N-CSR

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

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, 2014

Date of reporting period : July 1, 2013 — June 30, 2014

Item 1. Report to Stockholders:

The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940:

Putnam
Multi-Cap Growth
Fund

Annual report
6 | 30 | 14

Message from the Trustees	1
About the fund	2
Performance snapshot	4
Interview with your fund’s portfolio manager	5
Your fund’s performance	10
Your fund’s expenses	12
Terms and definitions	14
Other information for shareholders	15
Important notice regarding Putnam’s privacy policy	15
Trustee approval of management contract	16
Financial statements	21
Federal tax information	48
Shareholder meeting results	49
About the Trustees	50
Officers	52

Consider these risks before investing: Investments in small and/or midsize companies increase the risk of greater price fluctuations. Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions and factors related to a specific issuer or industry. You can lose money by investing in the fund.

Message from the Trustees

Dear Fellow Shareholder:

After pulling back at the start of the year, equity markets resumed their steady advance through the halfway mark of 2014. In June, the S&P 500 Index posted its fifth consecutive month of gains. The bond market has also generated solid positive results across many sectors this year.

Underpinning these stable returns is growing evidence of an economy on the mend, including a strengthening jobs market, and accelerating consumer spending and business investment. Corporations are participating in this improvement, as reflected in stronger-than-expected earnings growth and heightened merger-and-acquisition activity.

One notable characteristic of this market environment is its historically low level of volatility — a relative calm that experience indicates does not last forever. As we move into the second half of the year, we also note that a range of geopolitical uncertainties could push risk levels higher.

Putnam offers a wide range of strategies for all market conditions, including products designed for periods of higher market volatility, and its active approach has had a positive impact on performance. Barron’s has ranked Putnam second among 55 fund families based on total return across asset classes for the five years ending December 2013.

We believe the market advance may offer an opportune moment for you to meet with your financial advisor, review your portfolio, and make informed and objective decisions about your financial goals.

As always, thank you for investing with Putnam.

Respectfully yours,

Robert L. Reynolds
President and Chief Executive Officer
Putnam Investments

Jameson A. Baxter
Chair, Board of Trustees

August 6, 2014

How Barron’s ranked the fund families:

The Barron’s/Lipper Fund Family Ranking published February 8, 2014, ranked Putnam 1 out of 61 for 2009, 14 out of 57 for 2010, 57 out of 58 for 2011, 1 out of 62 for 2012, and 2 out of 64 for 2013 for the 1-year period with funds in five categories: U.S. equity, world equity, mixed asset, taxable bond, and tax-exempt bond. Putnam ranked 43 out of 54 and 46 out of 48 for the 5- and 10-year periods ending 2009, 41 out of 53 and 38 out of 46 for the 5- and 10-year periods ending 2010, 49 out of 53 and 41 out of 45 for the 5- and 10-year periods ending 2011, 27 out of 53 and 36 out of 46 for the 5- and 10-year periods ending 2012, and 2 out of 55 and 32 out of 48 for the 5- and 10-year periods ending 2013, respectively. Only funds with at least one year of performance were included. Returns were calculated minus the effects of sales charges and 12b-1 fees. Rankings were asset weighted, so larger funds had a greater impact on a fund family’s overall ranking, and then weighted by category, with each category assigned a percentage. Past performance is not indicative of future results. Barron’s is a registered trademark of Dow Jones & Company. Lipper ranked Putnam Multi-Cap Growth Fund 11% (57/547), 51% (206/405), and 63% (164/263) for the 1-, 5-, and 10-year periods, respectively, as of 6/30/14, in the Multi-Cap Growth Funds category. Lipper rankings for class A shares are based on total return without sales charge relative to all share classes of funds with similar objectives as determined by Lipper.

Performance
snapshot

Annualized total return (%) comparison as of 6/30/14

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will fluctuate, and you may have a gain or a loss when you sell your shares. Performance of class A shares assumes reinvestment of distributions and does not account for taxes. Fund returns in the bar chart do not reflect a sales charge of 5.75%; had they, returns would have been lower. See pages 5 and 10–12 for additional performance information. For a portion of the periods, the fund had expense limitations, without which returns would have been lower. To obtain the most recent month-end performance, visit putnam.com.

4     Multi-Cap Growth Fund

Interview with your fund’s portfolio manager

Robert M. Brookby

Could you tell us about the investing environment for the 12 months ended June 30, 2014?

For the period, U.S. stocks delivered solid returns, continuing their multiyear advance with minimal volatility. The fiscal period began in mid-2013, a year in which stocks delivered their best annual performance since the 1990s. Throughout 2013, major stock market indexes achieved and surpassed record highs several times, buoyed in part by economic growth. The start of 2014 brought a bit of turbulence as investors grew nervous about volatility in emerging markets and disappointing U.S. economic data. In January, the S&P 500 Index, a broad measure of U.S. stock market performance, declined 3.5%, its largest one-month decline since May 2012. The market remained slightly choppy until mid-April, and then advanced steadily through the close of the period. As they did during 2013, stock indexes reached all-time highs several times during the first half of 2014.

How did the fund perform during the reporting period?

The fund delivered a solid return for the period and also outperformed its benchmark, the Russell 3000 Growth Index, by a significant margin. In addition, the fund outperformed the average return for funds in its Lipper peer group, Multi-Cap Growth Funds.

Broad market index and fund performance

This comparison shows your fund’s performance in the context of broad market indexes for the 12 months ended 6/30/14. See pages 4 and 10–12 for additional fund performance information. Index descriptions can be found on page 14.

Multi-Cap Growth Fund     5

Can you provide examples of stocks or strategies that helped fund performance for the period?

The top contributor was the stock of Micron Technology, a maker of semiconductor devices — primarily memory technology that is used in computing and mobile devices such as smartphones and tablets. A changing supply/demand environment in the memory semiconductor industry has given companies like Micron more pricing power. The industry has consolidated, and today there are fewer companies competing for market share. At the same time, demand has blossomed as consumers seek more memory for their electronic devices.

Another top performer was the stock of Actavis, a generic pharmaceutical company formed when Watson Pharmaceuticals acquired Actavis Group in November 2012. Its stock price has advanced considerably, due in large part to its recent acquisitions. In 2013, Actavis acquired Warner Chilcott, a specialty pharmaceutical firm. The acquisition was viewed as positive because it would broaden Actavis’s lineup of branded pharmaceutical products and was expected to provide tax advantages due to the fact that Warner Chilcott is domiciled in Ireland. Investors also responded positively to the announcement that Actavis would acquire Forest Laboratories, another specialty pharmaceutical company. That acquisition was completed in July 2014.

Fund performance benefited from our decision to not hold a position in technology giant IBM, as this stock underperformed. While IBM was a growing company in some respects, its sales growth was not compelling enough, in my view. Instead, within the technology sector, we sought opportunities

Sector allocations

Allocations are shown as a percentage of the fund’s net assets as of 6/30/14. Short-term investments and net other assets, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Summary information may differ from the portfolio schedule included in the financial statements due to the inclusion of derivative securities, any interest accruals, the exclusion of as-of trades, if any, and the use of different classifications of securities for presentation purposes. Holdings and allocations may vary over time.

6     Multi-Cap Growth Fund

“For investors going forward, I believe
it may be time to calibrate our
expectations.”

Rob Brookby

in companies that we believed offered more promising sales growth potential.

What are some holdings that detracted from fund returns?

Among the detractors was CME Group, also known as Chicago Mercantile Exchange, one of the largest options and futures exchanges. CME benefits from rising interest rates, and the stock underperformed when investors realized that interest rates may not rise as quickly as anticipated. CME’s share price was also affected by the release of a bestselling book that negatively portrays high-frequency trading, which is part of CME’s business. We believe these are short-term challenges and that CME remains well positioned for growth over the long term.

Another disappointing performer was the stock of Tile Shop Holdings, which has declined largely in response to an investigation into the accounting practices of one of its China-based subsidiaries. In addition, home-improvement-related stocks in general struggled as investors became more skeptical about the level of growth potential in the housing market.

Relative returns were also dampened by our decision to hold an underweight position in Schlumberger, an oil services company whose stock performed well for the period. We chose instead to maintain an overweight position in a competitor, Halliburton, which also advanced and was among the fund’s top performers for the period.

Top 10 holdings

This table shows the fund’s top 10 holdings by percentage of the fund’s net assets as of 6/30/14. Short-term holdings and derivatives, if any, are excluded. Holdings may vary over time.

Multi-Cap Growth Fund     7

What is your outlook for the markets and the economy?

For investors going forward, I believe it may be time to calibrate our expectations. The bull market for U.S. stocks recently reached the five-year mark, and indexes have continued to surpass their record highs. The auto market and housing prices have recovered substantially, and we have seen evidence that the labor market is healing as well. The economic recovery may not be moving as quickly as we had hoped, but there is a recovery under way.

At the same time, we are facing uncertainty about how the market will respond to Federal Reserve decisions about interest rates and tapering its bond-buying program. It will be a challenge for the Fed to unwind the program — which has been in place since 2008 and has provided a massive amount of stimulus to the economy — without unnerving the market.

It is also important to acknowledge that the double-digit, record-breaking returns we witnessed in 2013 are not sustainable over the long term. I believe stocks are more fairly valued today, and soon we are likely to have less involvement from the Fed to help drive stock performance. While I believe the market still has potential to advance further, it is important to manage our expectations in the months ahead.

Thank you, Rob, for your time and insight.

The views expressed in this report are exclusively those of Putnam Management and are subject to change. They are not meant as investment advice.

Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the

Comparison of top sector shifts

This chart shows the fund’s largest allocation shifts, by percentage, over the past six months. Allocations are shown as a percentage of the fund’s net assets. Current period summary information may differ from the portfolio schedule included in the financial statements due to the inclusion of derivative securities, any interest accruals, the exclusion of as-of trades, if any, and the use of different classifications of securities for presentation purposes. Holdings and allocations may vary over time.

8     Multi-Cap Growth Fund

fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk.

Portfolio Manager Robert M. Brookby has an M.B.A. from Harvard Business School and a B.A. from Northwestern University. Rob joined Putnam in 2008 and has been in the investment industry since 1999.

IN THE NEWS

American consumers are generally feeling positive about the improving labor market and the rising stock market — and this could boost U.S. GDP in the second half of 2014. According to a recent Bloomberg survey of economists, GDP should expand at 3.1% in the second half of 2014. This would mark the first time since 2004–2005 that the nation’s growth rate sustains this level of expansion over an extended period. Economists surveyed by Bloomberg believe that fewer headwinds exist in today’s economic environment. A brightening jobs picture and rising equity market probably will have substantial positive effects on consumer confidence, according to the survey. In addition, the survey found that U.S. businesses should be more buoyant because legislative confrontations have subsided in Washington following the government shutdown and budget sequester in 2013. Even as 2014’s overall growth rate has been slightly curtailed by the weather-related contraction in the first quarter, the survey indicated that economic growth should continue into 2015, at a pace that could potentially be the strongest in a decade.

Multi-Cap Growth Fund     9

Your fund’s performance

This section shows your fund’s performance, price, and distribution information for periods ended June 30, 2014, the end of its most recent fiscal year. In accordance with regulatory requirements for mutual funds, we also include expense information taken from the fund’s current prospectus. Performance should always be considered in light of a fund’s investment strategy. Data represent past performance. Past performance does not guarantee future results. More recent returns may be less or more than those shown. Investment return and principal value will fluctuate, and you may have a gain or a loss when you sell your shares. Performance information does not reflect any deduction for taxes a shareholder may owe on fund distributions or on the redemption of fund shares. For the most recent month-end performance, please visit the Individual Investors section at putnam.com or call Putnam at 1-800-225-1581. Class R and class Y shares are not available to all investors. See the Terms and Definitions section in this report for definitions of the share classes offered by your fund.

Fund performance Total return for periods ended 6/30/14

	Class A		Class B		Class C		Class M		Class R	Class Y
(inception dates)	(8/31/90)		(3/1/93)		(7/26/99)		(12/1/94)		(1/21/03)	(7/19/94)
	Before sales charge	After sales charge	Before CDSC	After CDSC	Before CDSC	After CDSC	Before sales charge	After sales charge	Net  asset value	Net  asset value
Annual average
(life of fund)	11.66%	11.38%	11.38%	11.38%	10.83%	10.83%	11.09%	10.92%	11.39%	11.90%
10 years	110.69	98.57	98.39	98.39	95.52	95.52	100.41	93.39	105.43	116.04
Annual average	7.74	7.10	7.09	7.09	6.93	6.93	7.20	6.82	7.46	8.01
5 years	132.33	118.98	123.74	121.74	123.75	123.75	126.55	118.62	129.41	135.26
Annual average	18.36	16.97	17.48	17.27	17.48	17.48	17.77	16.93	18.06	18.66
3 years	52.78	43.99	49.37	46.37	49.38	49.38	50.48	45.21	51.62	53.95
Annual average	15.17	12.92	14.31	13.54	14.31	14.31	14.59	13.24	14.88	15.47
1 year	31.03	23.49	30.05	25.05	30.03	29.03	30.36	25.80	30.69	31.37

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. After-sales-charge returns for class A and M shares reflect the deduction of the maximum 5.75% and 3.50% sales charge, respectively, levied at the time of purchase. Class B share returns after contingent deferred sales charge (CDSC) reflect the applicable CDSC, which is 5% in the first year, declining over time to 1% in the sixth year, and is eliminated thereafter. Class C share returns after CDSC reflect a 1% CDSC for the first year that is eliminated thereafter. Class R and Y shares have no initial sales charge or CDSC. Performance for class B, C, M, R, and Y shares before their inception is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and the higher operating expenses for such shares, except for class Y shares, for which 12b-1 fees are not applicable.

Recent performance may have benefited from one or more legal settlements.

For a portion of the periods, the fund had expense limitations, without which returns would have been lower.

Class B share performance reflects conversion to class A shares after 8 years.

10     Multi-Cap Growth Fund

Comparative index returns For periods ended 6/30/14

	Russell 3000 Growth Index	Lipper Multi-Cap Growth Funds category average*
Annual average (life of fund)	9.43%	10.32%
10 years	121.27	123.03
Annual average	8.27	8.24
5 years	142.02	133.73
Annual average	19.34	18.41
3 years	56.54	48.24
Annual average	16.11	13.93
1 year	26.75	26.13

Index and Lipper results should be compared with fund performance before sales charge, before CDSC, or at net asset value.

*Over the 1-year, 3-year, 5-year, 10-year, and life-of-fund periods ended 6/30/14, there were 547, 470, 405, 263, and 40 funds, respectively, in this Lipper category.

Change in the value of a $10,000 investment ($9,425 after sales charge)

Cumulative total return from 6/30/04 to 6/30/14

Past performance does not indicate future results. At the end of the same time period, a $10,000 investment in the fund’s class B and class C shares would have been valued at $19,839 and $19,552, respectively, and no contingent deferred sales charges would apply. A $10,000 investment in the fund’s class M shares ($9,650 after sales charge) would have been valued at $19,339. A $10,000 investment in the fund’s class R and class Y shares would have been valued at $20,543 and $21,604, respectively.

