0000928816-11-001680.txt : 20111129 0000928816-11-001680.hdr.sgml : 20111129 20111129153635 ACCESSION NUMBER: 0000928816-11-001680 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110930 FILED AS OF DATE: 20111129 DATE AS OF CHANGE: 20111129 EFFECTIVENESS DATE: 20111129 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM MULTI-CAP GROWTH FUND CENTRAL INDEX KEY: 0000865177 IRS NUMBER: 043091455 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-06128 FILM NUMBER: 111231121 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 MAIL ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM NEW OPPORTUNITIES FUND DATE OF NAME CHANGE: 19920703 0000865177 S000006295 PUTNAM MULTI-CAP GROWTH FUND C000017306 Class A Shares PNOPX C000017307 Class B Shares PNOBX C000017308 Class C Shares PNOCX C000017309 Class M Shares PNOMX C000017310 Class R Shares PNORX C000017311 Class Y Shares PNOYX N-Q 1 a_multicapgrowth.htm PUTNAM MULTI-CAP GROWTH FUND a_multicapgrowth.htm


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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY



Investment Company Act file number: (811-06128)
Exact name of registrant as specified in charter: Putnam Multi-Cap Growth Fund
Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109
Name and address of agent for service: Beth S. Mazor, Vice President
One Post Office Square
Boston, Massachusetts 02109
Copy to:         John W. Gerstmayr, Esq.
Ropes & Gray LLP
800 Boylston Street
Boston, Massachusetts 02199-3600
Registrant’s telephone number, including area code: (617) 292-1000
Date of fiscal year end: June 30, 2012
Date of reporting period: September 30, 2011



Item 1. Schedule of Investments:













