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: | Robert T. Burns, 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, 2013 |
Date of reporting period: | September 30, 2012 |
Item 1. Schedule of Investments: |
Putnam Multi-Cap Growth Fund | ||||||
The fund's portfolio | ||||||
9/30/12 (Unaudited) | ||||||
COMMON STOCKS (98.5%)(a) | ||||||
Shares | Value | |||||
Aerospace and defense (3.9%) | ||||||
Embraer SA ADR (Brazil)(S) | 624,200 | $16,616,204 | ||||
Esterline Technologies Corp.(NON) | 164,800 | 9,251,872 | ||||
Honeywell International, Inc.(S) | 695,200 | 41,538,200 | ||||
Precision Castparts Corp. | 242,061 | 39,538,244 | ||||
United Technologies Corp. | 254,200 | 19,901,318 | ||||
126,845,838 | ||||||
Air freight and logistics (1.0%) | ||||||
FedEx Corp. | 365,000 | 30,886,300 | ||||
30,886,300 | ||||||
Airlines (0.2%) | ||||||
Delta Air Lines, Inc.(NON)(S) | 719,300 | 6,588,788 | ||||
6,588,788 | ||||||
Auto components (1.5%) | ||||||
Allison Transmission Holdings, Inc.(S) | 539,713 | 10,859,026 | ||||
American Axle & Manufacturing Holdings, Inc.(NON)(S) | 1,512,077 | 17,041,108 | ||||
Johnson Controls, Inc.(S) | 710,300 | 19,462,220 | ||||
47,362,354 | ||||||
Beverages (1.9%) | ||||||
Beam, Inc. | 219,304 | 12,618,752 | ||||
Coca-Cola Enterprises, Inc. | 1,160,200 | 36,279,454 | ||||
PepsiCo, Inc. | 175,200 | 12,398,904 | ||||
61,297,110 | ||||||
Biotechnology (1.4%) | ||||||
Affymax, Inc.(NON)(S) | 796,570 | 16,775,764 | ||||
BioMarin Pharmaceuticals, Inc.(NON)(S) | 253,800 | 10,220,526 | ||||
Cubist Pharmaceuticals, Inc.(NON)(S) | 327,611 | 15,620,492 | ||||
Dendreon Corp.(NON)(S) | 353,164 | 1,705,782 | ||||
44,322,564 | ||||||
Building products (0.2%) | ||||||
Owens Corning, Inc.(NON)(S) | 240,100 | 8,033,746 | ||||
8,033,746 | ||||||
Capital markets (2.6%) | ||||||
Apollo Global Management, LLC Class A | 604,916 | 8,868,069 | ||||
Charles Schwab Corp. (The)(S) | 1,764,200 | 22,564,118 | ||||
Invesco, Ltd. | 1,171,100 | 29,265,789 | ||||
Raymond James Financial, Inc. | 175,036 | 6,415,069 | ||||
State Street Corp.(S) | 381,400 | 16,003,544 | ||||
83,116,589 | ||||||
Chemicals (3.9%) | ||||||
Albemarle Corp.(S) | 233,600 | 12,306,048 | ||||
Celanese Corp. Ser. A | 941,599 | 35,696,018 | ||||
FMC Corp.(S) | 313,500 | 17,361,630 | ||||
GSE Holding, Inc.(NON)(S) | 896,457 | 7,037,187 | ||||
LyondellBasell Industries NV Class A (Netherlands) | 306,127 | 15,814,521 | ||||
Monsanto Co. | 298,100 | 27,133,062 | ||||
Tronox, Ltd. Class A(S) | 436,500 | 9,886,725 | ||||
125,235,191 | ||||||
Commercial services and supplies (0.8%) | ||||||
Tyco International, Ltd. | 453,900 | 25,536,414 | ||||
25,536,414 | ||||||
Communications equipment (3.3%) | ||||||
Cisco Systems, Inc. | 673,755 | 12,861,983 | ||||
F5 Networks, Inc.(NON)(S) | 129,800 | 13,590,060 | ||||
Polycom, Inc.(NON) | 1,423,598 | 14,050,912 | ||||
Qualcomm, Inc. | 1,082,335 | 67,635,114 | ||||
108,138,069 | ||||||
Computers and peripherals (11.1%) | ||||||
Apple, Inc. | 391,776 | 261,416,456 | ||||
EMC Corp.(NON) | 1,685,300 | 45,958,131 | ||||
NetApp, Inc.(NON)(S) | 452,900 | 14,891,352 | ||||
SanDisk Corp.(NON) | 802,740 | 34,862,998 | ||||
357,128,937 | ||||||
Consumer finance (0.7%) | ||||||
Capital One Financial Corp. | 400,244 | 22,817,910 | ||||
22,817,910 | ||||||
Distributors (0.5%) | ||||||
