Putnam FL Investment Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
AT&T Inc.	COM	00206R102	10,683	303,839	SH		SOLE		301,741	0	301,741
AbbVie, Inc.	COM	00287Y109	6,412	121,417	SH		SOLE		119,767	0	119,767
Abbott Laboratories	COM	002824100	4,310	112,447	SH		SOLE		110,797	0	110,797
Accenture PLC	COM	G1151C101	12,315	149,778	SH		SOLE		147,753	0	147,753
Affiliated Managers Group, Inc	COM	008252108	6,040	27,849	SH		SOLE		27,849	0	27,849
Alerian MLP ETF	COM	00162q866	1,242	69,810	SH		SOLE		69,305	0	69,305
American Water Works Co., Inc.	COM	030420103	8,762	207,335	SH		SOLE		206,235	0	206,235
Ampliphi Biosciences Corp.	COM	03211P103	150	300,000	SH		SOLE		300,000	0	300,000
Analog Devices	COM	032654105	1,786	35,066	SH		SOLE		34,881	0	34,881
Aon PLC	COM	G0408V102	273	3,250	SH		SOLE		3,250	0	3,250
Apple, Inc.	COM	037833100	25,844	46,066	SH		SOLE		45,457	0	45,457
Ares Capital Corp.	COM	04010L103	9,165	515,745	SH		SOLE		511,645	0	511,645
Ashland, Inc.	COM	044209104	14,055	144,834	SH		SOLE		142,844	0	142,844
Automatic Data Processing, Inc	COM	053015103	1,616	20,005	SH		SOLE		19,890	0	19,890
Avago Technologies Limited	COM	Y0486S104	11,523	217,905	SH		SOLE		215,280	0	215,280
Bank of America Corp.	COM	060505104	366	23,500	SH		SOLE		23,500	0	23,500
Bard (C.R.), Inc.	COM	067383109	5,911	44,128	SH		SOLE		43,553	0	43,553
Beacon Roofing Supply, Inc.	COM	073685109	203	5,040	SH		SOLE		5,040	0	5,040
Berkshire Hathaway Inc., Class	COM	084670108	356	2	SH		SOLE		2	0	2
Berkshire Hathaway Inc., Class	COM	084670702	2,403	20,270	SH		SOLE		20,195	0	20,195
Biogen IDEC, Inc.	COM	09062x103	6,073	21,722	SH		SOLE		21,372	0	21,372
Boeing Co.	COM	097023105	670	4,911	SH		SOLE		4,911	0	4,911
Boston Beer Company, Inc. - Cl	COM	100557107	339	1,400	SH		SOLE		1,400	0	1,400
Brinker Intl	COM	109641100	1,388	29,955	SH		SOLE		29,570	0	29,570
Bristol-Myers Squibb Co.	COM	110122108	1,569	29,517	SH		SOLE		29,517	0	29,517
CIGNA Corp.	COM	125509109	560	6,404	SH		SOLE		6,304	0	6,304
CIT Group, Inc.	COM	125581801	363	6,965	SH		SOLE		6,965	0	6,965
CVS/Caremark Corp.	COM	126650100	23,162	323,628	SH		SOLE		319,388	0	319,388
Cambridge Bancorp	COM	132152109	1,202	30,050	SH		SOLE		30,050	0	30,050
Celgene Corp	COM	151020104	11,264	66,662	SH		SOLE		65,537	0	65,537
Chevron Corp.	COM	166764100	7,821	62,611	SH		SOLE		61,614	0	61,614
Chicago Bridge & Iron Co	COM	167250109	2,777	33,404	SH		SOLE		33,184	0	33,184
China Mobile Limited ADR	COM	16941m109	209	4,000	SH		SOLE		4,000	0	4,000
Citigroup, Inc.	COM	172967424	5,683	109,058	SH		SOLE		108,058	0	108,058
Coca-Cola Co.	COM	191216100	302	7,307	SH		SOLE		7,057	0	7,057
Colgate-Palmolive Co.	COM	194162103	245	3,757	SH		SOLE		3,757	0	3,757
Comcast Corp.	COM	20030n101	5,747	110,593	SH		SOLE		107,858	0	107,858
Comerica Inc.	COM	200340107	4,315	90,765	SH		SOLE		90,765	0	90,765
Connecticut Water Service, Inc	COM	207797101	278	7,831	SH		SOLE		7,831	0	7,831
