N-CSR

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: Robert T. Burns, Vice President
One Post Office Square
Boston, Massachusetts 02109

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

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

Date of fiscal year end: April 30, 2015

Date of reporting period : May 1, 2014 — April 30, 2015

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:

Putnam
Multi-Cap Core
Fund

Annual report
4 | 30 | 15

Message from the Trustees	1
About the fund	2
Performance snapshot	4
Interview with your fund’s portfolio manager	5
Your fund’s performance	11
Your fund’s expenses	13
Terms and definitions	15
Other information for shareholders	16
Important notice regarding Putnam’s privacy policy	17
Financial statements	18
Federal tax information	46
About the Trustees	47
Officers	49

Consider these risks before investing: Investments in small and/or midsize companies increase the risk of greater price fluctuations. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions and factors related to a specific issuer or industry. You can lose money by investing in the fund.

Message from the Trustees

Dear Fellow Shareholder:

With the midway point of 2015 at hand, we note the sixth anniversary of the beginning of the U.S. economic expansion as dated by the National Bureau of Economic Research, which tracks the ups and downs of U.S. business cycles. It has also been six years since the beginning of the current bull market in U.S. stocks.

Both the expansion and the bull market are longer than average, and both appear to owe their longevity, to some degree, to the extraordinary policy measures undertaken by the Federal Reserve. Recently, however, the Fed has been preparing markets for a shift toward tighter monetary policy. Short-term interest rates could increase for the first time since 2006.

While higher interest rates can be a reflection of solid economic conditions, they can also pose a risk to fixed-income investments, and can have a less direct impact on stocks. International markets, which have performed well in early 2015, would also feel the effects of higher rates in the world’s largest economy. In the following pages, your fund’s portfolio manager provides a market outlook in addition to an update on your fund’s performance.

With the possibility that markets could begin to move in different directions, it might be a prudent time to consult your financial advisor to determine whether any adjustments or additions to your portfolio are warranted.

As the owner of a Putnam fund, you have put your investment in the hands of professional managers who pursue a consistent strategy and have experience in navigating changing market conditions. They, and we, share a deep conviction that an active approach based on fundamental research can play a valuable role in your portfolio.

As always, thank you for investing with Putnam.

Respectfully yours,

Robert L. Reynolds
President and Chief Executive Officer
Putnam Investments

Jameson A. Baxter
Chair, Board of Trustees

June 11, 2015

Performance
snapshot

Annualized total return (%) comparison as of 4/30/15

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. 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 5 and 11–13 for additional performance information. For a portion of the periods, the fund had expense limitations, without which returns would have been lower. To obtain the most recent month-end performance, visit putnam.com.

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Interview with your fund’s portfolio manager

Gerard P. Sullivan

Jerry, how were conditions for stock market investors during the 12-month reporting period ended April 30, 2015?

U.S. stocks delivered solid performance, and throughout the period, the broad stock market, as measured by the S&P 500 Index, achieved and surpassed record highs several times. For the first half of the period, volatility was low and large market swings were rare, but in the latter half, investors encountered a more bumpy ride.

In October, stocks declined nearly 10% in response to global geopolitical tensions, slowing growth in Europe and China, and falling oil prices. Although it felt painful at the time, I believe that pullback was relatively mild, and the market’s subsequent snapback — its V-shaped rebound — from its mid-October lows was about as sharp as I have ever seen. Stocks recovered dramatically, dipped again in early December, then surged to new record highs as 2014 came to a close. We saw some powerful gains, especially in health care and certain parts of retail and industrials.

The early months of 2015 were also positive for stocks, although gains were much smaller and the market remained choppy. Investors were concerned about the effects of an unusually harsh winter on U.S. economic growth, the impact of a strong U.S. dollar on corporate profits, and plummeting oil

Broad market index and fund performance

This comparison shows your fund’s performance in the context of broad market indexes for the 12 months ended 4/30/15. See pages 4 and 11–13 for additional fund performance information. Index descriptions can be found on page 15.

Multi-Cap Core Fund     5

prices. Despite these worries, in March, the bull market for U.S. stocks marked its sixth anniversary.

How did the fund perform for the period?

I am pleased to report that the fund delivered a return of 12.98% for class A shares at net asset value, outperforming its benchmark, the Russell 3000 Index, which returned 12.74%. In addition, the fund’s performance at net asset value outpaced, by a considerable margin, the average return of 10.55% for funds in its Lipper peer group, Multi-Cap Core Funds. The strongest-performing sectors in the fund’s portfolio were industrials and health care, while energy and technology were the weakest sectors for the period.

Within the fund’s portfolio, what were some stocks that had a negative effect on performance for the period?

A major theme for the financial markets during this time was plunging energy prices. In 2014, the price of oil dropped more than 50% from June to December, when it hit a five-year low. The decline was largely in response to greater oil supplies combined with reduced energy demand. Although lower oil prices put more money into U.S. consumers’ pockets, they had a negative effect on most stocks in the energy sector and caused volatility across global financial markets. The surplus of oil and massive price weakness hurt the stocks of many energy companies, particularly those that specialize in exploration and production.

Sector allocations

Allocations are shown as a percentage of the fund’s net assets as of 4/30/15. Cash and net other assets, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Summary information may differ from the portfolio schedule included in the financial statements due to the inclusion of derivative securities, any interest accruals, the exclusion of as-of trades, if any, and the use of different classifications of securities for presentation purposes. Holdings and allocations may vary over time.

*The unclassified sector includes exchange-traded funds and other securities not able to be classified by sector.

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“Today’s market still offers
opportunities for investors who
are patient and diligent in their
research.”

Jerry Sullivan

This trend is reflected in the fund’s results for the period. Among the top detractors from performance were stocks of businesses that are directly influenced by the price of oil. They included ECA Marcellus Trust, Halliburton, Whiting Canadian Holding, and EV Energy Partners. By the close of the period, ECA Marcellus, Whiting, and EV Energy had been sold from the portfolio. Outside of energy, the stock of Weight Watchers International was a disappointment. The company has struggled with membership declines, particularly because of competition from newer weight-loss initiatives, such as software, mobile applications, and devices that monitor activity and calorie intake.

Could you discuss some holdings that worked well for the fund?

The top-performing holding for the period was TubeMogul, a video advertising company. Upon its initial public offering [IPO] in July 2014, I added TubeMogul to the portfolio at a substantial discount to its original estimated IPO price range. Investors were not enthusiastic about this IPO, due in large part to doubts about the company’s profitability potential. Soon after the IPO, the stock price surged as the company reported revenue growth that exceeded expectations. A more recent earnings disappointment set the stock back a bit, but I believe TubeMogul continues to offer attractive growth potential,

Top 10 holdings

This table shows the fund’s top 10 holdings by percentage of the fund’s net assets as of 4/30/15. Short-term holdings and derivatives, if any, are excluded. Holdings may vary over time.

Multi-Cap Core Fund     7

and it remained in the portfolio at the close of the period.

Energy sector weakness was also apparent in the top performers, as my decision to maintain an underweight position, versus the benchmark, in Chevron helped the fund’s relative performance. The stock of this energy giant, a component of the fund’s benchmark, performed poorly as oil prices collapsed. The biotechnology sector was a strong area for stocks during the period, due in large part to merger-and-acquisition activity. One top performer for the fund was InterMune, a biotechnology firm whose stock price advanced on the news that it was being acquired by Roche, a large Swiss pharmaceutical company. Chevron and InterMune were no longer in the portfolio at the close of the period. Also among the performance highlights was the stock of Banc of California. When I added it to the portfolio early in the period, I believed its price was very attractive and that the company was capable of stronger earnings growth as its management team became more focused.

After the sharp declines in energy stocks, what is your approach to this sector today?

In my view, we must proceed with caution because there is still potential for extreme volatility in the sector. However, I have started to inch my way back into energy holdings, selectively adding positions where I see attractive valuations. The timing may not seem ideal — many other sectors are likely to outperform in the next 12 months or so — but I am taking a longer-term perspective, and I believe my patience could pay off.

Energy is a cyclical sector, and I believe that we are at or near a cycle low. At current oil

Comparison of top sector shifts

This chart shows the fund’s largest allocation shifts, by percentage, over the past six months. Allocations are shown as a percentage of the fund’s net assets. Current period summary information may differ from the portfolio schedule included in the financial statements due to the inclusion of derivative securities, any interest accruals, the exclusion of as-of trades, if any, and the use of different classifications of securities for presentation purposes. Holdings and allocations may vary over time.

8     Multi-Cap Core Fund

price levels, few energy stocks are attractive, and there is still potential for more stock price declines. However, I believe that we will begin to see stabilization in the sector as oil production drops. Businesses have been working aggressively to cut production, and we have already seen a reduction in rig count — that is, the number of rigs pumping oil and gas. When production starts to tail off, perhaps in the second half of 2015, I believe investors’ appetite for energy stocks should return. At the same time, I believe we are likely to see increased merger-and-acquisition activity across the sector, which could lead to more investment opportunities. In the meantime, we are carefully studying company cost structures and we remain cautious with our energy sector decisions, as many balance sheets are quite challenged in this environment.

What is your outlook for the overall market and U.S. stocks in the months ahead?

For some time, U.S. investors have been preoccupied with whether — or more specifically, when — the Federal Reserve will raise short-term interest rates. The market has been focused on every word of the Fed’s recent statements, and many investors worry that rising rates will have a negative impact on stock performance. I believe the Fed will, and should, raise rates. This decision may cause short-term volatility, but ultimately it will happen for the right reasons. I don’t believe it will derail the stock market because, over time, a strong market depends on an economy that is healing and interest rates that are returning to more normalized levels.

U.S. equity investors have had some pretty good years — the S&P 500 Index just delivered its ninth consecutive quarterly gain and the current bull market just marked its sixth anniversary. Despite this lengthy rally and fewer inexpensive stocks to choose from, I believe there are still opportunities for investors who are patient and diligent in their research.

Thank you, Jerry, for your time and insights today.

The views expressed in this report are exclusively those of Putnam Management and are subject to change. 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.

Portfolio Manager Gerard P. Sullivan has an M.B.A. from the Columbia University Graduate School of Business and a B.A. from Columbia University. Jerry joined Putnam in 2008 and has been in the investment industry since 1982.

Multi-Cap Core Fund     9

IN THE NEWS

There seems to be momentum in the U.S. equities market, which is now in its third-longest bull run since 1928. Inflation, as measured by the Consumer Price Index, was –0.1% before seasonal adjustment for the 12 months ended March 31, 2015, according to the Bureau of Labor Statistics. Low inflation and a resilient U.S. economy generally provide a supportive environment for equities. However, investors appear to be more cautious than celebratory. Uncertainties include the timing of the Federal Reserve’s decision to implement the first hike in short-term interest rates since 2006 and whether the strong dollar could continue to worsen the trade balance, which could in turn reduce gross domestic product. In March, exports grew by less than 1%, according to the Bureau of Economic Analysis, compared with a 7.7% jump in imports in the same month. For now, the S&P 500 Index continues to hover around the 2100 mark. Investors should keep in mind that equities tend to perform well when short-term rates are rising from low levels. The reason is, in part, because rising rates typically signal an improving economy.

10     Multi-Cap Core Fund

Your fund’s performance

This section shows your fund’s performance, price, and distribution information for periods ended April 30, 2015, 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 represent past performance. Past performance does not guarantee future results. 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 shareholder 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 at putnam.com or call Putnam at 1-800-225-1581. Class R and Y shares are not available to all investors. See the Terms and Definitions section in this report for definitions of the share classes offered by your fund.

Fund performance Total return for periods ended 4/30/15

	Class A		Class B		Class C		Class M		Class R	Class Y
(inception dates)	(9/24/10)		(9/24/10)		(9/24/10)		(9/24/10)		(9/24/10)	(9/24/10)
	Before sales charge	After sales charge	Before CDSC	After CDSC	Before CDSC	After CDSC	Before sales charge	After sales charge	Net asset value	Net asset value
Life of fund	126.87%	113.82%	119.22%	117.22%	119.21%	119.21%	121.70%	113.94%	124.30%	129.46%
Annual average	19.50	17.97	18.61	18.37	18.61	18.61	18.90	17.98	19.20	19.79
3 years	70.51	60.71	66.83	63.83	66.77	66.77	68.04	62.16	69.25	71.82
Annual average	19.47	17.13	18.60	17.89	18.59	18.59	18.89	17.48	19.17	19.77
1 year	12.98	6.48	12.16	7.16	12.14	11.14	12.43	8.49	12.66	13.24

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. After-sales-charge returns for class A and M shares reflect the deduction of the maximum 5.75% and 3.50% sales charge, respectively, levied at the time of purchase. Class B share returns after contingent deferred sales charge (CDSC) reflect the applicable CDSC, which is 5% in the first year, declining over time to 1% in the sixth year, and is eliminated thereafter. Class C share returns after CDSC reflect a 1% CDSC for the first year that is eliminated thereafter. Class R and Y shares have no initial sales charge or CDSC.

For a portion of the periods, the fund had expense limitations, without which returns would have been lower.

Comparative index returns For periods ended 4/30/15

	Russell 3000 Index	Lipper Multi-Cap Core Funds category average*
Life of fund	101.02%	88.59%
Annual average	16.39	14.70
3 years	59.60	55.56
Annual average	16.86	15.79
1 year	12.74	10.55

Index and Lipper results should be compared with fund performance before sales charge, before CDSC, or at net asset value.

*Over the 1-year, 3-year, and life-of-fund periods ended 4/30/15, there were 755, 670, and 597 funds, respectively, in this Lipper category.

Multi-Cap Core Fund     11

Change in the value of a $10,000 investment ($9,425 after sales charge)

Cumulative total return from 9/24/10 to 4/30/15

Past performance does not indicate future results. At the end of the same time period, a $10,000 investment in the fund’s class B shares would have been valued at $21,922 ($21,722 after contingent deferred sales charge). A $10,000 investment in the fund’s class C shares would be valued at $21,921, and no contingent deferred sales charge would apply. A $10,000 investment in the fund’s class M shares ($9,650 after sales charge) would have been valued at $21,394. A $10,000 investment in the fund’s class R and Y shares would have been valued at $22,430 and $22,946, respectively.

Fund price and distribution information For the 12-month period ended 4/30/15

Distributions	Class A		Class B	Class C	Class M		Class R	Class Y
Number	1		1	1	1		1	1
Income	$0.063		—	$0.014	$0.047		$0.050	$0.079
Capital gains
Long-term gains	0.052		$0.052	0.052	0.052		0.052	0.052
Short-term gains	0.170		0.170	0.170	0.170		0.170	0.170
Total	$0.285		$0.222	$0.236	$0.269		$0.272	$0.301
Share value	Before sales charge	After sales charge	Net asset value	Net asset value	Before sales charge	After sales charge	Net asset value	Net asset value
4/30/14	$16.17	$17.16	$15.91	$15.88	$16.03	$16.61	$16.16	$16.20
4/30/15	17.98	19.08	17.62	17.57	17.75	18.39	17.93	18.04

The classification of distributions, if any, is an estimate. Before-sales-charge share value and current dividend rate for class A and M shares, if applicable, do not take into account any sales charge levied at the time of purchase. After-sales-charge share value, current dividend rate, and current 30-day SEC yield, if applicable, are calculated assuming that the maximum sales charge (5.75% for class A shares and 3.50% for class M shares) was levied at the time of purchase. Final distribution information will appear on your year-end tax forms.

12     Multi-Cap Core Fund

Fund performance as of most recent calendar quarter
Total return for periods ended 3/31/15

	Class A		Class B		Class C		Class M		Class R	Class Y
(inception dates)	(9/24/10)		(9/24/10)		(9/24/10)		(9/24/10)		(9/24/10)	(9/24/10)
	Before sales charge	After sales charge	Before CDSC	After CDSC	Before CDSC	After CDSC	Before sales charge	After sales charge	Net asset value	Net asset value
Life of fund	125.60%	112.63%	118.10%	116.10%	118.21%	118.21%	120.58%	112.86%	123.18%	128.18%
Annual average	19.73	18.17	18.83	18.59	18.85	18.85	19.13	18.20	19.44	20.03
3 years	67.27	57.65	63.58	60.58	63.61	63.61	64.91	59.14	66.12	68.55
Annual average	18.71	16.39	17.83	17.10	17.83	17.83	18.14	16.75	18.43	19.01
1 year	12.01	5.57	11.17	6.17	11.21	10.21	11.44	7.54	11.75	12.34

See the discussion following the fund performance table on page 11 for information about the calculation of fund performance.

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 six-month period, your fund’s expenses were limited; had expenses not been limited, they 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.