LKQ Corp.(NON)(S) | 812,850 | 15,037,725 | ||||
15,037,725 | ||||||
Diversified financial services (1.2%) | ||||||
Bank of America Corp. | 1,563,100 | 13,802,173 | ||||
Citigroup, Inc. | 681,500 | 22,298,680 | ||||
Moody's Corp.(S) | 95,192 | 4,204,631 | ||||
40,305,484 | ||||||
Diversified telecommunication services (0.2%) | ||||||
Iridium Communications, Inc.(NON)(S) | 1,032,606 | 7,558,676 | ||||
7,558,676 | ||||||
Electrical equipment (0.9%) | ||||||
AMETEK, Inc.(S) | 402,100 | 14,254,445 | ||||
GrafTech International, Ltd.(NON)(S) | 574,020 | 5,160,440 | ||||
Thermon Group Holdings, Inc.(NON) | 362,440 | 9,057,376 | ||||
28,472,261 | ||||||
Electronic equipment, instruments, and components (0.4%) | ||||||
TE Connectivity, Ltd.(S) | 378,400 | 12,869,384 | ||||
12,869,384 | ||||||
Energy equipment and services (4.9%) | ||||||
Cameron International Corp.(NON) | 658,300 | 36,910,881 | ||||
Dresser-Rand Group, Inc.(NON) | 120,300 | 6,629,733 | ||||
Halliburton Co. | 455,800 | 15,355,902 | ||||
National Oilwell Varco, Inc.(S) | 370,500 | 29,680,755 | ||||
Oil States International, Inc.(NON) | 437,292 | 34,747,222 | ||||
Schlumberger, Ltd. | 467,900 | 33,843,207 | ||||
157,167,700 | ||||||
Food and staples retail (0.7%) | ||||||
Walgreen Co. | 602,500 | 21,955,100 | ||||
21,955,100 | ||||||
Food products (1.1%) | ||||||
Hershey Co. (The) | 230,200 | 16,318,878 | ||||
Hillshire Brands Co. | 167,100 | 4,474,938 | ||||
Mead Johnson Nutrition Co. | 222,000 | 16,268,160 | ||||
37,061,976 | ||||||
Health-care equipment and supplies (4.2%) | ||||||
Baxter International, Inc.(S) | 860,958 | 51,881,329 | ||||
Covidien PLC | 748,000 | 44,446,160 | ||||
St. Jude Medical, Inc.(S) | 337,600 | 14,223,088 | ||||
Zimmer Holdings, Inc.(S) | 375,900 | 25,418,358 | ||||
135,968,935 | ||||||
Health-care providers and services (3.8%) | ||||||
Aetna, Inc.(S) | 639,700 | 25,332,120 | ||||
Catamaran Corp. (Canada)(NON) | 215,462 | 21,108,812 | ||||
CIGNA Corp. | 390,985 | 18,442,762 | ||||
Express Scripts Holding Co.(NON) | 522,100 | 32,720,007 | ||||
HealthSouth Corp.(NON)(S) | 771,291 | 18,557,261 | ||||
PSS World Medical, Inc.(NON)(S) | 303,200 | 6,906,896 | ||||
123,067,858 | ||||||
Hotels, restaurants, and leisure (3.2%) | ||||||
Las Vegas Sands Corp.(S) | 504,555 | 23,396,215 | ||||
McDonald's Corp.(S) | 247,200 | 22,680,600 | ||||
Penn National Gaming, Inc.(NON)(S) | 329,410 | 14,197,571 | ||||
Starbucks Corp.(S) | 535,700 | 27,186,775 | ||||
Wyndham Worldwide Corp. | 282,869 | 14,844,965 | ||||
102,306,126 | ||||||
Household products (1.2%) | ||||||
Colgate-Palmolive Co.(S) | 239,400 | 25,668,468 | ||||
Procter & Gamble Co. (The) | 200,400 | 13,899,744 | ||||
39,568,212 | ||||||
Independent power producers and energy traders (0.6%) | ||||||
Calpine Corp.(NON) | 1,203,900 | 20,827,470 | ||||
20,827,470 | ||||||
Insurance (1.1%) | ||||||
Aon PLC(S) | 462,600 | 24,189,354 | ||||
Fidelity National Financial, Inc. Class A(S) | 586,000 | 12,534,540 | ||||
36,723,894 | ||||||
Internet and catalog retail (3.3%) | ||||||
Amazon.com, Inc.(NON)(S) | 145,800 | 37,079,856 | ||||
HomeAway, Inc.(NON)(S) | 390,700 | 9,161,915 | ||||
HSN, Inc.(S) | 284,700 | 13,964,535 | ||||
Priceline.com, Inc.(NON) | 73,490 | 45,470,468 | ||||
105,676,774 | ||||||
Internet software and services (3.0%) | ||||||
