Putnam Multi-Cap Value Fund - Putnam Investments

COMMON STOCKS (96.8%)* cont. Shares ValueContainers and packaging cont.Sealed Air Corp. 160,600 $4,846,908Silgan Holdings, Inc. 244,600 11,024,122Diversified consumer services (0.8%)19,842,495ITT Educational Services, Inc. † S 74,900 3,004,988Diversified financial services (2.5%)3,004,988Bank of America Corp. 267,300 3,731,508CME Group, Inc. 44,500 3,302,345JPMorgan Chase & Co. 41,311 2,129,169Diversified telecommunication services (0.7%)9,163,022CenturyLink, Inc. S 71,000 2,404,060Electric utilities (2.2%)2,404,060Edison International 50,200 2,461,306FirstEnergy Corp. 63,500 2,404,745Great Plains Energy, Inc. 141,800 3,323,792Electrical equipment (0.8%)8,189,843AMETEK, Inc. 64,775 3,098,188Energy equipment and services (3.1%)3,098,188Halliburton Co. 117,000 6,204,510McDermott International, Inc. † S 197,000 1,392,790Weatherford International, Ltd. † 222,900 3,664,476Health-care equipment and supplies (5.9%)11,261,776Alere, Inc. † 133,575 4,505,485CareFusion Corp. † 71,800 2,783,686Covidien PLC 125,142 8,022,854Merit Medical Systems, Inc. † 401,323 6,417,155Health-care providers and services (2.8%)21,729,180Aetna, Inc. 32,000 2,006,400Mednax, Inc. † S 38,600 4,208,172Tenet Healthcare Corp. † 44,900 2,118,831WellCare Health Plans, Inc. † 29,100 1,940,388Hotels, restaurants, and leisure (0.8%)10,273,791Penn National Gaming, Inc. † S 50,600 2,960,606Household durables (4.4%)2,960,606Garmin, Ltd. S 107,600 5,030,300Harman International Industries, Inc. 82,500 6,684,150Whirlpool Corp. 30,500 4,453,305Insurance (7.0%)16,167,755American International Group, Inc. 103,000 5,319,950Chubb Corp. (The) 28,800 2,651,904Hartford Financial Services Group, Inc. (The) 153,234 5,163,986Marsh & McLennan Cos., Inc. 90,000 4,122,000Multi-Cap Value Fund 25