ConocoPhillips	COM	20825c104	3,233	45,761	SH		SOLE		45,516	0	45,516
Costco Wholesale	COM	22160K105	2,960	24,870	SH		SOLE		24,715	0	24,715
Covidien PLC	COM	G2554F113	238	3,500	SH		SOLE		3,500	0	3,500
DaVita Inc.	COM	23918K108	1,525	24,071	SH		SOLE		23,901	0	23,901
Deere & Co.	COM	244199105	299	3,275	SH		SOLE		3,275	0	3,275
Delta Air Lines, Inc.	COM	247361702	5,467	199,035	SH		SOLE		197,235	0	197,235
Denbury Resources Inc.	COM	247916208	921	56,065	SH		SOLE		55,665	0	55,665
Discover Financial Services	COM	254709108	10,709	191,403	SH		SOLE		189,603	0	189,603
Discovery Communications, Inc.	COM	25470F104	7,399	81,825	SH		SOLE		80,825	0	80,825
Dominion Resources	COM	25746u109	1,574	24,326	SH		SOLE		24,171	0	24,171
Du Pont (E.I.) de Nemours	COM	263534109	1,550	23,861	SH		SOLE		23,861	0	23,861
EMC Corp.	COM	268648102	3,343	132,919	SH		SOLE		131,819	0	131,819
EOG Resources, Inc.	COM	26875P101	11,301	67,331	SH		SOLE		66,351	0	66,351
Eastman Chemical Co.	COM	277432100	571	7,070	SH		SOLE		7,070	0	7,070
Eaton Corp PLC	COM	G29183103	14,830	194,829	SH		SOLE		192,594	0	192,594
Enterprise Prods Partners	COM	293792107	1,155	17,419	SH		SOLE		16,269	0	16,269
EverBank Financial	COM	29977G102	2,157	117,625	SH		SOLE		116,375	0	116,375
Evercore Partners, Inc.	COM	29977A105	9,926	166,047	SH		SOLE		163,597	0	163,597
Express Scripts Holding Compan	COM	30219G108	1,958	27,882	SH		SOLE		27,702	0	27,702
Exxon Mobil Corp.	COM	30231g102	4,680	46,249	SH		SOLE		45,979	0	45,979
FedEx Corp.	COM	31428x106	589	4,100	SH		SOLE		4,100	0	4,100
Fifth Third Bancorp	COM	316773100	682	32,433	SH		SOLE		32,433	0	32,433
Finisar Corporation	COM	31787A507	2,412	100,855	SH		SOLE		100,855	0	100,855
First Trust Dow Jones Internet	COM	33733E302	3,420	57,131	SH		SOLE		56,611	0	56,611
Flowserve Corp.	COM	34354P105	1,896	24,055	SH		SOLE		23,914	0	23,914
Footlocker, Inc.	COM	344849104	6,703	161,755	SH		SOLE		158,830	0	158,830
Gannett Co.	COM	364730101	1,883	63,653	SH		SOLE		63,303	0	63,303
General Electric Co.	COM	369604103	4,348	155,121	SH		SOLE		154,461	0	154,461
General Mills, Inc.	COM	370334104	1,982	39,718	SH		SOLE		38,368	0	38,368
Genworth Financial Inc.	COM	37247d106	265	17,055	SH		SOLE		17,055	0	17,055
Gilead Sciences Inc.	COM	375558103	20,252	269,669	SH		SOLE		266,169	0	266,169
Golar LNG Partners LP	COM	Y2745C102	260	8,600	SH		SOLE		8,600	0	8,600
Google, Inc.	COM	38259p508	21,944	19,580	SH		SOLE		19,307	0	19,307
Grifols, S.A.	COM	398438408	4,911	135,950	SH		SOLE		134,750	0	134,750
Hain Celestial Group Inc.	COM	405217100	819	9,025	SH		SOLE		9,025	0	9,025
Halliburton Co.	COM	406216101	3,514	69,244	SH		SOLE		68,614	0	68,614
Henry Schein, Inc.	COM	806407102	3,174	27,779	SH		SOLE		27,599	0	27,599
Hess Corporation	COM	42809H107	1,261	15,190	SH		SOLE		15,080	0	15,080
Hexcel Corp.	COM	428291108	15,800	353,552	SH		SOLE		347,917	0	347,917
Highwoods Properties, Inc.	COM	431284108	5,353	147,982	SH		SOLE		144,482	0	144,482
