EX-99

Report of Independent Registered Public Accounting Firm


To the Trustees and Shareholders of Putnam Multi Cap Growth
Fund:

In planning and performing our audit of the financial
statements of Putnam Multi Cap Growth Fund (the Fund) as of
and for the year ended June 30, 2014, in accordance with the
standards of the Public Company Accounting Oversight Board
(United States), we considered the Funds internal control
over financial reporting, including controls over
safeguarding securities, as a basis for designing our
auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the
requirements of Form N SAR, but not for the purpose of
expressing an opinion on the effectiveness of the Funds
internal control over financial reporting.  Accordingly, we
do not express an opinion on the effectiveness of the Funds
internal control over financial reporting.

The management of the Fund is responsible for establishing
and maintaining effective internal control over financial
reporting.  In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected
benefits and related costs of controls.  A funds internal
control over financial reporting is a process designed 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.  A funds internal
control over financial reporting includes those policies and
procedures that (1) pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of the assets of the fund;
(2) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the fund
are being made only in accordance with authorizations of
management and trustees of the fund; and (3) provide
reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of
a funds assets that could have a material effect on the
financial statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to
future periods are subject to the risk that controls may
become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may
deteriorate.

A deficiency in internal control over financial reporting
exists when the design or operation of a control does not
allow management or employees, in the normal course of
performing their assigned functions, to prevent or detect
misstatements on a timely basis.  A material weakness is a
deficiency, or a combination of deficiencies, in internal
control over financial reporting, such that there is a
reasonable possibility that a material misstatement of the
Funds annual or interim financial statements will not be
prevented or detected on a timely basis.

Our consideration of the Funds internal control over
financial reporting was for the limited purpose described in
the first paragraph and would not necessarily disclose all
deficiencies in internal control over financial reporting
that might be material weaknesses under standards
established by the Public Company Accounting Oversight Board
(United States).  However, we noted no deficiencies in the
Funds internal control over financial reporting and its
operation, including controls over safeguarding securities,
that we consider to be material weaknesses as defined above
as of June 30, 2014.

This report is intended solely for the information and use
of management and the Board of Trustees of Putnam Multi Cap
Growth Fund and the Securities and Exchange Commission and
is not intended to be and should not be used by anyone other
than these specified parties.



/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts
August 6, 2014





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PricewaterhouseCoopers LLP, 125 High Street, Boston, MA 02110
T: (617) 530 5000, F:(617) 530 5001, www.pwc.com/us

EX-99

Putnam Multi Cap Growth Fund, 6/30/14, annual report

Because the electronic format for filing Form NSAR does not
provide adequate space for responding to certain items correctly,
the correct answers are as follows:

72DD1    (000s omitted)

Class A  7,663

72DD2    (000s omitted)

Class R  2
Class Y  676

73A1

Class A  0.165

73A2

Class R  0.019
Class Y  0.331

74U1	(000s omitted)

Class A  44,474
Class B	 1,383
Class C	 861
Class M	 775

74U2	(000s omitted)

Class R	 117
Class Y	 2,035

74V1

Class A	 81.46
Class B	 69.07
Class C	 73.30
Class M  73.81

74V2

Class R	 79.65
Class Y	 85.51

Item 61

Additional Information About Minimum Required Investment

Shareholders can open a fund account with as little as $500 and
make subsequent investments in any amount. The minimum investment
is waived if you make regular investments weekly, semimonthly, or
monthly through automatic deductions through your bank checking
or savings account. Currently, Putnam is waiving the minimum, but
reserves the right to reject initial investments under the
minimum.

Item 85B

Additional Information About Errors and Omissions Policy

While no claims with respect to the Registrant/Series were filed
under such policy during the period, requests under such policy
for reimbursement of legal expenses and costs arising out of
claims of market timing activity in the Putnam Funds have been
submitted by the investment manager of the Registrant/Series.

EX-99

Shareholder meeting results (Unaudited)

February 27, 2014 special meeting

At the meeting, each of the nominees for Trustees was elected as follows:

                       Votes for    Votes withheld
Liaquat Ahamed         31,636,860    1,779,554
Ravi Akhoury           31,628,718    1,787,696
Barbara M. Baumann     31,865,867    1,550,548
Jameson A. Baxter      31,819,653    1,596,762
Charles B. Curtis      31,784,110    1,632,305
Robert J. Darretta     31,835,174    1,581,240
Katinka Domotorffy     31,747,803    1,668,611
John A. Hill           31,822,487    1,593,927
Paul L. Joskow         31,812,290    1,604,125
Kenneth R. Leibler     31,829,457    1,586,957
Robert E. Patterson    31,848,334    1,568,081
George Putnam, III     31,819,890    1,596,525
Robert L. Reynolds     31,844,570    1,571,845
W. Thomas Stephens     31,804,287    1,612,128

A proposal to approve a new management contract between the fund and
Putnam Management was approved as follows:

Votes for        Votes against      Abstentions     Broker non-votes
24,668,871       933,647            1,644,230       6,169,666

March 27, 2014 special meeting

A proposal to adopt an Amended and Restated Declaration of Trust, with
respect to which the February 27, 2014 meeting had been adjourned, was
approved as follows:

Votes for        Votesagainst      Abstentions      Broker non-votes
26,046,616       1,003,576         2,000,777        5,759,293

All tabulations are rounded to the nearest whole number.