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Fees and expenses The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial professional and in How do I buy fund shares? beginning on page 17 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in How to buy shares beginning on page II-3 of the fund’s statement of additional information (“SAI”). You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. 50000 Shareholder fees (fees paid directly from your investment) 0.0575 0.0100 0 0.0100 0 0 0 0 0 0 Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment) 0.0085 0.0025 0.0039 0.0001 0.0150 -0.0030 0.0120 0.0085 0.0100 0.0039 0.0001 0.0225 -0.0030 0.0195 0.0085 0.0050 0.0039 0.0001 0.0175 -0.0030 0.0145 0.0085 0 0.0021 0.0001 0.0107 -0.0030 0.0077 0.0085 0 0.0039 0.0001 0.0125 -0.0030 0.0095 December 30, 2025 Example The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Only the first year of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower. 691 995 1322 2243 298 676 1180 2377 198 676 1180 2377 148 523 923 2042 79 312 563 1283 97 368 660 1490 Portfolio turnover The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 55%. 0.55 Investments, risks, and performance Investments We invest mainly in common stocks (growth or value stocks or both) of emerging market companies of any size that we believe have favorable investment potential. For example, we may purchase stocks of companies with stock prices that reflect a value lower than that which we place on the company. We may also consider other factors that we believe will cause the stock price to rise. Under normal circumstances, we invest at least 80% of the fund’s net assets in equity securities of emerging market companies. This policy may be changed only after 60 days’ notice to shareholders. Emerging markets include countries in the MSCI Emerging Market Index or that we consider to be emerging markets based on our evaluation of their level of economic development or the size and nature of their securities markets. We may consider, among other factors, a company’s valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments. We may also use <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt"> </div> derivatives, such as futures, options, certain foreign currency transactions, warrants and swap contracts, for both hedging and non-hedging purposes. The fund is “non-diversified,” which means it may invest in a greater percentage of its assets in fewer issuers than a “diversified” fund. Risks It is important to understand that you can lose money by investing in the fund. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings, may negatively impact the fund’s performance, and may exacerbate other risks to which the fund is subject. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. These risks are generally greater for small and midsize companies. From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the fund more vulnerable to adverse developments affecting those regions, industries or sectors, such as Asian or Pacific Basin countries, which would make the fund more vulnerable to adverse developments affecting those regions, industries or sectors. The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation), and may be or become illiquid. As a non-diversified fund, the fund may invest in fewer issuers and is more vulnerable than a more broadly diversified fund to fluctuations in the values of the securities it holds. Our use of derivatives may increase the risks of investing in the fund by increasing investment exposure (which may be considered leverage) or, in the case of many over-the-counter instruments, because of the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. The risk of a party failing to meet its obligations may increase if the fund has significant exposure to that counterparty. The value of derivatives may move in unexpected ways due to unanticipated market movements, the use of leverage, imperfect correlation between the derivative instrument and the reference asset or other factors, especially in unusual market conditions, and volatility in the value of derivatives could adversely impact the fund’s returns, obligations and <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt"> </div> exposures. Derivatives are also subject to other risks, including liquidity risk (e.g., liquidity demands arising from the requirement to make payments to a derivative counterparty), operational risk (e.g., settlement issues or system failures), and legal risk (e.g., insufficient legal documentation or contract enforceability issues). The fund may be an investment option for mutual funds that are managed by Franklin Resources, Inc. (“Franklin Templeton”) and its affiliates as “funds of funds.” Additionally, other investors from time to time may make substantial investments in the fund. Such shareholders may at times be considered to control the fund. Dispositions of a large number of shares by these shareholders may adversely affect the fund’s liquidity and net assets. These redemptions may also force the fund to sell securities, which may increase the fund’s brokerage costs. There is no guarantee that the investment techniques, analyses, or judgments that we apply in making investment decisions for the fund will produce the intended outcome or that the investments we select for the fund will perform as well as other securities that were not selected for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund. The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. It is important to understand that you can lose money by investing in the fund. As a non-diversified fund, the fund may invest in fewer issuers and is more vulnerable than a more broadly diversified fund to fluctuations in the values of the securities it holds. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at www.franklintempleton.com. The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. The bar chart does not reflect the impact of sales charges. Please remember that past performance is not necessarily an indication of future results. www.franklintempleton.com Annual total returns for class A shares before sales charges -0.0135 -0.1121 0.0578 0.4230 -0.1755 0.2247 0.3671 -0.0416 -0.2759 0.1185 Year-to-date performance through 2024-09-30 0.1974 Best calendar quarter 2020-06-30 0.2475 Worst calendar quarter 2020-03-31 -0.1849 Average annual total returns after sales charges (for periods ended 12/31/23) 0.0542 0.0414 0.0290 0.0545 0.0373 0.0265 0.0358 0.0329 0.0236 0.0999 0.0458 0.0290 0.1157 0.0511 0.0326 0.1242 0.0584 0.0388 0.1214 0.0564 0.0378 0.1562 0.0708 0.0383 0.0983 0.0368 0.0266 <div id="xdx_A8B_err--PerformanceTableClosingTextBlock_z3Zrk2GcEXq1"></div> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. </td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"></td> <td>Class C share performance reflects conversion to class A shares after eight years.</td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"></td> <td>All MSCI indices are provided by MSCI. MSCI makes no warranties and shall have no liability with respect to any MSCI data reproduced herein. No further redistribution or use is permitted. This report is not prepared or endorsed by MSCI. Important data provider notices and terms available at www.franklintempletondatasources.com. You cannot invest directly in an index.</td> </tr> </table> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. Fund summary Goal Putnam Focused Equity Fund seeks capital appreciation. Fees and expenses The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial professional and in How do I buy fund shares? beginning on page 17 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in How to buy shares beginning on page II-3 of the fund’s statement of additional information (“SAI”). You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. 50000 Shareholder fees (fees paid directly from your investment) 0.0575 0.0100 0 0.0100 0 0 0 0 0 0 Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment) 0.0061 0.0025 0.0025 0.0111 0.0061 0.0100 0.0025 0.0186 0.0061 0.0050 0.0025 0.0136 0.0061 0 0.0012 0.0073 0.0061 0 0.0025 0.0086 Example The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt"> </div> on your investment each year and that the fund’s operating expenses remain the same. Your actual costs may be higher or lower. 682 908 1151 1849 289 585 1006 1984 189 585 1006 1984 138 431 745 1635 75 233 406 906 88 274 477 1061 Portfolio turnover The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 30%. 0.30 Investments, risks, and performance Investments We invest mainly in equity securities (growth or value stocks or both) of large and midsize companies that we believe have favorable investment potential. We may consider, among other factors, a company’s valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments. Under normal circumstances, we invest at least 80% of the fund’s net assets in equity investments, including common stocks, preferred stocks, convertible securities, warrants, American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). This policy may be changed only after 60 days’ notice to shareholders. The fund is “non-diversified,” which means it may invest a greater percentage of its assets in fewer issuers than a “diversified” fund. The fund expects to concentrate its investments in a limited number of issuers. Risks It is important to understand that you can lose money by investing in the fund. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings, may negatively impact the fund’s performance, and may exacerbate other risks to which the fund is subject. Companies <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt"> </div> whose stocks we believe are undervalued by the market may have experienced adverse business developments or may be subject to special risks that have caused their stocks to be out of favor. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. The fund will be more susceptible to these risks than other funds because it concentrates its investments in a limited number of issuers or sectors, and the fund may perform poorly as a result of adverse developments affecting those issuers or sectors. These risks are generally greater for small and midsize companies. As a non-diversified fund, the fund invests in fewer issuers and is more vulnerable than a more broadly diversified fund to fluctuations in the values of the securities it holds. The fund may be an investment option for mutual funds that are managed by Franklin Resources, Inc. (“Franklin Templeton”) and its affiliates as “funds of funds.” Additionally, other investors from time to time may make substantial investments in the fund. Such shareholders may at times be considered to control the fund. Dispositions of a large number of shares by these shareholders may adversely affect the fund’s liquidity and net assets. These redemptions may also force the fund to sell securities, which may increase the fund’s brokerage costs. There is no guarantee that the investment techniques, analyses, or judgments that we apply in making investment decisions for the fund will produce the intended outcome or that the investments we select for the fund will perform as well as other securities that were not selected for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund. The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. It is important to understand that you can lose money by investing in the fund. As a non-diversified fund, the fund invests in fewer issuers and is more vulnerable than a more broadly diversified fund to fluctuations in the values of the securities it holds. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. Before June 24, 2019, the fund was managed with a materially different investment strategy and may have achieved materially different performance results under its current investment strategy from that shown for periods before this date. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at www.franklintempleton.com. <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt"> </div> The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. The bar chart does not reflect the impact of sales charges. Please remember that past performance is not necessarily an indication of future results. www.franklintempleton.com Annual total returns for class A shares before sales charges 0.0060 0.0167 0.1485 0.2776 -0.1394 0.2956 0.1655 0.2133 -0.1435 0.2436 Year-to-date performance through 2024-09-30 0.2559 Best calendar quarter 2020-06-30 0.2295 Worst calendar quarter 2020-03-31 -0.2168 Average annual total returns after sales charges (for periods ended 12/31/23) 0.1721 0.1296 0.0904 0.1695 0.1175 0.0728 0.1036 0.0997 0.0655 0.2244 0.1345 0.0903 0.2407 0.1402 0.0942 0.2487 0.1478 0.1006 0.2467 0.1458 0.0996 0.2596 0.1516 0.1148 0.2629 0.1569 0.1203 0.2629 0.1577 0.0947 <div id="xdx_A8D_err--PerformanceTableClosingTextBlock_zUbL1MfW0Kei"></div> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"></td> <td>After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement.</td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"></td> <td>Class C share performance reflects conversion to class A shares after eight years.</td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"></td> <td>Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell ® is a trademark of Frank Russell Company.</td> </tr> </table> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt"> </div> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown After-tax returns are shown for class A shares only and will vary for other classes. Fund summary Goal Putnam Global Technology Fund seeks capital appreciation. Fees and expenses The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial professional and in How do I buy fund shares? beginning on page 18 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in How to buy shares beginning on page II-3 of the fund’s statement of additional information (“SAI”). You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. 50000 Shareholder fees (fees paid directly from your investment) 0.0575 0.0100 0 0.0100 0 0 0 0 0 0 Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment) 0.0061 0.0025 0.0021 0.0107 0.0061 0.0100 0.0021 0.0182 0.0061 0.0050 0.0021 0.0132 0.0061 0 0.0011 0.0072 0.0061 0 0.0021 0.0082 Example The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt"> </div> on your investment each year and that the fund’s operating expenses remain the same. Your actual costs may be higher or lower. 678 896 1131 1806 285 573 985 1940 185 573 985 1940 134 418 723 1590 74 230 401 894 84 262 455 1014 Portfolio turnover The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 55%. 0.55 Investments, risks, and performance Investments For this non-diversified fund concentrating in the technology industries, we invest mainly in common stocks (growth or value stocks or both) of large and midsize companies worldwide that we believe have favorable investment potential. Under normal circumstances, we invest at least 80% of the fund’s net assets in securities of companies in the technology industries. This policy may be changed only after 60 days’ notice to shareholders. Potential investments include companies that have, or will develop, products, processes or services that will provide advances and improvements through technology to consumers, enterprises and governments worldwide. We may purchase stocks of companies with stock prices that reflect a value lower than that which we place on the company. We may consider, among other factors, a company’s valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments. We may also consider other factors that we believe will cause the stock price to rise. We may also use derivatives, such as certain foreign currency transactions, futures, options, warrants and swap contracts, for both hedging and non-hedging purposes, and may engage in short sales of securities. For example, we typically use foreign currency forward contracts in connection with the fund’s investments in foreign securities in order to hedge the fund’s currency exposure relative to the fund’s benchmark index. The use of the term “global” in the fund’s name is meant to emphasize that we look for investment opportunities on a worldwide basis and that our investment strategies are not constrained by the countries or regions in which companies are located. Under normal market conditions, the fund intends to invest in at least five different countries <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt"> </div> and at least 40% of its net assets in securities of foreign companies (or, if less, at least the percentage of net assets that is ten percentage points less than the percentage of the fund’s benchmark represented by foreign companies, as determined by the providers of the benchmark). Risks It is important to understand that you can lose money by investing in the fund. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings, may negatively impact the fund’s performance, and may exacerbate other risks to which the fund is subject. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. These risks are generally greater for small and midsize companies. Companies in the technology industries may be affected by technological obsolescence, short product cycles, falling prices and profits, competitive pressures and general market conditions. Our policy of concentrating on a limited group of industries and the fund’s “non-diversified” status, which means the fund may invest a greater percentage of its assets in fewer issuers than a “diversified fund,” can increase the fund’s vulnerability to adverse developments affecting a single industry or issuer, which may result in greater losses and volatility for the fund. The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation), and may be or become illiquid. Our use of derivatives may increase the risks of investing in the fund by increasing investment exposure (which may be considered leverage) or, in the case of many over-the-counter instruments, because of the potential inability to terminate or sell derivative positions and the potential failure of the other party to the instrument to meet its obligations. The risk of a party failing to meet its obligations may increase if the fund has significant exposure to that counterparty. The value of derivatives may move in unexpected ways due to unanticipated market movements, the use of leverage, imperfect correlation between the derivative instrument and the reference asset, or other factors, especially in unusual market conditions, and volatility in the value of derivatives could adversely impact