Expense ratios

	Class A	Class B	Class C	Class M	Class R	Class Y
Net expenses for the fiscal year ended 4/30/14*	1.24%	1.99%	1.99%	1.74%	1.49%	0.99%
Total annual operating expenses for the fiscal year ended 4/30/14	1.52%	2.27%	2.27%	2.02%	1.77%	1.27%
Annualized expense ratio for the six-month period ended 4/30/15†	1.11%	1.86%	1.86%	1.61%	1.36%	0.86%

Fiscal-year expense information in this table is taken from the most recent prospectus, is subject to change, and may differ from that shown for the annualized expense ratio and in the financial highlights of this report.

Expenses are shown as a percentage of average net assets.

*Reflects Putnam Management’s contractual obligation to limit expenses through 8/30/15.

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

Multi-Cap Core Fund     13

Expenses per $1,000

The following table shows the expenses you would have paid on a $1,000 investment in the fund from November 1, 2014, to April 30, 2015. 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 B	Class C	Class M	Class R	Class Y
Expenses paid per $1,000*†	$5.62	$9.40	$9.40	$8.14	$6.88	$4.36
Ending value (after expenses)	$1,042.20	$1,038.10	$1,037.80	$1,039.30	$1,040.30	$1,043.50

*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 six months ended 4/30/15. The expense ratio may differ for each share class.

†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.

Estimate the expenses you paid

To estimate the ongoing expenses you paid for the six months ended April 30, 2015, use the following calculation method. To find the value of your investment on November 1, 2014, call Putnam at 1-800-225-1581.

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 B	Class C	Class M	Class R	Class Y
Expenses paid per $1,000*†	$5.56	$9.30	$9.30	$8.05	$6.80	$4.31
Ending value (after expenses)	$1,019.29	$1,015.57	$1,015.57	$1,016.81	$1,018.05	$1,020.53

*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 six months ended 4/30/15. The expense ratio may differ for each share class.

†Expenses are calculated by multiplying the expense ratio by the average account value for the six-month period; then multiplying the result by the number of days in the six-month period; and then dividing that result by the number of days in the year.

14     Multi-Cap Core Fund

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.

Before sales charge, or net asset value, is the price, or value, of one share of a mutual fund, without a sales charge. Before-sales-charge figures fluctuate with market conditions, and are calculated by dividing the net assets of each class of shares by the number of outstanding shares in the class.

After sales charge is the price of a mutual fund share plus the maximum sales charge levied at the time of purchase. After-sales-charge performance figures shown here assume the 5.75% maximum sales charge for class A shares and 3.50% for class M shares.

Contingent deferred sales charge (CDSC) is generally a charge applied at the time of the redemption of class B or C shares and assumes redemption at the end of the period. Your fund’s class B CDSC declines over time from a 5% maximum during the first year to 1% during the sixth year. After the sixth year, the CDSC no longer applies. The CDSC for class C shares is 1% for one year after purchase.

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 B shares are not subject to an initial sales charge and may be subject to a CDSC.

Class C shares are not subject to an initial sales charge and are subject to a CDSC only if the shares are redeemed during the first year.

Class M shares have a lower initial sales charge and a higher 12b-1 fee than class A shares and no CDSC (except on certain redemptions of shares bought without an initial sales charge).

Class R shares are not subject to an initial sales charge or CDSC and are available only to employer-sponsored retirement plans.

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

BofA 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.

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.

Multi-Cap Core Fund     15

Other information for shareholders

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 during the 12-month period ended June 30, 2014, are available in the Individual Investors section of putnam.com, and on the Securities and Exchange Commission (SEC) website, www.sec.gov. If you have questions about finding forms on the SEC’s website, 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 Form N-Q on the SEC’s website at www.sec.gov. In addition, the fund’s Form 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 website or the operation of the Public Reference Room.

Trustee and employee fund ownership

Putnam employees and members of the Board of Trustees place their faith, confidence, and, most importantly, investment dollars in Putnam mutual funds. As of April 30, 2015, Putnam employees had approximately $498,000,000 and the Trustees had approximately $142,000,000 invested in Putnam mutual funds. These amounts include investments by the Trustees’ and employees’ immediate family members as well as investments through retirement and deferred compensation plans.

16     Multi-Cap Core Fund

Important notice regarding Putnam’s privacy policy

In order to conduct business with our shareholders, we must obtain certain personal information such as account holders’ names, addresses, Social Security numbers, and dates of birth. Using this information, we are able to maintain accurate records of accounts and transactions.

It is our policy to protect the confidentiality of our shareholder information, whether or not a shareholder currently owns shares of our funds. In particular, it is our policy 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 must share account information with outside vendors who provide services to us, such as mailings and proxy solicitations. In these cases, the service providers enter into confidentiality agreements with us, and we provide only the information necessary to process transactions and perform other services related to your account. Finally, it is our policy to share account information with your financial representative, if you’ve listed one on your Putnam account.

Multi-Cap Core Fund     17

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 non-investment 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 highlights table also includes the current reporting period.

18     Multi-Cap Core Fund

Report of Independent Registered Public Accounting Firm

The Board of Trustees and Shareholders
Putnam Funds Trust:

We have audited the accompanying statement of assets and liabilities of Putnam Multi-Cap Core Fund (the fund), a series of Putnam Funds Trust, including the fund’s portfolio, as of April 30, 2015, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the four-year period then ended and the period from September 24, 2010 (commencement of operations) through April 30, 2011. These financial statements and financial highlights are the responsibility of the fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2015, by correspondence with the custodian and brokers or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Putnam Multi-Cap Core Fund as of April 30, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for the periods specified in the first paragraph above, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
June 11, 2015

Multi-Cap Core Fund     19

The fund’s portfolio 4/30/15

COMMON STOCKS (96.1%)*	Shares	Value
Aerospace and defense (3.5%)
Airbus Group NV (France)	11,050	$767,337
Boeing Co. (The)	8,433	1,208,786
Bombardier, Inc. Class B (Canada)	749,257	1,515,281
Curtiss-Wright Corp.	4,174	304,952
General Dynamics Corp.	15,268	2,096,602
Honeywell International, Inc.	10,321	1,041,595
L-3 Communications Holdings, Inc.	13,483	1,549,332
Northrop Grumman Corp.	20,377	3,138,873
Raytheon Co.	8,874	922,896
Spirit AeroSystems Holdings, Inc. Class A †	14,614	743,706
TransDigm Group, Inc.	6,885	1,460,515
United Technologies Corp.	6,926	787,833
		15,537,708
Airlines (1.2%)
Alaska Air Group, Inc.	14,156	906,833
Copa Holdings SA Class A (Panama)	2,669	295,965
Delta Air Lines, Inc.	24,428	1,090,466
JetBlue Airways Corp. †	53,303	1,094,311
Southwest Airlines Co.	26,426	1,071,839
United Continental Holdings, Inc. †	11,603	693,163
		5,152,577
Auto components (1.0%)
Delphi Automotive PLC (United Kingdom)	22,879	1,898,957
Lear Corp.	11,334	1,258,414
Magna International, Inc. (Canada)	22,196	1,119,344
		4,276,715
Automobiles (0.7%)
Fiat Chrysler Automobiles NV (United Kingdom) † S	63,716	939,811
Ford Motor Co.	63,871	1,009,162
General Motors Co.	28,789	1,009,342
		2,958,315
Banks (6.5%)
Banc of California, Inc.	34,200	424,080
Bank of America Corp.	226,345	3,605,676
C1 Financial, Inc. † S	41,570	778,190
Citigroup, Inc.	75,987	4,051,627
Citizens Financial Group, Inc.	84,200	2,193,410
First BanCorp. (Puerto Rico) †	29,196	175,468
Fulton Financial Corp.	20,198	245,608
Huntington Bancshares, Inc.	7,047	76,530
Investors Bancorp, Inc.	32,250	381,840
JPMorgan Chase & Co.	104,859	6,633,380
KeyCorp	65,452	945,781
Old National Bancorp	13,131	179,369
Pacific Premier Bancorp, Inc. †	7,006	109,714
PacWest Bancorp	11,487	518,064
PNC Financial Services Group, Inc.	11,861	1,088,010
SunTrust Banks, Inc.	21,327	885,071

20     Multi-Cap Core Fund

COMMON STOCKS (96.1%)* cont.	Shares	Value
Banks cont.
Virgin Money Holdings UK PLC (United Kingdom) †	231,986	$1,400,163
Wells Fargo & Co.	96,525	5,318,528
		29,010,509
Beverages (1.5%)
Coca-Cola Co. (The)	21,892	887,940
Coca-Cola Enterprises, Inc.	27,842	1,236,463
Dr. Pepper Snapple Group, Inc.	11,612	866,023
Monster Beverage Corp. †	2,884	395,425
PepsiCo, Inc.	32,266	3,069,142
		6,454,993
Biotechnology (3.1%)
AMAG Pharmaceuticals, Inc. †	30,271	1,542,913
Amgen, Inc.	20,249	3,197,520
ARIAD Pharmaceuticals, Inc. †	69,406	601,750
Biogen, Inc. †	4,185	1,564,897
Celgene Corp. †	12,840	1,387,490
Gilead Sciences, Inc. †	46,858	4,709,698
United Therapeutics Corp. †	6,111	975,866
		13,980,134
Building products (0.4%)
AO Smith Corp.	13,355	853,385
Assa Abloy AB Class B (Sweden)	8,709	503,437
CaesarStone Sdot-Yam, Ltd. (Israel) S	5,548	328,664
		1,685,486
Capital markets (3.1%)
AllianceBernstein Holding LP (Partnership shares)	20,336	637,534
Ameriprise Financial, Inc.	6,151	770,597
Blackstone Group LP (The)	23,179	949,412
Carlyle Group LP (The)	39,344	1,187,795
Charles Schwab Corp. (The)	17,052	520,086
E*Trade Financial Corp. †	18,436	530,772
Goldman Sachs Group, Inc. (The)	10,520	2,066,338
KKR & Co. LP	36,833	829,111
Legg Mason, Inc.	22,576	1,188,626
Morgan Stanley	57,017	2,127,304
Oaktree Capital Group, LLC (Units)	5,579	298,365
Och-Ziff Capital Management Group, LLC Class A	29,018	374,622
State Street Corp.	21,527	1,660,162
Virtu Financial, Inc. Class A †	30,000	641,700
		13,782,424
Chemicals (2.3%)
Axalta Coating Systems, Ltd. †	25,149	771,571
CF Industries Holdings, Inc.	1,449	416,544
Dow Chemical Co. (The)	7,832	399,432
E.I. du Pont de Nemours & Co.	15,771	1,154,437
Huntsman Corp.	55,079	1,269,571
LyondellBasell Industries NV Class A	12,776	1,322,572
Monsanto Co.	11,722	1,335,839
Rayonier Advanced Materials, Inc.	42,315	707,084

Multi-Cap Core Fund     21

COMMON STOCKS (96.1%)* cont.	Shares	Value
Chemicals cont.
Sherwin-Williams Co. (The)	5,807	$1,614,346
Symrise AG (Germany)	16,929	1,034,422
		10,025,818
Commercial services and supplies (2.2%)
ABM Industries, Inc.	13,591	435,592
ADT Corp. (The) S	16,654	626,190
Deluxe Corp.	19,369	1,254,143
Elis SA (France) †	84,426	1,716,418
KAR Auction Services, Inc.	16,206	603,025
MiX Telematics, Ltd. ADR (South Africa) † S	10,935	76,545
Progressive Waste Solutions, Ltd. (Canada)	45,773	1,323,297
Tyco International PLC	38,667	1,522,706
Waste Management, Inc.	28,822	1,427,554
West Corp.	30,000	928,500
		9,913,970
Communications equipment (1.5%)
ARRIS Group, Inc. †	21,299	717,244
Cisco Systems, Inc.	93,231	2,687,850
CommScope Holding Co., Inc. †	40,083	1,182,849
QUALCOMM, Inc.	30,593	2,080,324
		6,668,267
Construction and engineering (—%)
Quanta Services, Inc. †	2,845	82,249
		82,249
Consumer finance (1.0%)
Capital One Financial Corp.	27,880	2,254,098
Discover Financial Services	39,810	2,307,786
		4,561,884
Containers and packaging (0.4%)
Berry Plastics Group, Inc. †	41,756	1,428,890
Graphic Packaging Holding Co.	39,302	554,158
		1,983,048
Diversified consumer services (0.1%)
Weight Watchers International, Inc. † S	27,537	235,441
		235,441
Diversified financial services (0.5%)
Berkshire Hathaway, Inc. Class B †	1,819	256,861
Capitol Acquisition Corp. II †	36,225	401,735
Voya Financial, Inc.	41,884	1,773,369
		2,431,965
Diversified telecommunication services (1.3%)
AT&T, Inc.	39,928	1,383,106
CenturyLink, Inc.	39,546	1,422,074
Iridium Communications, Inc. † S	92,237	938,050
Verizon Communications, Inc.	38,942	1,964,234
		5,707,464
Electric utilities (1.1%)
American Electric Power Co., Inc.	11,382	647,294
Duke Energy Corp.	15,379	1,192,949
Edison International	19,933	1,214,717
Entergy Corp.	21,835	1,685,225
		4,740,185

22     Multi-Cap Core Fund

COMMON STOCKS (96.1%)* cont.	Shares	Value
Electronic equipment, instruments, and components (0.5%)
CDW Corp. of Delaware	5,293	$202,828
Corning, Inc.	61,354	1,284,139
Flextronics International, Ltd. †	65,427	754,046
		2,241,013
Energy equipment and services (1.2%)
Cameron International Corp. †	18,140	994,435
Halliburton Co.	48,026	2,350,873
Nabors Industries, Ltd.	41,772	697,592
Schlumberger, Ltd.	12,372	1,170,515
U.S. Silica Holdings, Inc. S	6,538	244,194
		5,457,609
Food and staples retail (2.6%)
Costco Wholesale Corp.	14,079	2,014,001
CVS Health Corp.	55,767	5,537,105
Kroger Co. (The)	29,998	2,067,162
Wal-Mart Stores, Inc.	15,716	1,226,634
Walgreens Boots Alliance, Inc.	10,537	873,833
		11,718,735
Food products (0.9%)
Archer-Daniels-Midland Co.	14,171	692,678
Cal-Maine Foods, Inc. S	9,142	408,739
Keurig Green Mountain, Inc.	5,884	684,721
Pinnacle Foods, Inc.	52,664	2,135,525
		3,921,663
Gas utilities (0.4%)
UGI Corp.	55,117	1,918,623
		1,918,623
Health-care equipment and supplies (1.5%)
Becton Dickinson and Co.	6,234	878,184
Boston Scientific Corp. †	76,911	1,370,554
C.R. Bard, Inc.	3,715	618,845
Cooper Cos., Inc. (The)	1,421	253,037
Edwards Lifesciences Corp. †	11,472	1,452,929
GenMark Diagnostics, Inc. †	3,167	30,403
Halyard Health, Inc. † S	736	35,681
Medtronic PLC	17,662	1,314,936
Stryker Corp.	6,935	639,684
		6,594,253
Health-care providers and services (3.5%)
Aetna, Inc.	10,637	1,136,776
AmerisourceBergen Corp.	15,053	1,720,558
AmSurg Corp. †	7,891	494,924
Anthem, Inc.	8,884	1,340,862
Cardinal Health, Inc.	17,188	1,449,636
Cigna Corp.	4,830	602,011
Civitas Solutions, Inc. †	30,000	562,500
Express Scripts Holding Co. †	691	59,702
HCA Holdings, Inc. †	34,330	2,540,763
HealthSouth Corp.	34,222	1,547,519
Humana, Inc.	2,908	481,565
LifePoint Hospitals, Inc. †	12,923	967,674