Putnam Multi-Cap Growth Fund

The fund's portfolio
9/30/11 (Unaudited)
COMMON STOCKS (99.2%)(a)
Shares Value
Aerospace and defense (5.4%)
Embraer SA ADR (Brazil) 627,000 $15,906,990
Goodrich Corp. 207,600 25,053,168
Honeywell International, Inc. 452,500 19,869,275
Northrop Grumman Corp.(S) 166,500 8,684,640
Precision Castparts Corp. 293,761 45,668,085
Safran SA (France) 430,631 13,251,026
TransDigm Group, Inc.(NON) 176,900 14,447,423
United Technologies Corp.(S) 155,500 10,940,980
153,821,587
Air freight and logistics (0.7%)
United Parcel Service, Inc. Class B 314,200 19,841,730
19,841,730
Airlines (0.4%)
Delta Air Lines, Inc.(NON) 1,625,900 12,194,250
12,194,250
Auto components (1.1%)
Autoliv, Inc. (Sweden)(S) 212,000 10,282,000
Lear Corp. 484,900 20,802,210
31,084,210
Automobiles (0.5%)
Ford Motor Co.(NON) 1,406,800 13,603,756
13,603,756
Beverages (1.9%)
Coca-Cola Co. (The) 185,900 12,559,404
Coca-Cola Enterprises, Inc. 1,221,800 30,398,384
PepsiCo, Inc. 175,200 10,844,880
53,802,668
Biotechnology (2.5%)
Alexion Pharmaceuticals, Inc.(NON) 171,900 11,011,914
Amarin Corp. PLC ADR (Ireland)(NON) 300,000 2,760,000
Amylin Pharmaceuticals, Inc.(NON)(S) 335,300 3,094,819
BioMarin Pharmaceuticals, Inc.(NON)(S) 423,700 13,503,319
Celgene Corp.(NON) 291,600 18,055,872
Cubist Pharmaceuticals, Inc.(NON)(S) 336,911 11,899,697
Dendreon Corp.(NON)(S) 428,364 3,855,276
Human Genome Sciences, Inc.(NON)(S) 485,358 6,159,193
70,340,090
Building products (0.1%)
Owens Corning, Inc.(NON) 135,000 2,926,800
2,926,800
Capital markets (1.1%)
Apollo Global Management, LLC. Class A 345,816 3,541,156
Invesco, Ltd. 618,200 9,588,282
Morgan Stanley 364,000 4,914,000
State Street Corp. 443,500 14,262,960
32,306,398
Chemicals (3.6%)
Agrium, Inc. (Canada) 182,756 12,182,515
Albemarle Corp. 310,400 12,540,160
Celanese Corp. Ser. A 861,199 28,014,803
CF Industries Holdings, Inc. 30,600 3,775,734
Huntsman Corp. 1,197,696 11,581,720
LyondellBasell Industries NV Class A (Netherlands) 725,927 17,734,397
Monsanto Co. 282,400 16,955,296
102,784,625
Commercial banks (0.1%)
SVB Financial Group(NON)(S) 99,400 3,677,800
3,677,800
Communications equipment (5.0%)
ADTRAN, Inc.(S) 701,400 18,559,044
Aruba Networks, Inc.(NON)(S) 537,694 11,243,182
Cisco Systems, Inc. 1,137,355 17,617,629
F5 Networks, Inc.(NON) 81,600 5,797,680
Juniper Networks, Inc.(NON) 552,503 9,536,202
Polycom, Inc.(NON)(S) 1,352,598 24,847,225
Qualcomm, Inc. 1,082,335 52,633,951
RADWARE, Ltd. (Israel)(NON) 122,199 2,638,276
142,873,189
Computers and peripherals (8.7%)
Apple, Inc.(NON) 464,329 176,992,927
EMC Corp.(NON)(S) 1,074,500 22,553,755
Hewlett-Packard Co. 502,283 11,276,253
SanDisk Corp.(NON) 954,012 38,494,384
249,317,319
Consumer finance (0.2%)
Green Dot Corp. Class A(NON)(S) 180,074 5,639,918
5,639,918
Diversified financial services (1.5%)
CME Group, Inc. 85,800 21,141,120
IntercontinentalExchange, Inc.(NON)(S) 111,100 13,138,686
JPMorgan Chase & Co. 294,400 8,867,328
43,147,134
Diversified telecommunication services (0.2%)
Iridium Communications, Inc.(NON)(S) 1,032,606 6,402,157
6,402,157
Electrical equipment (0.9%)
Cooper Industries PLC 296,100 13,656,132
GrafTech International, Ltd.(NON)(S) 981,700 12,467,590
26,123,722
Electronic equipment, instruments, and components (0.9%)
Jabil Circuit, Inc. 227,600 4,049,004
TE Connectivity, Ltd. (Switzerland) 456,900 12,857,166
Trimble Navigation, Ltd.(NON) 221,000 7,414,550