eBay, Inc.(NON) | 740,900 | 35,866,969 | ||||
Google, Inc. Class A(NON) | 81,066 | 61,164,297 | ||||
97,031,266 | ||||||
IT Services (2.5%) | ||||||
Cognizant Technology Solutions Corp.(NON) | 209,400 | 14,641,248 | ||||
Computer Sciences Corp. | 204,600 | 6,590,166 | ||||
Total Systems Services, Inc. | 839,200 | 19,889,040 | ||||
Visa, Inc. Class A(S) | 287,600 | 38,618,928 | ||||
79,739,382 | ||||||
Life sciences tools and services (1.6%) | ||||||
Agilent Technologies, Inc. | 393,000 | 15,110,850 | ||||
Bruker Corp.(NON)(S) | 1,027,618 | 13,451,520 | ||||
Thermo Fisher Scientific, Inc. | 402,200 | 23,661,426 | ||||
52,223,796 | ||||||
Machinery (2.5%) | ||||||
Cummins, Inc.(S) | 232,000 | 21,392,720 | ||||
Eaton Corp.(S) | 666,346 | 31,491,512 | ||||
Edwards Group, Ltd. ADR (United Kingdom)(NON) | 1,042,325 | 6,889,768 | ||||
Timken Co. | 535,901 | 19,914,081 | ||||
79,688,081 | ||||||
Marine (0.1%) | ||||||
Kirby Corp.(NON) | 32,447 | 1,793,670 | ||||
1,793,670 | ||||||
Media (2.7%) | ||||||
Comcast Corp. Class A | 716,800 | 25,639,936 | ||||
Interpublic Group of Companies, Inc. (The) | 1,931,400 | 21,477,168 | ||||
Time Warner, Inc.(S) | 918,500 | 41,635,605 | ||||
88,752,709 | ||||||
Metals and mining (1.4%) | ||||||
Barrick Gold Corp. (Canada)(S) | 353,400 | 14,757,984 | ||||
Carpenter Technology Corp.(S) | 316,500 | 16,559,280 | ||||
Rio Tinto PLC (United Kingdom) | 195,300 | 9,129,559 | ||||
Walter Energy, Inc. | 155,590 | 5,050,451 | ||||
45,497,274 | ||||||
Multiline retail (1.8%) | ||||||
Dollar General Corp.(NON) | 621,691 | 32,041,954 | ||||
Nordstrom, Inc.(S) | 468,171 | 25,833,676 | ||||
57,875,630 | ||||||
Oil, gas, and consumable fuels (3.6%) | ||||||
Anadarko Petroleum Corp. | 490,864 | 34,321,211 | ||||
Cabot Oil & Gas Corp. | 452,700 | 20,326,230 | ||||
Cobalt International Energy, Inc.(NON) | 220,656 | 4,914,009 | ||||
Linn Energy, LLC (Units) | 321,318 | 13,251,154 | ||||
Noble Energy, Inc.(S) | 377,600 | 35,007,296 | ||||
Suncor Energy, Inc. (Canada) | 304,200 | 10,006,945 | ||||
117,826,845 | ||||||
Personal products (0.2%) | ||||||
Avon Products, Inc.(S) | 454,500 | 7,249,275 | ||||
7,249,275 | ||||||
Pharmaceuticals (2.7%) | ||||||
Auxilium Pharmaceuticals, Inc.(NON) | 72,254 | 1,767,333 | ||||
Eli Lilly & Co.(S) | 498,800 | 23,648,108 | ||||
Jazz Pharmaceuticals PLC(NON) | 75,800 | 4,321,358 | ||||
Medicines Co. (The)(NON) | 442,200 | 11,413,182 | ||||
Shire PLC ADR (United Kingdom) | 232,500 | 20,622,750 | ||||
Watson Pharmaceuticals, Inc.(NON) | 309,800 | 26,382,568 | ||||
88,155,299 | ||||||
Professional services (1.1%) | ||||||
Nielsen Holdings NV(NON) | 647,400 | 19,409,052 | ||||
Verisk Analytics, Inc. Class A(NON) | 361,400 | 17,206,254 | ||||
36,615,306 | ||||||
Real estate investment trusts (REITs) (0.7%) | ||||||
American Campus Communities, Inc.(R) | 253,829 | 11,138,017 | ||||
American Tower Corp. Class A(R) | 138,102 | 9,859,102 | ||||
20,997,119 | ||||||
Real estate management and development (0.5%) | ||||||
CBRE Group, Inc. Class A(NON) | 912,200 | 16,793,602 | ||||
16,793,602 | ||||||
Road and rail (0.4%) | ||||||
Hertz Global Holdings, Inc.(NON)(S) | 899,300 | 12,347,389 | ||||
12,347,389 | ||||||
Semiconductors and semiconductor equipment (2.8%) | ||||||
Avago Technologies, Ltd. (Singapore) | 760,400 | 26,511,346 | ||||
