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, 2015

Date of reporting period : July 1, 2014 — June 30, 2015

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 | 15

Message from the Trustees	1
About the fund	2
Performance snapshot	4
Interview with your fund’s portfolio manager	5
Your fund’s performance	11
Your fund’s expenses	13
Terms and definitions	15
Other information for shareholders	16
Important notice regarding Putnam’s privacy policy	17
Trustee approval of management contract	18
Financial statements	23
Federal tax information	52
About the Trustees	53
Officers	55

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 a variety of 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:

Looking back on the first half of 2015, we can highlight some transitions in the financial markets. The U.S. economy has rallied from a brief dip during the first quarter, and bond yields have risen on a sustained basis in recent months. Firmer data on employment growth, wage gains, and consumer prices underscore this progress.

The Federal Reserve is monitoring these and other indicators as it considers raising interest rates, an action it has not taken since 2006. Higher interest rates can pose a risk to fixed-income investments, while also having a less direct impact on stocks by adding to business financing costs, among other effects.

Through mid-2015, U.S. stock market averages have continued near record-high levels. Although gains have been modest this year, the U.S. market has been more placid than China’s market, in which a dizzying advance gave way to a sharp pullback in June, and European markets that were caught up in Greece’s debt crisis. Global market conditions, we believe, call for a well-crafted and flexible strategy.

With the possibility that markets could move in different directions from here, it might be a prudent time to consult your financial advisor and determine whether any adjustments or additions to your portfolio are warranted.

In the following pages, your portfolio manager provides a perspective for your consideration. Putnam’s disciplined fundamental research promotes a culture of thinking proactively about risks. We share with Putnam’s managers a deep conviction that an active, research-driven approach can play a valuable role in your portfolio.

As always, thank you for investing with Putnam. We would also like to extend our thanks to Charles Curtis, who has retired from the Board of Trustees, for his many years of dedicated service.

Respectfully yours,

Robert L. Reynolds
President and Chief Executive Officer
Putnam Investments

Jameson A. Baxter
Chair, Board of Trustees

August 5, 2015

Performance
snapshot

Annualized total return (%) comparison as of 6/30/15

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 11–13 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

What can you tell us about the investing environment for the 12-month reporting period ended June 30, 2015?

In terms of U.S. stock market performance, the first half of the period was markedly different from the second half. During the first six months, stocks were fairly volatile, particularly in October, when they declined nearly 10% in response to global geopolitical tensions, slowing growth in Europe and China, and falling oil prices. Stocks recovered by the end of October, but experienced declines again in December. The market quickly rebounded from those losses as well, and stocks ended the calendar year well into positive territory. In fact, at the close of 2014, the S&P 500 Index, a broad measure of U.S. stock performance, posted its third consecutive double-digit annual return.

At the start of 2015, market dynamics began to change, and stock performance was essentially flat for the next six months — the second half of the reporting period. Market conditions remained somewhat choppy through the winter months, as investors grew concerned about the effects of unusually harsh weather on U.S. economic growth. At the same time, two additional factors — U.S. dollar strength and energy sector weakness — began to weigh more heavily on investors’ minds and on corporate earnings. In 2014, the price of oil dropped more than 40%, resulting in severe declines for energy stocks. In addition, the strengthening U.S. dollar hurt the earnings

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 6/30/15. See pages 4 and 11–13 for additional fund performance information. Index descriptions can be found on page 15.

Multi-Cap Growth Fund     5

of U.S. companies that depend on non-U.S. markets for revenue. When a company’s costs are in U.S. dollars, but revenues are in a weaker currency, it can take a toll on profits. Despite these challenges and a market that moved sideways in the second half of the period, stocks overall delivered a positive return for the 12-month period.

How did the fund perform for the period?

The fund’s class A shares delivered a return of 8.53% at net asset value, underperforming the fund’s benchmark, which gained 10.69%, and the average return of the fund’s Lipper peer group, which was 9.41%.

What are some holdings that detracted from fund performance relative to the benchmark?

The biggest disappointment for the period was an overweight position versus the benchmark in the stock of Micron Technology, a maker of semiconductor devices that are used in computers and mobile devices such as smartphones and tablets. Micron has struggled competitively and its earnings weakened considerably in recent months. One issue is demand — many of Micron’s products are used in PCs, a market in which demand has declined dramatically. Another area where Micron has been challenged is chip design. All major semiconductor companies are competing to shrink the size of their chips, which improves their performance and reduces their costs. It is a complex and expensive undertaking, especially with chips that are already incredibly tiny, and Micron has not made sufficient progress. Despite its recent underperformance, Micron remained in the portfolio at the close of the period, but we are monitoring it carefully to determine its long-term potential and the company’s ability to weather these challenges.

The stock of Melco Crown Entertainment, a casino developer and operator in Macao,

Sector allocations

Allocations are shown as a percentage of the fund’s net assets as of 6/30/15. Cash 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

“Despite several challenges and a
market that moved sideways in the
second half of the period, stocks
overall delivered a positive return.”

Rob Brookby

China, also detracted from performance for the period. The gaming industry in China faced a number of obstacles throughout 2014, and casino business slowed dramatically. Weaker economic growth and a crackdown on corruption in China discouraged many gamblers from visiting casinos. More recently, new headwinds have emerged, including a proposed smoking ban and rumors that the government may limit visa travel to Macao, which would further depress volume in Macao casinos. In addition, many casino operators worldwide are in the process of expanding into Macao or adding to existing properties, which could create an unappealing supply/demand situation — many more casinos for far fewer visitors. This stock also remained in the portfolio at the close of the period, but we are keeping a careful watch on developments in Macao.

Finally, the plunge in oil prices that caused severe declines in the energy sector took its toll on the stock of Halliburton, an oilfield services company. The fund’s overweight position in Halliburton versus the benchmark detracted from fund performance for the period. By the close of the period, Halliburton had been sold from the portfolio.

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

The top performer for the period was the stock of Cubist Pharmaceuticals, a company that specializes in developing antibacterial drugs for use in hospitals. The stock price advanced during the period, particularly after the announcement that Cubist was being acquired by Merck, the second-largest U.S.

Top 10 holdings

This table shows the fund’s top 10 holdings by percentage of the fund’s net assets as of 6/30/15. Short-term holdings and derivatives, if any, are excluded. Holdings may vary over time.

Multi-Cap Growth Fund     7

pharmaceutical company. We added Cubist to the portfolio because of the company’s expertise with products that are considered to be “scarce assets” — that is, few companies specialize in anti-infective treatments, giving Cubist an attractive growth profile, in our view. Cubist was acquired by Merck in January 2015 and was not a fund holding at the close of the period.

The struggles in the energy sector are also reflected in the top performers, as a significant contributor to the fund’s performance was our decision to maintain an underweight position in Schlumberger, an oilfield services provider.

Another highlight for the fund was the stock of CVS Health, a retailer and pharmacy benefit manager. The company has two primary business segments: CVS, its nationwide network of retail stores and pharmacies, and Caremark, a pharmacy benefit manager, or PBM. PBMs administer drug benefit programs for employers and health insurance carriers. CVS has been increasingly successful with its PBM business, efficiently integrating employer health programs with its network of retail stores, where its popular in-store MinuteClinics make CVS the country’s biggest operator of health clinics. In addition, investors may have been attracted to the retail strength of CVS, viewing its network of stores as stable consumer-oriented businesses that could benefit from trends such as improving employment and lower gasoline prices.

What role did derivatives play in the portfolio?

Although derivative investments were not a significant part of the portfolio, they did affect performance during the period. Specifically,

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 notes 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

forward currency contracts were used to hedge foreign exchange risk.

What is your outlook for the markets and the economy?

Overall, I believe that U.S. stocks can deliver positive returns in the months ahead, but performance is not likely to be as strong as it was in 2014. In my view, we could see earnings growth improve for U.S. businesses in the second half of 2015. In addition, the prospects for U.S. economic growth appear positive, boosted by what we believe to be a healing housing market, a brighter employment picture, and improving investor sentiment.

