0000928816-15-000764.txt : 20150529 0000928816-15-000764.hdr.sgml : 20150529 20150529110925 ACCESSION NUMBER: 0000928816-15-000764 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150331 FILED AS OF DATE: 20150529 DATE AS OF CHANGE: 20150529 EFFECTIVENESS DATE: 20150529 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: 15897797 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_multicapgrowthfund.htm PUTNAM MULTI-CAP GROWTH FUND a_multicapgrowthfund.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:         Bryan Chegwidden, Esq.
Ropes & Gray LLP
1211 Avenue of the Americas
New York, New York 10036
Registrant’s telephone number, including area code: (617) 292-1000
Date of fiscal year end: June 30, 2015
Date of reporting period: March 31, 2015



Item 1. Schedule of Investments:













Putnam Multi-Cap Growth Fund

The fund's portfolio
3/31/15 (Unaudited)
COMMON STOCKS (97.7%)(a)
Shares Value
Aerospace and defense (5.4%)
Bombardier, Inc. Class B (Canada) 3,822,115 $7,544,343
General Dynamics Corp. 183,400 24,892,882
Honeywell International, Inc. 787,400 82,133,694
L-3 Communications Holdings, Inc. 127,600 16,050,804
Northrop Grumman Corp. 288,100 46,372,576
United Technologies Corp. 386,500 45,297,800
222,292,099
Airlines (0.9%)
Spirit Airlines, Inc.(NON) 501,600 38,803,776
38,803,776
Banks (1.2%)
Bank of America Corp. 1,434,600 22,078,494
PacWest Bancorp 604,000 28,321,560
50,400,054
Beverages (1.0%)
Coca-Cola Co. (The) 177,200 7,185,460
PepsiCo, Inc. 373,600 35,723,632
42,909,092
Biotechnology (6.5%)
Alkermes PLC(NON) 292,200 17,815,434
AMAG Pharmaceuticals, Inc.(NON)(S) 389,252 21,276,514
Biogen(NON) 91,900 38,803,856
BioMarin Pharmaceutical, Inc.(NON) 123,500 15,390,570
Celgene Corp.(NON) 593,868 68,461,103
Dynavax Technologies Corp.(NON)(S) 349,763 7,845,184
Gilead Sciences, Inc.(NON) 740,333 72,648,877
Inovio Pharmaceuticals, Inc.(NON)(S) 407,100 3,321,936
Neuralstem, Inc.(NON)(S) 2,527,211 4,801,701
PTC Therapeutics, Inc.(NON) 121,200 7,375,020
Vertex Pharmaceuticals, Inc.(NON) 68,679 8,102,062
265,842,257
Building products (0.8%)
Assa Abloy AB Class B (Sweden) 304,985 18,177,483
Fortune Brands Home & Security, Inc. 325,245 15,442,633
33,620,116
Capital markets (1.9%)
Charles Schwab Corp. (The) 1,252,600 38,129,144
Goldman Sachs Group, Inc. (The) 118,800 22,330,836
KKR & Co. LP 744,800 16,988,888
77,448,868
Chemicals (3.3%)
Axalta Coating Systems, Ltd.(NON) 541,700 14,961,754
Axiall Corp. 502,600 23,592,044
Chemtura Corp.(NON)(S) 788,100 21,507,249
E.I. du Pont de Nemours & Co. 135,400 9,677,038
Huntsman Corp. 915,800 20,303,286
Monsanto Co. 244,100 27,471,014
W.R. Grace & Co.(NON) 187,100 18,498,577
136,010,962
Commercial services and supplies (1.0%)
KAR Auction Services, Inc. 513,174 19,464,690
MiX Telematics, Ltd. ADR (South Africa)(NON) 58,820 410,564
Tyco International PLC 527,890 22,730,943
42,606,197
Communications equipment (0.3%)
QUALCOMM, Inc. 147,135 10,202,341
10,202,341
Containers and packaging (0.8%)
Packaging Corp. of America 211,700 16,552,823
Sealed Air Corp. 328,979 14,988,283
31,541,106
Diversified consumer services (0.2%)
Bright Horizons Family Solutions, Inc.(NON) 165,851 8,503,181
8,503,181
Diversified financial services (0.4%)
CME Group, Inc. 168,200 15,930,222
15,930,222
Electrical equipment (0.4%)
Hubbell, Inc. Class B 131,600 14,425,992
14,425,992
Electronic equipment, instruments, and components (1.3%)
Anixter International, Inc.(NON) 267,218 20,343,306
Corning, Inc. 758,900 17,211,852