Broadcom Corp. Class A(NON) | 367,100 | 12,694,318 | ||||
Cymer, Inc.(NON) | 42,628 | 2,176,586 | ||||
First Solar, Inc.(NON)(S) | 465,850 | 10,316,248 | ||||
Texas Instruments, Inc.(S) | 818,400 | 22,546,920 | ||||
Xilinx, Inc.(S) | 514,000 | 17,172,740 | ||||
91,418,158 | ||||||
Software (5.9%) | ||||||
Check Point Software Technologies, Ltd. (Israel)(NON)(S) | 305,800 | 14,727,328 | ||||
Informatica Corp.(NON)(S) | 86,100 | 2,997,141 | ||||
Microsoft Corp. | 1,268,763 | 37,783,762 | ||||
Oracle Corp. | 1,420,700 | 44,737,843 | ||||
Salesforce.com, Inc.(NON)(S) | 231,296 | 35,316,586 | ||||
SS&C Technologies Holdings, Inc.(NON)(S) | 571,199 | 14,399,927 | ||||
Synchronoss Technologies, Inc.(NON)(S) | 109,841 | 2,515,359 | ||||
Synopsys, Inc.(NON) | 686,400 | 22,664,928 | ||||
VMware, Inc. Class A(NON)(S) | 156,050 | 15,096,277 | ||||
190,239,151 | ||||||
Specialty retail (2.3%) | ||||||
AutoZone, Inc.(NON) | 40,300 | 14,897,701 | ||||
Bed Bath & Beyond, Inc.(NON)(S) | 339,787 | 21,406,581 | ||||
Dick's Sporting Goods, Inc.(S) | 288,600 | 14,963,910 | ||||
TJX Cos., Inc. (The) | 526,644 | 23,588,385 | ||||
74,856,577 | ||||||
Textiles, apparel, and luxury goods (0.5%) | ||||||
Coach, Inc.(S) | 315,500 | 17,674,310 | ||||
17,674,310 | ||||||
Tobacco (2.0%) | ||||||
Lorillard, Inc.(S) | 158,200 | 18,422,390 | ||||
Philip Morris International, Inc. | 510,600 | 45,923,364 | ||||
64,345,754 | ||||||
Trading companies and distributors (0.4%) | ||||||
WESCO International, Inc.(NON)(S) | 198,767 | 11,369,472 | ||||
11,369,472 | ||||||
Total common stocks (cost $2,716,234,879) | $3,184,367,450 | |||||
CONVERTIBLE PREFERRED STOCKS (0.5%)(a) | ||||||
Shares | Value | |||||
Iridium Communications, Inc. 144A $7.00 cv. pfd.(NON) | 35,822 | $3,582,200 | ||||
Nielsen Holdings NV $3.125 cv. pfd. | 90,851 | 5,096,178 | ||||
UNEXT.com, LLC zero % cv. pfd. (acquired 4/14/00, cost $10,451,238) (Private)(F)(RES)(NON) | 125,000 | — | ||||
United Technologies Corp. $3.75 cv. pfd.(NON) | 116,257 | 6,522,018 | ||||
Total convertible preferred stocks (cost $25,259,512) | $15,200,396 | |||||
WARRANTS (—)(a)(NON) | ||||||
Expiration date | Strike Price | Warrants | Value | |||
Citigroup, Inc. | 1/4/19 | $106.10 | 1,682,858 | $622,657 | ||
Total warrants (cost $1,699,687) | $622,657 | |||||
SHORT-TERM INVESTMENTS (14.6%)(a) | ||||||
Principal amount/shares | Value | |||||
Putnam Cash Collateral Pool, LLC 0.21%(d) | 433,563,129 | $433,563,129 | ||||
Putnam Money Market Liquidity Fund 0.14%(AFF) | 35,097,760 | 35,097,760 | ||||
U.S. Treasury bills with an effective yield of 0.199%, March 7, 2013(SEG) | $852,000 | 851,517 | ||||
U.S. Treasury bills with an effective yield of 0.184%, April 4, 2013(SEG) | 448,000 | 447,684 | ||||
U.S. Treasury bills with an effective yield of 0.141%, February 7, 2013 | 70,000 | 69,974 | ||||
U.S. Treasury bills with effective yields ranging from 0.103% to 0.124%, January 10, 2013 | 1,316,000 | 1,315,696 | ||||
U.S. Treasury bills with effective yields ranging from 0.084% to 0.100%, October 18, 2012 | 1,351,000 | 1,350,944 | ||||
Total short-term investments (cost $472,696,231) | $472,696,704 | |||||
TOTAL INVESTMENTS | ||||||
Total investments (cost $3,215,890,309)(b) | $3,672,887,207 | |||||
FUTURES CONTRACTS OUTSTANDING at 9/30/12 (Unaudited) | ||||||