Of course, there are potential headwinds and risks, including a likely hike in short-term interest rates by the U.S. Federal Reserve, which could cause some disruption in the market. There are also concerns in overseas markets that could affect U.S. stock performance. China’s economic growth has been undeniably weaker than expected, and financial markets in the eurozone may experience some disruptions in response to the Greek debt crisis.

Thank you, Rob, for your insights and time.

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

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

Multi-Cap Growth Fund     9

IN THE NEWS

China’s market has been on a roller-coaster ride in 2015, giving global investors another source of concern for the second half of the year. The Shanghai Composite Index rose over 150% year-over-year during the rally, which began in late 2014, fueled by a surge in margin lending from brokerage firms and a growing retail investor base. According to data from the China Securities Depository and Clearing Corporation, more than 40 million new trading accounts opened in China this spring as individuals rushed to join a national fever of speculation. Prices peaked in June and then plunged by nearly one third in a matter of weeks. The widespread sell-off coincided with news that the Chinese government was tightening controls over firms engaged in short-selling and margin-lending activities. Authorities reversed course to stem the rout, with the People’s Bank of China deciding to cut interest rates and loosen the reserve requirements of banks. Also, nearly two dozen brokerage firms have set up a fund with $19.4 billion to help stabilize the market through stock purchases. Additionally, the country’s two major stock exchanges, Shanghai and Shenzhen, agreed to halt all new initial public offerings. These and other measures appear to have helped the market rebound by as much as 6% as of early July. However, it is unclear what the long-term effect of market losses on consumer spending will be, as well as the impact of government support on market stability, investor confidence, and the economy. For now, projections for China’s growth remain unchanged from its April outlook, as published by the International Monetary Fund.

10     Multi-Cap Growth Fund

Your fund’s performance

This section shows your fund’s performance, price, and distribution information for periods ended June 30, 2015, 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 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 6/30/15

	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)	11.53%	11.27%	11.26%	11.26%	10.70%	10.70%	10.96%	10.80%	11.26%	11.77%
10 years	114.16	101.84	101.68	101.68	98.77	98.77	103.66	96.53	108.83	119.57
Annual average	7.91	7.28	7.27	7.27	7.11	7.11	7.37	6.99	7.64	8.18
5 years	126.87	113.82	118.53	116.53	118.57	118.57	121.30	113.56	124.05	129.75
Annual average	17.80	16.42	16.92	16.71	16.93	16.93	17.22	16.39	17.51	18.10
3 years	70.62	60.81	66.84	63.84	66.85	66.85	68.10	62.22	69.34	71.91
Annual average	19.49	17.16	18.60	17.89	18.61	18.61	18.90	17.50	19.19	19.79
1 year	8.53	2.29	7.73	3.05	7.74	6.79	8.00	4.22	8.28	8.80

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 eight years.

Multi-Cap Growth Fund     11

Comparative index returns For periods ended 6/30/15

	Russell 3000 Growth Index	Lipper Multi-Cap Growth Funds category average*
Annual average (life of fund)	9.48%	10.38%
10 years	140.36	131.51
Annual average	9.17	8.64
5 years	135.09	121.93
Annual average	18.64	17.20
3 years	64.94	63.33
Annual average	18.15	17.70
1 year	10.69	9.41

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 6/30/15, there were 566, 481, 409, 276, and 41 funds, respectively, in this Lipper category.

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

Cumulative total return from 6/30/05 to 6/30/15

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 $20,168 and $19,877, 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 $19,653. A $10,000 investment in the fund’s class R and Y shares would have been valued at $20,883 and $21,957, respectively.

12     Multi-Cap Growth Fund

Fund price and distribution information For the 12-month period ended 6/30/15

Distributions	Class A		Class B	Class C	Class M		Class R	Class Y
Number	1		1	1	1		1	1
Income	$0.237		—	—	—		$0.005	$0.442
Capital gains
Long-term gains	8.500		$8.500	$8.500	$8.500		8.500	8.500
Short-term gains	1.123		1.123	1.123	1.123		1.123	1.123
Total	$9.860		$9.623	$9.623	$9.623		$9.628	$10.065
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
6/30/14	$81.46	$86.43	$69.07	$73.30	$73.81	$76.49	$79.65	$85.51
6/30/15	78.35	83.13	64.63	69.19	69.92	72.46	76.43	82.75

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 6/30/14	1.04%	1.79%	1.79%	1.54%	1.29%	0.79%
Annualized expense ratio for the six-month period ended 6/30/15*†	1.04%	1.79%	1.79%	1.54%	1.29%	0.79%

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 an increase of 0.01% from annualizing the performance fee adjustment for the six months ended 6/30/15.

Multi-Cap Growth Fund     13

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, 2015, to June 30, 2015. 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*†	$5.23	$8.98	$8.98	$7.73	$6.48	$3.97
Ending value (after expenses)	$1,026.60	$1,022.80	$1,022.90	$1,024.00	$1,025.40	$1,027.80

* 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 6/30/15. 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, 2015, use the following calculation method. To find the value of your investment on January 1, 2015, 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*†	$5.21	$8.95	$8.95	$7.70	$6.46	$3.96
Ending value (after expenses)	$1,019.64	$1,015.92	$1,015.92	$1,017.16	$1,018.40	$1,020.88

* 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 6/30/15. 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.

14     Multi-Cap Growth Fund

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 and 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 employer-sponsored retirement 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.

Multi-Cap Growth Fund     15

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, 2015, 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 Form N-Q on the SEC’s website at www.sec.gov. In addition, the fund’s Form 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, 2015, Putnam employees had approximately $494,000,000 and the Trustees had approximately $140,000,000 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.

16     Multi-Cap Growth Fund

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     17

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, 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 and its affiliates 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 2015, 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 2015, the Contract Committee met in executive session to discuss and consider its recommendations with respect to the continuance of the contracts. At the Trustees’ June 19, 2015 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 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, 2015. (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, the costs incurred by Putnam Management in providing services to the

18     Multi-Cap Growth Fund

fund, and the continued application of certain reductions and waivers noted below; and

• 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 funds’ current fee arrangements 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.

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 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 support the effort to have fund expenses 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

Multi-Cap Growth Fund     19

servicing fees and expenses and (ii) a contractual expense limitation applicable to your fund and all but two of the other open-end funds of 20 basis points on so-called “other expenses” (i.e., all expenses exclusive of management fees, distribution fees, investor servicing fees, investment-related expenses, interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses). These expense limitations attempt to maintain competitive expense levels for funds with large numbers of small shareholder accounts and funds with relatively small net assets. Most funds, including your fund, had sufficiently low expenses that these expense limitations were not operative. 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, 2014 (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, 2014 reflected the most recent fiscal year-end data available in Lipper’s database at that time.

In connection with their review of fund management fees and total expenses, 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.

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

20     Multi-Cap Growth Fund

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 2014 was a year of strong competitive performance for many of the Putnam funds, with generally strong results for the U.S. equity, money market and global asset allocation funds, but relatively mixed results for the international and global equity and fixed income funds. They noted that the longer-term performance of the Putnam funds continued to be strong, exemplified by the fact that the Putnam funds were recognized by Barron’s as the sixth-best performing mutual fund complex for the five-year period ended December 31, 2014. They also noted, however, the disappointing investment performance of some funds for periods ended December 31, 2014 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 to be available, the Trustees evaluated performance based on comparisons of fund 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 group (Lipper Multi-Cap Growth Funds) for the one-year, three-year and five-year periods ended December 31, 2014 (the first quartile representing the best-performing funds and the fourth quartile the worst-performing funds):

One-year period	1st
Three-year period	1st
Five-year period	2nd

Over the one-year, three-year and five-year periods ended December 31, 2014, there were 557, 474 and 417 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.)

Multi-Cap Growth Fund     21

The Trustees also considered Putnam Management’s continued efforts to support fund performance through initiatives including structuring compensation for portfolio managers and research analysts to enhance accountability for fund performance, emphasizing accountability in the portfolio management process, and affirming its commitment to a fundamental-driven approach to investing. The Trustees noted further that Putnam Management continued to strengthen its fundamental research capabilities by adding new investment personnel.

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.