HollyFrontier Corp.	COM	436106108	3,582	72,083	SH		SOLE		71,383	0	71,383
Home Properties, Inc.	COM	437306103	239	4,452	SH		SOLE		4,452	0	4,452
Honeywell International, Inc.	COM	438516106	1,191	13,039	SH		SOLE		13,039	0	13,039
IDEXX Laboratories, Inc.	COM	45168D104	354	3,326	SH		SOLE		3,326	0	3,326
IPG Photonics Corp.	COM	44980x109	859	11,068	SH		SOLE		10,968	0	10,968
Int'l Business Machines Corp.	COM	459200101	1,746	9,309	SH		SOLE		9,309	0	9,309
Intel Corp.	COM	458140100	240	9,245	SH		SOLE		9,245	0	9,245
International Paper Co.	COM	460146103	1,519	30,980	SH		SOLE		30,765	0	30,765
Invesco Ltd.	COM	G491BT108	1,761	48,373	SH		SOLE		48,003	0	48,003
J.P. Morgan Chase & Co.	COM	46625h100	3,252	55,609	SH		SOLE		55,289	0	55,289
Johnson & Johnson	COM	478160104	1,608	17,559	SH		SOLE		17,559	0	17,559
Johnson Controls, Inc.	COM	478366107	7,079	137,994	SH		SOLE		137,519	0	137,519
Kimberly-Clark Corp.	COM	494368103	1,680	16,085	SH		SOLE		16,085	0	16,085
LKQ Corp.	COM	501889208	6,190	188,133	SH		SOLE		185,828	0	185,828
LSI Corporation	COM	502161102	2,744	248,644	SH		SOLE		246,394	0	246,394
Lincoln National Corp.	COM	534187109	5,673	109,900	SH		SOLE		109,015	0	109,015
Lowe's Companies, Inc.	COM	548661107	9,535	192,438	SH		SOLE		189,963	0	189,963
LyondellBasell Industries NV	COM	N53745100	2,724	33,930	SH		SOLE		33,600	0	33,600
M&T Bank Corp.	COM	55261F104	2,642	22,691	SH		SOLE		22,546	0	22,546
Markel Corp.	COM	570535104	319	550	SH		SOLE		550	0	550
Marsh & McLennan	COM	571748102	2,083	43,083	SH		SOLE		41,683	0	41,683
MasTec, Inc.	COM	576323109	13,610	415,968	SH		SOLE		410,353	0	410,353
McDonald's Corp.	COM	580135101	636	6,552	SH		SOLE		5,802	0	5,802
McKesson Corp.	COM	58155q103	15,563	96,422	SH		SOLE		95,132	0	95,132
Merck & Co., Inc.	COM	58933Y105	2,046	40,887	SH		SOLE		40,887	0	40,887
Mesabi Trust	COM	590672101	297	13,342	SH		SOLE		13,342	0	13,342
Microsoft Corp.	COM	594918104	5,132	137,187	SH		SOLE		134,387	0	134,387
Mohawk Industries, Inc.	COM	608190104	15,692	105,384	SH		SOLE		104,002	0	104,002
Mondelez International, Inc.	COM	609207105	212	6,010	SH		SOLE		3,720	0	3,720
Morgan Stanley	COM	617446448	15,568	496,439	SH		SOLE		489,744	0	489,744
National-Oilwell Varco, Inc.	COM	637071101	2,981	37,485	SH		SOLE		37,085	0	37,085
NextEra Energy, Inc.	COM	65339F101	3,158	36,885	SH		SOLE		35,905	0	35,905
Nike, Inc.	COM	654106103	407	5,170	SH		SOLE		4,270	0	4,270
Norfolk Southern Corp.	COM	655844108	1,608	17,320	SH		SOLE		17,220	0	17,220
Novartis AG - Sponsored ADR	COM	66987v109	5,224	64,994	SH		SOLE		64,419	0	64,419
NuStar Energy LP	COM	67058h102	432	8,475	SH		SOLE		8,475	0	8,475
ONEOK Inc.	COM	682680103	12,914	207,693	SH		SOLE		204,443	0	204,443
ONEOK Partners, LP	COM	68268n103	322	6,125	SH		SOLE		6,125	0	6,125
Old Dominion Freight Lines	COM	679580100	4,438	83,695	SH		SOLE		83,470	0	83,470
Owens Corning Inc.	COM	690742101	3,270	80,312	SH		SOLE		79,637	0	79,637