24,320,720
Energy equipment and services (2.9%)
Key Energy Services, Inc.(NON) 694,400 6,589,856
National Oilwell Varco, Inc. 518,600 26,562,692
Oil States International, Inc.(NON)(S) 305,056 15,533,452
Schlumberger, Ltd. 429,300 25,642,089
Technip SA (France) 122,071 9,785,503
84,113,592
Food and staples retail (0.5%)
Costco Wholesale Corp. 185,500 15,233,260
15,233,260
Food products (0.8%)
Corn Products International, Inc. 91,900 3,606,156
Mead Johnson Nutrition Co. Class A 264,600 18,212,418
21,818,574
Health-care equipment and supplies (3.6%)
Baxter International, Inc. 791,958 44,460,522
Covidien PLC (Ireland)(S) 748,000 32,986,800
OraSure Technologies, Inc.(NON) 701,500 5,583,940
St. Jude Medical, Inc. 363,100 13,140,589
Stryker Corp. 170,000 8,012,100
104,183,951
Health-care providers and services (3.5%)
Aetna, Inc. 1,025,600 37,280,560
CIGNA Corp. 287,900 12,074,526
Express Scripts, Inc.(NON)(S) 513,500 19,035,445
Lincare Holdings, Inc.(S) 554,300 12,471,750
Quest Diagnostics, Inc.(S) 410,664 20,270,375
101,132,656
Health-care technology (0.8%)
Cerner Corp.(NON)(S) 119,200 8,167,584
SXC Health Solutions Corp. (Canada)(NON) 270,500 15,066,850
23,234,434
Hotels, restaurants, and leisure (2.2%)
Carnival Corp.(S) 494,400 14,980,320
Las Vegas Sands Corp.(NON) 497,155 19,060,923
Starbucks Corp. 535,700 19,976,253
Wyndham Worldwide Corp. 314,769 8,974,064
62,991,560
Household durables (0.6%)
Beam, Inc.(WIS)(S) 209,404 11,324,568
Newell Rubbermaid, Inc. 503,000 5,970,610
17,295,178
Household products (1.8%)
Colgate-Palmolive Co. 237,200 21,034,896
Procter & Gamble Co. (The) 469,800 29,681,964
50,716,860
Independent power producers and energy traders (0.7%)
AES Corp. (The)(NON) 2,143,300 20,918,608
20,918,608
Industrial conglomerates (0.8%)
General Electric Co. 663,400 10,110,216
Tyco International, Ltd. 344,700 14,046,525
24,156,741
Insurance (1.7%)
Aflac, Inc. 390,700 13,654,965
AON Corp. 395,600 16,607,288
Assured Guaranty, Ltd. (Bermuda) 250,800 2,756,292
Hartford Financial Services Group, Inc. (The)(S) 892,100 14,398,494
47,417,039
Internet and catalog retail (2.9%)
Amazon.com, Inc.(NON)(S) 234,600 50,727,558
Priceline.com, Inc.(NON)(S) 69,290 31,143,083
81,870,641
Internet software and services (1.8%)
Baidu, Inc. ADR (China)(NON) 159,187 17,018,682
Google, Inc. Class A(NON) 65,898 33,896,613
50,915,295
IT Services (2.4%)
Accenture PLC Class A(S) 251,500 13,249,020
Cognizant Technology Solutions Corp.(NON) 267,400 16,765,980
Mastercard, Inc. Class A 78,000 24,738,480
Western Union Co. (The) 898,100 13,731,949
68,485,429
Leisure equipment and products (0.6%)
Hasbro, Inc. 515,800 16,820,238
16,820,238
Life sciences tools and services (2.6%)
Agilent Technologies, Inc.(NON) 451,100 14,096,875
Bruker Corp.(NON)(S) 1,313,298 17,768,922
Thermo Fisher Scientific, Inc.(NON) 861,800 43,641,552
75,507,349
Machinery (3.9%)
AGCO Corp.(NON) 358,100 12,379,517
Cummins, Inc. 240,500 19,639,230
Eaton Corp. 594,446 21,102,833
Lincoln Electric Holdings, Inc. 328,904 9,541,505
Parker Hannifin Corp. 513,506 32,417,634
Timken Co. 500,130 16,414,267
111,494,986
Media (2.0%)
Interpublic Group of Companies, Inc. (The) 2,838,700 20,438,640
Time Warner, Inc.(S) 706,800 21,182,796
Walt Disney Co. (The)(S) 538,000 16,226,080
57,847,516
Metals and mining (1.6%)
Carpenter Technology Corp.(S) 217,000 9,741,130
Cliffs Natural Resources, Inc.(S) 207,898 10,638,141