Multi-Cap Core Fund     23

COMMON STOCKS (96.1%)* cont.	Shares	Value
Health-care providers and services cont.
Premier, Inc. Class A †	6,658	$252,338
Surgical Care Affiliates, Inc. †	35,000	1,319,500
UnitedHealth Group, Inc.	9,772	1,088,601
		15,564,929
Health-care technology (0.1%)
Castlight Health, Inc. Class B † S	42,183	317,638
		317,638
Hotels, restaurants, and leisure (2.3%)
Bloomin’ Brands, Inc.	32,530	737,130
Carrols Restaurant Group, Inc. †	177,979	1,608,930
Compass Group PLC (United Kingdom)	26,923	477,270
Extended Stay America, Inc. (Unit)	11,471	232,402
Las Vegas Sands Corp.	25,360	1,341,037
McDonald’s Corp.	320	30,896
Peak Resorts, Inc.	103,650	693,419
Penn National Gaming, Inc. †	105,921	1,703,210
Restaurant Brands International LP (Units) (Canada)	131	5,123
Starbucks Corp.	19,870	985,155
Vail Resorts, Inc.	8,763	869,377
Wyndham Worldwide Corp.	10,375	886,025
Yum! Brands, Inc.	7,040	605,158
		10,175,132
Household durables (0.7%)
Leggett & Platt, Inc.	24,930	1,058,777
New Home Co., Inc. (The) †	3,661	54,329
UCP, Inc. Class A †	47,688	412,978
WCI Communities, Inc. †	39,591	920,491
Whirlpool Corp.	4,171	732,428
		3,179,003
Household products (0.9%)
Energizer Holdings, Inc.	6,791	927,786
Kimberly-Clark Corp.	7,544	827,501
Procter & Gamble Co. (The)	23,972	1,906,014
Spectrum Brands Holdings, Inc.	5,319	486,316
		4,147,617
Independent power and renewable electricity producers (0.4%)
NRG Energy, Inc.	65,186	1,645,295
		1,645,295
Industrial conglomerates (0.6%)
3M Co.	12,230	1,912,650
Danaher Corp.	5,016	410,710
General Electric Co.	5,580	151,106
Siemens AG (Germany)	2,455	268,715
Toshiba Corp. (Japan)	35,000	139,968
		2,883,149
Insurance (3.9%)
Allstate Corp. (The)	14,175	987,431
American International Group, Inc.	84,702	4,767,876
Amtrust Financial Services, Inc. S	15,329	911,616
Assured Guaranty, Ltd.	52,756	1,371,128
Chubb Corp. (The)	8,972	882,396

24     Multi-Cap Core Fund

COMMON STOCKS (96.1%)* cont.	Shares	Value
Insurance cont.
Genworth Financial, Inc. Class A †	31,020	$272,666
Hartford Financial Services Group, Inc. (The)	56,637	2,309,090
Lincoln National Corp.	22,800	1,287,972
MetLife, Inc.	45,662	2,342,004
Prudential PLC (United Kingdom)	43,580	1,087,553
Travelers Cos., Inc. (The)	11,005	1,112,716
		17,332,448
Internet and catalog retail (1.1%)
Amazon.com, Inc. †	3,840	1,619,635
Expedia, Inc.	17,886	1,685,398
FabFurnish GmbH (acquired 8/2/13, cost $1) (Private) (Brazil) † ΔΔ F	1	1
Global Fashion Holding SA (acquired 8/2/13, cost $43,883) (Private) (Brazil) † ΔΔ F	1,036	24,166
Lands’ End, Inc. †	21,174	622,092
New Bigfoot Other Assets GmbH (acquired 8/2/13, cost $1) (Private) (Brazil) † ΔΔ F	1	1
New Middle East Other Assets GmbH (acquired 8/2/13, cost $1) (Private) (Brazil) † ΔΔ F	1	1
Priceline Group, Inc. (The) †	598	740,210
		4,691,504
Internet software and services (2.8%)
Alibaba Group Holding, Ltd. ADR (China) † S	24,659	2,004,530
AOL, Inc. †	30,854	1,231,075
eBay, Inc. †	42,580	2,480,711
Facebook, Inc. Class A †	15,163	1,194,390
Google, Inc. Class A †	4,020	2,206,055
GrubHub, Inc. †	23,279	958,396
Hortonworks, Inc. † S	4,605	92,883
MaxPoint Interactive, Inc. †	155,000	1,142,350
Pandora Media, Inc. †	16,697	297,874
Yahoo!, Inc. †	20,460	870,880
		12,479,144
IT Services (2.3%)
Amdocs, Ltd.	14,950	823,297
CACI International, Inc. Class A †	11,007	971,258
Computer Sciences Corp.	23,244	1,498,076
DST Systems, Inc.	3,295	379,189
IBM Corp.	24,073	4,123,464
MasterCard, Inc. Class A	21,509	1,940,327
Visa, Inc. Class A	1,624	107,265
Xerox Corp.	46,919	539,569
		10,382,445
Life sciences tools and services (0.5%)
Agilent Technologies, Inc.	11,566	478,485
Mettler-Toledo International, Inc. †	3,300	1,046,133
Waters Corp. †	5,702	713,833
		2,238,451
Machinery (1.6%)
Caterpillar, Inc.	10,223	888,174
Deere & Co.	12,289	1,112,400
Manitowoc Co., Inc. (The)	27,604	544,627

Multi-Cap Core Fund     25

COMMON STOCKS (96.1%)* cont.	Shares	Value
Machinery cont.
Middleby Corp. (The) †	3,080	$312,127
Pall Corp.	5,970	581,000
Parker Hannifin Corp.	8,421	1,005,131
Stanley Black & Decker, Inc.	11,245	1,109,882
Trinity Industries, Inc.	53,019	1,436,285
		6,989,626
Media (2.7%)
CBS Corp. Class B (non-voting shares)	15,586	968,358
Charter Communications, Inc. Class A †	2,976	556,691
Comcast Corp. Class A	32,144	1,856,637
DIRECTV †	5,386	488,537
Discovery Communications, Inc. Class A †	14,246	461,001
DISH Network Corp. Class A †	5,009	338,909
Liberty Global PLC Ser. C (United Kingdom) †	26,526	1,338,237
Lions Gate Entertainment Corp.	23,509	729,014
Madison Square Garden Co. (The) Class A †	2,730	219,219
MDC Partners, Inc. Class A	26,408	552,984
SFX Entertainment, Inc. †	9,948	43,473
Time Warner Cable, Inc.	6,035	938,563
Time Warner, Inc.	21,650	1,827,477
Townsquare Media, Inc. Class A †	51,147	698,668
Walt Disney Co. (The)	7,499	815,291
		11,833,059
Metals and mining (1.3%)
AK Steel Holding Corp. † S	53,675	272,669
BHP Billiton, Ltd. ADR (Australia)	14,927	765,606
Cliffs Natural Resources, Inc. S	81,571	484,532
Freeport-McMoRan, Inc. (Indonesia)	49,661	1,155,611
Noranda Aluminum Holding Corp.	22,986	76,773
Nucor Corp.	28,694	1,401,989
Steel Dynamics, Inc.	8,876	196,426
United States Steel Corp.	59,166	1,421,167
		5,774,773
Multi-utilities (0.3%)
Public Service Enterprise Group, Inc.	27,929	1,160,171
		1,160,171
Multiline retail (1.3%)
Big Lots, Inc.	12,322	561,514
Dollar General Corp.	20,380	1,481,830
Kohl’s Corp.	25,670	1,839,256
Macy’s, Inc.	11,715	757,140
Target Corp.	17,298	1,363,601
		6,003,341
Oil, gas, and consumable fuels (6.0%)
Anadarko Petroleum Corp.	17,821	1,676,956
Antero Midstream Partners LP	30,000	750,000
Antero Resources Corp. †	18,224	807,505
Apache Corp.	9,991	683,384
Chesapeake Energy Corp. S	24,255	382,501
CONSOL Energy, Inc.	3,858	125,308

26     Multi-Cap Core Fund

COMMON STOCKS (96.1%)* cont.	Shares	Value
Oil, gas, and consumable fuels cont.
Devon Energy Corp.	15,854	$1,081,401
Enviva Partners LP †	35,000	741,650
EOG Resources, Inc.	9,457	935,770
Exxon Mobil Corp.	60,186	5,258,451
Gaztransport Et Technigaz SA (France)	6,611	395,386
Hess Corp.	11,756	904,036
JP Energy Partners LP	33,108	453,580
MarkWest Energy Partners LP	13,431	906,055
Memorial Production Partners LP (Units)	30,071	538,872
Memorial Resource Development Corp. †	102,704	2,073,594
NuStar Energy LP	10,017	672,942
Royal Dutch Shell PLC ADR Class A (United Kingdom)	25,608	1,624,315
Suncor Energy, Inc. (Canada)	33,034	1,076,908
Total SA ADR (France)	36,203	1,958,582
USD Partners LP	22,540	327,055
Valero Energy Corp.	34,906	1,986,151
Whiting Petroleum Corp. †	31,743	1,203,377
		26,563,779
Paper and forest products (0.3%)
International Paper Co.	28,389	1,525,057
		1,525,057
Personal products (0.8%)
Avon Products, Inc. S	141,712	1,157,787
Coty, Inc. Class A †	42,309	1,011,608
Estee Lauder Cos., Inc. (The) Class A	14,646	1,190,573
		3,359,968
Pharmaceuticals (4.7%)
Actavis PLC †	3,226	912,506
Bristol-Myers Squibb Co.	19,591	1,248,534
Impax Laboratories, Inc. †	15,759	713,252
Jazz Pharmaceuticals PLC †	2,508	448,180
Johnson & Johnson	38,329	3,802,237
Merck & Co., Inc.	50,568	3,011,830
Mylan NV †	15,373	1,110,853
Perrigo Co. PLC	9,793	1,794,861
Pfizer, Inc.	161,379	5,475,589
Roche Holding AG ADR (Switzerland)	23,570	845,692
Shire PLC ADR (United Kingdom)	1,681	409,340
Zoetis, Inc.	29,511	1,310,879
		21,083,753
Real estate investment trusts (REITs) (1.0%)
Armada Hoffler Properties, Inc.	92,631	951,320
Brixmor Property Group, Inc.	16,452	385,799
CatchMark Timber Trust, Inc. Class A	84,466	979,806
Easterly Government Properties, Inc. †	106,372	1,675,359
Hannon Armstrong Sustainable Infrastructure Capital, Inc.	20,582	391,058
Parkway Properties, Inc.	7,062	114,899
Prologis, Inc.	684	27,497
		4,525,738

Multi-Cap Core Fund     27

COMMON STOCKS (96.1%)* cont.	Shares	Value
Real estate management and development (0.2%)
Marcus & Millichap, Inc. †	16,930	$598,983
RE/MAX Holdings, Inc. Class A	14,873	502,559
		1,101,542
Road and rail (0.8%)
Genesee & Wyoming, Inc. Class A †	924	85,886
JB Hunt Transport Services, Inc.	5,027	438,354
Old Dominion Freight Line, Inc. †	4,037	287,152
Union Pacific Corp.	27,490	2,920,263
		3,731,655
Semiconductors and semiconductor equipment (2.8%)
Atmel Corp.	12,562	95,220
Broadcom Corp. Class A	45,325	2,003,592
Intel Corp.	88,855	2,892,230
Lam Research Corp.	17,042	1,288,034
Marvell Technology Group, Ltd.	52,958	741,942
Maxim Integrated Products, Inc.	14,072	461,984
Micron Technology, Inc. †	100,705	2,832,832
NVIDIA Corp.	6,892	152,968
ON Semiconductor Corp. †	54,821	631,538
Teradyne, Inc.	11,057	201,790
Texas Instruments, Inc.	19,545	1,059,534
Xilinx, Inc.	1,626	70,503
		12,432,167
Software (4.3%)
Activision Blizzard, Inc.	51,045	1,164,592
Autodesk, Inc. †	13,655	776,014
Cadence Design Systems, Inc. †	30,598	570,653
Electronic Arts, Inc. †	11,113	645,554
EnerNOC, Inc. †	12,270	135,584
Microsoft Corp.	133,914	6,513,577
Mobileye NV (Israel) †	35,472	1,591,274
Oracle Corp.	95,188	4,152,101
Red Hat, Inc. †	17,379	1,307,944
Symantec Corp.	26,182	652,586
TiVo, Inc. †	54,591	603,231
TubeMogul, Inc. † S	58,156	837,446
		18,950,556
Specialty retail (3.8%)
American Eagle Outfitters, Inc.	92,993	1,479,519
Bed Bath & Beyond, Inc. †	13,328	939,091
Best Buy Co., Inc.	27,487	952,425
Boot Barn Holdings, Inc. † S	75,000	1,861,500
Chico’s FAS, Inc.	48,988	825,938
Children’s Place, Inc. (The)	17,657	1,071,074
Conn’s, Inc. †	15,164	424,137
Gap, Inc. (The)	35,641	1,412,809
GNC Holdings, Inc. Class A	22,948	987,911
Home Depot, Inc. (The)	16,969	1,815,344
Lowe’s Cos., Inc.	16,409	1,129,924
Michaels Cos., Inc. (The) †	49,389	1,277,200

28     Multi-Cap Core Fund

COMMON STOCKS (96.1%)* cont.	Shares	Value
Specialty retail cont.
Sally Beauty Holdings, Inc. †	26,718	$833,869
Select Comfort Corp. †	5,623	173,301
Tiffany & Co.	7,406	647,877
TJX Cos., Inc. (The)	18,103	1,168,368
		17,000,287
Technology hardware, storage, and peripherals (4.0%)
Apple, Inc.	79,048	9,892,857
EMC Corp.	58,690	1,579,348
Hewlett-Packard Co.	108,406	3,574,146
NetApp, Inc.	6,893	249,871
QLogic Corp. †	21,108	310,288
SanDisk Corp.	8,544	571,935
Seagate Technology PLC	14,465	849,385
Western Digital Corp.	7,503	733,343
		17,761,173
Textiles, apparel, and luxury goods (0.6%)
Coach, Inc.	16,881	645,023
Michael Kors Holdings, Ltd. †	8,125	502,613
NIKE, Inc. Class B	13,263	1,310,915
		2,458,551
Thrifts and mortgage finance (0.2%)
Radian Group, Inc.	50,088	894,572
		894,572
Tobacco (0.6%)
Altria Group, Inc.	18,290	915,415
Lorillard, Inc.	17,515	1,223,598
Philip Morris International, Inc.	6,555	547,146
		2,686,159
Trading companies and distributors (0.1%)
HD Supply Holdings, Inc. †	18,526	611,358
		611,358
Transportation infrastructure (0.9%)
Macquarie Infrastructure Co., LLC	50,028	4,140,317
		4,140,317
Water utilities (0.1%)
American Water Works Co., Inc.	8,543	465,764
		465,764
Wireless telecommunication services (0.1%)
Sprint Corp. †	107,871	553,379
		553,379
Total common stocks (cost $408,051,273)		$427,684,548

INVESTMENT COMPANIES (0.6%)*	Shares	Value
iShares MSCI United Kingdom ETF (United Kingdom)	38,626	$742,005
SPDR S&P 500 ETF Trust	9,589	1,999,498
Total investment companies (cost $2,583,536)		$2,741,503

CONVERTIBLE PREFERRED STOCKS (0.5%)*	Shares	Value
Actavis PLC Ser. A, 5.50% cv. pfd. †	831	$831,548
American Tower Corp. $5.50 cv. pfd. † R	7,807	791,923
AmSurg Corp. Ser. A-1, $5.25 cv. pfd.	2,324	292,847

Multi-Cap Core Fund     29

CONVERTIBLE PREFERRED STOCKS (0.5%)* cont.	Shares	Value
Banc of California, Inc. $4.00 cv. pfd.	5,050	$299,162
Iridium Communications, Inc. Ser. B, 6.75% cv. pfd.	285	105,450
Iridium Communications, Inc. 144A $7.00 cv. pfd.	213	25,161
Total convertible preferred stocks (cost $2,189,150)		$2,346,091

SHORT-TERM INVESTMENTS (4.9%)*	Shares	Value
Putnam Cash Collateral Pool, LLC 0.22% d	8,833,250	$8,833,250
Putnam Short Term Investment Fund 0.07% L	12,870,524	12,870,524
Total short-term investments (cost $21,703,774)		$21,703,774

TOTAL INVESTMENTS
Total investments (cost $434,527,733)	$454,475,916

Key to holding’s abbreviations
ADR	American Depository Receipts: represents ownership of foreign securities on deposit with a custodian bank
ETF	Exchange Traded Fund
SPDR	S&P Depository Receipts

	Notes to the fund’s portfolio
	Unless noted otherwise, the notes to the fund’s portfolio are for the close of the fund’s reporting period, which ran from May 1, 2014 through April 30, 2015 (the reporting period). Within the following notes to the portfolio, references to “ASC 820” represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to “OTC”, if any, represent over-the-counter.
*	Percentages indicated are based on net assets of $445,168,153.
†	This security is non-income-producing.
ΔΔ	This security is restricted with regard to public resale. The total fair value of this security and any other restricted securities (excluding 144A securities), if any, held at the close of the reporting period was $24,169, or less than 0.1% of net assets.
d	Affiliated company. See Note 1 to the financial statements regarding securities lending. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.
F	This security is valued at fair value following procedures approved by the Trustees. Securities may be classified as Level 2 or Level 3 for ASC 820 based on the securities’ valuation inputs. At the close of the reporting period, fair value pricing was also used for certain foreign securities in the portfolio (Note 1).
L	Affiliated company (Note 5). The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.
R	Real Estate Investment Trust.
S	Security on loan, in part or in entirety, at the close of the reporting period (Note 1).
	At the close of the reporting period, the fund maintained liquid assets totaling $4 to cover the settlement of certain securities.
	144A after the name of an issuer represents securities exempt from registration under Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

30     Multi-Cap Core Fund

ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund’s investments. The three levels are defined as follows:

Level 1: Valuations based on quoted prices for identical securities in active markets.

Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement.

The following is a summary of the inputs used to value the fund’s net assets as of the close of the reporting period:

		Valuation inputs
	Investments in securities:	Level 1	Level 2	Level 3
	Common stocks*:
	Consumer discretionary	$62,309,909	$477,270	$24,169
	Consumer staples	32,289,135	—	—
	Energy	31,626,002	395,386	—
	Financials	71,153,366	2,487,716	—
	Health care	59,779,158	—	—
	Industrials	47,332,220	3,395,875	—
	Information technology	80,914,765	—	—
	Materials	18,274,274	1,034,422	—
	Telecommunication services	6,260,843	—	—
	Utilities	9,930,038	—	—
	Total common stocks	419,869,710	7,790,669	24,169
	Convertible preferred stocks	831,548	1,514,543	—
	Investment companies	2,741,503	—	—
	Short-term investments	12,870,524	8,833,250	—
	Totals by level	$436,313,285	$18,138,462	$24,169
*Common stock classifications are presented at the sector level, which may differ from the fund’s portfolio presentation.
	During the reporting period, transfers within the fair value hierarchy, if any, (other than certain transfers involving non-U.S. equity securities as described in Note 1) did not represent, in the aggregate, more than 1% of the fund’s net assets measured as of the end of the period.
	At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund’s net assets and were not considered a significant portion of the fund’s portfolio.

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

Multi-Cap Core Fund     31

	Statement of assets and liabilities 4/30/15
	ASSETS
	Investment in securities, at value, including $8,327,902 of securities on loan (Note 1):
	Unaffiliated issuers (identified cost $412,823,959)	$432,772,142
	Affiliated issuers (identified cost $21,703,774) (Notes 1 and 5)	21,703,774
	Dividends, interest and other receivables	290,594
	Receivable for shares of the fund sold	4,799,779
	Receivable for investments sold	7,949,843
	Prepaid assets	42,935
	Total assets	467,559,067
	LIABILITIES
	Payable for investments purchased	12,680,959
	Payable for shares of the fund repurchased	321,254
	Payable for compensation of Manager (Note 2)	191,852
	Payable for custodian fees (Note 2)	13,657
	Payable for investor servicing fees (Note 2)	123,393
	Payable for Trustee compensation and expenses (Note 2)	1,898
	Payable for administrative services (Note 2)	1,168
	Payable for distribution fees (Note 2)	107,239
	Collateral on securities loaned, at value (Note 1)	8,833,250
	Other accrued expenses	116,244
	Total liabilities	22,390,914
	Net assets	$445,168,153
	REPRESENTED BY
	Paid-in capital (Unlimited shares authorized) (Notes 1 and 4)	$423,737,562
	Undistributed net investment income (Note 1)	229,747
	Accumulated net realized gain on investments and foreign currency transactions (Note 1)	1,252,140
	Net unrealized appreciation of investments and assets and liabilities in foreign currencies	19,948,704
	Total — Representing net assets applicable to capital shares outstanding	$445,168,153
	COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE
	Net asset value and redemption price per class A share ($174,471,429 divided by 9,703,950 shares)	$17.98
	Offering price per class A share (100/94.25 of $17.98)*	$19.08
	Net asset value and offering price per class B share ($7,691,140 divided by 436,542 shares)**	$17.62
	Net asset value and offering price per class C share ($78,033,397 divided by 4,440,059 shares)**	$17.57
	Net asset value and redemption price per class M share ($3,574,736 divided by 201,370 shares)	$17.75
	Offering price per class M share (100/96.50 of $17.75)*	$18.39
	Net asset value, offering price and redemption price per class R share ($2,221,868 divided by 123,891 shares)	$17.93
	Net asset value, offering price and redemption price per class Y share ($179,175,583 divided by 9,930,466 shares)	$18.04
*	On single retail sales of less than $50,000. On sales of $50,000 or more the offering price is reduced.
**	Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

32     Multi-Cap Core Fund

Statement of operations Year ended 4/30/15
INVESTMENT INCOME
Dividends (net of foreign tax of $18,382)	$3,666,606
Interest (including interest income of $6,085 from investments in affiliated issuers) (Note 5)	6,521
Securities lending (Note 1)	128,816
Total investment income	3,801,943
EXPENSES
Compensation of Manager (Note 2)	1,150,470
Investor servicing fees (Note 2)	406,409
Custodian fees (Note 2)	39,926
Trustee compensation and expenses (Note 2)	9,338
Distribution fees (Note 2)	638,884
Administrative services (Note 2)	5,676
Other	254,549
Total expenses	2,505,252
Expense reduction (Note 2)	(4,428)
Net expenses	2,500,824
Net investment income	1,301,119
Net realized gain on investments (Notes 1 and 3)	2,690,441
Net realized gain on foreign currency transactions (Note 1)	1,556
Net unrealized appreciation of assets and liabilities in foreign currencies during the year	516
Net unrealized appreciation of investments during the year	15,528,876
Net gain on investments	18,221,389
Net increase in net assets resulting from operations	$19,522,508

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

Multi-Cap Core Fund     33

Statement of changes in net assets
INCREASE IN NET ASSETS	Year ended 4/30/15	Year ended 4/30/14
Operations:
Net investment income	$1,301,119	$160,112
Net realized gain on investments and foreign currency transactions	2,691,997	2,407,374
Net unrealized appreciation of investments and assets and liabilities in foreign currencies	15,529,392	2,475,362
Net increase in net assets resulting from operations	19,522,508	5,042,848
Distributions to shareholders (Note 1):
From ordinary income
Net investment income
Class A	(389,160)	(69,439)
Class B	—	(2,585)
Class C	(27,585)	(9,888)
Class M	(6,435)	(457)
Class R	(5,047)	(58)
Class Y	(356,029)	(41,172)
Net realized short-term gain on investments
Class A	(1,051,836)	(748,498)
Class B	(50,645)	(49,165)
Class C	(334,968)	(171,282)
Class M	(23,275)	(7,917)
Class R	(17,160)	(1,094)
Class Y	(765,721)	(327,353)
From net realized long-term gain on investments
Class A	(321,738)	(293,998)
Class B	(15,492)	(19,311)
Class C	(102,461)	(67,277)
Class M	(7,119)	(3,109)
Class R	(5,249)	(430)
Class Y	(234,220)	(128,579)
Increase from capital share transactions (Note 4)	382,221,369	29,776,154
Total increase in net assets	398,029,737	32,877,390
NET ASSETS
Beginning of year	47,138,416	14,261,026
End of year (including undistributed net investment income of $229,747 and $3,910, respectively)	$445,168,153	$47,138,416

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

34     Multi-Cap Core Fund

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Multi-Cap Core Fund     35

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

INVESTMENT OPERATIONS:					LESS DISTRIBUTIONS:						RATIOS AND SUPPLEMENTAL DATA:
Period ended	Net asset value, beginning of period	Net investment income (loss)a	Net realized and unrealized gain (loss) on investments	Total from investment operations	From net investment income	From net realized gain on investments	Total distributions	Redemption fees	Net asset value, end of period	Total return at net asset value (%)b	Net assets, end of period (in thousands)	Ratio of expenses to average net assets (%)c	Ratio of net investment income (loss) to average net assets (%)	Portfolio turnover (%)
Class A
April 30, 2015	$16.17	.12	1.97	2.09	(.06)	(.22)	(.28)	—	$17.98	12.98	$174,471	1.14	.69	52
April 30, 2014	13.87	.12	3.62	3.74	(.09)	(1.35)	(1.44)	—	16.17	27.60	23,980	1.24d	.75d	100
April 30, 2013	12.37	.11	2.05	2.16	(.17)	(.49)	(.66)	—e	13.87	18.28	9,685	1.31d	.85d	136
April 30, 2012	12.74	.10	.16	.26	(.04)	(.59)	(.63)	—e	12.37	2.67	5,590	1.34d	.83d	97
April 30, 2011†	10.00	.03	2.90	2.93	(.02)	(.17)	(.19)	—e	12.74	29.59*	5,406	.80*d	.29*d	67*
Class B
April 30, 2015	$15.91	(.01)	1.94	1.93	—	(.22)	(.22)	—	$17.62	12.16	$7,691	1.89	(.03)	52
April 30, 2014	13.73	(.01)	3.59	3.58	(.05)	(1.35)	(1.40)	—	15.91	26.67	2,130	1.99d	(.04)d	100
April 30, 2013	12.26	.02	2.03	2.05	(.09)	(.49)	(.58)	—e	13.73	17.43	273	2.06d	.13d	136
April 30, 2012	12.69	.01	.15	.16	—e	(.59)	(.59)	—e	12.26	1.86	189	2.09d	.07d	97
April 30, 2011†	10.00	(.02)	2.90	2.88	(.02)	(.17)	(.19)	—e	12.69	29.00*	69	1.25*d	(.19) *d	67*
Class C
April 30, 2015	$15.88	(.01)	1.93	1.92	(.01)	(.22)	(.23)	—	$17.57	12.14	$78,033	1.89	(.08)	52
April 30, 2014	13.72	—e	3.57	3.57	(.06)	(1.35)	(1.41)	—	15.88	26.58	8,539	1.99d	(.03)d	100
April 30, 2013	12.27	.01	2.04	2.05	(.11)	(.49)	(.60)	—e	13.72	17.48	868	2.06d	.11d	136
April 30, 2012	12.70	.01	.15	.16	—	(.59)	(.59)	—e	12.27	1.83	353	2.09d	.10d	97
April 30, 2011†	10.00	(.03)	2.91	2.88	(.01)	(.17)	(.18)	—e	12.70	29.08*	274	1.25*d	(.22) *d	67*
Class M
April 30, 2015	$16.03	.03	1.96	1.99	(.05)	(.22)	(.27)	—	$17.75	12.43	$3,575	1.64	.18	52
April 30, 2014	13.80	.04	3.60	3.64	(.06)	(1.35)	(1.41)	—	16.03	26.95	164	1.74d	.26d	100
April 30, 2013	12.32	.05	2.04	2.09	(.12)	(.49)	(.61)	—e	13.80	17.74	52	1.81d	.40d	136
April 30, 2012	12.72	.04	.15	.19	—	(.59)	(.59)	—e	12.32	2.07	33	1.84d	.34d	97
April 30, 2011†	10.00	(.01)	2.91	2.90	(.01)	(.17)	(.18)	—e	12.72	29.25*	36	1.10*d	(.08) *d	67*
Class R
April 30, 2015	$16.16	.07	1.97	2.04	(.05)	(.22)	(.27)	—	$17.93	12.66	$2,222	1.39	.42	52
April 30, 2014	13.86	.03f	3.67	3.70	(.05)	(1.35)	(1.40)	—	16.16	27.31	204	1.49d	.17d,f	100
April 30, 2013	12.36	.08	2.05	2.13	(.14)	(.49)	(.63)	—e	13.86	18.00	16	1.56d	.66d	136
April 30, 2012	12.73	.07	.16	.23	(.01)	(.59)	(.60)	—e	12.36	2.40	13	1.59d	.59d	97
April 30, 2011†	10.00	.02	2.90	2.92	(.02)	(.17)	(.19)	—e	12.73	29.41*	13	.95*d	.15*d	67*
Class Y
April 30, 2015	$16.20	.16	1.98	2.14	(.08)	(.22)	(.30)	—	$18.04	13.24	$179,176	.89	.91	52
April 30, 2014	13.88	.15	3.64	3.79	(.12)	(1.35)	(1.47)	—	16.20	27.98	12,121	.99d	.97d	100
April 30, 2013	12.38	.14	2.05	2.19	(.20)	(.49)	(.69)	—e	13.88	18.55	3,368	1.06d	1.15d	136
April 30, 2012	12.76	.12	.16	.28	(.07)	(.59)	(.66)	—e	12.38	2.85	2,013	1.09d	1.07d	97
April 30, 2011†	10.00	.05	2.91	2.96	(.03)	(.17)	(.20)	—e	12.76	29.85*	1,662	.65*d	.45*d	67*

See notes to financial highlights at the end of this section.

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

36 Multi-Cap Core Fund Multi-Cap Core Fund 37

Financial highlights (Continued)

* Not annualized.

† For the period September 24, 2010 (commencement of operations) to April 30, 2011.

^a  Per share net investment income 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  Includes amounts paid through expense offset and brokerage/service arrangements, if any (Note 2). Also excludes acquired fund fees and expenses, if any.

^d  Reflects an involuntary contractual expense limitation in effect during the period. As a result of such limitation, the expenses of each class reflect a reduction of the following amounts (Note 2):

	Percentage of average net assets
April 30, 2014	0.28%
April 30, 2013	0.48
April 30, 2012	1.48
April 30, 2011	2.26

^e Amount represents less than $0.01 per share.

^f The net investment income ratio and per share amount shown for the period ending April 30, 2014 may not correspond with the expected class specific differences for the period due to the timing of subscriptions into the class.

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

38     Multi-Cap Core Fund

Notes to financial statements 4/30/15

Within the following Notes to financial statements, references to “State Street” represent State Street Bank and Trust Company, references to “the SEC” represent the Securities and Exchange Commission, references to “Putnam Management” represent Putnam Investment Management, LLC, the fund’s manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to “OTC”, if any, represent over-the-counter. Unless otherwise noted, the “reporting period” represents the period from May 1, 2014 through April 30, 2015.

Putnam Multi-Cap Core Fund (the fund) is a diversified series of Putnam Funds Trust (the Trust), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The goal of the fund is to seek capital appreciation. The fund invests mainly in common stocks (growth or value stocks or both) of U.S. companies of any size that Putnam Management believes have favorable investment potential. For example, the fund may purchase stocks of companies with stock prices that reflect a value lower than that which Putnam Management places on the company. Putnam Management may also consider other factors that it believes will cause the stock price to rise. Putnam Management may consider, among other factors, a company’s valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments.

The fund offers class A, class B, class C, class M, class R and class Y shares. Class A and class M shares are sold with a maximum front-end sales charge of 5.75% and 3.50%, respectively, and generally do not pay a contingent deferred sales charge. Class B shares, which convert to class A shares after approximately eight years, do not pay a front-end sales charge and are subject to a contingent deferred sales charge if those shares are redeemed within six years of purchase. Class C shares have a one-year 1.00% contingent deferred sales charge and do not convert to class A shares. Class R shares, which are not available to all investors, are sold at net asset value. The expenses for class A, class B, class C, class M and class R shares may differ based on the distribution fee of each class, which is identified in Note 2. Class Y shares, which are sold at net asset value, are generally subject to the same expenses as class A, class B, class C, class M and class R shares, but do not bear a distribution fee. Class Y shares are not available to all investors.

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.

Note 1: Significant accounting policies

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. Actual results could differ from those estimates. Subsequent events after the Statement of assets and liabilities date through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.

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.

Security valuation Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund’s assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.

Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under Accounting Standards Codification 820 Fair Value Measurements and Disclosures (ASC 820). If no sales are

Multi-Cap Core Fund     39

reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security.

Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.

Many securities markets and exchanges outside the U.S. close prior to the 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, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. These securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. At the close of the reporting period, fair value pricing was used for certain foreign securities in the portfolio. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. Short-term securities with remaining maturities of 60 days or less may be valued at amortized cost, which approximates fair value, and are classified as Level 2 securities.

To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security’s fair value, the security will be valued at fair value by Putnam Management in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.

To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.

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, net of any applicable withholding taxes, is recorded on the accrual basis. Dividend income, net of any 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 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.

Foreign currency translation The accounting records of the fund are maintained in U.S. dollars. The fair 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 forward 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

40     Multi-Cap Core Fund

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.

Securities lending The fund may lend securities, through its agent, to qualified borrowers in order to earn additional income. The loans are collateralized by cash in an amount at least equal to the fair value of the securities loaned. The fair value of securities loaned is determined daily and any additional required collateral is allocated to the fund on the next business day. The risk of borrower default will be borne by the fund’s agent; the fund will bear the risk of loss with respect to the investment of the cash collateral. Income from securities lending is included in investment income on the Statement of operations. Cash collateral is invested in Putnam Cash Collateral Pool, LLC, a limited liability company managed by an affiliate of Putnam Management. Investments in Putnam Cash Collateral Pool, LLC are valued at its closing net asset value each business day. There are no management fees charged to Putnam Cash Collateral Pool, LLC. At the close of the reporting period, the fund received cash collateral of $8,833,250 and the value of securities loaned amounted to $8,468,542. Certain of these securities were sold prior to the close of the reporting period and are included in Receivable for investments sold on the Statement of assets and liabilities.