the fund’s returns, obligations and exposures. Derivatives are also subject to other risks, including liquidity risk (e.g., liquidity demands arising from the requirement to make payments to a derivative counterparty), operational risk (e.g., settlement issues or system failures), and legal <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt"> </div> risk (e.g., insufficient legal documentation or contract enforceability issues). Our use of short selling may result in losses if the securities appreciate in value. The fund may be an investment option for mutual funds that are managed by Franklin Resources, Inc. (“Franklin Templeton”) and its affiliates as “funds of funds.” Additionally, other investors from time to time may make substantial investments in the fund. Such shareholders may at times be considered to control the fund. Dispositions of a large number of shares by these shareholders may adversely affect the fund’s liquidity and net assets. These redemptions may also force the fund to sell securities, which may increase the fund’s brokerage costs. There is no guarantee that the investment techniques, analyses, or judgments that we apply in making investment decisions for the fund will produce the intended outcome or that the investments we select for the fund will perform as well as other securities that were not selected for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund. The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. It is important to understand that you can lose money by investing in the fund. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at www.franklintempleton.com. The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. The bar chart does not reflect the impact of sales charges. Please remember that past performance is not necessarily an indication of future results. www.franklintempleton.com Annual total returns for class A shares before sales charges 0.1351 0.1064 0.1229 0.4669 -0.0670 0.4720 0.7049 0.1126 -0.3244 0.5341 Year-to-date performance through 2024-09-30 0.2700 Best calendar quarter 2020-06-30 0.3666 Worst calendar quarter 2018-12-31 -0.1972 Average annual total returns after sales charges (for periods ended 12/31/23) 0.4459 0.2222 0.1807 0.4446 0.1942 0.1578 0.2649 0.1727 0.1437 0.5125 0.2275 0.1806 0.5303 0.2337 0.1847 0.5396 0.2413 0.1914 0.5381 0.2398 0.1907 0.2220 0.1172 0.0793 0.5102 0.2318 0.1758 0.5102 0.2349 0.1801 <div id="xdx_A8C_err--PerformanceTableClosingTextBlock_zYr6AaLQV8M8"></div> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. </td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> Class C share performance reflects conversion to class A shares after eight years. </td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"></td> <td>All MSCI indices are provided by MSCI. MSCI makes no warranties and shall have no liability with respect to any MSCI data reproduced herein. No further redistribution or use is permitted. This report is not prepared or endorsed by MSCI. Important data provider notices and terms available at www.franklintempletondatasources.com. You cannot invest directly in an index.</td> </tr> </table> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown After-tax returns are shown for class A shares only and will vary for other classes. Applies only to certain redemptions of shares bought with no initial sales charge. This charge is eliminated after one year. Management fees are subject to a performance adjustment. The fund’s base management fee is subject to adjustment, up or down, based on the fund’s performance relative to the performance of the MSCI Emerging Markets Index-NR. For the most recent fiscal year, the fund’s management fee prior to any performance adjustment was 0.91%. Reflects the Investment Manager’s (as defined below) contractual obligation to limit certain fund expenses through December 30, 2025. This obligation may be modified or discontinued only with approval of the Board of Trustees. Performance for class R6 shares prior to their inception (5/22/18) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares; had it, returns would have been higher. The table above compares the fund’s returns to the performance of two indexes: (i) MSCI ACWI ex USA Index-NR, a broad measure of market performance, and (ii) MSCI Emerging Markets Index-NR, an additional index that the Investment Manager believe more closely reflect the fund’s principal investment objective and strategies. Applies only to certain redemptions of shares bought with no initial sales charge. This charge is eliminated after one year. Performance for class R6 shares prior to their inception (5/22/18) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares; had it, returns would have been higher. The table above compares the fund’s returns to the performance of three indexes: (i) the Russell 3000 Index, a broad measure of market performance, (ii) the S&P 500® Index, a broad measure of market performance, and (iii) Putnam Focused Equity Linked Benchmark, an additional, custom index that Putnam Management (defined below) believes more closely reflects the fund’s principal investment objectives and strategies. The Putnam Focused Equity Linked Benchmark represents the performance of the MSCI World Industrials Index-NR through June 23, 2019, and the performance of the S&P 500 Index thereafter. Applies only to certain redemptions of shares bought with no initial sales charge. This charge is eliminated after one year. Performance for class R6 shares prior to their inception (5/22/18) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares; had it, returns would have been higher. The table above compares the fund’s returns to the performance of three indexes: (i) MSCI ACWI Index-NR, a broad measure of market performance, (ii) MSCI ACWI Information Technology Index-NR, an additional index that the Investment Manager believe more closely reflect the fund’s principal investment objective and strategies, and (iii) the Putnam Global Technology Linked Benchmark, an additional, custom index which represents the performance of the MSCI World Information Technology Index-NR through March 31, 2022, and the performance of the MSCI ACWI Information Technology Index-NR thereafter.