Number of | Expiration | Unrealized | ||||
contracts | Value | date | (depreciation) | |||
| ||||||
NASDAQ 100 Index E-Mini (Long) | 10 | $558,400 | Dec-12 | $(11,420) | ||
Russell 2000 Index Mini (Long) | 2 | 166,880 | Dec-12 | (3,864) | ||
S&P 500 Index (Long) | 5 | 1,792,750 | Dec-12 | (23,894) | ||
S&P Mid Cap 400 Index E-Mini (Long) | 4 | 394,600 | Dec-12 | (10,750) | ||
| ||||||
Total | $(49,928) |
Key to holding's abbreviations | |||
ADR | American Depository Receipts: represents ownership of foreign securities on deposit with a custodian bank |
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, 2012 through September 30, 2012 (the reporting period). Within the following notes to the portfolio, references to “ASC 820” represent Accounting Standards Codification ASC 820 Fair Value Measurements and Disclosures and references to “Putnam Management” represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC. | ||||||
(a) | Percentages indicated are based on net assets of $3,231,747,537. | |||||
(b) | The aggregate identified cost on a tax basis is $3,215,477,849, resulting in gross unrealized appreciation and depreciation of $586,558,299 and $129,148,941, respectively, or net unrealized appreciation of $457,409,358. | |||||
(NON) | Non-income-producing security. | |||||
(RES) | Security is restricted with regard to public resale. The total market value of this security and any other restricted securities (excluding 144A securities), if any, held at the close of the reporting period was $0, or less than 0.1% of net assets. | |||||
(AFF) | Affiliated company. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with Putnam Money Market Liquidity Fund, which is under common ownership and control, were as follows: |
Name of affiliate | Market value at the beginning of the reporting period | Purchase cost | Sale proceeds | Investment income | Market value at the end of the reporting period | |
Putnam Money Market Liquidity Fund * | $37,166,064 | $165,566,482 | $167,634,786 | $15,891 | $35,097,760 | |
* Management fees charged to Putnam Money Market Liquidity Fund have been waived by Putnam Management. |
(SEG) | This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. | |||||
(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 $421,555,912. Certain of these securities were sold prior to the close of the reporting period. | |||||
The fund received cash collateral of $433,563,129 which is invested in Putnam Cash Collateral Pool, LLC, a limited liability company managed by an affiliate of Putnam Management. Investments in Putnam Cash Collateral Pool, LLC are valued at its closing net asset value each business day. There are no management fees charged to Putnam Cash Collateral Pool, LLC. The rate quoted in the security description is the annualized 7-day yield 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 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. | |||||
(R) | Real Estate Investment Trust. | |||||
(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 $2,266,650 to cover certain derivatives contracts. | ||||||
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. | ||||||
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. | ||||||