Interfund lending The fund, along with other Putnam funds, may participate in an interfund lending program pursuant to an exemptive order issued by the SEC. This program allows the fund to borrow from or lend to other Putnam funds that permit such transactions. Interfund lending transactions are subject to each fund’s investment policies and borrowing and lending limits. Interest earned or paid on the interfund lending transaction will be based on the average of certain current market rates. During the reporting period, the fund did not utilize the program.

Lines of credit The fund participates, along with other Putnam funds, in a $392.5 million unsecured committed line of credit and a $235.5 million unsecured uncommitted line of credit, both provided by State Street. Borrowings may be made for temporary or emergency purposes, including the funding of shareholder redemption requests and trade settlements. Interest is charged to the fund based on the fund’s borrowing at a rate equal to the Federal Funds rate plus 1.25% for the committed line of credit and the Federal Funds rate plus 1.30% for the uncommitted line of credit. A closing fee equal to 0.04% of the committed line of credit and 0.04% of the uncommitted line of credit has been paid by the participating funds. In addition, a commitment fee of 0.11% per annum on any unutilized portion of the committed line of credit is allocated to the participating funds based on their relative net assets and paid quarterly. During the reporting period, the fund had no borrowings against these arrangements.

Federal taxes It is the policy of the fund to distribute all of its taxable income within the prescribed time period 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 Accounting Standards Codification 740 Income Taxes (ASC 740). ASC 740 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 a liability to record for any unrecognized tax benefits in the accompanying financial statements. No provision has been made for federal taxes on income, capital gains or unrealized appreciation on securities held nor for excise tax on income and capital gains. Each of the fund’s federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

The fund may also be subject to taxes imposed by governments of countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The fund accrues and applies such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned. In some cases, the fund may be entitled to reclaim all or a portion of such taxes, and such reclaim amounts, if any, are reflected as an asset on the fund’s books. In many cases, however, the fund may not receive such amounts for an extended period of time, depending on the country of investment.

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 from losses on wash sale transactions and from partnership income. 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. At the close of the reporting period, the fund reclassified $291,026 to decrease undistributed net investment income, $1,675 to decrease paid-in-capital and $292,701 to increase accumulated net realized gain.

Multi-Cap Core Fund     41

The tax basis components of distributable earnings and the federal tax cost as of the close of the reporting period were as follows:

Unrealized appreciation	$32,525,592
Unrealized depreciation	(12,617,190)
Net unrealized appreciation	19,908,402
Undistributed ordinary income	229,747
Undistributed short-term gain	707,608
Undistributed long-term gain	584,314
Cost for federal income tax purposes	$434,567,514

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.

Note 2: Management fee, administrative services and other transactions

The fund pays Putnam Management a management fee (based on the fund’s average net assets and computed and paid monthly) at annual rates that may vary based on the average of the aggregate net assets of most open-end funds, as defined in the fund’s management contract, sponsored by Putnam Management. Such annual rates may vary as follows:

0.710%	of the first $5 billion,
0.660%	of the next $5 billion,
0.610%	of the next $10 billion,
0.560%	of the next $10 billion,
0.510%	of the next $50 billion,
0.490%	of the next $50 billion,
0.480%	of the next $100 billion and
0.475%	of any excess thereafter.

Putnam Management has contractually agreed, through August 30, 2015, to waive fees or reimburse the fund’s expenses to the extent necessary to limit the cumulative expenses of the fund, exclusive of brokerage, interest, taxes, investment-related expenses, extraordinary expenses, acquired fund fees and expenses and payments under the fund’s investor servicing contract, investment management contract and distribution plans, on a fiscal year-to-date basis to an annual rate of 0.20% of the fund’s average net assets over such fiscal year-to-date period. During the reporting period, the fund’s expenses were not reduced as a result of this limit.

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 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. 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, provides investor servicing agent functions to the fund. Putnam Investor Services, Inc. received fees for investor servicing that included (1) a per account fee for each direct and underlying non-defined contribution account (“retail account”) of the fund and each of the other funds in its specified category, which was totaled and then allocated to each fund in the category based on its average daily net assets; (2) a specified rate of the fund’s assets attributable to defined contribution plan accounts; and (3) for the portion of the fund’s fiscal year beginning after January 1, 2015, a specified rate based on the average net assets in retail accounts. Putnam Investor Services has agreed that the aggregate investor servicing fees for each fund’s retail and defined contribution accounts will not exceed an annual rate of 0.320% of the fund’s

42     Multi-Cap Core Fund

average assets attributable to such accounts. During the reporting period, the expenses for each class of shares related to investor servicing fees were as follows:

Class A	$181,562
Class B	8,810
Class C	65,467
Class M	3,529
Class R	2,608
Class Y	144,433
Total	$406,409

The fund has entered into expense offset arrangements with Putnam Investor Services, Inc. and State Street whereby Putnam Investor Services, Inc.’s and State Street’s fees are reduced by credits allowed on cash balances. The fund also reduced expenses through brokerage/service arrangements. For the reporting period, the fund’s expenses were reduced by $2,342 under the expense offset arrangements and by $2,086 under the brokerage/service arrangements.

Each Independent Trustee of the fund receives an annual Trustee fee, of which $236, as a quarterly retainer, has been allocated to the fund, and an additional fee for each Trustees meeting attended. 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 distribution plans (the Plans) with respect to its class A, class B, class C, class M and class R shares pursuant to Rule 12b–1 under the Investment Company Act of 1940. The purpose of the Plans is to compensate Putnam Retail Management Limited Partnership, an indirect wholly-owned subsidiary of Putnam Investments, LLC, for services provided and expenses incurred in distributing shares of the fund. The Plans provide for payments by the fund to Putnam Retail Management Limited Partnership at an annual rate of up to 0.35%, 1.00%, 1.00%, 1.00% and 1.00% of the average net assets attributable to class A, class B, class C, class M and class R shares, respectively. The Trustees have approved payment by the fund at an annual rate of 0.25%, 1.00%, 1.00%, 0.75% and 0.50% of the average net assets attributable to class A, class B, class C, class M and class R shares, respectively. During the reporting period, the class specific expenses related to distribution fees were as follows:

Class A	$234,533
Class B	45,718
Class C	338,208
Class M	13,641
Class R	6,784
Total	$638,884

For the reporting period, Putnam Retail Management Limited Partnership, acting as underwriter, received net commissions of $159,526 and $1,272 from the sale of class A and class M shares, respectively, and received $1,983 and $795 in contingent deferred sales charges from redemptions of class B and class C shares, respectively.

A deferred sales charge of up to 1.00% and 0.65% is assessed on certain redemptions of class A and class M shares, respectively. For the reporting period, Putnam Retail Management Limited Partnership, acting as underwriter, received no monies on class A and class M redemptions.

Multi-Cap Core Fund     43

Note 3: Purchases and sales of securities

During the reporting period, the cost of purchases and proceeds from sales, excluding short-term investments, were as follows:

	Cost of purchases	Proceeds from sales
Investments in securities (Long-term)	$477,598,652	$107,474,453
U.S. government securities (Long-term)	—	—
Total	$477,598,652	$107,474,453

Note 4: Capital shares

At the close of the reporting period, there were an unlimited number of shares of beneficial interest authorized. Transactions in capital shares were as follows:

	Year ended 4/30/15		Year ended 4/30/14
Class A	Shares	Amount	Shares	Amount
Shares sold	9,854,362	$171,462,643	1,193,976	$18,742,343
Shares issued in connection with reinvestment of distributions	94,619	1,677,598	65,951	1,005,715
	9,948,981	173,140,241	1,259,927	19,748,058
Shares repurchased	(1,728,196)	(30,271,672)	(475,072)	(7,374,206)
Net increase	8,220,785	$142,868,569	784,855	$12,373,852

	Year ended 4/30/15		Year ended 4/30/14
Class B	Shares	Amount	Shares	Amount
Shares sold	332,189	$5,692,478	112,072	$1,747,054
Shares issued in connection with reinvestment of distributions	3,678	64,154	4,720	71,035
	335,867	5,756,632	116,792	1,818,089
Shares repurchased	(33,226)	(573,354)	(2,743)	(42,036)
Net increase	302,641	$5,183,278	114,049	$1,776,053

	Year ended 4/30/15		Year ended 4/30/14
Class C	Shares	Amount	Shares	Amount
Shares sold	4,035,586	$69,402,577	469,260	$7,307,219
Shares issued in connection with reinvestment of distributions	25,566	444,339	16,351	245,752
	4,061,152	69,846,916	485,611	7,552,971
Shares repurchased	(158,729)	(2,758,978)	(11,242)	(172,987)
Net increase	3,902,423	$67,087,938	474,369	$7,379,984

	Year ended 4/30/15		Year ended 4/30/14
Class M	Shares	Amount	Shares	Amount
Shares sold	216,849	$3,732,113	6,980	$107,276
Shares issued in connection with reinvestment of distributions	2,100	36,829	758	11,483
	218,949	3,768,942	7,738	118,759
Shares repurchased	(27,797)	(492,919)	(1,262)	(19,193)
Net increase	191,152	$3,276,023	6,476	$99,566

44     Multi-Cap Core Fund

	Year ended 4/30/15		Year ended 4/30/14
Class R	Shares	Amount	Shares	Amount
Shares sold	121,274	$2,122,798	11,417	$181,663
Shares issued in connection with reinvestment of distributions	874	15,477	104	1,582
	122,148	2,138,275	11,521	183,245
Shares repurchased	(10,904)	(189,799)	(2)	(27)
Net increase	111,244	$1,948,476	11,519	$183,218

	Year ended 4/30/15		Year ended 4/30/14
Class Y	Shares	Amount	Shares	Amount
Shares sold	10,435,382	$184,030,407	537,299	$8,463,737
Shares issued in connection with reinvestment of distributions	75,839	1,347,617	32,566	496,957
	10,511,221	185,378,024	569,865	8,960,694
Shares repurchased	(1,329,076)	(23,520,939)	(64,140)	(997,213)
Net increase	9,182,145	$161,857,085	505,725	$7,963,481

Note 5: Affiliated transactions

Transactions during the reporting period with Putnam Short Term Investment Fund, which is under common ownership and control, were as follows:

Name of affiliate	Fair value at the beginning of the reporting period	Purchase cost	Sale proceeds	Investment income	Fair value at the end of the reporting period
Putnam Short Term Investment Fund*	$1,032,348	$152,302,439	$140,464,263	$6,085	$12,870,524
Totals	$1,032,348	$152,302,439	$140,464,263	$6,085	$12,870,524

*Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management.

Note 6: Market, credit and other risks

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. Investments in foreign securities involve certain risks, including those related to economic instability, unfavorable political developments, and currency fluctuations.

Multi-Cap Core Fund     45

Federal tax information (Unaudited)

Pursuant to §852 of the Internal Revenue Code, as amended, the fund hereby designates $1,096,338 as a capital gain dividend with respect to the taxable year ended April 30, 2015, or, if subsequently determined to be different, the net capital gain of such year.

The fund designated 96.37% of ordinary income distributions as qualifying for the dividends received deduction for corporations.

For the reporting period, the fund hereby designates 100.00%, or the maximum amount allowable, of its taxable ordinary income distributions as qualified dividends taxed at the individual net capital gain rates.

The Form 1099 that will be mailed to you in January 2016 will show the tax status of all distributions paid to your account in calendar 2015.

46     Multi-Cap Core Fund

About the Trustees

Independent Trustees

Liaquat Ahamed

Born 1952, Trustee since 2012

Principal occupations during past five years: Pulitzer Prize-winning author of Lords of Finance: The Bankers Who Broke the World, whose articles on economics have appeared in such publications as the New York Times, Foreign Affairs, and the Financial Times. Director of Aspen Insurance Co., a New York Stock Exchange company, and Chair of the Aspen Board’s Investment Committee. Trustee of the Brookings Institution.

Other directorships: The Rohatyn Group, an emerging-market fund complex that manages money for institutions

Ravi Akhoury

Born 1947, Trustee since 2009

Principal occupations during past five years: Trustee of American India Foundation and of the Rubin Museum. From 1992 to 2007, was Chairman and CEO of MacKay Shields, a multi-product investment management firm.

Other directorships: RAGE Frameworks, Inc., a private software company; English Helper, Inc., a private software company

Barbara M. Baumann

Born 1955, Trustee since 2010

Principal occupations during past five years: President and Owner of Cross Creek Energy Corporation, a strategic consultant to domestic energy firms and direct investor in energy projects. Current Board member of The Denver Foundation. Former Chair and current Board member of Girls Incorporated of Metro Denver. Member of the Finance Committee, the Children’s Hospital of Colorado.

Other directorships: Buckeye Partners, L.P., a publicly traded master limited partnership focused on pipeline transport, storage, and distribution of petroleum products; Devon Energy Corporation, a leading independent natural gas and oil exploration and production company

Jameson A. Baxter

Born 1943, Trustee since 1994, Vice Chair from 2005 to 2011, and Chair since 2011

Principal occupations during past five years: President of Baxter Associates, Inc., a private investment firm. Chair of Mutual Fund Directors Forum. Chair Emeritus of the Board of Trustees of Mount Holyoke College. Director of the Adirondack Land Trust and Trustee of the Nature Conservancy’s Adirondack Chapter.

Charles B. Curtis

Born 1940, Trustee since 2001

Principal occupations during past five years: Senior Advisor to the Center for Strategic and International Studies. President Emeritus and former President and Chief Operating Officer of the Nuclear Threat Initiative, a private foundation dealing with national security issues. Member of the Council on Foreign Relations and U.S. State Department International Security Advisory Board.

Robert J. Darretta

Born 1946, Trustee since 2007

Principal occupations during past five years: From 2009 until 2012, served as Health Care Industry Advisor to Permira, a global private equity firm. Until April 2007, was Vice Chairman of the Board of Directors of Johnson & Johnson. Served as Johnson & Johnson’s Chief Financial Officer for a decade.

Other directorships: UnitedHealth Group, a diversified health-care company

Katinka Domotorffy

Born 1975, Trustee since 2012

Principal occupations during past five years: Voting member of the Investment Committees of the Anne Ray Charitable Trust and Margaret A. Cargill Foundation, part of the Margaret A. Cargill Philanthropies. Until 2011, Partner, Chief Investment Officer, and Global Head of Quantitative Investment Strategies at Goldman Sachs Asset Management.

Other directorships: Reach Out and Read of Greater New York, an organization dedicated to promoting childhood literacy; Great Lakes Science Center

John A. Hill

Born 1942, Trustee since 1985 and Chairman from 2000 to 2011

Principal occupations during past five years: Founder and Vice-Chairman of First Reserve Corporation, the leading private equity buyout firm focused on the worldwide energy industry. Trustee and Chairman of the Board of Trustees of Sarah Lawrence College. Member of the Advisory Board of the Millstein Center for Global Markets and Corporate Ownership at The Columbia University Law School.

Other directorships: Devon Energy Corporation, a leading independent natural gas and oil exploration and production company

Multi-Cap Core Fund     47

Paul L. Joskow

Born 1947, Trustee since 1997

Principal occupations during past five years: 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. Elizabeth and James Killian Professor of Economics, Emeritus at the Massachusetts Institute of Technology (MIT). Prior to 2007, served as the Director of the Center for Energy and Environmental Policy Research at MIT.

Other directorships: Yale University; Exelon Corporation, an energy company focused on power services; Boston Symphony Orchestra; Prior to April 2013, served as Director of TransCanada Corporation and TransCanada Pipelines Ltd., energy companies focused on natural gas transmission, oil pipelines and power services

Kenneth R. Leibler

Born 1949, Trustee since 2006

Principal occupations during past five years: Founder and former Chairman of Boston Options Exchange, an electronic marketplace for the trading of derivative securities. Serves on the Board of Trustees of Beth Israel Deaconess Hospital in Boston, Massachusetts. Director of Beth Israel Deaconess Care Organization. Until November 2010, director of Ruder Finn Group, a global communications and advertising firm.

Other directorships: Eversource Corporation, which operates New England’s largest energy delivery system

Robert E. Patterson

Born 1945, Trustee since 1984

Principal occupations during past five years: Co-Chairman of Cabot Properties, Inc., a private equity firm investing in commercial real estate, and Chairman of its Investment Committee. Past Chairman and Trustee of the Joslin Diabetes Center.