Multi-Cap Growth Fund     11

Fund price and distribution information For the 12-month period ended 6/30/14

Distributions	Class A		Class B	Class C	Class M		Class R	Class Y
Number	1		—	—	—		1	1
Income	$0.165		—	—	—		$0.019	$0.331
Capital gains	—		—	—	—		—	—
Total	$0.165		—	—	—		$0.019	$0.331
Share value	Before sales charge	After sales charge	Net asset value	Net asset value	Before sales charge	After sales charge	Net asset value	Net asset value
6/30/13	$62.31	$66.11	$53.11	$56.37	$56.62	$58.67	$60.96	$65.37
6/30/14	81.46	86.43	69.07	73.30	73.81	76.49	79.65	85.51

The classification of distributions, if any, is an estimate. Before-sales-charge share value and current dividend rate for class A and M shares, if applicable, do not take into account any sales charge levied at the time of purchase. After-sales-charge share value, current dividend rate, and current 30-day SEC yield, if applicable, are calculated assuming that the maximum sales charge (5.75% for class A shares and 3.50% for class M shares) was levied at the time of purchase. Final distribution information will appear on your year-end tax forms.

Your fund’s expenses

As a mutual fund investor, you pay ongoing expenses, such as management fees, distribution fees (12b-1 fees), and other expenses. Using the following information, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You may also pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial representative.

Expense ratios

	Class A	Class B	Class C	Class M	Class R	Class Y
Total annual operating expenses for the fiscal year ended 6/30/13	1.08%	1.83%	1.83%	1.58%	1.33%	0.83%
Annualized expense ratio for the six-month period ended 6/30/14*†	1.03%	1.78%	1.78%	1.53%	1.28%	0.78%

Fiscal-year expense information in this table is taken from the most recent prospectus, is subject to change, and may differ from that shown for the annualized expense ratio and in the financial highlights of this report.

Expenses are shown as a percentage of average net assets.

*For the fund’s most recent fiscal half year; may differ from expense ratios based on one-year data in the financial highlights.

†Includes a decrease of 0.03% from annualizing the performance fee adjustment for the six months ended 6/30/14.

12     Multi-Cap Growth Fund

Expenses per $1,000

The following table shows the expenses you would have paid on a $1,000 investment in the fund from January 1, 2014, to June 30, 2014. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.

	Class A	Class B	Class C	Class M	Class R	Class Y
Expenses paid per $1,000*†	$5.29	$9.13	$9.13	$7.85	$6.57	$4.01
Ending value (after expenses)	$1,072.10	$1,068.20	$1,068.20	$1,069.60	$1,070.90	$1,073.60

*Expenses for each share class are calculated using the fund’s annualized expense ratio for each class, which represents the ongoing expenses as a percentage of average net assets for the six months ended 6/30/14. The expense ratio may differ for each share class.

†Expenses are calculated by multiplying the expense ratio by the average account value for the period; then multiplying the result by the number of days in the period; and then dividing that result by the number of days in the year.

Estimate the expenses you paid

To estimate the ongoing expenses you paid for the six months ended June 30, 2014, use the following calculation method. To find the value of your investment on January 1, 2014, call Putnam at 1-800-225-1581.

Compare expenses using the SEC’s method

The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the following table shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total costs) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.

	Class A	Class B	Class C	Class M	Class R	Class Y
Expenses paid per $1,000*†	$5.16	$8.90	$8.90	$7.65	$6.41	$3.91
Ending value (after expenses)	$1,019.69	$1,015.97	$1,015.97	$1,017.21	$1,018.45	$1,020.93

*Expenses for each share class are calculated using the fund’s annualized expense ratio for each class, which represents the ongoing expenses as a percentage of average net assets for the six months ended 6/30/14. The expense ratio may differ for each share class.

†Expenses are calculated by multiplying the expense ratio by the average account value for the six-month period; then multiplying the result by the number of days in the six-month period; and then dividing that result by the number of days in the year.

Multi-Cap Growth Fund     13

Terms and definitions

Important terms

Total return shows how the value of the fund’s shares changed over time, assuming you held the shares through the entire period and reinvested all distributions in the fund.

Before sales charge, or net asset value, is the price, or value, of one share of a mutual fund, without a sales charge. Before-sales-charge figures fluctuate with market conditions, and are calculated by dividing the net assets of each class of shares by the number of outstanding shares in the class.

After sales charge is the price of a mutual fund share plus the maximum sales charge levied at the time of purchase. After-sales-charge performance figures shown here assume the 5.75% maximum sales charge for class A shares and 3.50% for class M shares.

Contingent deferred sales charge (CDSC) is generally a charge applied at the time of the redemption of class B or C shares and assumes redemption at the end of the period. Your fund’s class B CDSC declines over time from a 5% maximum during the first year to 1% during the sixth year. After the sixth year, the CDSC no longer applies. The CDSC for class C shares is 1% for one year after purchase.

Share classes

Class A shares are generally subject to an initial sales charge and no CDSC (except on certain redemptions of shares bought without an initial sales charge).

Class B shares are not subject to an initial sales charge. They may be subject to a CDSC.

Class C shares are not subject to an initial sales charge and are subject to a CDSC only if the shares are redeemed during the first year.

Class M shares have a lower initial sales charge and a higher 12b-1 fee than class A shares and no CDSC (except on certain redemptions of shares bought without an initial sales charge).

Class R shares are not subject to an initial sales charge or CDSC and are available only to certain defined contribution plans.

Class Y shares are not subject to an initial sales charge or CDSC, and carry no 12b-1 fee. They are generally only available to corporate and institutional clients and clients in other approved programs.

Comparative indexes

Barclays U.S. Aggregate Bond Index is an unmanaged index of U.S. investment-grade fixed-income securities.

BofA Merrill Lynch U.S. 3-Month Treasury Bill Index is an unmanaged index that seeks to measure the performance of U.S. Treasury bills available in the marketplace.

Russell 3000 Growth Index is an unmanaged index of those companies in the broad-market Russell 3000 Index chosen for their growth orientation.

S&P 500 Index is an unmanaged index of common stock performance.

Indexes assume reinvestment of all distributions and do not account for fees. Securities and performance of a fund and an index will differ. You cannot invest directly in an index.

Lipper is a third-party industry-ranking entity that ranks mutual funds. Its rankings do not reflect sales charges. Lipper rankings are based on total return at net asset value relative to other funds that have similar current investment styles or objectives as determined by Lipper. Lipper may change a fund’s category assignment at its discretion. Lipper category averages reflect performance trends for funds within a category.

14     Multi-Cap Growth Fund

Other information for shareholders

Proxy voting

Putnam is committed to managing our mutual funds in the best interests of our shareholders. The Putnam funds’ proxy voting guidelines and procedures, as well as information regarding how your fund voted proxies relating to portfolio securities during the 12-month period ended June 30, 2014, are available in the Individual Investors section of putnam.com, and on the Securities and Exchange Commission (SEC) website, www.sec.gov. If you have questions about finding forms on the SEC’s website, you may call the SEC at 1-800-SEC-0330. You may also obtain the Putnam funds’ proxy voting guidelines and procedures at no charge by calling Putnam’s Shareholder Services at 1-800-225-1581.

Fund portfolio holdings

The fund will file a complete schedule of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Shareholders may obtain the fund’s Forms N-Q on the SEC’s website at www.sec.gov. In addition, the fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. You may call the SEC at 1-800-SEC-0330 for information about the SEC’s website or the operation of the Public Reference Room.

Trustee and employee fund ownership

Putnam employees and members of the Board of Trustees place their faith, confidence, and, most importantly, investment dollars in Putnam mutual funds. As of June 30, 2014, Putnam employees had approximately $476,000,000 and the Trustees had approximately $115,000,000 invested in Putnam mutual funds. These amounts include investments by the Trustees’ and employees’ immediate family members as well as investments through retirement and deferred compensation plans.

Important notice regarding Putnam’s privacy policy

In order to conduct business with our shareholders, we must obtain certain personal information such as account holders’ names, addresses, Social Security numbers, and dates of birth. Using this information, we are able to maintain accurate records of accounts and transactions.

It is our policy to protect the confidentiality of our shareholder information, whether or not a shareholder currently owns shares of our funds. In particular, it is our policy not to sell information about you or your accounts to outside marketing firms. We have safeguards in place designed to prevent unauthorized access to our computer systems and procedures to protect personal information from unauthorized use.

Under certain circumstances, we must share account information with outside vendors who provide services to us, such as mailings and proxy solicitations. In these cases, the service providers enter into confidentiality agreements with us, and we provide only the information necessary to process transactions and perform other services related to your account. Finally, it is our policy to share account information with your financial representative, if you’ve listed one on your Putnam account.

Multi-Cap Growth Fund     15

Trustee approval of management contract

General conclusions

The Board of Trustees of the Putnam funds oversees the management of each fund and, as required by law, determines annually whether to approve the continuance of your fund’s management contract with Putnam Investment Management, LLC (“Putnam Management”) and the sub-management contract with respect to your fund between Putnam Management and its affiliate, Putnam Investments Limited (“PIL”). The Board of Trustees, with the assistance of its Contract Committee, requests and evaluates all information it deems reasonably necessary under the circumstances in connection with its annual contract review. The Contract Committee consists solely of Trustees who are not “interested persons” (as this term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the Putnam funds (“Independent Trustees”).

At the outset of the review process, members of the Board’s independent staff and independent legal counsel met with representatives of Putnam Management to review the annual contract review materials furnished to the Contract Committee during the course of the previous year’s review and to discuss possible changes in these materials that might be necessary or desirable for the coming year. Following these discussions and in consultation with the Contract Committee, the Independent Trustees’ independent legal counsel requested that Putnam Management furnish specified information, together with any additional information that Putnam Management considered relevant, to the Contract Committee. Over the course of several months ending in June 2014, the Contract Committee met on a number of occasions with representatives of Putnam Management, and separately in executive session, to consider the information that Putnam Management provided, as well as supplemental information provided in response to additional requests made by the Contract Committee. Throughout this process, the Contract Committee was assisted by the members of the Board’s independent staff and by independent legal counsel for the Putnam funds and the Independent Trustees.

In May 2014, the Contract Committee met in executive session to discuss and consider its preliminary recommendations with respect to the continuance of the contracts. At the Trustees’ June 20, 2014 meeting, the Contract Committee met in executive session with the other Independent Trustees to review a summary of the key financial, performance and other data that the Contract Committee considered in the course of its review. The Contract Committee then presented its written report, which summarized the key factors that the Committee had considered and set forth its final recommendations. The Contract Committee then recommended, and the Independent Trustees approved, the continuance of your fund’s management and sub-management contracts, effective July 1, 2014. (Because PIL is an affiliate of Putnam Management and Putnam Management remains fully responsible for all services provided by PIL, the Trustees have not attempted to evaluate PIL as a separate entity, and all subsequent references to Putnam Management below should be deemed to include reference to PIL as necessary or appropriate in the context.)

The Independent Trustees’ approval was based on the following conclusions:

•That the fee schedule in effect for your fund represented reasonable compensation in light of the nature and quality of the services being provided to the fund, the fees paid by competitive funds, and the costs incurred by Putnam Management in providing services to the fund; and

16     Multi-Cap Growth Fund

•That the fee schedule in effect for your fund represented an appropriate sharing between fund shareholders and Putnam Management of such economies of scale as may exist in the management of the fund at current asset levels.

These conclusions were based on a comprehensive consideration of all information provided to the Trustees and were not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered these factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors. It is also important to recognize that the management arrangements for your fund and the other Putnam funds are the result of many years of review and discussion between the Independent Trustees and Putnam Management, that some aspects of the arrangements may receive greater scrutiny in some years than others, and that the Trustees’ conclusions may be based, in part, on their consideration of fee arrangements in previous years. For example, with some minor exceptions, the current fee arrangements under the management contracts for the Putnam funds were implemented at the beginning of 2010 following extensive review by the Contract Committee and discussions with representatives of Putnam Management, as well as approval by shareholders. Shareholders also voted overwhelmingly to approve these fee arrangements again in early 2014, when they were asked to approve new management contracts (with the same fees and substantially identical other provisions) following the possible termination of the previous management contracts as a result of the death of the Honorable Paul G. Desmarais. (Mr. Desmarais, both directly and through holding companies, controlled a majority of the voting shares of Power Corporation of Canada, which (directly and indirectly) is the majority owner of Putnam Management. Mr. Desmarais’ voting control of shares of Power Corporation of Canada was transferred to The Desmarais Family Residuary Trust upon his death and this transfer, as a technical matter, may have constituted an “assignment” within the meaning of the 1940 Act, causing the Putnam funds’ management contracts to terminate automatically.)

Management fee schedules and total expenses

The Trustees reviewed the management fee schedules in effect for all Putnam funds, including fee levels and breakpoints. The Trustees also reviewed the total expenses of each Putnam fund, recognizing that in most cases management fees represented the major, but not the sole, determinant of total costs to shareholders.

In reviewing fees and expenses, the Trustees generally focus their attention on material changes in circumstances — for example, changes in assets under management, changes in a fund’s investment style, changes in Putnam Management’s operating costs or profitability, or changes in competitive practices in the mutual fund industry — that suggest that consideration of fee changes might be warranted. The Trustees concluded that the circumstances did not warrant changes to the management fee structure of your fund.

Under its management contract, your fund has the benefit of breakpoints in its management fee schedule that provide shareholders with economies of scale in the form of reduced fee levels as assets under management in the Putnam family of funds increase. The Trustees concluded that the fee schedule in effect for your fund represented an appropriate sharing of economies of scale between fund shareholders and Putnam Management.

In addition, your fund’s management contract provides that its management fees will be adjusted up or down depending upon whether your fund’s performance is better or worse than the performance of an appropriate

Multi-Cap Growth Fund     17

index of securities prices specified in the management contract. In the course of reviewing investment performance, the Trustees examined the operation of your fund’s performance fees and concluded that these fees were operating effectively to align further Putnam Management’s economic interests with those of the fund’s shareholders.

As in the past, the Trustees also focused on the competitiveness of each fund’s total expense ratio. In order to ensure that expenses of the Putnam funds continue to meet competitive standards, the Trustees and Putnam Management have implemented certain expense limitations. These expense limitations were: (i) a contractual expense limitation applicable to all retail open-end funds of 32 basis points on investor servicing fees and expenses and (ii) a contractual expense limitation applicable to all open-end funds of 20 basis points on so-called “other expenses” (i.e., all expenses exclusive of management fees, investor servicing fees, distribution fees, investment-related expenses, interest, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and expenses). These expense limitations serve in particular to maintain competitive expense levels for funds with large numbers of small shareholder accounts and funds with relatively small net assets. Most funds had sufficiently low expenses that these expense limitations did not apply. However, in the case of your fund, the first of the expense limitations applied during its fiscal year ending in 2013. Putnam Management’s support for these expense limitation arrangements was an important factor in the Trustees’ decision to approve the continuance of your fund’s management and sub-management contracts.

The Trustees reviewed comparative fee and expense information for a custom group of competitive funds selected by Lipper Inc. (“Lipper”). This comparative information included your fund’s percentile ranking for effective management fees and total expenses (excluding any applicable 12b-1 fee), which provides a general indication of your fund’s relative standing. In the custom peer group, your fund ranked in the first quintile in effective management fees (determined for your fund and the other funds in the custom peer group based on fund asset size and the applicable contractual management fee schedule) and in the second quintile in total expenses (excluding any applicable 12b-1 fees) as of December 31, 2013 (the first quintile representing the least expensive funds and the fifth quintile the most expensive funds). The fee and expense data reported by Lipper as of December 31, 2013 reflected the most recent fiscal year-end data available in Lipper’s database at that time.