Freeport-McMoRan Copper & Gold, Inc. Class B (Indonesia) 418,400 12,740,280
Teck Resources Limited Class B (Canada) 284,300 8,298,717
Walter Energy, Inc. 64,590 3,876,046
45,294,314
Multiline retail (1.6%)
Kohl's Corp.(S) 492,800 24,196,480
Nordstrom, Inc. 494,871 22,605,707
46,802,187
Office electronics (0.3%)
Xerox Corp. 1,087,577 7,580,412
7,580,412
Oil, gas, and consumable fuels (4.5%)
Alpha Natural Resources, Inc.(NON) 614,500 10,870,505
Anadarko Petroleum Corp. 184,200 11,613,810
Brigham Exploration Co.(NON) 543,217 13,721,661
CONSOL Energy, Inc. 188,300 6,389,019
Kosmos Energy, Ltd.(NON) 658,118 7,706,562
Linn Energy, LLC (Units) 595,118 21,221,908
Noble Energy, Inc.(S) 328,300 23,243,640
Occidental Petroleum Corp. 364,200 26,040,300
QEP Resources, Inc. 233,300 6,315,431
127,122,836
Personal products (0.6%)
Estee Lauder Cos., Inc. (The) Class A 189,200 16,619,328
16,619,328
Pharmaceuticals (1.5%)
Elan Corp. PLC ADR (Ireland)(NON) 1,361,694 14,338,638
Merck & Co., Inc. 415,100 13,577,921
Teva Pharmaceutical Industries, Ltd. ADR (Israel) 214,000 7,965,080
Viropharma, Inc.(NON) 307,100 5,549,297
41,430,936
Real estate management and development (0.9%)
BR Malls Participacoes SA (Brazil) 713,360 7,274,276
CB Richard Ellis Group, Inc. Class A(NON) 1,301,800 17,522,228
24,796,504
Road and rail (1.2%)
Hertz Global Holdings, Inc.(NON) 860,500 7,658,450
Kansas City Southern(NON) 376,154 18,792,654
Swift Transportation Co.(NON) 1,348,046 8,681,416
35,132,520
Semiconductors and semiconductor equipment (3.8%)
Advanced Micro Devices, Inc.(NON)(S) 2,605,219 13,234,513
Cymer, Inc.(NON)(S) 192,200 7,145,996
First Solar, Inc.(NON)(S) 152,110 9,614,873
Intel Corp. 475,663 10,145,892
KLA-Tencor Corp. 305,000 11,675,400
Lam Research Corp.(NON) 182,300 6,923,754
Marvell Technology Group, Ltd.(NON) 1,296,700 18,841,051
Novellus Systems, Inc.(NON)(S) 457,100 12,460,546
Texas Instruments, Inc. 745,000 19,854,250
109,896,275
Software (6.4%)
Adobe Systems, Inc.(NON)(S) 460,700 11,135,119
BMC Software, Inc.(NON) 591,800 22,819,808
Check Point Software Technologies, Ltd. (Israel)(NON)(S) 288,000 15,194,880
Informatica Corp.(NON) 140,400 5,749,380
Microsoft Corp. 535,863 13,337,630
Oracle Corp. 1,719,900 49,429,926
Red Hat, Inc.(NON) 305,466 12,908,993
Salesforce.com, Inc.(NON)(S) 243,996 27,883,863
Synchronoss Technologies, Inc.(NON)(S) 227,400 5,664,534
Synopsys, Inc.(NON) 338,900 8,255,604
VMware, Inc. Class A(NON)(S) 140,250 11,273,295
183,653,032
Specialty retail (2.1%)
Bed Bath & Beyond, Inc.(NON)(S) 285,787 16,378,453
Dick's Sporting Goods, Inc.(NON) 251,700 8,421,882
Office Depot, Inc.(NON)(S) 644,800 1,328,288
Signet Jewelers, Ltd. (Bermuda)(NON) 123,300 4,167,540
TJX Cos., Inc. (The)(S) 231,372 12,834,205
Williams-Sonoma, Inc. 523,500 16,118,565
59,248,933
Textiles, apparel, and luxury goods (1.2%)
Coach, Inc. 200,800 10,407,464
Iconix Brand Group, Inc.(NON) 830,868 13,127,714
Steven Madden, Ltd.(NON) 357,264 10,753,646
34,288,824
Tobacco (1.4%)
Philip Morris International, Inc. 635,300 39,630,014
39,630,014
Trading companies and distributors (0.3%)
United Rentals, Inc.(NON)(S) 353,000 5,944,520
WESCO International, Inc.(NON)(S) 77,367 2,595,663
8,540,183
Wireless telecommunication services (0.9%)
American Tower Corp. Class A(NON) 163,902 8,817,928
NII Holdings, Inc.(NON) 622,500 16,776,375
25,594,303
Total common stocks (cost $2,900,521,909) $2,835,992,581