22     Multi-Cap Growth Fund

Financial statements

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     23

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, 2015, 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, 2015 by correspondence with the custodian, brokers, and transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
August 5, 2015

24     Multi-Cap Growth Fund

The fund’s portfolio 6/30/15

COMMON STOCKS (97.8%)*	Shares	Value
Aerospace and defense (5.5%)
Bombardier, Inc. Class B (Canada)	5,724,815	$10,312,917
General Dynamics Corp.	183,400	25,985,946
Honeywell International, Inc.	787,400	80,291,178
L-3 Communications Holdings, Inc.	127,600	14,467,288
Northrop Grumman Corp.	328,500	52,109,955
Raytheon Co.	76,300	7,300,384
United Technologies Corp.	284,100	31,515,213
		221,982,881
Airlines (1.1%)
American Airlines Group, Inc.	307,500	12,280,013
Spirit Airlines, Inc. †	521,200	32,366,520
		44,646,533
Banks (1.8%)
Bank of America Corp.	1,709,200	29,090,584
PacWest Bancorp S	655,600	30,655,856
Virgin Money Holdings UK PLC (United Kingdom) †	1,999,781	13,841,196
		73,587,636
Beverages (0.9%)
PepsiCo, Inc.	373,600	34,871,824
		34,871,824
Biotechnology (7.5%)
Alkermes PLC † S	292,200	18,800,148
AMAG Pharmaceuticals, Inc. † S	468,652	32,365,107
Biogen, Inc. †	105,900	42,777,246
BioMarin Pharmaceutical, Inc. †	123,500	16,892,330
Celgene Corp. †	636,868	73,707,918
Gilead Sciences, Inc.	779,033	91,209,184
Neuralstem, Inc. † S	2,527,211	4,902,789
PTC Therapeutics, Inc. † S	163,300	7,859,629
TESARO, Inc. † S	71,200	4,185,848
Vertex Pharmaceuticals, Inc. †	49,379	6,097,319
		298,797,518
Building products (1.3%)
AO Smith Corp.	149,000	10,725,020
Assa Abloy AB Class B (Sweden)	1,026,129	19,322,272
Fortune Brands Home & Security, Inc.	446,400	20,454,048
		50,501,340
Capital markets (2.1%)
Charles Schwab Corp. (The)	1,264,800	41,295,720
Goldman Sachs Group, Inc. (The)	131,000	27,351,490
KKR & Co. LP	744,800	17,018,680
		85,665,890
Chemicals (3.1%)
Axalta Coating Systems, Ltd. †	432,144	14,295,324
Axiall Corp.	586,800	21,154,140
Chemtura Corp. † S	195,700	5,540,267
Dow Chemical Co. (The)	382,900	19,592,993
Huntsman Corp.	968,000	21,363,760
Symrise AG (Germany)	337,396	20,940,036
W.R. Grace & Co. †	229,500	23,018,850
		125,905,370

Multi-Cap Growth Fund     25

COMMON STOCKS (97.8%)* cont.	Shares	Value
Commercial services and supplies (1.1%)
KAR Auction Services, Inc.	435,974	$16,305,428
Tyco International PLC	684,390	26,335,327
		42,640,755
Consumer finance (—%)
Oportun Financial Corp. (acquired 6/23/15, cost $1,831,199) (Private) †ΔΔ F	642,526	1,648,079
		1,648,079
Containers and packaging (0.8%)
Packaging Corp. of America	222,400	13,897,776
Sealed Air Corp.	328,979	16,902,941
		30,800,717
Diversified consumer services (0.3%)
Bright Horizons Family Solutions, Inc. †	219,251	12,672,708
		12,672,708
Diversified financial services (0.3%)
Capitol Acquisition Corp. II †	1,133,800	11,961,590
		11,961,590
Diversified telecommunication services (0.4%)
Level 3 Communications, Inc. †	328,700	17,312,629
		17,312,629
Electrical equipment (0.5%)
Hubbell, Inc. Class B	169,500	18,353,460
		18,353,460
Electronic equipment, instruments, and components (1.1%)
Anixter International, Inc. †	267,218	17,409,253
Cognex Corp.	245,300	11,798,930
Corning, Inc.	758,900	14,973,097
		44,181,280
Energy equipment and services (1.1%)
Baker Hughes, Inc.	414,000	25,543,800
Schlumberger, Ltd.	165,200	14,238,588
Weatherford International PLC †	493,500	6,055,245
		45,837,633
Food and staples retail (2.4%)
Costco Wholesale Corp.	159,300	21,515,058
CVS Health Corp.	393,500	41,270,280
Walgreens Boots Alliance, Inc.	394,200	33,286,248
		96,071,586
Food products (0.7%)
Keurig Green Mountain, Inc.	162,100	12,421,723
Pinnacle Foods, Inc.	385,666	17,563,230
		29,984,953
Health-care equipment and supplies (3.7%)
Becton Dickinson and Co.	142,300	20,156,795
Boston Scientific Corp. †	2,177,900	38,548,830
C.R. Bard, Inc.	191,400	32,671,980
Cooper Cos., Inc. (The)	136,500	24,292,905
GenMark Diagnostics, Inc. † S	920,982	8,344,097
Medtronic PLC	187,600	13,901,160
Spectranetics Corp. (The) † S	355,700	8,184,657
Teladoc, Inc. †	7,934	150,746
		146,251,170
Health-care providers and services (0.4%)
Premier, Inc. Class A †	395,531	15,212,122
		15,212,122

26     Multi-Cap Growth Fund

COMMON STOCKS (97.8%)* cont.	Shares	Value
Health-care technology (0.3%)
Castlight Health, Inc. Class B † S	451,500	$3,675,210
HTG Molecular Diagnostics, Inc. †	283,152	3,157,145
Press Ganey Holdings, Inc. †	149,941	4,298,808
		11,131,163
Hotels, restaurants, and leisure (3.8%)
Bloomin’ Brands, Inc.	1,048,199	22,379,049
Dave & Buster’s Entertainment, Inc. †	311,609	11,245,969
Hilton Worldwide Holdings, Inc. †	2,316,103	63,808,638
Melco Crown Entertainment, Ltd. ADR (Hong Kong) S	1,356,900	26,635,947
Wyndham Worldwide Corp.	345,169	28,272,793
		152,342,396
Household durables (1.7%)
Panasonic Corp. (Japan)	1,858,600	25,536,102
PulteGroup, Inc.	1,706,200	34,379,930
Tempur Sealy International, Inc. †	99,100	6,530,690
		66,446,722
Household products (0.1%)
Edgewell Personal Care Co. ##	40,700	3,972,320
		3,972,320
Independent power and renewable electricity producers (0.5%)
Calpine Corp. †	1,037,836	18,670,670
		18,670,670
Industrial conglomerates (1.0%)
Danaher Corp.	285,200	24,410,268
Siemens AG (Germany)	153,086	15,419,841
		39,830,109
Insurance (0.4%)
Prudential PLC (United Kingdom)	742,244	17,872,794
		17,872,794
Internet and catalog retail (3.4%)
Amazon.com, Inc. †	181,477	78,777,351
Delivery Hero Holding GmbH (acquired 6/12/15, cost $6,354,151) (Private) (Germany) † ΔΔ F	825	5,665,124
Expedia, Inc.	136,800	14,959,080
FabFurnish GmbH (acquired 8/2/13, cost $69) (Private) (Brazil) † ΔΔ F	52	43
Global Fashion Holding SA (acquired 8/2/13, cost $3,488,697) (Private) (Brazil) † ΔΔ F	82,353	2,139,962
New Bigfoot Other Assets GmbH (acquired 8/2/13, cost $69) (Private) (Brazil) † ΔΔ F	52	43
New Middle East Other Assets GmbH (acquired 8/2/13, cost $29) (Private) (Brazil) † ΔΔ F	22	18
Priceline Group, Inc. (The) †	30,690	35,335,545
		136,877,166
Internet software and services (9.4%)
Alibaba Group Holding, Ltd. ADR (China) † S	221,252	18,202,402
Baidu, Inc. ADR (China) †	113,300	22,555,764
Facebook, Inc. Class A †	1,577,700	135,311,441
Google, Inc. Class A †	146,348	79,033,774
Google, Inc. Class C †	159,183	82,856,343
GrubHub, Inc. †	163,800	5,580,666
Pandora Media, Inc. † S	815,300	12,669,762