In connection with their review of the management fees and total expenses of the Putnam funds, the Trustees also reviewed the costs of the services provided and the profits realized by Putnam Management and its affiliates from their contractual relationships with the funds. This information included trends in revenues, expenses and profitability of Putnam Management and its affiliates relating to the investment management, investor servicing and distribution services provided to the funds. In this regard, the Trustees also reviewed an analysis of Putnam Management’s revenues, expenses and profitability, allocated on a fund-by-fund basis, with respect to the funds’ management, distribution, and investor servicing contracts. For each fund, the analysis presented information about revenues, expenses and profitability for each of the agreements separately and for the agreements taken together on a combined basis. The Trustees concluded that, at current asset levels, the fee schedules in place represented reasonable compensation for the services being provided and represented an appropriate sharing of such economies of scale as may exist in the management of the Putnam funds at that time.

18     Multi-Cap Growth Fund

The information examined by the Trustees as part of their annual contract review for the Putnam funds has included for many years information regarding fees charged by Putnam Management and its affiliates to institutional clients such as defined benefit pension plans, college endowments, and the like. This information included comparisons of those fees with fees charged to the Putnam funds, as well as an assessment of the differences in the services provided to these different types of clients. The Trustees observed that the differences in fee rates between institutional clients and mutual funds are by no means uniform when examined by individual asset sectors, suggesting that differences in the pricing of investment management services to these types of clients may reflect historical competitive forces operating in separate markets. The Trustees considered the fact that in many cases fee rates across different asset classes are higher on average for mutual funds than for institutional clients, as well as the differences between the services that Putnam Management provides to the Putnam funds and those that it provides to its institutional clients. The Trustees did not rely on these comparisons to any significant extent in concluding that the management fees paid by your fund are reasonable.

Investment performance

The quality of the investment process provided by Putnam Management represented a major factor in the Trustees’ evaluation of the quality of services provided by Putnam Management under your fund’s management contract. The Trustees were assisted in their review of the Putnam funds’ investment process and performance by the work of the investment oversight committees of the Trustees, which meet on a regular basis with the funds’ portfolio teams and with the Chief Investment Officer and other senior members of Putnam Management’s Investment Division throughout the year. The Trustees concluded that Putnam Management generally provides a high-quality investment process — based on the experience and skills of the individuals assigned to the management of fund portfolios, the resources made available to them, and in general Putnam Management’s ability to attract and retain high-quality personnel — but also recognized that this does not guarantee favorable investment results for every fund in every time period.

The Trustees considered that 2013 was a year of strong competitive performance for many of the Putnam funds, with only a relatively small number of exceptions. They noted that this strong performance was exemplified by the fact that the Putnam funds were recognized by Barron’s as the second-best performing mutual fund complex for both 2013 and the five-year period ended December 31, 2013. They also noted, however, the disappointing investment performance of some funds for periods ended December 31, 2013 and considered information provided by Putnam Management regarding the factors contributing to the underperformance and actions being taken to improve the performance of these particular funds. The Trustees indicated their intention to continue to monitor performance trends to assess the effectiveness of these efforts and to evaluate whether additional actions to address areas of underperformance are warranted.

For purposes of evaluating investment performance, the Trustees generally focus on competitive industry rankings for the one-year, three-year and five-year periods. For a number of Putnam funds with relatively unique investment mandates for which meaningful competitive performance rankings are not considered available, the Trustees evaluated performance based on comparisons of their returns with the returns of selected investment benchmarks. In the case of your fund, the Trustees considered that its class A share cumulative total return performance at net asset value was in the following quartiles of its Lipper peer

Multi-Cap Growth Fund     19

group (Lipper Multi-Cap Growth Funds) for the one-year, three-year and five-year periods ended December 31, 2013 (the first quartile representing the best-performing funds and the fourth quartile the worst-performing funds):

One-year period	2nd
Three-year period	3rd
Five-year period	3rd

Over the one-year, three-year and five-year periods ended December 31, 2013, there were 521, 447 and 393 funds, respectively, in your fund’s Lipper peer group. (When considering performance information, shareholders should be mindful that past performance is not a guarantee of future results.)

Brokerage and soft-dollar allocations; investor servicing

The Trustees considered various potential benefits that Putnam Management may receive in connection with the services it provides under the management contract with your fund. These include benefits related to brokerage allocation and the use of soft dollars, whereby a portion of the commissions paid by a fund for brokerage may be used to acquire research services that are expected to be useful to Putnam Management in managing the assets of the fund and of other clients. Subject to policies established by the Trustees, soft dollars generated by these means are used primarily to acquire brokerage and research services that enhance Putnam Management’s investment capabilities and supplement Putnam Management’s internal research efforts. However, the Trustees noted that a portion of available soft dollars continues to be used to pay fund expenses. The Trustees indicated their continued intent to monitor regulatory and industry developments in this area with the assistance of their Brokerage Committee and also indicated their continued intent to monitor the allocation of the Putnam funds’ brokerage in order to ensure that the principle of seeking best price and execution remains paramount in the portfolio trading process.

Putnam Management may also receive benefits from payments that the funds make to Putnam Management’s affiliates for investor or distribution services. In conjunction with the annual review of your fund’s management and sub-management contracts, the Trustees reviewed your fund’s investor servicing agreement with Putnam Investor Services, Inc. (“PSERV”) and its distributor’s contracts and distribution plans with Putnam Retail Management Limited Partnership (“PRM”), both of which are affiliates of Putnam Management. The Trustees concluded that the fees payable by the funds to PSERV and PRM, as applicable, for such services are reasonable in relation to the nature and quality of such services, the fees paid by competitive funds, and the costs incurred by PSERV and PRM, as applicable, in providing such services.

20     Multi-Cap Growth Fund

Financial statements

A note about your fund’s auditors

During your fund’s fiscal year, between July 18, 2013, and December 16, 2013, a non-U.S. member firm in PricewaterhouseCoopers LLP’s (“PwC”) global network of firms had an investment in certain non-U.S. funds that became affiliated with Putnam Investments as a result of the acquisition of the funds’ advisor by Putnam’s parent company, Great-West Lifeco Inc. The investment consisted of pension plan assets for the benefit of the member firm’s personnel. This investment is inconsistent with the SEC’s independence rules applicable to auditors. Although upon the disposition of the investment by the member firm on December 16, 2013, PwC and its affiliates took all necessary steps to eliminate this issue, the requirements of the SEC’s independence rules were not met for your fund’s fiscal year because the SEC’s rules require an audit firm to be independent for the entire fiscal year under audit. Based on its knowledge of the facts and its experience with PwC, the Audit and Compliance Committee of your fund’s Board of Trustees concluded that the investment by the PwC member firm would not affect PwC’s ability to render an objective audit opinion to your fund. Based on this conclusion and consideration of the potential risks that the disruption of a change of auditor could present, the Audit and Compliance Committee determined that PwC should continue to act as auditor for your fund.

These sections of the report, as well as the accompanying Notes, preceded by the Report of Independent Registered Public Accounting Firm, constitute the fund’s financial statements.

The fund’s portfolio lists all the fund’s investments and their values as of the last day of the reporting period. Holdings are organized by asset type and industry sector, country, or state to show areas of concentration and diversification.

Statement of assets and liabilities shows how the fund’s net assets and share price are determined. All investment and non-investment assets are added together. Any unpaid expenses and other liabilities are subtracted from this total. The result is divided by the number of shares to determine the net asset value per share, which is calculated separately for each class of shares. (For funds with preferred shares, the amount subtracted from total assets includes the liquidation preference of preferred shares.)

Statement of operations shows the fund’s net investment gain or loss. This is done by first adding up all the fund’s earnings — from dividends and interest income — and subtracting its operating expenses to determine net investment income (or loss). Then, any net gain or loss the fund realized on the sales of its holdings — as well as any unrealized gains or losses over the period — is added to or subtracted from the net investment result to determine the fund’s net gain or loss for the fiscal year.

Statement of changes in net assets shows how the fund’s net assets were affected by the fund’s net investment gain or loss, by distributions to shareholders, and by changes in the number of the fund’s shares. It lists distributions and their sources (net investment income or realized capital gains) over the current reporting period and the most recent fiscal year-end. The distributions listed here may not match the sources listed in the Statement of operations because the distributions are determined on a tax basis and may be paid in a different period from the one in which they were earned.

Financial highlights provide an overview of the fund’s investment results, per-share distributions, expense ratios, net investment income ratios, and portfolio turnover in one summary table, reflecting the five most recent reporting periods. In a semiannual report, the highlights table also includes the current reporting period.

Multi-Cap Growth Fund     21

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statement of assets and liabilities, including the portfolio, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Putnam Multi-Cap Growth Fund (the “fund”) at June 30, 2014, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of investments owned at June 30, 2014 by correspondence with the custodian, brokers, and transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
August 6, 2014

22     Multi-Cap Growth Fund

The fund’s portfolio 6/30/14

COMMON STOCKS (98.2%)*	Shares	Value
Aerospace and defense (4.9%)
Astronics Corp. †	146,700	$8,281,215
Astronics Corp. Class B	29,340	1,665,045
General Dynamics Corp.	255,600	29,790,180
Honeywell International, Inc.	787,400	73,188,830
Rockwell Collins, Inc. S	242,500	18,948,950
United Technologies Corp.	565,700	65,310,065
		197,184,285
Airlines (1.5%)
Delta Air Lines, Inc.	910,900	35,270,048
Spirit Airlines, Inc. †	382,300	24,176,652
		59,446,700
Auto components (0.8%)
Dana Holding Corp. S	518,000	12,649,560
TRW Automotive Holdings Corp. † S	232,482	20,811,789
		33,461,349
Automobiles (0.4%)
Tesla Motors, Inc. † S	59,300	14,235,558
		14,235,558
Banks (1.3%)
Bancorp, Inc. (The) † S	854,500	10,177,095
Bank of America Corp.	961,000	14,770,570
Bank of Ireland (Ireland) †	30,929,212	10,460,791
PacWest Bancorp	416,100	17,963,037
		53,371,493
Beverages (1.6%)
Coca-Cola Enterprises, Inc.	210,500	10,057,690
Monster Beverage Corp. †	313,200	22,246,596
PepsiCo, Inc.	358,200	32,001,588
		64,305,874
Biotechnology (6.7%)
Aegerion Pharmaceuticals, Inc. † S	123,100	3,950,279
Alkermes PLC †	317,400	15,974,742
Biogen Idec, Inc. †	126,800	39,981,308
BioMarin Pharmaceutical, Inc. †	194,600	12,106,066
Celgene Corp. †	478,768	41,116,596
Cubist Pharmaceuticals, Inc. † S	488,511	34,107,838
Gilead Sciences, Inc. †	1,046,133	86,734,887
InterMune, Inc. † S	144,281	6,370,006
Neuralstem, Inc. † S	2,031,211	8,571,710
Vertex Pharmaceuticals, Inc. †	200,879	19,019,224
		267,932,656
Building products (0.6%)
Allegion PLC (Ireland)	319,333	18,099,794
Assa Abloy AB Class B (Sweden)	158,683	8,074,806
		26,174,600
Capital markets (1.9%)
Carlyle Group LP (The)	429,633	14,590,337
Charles Schwab Corp. (The)	1,397,800	37,642,754
KKR & Co. LP	611,000	14,865,630
WisdomTree Investments, Inc. † S	758,000	9,368,880
		76,467,601

Multi-Cap Growth Fund     23

COMMON STOCKS (98.2%)* cont.	Shares	Value
Chemicals (3.5%)
Axiall Corp. S	287,900	$13,609,033
Chemtura Corp. †	933,400	24,389,742
Dow Chemical Co. (The)	460,600	23,702,476
Huntsman Corp.	555,000	15,595,500
Monsanto Co.	295,500	36,860,670
Symrise AG (Germany)	258,360	14,078,374
W.R. Grace & Co. †	139,900	13,224,747
		141,460,542
Commercial services and supplies (1.1%)
KAR Auction Services, Inc.	608,501	19,392,927
MiX Telematics, Ltd. ADR (South Africa) †	290,613	2,920,661
Tyco International, Ltd.	468,290	21,354,024
		43,667,612
Communications equipment (1.0%)
Finisar Corp. †	412,400	8,144,900
Juniper Networks, Inc. †	435,500	10,687,170
Qualcomm, Inc.	270,735	21,442,212
		40,274,282
Construction materials (0.3%)
Eagle Materials, Inc.	128,400	12,105,552
		12,105,552
Consumer finance (0.3%)
Ally Financial, Inc. F	29,364	702,093
American Express Co.	132,500	12,570,275
		13,272,368
Containers and packaging (0.8%)
Packaging Corp. of America	262,600	18,773,274
Sealed Air Corp.	410,079	14,012,399
		32,785,673
Diversified consumer services (0.4%)
Bright Horizons Family Solutions, Inc. †	335,051	14,387,090
		14,387,090
Diversified financial services (0.7%)
CME Group, Inc.	407,500	28,912,125
		28,912,125
Diversified telecommunication services (0.2%)
Iridium Communications, Inc. † S	1,032,606	8,735,847
		8,735,847
Electrical equipment (0.5%)
AMETEK, Inc.	377,500	19,735,700
		19,735,700
Electronic equipment, instruments, and components (1.0%)
Anixter International, Inc.	240,100	24,026,807
Hollysys Automation Technologies, Ltd. (China) † S	670,600	16,422,994
		40,449,801
Energy equipment and services (2.5%)
Aker Solutions ASA (Norway)	308,941	5,369,077
Dril-Quip, Inc. †	137,700	15,042,348
Halliburton Co.	680,500	48,322,305
Oil States International, Inc. †	101,392	6,498,213
Schlumberger, Ltd.	219,800	25,925,410
		101,157,353

24     Multi-Cap Growth Fund

COMMON STOCKS (98.2%)* cont.	Shares	Value
Food and staples retail (1.9%)
Costco Wholesale Corp.	159,300	$18,344,988
CVS Caremark Corp.	647,500	48,802,075
Whole Foods Market, Inc.	254,800	9,842,924
		76,989,987
Food products (1.0%)
Annie’s, Inc. †	152,797	5,167,595
Mead Johnson Nutrition Co.	348,071	32,429,775
S&W Seed Co. † S	353,129	2,291,807
		39,889,177
Health-care equipment and supplies (3.4%)
Align Technology, Inc. †	75,300	4,219,812
AtriCure, Inc. †	253,576	4,660,727
Baxter International, Inc.	262,558	18,982,943
GenMark Diagnostics, Inc. † S	920,982	12,460,886
Spectranetics Corp. (The) † S	342,400	7,834,112
St. Jude Medical, Inc.	454,900	31,501,825
Tornier NV (Netherlands) †	717,350	16,771,643
TransEnterix, Inc. †	947,645	4,776,131
Zeltiq Aesthetics, Inc. † S	123,101	1,869,904
Zimmer Holdings, Inc.	335,600	34,855,416
		137,933,399
Health-care technology (0.2%)
Medidata Solutions, Inc. † S	142,900	6,117,549
		6,117,549
Hotels, restaurants, and leisure (3.6%)
Dunkin’ Brands Group, Inc.	331,023	15,164,164
Bloomin’ Brands, Inc. †	586,190	13,148,242
Hilton Worldwide Holdings, Inc. †	2,033,903	47,389,940
Intrawest Resorts Holdings, Inc. †	525,150	6,018,219
Melco Crown Entertainment, Ltd. ADR (Hong Kong) S	519,800	18,562,058
Wyndham Worldwide Corp.	587,269	44,468,009
		144,750,632
Household durables (1.8%)
Panasonic Corp. (Japan)	1,727,300	21,040,306
PulteGroup, Inc.	1,506,100	30,362,976
Whirlpool Corp.	145,100	20,200,822
		71,604,104
Household products (0.5%)
Colgate-Palmolive Co.	322,400	21,981,232
		21,981,232
Independent power and renewable electricity producers (0.6%)
Calpine Corp. †	917,636	21,848,913
NextEra Energy Partners LP †	72,677	2,435,406
		24,284,319
Industrial conglomerates (0.8%)
Siemens AG (Germany)	232,173	30,662,859
		30,662,859
Insurance (1.2%)
American International Group, Inc.	257,700	14,065,266
Hartford Financial Services Group, Inc. (The)	708,300	25,364,223
Prudential PLC (United Kingdom)	445,521	10,224,650
		49,654,139

