material, non-public information 13, 42
    policy statement 40
Bribes 25 sanctions for 39, 46
Broker accounts 2, 33 Inside Information List (Red List) 42
Business ethics 34 Insider Trading  
CFA Institute Code of Ethics 31 definitions 41
CFA Institute Code of Ethics and Standards of explanations of 44
Professional Conduct 50 liability for 46
    penalties for 46
Chief Investment Officer   policy statement 40
special rules on trading 19    
Closed-end fund 2, 5, 6, 7, 8, 48 Investment clubs 28
Code of Ethics Administrator 6 Involuntary transactions 11, 17
Code of Ethics Officer 6 Kickback Policy 25
Deputy Code of Ethics Officer 6 Large-/Mid-Cap Exemption 9
Code of Ethics Oversight Committee    6, 13, 16, 39 Limit Orders 16
Compliance and Appeal Procedures 37 Linked accounts 15
Computer and Network Use Policy 30 Lobbying Policy 26
Confidentiality 1, 27 Market timing prohibition 15
Confirmations and broker statements 2, 33 Marsh & McLennan (MMC) securities   8, 11, 17, 33
Conflicts of interest 1, 4, 23 Material information 1, 13, 40, 42, 43, 44, 46
Contra-Trading Rule 3, 21 Naked Options 17
Clearance Form 49 Negotiations prohibition 28
Corporate purchase of goods and services 29 Non-public information 1, 13, 40, 42, 43, 44, 46
Corporate/political contributions. 26 Non-Putnam affiliates (NPAs) 29
Currencies 7 Officer, prohibited to serve for another entity 27
Director, prohibited to serve for another entity 27 Ombudsman 35
Discretionary account 6, 10, 12 Options  
Dividend reinvestment program 18 defined as securities 10
Education Requirements 36 naked 17

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Partner, prohibited to serve for another entity   27 90-Day Rule 15
Partnerships, covered in personal securities   One-Year Rule 15
transactions 7, 41 Putnam Variable Trusts 14
Personal securities transactions 3 Quarterly Report of Securities Transactions 2, 33
Personal Trading Assistant (PTA)   Records  
2, 6, 8, 9, 11, 24, 27, 33, 34 accuracy records policy 29
Political activities, contributions, lobbying 26 retention policy 32
Portfolio managers, special rules on trading 19-22 Red List 42, 43
Portfolio Trading 21, 29 Reporting Requirements 33
Postiions outside Putnam 27, 34 Restricted List 7-9, 12, 37, 38
Power Corporation of Canada 2, 8, 12, 43 Sanctions 39
Power Financial Corporation 2, 8, 12, 43 Shares by subscription, pre-clearance 10
Pre-clearance 2, 6-12 Special rules for investment professionals 3, 19-22
sanctions for failure to pre-clear properly 39 Spread betting 17
Privacy Policy 31 Tender Offers 11
Private offerings and private placement   Trustee 7, 14, 27, 28, 41
pre-approval 13 Trusts 1, 7, 14, 41
Prohibited transactions 12-18 U. S. government obligations 7
Putnam mutual fund restrictions 2, 14, 15 Warrants 7, 8, 41

 

One Post Office Square
Boston, Massachusetts 02109
1-617-292-1000
www.putnam.com

248344 5/08

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