Hollysys Automation Technologies, Ltd. (China)(S) 703,600 13,980,532
51,535,690
Energy equipment and services (1.3%)
Baker Hughes, Inc. 414,000 26,322,120
Oceaneering International, Inc. 118,300 6,379,919
Schlumberger, Ltd. 165,200 13,784,288
Weatherford International PLC(NON) 493,500 6,070,050
52,556,377
Food and staples retail (2.2%)
Costco Wholesale Corp.(S) 159,300 24,133,154
CVS Health Corp. 647,500 66,828,475
90,961,629
Food products (1.4%)
Keurig Green Mountain, Inc. 182,000 20,334,860
Mead Johnson Nutrition Co. 220,971 22,214,215
Pinnacle Foods, Inc. 385,666 15,739,029
58,288,104
Health-care equipment and supplies (3.9%)
Becton Dickinson and Co. 142,300 20,432,857
Boston Scientific Corp.(NON) 2,108,900 37,432,975
C.R. Bard, Inc. 121,800 20,383,230
Cooper Cos., Inc. (The) 126,200 23,652,404
GenMark Diagnostics, Inc.(NON) 920,982 11,954,346
Medtronic PLC 397,500 31,001,025
Spectranetics Corp. (The)(NON)(S) 469,500 16,319,820
161,176,657
Health-care providers and services (0.8%)
AAC Holdings, Inc.(NON)(S) 540,595 16,531,395
Premier, Inc. Class A(NON) 430,779 16,188,675
32,720,070
Health-care technology (0.2%)
Inovalon Holdings, Inc. Class A(NON) 336,079 10,152,947
10,152,947
Hotels, restaurants, and leisure (3.7%)
Bloomin' Brands, Inc. 927,584 22,568,119
Dunkin' Brands Group, Inc. 179,600 8,541,776
Hilton Worldwide Holdings, Inc.(NON) 2,033,903 60,244,207
Intrawest Resorts Holdings, Inc.(NON) 346,703 3,023,250
Melco Crown Entertainment, Ltd. ADR (Hong Kong) 1,255,500 26,943,030
Wyndham Worldwide Corp. 345,169 31,227,439
152,547,821
Household durables (2.1%)
Panasonic Corp. (Japan) 1,727,300 22,678,585
PulteGroup, Inc. 1,655,200 36,795,096
Whirlpool Corp. 139,200 28,126,752
87,600,433
Independent power and renewable electricity producers (0.6%)
Calpine Corp.(NON) 1,037,836 23,735,309
23,735,309
Industrial conglomerates (0.7%)
Siemens AG (Germany) 246,517 26,689,066
26,689,066
Insurance (0.8%)
Hartford Financial Services Group, Inc. (The) 331,400 13,859,148
Prudential PLC (United Kingdom) 682,439 16,897,332
30,756,480
Internet and catalog retail (3.3%)
Amazon.com, Inc.(NON) 168,277 62,615,872
FabFurnish GmbH (acquired 8/2/13, cost $69) (Private) (Brazil)(F)(RES)(NON) 52 42
Global Fashion Holding SA (acquired 8/2/13, cost $3,488,697) (Private) (Brazil)(F)(RES)(NON) 82,353 1,839,528
New Bigfoot Other Assets GmbH (acquired 8/2/13, cost $69) (Private) (Brazil)(F)(RES)(NON) 52 42
New Middle East Other Assets GmbH (acquired 8/2/13, cost $29) (Private) (Brazil)(F)(RES)(NON) 22 18
Priceline Group, Inc. (The)(NON) 49,490 57,613,784
TripAdvisor, Inc.(NON) 121,700 10,121,789
Zalando SE (Germany)(NON) 127,160 3,180,408
135,371,483
Internet software and services (9.0%)
Alibaba Group Holding, Ltd. ADR (China)(NON)(S) 277,152 23,070,132
AOL, Inc.(NON) 248,400 9,839,124
Baidu, Inc. ADR (China)(NON) 113,300 23,611,720
Facebook, Inc. Class A(NON) 1,495,000 122,911,425
Google, Inc. Class A(NON) 146,348 81,179,236
Google, Inc. Class C(NON) 158,748 86,993,904
GrubHub, Inc.(NON) 152,000 6,899,280
Twitter, Inc.(NON) 252,200 12,630,176
367,134,997
IT Services (1.8%)
Visa, Inc. Class A 1,106,800 72,395,788
72,395,788
Life sciences tools and services (1.1%)
Agilent Technologies, Inc. 611,400 25,403,670
Waters Corp.(NON) 173,600 21,581,952
46,985,622
Machinery (1.9%)
KION Group AG (Germany) 343,547 14,077,182
Middleby Corp. (The)(NON) 239,400 24,574,410
Oshkosh Corp.(S) 133,900 6,532,981
Pall Corp.(S) 195,000 19,576,050
Wabtec Corp. 117,600 11,173,176
75,933,799