Multi-Cap Growth Fund     25

COMMON STOCKS (98.2%)* cont.	Shares	Value
Internet and catalog retail (3.4%)
Amazon.com, Inc. †	124,900	$40,565,022
Bigfoot GmbH (acquired 8/2/13, cost $3,495,144) (Private) (Brazil) † ΔΔ F	159	2,342,605
Groupon, Inc. † S	1,075,600	7,120,472
HSN, Inc.	245,700	14,555,268
Priceline Group, Inc. (The) †	54,390	65,431,170
Zalando GmbH (acquired 9/30/13, cost $6,098,258) (Private) (Germany) † ΔΔ F	272	6,080,749
		136,095,286
Internet software and services (7.4%)
Baidu, Inc. ADR (China) †	108,700	20,306,247
eBay, Inc. †	244,500	12,239,670
Facebook, Inc. Class A †	1,261,000	84,852,690
Google, Inc. Class A †	146,348	85,565,285
Google, Inc. Class C †	146,348	84,191,077
Yahoo!, Inc. †	258,100	9,067,053
		296,222,022
IT Services (1.8%)
Visa, Inc. Class A S	340,900	71,831,039
		71,831,039
Leisure products (0.2%)
Sega Sammy Holdings, Inc. (Japan)	479,000	9,423,493
		9,423,493
Life sciences tools and services (1.4%)
PerkinElmer, Inc. S	380,000	17,799,200
Thermo Fisher Scientific, Inc.	241,553	28,503,254
WuXi pharmaTech Cayman, Inc. ADR (China) †	306,700	10,078,162
		56,380,616
Machinery (1.1%)
TriMas Corp. †	610,614	23,282,712
Wabtec Corp.	236,100	19,499,499
		42,782,211
Marine (0.5%)
Kirby Corp. †	173,700	20,347,218
		20,347,218
Media (3.2%)
CBS Corp. Class B (non-voting shares)	397,600	24,706,864
Comcast Corp. Class A	657,800	35,310,704
DISH Network Corp. Class A †	128,400	8,356,272
Liberty Global PLC Ser. A (United Kingdom) †	381,500	16,869,930
Liberty Global PLC Ser. C (United Kingdom)	288,900	12,223,359
Live Nation Entertainment, Inc. †	410,600	10,137,714
Madison Square Garden Co. (The) Class A †	348,879	21,787,494
		129,392,337
Metals and mining (0.4%)
Constellium NV Class A (Netherlands) †	506,734	16,245,892
		16,245,892
Multiline retail (0.5%)
Dollar General Corp. †	326,791	18,744,732
		18,744,732
Oil, gas, and consumable fuels (4.7%)
Cabot Oil & Gas Corp.	297,000	10,139,580
Cheniere Energy, Inc. †	206,300	14,791,710

26     Multi-Cap Growth Fund

COMMON STOCKS (98.2%)* cont.	Shares	Value
Oil, gas, and consumable fuels cont.
EOG Resources, Inc.	311,500	$36,401,890
Gaztransport Et Technigaz SA (France)	183,454	11,959,804
Gulfport Energy Corp. †	286,600	17,998,480
Kodiak Oil & Gas Corp. †	1,908,600	27,770,130
Memorial Resource Development Corp. †	285,014	6,942,941
QEP Resources, Inc.	715,500	24,684,750
Scorpio Tankers, Inc. S	655,370	6,665,113
Suncor Energy, Inc. (Canada)	733,308	31,268,932
		188,623,330
Personal products (0.5%)
Coty, Inc. Class A S	1,118,000	19,151,340
		19,151,340
Pharmaceuticals (4.2%)
AbbVie, Inc.	395,300	22,310,732
Actavis PLC † S	236,700	52,795,935
Allergan, Inc.	161,853	27,388,765
AstraZeneca PLC ADR (United Kingdom)	216,800	16,110,408
Bristol-Myers Squibb Co.	412,200	19,995,822
Jazz Pharmaceuticals PLC †	215,367	31,661,103
		170,262,765
Professional services (0.3%)
TrueBlue, Inc. †	374,500	10,324,965
		10,324,965
Real estate investment trusts (REITs) (0.6%)
Altisource Residential Corp. R	282,339	7,349,284
American Tower Corp. R	202,002	18,176,140
		25,525,424
Real estate management and development (0.7%)
CBRE Group, Inc. Class A †	439,400	14,078,376
RE/MAX Holdings, Inc. Class A	512,939	15,177,865
		29,256,241
Road and rail (1.7%)
Genesee & Wyoming, Inc. Class A †	131,049	13,760,145
Union Pacific Corp.	527,800	52,648,050
		66,408,195
Semiconductors and semiconductor equipment (2.4%)
Freescale Semiconductor, Ltd. † S	742,895	17,458,033
Lam Research Corp. †	353,100	23,862,498
Micron Technology, Inc. †	1,704,973	56,178,860
		97,499,391
Software (5.0%)
Electronic Arts, Inc. †	323,800	11,614,706
Microsoft Corp.	1,147,800	47,863,260
Oracle Corp.	1,028,800	41,697,264
Red Hat, Inc. †	619,900	34,261,873
Splunk, Inc. †	257,200	14,230,876
SS&C Technologies Holdings, Inc. †	358,320	15,844,910
TiVo, Inc. †	2,082,300	26,882,493
VMware, Inc. Class A † S	92,600	8,964,606
		201,359,988

Multi-Cap Growth Fund     27

COMMON STOCKS (98.2%)* cont.	Shares	Value
Specialty retail (2.8%)
Five Below, Inc. † S	396,700	$15,832,297
Gap, Inc. (The)	329,900	13,713,943
Home Depot, Inc. (The)	413,500	33,476,960
Tile Shop Holdings, Inc. † S	786,259	12,021,900
TJX Cos., Inc. (The)	464,044	24,663,939
Ulta Salon, Cosmetics & Fragrance, Inc. † S	139,900	12,788,259
		112,497,298
Technology hardware, storage, and peripherals (5.2%)
Apple, Inc.	1,847,832	171,719,028
SanDisk Corp.	194,755	20,338,265
Western Digital Corp.	174,300	16,087,890
		208,145,183
Textiles, apparel, and luxury goods (1.7%)
Michael Kors Holdings, Ltd. †	226,200	20,052,630
NIKE, Inc. Class B	391,000	30,322,050
Tumi Holdings, Inc. † S	943,000	18,982,590
		69,357,270
Tobacco (0.8%)
Philip Morris International, Inc.	387,600	32,678,556
		32,678,556
Trading companies and distributors (0.3%)
DXP Enterprises, Inc. †	56,100	4,237,794
HD Supply Holdings, Inc. †	276,120	7,839,047
		12,076,841
Water utilities (0.1%)
Kangda International Environmental Co., Ltd. 144A (China) †	7,772,000	2,807,803
		2,807,803
Wireless telecommunication services (0.3%)
Vodafone Group PLC ADR (United Kingdom)	354,327	11,830,977
		11,830,977
Total common stocks (cost $3,140,900,807)		$3,948,661,871

WARRANTS (—%)* †	Expiration date	Strike price	Warrants	Value
Citigroup, Inc.	1/4/19	$106.10	1,682,858	$1,026,375
Neuralstem, Inc. Ser. J (acquired 1/3/14, cost $—) ΔΔ F	1/3/19	3.64	721,455	418,444
Total warrants (cost $1,699,687)				$1,444,819

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

28     Multi-Cap Growth Fund

SHORT-TERM INVESTMENTS (8.4%)*	Principal amount/shares	Value
Putnam Cash Collateral Pool, LLC 0.18% d	shares 274,640,838	$274,640,838
Putnam Short Term Investment Fund 0.07% L	shares 53,391,813	53,391,813
SSgA Prime Money Market Fund 0.01% P	shares 1,445,000	1,445,000
U.S. Treasury Bills with an effective yield of 0.11%, July 24, 2014	$278,000	277,980
U.S. Treasury Bills with an effective yield of 0.03%, August 14, 2014	590,000	589,980
U.S. Treasury Bills with an effective yield of 0.10%, January 8, 2015 Δ	3,998,000	3,997,100
U.S. Treasury Bills with an effective yield of 0.03%, July 10, 2014	443,000	442,997
U.S. Treasury Bills with an effective yield of 0.02%, July 31, 2014	357,000	356,994
U.S. Treasury Bills with an effective yield of 0.03%, October 16, 2014 Δ	390,000	389,951
U.S. Treasury Bills with an effective yield of 0.04%, October 23, 2014	1,770,000	1,769,789
U.S. Treasury Bills with effective yields ranging from 0.07% to 0.10%, August 21, 2014	714,000	713,909
Total short-term investments (cost $338,015,130)		$338,016,351

TOTAL INVESTMENTS
Total investments (cost $3,491,066,862)	$4,288,123,041

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, 2013 through June 30, 2014 (the reporting period). Within the following notes to the portfolio, references to “ASC 820” represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to “OTC”, if any, represent over-the-counter.
*	Percentages indicated are based on net assets of $4,021,990,106.
†	Non-income-producing security.
ΔΔ	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 $8,841,798, or 0.2% of net assets.
Δ	This security, in part or in entirety, was pledged and segregated with the custodian for collateral on certain derivative contracts at the close of the reporting period.
d	Affiliated company. See Note 1 to the financial statements regarding securities lending. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.
F	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 (Note 1).
L	Affiliated company (Note 5). The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.

Multi-Cap Growth Fund     29

P	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 (Note 1).
R	Real Estate Investment Trust.
S	Security on loan, in part or in entirety, at the close of the reporting period (Note 1).
	At the close of the reporting period, the fund maintained liquid assets totaling $3,497,192 to cover certain derivatives contracts and the settlement of certain securities.
	Debt obligations are considered secured unless otherwise indicated.
	144A after the name of an issuer represents securities exempt from registration under Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
	The dates shown on debt obligations are the original maturity dates.

FORWARD CURRENCY CONTRACTS at 6/30/14 (aggregate face value $95,536,472)
Counterparty	Currency	Contract type	Delivery date	Value	Aggregate face value	Unrealized appreciation/ (depreciation)
Barclays Bank PLC
	Japanese Yen	Sell	8/20/14	$42,242,549	$41,643,018	$(599,531)
UBS AG
	Euro	Sell	9/17/14	54,185,420	53,893,454	(291,966)
Total						$(891,497)

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 6/30/14
Swap counterparty/ Notional amount		Upfront premium received (paid)	Termination date	Payments received (paid) by fund per annum	Total return received by or paid by fund	Unrealized appreciation/ (depreciation)
Deutsche Bank AG
baskets	298,288	$—	9/15/14	(3 month USD-LIBOR-BBA plus 0.36%)	A basket (DBCTP12P) of common stocks	$1,673,152
Total		$—	$1,673,152

30     Multi-Cap Growth Fund

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	$745,525,795	$—	$8,423,354
Consumer staples	254,996,166	—	—
Energy	289,780,683	—	—
Financials	275,757,298	702,093	—
Health care	638,626,985	—	—
Industrials	528,811,186	—	—
Information technology	955,781,706	—	—
Materials	202,597,659	—	—
Telecommunication services	20,566,824	—	—
Utilities	27,092,122	—	—
Total common stocks	3,939,536,424	702,093	8,423,354
Convertible preferred stocks	—	—	—**
Warrants	1,026,375	—	418,444
Short-term investments	54,836,813	283,179,538	—
Totals by level	$3,995,399,612	$283,881,631	$8,841,798

		Valuation inputs
	Other financial instruments:	Level 1	Level 2	Level 3
	Forward currency contracts	$—	$(891,497)	$—
	Total return swap contracts	—	1,673,152	—
	Totals by level	$—	$781,655	$—
*Common stock classifications are presented at the sector level, which may differ from the fund’s portfolio presentation. **Value of level 3 security is $—.
	At the start and close of the reporting period, Level 3 investments in securities were not considered a significant portion of the fund’s portfolio.

The accompanying notes are an integral part of these financial statements.

Multi-Cap Growth Fund     31

Statement of assets and liabilities 6/30/14
ASSETS
Investment in securities, at value, including $260,910,281 of securities on loan (Note 1):
Unaffiliated issuers (identified cost $3,163,034,211)	$3,960,090,390
Affiliated issuers (identified cost $328,032,651) (Notes 1 and 5)	328,032,651
Dividends, interest and other receivables	4,510,893
Receivable for shares of the fund sold	955,075
Receivable for investments sold	42,950,275
Unrealized appreciation on OTC swap contracts (Note 1)	1,673,152
Prepaid assets	25,468
Total assets	4,338,237,904
LIABILITIES
Payable for investments purchased	27,613,568
Payable for shares of the fund repurchased	3,014,763
Payable for compensation of Manager (Note 2)	1,680,994
Payable for custodian fees (Note 2)	14,871
Payable for investor servicing fees (Note 2)	1,269,583
Payable for Trustee compensation and expenses (Note 2)	2,318,279
Payable for administrative services (Note 2)	6,353
Payable for distribution fees (Note 2)	2,354,079
Unrealized depreciation on forward currency contracts (Note 1)	891,497
Collateral on securities loaned, at value (Note 1)	274,640,838
Collateral on certain derivative contracts, at value (Note 1)	1,445,000
Other accrued expenses	997,973
Total liabilities	316,247,798
Net assets	$4,021,990,106
REPRESENTED BY
Paid-in capital (Unlimited shares authorized) (Notes 1 and 4)	$2,965,010,042
Undistributed net investment income (Note 1)	10,125,352
Accumulated net realized gain on investments and foreign currency transactions (Note 1)	249,014,477
Net unrealized appreciation of investments and assets and liabilities in foreign currencies	797,840,235
Total — Representing net assets applicable to capital shares outstanding	$4,021,990,106
(Continued on next page)

The accompanying notes are an integral part of these financial statements.

32     Multi-Cap Growth Fund

	Statement of assets and liabilities (Continued)
	COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE
	Net asset value and redemption price per class A share ($3,622,814,382 divided by 44,473,565 shares)	$81.46
	Offering price per class A share (100/94.25 of $81.46)*	$86.43
	Net asset value and offering price per class B share ($95,550,466 divided by 1,383,441 shares)**	$69.07
	Net asset value and offering price per class C share ($63,104,510 divided by 860,912 shares)**	$73.30
	Net asset value and redemption price per class M share ($57,210,580 divided by 775,109 shares)	$73.81
	Offering price per class M share (100/96.50 of $73.81)*	$76.49
	Net asset value, offering price and redemption price per class R share ($9,312,624 divided by 116,916 shares)	$79.65
	Net asset value, offering price and redemption price per class Y share ($173,997,544 divided by 2,034,880 shares)	$85.51
*	On single retail sales of less than $50,000. On sales of $50,000 or more the offering price is reduced.
**	Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

The accompanying notes are an integral part of these financial statements.