George Putnam, III

Born 1951, Trustee since 1984

Principal occupations during past five years: Chairman of New Generation Research, Inc., a publisher of financial advisory and other research services. Founder and President of New Generation Advisors, LLC, a registered investment advisor to private funds. Director of The Boston Family Office, LLC, a registered investment advisor.

W. Thomas Stephens

Born 1942, Trustee from 1997 to 2008 and since 2009

Principal occupations during past five years: Retired as Chairman and Chief Executive Officer of Boise Cascade, LLC, a paper, forest products, and timberland assets company, in December 2008. Prior to 2010, Director of Boise Inc., a manufacturer of paper and packaging products.

Other directorships: Prior to April 2014, served as Director of TransCanada Pipelines Ltd., an energy infrastructure company

Interested Trustee

Robert L. Reynolds*

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

Principal occupations during past five years: President and Chief Executive Officer of Putnam Investments since 2008 and, since 2014, President and Chief Executive Officer of Great-West Financial, a financial services company that provides retirement savings plans, life insurance, and annuity and executive benefits products, and of Great-West Lifeco U.S. Inc., a holding company that owns Putnam Investments and Great-West Financial. Prior to joining Putnam Investments, served as Vice Chairman and Chief Operating Officer of Fidelity Investments from 2000 to 2007.

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

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

As of April 30, 2015, there were 117 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 75, removal, or death.

48     Multi-Cap Core Fund

Officers

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

Jonathan S. Horwitz (Born 1955)

Executive Vice President, Principal Executive Officer, and Compliance Liaison

Since 2004

Steven D. Krichmar (Born 1958)

Vice President and Principal Financial Officer

Since 2002

Chief of Operations, Putnam Investments and Putnam Management

Robert T. Burns (Born 1961)

Vice President and Chief Legal Officer

Since 2011

General Counsel, Putnam Investments, Putnam Management, and Putnam Retail Management

Robert R. Leveille (Born 1969)

Vice President and Chief Compliance Officer

Since 2007

Chief Compliance Officer, Putnam Investments, Putnam Management, and Putnam Retail Management

Michael J. Higgins (Born 1976)

Vice President, Treasurer, and Clerk

Since 2010

Manager of Finance, Dunkin’ Brands (2008–2010); Senior Financial Analyst, Old Mutual Asset Management (2007–2008); Senior Financial Analyst, Putnam Investments (1999–2007)

Janet C. Smith (Born 1965)

Vice President, Principal Accounting Officer, and Assistant Treasurer

Since 2007

Director of Fund Administration Services, Putnam Investments and Putnam Management

Susan G. Malloy (Born 1957)

Vice President and Assistant Treasurer

Since 2007

Director of Accounting & Control Services, Putnam Investments and Putnam Management

James P. Pappas (Born 1953)

Vice President

Since 2004

Director of Trustee Relations, Putnam Investments and Putnam Management

Mark C. Trenchard (Born 1962)

Vice President and BSA Compliance Officer

Since 2002

Director of Operational Compliance, Putnam Investments and Putnam Retail Management

Nancy E. Florek (Born 1957)

Vice President, Director of Proxy Voting and Corporate Governance, Assistant Clerk, and Associate Treasurer

Since 2000

The principal occupations of the officers for the past five years have been with the employers as shown above, although in some cases they have held different positions with such employers. The address of each officer is One Post Office Square, Boston, MA 02109.

Multi-Cap Core Fund     49

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, or a summary prospectus if available, containing this and other information for any Putnam fund or product, contact your financial advisor or call Putnam Investor Services at 1-800-225-1581. Please read the prospectus carefully before investing.

Growth

Growth Opportunities Fund

International Growth Fund

Multi-Cap Growth Fund

Small Cap Growth 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

Low Volatility Equity Fund

Multi-Cap Core Fund

Research Fund

Strategic Volatility Equity Fund

Value

Convertible Securities Fund

Equity Income Fund

Global Dividend Fund

The Putnam Fund for Growth and Income

International Value Fund

Multi-Cap Value Fund

Small Cap Value Fund

Income

American Government Income Fund

Diversified Income Trust

Emerging Markets Income Fund

Floating Rate Income Fund

Global Income Trust

High Yield Advantage Fund

High Yield Trust

Income Fund

Money Market Fund*

Short Duration Income Fund

U.S. Government Income Trust

Tax-free Income

AMT-Free Municipal Fund

Intermediate-Term Municipal Income Fund

Short-Term Municipal Income 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.

* 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.

†Not available in all states.

50     Multi-Cap Core Fund

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 Sector Fund

Global Technology Fund

Global Telecommunications Fund

Global Utilities Fund

Asset Allocation

George Putnam Balanced Fund

Global Asset Allocation Funds — four investment portfolios that spread your money across a variety of stocks, bonds, and money market instruments.

Dynamic Asset Allocation Balanced Fund

Dynamic Asset Allocation Conservative Fund

Dynamic Asset Allocation Growth Fund

Dynamic Risk Allocation Fund

Retirement Income Lifestyle Funds — portfolios with managed allocations to stocks, bonds, and money market investments to generate retirement income.

Retirement Income Fund Lifestyle 1

Retirement Income Fund Lifestyle 2

Retirement Income Fund Lifestyle 3

RetirementReady® Funds — portfolios with adjusting allocations to stocks, bonds, and money market instruments, becoming more conservative over time.

RetirementReady® 2055 Fund

RetirementReady® 2050 Fund

RetirementReady® 2045 Fund

RetirementReady® 2040 Fund

RetirementReady® 2035 Fund

RetirementReady® 2030 Fund

RetirementReady® 2025 Fund

RetirementReady® 2020 Fund

RetirementReady® 2015 Fund

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

Multi-Cap Core Fund     51

Services for shareholders

Investor services

Systematic investment plan Tell us how much you wish to invest regularly — weekly, semimonthly, or monthly — and the amount you choose will be transferred automatically from your checking or savings account. There’s no additional fee for this service, and you can suspend it at any time. This plan may be a great way to save for college expenses or to plan for your retirement.

Please note that regular investing does not guarantee a profit or protect against loss in a declining market. Before arranging a systematic investment plan, consider your financial ability to continue making purchases in periods when prices are low.

Systematic exchange You can make regular transfers from one Putnam fund to another Putnam fund. There are no additional fees for this service, and you can cancel or change your options at any time.

Dividends PLUS You can choose to have the dividend distributions from one of your Putnam funds automatically reinvested in another Putnam fund at no additional charge.

Free exchange privilege You can exchange money between Putnam funds free of charge, as long as they are the same class of shares. A signature guarantee is required if you are exchanging more than $500,000. The fund reserves the right to revise or terminate the exchange privilege.

Reinstatement privilege If you’ve sold Putnam shares or received a check for a dividend or capital gain, you may reinvest the proceeds with Putnam within 90 days of the transaction and they will be reinvested at the fund’s current net asset value — with no sales charge. However, reinstatement of class B shares may have special tax consequences. Ask your financial or tax representative for details.

Check-writing service You have ready access to many Putnam accounts. It’s as simple as writing a check, and there are no special fees or service charges. For more information about the check-writing service, call Putnam or visit our website.

Dollar cost averaging When you’re investing for long-term goals, it’s time, not timing, that counts. Investing on a systematic basis is a better strategy than trying to figure out when the markets will go up or down. This means investing the same amount of money regularly over a long period. This method of investing is called dollar cost averaging. When a fund’s share price declines, your investment dollars buy more shares at lower prices. When it increases, they buy fewer shares. Over time, you will pay a lower average price per share.

For more information

Visit the Individual Investors section at putnam.com A secure section of our website contains complete information on your account, including balances and transactions, updated daily. You may also conduct transactions, such as exchanges, additional investments, and address changes. Log on today to get your password.

Call us toll free at 1-800-225-1581 Ask a helpful Putnam representative or your financial advisor for details about any of these or other services, or see your prospectus.

52     Multi-Cap Core Fund

Fund information

Founded over 75 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 funds across income, value, blend, growth, asset allocation, absolute return, and global sector categories.

Investment Manager

Putnam Investment
Management, LLC
One Post Office Square
Boston, MA 02109

Investment Sub-Manager

Putnam Investments Limited
57–59 St James’s Street
London, England SW1A 1LD

Marketing Services

Putnam Retail Management
One Post Office Square
Boston, MA 02109

Custodian

State Street Bank
and Trust Company

Legal Counsel

Ropes & Gray LLP

Independent Registered
Public Accounting Firm

KPMG LLP

Trustees

Jameson A. Baxter, Chair
Liaquat Ahamed
Ravi Akhoury
Barbara M. Baumann
Charles B. Curtis
Robert J. Darretta
Katinka Domotorffy
John A. Hill
Paul L. Joskow
Kenneth R. Leibler
Robert E. Patterson
George Putnam, III
Robert L. Reynolds
W. Thomas Stephens

Officers

Robert L. Reynolds
President

Jonathan S. Horwitz
Executive Vice President,
Principal Executive Officer, and
Compliance Liaison

Steven D. Krichmar
Vice President and
Principal Financial Officer

Robert T. Burns
Vice President and
Chief Legal Officer

Robert R. Leveille
Vice President and
Chief Compliance Officer

Michael J. Higgins
Vice President, Treasurer,
and Clerk

Janet C. Smith
Vice President,
Principal Accounting Officer,
and Assistant Treasurer

Susan G. Malloy
Vice President and
Assistant Treasurer

James P. Pappas
Vice President

Mark C. Trenchard
Vice President and
BSA Compliance Officer

Nancy E. Florek
Vice President, Director of
Proxy Voting and Corporate
Governance, Assistant Clerk,
and Associate Treasurer

This report is for the information of shareholders of Putnam Multi-Cap Core Fund. 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 objectives, risks, charges, and expenses of a fund, which are described in its prospectus. For this and other information or to request a prospectus or summary 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 July 2013, the Code of Ethics of Putnam Investment Management, LLC was amended. The changes to the Code of Ethics were as follows: (i) eliminating the requirement for employees to hold their shares of Putnam mutual funds for specified periods of time, (ii) removing the requirement to preclear transactions in certain kinds of exchange-traded funds and exchange-traded notes, although reporting of all such instruments remains required; (iii) eliminating the excessive trading rule related to employee transactions in securities requiring preclearance under the Code; (iv) adding provisions related to monitoring of employee trading; (v) changing from a set number of shares to a set dollar value of stock of mid- and large-cap companies on the Restricted List that can be purchased or sold; (vi) adding a requirement starting in March 2014 for employees to generally use certain approved brokers that provide Putnam with an electronic feed of transactions and statements for their personal brokerage accounts; and (vii) certain other changes.

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. Leibler, Mr. Hill, Mr. Darretta, and Ms. Baumann qualifies as an “audit committee financial expert” (as such term has been defined by the Regulations) based on their review of his or her pertinent experience and education. The SEC has stated, and the funds’ amended and restated agreement and Declaration of Trust provides, 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 year ended	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
April 30, 2015	$30,139	$ —	$3,090	$ —
April 30, 2014	$29,180	$ —	$3,025	$ —

For the fiscal years ended April 30, 2015 and April 30, 2014, the fund’s independent auditor billed aggregate non-audit fees in the amounts of $3,090 and $3,025 respectively, 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 year ended	Audit-Related Fees	Tax Fees	All Other Fees	Total Non-Audit Fees
April 30, 2015	$ —	$ —	$ —	$ —
April 30, 2014	$ —	$ —	$ —	$ —

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: June 26, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title):

/s/ Jonathan S. Horwitz
Jonathan S. Horwitz
Principal Executive Officer

Date: June 26, 2015

By (Signature and Title):

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

Date: June 26, 2015

EX-99.CERT

Certifications

I, Jonathan S. Horwitz, 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: June 25, 2015

/s/ Jonathan S. Horwitz

_______________________

Jonathan S. Horwitz

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: June 25, 2015

/s/ Steven D. Krichmar

_______________________

Steven D. Krichmar

Principal Financial Officer

Attachment A

Period (s) ended April 30, 2015

               Putnam Managed Municipal Income Trust

               Putnam Municipal Opportunities Trust

               Putnam Multi-Cap Value Fund

               The Putnam Fund for Growth and Income

               Putnam Capital Opportunities Fund

               Putnam Income Fund

               Putnam Global Income Trust

               Putnam Global Equity Fund

               Putnam Convertible Securities Fund

               Putnam Absolute Return 100 Fund

               Putnam Absolute Return 300 Fund

               Putnam Absolute Return 500 Fund

               Putnam Absolute Return 700 Fund

               Putnam Capital Spectrum Fund

               Putnam Equity Spectrum Fund

               Putnam Asia Pacific Equity Fund

               Putnam Global Sector Fund

               Putnam Multi-Cap Core Fund

EX-99.906 CERT

Section 906 Certifications

I, Jonathan S. Horwitz, 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 April 30, 2015 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 April 30, 2015 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A.

Date: June 25, 2015

/s/ Jonathan S. Horwitz

______________________

Jonathan S. Horwitz

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 April 30, 2015 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 April 30, 2015 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A.

Date: June 25, 2015

/s/ Steven D. Krichmar

______________________

Steven D. Krichmar

Principal Financial Officer

Attachment A

N-CSR

Period (s) ended April 30, 2015

               Putnam Managed Municipal Income Trust

               Putnam Municipal Opportunities Trust

               Putnam Multi-Cap Value Fund

               The Putnam Fund for Growth and Income

               Putnam Capital Opportunities Fund

               Putnam Income Fund

               Putnam Global Income Trust

               Putnam Global Equity Fund

               Putnam Convertible Securities Fund

               Putnam Absolute Return 100 Fund

               Putnam Absolute Return 300 Fund

               Putnam Absolute Return 500 Fund

               Putnam Absolute Return 700 Fund

               Putnam Capital Spectrum Fund

               Putnam Equity Spectrum Fund

               Putnam Asia Pacific Equity Fund

               Putnam Global Sector Fund

               Putnam Multi-Cap Core Fund

EX-99.CODE ETH

Putnam’s Code

of Ethics

July 2013

Putnam Investments Code of Ethics

Putnam Investments is required by law to adopt a Code of Ethics (the “Code”). The objective of the Code is to ensure that Putnam’s employees comply with all applicable laws and avoid any conflict of interest that might result in any harm to our clients. Putnam owes a fiduciary duty to its clients. This Code of Ethics is designed to strengthen the trust and confidence our clients place in us and to demonstrate that our clients’ interests come first.

Adherence to the Code is a fundamental condition of employment at Putnam. Every employee is expected to adhere to the requirements of the Code. 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.

Definitions		1
Section 1 — Personal Securities Rules for All Employees		3
1.1. Pre-clearance Requirements		3
1.2. Restricted List		4
1.3. Prohibited Transactions		4
1.4. Policy Regarding Frequency of Personal Trading		5
Section 2 — Putnam Mutual Funds		5
2.1. Holding Putnam Mutual Fund Shares at Putnam		5
2.2. Putnam Mutual Funds — Linked Accounts		5
2.3. Putnam Mutual Funds — Closed-End Fund Rules		5
Section 3 — Additional Rules for Access Persons and Certain Investment Professionals		6
3.1. 60-Day Short-Term Rule — All Access Persons		6
3.2. 7-Day Pre-Trade Rule (Portfolio Managers and Analysts)		6
3.3. 7-Day Post-Trade Rule (Portfolio Managers and Analysts)		6
3.4. Contra-Trading Rule (Portfolio Managers)		7
3.5. No Personal Benefit (Portfolio Managers and Analysts)		7
Section 4 — Reporting Requirements		7
4.1.	Brokerage/Securities Accounts— Initial and Annual Requirements	7
4.2.	Separate Provisions for Brokerage/Securities Accounts That Are Professionally Managed (Discretionary) Accounts
	Initial and Annual Requirements	8
4.3.	Account Confirmations and Statements	8
4.4.	Approved Brokers – U.S. Employees Only	8
Section 5 — Additional Reporting, Certification, and Training Requirements		9
5.1.	Initial/Annual Holdings Report — Access Persons Only	9
5.2.	Quarterly Transaction Report — Access Persons Only	9
5.3.	Annual Certification — All Employees	9
5.4.	Training Requirements—All Employees	9
5.5.	Maintenance and Distribution of the Code of Ethics	9
5.6.	Procedures and Timeliness	9
Section 6 — General Ethics Rules for All Employees		9
6.1.	Outside Business Activities	10
6.2.	Charitable or Non-profit Roles/Role as Trustee or Fiduciary Outside Putnam Investments	10
6.3.	Family Members’ Conflict Policy	10
6.4.	CFA institute Code of Ethics and Standards of Professional Conduct	10
6.5.	Business Ethics, Ombudsman, and Hotlines	11
Section 7 — Insider Trading, Non-Public Information and Insider Trading		11
7.1.	Material, Non-Public information and insider Trading	11
7.2.	Reporting and Restrictions	11
7.3.	Special Provisions Applicable to Putnam Affiliates	12
7.4.	PIL Employees	12
Section 8 — Sanctions		12
8.1.	Sanctions for Violations of Sections 1–3	12
8.2.	Sanctions for Violations of Sections 4–6	13
8.3.	Sanctions for Violations of Section 7	13
Section 9 — Procedures for Determinations and Exemptions		13
Appendix A — Contra-Trading Rule Clearance Form		14

Definitions

Access Person Putnam has identified certain employees as Access Persons due to their position or access to investment information. Access Persons are held to a higher standard under the Code than other employees. Please ask the Code of Ethics Officer if you have any question whether you are an Access Person. The following employees are Access Persons:

• All employees of Putnam’s Investment Management Division

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

» Fund Administration Group

» Investment Services and Operations Group

» Accounting Services Group

» Custody Services Group

• Any employee in the following groups or divisions who reports directly to a member of the Operating Committee:

» Mutual Fund Shareholder Services Group

» Accounting, Custody, and Control Group

» Communications and Public Relations Division

» Defined Contribution Division

» Global Distribution Division

• All members of Putnam’s Operating Committee

• All employees of Putnam Investments Limited (PIL) and all other Putnam employees 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, Factiva, or other systems that do not allow access to non-public information about Putnam products, as determined by the Code of Ethics Officer)

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

• Others as determined by the Code of Ethics Officer

Closed-end fund means a fund that has a fixed number of shares outstanding and does not redeem its shares. Closed-end funds typically trade like stocks on an exchange.

