Prospectus Supplement	December 1, 2017
Putnam Multi-Cap Core Fund
Prospectus dated August 30, 2017

Effective November 30, 2017, the sub-section Your fund’s management - Portfolio manager in the section Fund summary is replaced in its entirety with the following:

Portfolio manager
Gerard Sullivan, Portfolio Manager, portfolio manager of the fund since 2008

Assistant portfolio manager
Arthur Yeager, Portfolio Manager, Analyst, assistant portfolio manager of the fund since 2017

The following replaces similar disclosure under the sub-section The fund’s investment manager – Portfolio manager in the section Who oversees and manages the fund?:

• Portfolio managers. The officers of Putnam Management identified below are primarily responsible for the day-to-day management of the fund’s portfolio.

Portfolio manager	Joined fund	Employer	Positions over past five years
Gerard Sullivan	2008	Putnam Management	Portfolio Manager
		2008–Present
Assistant portfolio manager	Joined fund	Employer	Positions over past five years
Arthur Yeager	2017	Putnam Management	Portfolio Manager, Analyst
		2017–Present	Previously, Analyst
		Raymond James &	Senior Vice President
		Associates, Inc.
		2003–2017

The SAI provides information about these individuals’ compensation, other accounts managed by these individuals and these individuals’ ownership of securities in the fund.

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Statement of Additional Information Supplement	December 1, 2017
Putnam Multi-Cap Core Fund
Statement of Additional Information dated August 30, 2017

Effective November 30, 2017, the sub-sections Other accounts managed and Ownership of securities in the PORTFOLIO MANAGER section are supplemented to reflect that the fund’s portfolio managers are now Gerard Sullivan and Arthur Yeager. These sub-sections are also supplemented with regards solely to Mr. Yeager as follows:

Other accounts managed

The following table shows the number and approximate assets of other investment accounts (or portions of investment accounts) that the fund’s portfolio manager managed as of November 13, 2017. The other accounts may include accounts for which the individual was not designated as a portfolio manager. Unless noted, none of the other accounts pays a fee based on the account's performance.

					Other accounts (including
					separate accounts, managed
			Other accounts that pool		account programs and
Portfolio	Other SEC-registered open-		assets from more than one		single-sponsor defined
manager	end and closed-end funds		client		contribution plan offerings)
	Number		Number		Number
	of		of		of
	accounts	Assets	accounts	Assets	accounts	Assets
Arthur Yeager	0	$0	0	$0	1	$4,800,000

Ownership of securities

The dollar range of shares of the fund owned by the portfolio manager as of November 13, 2017, including investments by immediate family members and amounts invested through retirement and deferred compensation plans, was as follows:

Portfolio manager	Dollar range of shares owned
Arthur Yeager	$1-$10,000

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