Multi-Cap Growth Fund     27

COMMON STOCKS (97.8%)* cont.	Shares	Value
Internet software and services cont.
Twitter, Inc. †	252,200	$9,134,684
Yahoo!, Inc. †	324,200	12,737,818
		378,082,654
IT Services (2.1%)
Visa, Inc. Class A	1,223,300	82,144,595
		82,144,595
Life sciences tools and services (1.0%)
Agilent Technologies, Inc.	611,400	23,587,812
Waters Corp. †	121,300	15,572,494
		39,160,306
Machinery (1.1%)
Middleby Corp. (The) †	265,800	29,830,734
Wabtec Corp.	131,100	12,354,864
		42,185,598
Media (3.0%)
DISH Network Corp. Class A †	123,600	8,368,956
Liberty Global PLC Ser. A (United Kingdom) †	364,700	19,719,329
Lions Gate Entertainment Corp.	332,600	12,322,830
Live Nation Entertainment, Inc. †	1,351,837	37,161,999
Time Warner Cable, Inc.	161,700	28,810,089
Time Warner, Inc.	150,000	13,111,500
		119,494,703
Metals and mining (0.2%)
Hi-Crush Partners LP (Units)	197,200	6,052,068
		6,052,068
Multiline retail (0.6%)
Dollar General Corp.	287,800	22,373,572
		22,373,572
Oil, gas, and consumable fuels (3.4%)
Anadarko Petroleum Corp.	96,100	7,501,566
Cabot Oil & Gas Corp.	706,100	22,270,394
EOG Resources, Inc.	268,100	23,472,155
EP Energy Corp. Class A † S	670,300	8,532,919
Gulfport Energy Corp. †	533,300	21,465,325
QEP Resources, Inc.	726,100	13,440,111
Scorpio Tankers, Inc.	1,498,140	15,116,233
Suncor Energy, Inc. (Canada)	565,985	15,588,378
Whiting Petroleum Corp. †	258,403	8,682,341
		136,069,422
Personal products (1.1%)
Coty, Inc. Class A †	448,300	14,332,151
Estee Lauder Cos., Inc. (The) Class A	325,900	28,242,494
		42,574,645
Pharmaceuticals (5.8%)
Allergan PLC †	252,200	76,532,612
Bristol-Myers Squibb Co.	652,400	43,410,696
Cardiome Pharma Corp. (Canada) †	750,800	7,065,028
Jazz Pharmaceuticals PLC †	215,367	37,919,668
Mylan NV † S	433,951	29,447,915
Perrigo Co. PLC	116,700	21,569,661
Teva Pharmaceutical Industries, Ltd. ADR (Israel)	293,200	17,328,120
		233,273,700

28     Multi-Cap Growth Fund

COMMON STOCKS (97.8%)* cont.	Shares	Value
Real estate investment trusts (REITs) (0.7%)
American Tower Corp. R	312,902	$29,190,628
		29,190,628
Real estate management and development (0.8%)
Kennedy-Wilson Holdings, Inc.	556,800	13,691,712
RE/MAX Holdings, Inc. Class A	558,179	19,820,936
		33,512,648
Road and rail (2.3%)
Genesee & Wyoming, Inc. Class A †	129,925	9,897,687
Old Dominion Freight Line, Inc. †	217,600	14,928,448
Union Pacific Corp.	704,700	67,207,239
		92,033,374
Semiconductors and semiconductor equipment (4.0%)
Applied Micro Circuits Corp. † S	768,100	5,184,675
Avago Technologies, Ltd.	84,900	11,285,757
Freescale Semiconductor, Ltd. † S	537,695	21,491,669
Intel Corp.	429,000	13,048,035
Lam Research Corp.	220,766	17,959,314
Maxim Integrated Products, Inc.	299,800	10,365,585
Micron Technology, Inc. †	1,613,373	30,395,947
ON Semiconductor Corp. †	1,743,700	20,383,853
Skyworks Solutions, Inc.	277,800	28,918,980
		159,033,815
Software (5.8%)
Activision Blizzard, Inc.	1,089,801	26,384,082
Autodesk, Inc. †	333,100	16,679,983
Microsoft Corp.	666,600	29,430,390
Mobileye NV (Israel) † S	296,395	15,759,322
Oracle Corp.	678,100	27,327,430
Red Hat, Inc. †	342,911	26,037,232
Salesforce.com, Inc. †	564,500	39,306,135
SS&C Technologies Holdings, Inc.	268,020	16,751,250
TiVo, Inc. †	2,416,219	24,500,461
TubeMogul, Inc. †	569,800	8,142,442
		230,318,727
Specialty retail (3.0%)
Advance Auto Parts, Inc.	142,500	22,698,825
DavidsTea, Inc. (Canada) † S	219,208	4,710,780
Five Below, Inc. † S	488,093	19,294,316
Home Depot, Inc. (The)	331,400	36,828,482
Tiffany & Co.	175,893	16,146,977
TJX Cos., Inc. (The)	328,344	21,726,522
		121,405,902
Technology hardware, storage, and peripherals (4.8%)
Apple, Inc.	1,247,532	156,471,701
SanDisk Corp.	396,855	23,104,898
Western Digital Corp.	175,700	13,778,394
		193,354,993
Textiles, apparel, and luxury goods (1.2%)
NIKE, Inc. Class B	290,900	31,423,018
Tumi Holdings, Inc. † S	866,700	17,784,684
		49,207,702

Multi-Cap Growth Fund     29

COMMON STOCKS (97.8%)* cont.	Shares	Value
Trading companies and distributors (0.2%)
HD Supply Holdings, Inc. †	208,100	$7,320,957
		7,320,957
Total common stocks (cost $3,254,816,368)		$3,912,821,023

CONVERTIBLE PREFERRED STOCKS (0.2%)*	Shares	Value
Oportun Financial Corp. Ser. A-1, 8.00% cv. pfd. (acquired 6/23/15, cost $4,999) (Private) † ΔΔ F	1,754	$4,499
Oportun Financial Corp. Ser. B-1, 8.00% cv. pfd. (acquired 6/23/15, cost $95,634) (Private) † ΔΔ F	30,360	86,071
Oportun Financial Corp. Ser. C-1, 8.00% cv. pfd. (acquired 6/23/15, cost $224,601) (Private) † ΔΔ F	44,126	202,141
Oportun Financial Corp. Ser. D-1, 8.00% cv. pfd. (acquired 6/23/15, cost $325,791) (Private) † ΔΔ F	64,006	293,211
Oportun Financial Corp. Ser. E-1, 8.00% cv. pfd. (acquired 6/23/15, cost $182,702) (Private) † ΔΔ F	33,279	164,432
Oportun Financial Corp. Ser. F, 8.00% cv. pfd. (acquired 6/23/15, cost $551,501) (Private) † ΔΔ F	71,810	496,351
Oportun Financial Corp. Ser. F-1, 8.00% cv. pfd. (acquired 6/23/15, cost $1,546,855) (Private) † ΔΔ F	542,756	1,392,169
Oportun Financial Corp. Ser. G, 8.00% cv. pfd. (acquired 6/23/15, cost $1,955,989) (Private) † ΔΔ F	686,312	1,760,390
Oportun Financial Corp. Ser. H, 8.00% cv. pfd. (acquired 2/6/15, cost $5,967,941) (Private) † ΔΔ F	2,096,000	5,371,147
UNEXT.com, LLC zero % cv. pfd. (acquired 4/14/00, cost $10,451,238) (Private) † ΔΔ F	125,000	—
Total convertible preferred stocks (cost $21,307,251)		$9,770,411

WARRANTS (—%)* †	Expiration date	Strike price	Warrants	Value
Citigroup, Inc.	1/4/19	$106.10	1,682,858	$1,245,315
Neuralstem, Inc. Ser. J (acquired 1/3/14, cost $—) ΔΔ F	1/3/19	3.64	721,455	—
Total warrants (cost $1,699,687)				$1,245,315

PURCHASED OPTIONS OUTSTANDING (—%)*	Expiration date/ strike price	Contract amount	Value
Coca-Cola Co. (The) (Call)	Aug-15/$50.00	$2,598,142	$8,002
Total purchased options outstanding (cost $233,833)			$8,002