CONVERTIBLE BONDS AND NOTES (0.1%)(a)
Principal amount Value
Novellus Systems, Inc. 144A cv. sr. notes 2 5/8s, 2041 $2,475,000 $2,128,253
Total convertible bonds and notes (cost $2,475,000) $2,128,253

WARRANTS (—%)(a)(NON)
Expiration date Strike Price Warrants Value
Citigroup, Inc. 1/4/19 $106.10 1,682,858 $740,458
Total warrants (cost $1,699,687) $740,458

PURCHASED OPTIONS OUTSTANDING (—%)(a)
Expiration date/ Contract
strike price amount Value
Best Buy Co., Inc. (Call) Jan-12/$35.00 913,624 $116,414
JPMorgan Chase & Co. (Call) Jan-12/45.00 269,705 15,608
JPMorgan Chase & Co. (Call) Jan-12/50.00 396,820 5,470
Total purchased options outstanding (cost $2,915,936) $137,492

CONVERTIBLE PREFERRED STOCKS (—%)(a)
Shares Value
UNEXT.com, LLC zero % cv. pfd. (acquired 4/14/00, cost $10,451,238) (Private)(F)(RES)(NON) 125,000 $—
Total convertible preferred stocks (cost $10,451,238) $—

SHORT-TERM INVESTMENTS (13.7%)(a)
Principal amount/shares Value
U.S. Treasury Bills for effective yields from 0.11% to 0.13%, November 17, 2011 $1,459,000 $1,458,617
U.S. Treasury Bills for effective yields from 0.10% to 0.11%, October 20, 2011 1,665,000 1,664,791
U.S. Treasury Bills for an effective yield of 0.07%, June 28, 2012(SEGSF) 513,000 512,714
Putnam Cash Collateral Pool, LLC 0.16%(d) 373,291,121 373,291,121
Putnam Money Market Liquidity Fund 0.10%(e) 15,615,814 15,615,814
Total short-term investments (cost $392,543,057) $392,543,057

TOTAL INVESTMENTS
Total investments (cost $3,310,606,827)(b) $3,231,541,841













FORWARD CURRENCY CONTRACTS at 9/30/11 (aggregate face value $36,041,825) (Unaudited)


Unrealized
Contract Delivery Aggregate appreciation/
Counterparty Currency type date Value face value (depreciation)
UBS AG
Euro Sell 10/19/11 $34,592,512 $36,041,825 $1,449,313
Total $1,449,313












WRITTEN OPTIONS OUTSTANDING at 9/30/11 (premiums received $429,403) (Unaudited)


Contract       Expiration date/
amount       strike price Value
Best Buy Co., Inc. (Call) 913,624       Jan-12/$40.00 $46,793
Total $46,793













TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 9/30/11 (Unaudited)
Upfront     Fixed payments Total return Unrealized
Swap counterparty / premium     Termination received (paid) by received by appreciation/
Notional amount received (paid)     date fund per annum or paid by fund (depreciation)
Goldman Sachs International
baskets 80,413 $—      9/26/12 (1 month USD-LIBOR-BBA plus 35 bp) A basket (GSCBPBNK) of common stocks $(33,478)
Total $(33,478)










