77e
Regulatory matters and litigation Putnam Mulit-Cap Growth Fund
6/30/11 Annual report

In late 2003 and 2004, Putnam Management settled charges brought
by the SEC and the Massachusetts Securities
Division in connection with excessive short-term trading in
Putnam funds. Distribution of payments from Putnam
Management to certain open-end Putnam funds and their
shareholders is expected to be completed in the next
several months. These allegations and related matters have
served as the general basis for certain lawsuits,
including purported class action lawsuits against Putnam
Management and, in a limited number of cases, some
Putnam funds. In May 2011, the fund received a payment of
$157,666 related to settlement of those lawsuits. Putnam
Management has agreed to bear any costs incurred
by the Putnam funds as a result of these matters.