PNC Financial Services Group	COM	693475105	1,309	16,875	SH		SOLE		16,875	0	16,875
PP&L Corporation	COM	69351T106	3,772	125,370	SH		SOLE		124,270	0	124,270
PSB Holdings, Inc.	COM	69360w108	180	28,200	SH		SOLE		28,200	0	28,200
PVH Corp.	COM	693656100	1,686	12,397	SH		SOLE		12,322	0	12,322
PepsiCo, Inc.	COM	713448108	1,025	12,356	SH		SOLE		12,356	0	12,356
Pfizer, Inc.	COM	717081103	797	26,032	SH		SOLE		26,032	0	26,032
Philip Morris International	COM	718172109	3,373	38,708	SH		SOLE		33,633	0	33,633
Portland General Electric Comp	COM	736508847	630	20,864	SH		SOLE		20,864	0	20,864
PowerShares QQQ - Nasdaq 100 I	COM	73935A104	6,718	76,371	SH		SOLE		76,026	0	76,026
Praxair, Inc.	COM	74005P104	212	1,631	SH		SOLE		1,631	0	1,631
Priceline.com, Inc.	COM	741503403	6,082	5,232	SH		SOLE		5,142	0	5,142
Procter & Gamble Co.	COM	742718109	2,945	36,175	SH		SOLE		35,625	0	35,625
Prudential Financial, Inc.	COM	744320102	14,230	154,303	SH		SOLE		152,093	0	152,093
Qualcomm,Inc.	COM	747525103	6,563	88,389	SH		SOLE		86,839	0	86,839
Rockwood Holdings, Inc.	COM	774415103	9,601	133,495	SH		SOLE		131,870	0	131,870
Ross Stores, Inc.	COM	778296103	2,911	38,849	SH		SOLE		38,624	0	38,624
SPDR KBW Regional Banking ETF	COM	78464A698	13,827	340,479	SH		SOLE		336,404	0	336,404
SPDR S&P Biotech ETF	COM	78464A870	2,746	21,093	SH		SOLE		20,883	0	20,883
Save the World Air, Inc.	COM	805147105	30	28,000	SH		SOLE		20,000	0	20,000
Seagate Technology	COM	g7945m107	1,775	31,615	SH		SOLE		31,435	0	31,435
Skechers USA Inc.	COM	830566105	472	14,257	SH		SOLE		14,257	0	14,257
Statoil ASA ADR	COM	85771P102	3,672	152,155	SH		SOLE		151,430	0	151,430
SunPower Corporation	COM	867652406	1,587	53,240	SH		SOLE		52,970	0	52,970
SunTrust Banks	COM	867914103	4,207	114,291	SH		SOLE		111,856	0	111,856
Synaptics, Inc.	COM	87157d109	10,363	200,011	SH		SOLE		197,146	0	197,146
T. Rowe Price Group, Inc.	COM	74144t108	2,812	33,565	SH		SOLE		33,190	0	33,190
TRW Automotive Holdings Corp.	COM	87264S106	12,321	165,632	SH		SOLE		163,327	0	163,327
Teradata Corporation	COM	88076W103	455	10,000	SH		SOLE		10,000	0	10,000
Total Systems Services	COM	891906109	3,930	118,085	SH		SOLE		116,685	0	116,685
U.S. Bancorp	COM	902973304	517	12,800	SH		SOLE		12,800	0	12,800
Union Pacific Corp.	COM	907818108	12,773	76,032	SH		SOLE		74,877	0	74,877
United Technologies Corp.	COM	913017109	500	4,391	SH		SOLE		3,941	0	3,941
UnitedHealth Group Inc.	COM	91324p102	6,259	83,121	SH		SOLE		82,431	0	82,431
Universal Beverage Holding Cor	COM	91337w102	0	260,000	SH		SOLE		260,000	0	260,000
Universal Health Services, Inc	COM	913903100	494	6,083	SH		SOLE		5,958	0	5,958
V. F. Corp.	COM	918204108	16,265	260,900	SH		SOLE		258,220	0	258,220
Verizon Communications	COM	92343v104	6,473	131,729	SH		SOLE		129,514	0	129,514
Visa, Inc. Class A	COM	92826C839	20,498	92,050	SH		SOLE		90,799	0	90,799
WESCO International, Inc.	COM	95082P105	680	7,471	SH		SOLE		7,341	0	7,341
Wabtec Corporation	COM	929740108	6,590	88,730	SH		SOLE		87,130	0	87,130