Investments in other open-end investment companies (excluding exchange traded funds), which are classified as Level 1 securities, are based on their net asset value. The net asset value of an investment company equals the total value of its assets less its liabilities and divided by the number of its outstanding shares. Shares are only valued as of the close of regular trading on the New York Stock Exchange each day that the exchange is open. | ||||||
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 would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. 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. | ||||||
Futures contracts: The fund used futures contracts to equitize cash. | ||||||
The potential risk to the fund is that the change in value of futures 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. With futures, there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. When the contract is closed, 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. | ||||||
Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as “variation margin”. | ||||||
The fund had an average number of contracts of approximately 70 on futures contracts for the reporting period. |
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 | $509,542,205 | $— | $— | ||||||
Consumer staples | 231,477,427 | — | — | ||||||
Energy | 274,994,545 | — | — | ||||||
Financials | 220,754,598 | — | — | ||||||
Health care | 443,738,452 | — | — | ||||||
Industrials | 368,177,265 | $— | $— | ||||||
Information technology | 936,564,347 | — | — | ||||||
Materials | 161,602,906 | 9,129,559 | — | ||||||
Telecommunication services | 7,558,676 | — | — | ||||||
Utilities | 20,827,470 | — | — | ||||||
Total common stocks | 3,175,237,891 | 9,129,559 | — | ||||||
Convertible preferred stocks | 6,522,018 | 8,678,378 | — | ||||||
Warrants | 622,657 | — | — | ||||||
Short-term investments | 35,097,760 | 437,598,944 | — | ||||||
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Totals by level | $3,217,480,326 | $455,406,881 | $— | ||||||
Valuation inputs | |||||||||
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Other financial instruments: | Level 1 | Level 2 | Level 3 | ||||||
Futures contracts | $(49,928) | $— | $— | ||||||
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Totals by level | $(49,928) | $— | $— | ||||||
Market Values of Derivative Instruments as of the close of the reporting period | |||||||||
Asset derivatives | Liability derivatives | ||||||||
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Derivatives not accounted for as hedging instruments under ASC 815 | Market value | Market value | |||||||
Equity contracts | $622,657 | $49,928 | |||||||
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Total | $622,657 | $49,928 | |||||||
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: Not applicable |
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 28, 2012 |
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 28, 2012 |
By (Signature and Title): |
/s/ Steven D. Krichmar Steven D. Krichmar Principal Financial Officer Date: November 28, 2012 |
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 27, 2012 | |
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 27, 2012 | |
Steven D. Krichmar | |
Principal Financial Officer | |
Attachment A | |
NQ | |
Period (s) ended September 30, 2012 | |
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 |