SHORT-TERM INVESTMENTS (6.8%)*	Principal amount/shares		Value
Putnam Cash Collateral Pool, LLC 0.24% d		Shares 192,070,002	$192,070,002
Putnam Short Term Investment Fund 0.10% L		Shares 79,414,641	79,414,641
SSgA Prime Money Market Fund Class N 0.04% P		Shares 1,345,000	1,345,000
U.S. Treasury Bills 0.01%, August 20, 2015 Δ		$328,000	327,994
U.S. Treasury Bills 0.01%, October 15, 2015		250,000	249,985
U.S. Treasury Bills 0.02%, August 13, 2015		440,000	439,991
Total short-term investments (cost $273,847,622)			$273,847,613

TOTAL INVESTMENTS
Total investments (cost $3,551,904,761)	$4,197,692,364

30     Multi-Cap Growth Fund

Key to holding’s abbreviations
ADR	American Depository Receipts: represents ownership of foreign securities on deposit with a custodian bank
bp	Basis points

	Notes to the fund’s portfolio
	Unless noted otherwise, the notes to the fund’s portfolio are for the close of the fund’s reporting period, which ran from July 1, 2014 through June 30, 2015 (the reporting period). Within the following notes to the portfolio, references to “ASC 820” represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to “OTC”, if any, represent over-the-counter.
*	Percentages indicated are based on net assets of $4,001,757,175.
†	This security is non-income-producing.
ΔΔ	This security is restricted with regard to public resale. The total fair value of this security and any other restricted securities (excluding 144A securities), if any, held at the close of the reporting period was $19,223,680, or 0.5% 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.
##	Forward commitment, in part or in entirety (Note 1).
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	This security is valued at fair value following procedures approved by the Trustees. Securities may be classified as Level 2 or Level 3 for ASC 820 based on the securities’ valuation inputs (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.
P	This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period (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 $4,233,312 to cover the settlement of certain securities.
	Unless otherwise noted, the rates quoted in short-term investments security descriptions represent the weighted average yield to maturity.
	Debt obligations are considered secured unless otherwise indicated.
	The dates shown on debt obligations are the original maturity dates.

FORWARD CURRENCY CONTRACTS at 6/30/15 (aggregate face value $64,017,094)
Counterparty	Currency	Contract type	Delivery date	Value	Aggregate face value	Unrealized appreciation/ (depreciation)
Barclays Bank PLC
	Japanese Yen	Sell	8/19/15	$15,617,665	$15,948,890	$331,225
JPMorgan Chase Bank N.A.
	Euro	Sell	9/16/15	11,500,384	11,607,366	106,982
State Street Bank and Trust Co.
	Japanese Yen	Sell	8/19/15	8,482,811	8,563,572	80,761
UBS AG
	Euro	Sell	9/16/15	27,893,455	27,897,266	3,811
Total						$522,779

Multi-Cap Growth Fund     31

WRITTEN OPTIONS OUTSTANDING at 6/30/15 (premiums $25,981)
	Expiration date/ strike price	Contract amount	Value
Coca-Cola Co. (The) (Call)	Aug-15/$55.00	$2,598,142	$811
Total			$811

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 6/30/15
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)
JPMorgan Chase Bank N.A.
baskets                          96,185	$—	7/16/15	(3 month USD-LIBOR-BBA plus 30 bp)	A basket (JPCMPTMD) of common stocks	$1,028,126
baskets                        344,394	—	4/15/16	(3 month USD-LIBOR-BBA plus 0.38%)	A basket (JPCMPNET) of common stocks	(1,125,026)
Total	$—	$(96,900)

32     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	$673,015,681	$—	$7,805,190
	Consumer staples	207,475,328	—	—
	Energy	181,907,055	—	—
	Financials	251,791,186	—	1,648,079
	Health care	743,825,979	—	—
	Industrials	559,495,007	—	—
	Information technology	1,087,116,064	—	—
	Materials	162,758,155	—	—
	Telecommunication services	17,312,629	—	—
	Utilities	18,670,670	—	—
	Total common stocks	3,903,367,754	—	9,453,269
	Convertible preferred stocks	—	—	9,770,411
	Purchased options outstanding	—	8,002	—
	Warrants	1,245,315	—	—
	Short-term investments	80,759,641	193,087,972	—
	Totals by level	$3,985,372,710	$193,095,974	$19,223,680
		Valuation inputs
	Other financial instruments:	Level 1	Level 2	Level 3
	Forward currency contracts	$—	$522,779	$—
	Written options outstanding	—	(811)	—
	Total return swap contracts	—	(96,900)	—
	Totals by level	$—	$425,068	$—
* Common stock classifications are presented at the sector level, which may differ from the fund’s portfolio presentation.
	During the reporting period, transfers within the fair value hierarchy, if any, (other than certain transfers involving non-U.S. equity securities as described in Note 1) did not represent, in the aggregate, more than 1% of the fund’s net assets measured as of the end of the period.
	At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund’s net assets and were not considered a significant portion of the fund’s portfolio.

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

Multi-Cap Growth Fund     33

Statement of assets and liabilities 6/30/15
ASSETS
Investment in securities, at value, including $190,482,115 of securities on loan (Note 1):
Unaffiliated issuers (identified cost $3,280,420,118)	$3,926,207,721
Affiliated issuers (identified cost $271,484,643) (Notes 1 and 5)	271,484,643
Foreign currency (cost $20) (Note 1)	20
Dividends, interest and other receivables	4,284,674
Receivable for shares of the fund sold	845,474
Receivable for investments sold	16,686,336
Unrealized appreciation on forward currency contracts (Note 1)	522,779
Unrealized appreciation on OTC swap contracts (Note 1)	1,028,126
Prepaid assets	30,032
Total assets	4,221,089,805
LIABILITIES
Payable for investments purchased	10,045,290
Payable for purchases of delayed delivery securities (Note 1)	4,234,786
Payable for shares of the fund repurchased	1,906,868
Payable for compensation of Manager (Note 2)	1,963,840
Payable for custodian fees (Note 2)	20,318
Payable for investor servicing fees (Note 2)	1,241,897
Payable for Trustee compensation and expenses (Note 2)	2,283,826
Payable for administrative services (Note 2)	12,356
Payable for distribution fees (Note 2)	2,494,804
Unrealized depreciation on OTC swap contracts (Note 1)	1,125,026
Written options outstanding, at value (premiums $25,981) (Notes 1 and 3)	811
Collateral on securities loaned, at value (Note 1)	192,070,002
Collateral on certain derivative contracts, at value (Note 1)	1,345,000
Other accrued expenses	587,806
Total liabilities	219,332,630
Net assets	$4,001,757,175
REPRESENTED BY
Paid-in capital (Unlimited shares authorized) (Notes 1 and 4)	$3,087,577,564
Undistributed net investment income (Note 1)	17,608,544
Accumulated net realized gain on investments and foreign currency transactions (Note 1)	250,329,879
Net unrealized appreciation of investments and assets and liabilities in foreign currencies	646,241,188
Total — Representing net assets applicable to capital shares outstanding	$4,001,757,175
(Continued on next page)

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

34     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 ($3,627,974,619 divided by 46,303,422 shares)	$78.35
	Offering price per class A share (100/94.25 of $78.35)*	$83.13
	Net asset value and offering price per class B share ($82,571,284 divided by 1,277,640 shares)**	$64.63
	Net asset value and offering price per class C share ($66,682,208 divided by 963,816 shares)**	$69.19
	Net asset value and redemption price per class M share ($57,796,853 divided by 826,600 shares)	$69.92
	Offering price per class M share (100/96.50 of $69.92)*	$72.46
	Net asset value, offering price and redemption price per class R share ($8,888,069 divided by 116,293 shares)	$76.43
	Net asset value, offering price and redemption price per class Y share ($157,844,142 divided by 1,907,421 shares)	$82.75
*	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     35