Key to holding's abbreviations
ADR American 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 July 1, 2011 through September 30, 2011 (the reporting period).
(a) Percentages indicated are based on net assets of $2,858,572,295.
(b) The aggregate identified cost on a tax basis is $3,311,578,876 resulting in gross unrealized appreciation and depreciation of $374,139,629 and $454,176,664, respectively, or net unrealized depreciation of $80,037,035.
(NON) Non-income-producing security.
(RES) Restricted, excluding 144A securities, as to public resale. The total market value of restricted securities held at the close of the reporting period was $—, or less than 0.1% of net assets.
(SEGSF) This security, in part or in entirety, was pledged and segregated with the custodian for collateral on certain derivatives contracts at the close of the reporting period.
(WIS) When-issued security.
(d) 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 market value of the securities loaned. The market 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. At the close of the reporting period, the value of securities loaned amounted to $353,375,076. The fund received cash collateral of $373,291,121, which is invested in Putnam Cash Collateral Pool, LLC, a limited liability company managed by an affiliate of Putnam Investment Management, LLC (Putnam Management), the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC. Investments in Putnam Cash Collateral Pool, LLC are valued at its closing net asset value each business day. There are no management fees charged by Putnam Cash Collateral Pool, LLC. The rate quoted in the security description is the annualized 7-day yield at the close fo the reporting period.
(e) The fund invested in Putnam Money Market Liquidity Fund, an open-end management investment company managed by Putnam Management. Investments in Putnam Money Market Liquidity Fund are valued at its closing net asset value each business day. Income distributions earned by the fund are recorded as interest income and totaled $2,483 for the reporting period. During the reporting period, cost of purchases and proceeds of sales of investments in Putnam Money Market Liquidity Fund aggregated $144,857,151 and $140,025,263, respectively. Management fees charged to Putnam Money Market Liquidity Fund have been waived by Putnam Management. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.
(F) Is valued at fair value following procedures approved by the Trustees. Securities may be classified as Level 2 or Level 3 for Accounting Standards Codification ASC 820 Fair Value Measurements and Disclosures (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.
(S) Security on loan, in part or in entirety, at the close of the reporting period.
At the close of the reporting period, the fund maintained liquid assets totaling $33,527 to cover certain derivatives contracts.
Debt obligations are considered secured unless otherwise indicated.
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.
ADR after the name of a foreign holding represents ownership of foreign securities on deposit with a custodian bank.
The dates shown on debt obligations are the original maturity dates.
Security valuation: 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. If no sales are reported— as in the case of some securities traded over-the-counter— a security is valued at its last reported bid price and is generally categorized as a Level 2 security.
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 will generally represent a transfer from a Level 1 to a Level 2 security, will be classified as Level 2. 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.
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. 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 and recovery rates. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.
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.
Options contracts: The fund uses options contracts to enhance the return on a security owned.
The potential risk to the fund is that the change in value of options contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. Realized gains and losses on purchased options are included in realized gains and losses on investment securities. If a written call option is exercised, the premium originally received is recorded as an addition to sales proceeds. If a written put option is exercised, the premium originally received is recorded as a reduction to the cost of investments.
Exchange traded options are valued at the last sale price or, if no sales are reported, the last bid price for purchased options and the last ask price for written options. Options traded over-the-counter are valued using prices supplied by dealers. Outstanding contracts on purchased options contracts and written options contracts at the close of the reporting period are indicative of the volume of activity for each during the reporting period.
Forward currency contracts: The fund buys and sells forward currency contracts, which are agreements between two parties to buy and sell currencies at a set price on a future date. These contracts are used to hedge foreign exchange risk. The U.S. dollar value of forward currency contracts is determined using current forward currency exchange rates supplied by a quotation service. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily and the change in market value is recorded as an unrealized gain or loss. The fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed when the contract matures or by delivery of the currency. The fund could be exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the fund is unable to enter into a closing position.Outstanding forward currency contracts at the close of the reporting period are indicative of the volume of activity during the reporting period.
Total return swap contracts: The fund enters into total return swap contracts, which are arrangements to exchange a market linked return for a periodic payment, both based on a notional principal amount to gain exposure to specific sectors/industries. To the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the fund will receive a payment from or make a payment to the counterparty. Total return swap contracts are marked to market daily based upon quotations from an independent pricing service or market makers and the change, if any, is recorded as an unrealized gain or loss. Payments received or made are recorded as realized gains or losses. Certain total return swap contracts may include extended effective dates. Payments related to these swap contracts are accrued based on the terms of the contract. The fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or in the price of the underlying security or index, the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. The fund’s maximum risk of loss from counterparty risk is the fair value of the contract. This risk may be mitigated by having a master netting arrangement between the fund and the counterparty. Outstanding notional amount on total return swap contracts at the close of the reporting period are indicative of the volume of activity during the reporting period.
Master agreements: The fund is a party to ISDA (International Swap and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern over the counter derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund’s custodian and with respect to those amounts which can be sold or repledged, are presented in the fund’s portfolio. Collateral posted to the fund which cannot be sold or repledged totaled $1,048,335 at the close of the reporting period. Collateral pledged by the fund is segregated by the fund’s custodian and identified in the fund’s portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund’s net position with each counterparty. Termination events applicable to the fund may occur upon a decline in the fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund’s counterparties to elect early termination could impact the fund's future derivative activity.
At the close of the reporting period, the fund did not have a net liability position on derivative contracts subject to the Master Agreements. Collateral posted by the fund totaled $129,922.