Media (3.4%)
Charter Communications, Inc. Class A(NON) 111,400 21,512,454
Comcast Corp. Class A 595,127 33,606,822
DISH Network Corp. Class A(NON) 185,100 12,968,106
Liberty Global PLC Ser. A (United Kingdom)(NON) 222,900 11,472,663
Live Nation Entertainment, Inc.(NON) 1,615,937 40,770,091
Time Warner, Inc. 199,100 16,812,004
137,142,140
Multiline retail (0.5%)
Dollar General Corp.(NON) 287,800 21,694,364
21,694,364
Oil, gas, and consumable fuels (3.7%)
Cabot Oil & Gas Corp. 706,100 20,851,133
EOG Resources, Inc. 332,600 30,496,094
EP Energy Corp. Class A(NON)(S) 826,000 8,656,480
Gaztransport Et Technigaz SA (France) 319,846 18,874,028
Gulfport Energy Corp.(NON) 447,100 20,526,361
JP Energy Partners LP 122,196 1,361,263
QEP Resources, Inc. 726,100 15,139,185
Scorpio Tankers, Inc. 1,179,470 11,110,607
Suncor Energy, Inc. (Canada) 523,577 15,299,502
Whiting Petroleum Corp.(NON) 323,003 9,980,793
152,295,446
Personal products (1.6%)
Coty, Inc. Class A(NON) 948,700 23,024,949
Estee Lauder Cos., Inc. (The) Class A 508,000 42,245,280
65,270,229
Pharmaceuticals (5.5%)
Actavis PLC(NON) 287,200 85,476,464
Bristol-Myers Squibb Co. 596,300 38,461,350
Cardiome Pharma Corp. (Canada)(NON) 692,991 6,417,097
Jazz Pharmaceuticals PLC(NON) 215,367 37,213,264
Mylan NV(NON) 389,300 23,104,955
Perrigo Co. PLC 128,400 21,256,620
Teva Pharmaceutical Industries, Ltd. ADR (Israel) 233,100 14,522,130
226,451,880
Professional services (0.2%)
TrueBlue, Inc.(NON) 374,500 9,119,075
9,119,075
Real estate investment trusts (REITs) (0.5%)
American Tower Corp.(R) 221,602 20,863,828
20,863,828
Real estate management and development (0.5%)
RE/MAX Holdings, Inc. Class A 558,179 18,537,125
18,537,125
Road and rail (2.4%)
Genesee & Wyoming, Inc. Class A(NON) 127,725 12,317,799
Old Dominion Freight Line, Inc.(NON) 217,600 16,820,480
Union Pacific Corp. 618,600 67,000,566
96,138,845
Semiconductors and semiconductor equipment (3.9%)
Avago Technologies, Ltd. 208,200 26,437,236
Broadcom Corp. Class A 601,400 26,037,613
Freescale Semiconductor, Ltd.(NON) 406,395 16,564,660
Intel Corp. 442,900 13,849,483
Lam Research Corp. 255,166 17,921,584
Maxim Integrated Products, Inc. 496,200 17,272,722
Micron Technology, Inc.(NON) 1,530,173 41,513,593
159,596,891
Software (5.3%)
Activision Blizzard, Inc. 895,500 20,350,238
Cadence Design Systems, Inc.(NON) 834,000 15,378,960
Microsoft Corp. 616,500 25,063,808
Mobileye NV (Israel)(NON)(S) 363,495 15,277,695
Oracle Corp. 678,100 29,260,015
Red Hat, Inc.(NON) 328,911 24,915,008
Salesforce.com, Inc.(NON) 530,900 35,469,429
SS&C Technologies Holdings, Inc. 268,020 16,697,646
TiVo, Inc.(NON) 2,416,219 25,636,084
TubeMogul, Inc.(NON)(S) 495,200 6,843,664
214,892,547
Specialty retail (2.4%)
Advance Auto Parts, Inc. 83,200 12,454,208
Five Below, Inc.(NON)(S) 383,993 13,658,631
Home Depot, Inc. (The) 331,400 37,650,354
Tiffany & Co. 96,748 8,514,791
TJX Cos., Inc. (The) 360,844 25,277,122
97,555,106
Technology hardware, storage, and peripherals (5.3%)
Apple, Inc. 1,415,632 176,147,090
EMC Corp. 532,700 13,615,812
SanDisk Corp. 171,355 10,901,605
Western Digital Corp. 158,600 14,434,186
215,098,693
Textiles, apparel, and luxury goods (1.9%)
Michael Kors Holdings, Ltd.(NON) 350,500 23,045,375
NIKE, Inc. Class B 350,300 35,145,599
Tumi Holdings, Inc.(NON)(S) 866,700 21,199,482
79,390,456
Wireless telecommunication services (0.4%)
Vodafone Group PLC ADR (United Kingdom) 554,027 18,105,601
18,105,601
Total common stocks (cost $3,225,560,331) $3,999,230,761