Statement of operations Year ended 6/30/15
INVESTMENT INCOME
Dividends (net of foreign tax of $481,907)	$42,619,167
Interest (including interest income of $50,138 from investments in affiliated issuers) (Note 5)	50,983
Securities lending (Note 1)	1,824,787
Total investment income	44,494,937
EXPENSES
Compensation of Manager (Note 2)	22,774,687
Investor servicing fees (Note 2)	7,829,318
Custodian fees (Note 2)	82,187
Trustee compensation and expenses (Note 2)	146,824
Distribution fees (Note 2)	11,156,539
Administrative services (Note 2)	100,651
Other	1,162,626
Total expenses	43,252,832
Expense reduction (Note 2)	(210,092)
Net expenses	43,042,740
Net investment income	1,452,197
Net realized gain on investments (Notes 1 and 3)	458,524,659
Net realized loss on swap contracts (Note 1)	(351,489)
Net realized gain on foreign currency transactions (Note 1)	21,046,912
Net realized gain on written options (Notes 1 and 3)	1,462,405
Net unrealized appreciation of assets and liabilities in foreign currencies during the year	1,414,411
Net unrealized depreciation of investments, swap contracts and written options during the year	(153,013,458)
Net gain on investments	329,083,440
Net increase in net assets resulting from operations	$330,535,637

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

36     Multi-Cap Growth Fund

Statement of changes in net assets
INCREASE (DECREASE) IN NET ASSETS	Year ended 6/30/15	Year ended 6/30/14
Operations:
Net investment income	$1,452,197	$12,698,753
Net realized gain on investments and foreign currency transactions	480,682,487	695,506,142
Net unrealized appreciation (depreciation) of investments and assets and liabilities in foreign currencies	(151,599,047)	289,585,324
Net increase in net assets resulting from operations	330,535,637	997,790,219
Distributions to shareholders (Note 1):
From ordinary income
Net investment income
Class A	(10,186,178)	(7,663,055)
Class R	(517)	(2,283)
Class Y	(917,835)	(675,961)
Net realized short-term gain on investments
Class A	(48,281,440)	—
Class B	(1,413,162)	—
Class C	(951,221)	—
Class M	(850,087)	—
Class R	(116,077)	—
Class Y	(2,331,966)	—
From net realized long-term gain on investments
Class A	(365,442,781)	—
Class B	(10,696,236)	—
Class C	(7,199,803)	—
Class M	(6,434,317)	—
Class R	(878,592)	—
Class Y	(17,650,675)	—
Increase (decrease) from capital share transactions (Note 4)	122,582,319	(306,047,496)
Total increase (decrease) in net assets	$(20,232,931)	$683,401,424
NET ASSETS
Beginning of year	4,021,990,106	3,338,588,682
End of year (including undistributed net investment income of $17,608,544 and $10,125,352, respectively)	$4,001,757,175	$4,021,990,106

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

Multi-Cap Growth Fund     37

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	From net realized gain on investments	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, 2015	$81.46	.05	6.70	6.75	(.24)	(9.62)	(9.86)	—	—	$78.35	8.53	$3,627,975	1.04	.06	69
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)	—	—	—	—	.10e,f,g,h	52.15	(2.81)	2,822,270	1.15	.20	57
June 30, 2011	39.22	(.06)	14.49	14.43	—	—	—	—d	.01i,j,k	53.66	36.82	3,283,602	1.22	(.13)	69
Class B
June 30, 2015	$69.07	(.46)	5.64	5.18	—	(9.62)	(9.62)	—	—	$64.63	7.73	$82,571	1.79	(.69)	69
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)	—	—	—	—	.09e,f,g,h	44.60	(3.55)	103,691	1.90	(.56)	57
June 30, 2011	34.05	(.38)	12.56	12.18	—	—	—	—d	.01i,j,k	46.24	35.80	152,335	1.97	(.88)	69
Class C
June 30, 2015	$73.30	(.49)	6.00	5.51	—	(9.62)	(9.62)	—	—	$69.19	7.74	$66,682	1.79	(.69)	69
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)	—	—	—	—	.09e,f,g,h	47.33	(3.55)	47,333	1.90	(.55)	57
June 30, 2011	36.13	(.39)	13.32	12.93	—	—	—	—d	.01i,j,k	49.07	35.81	55,393	1.97	(.88)	69
Class M
June 30, 2015	$73.81	(.31)	6.04	5.73	—	(9.62)	(9.62)	—	—	$69.92	8.00	$57,797	1.54	(.44)	69
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)	—	—	—	—	.09e,f,g,h	47.42	(3.32)	46,932	1.65	(.30)	57
June 30, 2011	36.02	(.28)	13.30	13.02	—	—	—	—d	.01i,j,k	49.05	36.17	58,016	1.72	(.63)	69
Class R
June 30, 2015	$79.65	(.15)	6.56	6.41	(.01)	(9.62)	(9.63)	—	—	$76.43	8.28	$8,888	1.29	(.19)	69
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)	—	—	—	—	.10e,f,g,h	51.03	(3.06)	7,457	1.40	(.05)	57
June 30, 2011	38.57	(.17)	14.23	14.06	—	—	—	—d	.01i,j,k	52.64	36.48	6,553	1.47	(.38)	69
Class Y
June 30, 2015	$85.51	.26	7.04	7.30	(.44)	(9.62)	(10.06)	—	—	$82.75	8.80	$157,844	.79	.30	69
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)	—	—	—	—	.11e,f,g,h	54.70	(2.56)	115,279	.90	.45	57
June 30, 2011	40.93	.04	15.16	15.20	—	—	—	—d	.01i,j,k	56.14	37.16	123,618	.97	.14	69

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

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

38 Multi-Cap Growth Fund Multi-Cap Growth Fund 39

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, if any (Note 2). Also excludes acquired fund fees and expenses, if any.

^d  Amount represents less than $0.01 per share.

^e  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.

^f  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.

^g  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

^h  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.

ⁱ  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.

^j  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.

^k  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.

40     Multi-Cap Growth Fund

Notes to financial statements 6/30/15

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, 2014 through June 30, 2015.

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 goal 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 Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund’s assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.

Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under Accounting Standards Codification 820 Fair Value Measurements and Disclosures (ASC 820). If no sales are

Multi-Cap Growth Fund     41

reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security.

Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.

Market quotations are not considered to be readily available for certain debt obligations and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by Putnam Management. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2. Short-term securities with remaining maturities of 60 days or less may be valued at amortized cost, which approximates fair value, and are classified as Level 2 securities.

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. These securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate.

To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security’s fair value, the security will be valued at fair value by Putnam Management in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.

To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.

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.

Securities purchased or sold on a forward commitment or delayed delivery basis may be settled at a future date beyond customary settlement time; interest income is accrued based on the terms of the securities. Losses may arise due to changes in the fair value of the underlying securities or if the counterparty does not perform under the contract.

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

42     Multi-Cap Growth Fund

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.

Options contracts The fund uses options contracts to manage downside risks.

The potential risk to the fund is that the change in value of options contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. Realized gains and losses on purchased options are included in realized gains and losses on investment securities. If a written call option is exercised, the premium originally received is recorded as an addition to sales proceeds. If a written put option is exercised, the premium originally received is recorded as a reduction to the cost of investments.

Exchange-traded options are valued at the last sale price or, if no sales are reported, the last bid price for purchased options and the last ask price for written options. OTC traded options are valued using prices supplied by dealers.

Options on swaps are similar to options on securities except that the premium paid or received is to buy or grant the right to enter into a previously agreed upon interest rate or credit default contract. Forward premium swap option contracts include premiums that have extended settlement dates. The delayed settlement of the premiums is factored into the daily valuation of the option contracts. In the case of interest rate cap and floor contracts, in return for a premium, ongoing payments between two parties are based on interest rates exceeding a specified rate, in the case of a cap contract, or falling below a specified rate in the case of a floor contract.

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

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

Multi-Cap Growth Fund     43

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 did not have a net liability position on open derivative contracts subject to the Master 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 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 $192,070,002 and the value of securities loaned amounted to $190,482,115.

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 unsecured committed line of credit and a $235.5 million 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% of the committed line of credit and 0.04% 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.

