Acquisition of Putnam Vista Fund

On September 27, 2010, the fund issued 21,970,683, 1,494,855,
488,294, 397,127, 54,165 and 861,908 class A, class B, class C,
class M, class R and class Y shares, respectively, for
96,718,304, 6,785,681, 2,156,292, 1,769,923, 238,471 and
3,764,946 class A, class B, class C, class M, class R and class Y
shares of Putnam Vista Fund to acquire that funds net assets in a
tax free exchange. Putnam Management recommended, and the Board
of Trustees approved, the merger transaction because it believed
that it was in the best interests of shareholders of Putnam Vista
Fund to be invested in a fund with more flexibility to invest in
attractive companies regardless of capitalization size. Putnam
Management believed that this flexibility would increase the
likelihood of delivering strong investment performance over the
long term. In addition, after the merger, Putnam Vista Fund
shareholders would be invested in a larger fund with a lower
expense ratio. The investment portfolio of Putnam Vista Fund,
with a fair value of $931,784,799 and an identified cost of
$870,278,890 at September 24, 2010, was the principal asset
acquired by the fund. The net assets of the fund and Putnam Vista
Fund on September 24, 2010, were $2,348,440,346 and
$1,118,296,596, respectively. On September 24, 2010, Putnam Vista
Fund had accumulated net investment loss of $1,279,092,
accumulated net realized loss of $1,846,121,583 and unrealized
appreciation of $65,891,595. The aggregate net assets of the fund
immediately following the acquisition were $3,466,736,942.

Assuming the acquisition had been completed on July 1, 2010, the
funds pro forma results of operations for the reporting period
are as follows:

Net investment loss $(2,951,287)
Net gain on investments $909,692,742
Net increase in net assets resulting from operations $906,741,455

Information presented in the Statement of operations and changes
in net assets reflect only the operations of Putnam Multi Cap
Growth Fund.

Because the combined investment portfolios have been managed as a
single portfolio since the acquisition was completed, it is not
practicable to separate the amounts of revenue and earnings of
Putnam Vista Fund that have been included in the funds statement
of operations for the current fiscal period.