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: 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 —
Totals by level $3,217,480,326 $455,406,881 $—



Valuation inputs
Other financial instruments: Level 1 Level 2 Level 3
Futures contracts $(49,928) $— $—
Totals by level $(49,928) $— $—


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
Equity contracts $622,657 $49,928
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