44     Multi-Cap Growth Fund

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, 2015, the fund had a capital loss carryover of $142,316,044 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
$44,620,034	N/A	$44,620,034	June 30, 2016
44,620,034	N/A	44,620,034	June 30, 2017
53,075,976	N/A	53,075,976	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 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 $17,135,525 to increase undistributed net investment income, $14,797 to decrease paid-in-capital and $17,120,728 to decrease 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	$798,455,276
Unrealized depreciation	(159,337,431)
Net unrealized appreciation	639,117,845
Undistributed ordinary income	18,030,539
Capital loss carryforward	(142,316,044)
Undistributed long-term gain	331,024,690
Undistributed short-term gain	68,290,991
Cost for federal income tax purposes	$3,558,574,519

Multi-Cap Growth Fund     45

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.

In addition, 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 rate is +/–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.

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 0.548% of the fund’s average net assets before an increase of $641,803 (0.016% of the fund’s average net assets) based on performance.

Putnam Management has contractually agreed, through October 30, 2016, 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 that included (1) a per account fee for each direct and underlying non-defined contribution account (“retail account”) of the fund and each of the other funds in its specified category, which was totaled and then allocated to each fund in the category based on its average daily net assets; (2) a specified rate of the fund’s assets attributable to defined contribution plan accounts; and (3) for the portion of the fund’s fiscal year beginning after January 1, 2015, a specified rate based on the

46     Multi-Cap Growth Fund

average net assets in retail accounts. Putnam Investor Services has agreed that the aggregate investor servicing fees for each fund’s retail and defined contribution accounts will not exceed an annual rate of 0.320% of the fund’s average assets attributable to such accounts. During the reporting period, the expenses for each class of shares related to investor servicing fees were as follows:

Class A	$7,079,388
Class B	173,231
Class C	125,954
Class M	112,649
Class R	17,365
Class Y	320,731
Total	$7,829,318

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 $6,206 under the expense offset arrangements and by $203,886 under the brokerage/service arrangements.

Each Independent Trustee of the fund receives an annual Trustee fee, of which $2,377, 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.

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	$9,132,266
Class B	893,122
Class C	650,366
Class M	435,996
Class R	44,789
Total	$11,156,539

For the reporting period, Putnam Retail Management Limited Partnership, acting as underwriter, received net commissions of $219,758 and $2,626 from the sale of class A and class M shares, respectively, and received $49,234 and $1,144 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 $389 and no monies on class A and class M redemptions, respectively.

Multi-Cap Growth Fund     47

Note 3: Purchases and sales of securities

During the reporting period, the cost of purchases and the proceeds from sales, excluding short-term investments, were as follows:

	Cost of purchases	Proceeds from sales
Investments in securities (Long-term)	$2,730,046,276	$3,063,789,886
U.S. government securities (Long-term)	—	—
Total	$2,730,046,276	$3,063,789,886

Written option transactions during the reporting period are summarized as follows:

	Written option contract amounts	Written option premiums
Written options outstanding at the beginning of the reporting period	$—	$—
Options opened	4,473,020	1,488,386
Options exercised	—	—
Options expired	(1,874,878)	(1,462,405)
Options closed	—	—
Written options outstanding at the end of the reporting period	$2,598,142	$25,981

Note 4: Capital shares

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

	Year ended 6/30/15		Year ended 6/30/14
Class A	Shares	Amount	Shares	Amount
Shares sold	1,214,938	$96,293,968	1,017,089	$74,276,005
Shares issued in connection with reinvestment of distributions	5,182,291	397,896,352	98,060	7,171,099
	6,397,229	494,190,320	1,115,149	81,447,104
Shares repurchased	(4,567,372)	(364,464,783)	(4,857,919)	(354,732,700)
Net increase (decrease)	1,829,857	$129,725,537	(3,742,770)	$(273,285,596)

	Year ended 6/30/15		Year ended 6/30/14
Class B	Shares	Amount	Shares	Amount
Shares sold	93,066	$6,168,282	100,387	$6,186,854
Shares issued in connection with reinvestment of distributions	184,990	11,765,340	—	—
	278,056	17,933,622	100,387	6,186,854
Shares repurchased	(383,857)	(25,527,362)	(481,880)	(29,844,415)
Net decrease	(105,801)	$(7,593,740)	(381,493)	$(23,657,561)

48     Multi-Cap Growth Fund

	Year ended 6/30/15		Year ended 6/30/14
Class C	Shares	Amount	Shares	Amount
Shares sold	99,301	$7,018,196	69,125	$4,561,327
Shares issued in connection with reinvestment of distributions	111,803	7,611,530	—	—
	211,104	14,629,726	69,125	4,561,327
Shares repurchased	(108,200)	(7,698,435)	(104,363)	(6,956,111)
Net increase (decrease)	102,904	$6,931,291	(35,238)	$(2,394,784)

	Year ended 6/30/15		Year ended 6/30/14
Class M	Shares	Amount	Shares	Amount
Shares sold	20,633	$1,470,707	20,202	$1,344,102
Shares issued in connection with reinvestment of distributions	103,829	7,134,071	—	—
	124,462	8,604,778	20,202	1,344,102
Shares repurchased	(72,971)	(5,204,832)	(89,698)	(5,898,688)
Net increase (decrease)	51,491	$3,399,946	(69,496)	$(4,554,586)

	Year ended 6/30/15		Year ended 6/30/14
Class R	Shares	Amount	Shares	Amount
Shares sold	22,991	$1,781,937	20,365	$1,454,342
Shares issued in connection with reinvestment of distributions	13,260	994,520	32	2,283
	36,251	2,776,457	20,397	1,456,625
Shares repurchased	(36,874)	(2,900,416)	(24,548)	(1,777,647)
Net decrease	(623)	$(123,959)	(4,151)	$(321,022)

	Year ended 6/30/15		Year ended 6/30/14
Class Y	Shares	Amount	Shares	Amount
Shares sold	443,749	$37,348,426	328,557	$25,337,233
Shares issued in connection with reinvestment of distributions	250,078	20,251,294	8,626	661,157
	693,827	57,599,720	337,183	25,998,390
Shares repurchased	(821,286)	(67,356,476)	(361,658)	(27,832,337)
Net decrease	(127,459)	$(9,756,756)	(24,475)	$(1,833,947)

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*	$53,391,813	$795,603,059	$769,580,231	$50,138	$79,414,641
Totals	$53,391,813	$795,603,059	$769,580,231	$50,138	$79,414,641

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

Multi-Cap Growth Fund     49

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:

Purchased equity option contracts (contract amount)	$600,000
Written equity option contracts (contract amount) (Note 3)	$600,000
Forward currency contracts (contract amount)	$114,200,000
OTC total return swap contracts (notional)	$41,900,000
Warrants (number of warrants)	2,400,000

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	$522,779	Payables	$—
Equity contracts	Investments, Receivables	2,281,443	Payables	1,125,837
Total		$2,804,222		$1,125,837

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	Options	Forward currency contracts	Swaps	Total
Foreign exchange contracts	$—	$20,982,474	$—	$20,982,474
Equity contracts	(412,473)	—	(351,489)	(763,962)
Total	$(412,473)	$20,982,474	$(351,489)	$20,218,512

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	Options	Forward currency contracts	Swaps	Total
Foreign exchange contracts	$—	$—	$1,414,276	$—	$1,414,276
Equity contracts	(199,504)	(200,661)	—	(1,770,052)	(2,170,217)
Total	$(199,504)	$(200,661)	$1,414,276	$(1,770,052)	$(755,941)

50     Multi-Cap Growth Fund

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, if any, see Note 1. 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	JPMorgan Chase Bank N.A.	State Street Bank and Trust Co.	UBS AG	Total
Assets:
OTC Total return swap contracts*#	$—	$1,028,126	$—	$—	$1,028,126
Forward currency contracts#	331,225	106,982	80,761	3,811	522,779
Purchased options**#	—	8,002	—	—	8,002
Total Assets	$331,225	$1,143,110	$80,761	$3,811	$1,558,907
Liabilities:
OTC Total return swap contracts*#	—	1,125,026	—	—	1,125,026
Forward currency contracts#	—	—	—	—	—
Written options#	—	811	—	—	811
Total Liabilities	$—	$1,125,837	$—	$—	$1,125,837
Total Financial and Derivative Net Assets	$331,225	$17,273	$80,761	$3,811	$433,070
Total collateral received (pledged)†##	$331,225	$17,273	$—	$(75,000)
Net amount	$—	$—	$80,761	$78,811

*	Excludes premiums, if any. Included in unrealized appreciation and depreciation on OTC swap contracts on the Statement of assets and liabilities.
**	Included with Investments in securities 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.