Multi-Cap Growth Fund     33

Statement of operations Year ended 6/30/14
INVESTMENT INCOME
Dividends (net of foreign tax of $433,017)	$51,893,617
Interest (including interest income of $43,630 from investments in affiliated issuers) (Note 5)	46,399
Securities lending (Note 1)	784,789
Total investment income	52,724,805
EXPENSES
Compensation of Manager (Note 2)	19,327,875
Investor servicing fees (Note 2)	8,429,433
Custodian fees (Note 2)	58,423
Trustee compensation and expenses (Note 2)	259,233
Distribution fees (Note 2)	10,464,262
Administrative services (Note 2)	97,877
Other	1,643,550
Total expenses	40,280,653
Expense reduction (Note 2)	(254,601)
Net expenses	40,026,052
Net investment income	12,698,753
Net realized gain on investments (Notes 1 and 3)	692,799,169
Net realized gain on swap contracts (Note 1)	3,264,659
Net realized loss on foreign currency transactions (Note 1)	(557,686)
Net unrealized depreciation of assets and liabilities in foreign currencies during the year	(888,735)
Net unrealized appreciation of investments and swap contracts during the year	290,474,059
Net gain on investments	985,091,466
Net increase in net assets resulting from operations	$997,790,219

The accompanying notes are an integral part of these financial statements.

34     Multi-Cap Growth Fund

Statement of changes in net assets
INCREASE IN NET ASSETS	Year ended 6/30/14	Year ended 6/30/13
Operations:
Net investment income	$12,698,753	$9,477,112
Net realized gain on investments and foreign currency transactions	695,506,142	397,115,484
Net unrealized appreciation of investments and assets and liabilities in foreign currencies	289,585,324	183,009,366
Net increase in net assets resulting from operations	997,790,219	589,601,962
Distributions to shareholders (Note 1):
From ordinary income
Net investment income
Class A	(7,663,055)	(11,613,000)
Class R	(2,283)	(13,062)
Class Y	(675,961)	(781,755)
Decrease from capital share transactions (Note 4)	(306,047,496)	(381,567,170)
Total increase in net assets	683,401,424	195,626,975
NET ASSETS
Beginning of year	3,338,588,682	3,142,961,707
End of year (including undistributed net investment income of $10,125,352 and $8,105,156, respectively)	$4,021,990,106	$3,338,588,682

The accompanying notes are an integral part of these financial statements.

Multi-Cap Growth Fund     35

Financial highlights (For a common share outstanding throughout the period)

INVESTMENT OPERATIONS:					LESS DISTRIBUTIONS:						RATIOS AND SUPPLEMENTAL DATA:
Period ended	Net asset value, beginning of period	Net investment income (loss)a	Net realized and unrealized gain (loss) on investments	Total from investment operations	From net investment income	Total distributions	Redemption fees	Non-recurring reimbursements	Net asset value, end of period	Total return at net asset value (%)b	Net assets, end of period (in thousands)	Ratio of expenses to average net assets (%)c	Ratio of net investment income (loss) to average net assets (%)	Portfolio turnover (%)
Class A
June 30, 2014	$62.31	.27	19.05	19.32	(.17)	(.17)	—	—	$81.46	31.03	$3,622,814	1.04	.37	88
June 30, 2013	52.15	.19	10.20	10.39	(.23)	(.23)	—	—	62.31	19.98	3,004,507	1.08	.32	78
June 30, 2012	53.66	.10	(1.71)	(1.61)	—	—	—	.10f,g,h,i	52.15	(2.81)	2,822,270	1.15	.20	57
June 30, 2011	39.22	(.06)	14.49	14.43	—	—	—e	.01j,k,l	53.66	36.82	3,283,602	1.22	(.13)	69
June 30, 2010	35.33	(.03)	3.97	3.94	(.05)	(.05)	—e	—	39.22	11.15	1,835,862	1.29d	(.06)d	71
Class B
June 30, 2014	$53.11	(.24)	16.20	15.96	—	—	—	—	$69.07	30.05	$95,550	1.79	(.39)	88
June 30, 2013	44.60	(.21)	8.72	8.51	—	—	—	—	53.11	19.08	93,740	1.83	(.43)	78
June 30, 2012	46.24	(.24)	(1.49)	(1.73)	—	—	—	.09f,g,h,i	44.60	(3.55)	103,691	1.90	(.56)	57
June 30, 2011	34.05	(.38)	12.56	12.18	—	—	—e	.01j,k,l	46.24	35.80	152,335	1.97	(.88)	69
June 30, 2010	30.87	(.29)	3.47	3.18	—	—	—e	—	34.05	10.30	110,983	2.04d	(.80)d	71
Class C
June 30, 2014	$56.37	(.25)	17.18	16.93	—	—	—	—	$73.30	30.03	$63,105	1.79	(.38)	88
June 30, 2013	47.33	(.22)	9.26	9.04	—	—	—	—	56.37	19.10	50,514	1.83	(.43)	78
June 30, 2012	49.07	(.26)	(1.57)	(1.83)	—	—	—	.09f,g,h,i	47.33	(3.55)	47,333	1.90	(.55)	57
June 30, 2011	36.13	(.39)	13.32	12.93	—	—	—e	.01j,k,l	49.07	35.81	55,393	1.97	(.88)	69
June 30, 2010	32.76	(.31)	3.68	3.37	—	—	—e	—	36.13	10.29	28,220	2.04d	(.81)d	71
Class M
June 30, 2014	$56.62	(.09)	17.28	17.19	—	—	—	—	$73.81	30.36	$57,211	1.54	(.14)	88
June 30, 2013	47.42	(.09)	9.29	9.20	—	—	—	—	56.62	19.40	47,819	1.58	(.18)	78
June 30, 2012	49.05	(.14)	(1.58)	(1.72)	—	—	—	.09f,g,h,i	47.42	(3.32)	46,932	1.65	(.30)	57
June 30, 2011	36.02	(.28)	13.30	13.02	—	—	—e	.01j,k,l	49.05	36.17	58,016	1.72	(.63)	69
June 30, 2010	32.58	(.21)	3.65	3.44	—	—	—e	—	36.02	10.56	37,163	1.79d	(.56)d	71
Class R
June 30, 2014	$60.96	.09	18.62	18.71	(.02)	(.02)	—	—	$79.65	30.69	$9,313	1.29	.13	88
June 30, 2013	51.03	.05	9.97	10.02	(.09)	(.09)	—	—	60.96	19.67	7,381	1.33	.08	78
June 30, 2012	52.64	(.02)	(1.69)	(1.71)	—	—	—	.10f,g,h,i	51.03	(3.06)	7,457	1.40	(.05)	57
June 30, 2011	38.57	(.17)	14.23	14.06	—	—	—e	.01j,k,l	52.64	36.48	6,553	1.47	(.38)	69
June 30, 2010	34.79	(.14)	3.92	3.78	—	—	—e	—	38.57	10.87	3,039	1.54d	(.33)d	71
Class Y
June 30, 2014	$65.37	.47	20.00	20.47	(.33)	(.33)	—	—	$85.51	31.37	$173,998	.79	.62	88
June 30, 2013	54.70	.35	10.69	11.04	(.37)	(.37)	—	—	65.37	20.27	134,628	.83	.57	78
June 30, 2012	56.14	.24	(1.79)	(1.55)	—	—	—	.11f,g,h,i	54.70	(2.56)	115,279	.90	.45	57
June 30, 2011	40.93	.04	15.16	15.20	—	—	—e	.01j,k,l	56.14	37.16	123,618	.97	.14	69
June 30, 2010	36.86	.09	4.12	4.21	(.14)	(.14)	—e	—	40.93	11.41	110,409	1.04d	.21d	71

See notes to financial highlights at the end of this section.

The accompanying notes are an integral part of these financial statements.

36 Multi-Cap Growth Fund Multi-Cap Growth Fund 37

Financial highlights (Continued)

^a Per share net investment income (loss) has been determined on the basis of the weighted average number of shares outstanding during the period.

^b Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

^c Includes amounts paid through expense offset and/or brokerage/service arrangements (Note 2). Also excludes acquired fund fees and expenses, if any.

^d Reflects an involuntary contractual expense limitation in effect during the period. As a result of such limitation, the expenses of each class reflect a reduction of less than 0.01% of average net assets for the period ended June 30, 2010.

^e Amount represents less than $0.01 per share.

^f Reflects a non-recurring reimbursement pursuant to a settlement between the Securities and Exchange Commission (SEC) and Canadian Imperial Holdings, Inc./CIBC World Markets Corp. which amounted to $0.01 per share outstanding on February 24, 2012.

^g Reflects a non-recurring reimbursement pursuant to a settlement between the SEC and Canadian Imperial Holdings, Inc./CIBC World Markets Corp. which amounted to less than $0.01 per share outstanding on November 29, 2011.

^h Reflects a non-recurring reimbursement related to restitution amounts in connection with a distribution plan approved by the SEC which amounted to the following amounts per share outstanding on July 21, 2011:

	Per share
Class A	$0.09
Class B	0.07
Class C	0.08
Class M	0.08
Class R	0.08
Class Y	0.09

ⁱ Reflects a non-recurring reimbursement pursuant to a settlement between the SEC and Southwest Securities, Inc. which amounted to less than $0.01 per share outstanding on August 22, 2011.

^j Reflects a non-recurring reimbursement pursuant to a settlement between the SEC and Zurich Capital Markets, Inc. which amounted to less than $0.01 per share outstanding on December 21, 2010.

^k Reflects a non-recurring reimbursement pursuant to a settlement between the SEC and Prudential Securities, Inc. which amounted to $0.01 per share outstanding on May 16, 2011.

^l Reflects a non-recurring reimbursement related to short-term trading related lawsuits, which amounted to less than $0.01 per share outstanding on May 11, 2011.

The accompanying notes are an integral part of these financial statements.

38     Multi-Cap Growth Fund

Notes to financial statements 6/30/14

Within the following Notes to financial statements, references to “State Street” represent State Street Bank and Trust Company, references to “the SEC” represent the Securities and Exchange Commission, 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. Unless otherwise noted, the “reporting period” represents the period from July 1, 2013 through June 30, 2014.

Putnam Multi-Cap Growth Fund (the fund) is a Massachusetts business trust, which is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end management investment company. The investment objective of the fund is to seek long-term capital appreciation. The fund invests mainly in common stocks of U.S. companies of any size, with a focus on growth stocks. Growth stocks are issued by companies whose earnings are expected to grow faster than those of similar firms, and whose business growth and other characteristics may lead to an increase in stock price. Putnam Management may consider, among other factors, a company’s valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments.

The fund offers class A, class B, class C, class M, class R and class Y shares. Class A and class M shares are sold with a maximum front-end sales charge of 5.75% and 3.50%, respectively, and generally do not pay a contingent deferred sales charge. Class B shares, which convert to class A shares after approximately eight years, do not pay a front-end sales charge and are subject to a contingent deferred sales charge if those shares are redeemed within six years of purchase. Class C shares have a one-year 1.00% contingent deferred sales charge and do not convert to class A shares. Class R shares, which are not available to all investors, are sold at net asset value. The expenses for class A, class B, class C, class M and class R shares may differ based on the distribution fee of each class, which is identified in Note 2. Class Y shares, which are sold at net asset value, are generally subject to the same expenses as class A, class B, class C, class M and class R shares, but do not bear a distribution fee. Class Y shares are not available to all investors.

In the normal course of business, the fund enters into contracts that may include agreements to indemnify another party under given circumstances. The fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be, but have not yet been, made against the fund. However, the fund’s management team expects the risk of material loss to be remote.

Note 1: Significant accounting policies

The following is a summary of significant accounting policies consistently followed by the fund in the preparation of its financial statements. The preparation of financial statements is in conformity with accounting principles generally accepted in the United States of America and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations. Actual results could differ from those estimates. Subsequent events after the Statement of assets and liabilities date through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.

Investment income, realized and unrealized gains and losses and expenses of the fund are borne pro-rata based on the relative net assets of each class to the total net assets of the fund, except that each class bears expenses unique to that class (including the distribution fees applicable to such classes). Each class votes as a class only with respect to its own distribution plan or other matters on which a class vote is required by law or determined by the Trustees. If the fund were liquidated, shares of each class would receive their pro-rata share of the net assets of the fund. In addition, the Trustees declare separate dividends on each class of shares.

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 under Accounting Standards Codification 820 Fair Value Measurements and Disclosures (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.

Multi-Cap Growth Fund     39

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. 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 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.

Security transactions and related investment income Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Gains or losses on securities sold are determined on the identified cost basis.

Interest income, net of any applicable withholding taxes, is recorded on the accrual basis. Dividend income, net of any applicable withholding taxes, is recognized on the ex-dividend date except that certain dividends from foreign securities, if any, are recognized as soon as the fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair value of the securities received. Dividends representing a return of capital or capital gains, if any, are reflected as a reduction of cost and/or as a realized gain.

All premiums/discounts are amortized/accreted on a yield-to-maturity basis.

Foreign currency translation The accounting records of the fund are maintained in U.S. dollars. The fair value of foreign securities, currency holdings, and other assets and liabilities is recorded in the books and records of the fund after translation to U.S. dollars based on the exchange rates on that day. The cost of each security is determined using historical exchange rates. Income and withholding taxes are translated at prevailing exchange rates when earned or incurred. The fund does not isolate that portion of realized or unrealized gains or losses resulting from changes in the foreign exchange rate on investments from fluctuations arising from changes in the market prices of the securities. Such gains and losses are included with the net realized and unrealized gain or loss on investments. Net realized gains and losses on foreign currency transactions represent net realized exchange gains or losses on closed forward currency contracts, disposition of foreign currencies, currency gains and losses realized between the trade and settlement dates on securities transactions and the difference between the amount of investment income and foreign withholding taxes recorded on the fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized appreciation and depreciation of assets and liabilities in foreign currencies arise from changes in the value of open forward currency contracts and assets and liabilities other than investments at the period end, resulting from changes in the exchange rate.

40     Multi-Cap Growth Fund

Forward currency contracts The fund buys and sells forward currency contracts, which are agreements between two parties to buy and sell currencies at a set price on a future date. These contracts are used to hedge foreign exchange risk.

The U.S. dollar value of forward currency contracts is determined using current forward currency exchange rates supplied by a quotation service. The 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. Risks may exceed amounts recognized on the Statement of assets and liabilities.

Forward currency contracts outstanding at period end, if any, are listed after the fund’s portfolio.

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. Risk of loss may exceed amounts recognized on the Statement of assets and liabilities.

OTC total return swap contracts outstanding, including their respective notional amounts at period end, if any, are listed after the fund’s portfolio.

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 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 had a net liability position of $891,497 on open derivative contracts subject to the Master Agreements. Collateral posted by the fund at period end for these agreements totaled $440,838 and may include amounts related to unsettled agreements.

