Putnam Multi-Cap Value Fund - Putnam Investments

Terms and definitionsImportant termsTotal return shows how the value of the fund’sshares changed over time, assuming youheld the shares through the entire period andreinvested all distributions in the fund.Before sales charge, or net asset value, is theprice, or value, of one share of a mutual fund,without a sales charge. Before-sales-chargefigures fluctuate with market conditions, andare calculated by dividing the net assets of eachclass of shares by the number of outstandingshares in the class.After sales charge is the price of a mutual fundshare plus the maximum sales charge leviedat the time of purchase. After-sales-chargeperformance figures shown here assume the5.75% maximum sales charge for class A sharesand 3.50% for class M shares.Contingent deferred sales charge (CDSC) isgenerally a charge applied at the time of theredemption of class B or C shares and assumesredemption at the end of the period. Yourfund’s class B CDSC declines over time from a5% maximum during the first year to 1% duringthe sixth year. After the sixth year, the CDSC nolonger applies. The CDSC for class C shares is1% for one year after purchase.Share classesClass A shares are generally subject to an initialsales charge and no CDSC (except on certainredemptions of shares bought without aninitial sales charge).Class B shares are not subject to an initial salescharge. They may be subject to a CDSC.Class C shares are not subject to an initial salescharge and are subject to a CDSC only if theshares are redeemed during the first year.Class M shares have a lower initial sales chargeand a higher 12b-1 fee than class A shares andno CDSC (except on certain redemptions ofshares bought without an initial sales charge).Class R shares are not subject to an initialsales charge or CDSC and are available only tocertain defined contribution plans.Class Y shares are not subject to an initialsales charge or CDSC, and carry no 12b-1 fee.They are generally only available to corporateand institutional clients and clients in otherapproved programs.Comparative indexesBarclays U.S. Aggregate Bond Index is anunmanaged index of U.S. investment-gradefixed-income securities.BofA Merrill Lynch U.S. 3-Month TreasuryBill Index is an unmanaged index that seeks tomeasure the performance of U.S. Treasury billsavailable in the marketplace.Russell 3000 Value Index is an unmanagedindex of those companies in the broadmarketRussell 3000 Index chosen for theirvalue orientation.S&P 500 Index is an unmanaged index ofcommon stock performance.Indexes assume reinvestment of all distributions and donot account for fees. Securities and performance of afund and an index will differ. You cannot invest directlyin an index.Lipper is a third-party industry-rankingentity that ranks mutual funds. Its rankingsdo not reflect sales charges. Lipper rankingsare based on total return at net asset valuerelative to other funds that have similar currentinvestment styles or objectives as determinedby Lipper. Lipper may change a fund’s categoryassignment at its discretion. Lipper categoryaverages reflect performance trends for fundswithin a category.Multi-Cap Value Fund 15