Multi-Cap Growth Fund     51

Federal tax information (Unaudited)

Pursuant to §852 of the Internal Revenue Code, as amended, the fund hereby designates $372,850,715 as a capital gain dividend with respect to the taxable year ended June 30, 2015, or, if subsequently determined to be different, the net capital gain of such year.

The fund designated 39.02% of ordinary income distributions as qualifying for the dividends received deduction for corporations.

For the reporting period, the fund hereby designates 46.07%, 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 $13,325 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 2016 will show the tax status of all distributions paid to your account in calendar 2015.

52     Multi-Cap Growth Fund

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.

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: Buckeye Partners, L.P., a publicly traded master limited partnership focused on pipeline transport, storage, and distribution of petroleum products; Devon Energy Corporation, a leading independent natural gas and oil exploration and production company

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.

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; Great Lakes Science Center

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

Multi-Cap Growth Fund     53

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: Eversource Corporation, 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: Prior to April 2014, served as Director of 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, 2015, there were 117 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.

54     Multi-Cap Growth Fund

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.

Multi-Cap Growth Fund     55

Putnam family of funds

The following is a list of Putnam’s open-end mutual funds offered to the public. Investors should carefully consider the investment objective, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, contact your financial advisor or call Putnam Investor Services at 1-800-225-1581. Please read the prospectus carefully before investing.

Growth

Growth Opportunities Fund

International Growth Fund

Multi-Cap Growth Fund

Small Cap Growth Fund

Voyager Fund

Blend

Asia Pacific Equity Fund

Capital Opportunities Fund

Capital Spectrum Fund

Emerging Markets Equity Fund

Equity Spectrum Fund

Europe Equity Fund

Global Equity Fund

International Capital Opportunities Fund

International Equity Fund

Investors Fund

Low Volatility Equity Fund

Multi-Cap Core Fund

Research Fund

Strategic Volatility Equity Fund

Value

Convertible Securities Fund

Equity Income Fund

Global Dividend Fund

The Putnam Fund for Growth and Income

International Value Fund

Multi-Cap Value Fund

Small Cap Value Fund

Income

American Government Income Fund

Diversified Income Trust

Emerging Markets Income Fund

Floating Rate Income Fund

Global Income Trust

High Yield Advantage Fund

High Yield Trust

Income Fund

Money Market Fund*

Short Duration Income Fund

U.S. Government Income Trust

Tax-free Income

AMT-Free Municipal Fund

Intermediate-Term Municipal Income Fund

Short-Term Municipal Income Fund

Tax Exempt Income Fund

Tax Exempt Money Market Fund*

Tax-Free High Yield Fund

State tax-free income funds†:

Arizona, California, Massachusetts, Michigan, Minnesota, New Jersey, New York, Ohio, and Pennsylvania.

* An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.

† Not available in all states.

56     Multi-Cap Growth Fund

Absolute Return

Absolute Return 100 Fund^®

Absolute Return 300 Fund^®

Absolute Return 500 Fund^®

Absolute Return 700 Fund^®

Global Sector

Global Consumer Fund

Global Energy Fund

Global Financials Fund

Global Health Care Fund

Global Industrials Fund

Global Natural Resources Fund

Global Sector Fund

Global Technology Fund

Global Telecommunications Fund

Global Utilities Fund

Asset Allocation

George Putnam Balanced Fund

Global Asset Allocation Funds — four investment portfolios that spread your money across a variety of stocks, bonds, and money market instruments.

Dynamic Asset Allocation Balanced Fund

Dynamic Asset Allocation Conservative Fund

Dynamic Asset Allocation Growth Fund

Dynamic Risk Allocation Fund

Retirement Income Lifestyle Funds — portfolios with managed allocations to stocks, bonds, and money market investments to generate retirement income.

Retirement Income Fund Lifestyle 1

Retirement Income Fund Lifestyle 2

Retirement Income Fund Lifestyle 3

RetirementReady^® Funds — portfolios with adjusting allocations to stocks, bonds, and money market instruments, becoming more conservative over time.

RetirementReady^® 2055 Fund

RetirementReady^® 2050 Fund

RetirementReady^® 2045 Fund

RetirementReady^® 2040 Fund

RetirementReady^® 2035 Fund

RetirementReady^® 2030 Fund

RetirementReady^® 2025 Fund

RetirementReady^® 2020 Fund

RetirementReady^® 2015 Fund

Check your account balances and the most recent month-end performance in the Individual Investors section at putnam.com.

Multi-Cap Growth Fund     57

Services for shareholders

Investor services

Systematic investment plan Tell us how much you wish to invest regularly — weekly, semimonthly, or monthly — and the amount you choose will be transferred automatically from your checking or savings account. There’s no additional fee for this service, and you can suspend it at any time. This plan may be a great way to save for college expenses or to plan for your retirement.

Please note that regular investing does not guarantee a profit or protect against loss in a declining market. Before arranging a systematic investment plan, consider your financial ability to continue making purchases in periods when prices are low.

Systematic exchange You can make regular transfers from one Putnam fund to another Putnam fund. There are no additional fees for this service, and you can cancel or change your options at any time.

Dividends PLUS You can choose to have the dividend distributions from one of your Putnam funds automatically reinvested in another Putnam fund at no additional charge.

Free exchange privilege You can exchange money between Putnam funds free of charge, as long as they are the same class of shares. A signature guarantee is required if you are exchanging more than $500,000. The fund reserves the right to revise or terminate the exchange privilege.

Reinstatement privilege If you’ve sold Putnam shares or received a check for a dividend or capital gain, you may reinvest the proceeds with Putnam within 90 days of the transaction and they will be reinvested at the fund’s current net asset value — with no sales charge. However, reinstatement of class B shares may have special tax consequences. Ask your financial or tax representative for details.

Check-writing service You have ready access to many Putnam accounts. It’s as simple as writing a check, and there are no special fees or service charges. For more information about the check-writing service, call Putnam or visit our website.

Dollar cost averaging When you’re investing for long-term goals, it’s time, not timing, that counts. Investing on a systematic basis is a better strategy than trying to figure out when the markets will go up or down. This means investing the same amount of money regularly over a long period. This method of investing is called dollar cost averaging. When a fund’s share price declines, your investment dollars buy more shares at lower prices. When it increases, they buy fewer shares. Over time, you will pay a lower average price per share.

For more information

Visit the Individual Investors section at putnam.com A secure section of our website contains complete information on your account, including balances and transactions, updated daily. You may also conduct transactions, such as exchanges, additional investments, and address changes. Log on today to get your password.

Call us toll free at 1-800-225-1581 Ask a helpful Putnam representative or your financial advisor for details about any of these or other services, or see your prospectus.

58     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

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Trustees

Jameson A. Baxter, Chair
Liaquat Ahamed
Ravi Akhoury
Barbara M. Baumann
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

Multi-Cap Growth Fund     59

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.

60     Multi-Cap Growth Fund

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.

Item 3. Audit Committee Financial Expert:

The Funds’ Audit, Compliance and Distributions 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, Compliance and Distributions 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. Darretta, Mr. Patterson, Mr. Hill, 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, Compliance and Distributions 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, 2015	$168,694	$ —	$5,860	$ —
June 30, 2014	$147,240	$ —	$5,474	$ —

For the fiscal years ended June 30, 2015 and June 30, 2014, the fund’s independent auditor billed aggregate non-audit fees in the amounts of $607,005 and $505,474 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, Compliance and Distributions Committee. The Audit, Compliance and Distribution 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, Compliance and Distributions 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, 2015	$ —	$601,145	$ —	$ —
June 30, 2014	$ —	$500,000	$ —	$ —

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 28, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title):

/s/ Jonathan S. Horwitz
Jonathan S. Horwitz
Principal Executive Officer

Date: August 28, 2015

By (Signature and Title):

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

Date: August 28, 2015