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 $421,853,043 $— $—
    Consumer staples 197,820,704 — —
    Energy 201,450,925 9,785,503 —
    Financials 156,984,793 — —
    Health care 415,829,416 — —
    Industrials 380,981,493 13,251,026 —
    Information technology 837,041,671 — —
    Materials 148,078,939 — —
    Telecommunication services 31,996,460 — —
    Utilities 20,918,608 — —
Total common stocks 2,812,956,052 23,036,529 —
Convertible bonds and notes — 2,128,253 —
Purchased options outstanding — 137,492 —
Warrants 740,458 — —
Short-term investments 15,615,814 376,927,243 —
Totals by level $2,829,312,324 $402,229,517 $—



Valuation inputs
Other financial instruments: Level 1 Level 2 Level 3


Forward currency contracts $— $1,449,313 $—
Written options — (46,793) —
Total return swap contracts — (33,478) —
Totals by level $— $1,369,042 $—


Market Values of Derivative Instruments as of the close of the reporting period
Asset derivatives Liability derivatives
Derivatives not accounted for as hedging instruments under ASC 815 Market value Market value
Foreign exchange contracts $1,449,313 $—
Equity contracts 877,950 80,271
Total $2,327,263 $80,271


For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com



Item 2. 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: During the period, State Street Bank and Trust Company, which provides certain administrative, pricing and bookkeeping services for the Putnam funds pursuant to an agreement with Putnam Investment Management, LLC, began utilizing different accounting systems and systems support in providing services for the fund.

Item 3. Exhibits:
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.

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 Multi-Cap Growth Fund
By (Signature and Title):
/s/ Janet C. Smith
Janet C. Smith
Principal Accounting Officer
Date: November 29, 2011

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: November 29, 2011

By (Signature and Title):
/s/ Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer
Date: November 29, 2011

EX-99.CERT 2 b_852certifications.htm EX-99.CERT b_852certifications.htm

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-Q 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 schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

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 registrants 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 this 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.

/s/ Jonathan S. Horwitz
_____________________________

Date: November 28, 2011
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-Q 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 schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

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 registrants 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 this 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.

/s/ Steven D. Krichmar
_______________________________

Date: November 28, 2011
Steven D. Krichmar
Principal Financial Officer














Attachment A

NQ

Period (s) ended September 30, 2011
               Putnam Europe Equity Fund
               Putnam International Equity Fund
               Putnam Multi-Cap Growth Fund
               Putnam Small Cap Growth Fund
               Putnam International Value Fund

               Putnam VT Absolute 500 Fund
               Putnam VT American Government Income Fund
               Putnam VT Capital Opportunities Fund
               Putnam VT Diversified Income Fund
               Putnam VT Equity Income Fund
               Putnam VT George Putnam Balanced Fund
               Putnam VT Global Asset Allocation Fund
               Putnam VT Global Equity Fund
               Putnam VT Global Health Care Fund
               Putnam VT Global Utilities Fund
               Putnam VT Growth and Income Fund
               Putnam VT Growth Opportunities Fund
               Putnam VT High Yield Fund
               Putnam VT Income Fund
               Putnam VT International Equity Fund
               Putnam VT International Value Fund
               Putnam VT International Growth Fund
               Putnam VT Investors Fund
               Putnam VT Multi-Cap Value Fund
               Putnam VT Money Market Fund
               Putnam VT Multi-Cap Growth Fund
               Putnam VT Research Fund
               Putnam VT Small Cap Value Fund
               Putnam VT Voyager Fund