CONVERTIBLE PREFERRED STOCKS (0.1%)(a)
Shares Value
Oportun Financial Corp. Ser. H, zero % cv. pfd. (acquired 2/6/15, cost $5,967,941) (Private)(F)(RES)(NON) 2,096,000 $5,371,147
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 $16,419,179) $5,371,147

WARRANTS (—%)(a)(NON)
Expiration date Strike Price Warrants Value
Citigroup, Inc. 1/4/19 $106.10 1,682,858 $1,228,486
Neuralstem, Inc. Ser. J (acquired 1/3/14, cost $—)(F)(RES) 1/3/19 3.64 721,455 —
Total warrants (cost $1,699,687) $1,228,486

SHORT-TERM INVESTMENTS (5.3%)(a)
Principal amount/shares Value
Putnam Cash Collateral Pool, LLC 0.22%(d) Shares 142,304,203 $142,304,203
Putnam Short Term Investment Fund 0.09%(AFF) Shares 67,898,820 67,898,820
SSgA Prime Money Market Fund Class N 0.02%(P) Shares 6,975,000 6,975,000
U.S. Treasury Bills with an effective yield of 0.03%, April 9, 2015 $1,340,000 1,339,992
U.S. Treasury Bills with an effective yield of 0.09%, June 11, 2015 182,000 181,994
Total short-term investments (cost $218,699,984) $218,700,009

TOTAL INVESTMENTS
Total investments (cost $3,462,379,181)(b) $4,224,530,403













FORWARD CURRENCY CONTRACTS at 3/31/15 (aggregate face value $86,727,009) (Unaudited)


Unrealized
Contract Delivery Aggregate appreciation/
Counterparty Currency type date Value face value (depreciation)
Barclays Bank PLC
Japanese Yen Sell 5/20/15 $15,938,172 $16,256,022 $317,850
JPMorgan Chase Bank N.A.
Euro Sell 6/17/15 22,774,059 24,944,064 2,170,005
State Street Bank and Trust Co.
Japanese Yen Sell 5/20/15 4,793,341 4,835,092 41,751
UBS AG
Euro Sell 6/17/15 39,132,874 40,691,831 1,558,957
Total $4,088,563








OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 3/31/15 (Unaudited)
Upfront     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)
JPMorgan Chase Bank N.A.
baskets 96,185 $—      7/16/15 (3 month USD-LIBOR-BBA plus 30 bp) A basket (JPCMPTMD) of common stocks $1,176,151
baskets 384,843 —      8/13/15 (3 month USD-LIBOR-BBA plus 38 bp) A basket (JPCMPNET) of common stocks 4,120,541
Total$—     $5,296,692










Key to holding's abbreviations
ADR American Depository Receipts: represents ownership of foreign securities on deposit with a custodian bank
bp Basis points
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, 2014 through March 31, 2015 (the reporting period). Within the following notes to the portfolio, references to “ASC 820” represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures, references to “Putnam Management” represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to “OTC”, if any, represent over-the-counter.
(a) Percentages indicated are based on net assets of $4,094,178,783.
(b) The aggregate identified cost on a tax basis is $3,462,203,649, resulting in gross unrealized appreciation and depreciation of $877,305,115 and $114,978,361, respectively, or net unrealized appreciation of $762,326,754.
(NON) This security is non-income-producing.
(RES) This security is restricted with regard to public resale. The total fair value of this security and any other restricted securities (excluding 144A securities), if any, held at the close of the reporting period was $7,210,777, or 0.2% 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 Short Term Investment Fund, which is under common ownership and control, were as follows:
Name of affiliate Fair value at the beginning of the reporting period Purchase cost Sale proceeds Investment income Fair value at the end of the reporting period
Putnam Short Term Investment Fund* $53,391,813 $587,786,616 $573,279,609 $35,978 $67,898,820
* Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management.