The Code of Ethics Officer and the Deputy Code of Ethics Officer are responsible for enforcing and interpreting the Code. The following are the current members of the Code of Ethics staff, each of whom can answer employee questions and provide other assistance regarding the Code:

Code of Ethics Officer:	Bob Leveille	(617) 760-1858
Deputy Code of Ethics Officer:	Akiko Lindholm	(617) 760-2177
Compliance Specialist:	Dana Scribner-Shea	(617) 760-7182
Compliance Specialist:	Jennifer Waden	(617) 760-0554

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 appointed by the Chief Executive Officer of Putnam. The Committee reviews and approves Code revisions, violations, and sanctions. In certain instances, requests for exemptions may require the approval of the Committee. The Committee meets on a quarterly basis or as otherwise necessary.

Exchange-Traded Fund (ETF) means a fund (other than a closed-end fund) that can be traded on an

1

exchange throughout the day like a stock. ETFs often track an index. Examples include (but are not limited to) SPDRs, WEBs, QQQQs, iShares, and HLDRs.

Immediate Family means the Putnam employee’s spouse, domestic partner, fiancé(e), or other family members who are living in the same household. Immediate Family also includes any other family members, including in-laws, for whom the Putnam employee can exercise investment discretion, regardless of whether or not they live in the same household.

Private Placement means any offering of a security not offered to the public and not requiring registration with the relevant securities authorities, including but not limited to, equity or debt issued by a privately held company, private funds, hedge funds, or other privately offered securities.

Putnam means any or all of Putnam investments, LLC and its subsidiaries (other than PanAgora Asset Management, Inc.), any one of which shall be a Putnam company.

Putnam employee, or employee, means any employee of Putnam and, for purposes of all rules in Sections 1, 2, and 3, also includes the following:

• Members of the Immediate Family of a Putnam employee;

• Any trust in which a Putnam employee or Immediate Family member is a trustee with investment discretion;

• Any account for a partnership in which a Putnam employee or Immediate Family member is a general partner or a partner with investment discretion;

• Any closely held entity (such as a partnership, limited liability company, or corporation) in which a Putnam employee or Immediate Family member holds a controlling interest and with respect to which he or she has investment discretion;

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

• 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.

Security The instruments required to be pre-cleared under Section 1.1 are considered to be securities for purposes of this Code and are also required to be reported by Access Persons under Section 4. in addition, transactions in exchange-traded funds (ETFs), exchange-traded notes (ETNs), exchange-traded commodities (ETCs), options, futures, and other derivative securities are required to be reported by Access Persons under Section 4, even for those instruments that are not required to be pre-cleared pursuant to Section 1.1(c).

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Section 1 — Personal Securities Rules for All Employees

Putnam maintains the Code of Ethics PTA system to assist employees in fulfilling their obligations under the Code of Ethics. This system can be accessed by selecting the Code of Ethics PTA link, which appears on Putnam’s intranet page in the Secure information Section under My Essentials. This system allows the automated pre-clearance of publicly traded equities and other securities trading on major U.S. and other exchanges. To pre-clear an options contract for a publicly traded security, pre-clear the underlying security in the Code of Ethics PTA system. To request clearance to trade bonds or other securities, you must contact the Code of Ethics staff. Pre-clearance hours are 9:00 a.m. to 4:00 p.m. EST.

1.1. Pre-clearance Requirements

1.1(a) Employees must pre-clear all trades in the following securities:

• Stocks of companies

• Bonds and other debt instruments, including new offerings (including corporate, municipal, high-yield, and convertible bonds)

• Options, warrants, and all other derivatives of any underlying securities that themselves require pre-clearance

• Closed-end funds, including Putnam closed-end funds

Employees must also pre-clear the following transactions:

• Private placements and purchases of hedge funds or other private investment funds must receive pre-approval from the Code of Ethics Oversight Committee

• Donating or gifting of securities

• Shares purchased by subscription or by mail (if purchasing directly from a company’s transfer agent by check, you must pre-clear the day the check is to be mailed)

• Tendering securities from your personal account

• Exercising rights to purchase shares of a company’s stock (other than involuntary exercises)

• Exercising options or warrants to acquire shares of a company’s stock (other than involuntary exercises as set forth under Section 1.1(c))

1.1(b) Provisions Applicable to Pre-Clearances

A pre-clearance is only valid for trading on the day it is obtained. However, trades by employees in Putnam’s Asian or European offices, or trades by any employees in securities listed on Asian or European stock exchanges, may be executed within one business day after pre-clearance is obtained. If the Code of Ethics system does not recognize a security, if an employee is unable to use the system, or if he or she has any questions with respect to the system or pre-clearance, the employee must contact the Code of Ethics staff.

1.1(c) Exceptions from Pre-Clearance Requirements

Pre-clearance is not required for certain transactions. (Please note that reporting may still be required for Access Persons even when pre-clearance is not required. See Sections 4 and 5 for reporting requirements.) Pre-clearance is not required for:

• Open-end mutual funds

• Currencies

• Commodities

• Treasury securities and other U.S. and other sovereign government debt (Please note that agency securities, such as securities issued by Fannie Mae and Freddie Mac, require pre-clearance.)

• Certificates of deposit (CDs), commercial paper, repurchase agreements, bankers’ acceptances, and other money market instruments

• Options and futures and all other derivatives based on an index of securities

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• Exchange-traded funds (ETFs), exchange-traded notes (ETNs), and exchange-traded commodities (ETCs)

• Trades in approved discretionary accounts (see Section 4.2 for additional information)

• Transactions that are involuntary (i.e., not initiated by the employee or an Immediate Family member covered under the Code), including dividend reinvestments under an automatic program of a publicly traded issuer and broker actions not initiated by the employee, such as option assignments or sales out of the brokerage account to cover fees or margin calls (provided the employee may not have withdrawn funds from the margin account in the prior 10 days)

1.2. Restricted List

Employees may not trade in securities that are on Putnam’s Restricted List, except as set forth below under “Large-/Mid-Cap Exemption.” There are a number of reasons why a security may appear on the Restricted List, and securities are placed on the Restricted List under criteria, and in specific circumstances, as determined by the Code of Ethics Officer or the Code of Ethics Oversight Committee. 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 being pre-cleared. Bonds are generally restricted at the issuer level.

Large-/Mid-Cap Exemption. An employee may trade up to $25,000 in principal amount of the shares of a security appearing on the Restricted List if it is an equity security of an issuer with a market capitalization greater than $2 billion. However, these transactions must still be pre-cleared. Market capitalization is defined as outstanding shares multiplied by current price per share.

1.3. Prohibited Transactions

The following transactions and activities are prohibited for all employees:

1. Good-until-canceled orders (GTC). Any order not executed on the day of pre-clearance must be resubmitted for pre-clearance before being executed on a subsequent day.

2. Short sales of any security that is subject to pre-clearance requirements. However, short sales against the box are permitted. In addition, opening an option position that would result in a short position in the underlying security upon assignment or expiration is also prohibited (i.e., buying a put option or selling a call option without owning a number of shares at least equal to the delivery obligation under the contract, is prohibited). Purchasing a put option or selling a call option would not be considered acceptable if the only position covering such option would be another option position, such as purchasing a call option or selling a put option, to avoid a violation.

3. Purchasing equity securities in an initial public offering (IPO). Although exceptions from this prohibition will rarely be granted, employees may request an exemption from the Code of Ethics Officer, who may grant exceptions in unusual cases such as when an Immediate Family member’s association or employment with the issuer warrants consideration or when the employee has had a pre-existing status for at least two years as a policyholder or depositor in connection with a bank or insurance company conversion from mutual or cooperative form to stock form.

4. Trading with material non-public information (see Section 7)

5. Personal Trading with Putnam Client Portfolios. Putnam employees may not buy or sell securities when the employee knows a Putnam client account is on the other side of the trade.

6. Participating in an investment club

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

8. Opening a discretionary account (see Section 4.2) and trading securities requiring pre-clearance, without obtaining proper advance approval for that account as required

1.4. Policy Regarding Frequency of Personal Trading

Putnam employees are not limited to a pre-determined number of trades in securities during a specified time frame. However, excessive trading by an employee can divert the employee’s attention from his or her

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responsibilities as an employee and increases the possibility of engaging in transactions that are in actual or apparent conflict with Putnam’s client accounts. In addition, excessive short-term trading by an employee in shares of a Putnam-managed fund can also create actual or apparent conflicts with other shareholders of such fund and may have other detrimental effects as described in the prospectus or other disclosure document for such fund. Putnam reserves the right to monitor the number of trades (including for these purposes trades in securities that are required to be pre-cleared under Section 1.1(a), shares of Putnam-managed funds, and other securities that are required to be reported under Section 5.1 or 5.2, such as ETFs, ETNs, ETCs, options, futures, and other derivative securities) executed by an employee and members of his or her Immediate Family and may review any such activity that appears to be excessive with the employee’s manager(s) and/or the Code of Ethics Oversight Committee, as deemed appropriate by the Code of Ethics Officer. The Code of Ethics Oversight Committee shall have the authority to address any circumstances of excessive trading in securities or excessive short-term trading in shares of a Putnam-managed fund in accordance with Section 8 of this Code.

Section 2 — Putnam Mutual Funds

2.1. Holding Putnam Mutual Fund Shares at Putnam

Putnam employees must hold shares of Putnam open-end U.S. mutual funds through accounts maintained at Putnam, with Putnam Retail Management (PRM) listed as the dealer of record. All transactions must be executed through Putnam and not through an outside broker or other intermediary.

These requirements also apply to :

• Self-directed IRA accounts holding Putnam fund shares;

• Variable annuities and variable insurance contracts, such as Putnam/Hartford Capital Manager and Allstate Advisor, which invest in Putnam Variable Trusts (must list PRM as dealer but may be held at the insurer).

In limited circumstances, retirement, pension, deferred compensation, and similar accounts (and variable insurance arrangements) that cannot be legally transferred to Putnam may be allowed to hold Putnam funds upon approval of the Code of Ethics Officer. For example, a spouse of a Putnam employee may have a 401(k)/Profit Sharing Plan with his or her employer that invests in Putnam funds. The employee must notify the Code of Ethics Officer in writing, provide the reason why the account cannot be transferred to Putnam, and arrange for all account statements and confirmations to be sent to the Code of Ethics staff, if approved.

2.2. Putnam Mutual Funds — Linked Accounts

All employees are required to ensure that their Immediate Family members’ accounts holding Putnam mutual funds are linked to comply with the requirements stated above and to permit monitoring for excessive short-term trading in accordance with Section 1.4. To ensure these accounts are linked, log on to Putnam’s intranet home page at http://intranet/home/index.shtml, and select My Essentials/Linked mutual fund accounts.

2.3. Putnam Mutual Funds — Closed-End Fund Rules

2.3(a) Pre-clearance and Reporting. Putnam closed-end fund shares are subject to the same pre-clearance and reporting requirements as other stocks. A list of the Putnam closed-end funds can be obtained from the Code of Ethics staff.

2.3(b) Special Rules Applicable to Portfolio Managers to Putnam Closed-End Funds, Group Heads in the Investment Division, Operating Committee members, and officers of the Putnam Funds. Portfolio Managers to Putnam closed-end funds, Group Heads in Putnam’s Investment Division, Putnam Operating Committee 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, and sales should not be made if you plan to purchase more shares of that fund within six months.

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Section 3 — Additional Rules for Access Persons and Certain Investment Professionals

3.1. 60-Day Short-Term Rule — All Access Persons

Access Persons may not sell a security at a price higher than any price paid for that security within the past 60 calendar days, or buy a security at a price below which he or she sold the same security within the past 60 days. This rule applies to transactions across all accounts of the employee. All trades for the previous 60 days will be compared to the trade date for the transaction in question to determine whether a violation has occurred. Thus, if within a 60-day period, an employee buys a security for $10, buys it again for $15, and then sells shares of this security for $12, this will be considered a violation even though some shares of the security in question were bought for a higher price. To further illustrate the rule, if an employee buys a security for $15 on a day, buys it again for $10 a year later, and then less than 60 days after the second purchase sells shares of this security for $12, this will be considered a violation even though some shares of the security in question were bought for a higher price more than 60 days earlier. Access Persons may also not open an option transaction for a contract that expires in 60 days or less. The holding period for securities acquired upon exercise of a purchased call option shall be calculated using the date of acquisition of the option (rather than the date of exercise of the option) as the starting point for the 60-day holding period. Although portfolio managers and analysts may sell securities at a profit within 60 days of purchase in order to comply with the requirements of the 7-Day Pre-Trade and 7-Day Post-Trade Rules (described below), any profit must be disgorged to charity.

3.2. 7-Day Pre-Trade Rule (Portfolio Managers and Analysts)

3.2(a) Portfolio Managers: (i) Before a portfolio manager 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; or (ii) upon entering an order to sell a security for any Putnam client portfolio that he manages, he must disgorge to charity any losses avoided if he sold the security in his personal account within the preceding seven calendar days. Disgorgements will be measured by the difference between the selling price for the personal account and the selling price for the client account, multiplied by the number of shares sold for the personal account.

3.2(b) Analysts: (i) Before an analyst makes an initial purchase or outperform recommendation (including an initial recommendation change) 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; or (ii) upon making an initial sell or an underperform recommendation (including an initial recommendation change) for a security (including designation of a security for sale from the portfolio of Putnam Research Fund), he must disgorge to charity any losses avoided if he sold the security in his personal account within the preceding seven calendar days. Disgorgements will be measured by the difference between the selling price for the personal account and the price at the time that the recommendation is made, multiplied by the number of shares sold for the personal account.

3.3. 7-Day Post-Trade Rule (Portfolio Managers and Analysts)

3.3(a) Portfolio Managers: No portfolio manager shall: (i) sell any security or related derivative security for her personal account until seven calendar days have elapsed after the date of 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 after the date of the most recent sale of that security or related derivative security from any Putnam client portfolio that she manages or co-manages.

3.3(b) Analysts: No analyst shall: (i) sell any security or related derivative security for his personal account until seven calendar days have elapsed after the date of his initial buy or outperform recommendation (including an initial recommendation change) 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

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derivative security for his personal account until seven calendar days have elapsed after the date of his initial sell or underperform recommendation (including an initial recommendation change) for that security or related derivative security (including the removal of a security from the portfolio of Putnam Research Fund).

3.4. Contra-Trading Rule (Portfolio Managers)

No portfolio manager shall, without prior clearance and written approval, sell in his personal account any securities or related derivative securities that are held in any Putnam client portfolio that he manages or co-manages (see Appendix A for the Contra-Trading Rule Clearance Form).

3.5. No Personal Benefit (Portfolio Managers and Analysts)

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

Section 4 — Reporting Requirements

4.1. Brokerage/Securities Accounts — Initial and Annual Requirements

All employees (on their own behalf and on behalf of their Immediate Family members (see Definitions)) are required to report the existence of any accounts that have the capability of purchasing any securities. This Rule includes all brokerage accounts, accounts held directly at an issuer’s transfer agent, and securities held in physical certificate form by an employee or any Immediate Family member of the employee. The only investment accounts excluded from this rule are accounts that are only permitted to hold open-end mutual funds (other than Putnam open-end funds) and no other investments, and TreasuryDirect accounts, which can only purchase Treasury securities.

