Putnam Multi-Cap Value Fund - Putnam Investments

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Absolute ReturnAbsolute Return 100 Fund®Absolute Return 300 Fund®Absolute Return 500 Fund®Absolute Return 700 Fund®Global SectorGlobal Consumer FundGlobal Energy FundGlobal Financials FundGlobal Health Care FundGlobal Industrials FundGlobal Natural Resources FundGlobal Sector FundGlobal Technology FundGlobal Telecommunications FundGlobal Utilities FundAsset AllocationPutnam Global Asset Allocation Funds —portfolios with allocations to stocks, bonds,and money market instruments that areadjusted dynamically within specified rangesas market conditions change.Dynamic Asset Allocation Balanced FundDynamic Asset AllocationConservative FundDynamic Asset Allocation Growth FundDynamic Risk Allocation FundPutnam RetirementReady® Funds — portfolioswith automatically adjusting allocations tostocks, bonds, and money market instruments,becoming more conservative over time.RetirementReady 2055 FundRetirementReady 2050 FundRetirementReady 2045 FundRetirementReady 2040 FundRetirementReady 2035 FundRetirementReady 2030 FundRetirementReady 2025 FundRetirementReady 2020 FundRetirementReady 2015 FundPutnam Retirement Income LifestyleFunds — portfolios with managedallocations to stocks, bonds, and moneymarket investments to generateretirement income.Retirement Income Fund Lifestyle 1Retirement Income Fund Lifestyle 2Retirement Income Fund Lifestyle 3Check your account balances and the most recent month-end performance in the Individual Investors sectionat putnam.com.44 Multi-Cap Value Fund
Fund informationFounded over 75 years ago, Putnam Investments was built around the concept that a balancebetween risk and reward is the hallmark of a well-rounded financial program. We manage over100 funds across income, value, blend, growth, asset allocation, absolute return, and globalsector categories.Investment ManagerPutnam InvestmentManagement, LLCOne Post Office SquareBoston, MA 02109Investment Sub-ManagerPutnam Investments Limited57–59 St James’s StreetLondon, England SW1A 1LDMarketing ServicesPutnam Retail ManagementOne Post Office SquareBoston, MA 02109CustodianState Street Bankand Trust CompanyLegal CounselRopes & Gray LLPTrusteesJameson A. Baxter, ChairLiaquat AhamedRavi AkhouryBarbara M. BaumannCharles B. CurtisRobert J. DarrettaKatinka DomotorffyJohn A. HillPaul L. JoskowKenneth R. LeiblerRobert E. PattersonGeorge Putnam, IIIRobert L. ReynoldsW. Thomas StephensOfficersRobert L. ReynoldsPresidentJonathan S. HorwitzExecutive Vice President,Principal Executive Officer, andCompliance LiaisonSteven D. KrichmarVice President andPrincipal Financial OfficerRobert T. BurnsVice President andChief Legal OfficerRobert R. LeveilleVice President andChief Compliance OfficerMichael J. HigginsVice President, Treasurer,and ClerkJanet C. SmithVice President,Principal Accounting Officer,and Assistant TreasurerSusan G. MalloyVice President andAssistant TreasurerJames P. PappasVice PresidentMark C. TrenchardVice President andBSA Compliance OfficerNancy E. FlorekVice President, Director ofProxy Voting and CorporateGovernance, Assistant Clerk,and Associate TreasurerThis report is for the information of shareholders of Putnam Multi-Cap Value Fund. It may alsobe used as sales literature when preceded or accompanied by the current prospectus, the mostrecent copy of Putnam’s Quarterly Performance Summary, and Putnam’s Quarterly RankingSummary. For more recent performance, please visit putnam.com. Investors should carefullyconsider the investment objectives, risks, charges, and expenses of a fund, which are described inits 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’sStatement of Additional Information contains additional information about the fund’s Trusteesand is available without charge upon request by calling 1-800-225-1581.
Page 1 and 2: PutnamMulti-CapValue FundFUND SYMBO
Page 3 and 4: Message from the TrusteesDear Fello
Page 5 and 6: PerformancesnapshotAnnualized total
Page 7 and 8: For the six months overall, the bro
Page 9 and 10: Which individual holdings made the
Page 11 and 12: Please note that the holdings discu
Page 13 and 14: Comparative index returns For perio
Page 15 and 16: Expenses per $1,000The following ta
Page 17 and 18: Other information for shareholdersI
Page 19 and 20: shareholders and Putnam Management
Page 21 and 22: for mutual funds than for instituti
Page 23 and 24: The Trustees considered that the te
Page 25 and 26: The fund’s portfolio 10/31/13 (Un
Page 27 and 28: COMMON STOCKS (96.8%)* cont. Shares
Page 29 and 30: ASC 820 establishes a three-level h
Page 31 and 32: Statement of operations Six months
Page 33 and 34: Financial highlights (For a common
Page 35 and 36: Notes to financial statements 10/31
Page 37 and 38: things, the parties’ general obli
Page 39 and 40: continuance, effective October 8, 2
Page 41 and 42: Six months ended 10/31/13 Year ende
Page 43: The Putnam family of fundsThe follo

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