(d) Affiliated company. 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 fair value of the securities loaned. The fair 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.
The fund received cash collateral of $142,304,203, 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. At the close of the reporting period, the value of securities loaned amounted to $137,494,767. Certain of these securities were sold prior to the close of the reporting period.
(F) This security 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.
(P) This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.
(R) Real Estate Investment Trust.
(S) This security is 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 $154 to cover the settlement of certain securities.
Debt obligations are considered secured unless otherwise indicated.
The dates shown on debt obligations are the original maturity dates.
Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund’s assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.
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 under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security.
Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.
Market quotations are not considered to be readily available for certain debt obligations and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by Putnam Management. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2. Short-term securities with remaining maturities of 60 days or less may be valued at amortized cost, which approximates fair value, and are classified as Level 2 securities.
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 in accordance with policies and procedures approved by the Trustees. 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, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.
To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. 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.
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 were 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 fair value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily and the change in fair 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.
For the fund's average contract amount on forward currency contracts, see the appropriate table at the end of these footnotes.
Total return swap contracts: The fund entered into OTC 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 markets or countries and to gain exposure to specific sectors or 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. OTC 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 OTC 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.
For the fund's average notional amount on OTC total return swap contracts, see the appropriate table at the end of these footnotes.
Master agreements: The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC 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, is presented in the fund’s portfolio. Collateral posted to the fund which cannot be sold or repledged totaled $975,329 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 open derivative contracts subject to the Master Agreements.












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 $692,106,361 $25,858,993 $1,839,630
    Consumer staples 257,429,054 — —
    Energy 185,977,795 18,874,028 —
    Financials 197,039,245 16,897,332 —
    Health care 743,329,433 — —
    Industrials 500,685,234 58,943,731 —
    Information technology 1,090,856,947 — —
    Materials 167,552,068 — —
    Telecommunication services 18,105,601 — —
    Utilities 23,735,309 — —
Total common stocks 3,876,817,047 120,574,084 1,839,630
Convertible preferred stocks — — 5,371,147
Warrants 1,228,486 — —
Short-term investments 74,873,820 143,826,189 —
Totals by level $3,952,919,353 $264,400,273 $7,210,777



Valuation inputs
Other financial instruments: Level 1 Level 2 Level 3
Forward currency contracts $— $4,088,563 $—
Total return swap contracts — 5,296,692 —
Totals by level $— $9,385,255 $—


* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation.
During the reporting period, transfers within the fair value hierarchy, if any, (other than certain transfers involving non-U.S. equity securities as described in the Security valuation note above) did not represent, in the aggregate, more than 1% of the fund's net assets measured as of the end of the period.
At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and were not considered a significant portion of the fund's portfolio.

Fair Value 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 Fair value Fair value
Foreign exchange contracts $4,088,563 $—
Equity contracts 6,525,178 —
Total $10,613,741 $—


The volume of activity for the reporting period for any derivative type that was held at the close of the period is listed below and was as follows based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period:
Forward currency contracts (contract amount)$121,900,000
OTC total return swap contracts (notional)$41,200,000
Warrants (number of warrants)2,400,000
   
  The following table summarizes any derivatives, repurchase agreements and reverse repurchase agreements, at the end of the reporting period, that are subject to an enforceable master netting agreement or similar agreement. For securities lending transactions, if applicable, see note "(d)" above, and for borrowing transactions associated with securities sold short, if applicable, see the "Short sales of securities" note above.
   
      Barclays Bank PLC JPMorgan Chase Bank N.A. State Street Bank and Trust Co. UBS AG   Total
                 
  Assets:              
  OTC Total return swap contracts*#    $—  $5,296,692  $—  $—    $ 5,296,692
  Forward currency contracts#    317,850  2,170,005  41,751  1,558,957    4,088,563
                 
  Total Assets  $317,850  $7,466,697  $41,751  $1,558,957  $9,385,255
                 
  Liabilities:              
  OTC Total return swap contracts*#    —  —  —  —    —
  Forward currency contracts#    —  —  —  —    —
                 
  Total Liabilities  $—  $—  $—  $—  $—
                 
  Total Financial and Derivative Net Assets    $317,850  $7,466,697  $41,751  $1,558,957    $9,385,255
  Total collateral received (pledged)##†    $235,000  $6,740,000  $—  $975,329    
  Net amount    $82,850  $726,697  $41,751  $583,628    
                 
* Excludes premiums, if any.
                 
†  Additional collateral may be required from certain brokers based on individual agreements.
                 
# Covered by master netting agreement.
                 
## Any over-collateralization of total financial and derivative net assets is not shown. Collateral may include amounts related to unsettled agreements.

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: May 29, 2015

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: May 29, 2015

By (Signature and Title):
/s/ Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer
Date: May 29, 2015

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: May 28, 2015
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: May 28, 2015
Steven D. Krichmar
Principal Financial Officer














Attachment A

NQ

Period (s) ended March 31, 2015
               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