Securities lending 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

Multi-Cap Growth Fund     41

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. Income from securities lending is included in investment income on the Statement of operations. Cash collateral 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. At the close of the reporting period, the fund received cash collateral of $274,640,838 and the value of securities loaned amounted to $268,930,947. Certain of these securities were sold prior to the close of the reporting period and are included in Receivable for investments sold on the Statement of assets and liabilities.

Interfund lending The fund, along with other Putnam funds, may participate in an interfund lending program pursuant to an exemptive order issued by the SEC. This program allows the fund to borrow from or lend to other Putnam funds that permit such transactions. Interfund lending transactions are subject to each fund’s investment policies and borrowing and lending limits. Interest earned or paid on the interfund lending transaction will be based on the average of certain current market rates. During the reporting period, the fund did not utilize the program.

Lines of credit The fund participates, along with other Putnam funds, in a $392.5 million ($315 million prior to June 27, 2014) unsecured committed line of credit and a $235.5 million ($185 million prior to June 27, 2014) unsecured uncommitted line of credit, both provided by State Street. Borrowings may be made for temporary or emergency purposes, including the funding of shareholder redemption requests and trade settlements. Interest is charged to the fund based on the fund’s borrowing at a rate equal to the Federal Funds rate plus 1.25% for the committed line of credit and the Federal Funds rate plus 1.30% for the uncommitted line of credit. A closing fee equal to 0.04% (0.02% prior to June 27, 2014) of the committed line of credit and 0.04% ($50,000 prior to June 27, 2014) of the uncommitted line of credit has been paid by the participating funds. In addition, a commitment fee of 0.11% per annum on any unutilized portion of the committed line of credit is allocated to the participating funds based on their relative net assets and paid quarterly. During the reporting period, the fund had no borrowings against these arrangements.

Federal taxes It is the policy of the fund to distribute all of its taxable income within the prescribed time period and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended (the Code), applicable to regulated investment companies. It is also the intention of the fund to distribute an amount sufficient to avoid imposition of any excise tax under Section 4982 of the Code.

The fund is subject to the provisions of Accounting Standards Codification 740 Income Taxes (ASC 740). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The fund did not have a liability to record for any unrecognized tax benefits in the accompanying financial statements. No provision has been made for federal taxes on income, capital gains or unrealized appreciation on securities held nor for excise tax on income and capital gains. Each of the fund’s federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

The fund may also be subject to taxes imposed by governments of countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The fund accrues and applies such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned. In some cases, the fund may be entitled to reclaim all or a portion of such taxes, and such reclaim amounts, if any, are reflected as an asset on the fund’s books. In many cases, however, the fund may not receive such amounts for an extended period of time, depending on the country of investment.

At June 30, 2014 the fund had a capital loss carryover of $204,628,070 available to the extent allowed by the Code to offset future net capital gain, if any. The amounts of the carryovers and the expiration dates are:

Loss carryover
Short-term	Long-term	Total	Expiration
$96,315,793	N/A	$96,315,793	June 30, 2016
44,620,034	N/A	44,620,034	June 30, 2017
63,692,243	N/A	63,692,243	June 30, 2018

Under the Regulated Investment Company Modernization Act of 2010, the fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred will be required to be utilized prior to the losses incurred in pre-enactment tax years. As a result

42     Multi-Cap Growth Fund

of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

Distributions to shareholders Distributions to shareholders from net investment income are recorded by the fund on the ex-dividend date. Distributions from capital gains, if any, are recorded on the ex-dividend date and paid at least annually. The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. These differences include temporary and/or permanent differences from losses on wash sale transactions, foreign currency gains and losses, income on swap contracts and partnership income. Reclassifications are made to the fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations. At the close of the reporting period, the fund reclassified $2,337,258 to decrease undistributed net investment income, $591 to increase paid-in-capital and $2,336,667 to increase accumulated net realized gain.

The tax basis components of distributable earnings and the federal tax cost as of the close of the reporting period were as follows:

Unrealized appreciation	$874,653,087
Unrealized depreciation	(77,421,376)
Net unrealized appreciation	797,231,711
Undistributed ordinary income	10,882,235
Capital loss carryforward	(204,628,070)
Undistributed long-term gain	400,527,128
Undistributed short-term gain	52,939,886
Cost for federal income tax purposes	$3,490,891,330

Note 2: Management fee, administrative services and other transactions

The fund pays Putnam Management a management fee (base fee) (based on the fund’s average net assets and computed and paid monthly) at annual rates that may vary based on the average of the aggregate net assets of most open-end funds, as defined in the fund’s management contract, sponsored by Putnam Management. Such annual rates may vary as follows:

0.710%	of the first $5 billion,
0.660%	of the next $5 billion,
0.610%	of the next $10 billion,
0.560%	of the next $10 billion,
0.510%	of the next $50 billion,
0.490%	of the next $50 billion,
0.480%	of the next $100 billion and
0.475%	of any excess thereafter.

The fund’s shareholders approved the fund’s current management contract with Putnam Management effective February 27, 2014. Shareholders were asked to approve the fund’s management contract following the death on October 8, 2013 of The Honourable Paul G. Desmarais, who had controlled directly and indirectly a majority of the voting shares of Power Corporation of Canada, the ultimate parent company of Putnam Management. The substantive terms of the management contract, including terms relating to fees, are identical to the terms of the fund’s previous management contract and reflect the rates provided in the table above.

In addition, beginning with February 2011, the monthly management fee consists of the monthly base fee plus or minus a performance adjustment for the month. The performance adjustment is determined based on performance over the thirty-six month period then ended. Each month, the performance adjustment is calculated by multiplying the performance adjustment rate and the fund’s average net assets over the performance period and the result is divided by twelve. The resulting dollar amount is added to, or subtracted from the base fee for that month. The performance adjustment rate is equal to 0.03 multiplied by the difference between the fund’s annualized performance (measured by the fund’s class A shares) and the annualized performance of the Russell 3000 Growth Index, each measured over the performance period. The maximum annualized performance adjustment rates are +/– 0.12%. The monthly base fee is determined based on the fund’s average net assets for the month, while the performance adjustment is determined based on the fund’s average net assets over the performance period of up to thirty-six months. This means it is possible that, if the fund underperforms significantly over the performance period, and the fund’s assets have declined significantly over that period, the negative performance adjustment may exceed the base fee. In this event, Putnam Management would make a payment to the fund.

Multi-Cap Growth Fund     43

Because the performance adjustment is based on the fund’s performance relative to its applicable benchmark index, and not its absolute performance, the performance adjustment could increase Putnam Management’s fee even if the fund’s shares lose value during the performance period provided that the fund outperformed its benchmark index, and could decrease Putnam Management’s fee even if the fund’s shares increase in value during the performance period provided that the fund underperformed its benchmark index.

For the reporting period, the base fee represented an effective rate (excluding the impact from any expense waivers in effect) of 0.555% of the fund’s average net assets before a decrease of $1,521,848 (0.040% of the fund’s average net assets) based on performance.

Putnam Management has contractually agreed, through June 30, 2015, to waive fees or reimburse the fund’s expenses to the extent necessary to limit the cumulative expenses of the fund, exclusive of brokerage, interest, taxes, investment-related expenses, extraordinary expenses, acquired fund fees and expenses and payments under the fund’s investor servicing contract, investment management contract and distribution plans, on a fiscal year-to-date basis to an annual rate of 0.20% of the fund’s average net assets over such fiscal year-to-date period. During the reporting period, the fund’s expenses were not reduced as a result of this limit.

Putnam Investments Limited (PIL), an affiliate of Putnam Management, is authorized by the Trustees to manage a separate portion of the assets of the fund as determined by Putnam Management from time to time. Putnam Management pays a quarterly sub-management fee to PIL for its services at an annual rate of 0.35% of the average net assets of the portion of the fund managed by PIL.

The fund reimburses Putnam Management an allocated amount for the compensation and related expenses of certain officers of the fund and their staff who provide administrative services to the fund. The aggregate amount of all such reimbursements is determined annually by the Trustees.

Custodial functions for the fund’s assets are provided by State Street. Custody fees are based on the fund’s asset level, the number of its security holdings and transaction volumes.

Putnam Investor Services, Inc., an affiliate of Putnam Management, provides investor servicing agent functions to the fund. Putnam Investor Services, Inc. received fees for investor servicing based on the fund’s retail asset level, the number of shareholder accounts in the fund and the level of defined contribution plan assets in the fund. Investor servicing fees will not exceed an annual rate of 0.32% of the fund’s average net assets. During the reporting period, the expenses for each class of shares related to investor servicing fees were as follows:

Class A	$7,588,788
Class B	219,046
Class C	130,539
Class M	119,851
Class R	19,271
Class Y	351,938
Total	$8,429,433

The fund has entered into expense offset arrangements with Putnam Investor Services, Inc. and State Street whereby Putnam Investor Services, Inc.’s and State Street’s fees are reduced by credits allowed on cash balances. The fund also reduced expenses through brokerage/service arrangements. For the reporting period, the fund’s expenses were reduced by $5,110 under the expense offset arrangements and by $249,491 under the brokerage/service arrangements.

Each independent Trustee of the fund receives an annual Trustee fee, of which $2,372, as a quarterly retainer, has been allocated to the fund, and an additional fee for each Trustees meeting attended. Trustees also are reimbursed for expenses they incur relating to their services as Trustees.

The fund has adopted a Trustee Fee Deferral Plan (the Deferral Plan) which allows the Trustees to defer the receipt of all or a portion of Trustees fees payable on or after July 1, 1995. The deferred fees remain invested in certain Putnam funds until distribution in accordance with the Deferral Plan.

The fund has adopted an unfunded noncontributory defined benefit pension plan (the Pension Plan) covering all Trustees of the fund who have served as a Trustee for at least five years and were first elected prior to 2004. Benefits under the Pension Plan are equal to 50% of the Trustee’s average annual attendance and retainer fees for the three years ended December 31, 2005. The retirement benefit is payable during a Trustee’s lifetime, beginning the year following retirement, for the number of years of service through December 31, 2006. Pension expense for the fund is included in Trustee compensation and expenses in the Statement of operations. Accrued pension liability is included in Payable for Trustee compensation and expenses in the Statement of assets and liabilities. The Trustees have terminated the Pension Plan with respect to any Trustee first elected after 2003.

44     Multi-Cap Growth Fund

The fund has adopted distribution plans (the Plans) with respect to its class A, class B, class C, class M and class R shares pursuant to Rule 12b–1 under the Investment Company Act of 1940. The purpose of the Plans is to compensate Putnam Retail Management Limited Partnership, an indirect wholly-owned subsidiary of Putnam Investments, LLC, for services provided and expenses incurred in distributing shares of the fund. The Plans provide for payments by the fund to Putnam Retail Management Limited Partnership at an annual rate of up to 0.35%, 1.00%, 1.00%, 1.00% and 1.00% of the average net assets attributable to class A, class B, class C, class M and class R shares, respectively. The Trustees have approved payment by the fund at an annual rate of 0.25%, 1.00%, 1.00%, 0.75% and 0.50% of the average net assets attributable to class A, class B, class C, class M and class R shares, respectively. During the reporting period, the class specific expenses related to distribution fees were as follows:

Class A	$8,462,584
Class B	974,882
Class C	582,769
Class M	401,006
Class R	43,021
Total	$10,464,262

For the reporting period, Putnam Retail Management Limited Partnership, acting as underwriter, received net commissions of $208,489 and $2,767 from the sale of class A and class M shares, respectively, and received $63,709 and $784 in contingent deferred sales charges from redemptions of class B and class C shares, respectively.

A deferred sales charge of up to 1.00% and 0.65% is assessed on certain redemptions of class A and class M shares, respectively. For the reporting period, Putnam Retail Management Limited Partnership, acting as underwriter, received $314 and no monies on class A and class M redemptions, respectively.

Note 3: Purchases and sales of securities

During the reporting period, cost of purchases and proceeds from sales of investment securities other than short-term investments aggregated $3,247,630,187 and $3,579,650,102, respectively. There were no purchases or proceeds from sales of long-term U.S. government securities.

Note 4: Capital shares

At the close of the reporting period, there was an unlimited number of shares of beneficial interest authorized. Transactions in capital shares were as follows:

	Year ended 6/30/14		Year ended 6/30/13
Class A	Shares	Amount	Shares	Amount
Shares sold	1,017,089	$74,276,005	1,283,793	$73,638,310
Shares issued in connection with reinvestment of distributions	98,060	7,171,099	197,121	10,837,787
	1,115,149	81,447,104	1,480,914	84,476,097
Shares repurchased	(4,857,919)	(354,732,700)	(7,385,400)	(421,403,860)
Net decrease	(3,742,770)	$(273,285,596)	(5,904,486)	$(336,927,763)

	Year ended 6/30/14		Year ended 6/30/13
Class B	Shares	Amount	Shares	Amount
Shares sold	100,387	$6,186,854	154,030	$7,557,627
Shares issued in connection with reinvestment of distributions	—	—	—	—
	100,387	6,186,854	154,030	7,557,627
Shares repurchased	(481,880)	(29,844,415)	(714,146)	(34,900,341)
Net decrease	(381,493)	$(23,657,561)	(560,116)	$(27,342,714)

Multi-Cap Growth Fund     45

	Year ended 6/30/14		Year ended 6/30/13
Class C	Shares	Amount	Shares	Amount
Shares sold	69,125	$4,561,327	51,926	$2,710,158
Shares issued in connection with reinvestment of distributions	—	—	—	—
	69,125	4,561,327	51,926	2,710,158
Shares repurchased	(104,363)	(6,956,111)	(155,816)	(8,132,763)
Net decrease	(35,238)	$(2,394,784)	(103,890)	$(5,422,605)

	Year ended 6/30/14		Year ended 6/30/13
Class M	Shares	Amount	Shares	Amount
Shares sold	20,202	$1,344,102	23,490	$1,225,636
Shares issued in connection with reinvestment of distributions	—	—	—	—
	20,202	1,344,102	23,490	1,225,636
Shares repurchased	(89,698)	(5,898,688)	(168,520)	(8,636,787)
Net decrease	(69,496)	$(4,554,586)	(145,030)	$(7,411,151)

	Year ended 6/30/14		Year ended 6/30/13
Class R	Shares	Amount	Shares	Amount
Shares sold	20,365	$1,454,342	23,329	$1,315,808
Shares issued in connection with reinvestment of distributions	32	2,283	242	13,056
	20,397	1,456,625	23,571	1,328,864
Shares repurchased	(24,548)	(1,777,647)	(48,631)	(2,688,878)
Net decrease	(4,151)	$(321,022)	(25,060)	$(1,360,014)

	Year ended 6/30/14		Year ended 6/30/13
Class Y	Shares	Amount	Shares	Amount
Shares sold	328,557	$25,337,233	310,928	$18,520,720
Shares issued in connection with reinvestment of distributions	8,626	661,157	13,339	768,312
	337,183	25,998,390	324,267	19,289,032
Shares repurchased	(361,658)	(27,832,337)	(372,526)	(22,391,955)
Net decrease	(24,475)	$(1,833,947)	(48,259)	$(3,102,923)

Note 5: Affiliated transactions

Transactions during the reporting 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*	$42,026,996	$924,947,229	$913,582,412	$43,630	$53,391,813

*Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management.

46     Multi-Cap Growth Fund

Note 6: Market, credit and other risks

In the normal course of business, the fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the contracting party to the transaction to perform (credit risk). The fund may be exposed to additional credit risk that an institution or other entity with which the fund has unsettled or open transactions will default. Investments in foreign securities involve certain risks, including those related to economic instability, unfavorable political developments, and currency fluctuations.

