Putnam Multi-Cap Growth Fund

Shareholder Fees PUTNAM MULTI-CAP GROWTH FUND

Class A

Class B

Class C

Class M

Class R

Class Y

Maximum sales charge (load) imposed on purchases (as a percentage of offering price)

5.75%

none

3.50%

none

Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower)

1.00%

^[1]

5.00%

^[2]

1.00%

^[3]

0.65%

^[1]

none

Annual Fund Operating Expenses PUTNAM MULTI-CAP GROWTH FUND

Class A

Class B

Class C

Class M

Class R

Class Y

Management fees

^[1]

0.51%

Distribution and service (12b-1) fees

0.25%

1.00%

0.75%

0.50%

Other expenses

0.28%

Total annual fund operating expenses

1.04%

1.79%

1.54%

1.29%

0.79%

Expense Example PUTNAM MULTI-CAP GROWTH FUND (USD $)

Class A

Class B

Class C

Class M

Class R

Class Y

1 year

675

682

282

501

131

3 years

887

863

563

819

409

252

5 years

1,116

1,170

970

1,160

708

439

10 years

1,773

1,908

2,105

2,120

1,556

978

Expense Example, No Redemption PUTNAM MULTI-CAP GROWTH FUND (USD $)

Class B

Class C

182

563

970

1,908

2,105

Average Annual Total Returns PUTNAM MULTI-CAP GROWTH FUND

1 year

5 years

10 years

Class A

28.44%

17.50%

6.70%

Class A after taxes on distributions

28.37%

17.47%

6.69%

Class A after taxes on distributions and sale of fund shares

16.15%

14.23%

5.43%

Class B

30.27%

17.80%

6.70%

Class C

34.27%

18.02%

6.54%

Class M

30.86%

17.46%

6.42%

Class R

35.91%

18.59%

7.07%

Class Y

36.63%

19.20%

7.61%

Russell 3000 Growth Index (no deduction for fees, expenses or taxes)

34.23%

20.56%

7.95%

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Risk/Return Bar Chart and Table.

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Distribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.

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Risk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.

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This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.

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Total Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."

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Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).

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Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).

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Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investment)

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"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.

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This item represents Average Anuual Total Returns. If a Multiple Class Fund offers a Class in the prospectus that converts into another Class after a stated period, compute average annual total returns in the table by using the returns of the other Class for the period after conversion.

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Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.

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Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.

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Shareholder Fees (fees paid directly from your investment).

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Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.

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PUTNAM MULTI-CAP GROWTH FUND

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		*THE SECURITIES ACT OF 1933*		x
		Pre-Effective Amendment No.		¨
		Post-Effective Amendment No. 29		x


Putnam Multi-Cap Growth Fund
By:		/s/ Jonathan S. Horwitz, Executive Vice President,
		Principal Executive Officer and Compliance Liaison


Signature		Title

Jameson A. Baxter*		Chair, Board of Trustees and Trustee

Robert L. Reynolds*		President and Trustee

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

Steven D. Krichmar*		Vice President and Principal Financial Officer

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

Liaquat Ahamed*		Trustee

Ravi Akhoury*		Trustee

Barbara M. Baumann*		Trustee

Charles B. Curtis*		Trustee

Robert J. Darretta*		Trustee

Katinka Domotorffy*		Trustee



John A. Hill*		Trustee

Paul L. Joskow*		Trustee

Kenneth R. Leibler*		Trustee

Robert E. Patterson*		Trustee

George Putnam, III*		Trustee

W. Thomas Stephens*		Trustee


		*THE INVESTMENT COMPANY ACT OF 1940*		x
		Amendment No. 30		x


By: /s/ Jonathan S. Horwitz, as Attorney-in-Fact November 19, 2014

	*	Signed pursuant to power of attorney filed in Post- Effective Amendment No. 24 to the Registrant’s Registration Statement filed on October 26, 2012.