Walgreen Co.	COM	931422109	978	17,019	SH		SOLE		16,864	0	16,864
Walt Disney Co.	COM	254687106	9,057	118,550	SH		SOLE		116,230	0	116,230
Wells Fargo & Co.	COM	949746101	3,322	73,163	SH		SOLE		71,763	0	71,763
Whiting Petroleum Corp.	COM	966387102	7,623	123,215	SH		SOLE		121,365	0	121,365
Whole Foods Market, Inc.	COM	966837106	1,601	27,689	SH		SOLE		27,549	0	27,549
Williams Cos.,Inc.	COM	969457100	1,509	39,132	SH		SOLE		38,857	0	38,857
Williams-Sonoma, Inc.	COM	969904101	1,910	32,775	SH		SOLE		32,435	0	32,435
Wolverine World Wide, Inc.	COM	978097103	4,089	120,408	SH		SOLE		119,258	0	119,258
eBay, Inc.	COM	278642103	7,092	129,263	SH		SOLE		127,563	0	127,563
iShares DJ US Aerospace & Defe	COM	464288760	317	3,000	SH		SOLE		3,000	0	3,000
Guggenheim S&P 500 Equal Weigh	COM	78355w106	6,544	91,840	SH		SOLE		91,840	0	91,840
SPDR S&P 500 ETF Trust	COM	78462F103	5,745	31,106	SH		SOLE		30,816	0	30,816
SPDR S&P Dividend ETF	COM	78464A763	238	3,280	SH		SOLE		3,280	0	3,280
SPDR S&P MidCap 400 ETF Trust	COM	78467Y107	1,489	6,097	SH		SOLE		6,017	0	6,017
Vanguard Dividend Appreciation	COM	921908844	310	4,121	SH		SOLE		4,121	0	4,121
Vanguard High Dividend Yield I	COM	921946406	297	4,760	SH		SOLE		4,760	0	4,760
Vanguard Small Cap ETF	COM	922908751	1,628	14,811	SH		SOLE		14,811	0	14,811
Vanguard Total Stock Market ET	COM	922908769	969	10,105	SH		SOLE		10,105	0	10,105
iShares Russell 1000 Growth In	COM	464287614	1,586	18,448	SH		SOLE		18,448	0	18,448
iShares Russell 2000 Index Fun	COM	464287655	494	4,282	SH		SOLE		4,232	0	4,232
iShares Russell 3000 Index Fun	COM	464287689	487	4,400	SH		SOLE		4,400	0	4,400
iShares S&P 100 Index Fund	COM	464287101	285	3,455	SH		SOLE		3,355	0	3,355
iShares S&P 500 Index Fund	COM	464287200	254	1,368	SH		SOLE		1,368	0	1,368
iShares S&P MidCap 400 Index F	COM	464287507	1,248	9,323	SH		SOLE		9,323	0	9,323
iShares S&P SmallCap 600 Index	COM	464287804	4,837	44,322	SH		SOLE		43,962	0	43,962
iShares Tr Russell 2000 Val	COM	464287630	397	3,993	SH		SOLE		3,993	0	3,993
EGShares Emerging Markets Cons	COM	268461779	589	21,896	SH		SOLE		21,596	0	21,596
Vanguard European ETF	COM	922042874	842	14,313	SH		SOLE		13,013	0	13,013
Vanguard FTSE All-Wld ex-US Sm	COM	922042718	4,527	43,980	SH		SOLE		42,815	0	42,815
Vanguard Intl Equity Index F	COM	922042775	401	7,896	SH		SOLE		7,896	0	7,896
Vanguard MSCI EAFE ETF	COM	921943858	676	16,220	SH		SOLE		16,220	0	16,220
Vanguard MSCI Emerging Markets	COM	922042858	464	11,279	SH		SOLE		11,279	0	11,279
WisdomTree Japan Hedged Equity	COM	97717w851	226	4,438	SH		SOLE		4,438	0	4,438
iShares MSCI EAFE Index Fund	COM	464287465	2,722	40,569	SH		SOLE		40,304	0	40,304
iShares MSCI Germany Index	COM	464286806	1,867	58,800	SH		SOLE		58,475	0	58,475
iShares MSCI Mexico Index	COM	464286822	3,456	50,828	SH		SOLE		50,178	0	50,178
Principled Equity Market Fund	COM	742959109	12,486	622,720	SH		SOLE		622,720	0	622,720