Note 7: Summary of derivative activity

The volume of activity for the reporting period for any derivative type that was held during the period is listed below and was as follows based on an average of the holdings at the end of each fiscal quarter:

Forward currency contracts (contract amount)	$62,700,000
OTC total return swap contracts (notional)	$45,700,000
Warrants (number of warrants)	2,000,000

The following is a summary of the fair value of derivative instruments as of the close of the reporting period:

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	Statement of assets and liabilities location	Fair value	Statement of assets and liabilities location	Fair value
Foreign exchange contracts	Receivables	$—	Payables	$891,497
Equity contracts	Investments, Receivables	3,117,971	Payables	—
Total		$3,117,971		$891,497

The following is a summary of realized and change in unrealized gains or losses of derivative instruments on the Statement of operations for the reporting period (see Note 1):

Amount of realized gain or (loss) on derivatives recognized in net gain or (loss) on investments

Derivatives not accounted for as hedging instruments under ASC 815	Forward currency contracts	Swaps	Total
Foreign exchange contracts	$(497,690)	$—	$(497,690)
Equity contracts	—	3,264,659	$3,264,659
Total	$(497,690)	$3,264,659	$2,766,969

Change in unrealized appreciation or (depreciation) on derivatives recognized in net gain or (loss) on investments

Derivatives not accounted for as hedging instruments under ASC 815	Warrants	Forward currency contracts	Swaps	Total
Foreign exchange contracts	$—	$(891,497)	$—	$(891,497)
Equity contracts	122,093	—	1,673,152	$1,795,245
Total	$122,093	$(891,497)	$1,673,152	$903,748

Multi-Cap Growth Fund     47

Note 8: Offsetting of financial and derivative assets and liabilities

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 or borrowing transactions associated with securities sold short, see Note 1, if any. For financial reporting purposes, the fund does not offset financial assets and financial liabilities that are subject to the master netting agreements in the Statement of assets and liabilities.

	Barclays Bank PLC	Deutsche Bank AG	UBS AG	Total
Assets:
OTC Total return swap contracts*#	$—	$1,673,152	$—	$1,673,152
Forward currency contracts#	—	—	—	—
Total Assets	$—	$1,673,152	$—	$1,673,152
Liabilities:
OTC Total return swap contracts*#	—	—	—	—
Forward currency contracts#	599,531	—	291,966	891,497
Total Liabilities	$599,531	$—	$291,966	$891,497
Total Financial and Derivative Net Assets	$(599,531)	$1,673,152	$(291,966)	$781,655
Total collateral received (pledged)†##	$(440,838)	$1,445,000	$—
Net amount	$(158,693)	$228,152	$(291,966)

*	Excludes premiums, if any. Included in unrealized appreciation and depreciation on OTC swap contracts on the Statement of assets and liabilities.
†	Additional collateral may be required from certain brokers based on individual agreements.
#	Covered by master netting agreement. (Note 1)
##	Any over-collateralization of total financial and derivative net assets is not shown. Collateral may include amounts related to unsettled agreements.

Federal tax information (Unaudited)

Pursuant to §852 of the Internal Revenue Code, as amended, the fund hereby designates $440,579,841 as a capital gain dividend with respect to the taxable year ended June 30, 2014, or, if subsequently determined to be different, the net capital gain of such year.

The fund designated 47.51% of ordinary income distributions as qualifying for the dividends received deduction for corporations.

For the reporting period, the fund hereby designates 52.79%, or the maximum amount allowable, of its taxable ordinary income distributions as qualified dividends taxed at the individual net capital gain rates.

For the reporting period, pursuant to §871(k) of the Internal Revenue Code, the fund hereby designates $9,175 of distributions paid as qualifying to be taxed as interest-related dividends, and no amount to be taxed as short-term capital gain dividends for nonresident alien shareholders.

The Form 1099 that will be mailed to you in January 2015 will show the tax status of all distributions paid to your account in calendar 2014.

48     Multi-Cap Growth Fund

Shareholder meeting results (Unaudited)

February 27, 2014 special meeting

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

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

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

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

March 27, 2014 special meeting

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

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

All tabulations are rounded to the nearest whole number.

Multi-Cap Growth Fund     49

About the Trustees

Independent Trustees

Liaquat Ahamed

Born 1952, Trustee since 2012

Principal occupations during past five years: Pulitzer Prize-winning author of Lords of Finance: The Bankers Who Broke the World, whose articles on economics have appeared in such publications as the New York Times, Foreign Affairs, and the Financial Times. Director of Aspen Insurance Co., a New York Stock Exchange company, and Chair of the Aspen Board’s Investment Committee. Trustee of the Brookings Institution and Chair of its Investment Committee.

Other directorships: The Rohatyn Group, an emerging-market fund complex that manages money for institutions

Ravi Akhoury

Born 1947, Trustee since 2009

Principal occupations during past five years: Trustee of American India Foundation and of the Rubin Museum. From 1992 to 2007, was Chairman and CEO of MacKay Shields, a multi-product investment management firm.

Other directorships: RAGE Frameworks, Inc., a private software company; English Helper, Inc., a private software company

Barbara M. Baumann

Born 1955, Trustee since 2010

Principal occupations during past five years: President and Owner of Cross Creek Energy Corporation, a strategic consultant to domestic energy firms and direct investor in energy projects. Current Board member of The Denver Foundation. Former Chair and current Board member of Girls Incorporated of Metro Denver. Member of the Finance Committee, the Children’s Hospital of Colorado.

Other directorships: Devon Energy Corporation, a leading independent natural gas and oil exploration and production company; UNS Energy Corporation, an Arizona utility; Cody Resources Management, a private company in the energy and ranching businesses

Jameson A. Baxter

Born 1943, Trustee since 1994, Vice Chair from 2005 to 2011, and Chair since 2011

Principal occupations during past five years: President of Baxter Associates, Inc., a private investment firm. Chair of Mutual Fund Directors Forum. Chair Emeritus of the Board of Trustees of Mount Holyoke College. Director of the Adirondack Land Trust and Trustee of the Nature Conservancy’s Adirondack Chapter.

Charles B. Curtis

Born 1940, Trustee since 2001

Principal occupations during past five years: Senior Advisor to the Center for Strategic and International Studies. President Emeritus and former President and Chief Operating Officer of the Nuclear Threat Initiative, a private foundation dealing with national security issues. Member of the Council on Foreign Relations and U.S. State Department International Security Advisory Board.

Robert J. Darretta

Born 1946, Trustee since 2007

Principal occupations during past five years: From 2009 until 2012, served as Health Care Industry Advisor to Permira, a global private equity firm. Until April 2007, was Vice Chairman of the Board of Directors of Johnson & Johnson. Served as Johnson & Johnson’s Chief Financial Officer for a decade.

Other directorships: UnitedHealth Group, a diversified health-care company

Katinka Domotorffy

Born 1975, Trustee since 2012

Principal occupations during past five years: Voting member of the Investment Committees of the Anne Ray Charitable Trust and Margaret A. Cargill Foundation, part of the Margaret A. Cargill Philanthropies. Until 2011, Partner, Chief Investment Officer, and Global Head of Quantitative Investment Strategies at Goldman Sachs Asset Management.

Other directorships: Reach Out and Read of Greater New York, an organization dedicated to promoting childhood literacy

John A. Hill

Born 1942, Trustee since 1985 and Chairman from 2000 to 2011

Principal occupations during past five years: Founder and Vice-Chairman of First Reserve Corporation, the leading private equity buyout firm focused on the worldwide energy industry. Trustee and Chairman of the Board of Trustees of Sarah Lawrence College. Member of the Advisory Board of the Millstein Center for Global Markets and Corporate Ownership at The Columbia University Law School.

Other directorships: Devon Energy Corporation, a leading independent natural gas and oil exploration and production company

50     Multi-Cap Growth Fund

Paul L. Joskow

Born 1947, Trustee since 1997

Principal occupations during past five years: Economist and President of the Alfred P. Sloan Foundation, a philanthropic institution focused primarily on research and education on issues related to science, technology, and economic performance. Elizabeth and James Killian Professor of Economics, Emeritus at the Massachusetts Institute of Technology (MIT). Prior to 2007, served as the Director of the Center for Energy and Environmental Policy Research at MIT.

Other directorships: Yale University; Exelon Corporation, an energy company focused on power services; Boston Symphony Orchestra; Prior to April 2013, served as Director of TransCanada Corporation and TransCanada Pipelines Ltd., energy companies focused on natural gas transmission, oil pipelines and power services

Kenneth R. Leibler

Born 1949, Trustee since 2006

Principal occupations during past five years: Founder and former Chairman of Boston Options Exchange, an electronic marketplace for the trading of derivative securities. Serves on the Board of Trustees of Beth Israel Deaconess Hospital in Boston, Massachusetts. Director of Beth Israel Deaconess Care Organization. Until November 2010, director of Ruder Finn Group, a global communications and advertising firm.

Other directorships: Northeast Utilities, which operates New England’s largest energy delivery system

Robert E. Patterson

Born 1945, Trustee since 1984

Principal occupations during past five years: Co-Chairman of Cabot Properties, Inc., a private equity firm investing in commercial real estate, and Chairman of its Investment Committee. Past Chairman and Trustee of the Joslin Diabetes Center.

George Putnam, III

Born 1951, Trustee since 1984

Principal occupations during past five years: Chairman of New Generation Research, Inc., a publisher of financial advisory and other research services. Founder and President of New Generation Advisors, LLC, a registered investment advisor to private funds. Director of The Boston Family Office, LLC, a registered investment advisor.

W. Thomas Stephens

Born 1942, Trustee from 1997 to 2008 and since 2009

Principal occupations during past five years: Retired as Chairman and Chief Executive Officer of Boise Cascade, LLC, a paper, forest products, and timberland assets company, in December 2008. Prior to 2010, Director of Boise Inc., a manufacturer of paper and packaging products.

Other directorships: TransCanada Pipelines Ltd., an energy infrastructure company

Interested Trustee

Robert L. Reynolds*

Born 1952, Trustee since 2008 and President of the Putnam Funds since 2009

Principal occupations during past five years: President and Chief Executive Officer of Putnam Investments since 2008 and, since 2014, President and Chief Executive Officer of Great-West Financial, a financial services company that provides retirement savings plans, life insurance, and annuity and executive benefits products, and of Great-West Lifeco U.S. Inc., a holding company that owns Putnam Investments and Great-West Financial. Prior to joining Putnam Investments, served as Vice Chairman and Chief Operating Officer of Fidelity Investments from 2000 to 2007.

*Mr. Reynolds is an “interested person” (as defined in the Investment Company Act of 1940) of the fund and Putnam Investments. He is President and Chief Executive Officer of Putnam Investments, as well as the President of your fund and each of the other Putnam funds.

The address of each Trustee is One Post Office Square, Boston, MA 02109.

As of June 30, 2014, there were 116 Putnam funds. All Trustees serve as Trustees of all Putnam funds.

Each Trustee serves for an indefinite term, until his or her resignation, retirement at age 75, removal, or death.

Multi-Cap Growth Fund     51

Officers

In addition to Robert L. Reynolds, the other officers of the fund are shown below:

Jonathan S. Horwitz (Born 1955)

Executive Vice President, Principal Executive Officer, and Compliance Liaison
Since 2004

Steven D. Krichmar (Born 1958)

Vice President and Principal Financial Officer
Since 2002

Chief of Operations, Putnam Investments and Putnam Management

Robert T. Burns (Born 1961)

Vice President and Chief Legal Officer
Since 2011

General Counsel, Putnam Investments, Putnam Management, and Putnam Retail Management

Robert R. Leveille (Born 1969)

Vice President and Chief Compliance Officer
Since 2007

Chief Compliance Officer, Putnam Investments, Putnam Management, and Putnam Retail Management

Michael J. Higgins (Born 1976)

Vice President, Treasurer, and Clerk
Since 2010

Manager of Finance, Dunkin’ Brands (2008–2010); Senior Financial Analyst, Old Mutual Asset Management (2007–2008); Senior Financial Analyst, Putnam Investments (1999–2007)

Janet C. Smith (Born 1965)

Vice President, Principal Accounting Officer, and Assistant Treasurer
Since 2007

Director of Fund Administration Services, Putnam Investments and Putnam Management

Susan G. Malloy (Born 1957)

Vice President and Assistant Treasurer
Since 2007

Director of Accounting & Control Services, Putnam Investments and Putnam Management

James P. Pappas (Born 1953)

Vice President
Since 2004

Director of Trustee Relations, Putnam Investments and Putnam Management

Mark C. Trenchard (Born 1962)

Vice President and BSA Compliance Officer
Since 2002

Director of Operational Compliance, Putnam Investments and Putnam Retail Management

Nancy E. Florek (Born 1957)

Vice President, Director of Proxy Voting and Corporate Governance, Assistant Clerk, and Associate Treasurer
Since 2000

The principal occupations of the officers for the past five years have been with the employers as shown above, although in some cases they have held different positions with such employers. The address of each Officer is One Post Office Square, Boston, MA 02109.

52     Multi-Cap Growth Fund

Fund information

Founded over 75 years ago, Putnam Investments was built around the concept that a balance between risk and reward is the hallmark of a well-rounded financial program. We manage over 100 funds across income, value, blend, growth, asset allocation, absolute return, and global sector categories.

Investment Manager

Putnam Investment
Management, LLC
One Post Office Square
Boston, MA 02109

Investment Sub-Manager

Putnam Investments Limited
57–59 St James’s Street
London, England SW1A 1LD

Marketing Services

Putnam Retail Management
One Post Office Square
Boston, MA 02109

Custodian

State Street Bank
and Trust Company

Legal Counsel

Ropes & Gray LLP

Auditor

PricewaterhouseCoopers LLP

Trustees

Jameson A. Baxter, Chair
Liaquat Ahamed
Ravi Akhoury
Barbara M. Baumann
Charles B. Curtis
Robert J. Darretta
Katinka Domotorffy
John A. Hill
Paul L. Joskow
Kenneth R. Leibler
Robert E. Patterson
George Putnam, III
Robert L. Reynolds
W. Thomas Stephens

Officers

Robert L. Reynolds
President

Jonathan S. Horwitz
Executive Vice President,
Principal Executive Officer, and
Compliance Liaison

Steven D. Krichmar
Vice President and
Principal Financial Officer

Robert T. Burns
Vice President and
Chief Legal Officer

Robert R. Leveille
Vice President and
Chief Compliance Officer

Michael J. Higgins
Vice President, Treasurer,
and Clerk

Janet C. Smith
Vice President,
Principal Accounting Officer,
and Assistant Treasurer

Susan G. Malloy
Vice President and
Assistant Treasurer

James P. Pappas
Vice President

Mark C. Trenchard
Vice President and
BSA Compliance Officer

Nancy E. Florek
Vice President, Director of
Proxy Voting and Corporate
Governance, Assistant Clerk,
and Associate Treasurer

This report is for the information of shareholders of Putnam Multi-Cap Growth Fund. It may also be used as sales literature when preceded or accompanied by the current prospectus, the most recent copy of Putnam’s Quarterly Performance Summary, and Putnam’s Quarterly Ranking Summary. For more recent performance, please visit putnam.com. Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund, which are described in its prospectus. For this and other information or to request a prospectus or summary prospectus, call 1-800-225-1581 toll free. Please read the prospectus carefully before investing. The fund’s Statement of Additional Information contains additional information about the fund’s Trustees and is available without charge upon request by calling 1-800-225-1581.