To satisfy this requirement, a new employee must enter the requested information in the Code of Ethics PTA system, and supply the Code of Ethics Department with a copy of the most recent statement for each account, within the required time frame below:

• Access Persons — within 10 days of hire

• Non-access Persons — within 30 days of hire

Existing employees opening a new account (including accounts being opened for Immediate Family members) must disclose them to the Code of Ethics Department prior to opening, or immediately after opening, the account in advance of the first personal securities transaction in the account. All employees will be required to certify annually that all accounts requiring disclosure are accurately listed in the Code of Ethics PTA system.

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4.2. Separate Provisions for Brokerage/Securities Accounts That Are Professionally Managed (Discretionary) Accounts — Initial and Annual Requirements

If you wish to establish a professionally managed or discretionary account (including professionally managed or discretionary accounts being opened for Immediate Family members), where you completely turn over decision-making authority to a professional money manager who is not subject to this Code, you must disclose the existence of the account and receive approval from the Code of Ethics staff in advance of the first personal securities transaction (new employees have 30 days to obtain the appropriate approval). You do not need to pre-clear or report securities transactions in these accounts. Please note that a discretionary account may not purchase an IPO or hold Putnam open-end mutual funds. The broker or advisor maintaining discretion over the account may not be a family member of the Putnam employee.

In order for the account to be considered discretionary, the employee must:

1. Complete an initial certification in which both the employee and the broker/advisor certify that the Putnam employee or Immediate Family member does not participate in investment decisions on the account;

2. Complete an annual certification in which the employee certifies that Putnam employee or Immediate Family member does not participate in investment decisions on the account; and

3. Ensure that copies of broker statements are delivered to Putnam investments.

4.3. Account Confirmations and Statements

All employees are required to ensure that copies of all confirmations and statements are delivered to Putnam for all accounts described in Section 4.1 above, and to ensure that copies of all statements (but not confirmations) are delivered to Putnam for all discretionary accounts described in Section 4.2. When the employee discloses the account as required, the Code of Ethics staff will issue a 407 letter, or other communication to the entity where the employee’s account is held, requesting that confirmations and statements be sent to Putnam on the employee’s behalf. However, it is ultimately the employee’s responsibility to ensure that his or her broker has complied with this request. Employees in non-U.S. offices may be subject to different requirements with respect to the frequency of providing account confirmations and statements. Any such different requirements will be communicated to the employees by the Code of Ethics staff.

If it is discovered that these reports are not being delivered to Putnam, the Code of Ethics staff will bring this issue to the employee’s attention and request he or she assist in rectifying the issue. If it is determined that a broker has failed to comply with requests to deliver these reports, Putnam reserves the right to require the employee to close the account within 30 days by transferring the account to another dealer willing to comply with this requirement (any trades as a result of a transfer must be pre-cleared). In cases where Putnam has an electronic reporting relationship established with a firm, Putnam may rely on this electronic reporting for monitoring and record keeping in lieu of receiving trade confirmations and statements via mail.

4.4. Approved Brokers – U.S. Employees Only

Effective on a specific date to be announced (expected to be March 2014), U.S. employees of Putnam are required to hold each of their personal accounts (including any retirement, pension, deferred compensation, or similar accounts) at a Putnam-approved broker that provides Putnam with an electronic broker feed. The list of approved brokers will be posted to the Putnam Compliance intranet homepage and the Code of Ethics PTA system. In limited circumstances, employees may be allowed to hold personal accounts at a non-Putnam-approved broker (examples include retirement accounts at current employers of Immediate Family members and accounts that cannot legally be transferred to Putnam-approved brokers). In such a case, the employee must notify the Code of Ethics Officer in writing and provide the reason why the account cannot be transferred to a Putnam-approved broker or why the employee otherwise requests an exception be granted by the Code of Ethics Officer or Deputy Code of Ethics Officer. In the event an exception is granted, the employee must arrange for trade confirmations and account statements (quarterly) to be sent to the Code of Ethics staff.

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Section 5 — Additional Reporting, Certification, and Training Requirements

5.1. Initial/Annual Holdings Report — Access Persons Only

Access Persons must disclose and certify their securities holdings, including all holdings for Immediate Family member accounts, within 10 days of hire (or within 10 days of becoming an Access Person) and then on an annual basis thereafter (within 45 days after the end of the year). The report of securities holdings must include all securities that require pre-clearance under Section 1.1, as well as holdings in non-U.S. sovereign government debt, ETFs, ETNs, ETCs, options, futures, and other derivative securities, and holdings of Putnam open-end U.S. mutual funds not held through a Putnam account and U.S. registered mutual funds to which Putnam acts as advisor or sub-advisor (see Section 4).

5.2. Quarterly Transaction Report — Access Persons Only

Access Persons must disclose and certify all of their personal securities transactions, including transactions for Immediate Family member accounts, within 20 calendar days following the end of each quarter. In addition to the securities requiring pre-clearance under Section 1.1, Access Persons are also required to disclose and certify all personal transactions in non-U.S. sovereign government debt, as well as ETFs, ETNs, ETCs, options, futures, and other derivative securities, not just those requiring pre-clearance.

5.3. Annual Certification — All Employees

Each calendar year, all employees will be required to certify that they have reviewed and understand the rules and requirements of the Code and that the list of brokerage accounts (for the employee and all Immediate Family members) disclosed in the Code of Ethics PTA system is accurate. An e-mail notification will be sent informing employees of their requirement and the due date.

5.4. Training Requirements — All Employees

As deemed necessary by the Code of Ethics staff, employees will be required to complete training on Putnam’s Code of Ethics. E-mail notifications will be sent notifying employees of the requirements and the due date.

5.5. Maintenance and Distribution of the Code of Ethics

When revisions are made to the Code of Ethics, all employees will receive a revised version of the Code. The Code will be available to all employees on Putnam’s intranet site. Hard copies may be requested by contacting the Code of Ethics staff.

5.6. Procedures and Timeliness

Most certifications and reports required by the Code are completed in the Code of Ethics PTA system. There are strict deadlines for these filings. Planned absences, vacations, and business trips are not valid excuses for failing to meet a deadline. Employees will receive instructions regarding these submissions and the due dates. Please contact the Code of Ethics staff for assistance.

Section 6 — General Ethics Rules for All Employees

Putnam employees are expected to act ethically at all times in connection with their employment. In addition to complying with the specific provisions of this section, employees should contact the Code of Ethics staff or the Ombudsman if they are not sure how to proceed in any circumstances involving ethical issues or questions.

6.1. Outside Business Activities

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, who may also confirm that the employee’s manager has approved such outside position. Requests for a role at a publicly traded company

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are especially disfavored and are closely reviewed. Permission will be granted only in extenuating circumstances.

All employees must provide a written request seeking approval from the Code of Ethics Officer by entering the details of the proposed position in the Code of Ethics PTA system. Employees may not engage in any outside employment activity until they receive an e-mail approving their request. Employees hired at Putnam with an outside position must disclose the position upon hire in the system and may be required to resign such position if the position presents conflicts of interest or other issues.

FINRA-licensed employees under PRM also have an obligation to disclose outside positions to, and receive approval from, the PRM Compliance Department. Employees must also keep this information accurate by updating their profile in the Code of Ethics system and updating the PRM Compliance Department if they change or terminate a position previously approved.

6.2. Charitable or Non-profit Roles/Role as Trustee or Fiduciary Outside Putnam Investments

6.2(a) An employee may serve as a volunteer, officer, director, or trustee of a charitable or not-for-profit institution, provided that the employee abides by the Code of Ethics with respect to any investment activity for which she has any discretion or input as a volunteer, 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 a volunteer, officer, director, or trustee unless the employee has discretion for the account. You must contact the Code of Ethics staff if you are asked to serve in a role in which you may have discretion, investment, or financial authority for a charitable or not-for-profit institution to discuss whether such position is permissible and whether you must perform any additional actions prior to serving in such role.

6.2(b) Except as stated below, no Putnam employee shall serve as a trustee, an executor, a custodian, or any other fiduciary, or as an investment advisor or a counselor for any account outside Putnam. Putnam employees may serve as a fiduciary with respect to a religious or charitable trust or foundation, provided that the employee abides by the Code of Ethics with respect to any investment activity for which she has any discretion or input. The pre-clearance and reporting requirements of the Code of Ethics apply to the trading activities of such a religious or charitable trust or foundation if the employee has discretion for the account.

6.2(c) 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.

6.3. 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.

6.3(a) 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 a sales representative or in a senior management capacity, or has an ownership interest (excluding normal investment holdings in public companies), unless permission is obtained from the Assistant Treasurer and the Code of Ethics Officer. Any employee who is aware of a proposal to purchase goods and services from a firm with which a member of the employee’s Immediate Family has one of these associations must notify the Assistant Treasurer and the Code of Ethics Officer.

6.3(b) Portfolio Trading — Putnam will not allocate any client trades 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.

6.3(c) Definition of Immediate Family (specific to this rule) — “Immediate Family” of an employee means (1) spouse, fiancé(e), 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

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same household as the employee.

6.4. CFA Institute Code of Ethics and Standards of Professional Conduct

All members of the investment Division and any other CFA institute Members or Candidates 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 can be found on the Putnam Compliance Department intranet home page, which is accessible from the Putnam intranet home page. The terms of Putnam’s Code of Ethics shall govern in any case where there is a conflict between the terms of this Code and the CFA institute Code of Ethics and Standards of Professional Conduct. Please contact the Code of Ethics Officer with any questions.

6.5. Business Ethics, Ombudsman, and Hotlines

6.5(a) 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 Putnam’s Controller, Chief Compliance Officer, or Code of Ethics Officer through the Ombudsman or hotlines described below or through Putnam’s Human Resources department.

6.5(b) 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.

6.5(c) An employee who does not feel comfortable reporting activity in the manner described in 6.5(a) above may instead contact any of the following on an anonymous basis:

• The Putnam Ethics hotline at 1-888-475-4210,

• The Putnam Funds Trustees’ hotline at 1-866-858-4155, or

• Putnam’s Ombudsman at 1-866-ombuds7 (866-662-8377).

Section 7 — Material, Non-Public Information and Insider Trading

7.1. Material, Non-Public Information and Insider Trading

Antifraud provisions of the U.S. securities laws as well as the laws of other countries generally prohibit persons who possess material, non-public information from trading on or communicating that information to others. Putnam’s policy calls for strict compliance with such laws. Unlawful trading while in possession of material, non-public information is a very serious matter and can be a crime punishable by imprisonment. There is also significant monetary liability for an inside trader, which can include liability to private plaintiffs and/or the Securities and Exchange Commission, which can seek a court order requiring a violator to pay back profits, as well as penalties substantially greater than those profits. In certain cases, controlling persons of inside traders, including supervisors of inside traders or Putnam itself, can be liable for penalties.

Employees found to have conducted this activity will be immediately referred to the Code of Ethics Oversight Committee or Putnam’s Chief Executive Officer to determine the appropriate sanction, up to and including termination.

While employees in the Investment Division are most likely to come into contact with material, non-public information, the rules (and sanctions) in this area apply to all Putnam employees (see Section 7.2 for information on what to do if you believe you may have material, non-public information).

7.2. Reporting and Restrictions

Any employee who believes he or she is (or may be) in possession of material, non-public information must immediately contact Putnam’s Code of Ethics Officer or an attorney in Putnam’s Legal Department, and provide details on the information received and the source. The employee must also take precautions to maintain the confidentiality of the information in question, and not share this information with anyone outside

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of Putnam’s Legal and Compliance Division.

After reviewing the facts and circumstances, Putnam’s Code of Ethics Officer or Putnam’s Legal Department will make a determination as to whether possession of the information warrants restricting trading activity in the issuer’s securities for client accounts as well as personal securities transactions for employees.

7.3. Special Provisions Applicable to Putnam Affiliates

Any employee wishing to place a trade in the securities of Great-West Lifeco Inc., Power Financial Corporation, Power Corporation of Canada, or IGM Financial Inc. 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 Operating Committee and certain 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.

7.4. PIL Employees

For PIL employees, these topics are covered by the Market Abuse rules of the U.K. Financial Conduct Authority. PIL employees receive information on this topic in their annual instructor-led code of ethics and compliance training.

Section 8 — Sanctions

The Code of Ethics Oversight 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 Oversight Committee will review and approve sanctions on employees. However, the sanctions noted below are only minimums, and the Committee reserves the right to impose sanctions that it believes fit the circumstances, such as higher monetary sanctions, trading bans, suspension, or termination of employment. The Committee’s belief that an employee has violated the Code of Ethics intentionally may result in more severe sanctions than outlined in the guidelines.

8.1. Sanctions for Violations of Sections 1–3

The minimum sanction per violation of the Rules in Sections 1, 2, or 3 is disgorgement of any profits or payment of avoided losses and the following payments:

	Investment Division,	All other employees not
	Operating Committee	included in the criteria for
	member, and any employee	inclusion in the higher
	who reports directly to an	sanction schedule
	Operating Committee
	member (administrative
	assistants will be excluded
	from the higher sanction
	schedule)
1st violation	$250	$50
2nd violation	$500	$100
3rd violation	Minimum monetary sanction for a 2nd violation with a ban
	on all new personal securities transactions for time period

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determined by the Code of Ethics Oversight Committee

8.2. Sanctions for Violations of Sections 4–6

The minimum sanction for violations of the rules in Sections 4–6 is as follows:

	Investment Division,	All other employees not
	Operating Committee	included in the criteria for
	member, and any employee	inclusion in the higher
	who reports directly to an	sanction schedule
	Operating Committee
	member (administrative
	assistants will be excluded
	from the higher sanction
	schedule)
1st violation	Warning	Warning
2nd violation	$50	$25
3rd violation	$100	$50

8.3. Sanctions for Violations of Section 7

All violations concerning the use of material, non-public information, failure to report inside information, or insider trading will be presented to the Code of Ethics Oversight Committee to determine the appropriate sanction, up to and including termination. Severe criminal penalties may also be imposed.

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

Section 9 — Procedures for Determinations and Exemptions

No perceived ambiguity in the Code of Ethics shall excuse any violation. Any employee who has a question concerning the applicability of the Code or believes the Code to be ambiguous in a particular situation should request a determination from the Code of Ethics Officer in advance of the conduct. Employees may also request an exemption from the Code of Ethics if they do so in advance of the conduct or transaction sought to be exempted.

Any employee seeking a determination or exemption shall provide the Code of Ethics Officer with such information as the Code of Ethics Officer deems necessary to render the determination or make a decision on the exemption.

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Appendix A — 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:

282554 6/13

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EX-99.CODE ETH

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 activities 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 activities.

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

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) “Covered Person” means an affiliated person of the Fund, who is not made subject to the Putnam Investments Code of Ethics pursuant to Part I hereof.

(4) “Interested Trustee” means a Trustee of a Fund who is an “interested person” of the Fund within the meaning of the Investment Company Act of 1940, as amended (the “Investment Company Act”).

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

(6) “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.

(7) “Security Held or to be Acquired by a Fund” means: (i) any security, as defined herein, which, within the most recent 15 days: (A) is or has been held by the Fund, or (B) is being or has been considered by the Fund or Putnam Investments for purchase by the Fund, and (ii) any option to purchase or sell, and any security convertible into or exchangeable for, a security described in (i) above.

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

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B. Prohibited Actions. No Covered Person, in connection with the purchase or sale, directly or indirectly, by such Covered Person of a security held or to be acquired by the Fund, shall:

(1) Employ any device, scheme or artifice to defraud the Fund;

(2) Make any untrue statement of a material fact to the Fund or omit to state a material fact necessary in order to make the statements made to the Fund, in light of the circumstances under which they are made, not misleading;

(3) Engage in any act, practice or course of business that operates or would operate as a fraud or deceit on the Fund; or

(4) Engage in any manipulative practice with respect to the Fund.

C. Reporting.

(1) Every Unaffiliated Trustee of a Fund shall file with the Funds’ Compliance Liaison a report containing the information described in Section II-C(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 or her 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.

(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:

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(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) 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.

(4) 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 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.

D. 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-C(1) to be compared with completed and contemplated portfolio transactions of the Funds to determine whether any prohibited action listed in Section II-B may have occurred.

(2) Before making any determination that a violation of this Code has occurred, the Compliance Liaison shall give the person involved an opportunity to supply additional information regarding the transaction in question.

E. 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.

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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 1-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;

(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; and

(5) 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.

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

As revised June 17, 2011

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