Item 2. Code of Ethics:

(a) The fund’s principal executive, financial and accounting officers are employees of Putnam Investment Management, LLC, the Fund’s investment manager. As such they are subject to a comprehensive Code of Ethics adopted and administered by Putnam Investments which is designed to protect the interests of the firm and its clients. The Fund has adopted a Code of Ethics which incorporates the Code of Ethics of Putnam Investments with respect to all of its officers and Trustees who are employees of Putnam Investment Management, LLC. For this reason, the Fund has not adopted a separate code of ethics governing its principal executive, financial and accounting officers.

(c) In July 2013, the Code of Ethics of Putnam Investment Management, LLC was amended. The changes to the Code of Ethics were as follows: (i) eliminating the requirement for employees to hold their shares of Putnam mutual funds for specified periods of time, (ii) removing the requirement to preclear transactions in certain kinds of exchange-traded funds and exchange-traded notes, although reporting of all such instruments remains required; (iii) eliminating the excessive trading rule related to employee transactions in securities requiring preclearance under the Code; (iv) adding provisions related to monitoring of employee trading; (v) changing from a set number of shares to a set dollar value of stock of mid- and large-cap companies on the Restricted List that can be purchased or sold; (vi) adding a requirement starting in March 2014 for employees to generally use certain approved brokers that provide Putnam with an electronic feed of transactions and statements for their personal brokerage accounts; and (vii) certain other changes.

Item 3. Audit Committee Financial Expert:

The Funds’ Audit and Compliance Committee is comprised solely of Trustees who are “independent” (as such term has been defined by the Securities and Exchange Commission (“SEC”) in regulations implementing Section 407 of the Sarbanes-Oxley Act (the “Regulations”)). The Trustees believe that each of the members of the Audit and Compliance Committee also possess a combination of knowledge and experience with respect to financial accounting matters, as well as other attributes, that qualify them for service on the Committee. In addition, the Trustees have determined that each of Mr. Leibler, Mr. Hill, Mr. Darretta, and Ms. Baumann qualifies as an “audit committee financial expert” (as such term has been defined by the Regulations) based on their review of his or her pertinent experience and education. The SEC has stated, and the funds’ amended and restated agreement and Declaration of Trust provides, that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the Audit and Compliance Committee and the Board of Trustees in the absence of such designation or identification.

Item 4. Principal Accountant Fees and Services:

The following table presents fees billed in each of the last two fiscal years for services rendered to the fund by the fund’s independent auditor:

Fiscal year ended	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
June 30, 2014	$147,240	$ —	$5,474	$ —
June 30, 2013	$211,800	$ —	$5,474	$ —

For the fiscal years ended June 30, 2014 and June 30, 2013, the fund’s independent auditor billed aggregate non-audit fees in the amounts of $505,474 and $152,974 respectively, to the fund, Putnam Management and any entity controlling, controlled by or under common control with Putnam Management that provides ongoing services to the fund.

Audit Fees represent fees billed for the fund’s last two fiscal years relating to the audit and review of the financial statements included in annual reports and registration statements, and other services that are normally provided in connection with statutory and regulatory filings or engagements.

Audit-Related Fees represent fees billed in the fund’s last two fiscal years for services traditionally performed by the fund’s auditor, including accounting consultation for proposed transactions or concerning financial accounting and reporting standards and other audit or attest services not required by statute or regulation.

Tax Fees represent fees billed in the fund’s last two fiscal years for tax compliance, tax planning and tax advice services. Tax planning and tax advice services include assistance with tax audits, employee benefit plans and requests for rulings or technical advice from taxing authorities.

Pre-Approval Policies of the Audit and Compliance Committee. The Audit and Compliance Committee of the Putnam funds has determined that, as a matter of policy, all work performed for the funds by the funds’ independent auditors will be pre-approved by the Committee itself and thus will generally not be subject to pre-approval procedures.

The Audit and Compliance Committee also has adopted a policy to pre-approve the engagement by Putnam Management and certain of its affiliates of the funds’ independent auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by Putnam Management or certain of its affiliates are typically submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees, and why this work should be performed by that particular audit firm as opposed to another one. In reviewing such requests, the Committee considers, among other things, whether the provision of such services by the audit firm are compatible with the independence of the audit firm.

The following table presents fees billed by the fund’s independent auditor for services required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

Fiscal year ended	Audit-Related Fees	Tax Fees	All Other Fees	Total Non-Audit Fees
June 30, 2014	$ —	$500,000	$ —	$ —
June 30, 2013	$ —	$147,500	$ —	$ —

Item 5. Audit Committee of Listed Registrants

Not applicable

Item 6. Schedule of Investments:

The registrant’s schedule of investments in unaffiliated issuers is included in the report to shareholders in Item 1 above.

Item 7. Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies:

Not applicable

Item 8. Portfolio Managers of Closed-End Investment Companies

Not Applicable

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers:

Not applicable

Item 10. Submission of Matters to a Vote of Security Holders:

Not applicable

Item 11. 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 12. Exhibits:

(a)(1) The Code of Ethics of The Putnam Funds, which incorporates the Code of Ethics of Putnam Investments, is filed herewith.

(a)(2) 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.

(b) The certifications required by Rule 30a-2(b) 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: August 27, 2014

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: August 27, 2014

By (Signature and Title):

/s/Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer

Date: August 27, 2014

EX-99.CERT

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-CSR 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 financial statements, and other financial information included in each report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in each report;

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 registrant 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 each 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.

Date: August 26, 2014

/s/ Jonathan S. Horwitz

_______________________

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-CSR 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 financial statements, and other financial information included in each report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in each report;

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 registrant 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 each 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.

Date: August 26, 2014

/s/ Steven D. Krichmar

_______________________

Steven D. Krichmar

Principal Financial Officer

Attachment A

Period (s) ended June 30, 2014

               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

EX-99.906 CERT

Section 906 Certifications

I, Jonathan S. Horwitz, the Principal Executive Officer of the Funds listed on Attachment A, certify that, to my knowledge:

1. The form N-CSR of the Funds listed on Attachment A for the period ended June 30, 2014 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended June 30, 2014 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A.

Date: August 26, 2014

/s/ Jonathan S. Horwitz

______________________

Jonathan S. Horwitz

Principal Executive Officer

Section 906 Certifications

I, Steven D. Krichmar, the Principal Financial Officer of the Funds listed on Attachment A, certify that, to my knowledge:

1. The form N-CSR of the Funds listed on Attachment A for the period ended June 30, 2014 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended June 30, 2014 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A.

Date: August 26, 2014

/s/ Steven D. Krichmar

______________________

Steven D. Krichmar

Principal Financial Officer

Attachment A

N-CSR

Period (s) ended June 30, 2014

               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

EX-99.CODE ETH

   a_nf68mod10.htm

EX-99.CODE ETH

THE PUTNAM FUNDS 

Code of Ethics

Each of The Putnam Funds (the “Funds”) has determined to adopt this Code of Ethics with respect to certain activities by officers and Trustees of the Funds which might be deemed to create possible conflicts of interest and to establish reporting requirements and enforcement procedures with respect to such activities.

I. Rules Applicable to Officers and Trustees Affiliated with Putnam Investments Trust or Its Subsidiaries

A. Incorporation of Adviser’s Code of Ethics. The provisions of the Code of Ethics for employees of Putnam Investments Trust and its subsidiaries (the “Putnam Investments Code of Ethics”), which is attached as Appendix A hereto, are hereby incorporated herein as the Funds’ Code of Ethics applicable to officers and Trustees of the Funds who are employees of the Funds or officers, directors or employees of Putnam Investments Trust or its subsidiaries. A violation of the Putnam Investments’ Code of Ethics shall constitute a violation of the Funds’ Code.

B. Reports. Officers and Trustees of each of the Funds who are made subject to the Putnam Investments’ Code of Ethics pursuant to the preceding paragraph shall file the reports required by the Putnam Investments’ Code of Ethics with the Code of Ethics Officer designated therein. A report filed with the Code of Ethics Officer shall be deemed to be filed with each of the Funds of which the reporting individual is an officer or Trustee.

C. Review and Reporting.

(1) The Code of Ethics Officer shall cause the reported personal securities transactions to be compared with completed and contemplated portfolio transactions of each of the Funds to determine whether a violation of this Code may have occurred. Before making any determination that a violation has been committed by any person, the Code of Ethics Officer shall give such person an opportunity to supply additional explanatory material.

(2) If the Code of Ethics Officer determines that a violation of any provision of this Code has or may have occurred, he shall submit his written determination, together with any additional explanatory material, to the Audit and Compliance Committee of the Funds at its next meeting when Code of Ethics matters are discussed.

D. Sanctions. In addition to reporting violations of this Code to the Audit and Compliance Committee of the Funds as provided in Section I-C(2), the Code of Ethics Officer shall also report to such Committee any sanctions imposed with

respect to such violations. The Committee reserves the right to impose such additional sanctions as it deems appropriate.

II. Rules Applicable to Unaffiliated Trustees

A. Definitions.

(1) “Beneficial ownership” shall be interpreted in the same manner as it would be in determining whether a person is subject to the provisions of Section 16 of the Securities Exchange Act of 1934 and the rules and regulations thereunder.

(2) “Control” means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company.

(3) “Covered Person” means an affiliated person of the Fund, who is not made subject to the Putnam Investments Code of Ethics pursuant to Part I hereof.

(4) “Interested Trustee” means a Trustee of a Fund who is an “interested person” of the Fund within the meaning of the Investment Company Act of 1940, as amended (the “Investment Company Act”).

(5) “Purchase or sale of a security” includes, among other things, the writing of an option to purchase or sell a security.

(6) “Security” shall have the same meaning as that set forth in Section 2(a)(36) of the Investment Company Act (in effect, all securities) except that it shall not include securities issued by the Government of the United States or an agency thereof, bankers’ acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt investments, including repurchase agreements, and shares of registered open-end investment companies, but shall include any security convertible into or exchangeable for a security.

(7) “Security Held or to be Acquired by a Fund” means: (i) any security, as defined herein, which, within the most recent 15 days: (A) is or has been held by the Fund, or (B) is being or has been considered by the Fund or Putnam Investments for purchase by the Fund, and (ii) any option to purchase or sell, and any security convertible into or exchangeable for, a security described in (i) above.

(8) “Unaffiliated Trustee” means a Trustee who is not made subject to the Putnam Investments Code of Ethics pursuant to Part I hereof.

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B. Prohibited Actions. No Covered Person, in connection with the purchase or sale, directly or indirectly, by such Covered Person of a security held or to be acquired by the Fund, shall:

(1) Employ any device, scheme or artifice to defraud the Fund;

(2) Make any untrue statement of a material fact to the Fund or omit to state a material fact necessary in order to make the statements made to the Fund, in light of the circumstances under which they are made, not misleading;

(3) Engage in any act, practice or course of business that operates or would operate as a fraud or deceit on the Fund; or

(4) Engage in any manipulative practice with respect to the Fund.

C. Reporting.

(1) Every Unaffiliated Trustee of a Fund shall file with the Funds’ Compliance Liaison a report containing the information described in Section II-C(2) of this Code with respect to purchases or sales of any security in which such Unaffiliated Trustee has, or by reason of such transaction acquires, any direct or indirect beneficial ownership, if such Trustee, at the time of that transaction, knew or, in the ordinary course of fulfilling his or her official duties as a Trustee of the Fund, should have known that, during the 15-day period immediately preceding or after the date of the transaction by the Trustee:

(a) such security was or is to be purchased or sold by the Fund or

(b) such security was or is being considered for purchase or sale by the Fund;

provided, however, that an Unaffiliated Trustee shall not be required to make a report with respect to transactions effected for any account over which such person does not have any direct or indirect influence or control.

(2) Every report shall be made not later than 10 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall contain the following information:

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(a) The date of the transaction, the title, the number of shares, the interest rate and maturity date (if applicable) and the principal amount of each security involved;

(b) The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

(c) The price at which the transaction was effected;

(d) The name of the broker, dealer or bank with or through whom the transaction was effected; and

(e) The date that the report is submitted by each Unaffiliated Trustee.

(3) Any such report may contain a statement that the report shall not be construed as an admission by the person making such report that he has any direct or indirect beneficial ownership in the security to which the report relates.

(4) Notwithstanding anything to the contrary contained herein, an Unaffiliated Trustee who is an “interested person” of the Funds shall file the reports required by Rule 17j-1(d)(1) under the Investment Company Act with the Code of Ethics Officer of Putnam Investments. Such reports shall be reviewed by such Officer as provided in Section I-C(1) and any related violations shall be reported by him to the Audit and Compliance Committee as provided in Section I-C(2). The Committee may impose such additional sanctions as it deems appropriate.

D. Review and Reporting.

(1) The Compliance Liaison of the Funds, in consultation with the Code of Ethics Officer of Putnam Investments, shall cause the reported personal securities transactions that he receives pursuant to Section II-C(1) to be compared with completed and contemplated portfolio transactions of the Funds to determine whether any prohibited action listed in Section II-B may have occurred.

(2) Before making any determination that a violation of this Code has occurred, the Compliance Liaison shall give the person involved an opportunity to supply additional information regarding the transaction in question.

E. Sanctions. If the Compliance Liaison determines that a violation of this Code has occurred, he shall so advise the Funds’ Audit and Compliance Committee, and provide the Committee with a report of the matter, including any additional information supplied by such person. The Committee may impose such sanctions as it deems appropriate.

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III. Miscellaneous

A. Amendments to the Putnam Investments’ Code of Ethics. Any amendment to the Putnam Investments’ Code of Ethics shall be deemed an amendment to Section 1-A of this Code effective 30 days after written notice of such amendment shall have been received by the Chairman of the Funds, unless the Trustees of the Funds expressly determine that such amendment shall become effective at an earlier or later date or shall not be adopted.

B. Records. The Funds shall maintain records in the manner and to the extent set forth below, which records may be maintained on microfilm under the conditions described in Rule 31a-2(f)(1) under the Investment Company Act and shall be available for examination by representatives of the Securities and Exchange Commission.

(1) A copy of this Code and any other code which is, or at any time within the past five years has been, in effect shall be preserved in an easily accessible place;

(2) A record of any violation of this Code and of any action taken as a result of such violation shall be preserved in an easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation occurs;

(3) A copy of each report made by an officer or Trustee pursuant to this Code shall be preserved for a period of not less than five years from the end of the fiscal year in which it is made, the first two years in an easily accessible place;

(4) A list of all persons who are, or within the past five years have been, required to make reports pursuant to this Code shall be maintained in an easily accessible place; and

(5) To the extent any record required to be kept by this section is also required to be kept by Putnam Investments pursuant to the Putnam Investments’ Code of Ethics, Putnam Investments shall maintain such record on behalf of the Funds as well.

C. Confidentiality. All reports of securities transactions and any other information filed with any Fund pursuant to this Code shall be treated as confidential, but are subject to review as provided herein and by personnel of the Securities and Exchange Commission.

D. Interpretation of Provisions. The Trustees may from time to time adopt such interpretations of this Code as they deem appropriate.

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E. Delegation by Chairman. The Chairman of the Funds may from time to time delegate any or all of his or her responsibilities under this Code, either generally or as to specific instances, to such officer or Trustee of the Funds as he or she may designate.

As revised June 17, 2011

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