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2025-08-31 0.1185 0.1587 -0.1121 0.0578 0.4230 -0.1755 0.2247 0.3671 -0.0416 -0.2759 0.0167 0.2911 0.1485 0.2776 -0.1394 0.2956 0.1655 0.2133 -0.1435 0.2436 0.1064 0.2730 0.1229 0.4669 -0.0670 0.4720 0.7049 0.1126 -0.3244 0.5341 N-1A PUTNAM FUNDS TRUST 2026-01-01 Fund summary Goal <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial narrow;">The fund seeks long-term capital appreciation.</div> Fees and expenses <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial narrow;">The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. <span style="font-weight: bold;">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.</span> 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 <span style="font-style: italic;">How do I buy fund shares?</span> beginning on page 21 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in <span style="font-style: italic;">How to buy shares</span> beginning on page 28 of the fund’s Statement of Additional Information (“SAI”).</div> 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) 0.0094 0.0025 0.0034 0.0002 0.0155 -0.0026 0.0129 0.0094 0.0100 0.0034 0.0002 0.0230 -0.0026 0.0204 0.0094 0.0050 0.0034 0.0002 0.0180 -0.0026 0.0154 0.0094 0 0.0018 0.0002 0.0114 -0.0025 0.0089 0.0094 0 0.0034 0.0002 0.0130 -0.0026 0.0104 Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. December 31, 2026 Example <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial narrow;">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 (except that any applicable fee waiver or expense reimbursement is reflected only through its expiration date). Your actual costs may be higher or lower.</div> 699 1012 1348 2294 307 693 1206 2427 207 693 1206 2427 157 541 951 2095 91 338 604 1365 106 387 688 1545 Portfolio turnover <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial narrow;">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 96%.</div> 0.96 Investments, risks, and performanceInvestments <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial narrow;">The fund invests mainly in common stocks (growth or value stocks or both) of emerging market companies of any size that the Investment Manager, as defined below, believes have favorable investment potential. For example, the</div><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial narrow;">fund may purchase stocks of companies with stock prices that reflect a value lower than that which the Investment Manager places on the company. The Investment manager may also consider other factors that it believes will cause the stock price to rise. Under normal circumstances, the fund invests at least 80% of its net assets in equity securities of emerging market companies. This policy may be changed only after 60 days’ notice to shareholders.</div><div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial narrow;">Emerging markets include countries in the MSCI Emerging Market Index or that the Investment Manager considers to be emerging markets based on its evaluation of their level of economic development or the size and nature of their securities markets. The Investment Manager 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. The Investment Manager may also use derivatives, such as futures, options, certain foreign currency transactions, warrants and swap contracts, for both hedging and non-hedging purposes.</div><div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial narrow;">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 invest in a limited number of issuers.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial narrow;">It is important to understand that you can lose money by investing in the fund.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial narrow;"><span style="font-weight: bold;">Market risk:</span> 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, asset class, 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.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial narrow;"><span style="font-weight: bold;">Common stock risk:</span> Common stock represents an ownership interest in a company. The value of a company’s stock may fall or fail to rise as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company’s products or services. A stock’s value may also fall because of factors affecting not just the company, but also other companies in the same industry or in a number of different industries, such as increases in production costs. 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.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial narrow;"><span style="font-weight: bold;">Geographic focus risk:</span> Investments focused in a single region may be affected by common economic forces and other factors. In addition, events in any one country within the region may impact the other countries or the region as a whole. 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</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial narrow;">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.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial narrow;"><span style="font-weight: bold;">Foreign investments risk:</span> 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 economic sanctions or currency or other restrictions, or high levels of inflation), and may be or become illiquid.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial narrow;"><span style="font-weight: bold;">Non-diversified fund risk:</span> 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, country or issuer, which may result in greater losses and volatility for the fund.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial narrow;"><span style="font-weight: bold;">Derivatives risk:</span> The fund’s 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 risk (e.g., insufficient legal documentation or contract enforceability issues).</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial narrow;"><span style="font-weight: bold;">Large shareholder transaction risk:</span> The fund is subject to the risk that shareholders will purchase or redeem large quantities of shares of the fund. The fund may be an investment option for mutual funds that are managed by the Investment Manager 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. In addition, a large number of shareholders may collectively purchase or redeem fund shares in large amounts rapidly or unexpectedly. Large shareholder transactions may adversely affect the fund’s liquidity and net assets. These redemptions may also adversely affect the fund’s performance if the fund is forced to sell securities, which may also increase the fund’s brokerage costs.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial narrow;"><span style="font-weight: bold;">Management and operational risk:</span> There is no guarantee that the investment techniques, analyses, or judgments that the Investment Manager applies in</div><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial narrow;">making investment decisions for the fund will produce the intended outcome or that the investments selected for the fund will perform as well as other securities that were not selected for the fund. The Investment Manager, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund.</div> An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial narrow;">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance and an additional index with characteristics relevant to the fund. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial narrow;">Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown.</div> The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance and an additional index with characteristics relevant to the fund. www.franklintempleton.com The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. Annual total returns for class A shares before sales charges <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: simhei; font-size: 8.5pt; width: 98%; border-spacing: 0px; margin-left: auto;"> <tr> <td style="width: 79%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 6%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 13%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 0.75pt solid #7f7f7f; height: 1.5pt;"> </td> <td colspan="2" style="border-top: 0.75pt solid #7f7f7f; height: 1.5pt;"> </td> <td colspan="2" style="border-top: 0.75pt solid #7f7f7f; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: simhei; font-size: 8.5pt;"> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #7f7f7f; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8.5pt; font-family: arial narrow;">Best Quarter:</div> </td> <td style="border-bottom: 0.75pt solid #7f7f7f; vertical-align: bottom;">  </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #7f7f7f; vertical-align: top; text-align: right;"><span style="font-family: arial narrow;">Q2 2020</span></td> <td style="border-bottom: 0.75pt solid #7f7f7f; vertical-align: bottom;">  </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #7f7f7f; vertical-align: bottom; text-align: right;"><span style="font-family: arial narrow;">     24.75%</span></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 1.5pt;"></td> <td colspan="2" style="height: 1.5pt;"></td> <td colspan="2" style="height: 1.5pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: simhei; font-size: 8.5pt;"> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #7f7f7f; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8.5pt; font-family: arial narrow;">Worst Quarter:</div> </td> <td style="border-bottom: 0.75pt solid #7f7f7f; vertical-align: bottom;">  </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #7f7f7f; vertical-align: top; text-align: right;"><span style="font-family: arial narrow;">Q1 2020</span></td> <td style="border-bottom: 0.75pt solid #7f7f7f; vertical-align: bottom;">  </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #7f7f7f; vertical-align: bottom; text-align: right;"><span style="font-family: arial narrow;">-18.49%</span></td> </tr> <tr style="font-size: 1pt;"> <td colspan="5" style="height: 1.5pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: simhei; font-size: 8.5pt;"> <td colspan="5" style="padding-bottom: 1pt; border-bottom: 0.75pt solid #7f7f7f; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8.5pt; font-family: arial narrow;">As of September 30, 2025, the fund’s year-to-date return was 27.83%.</div> </td> </tr> </table> Best Quarter: 2020-06-30 0.2475 Worst Quarter: 2020-03-31 -0.1849 2025-09-30 year-to-date return 0.2783 Average annual total returns after sales charges (for periods ended 12/31/24) 0.0920 0.0299 0.0457 0.0911 0.0259 0.0431 0.0607 0.0237 0.0371 0.1406 0.0346 0.0457 0.1563 0.0397 0.0493 0.1628 0.0466 0.0559 0.1618 0.0450 0.0547 0.0553 0.0410 0.0480 0.0750 0.0170 0.0364 <div style="margin-top: 20pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial narrow;">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.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial narrow;">Class C share performance reflects conversion to class A shares after eight years.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial narrow;">Important data provider notices and terms are available at <span style="text-decoration: underline;"><span style="font-family: arial narrow; color: #388791;">www.franklintempletondatasources.com</span></span><span style="font-family: arial narrow;">. Such information is subject to change. </span></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. 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. 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.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. Fund summary Goal <div style="margin-top:6pt;margin-bottom:0pt;margin-left:1%;font-size:9pt;font-family:arial;">The fund seeks capital appreciation. </div> Fees and expenses <div style="margin-top:6pt;margin-bottom:0pt;margin-left:1%;font-size:9pt;font-family:arial;">The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. <span style="font-weight:bold">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.</span> 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 <span style="font-style:italic">How do I buy fund shares?</span> beginning on page 20 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in <span style="font-style:italic">How to buy shares</span> beginning on page 28 of the fund’s Statement of Additional Information (“SAI”). </div> 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) 0.0060 0.0025 0.0023 0.0108 0.0060 0.0100 0.0023 0.0183 0.0060 0.0050 0.0023 0.0133 0.0060 0 0.0011 0.0071 0.0060 0 0.0023 0.0083 Example <div style="margin-top:6pt;margin-bottom:0pt;margin-left:1%;font-size:9pt;font-family:arial;">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 </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:1%;font-size:9pt;font-family:arial;"> 5% return on your investment each year and that the fund’s operating expenses remain the same (except that any applicable fee waiver or expense reimbursement is reflected only through its expiration date). Your actual costs may be higher or lower. </div> 679 899 1136 1817 286 576 991 1951 186 576 991 1951 135 421 728 1600 73 228 396 882 85 265 461 1025 Portfolio turnover <div style="margin-top:6pt;margin-bottom:0pt;margin-left:1%;font-size:9pt;font-family:arial;">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 31%. </div> 0.31 Investments, risks, and performance Investments <div style="margin-top:6pt;margin-bottom:0pt;margin-left:1%;font-size:9pt;font-family:arial;">The fund invests mainly in equity securities (growth or value stocks or both) of large and midsize companies that the Investment Manager, as defined below, believes have favorable investment potential. The Investment Manager 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, the fund invests 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. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:1%;font-size:9pt;font-family:arial;">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 invest in a limited number of issuers. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:1%;font-size:9pt;font-family:arial;">It is important to understand that you can lose money by investing in the fund. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:1%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Market risk:</span> 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, </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:1%;font-size:9pt;font-family:arial;"> outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, asset class, 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. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:1%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Common stock risk: </span>Common stock represents an ownership interest in a company. The value of a company’s stock may fall or fail to rise as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company’s products or services. A stock’s value may also fall because of factors affecting not just the company, but also other companies in the same industry or in a number of different industries, such as increases in production costs. Companies whose stocks the Investment Manager believes 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.<span style="font-weight:bold"> </span></div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:1%;font-size:9pt;font-family:arial;"><span style="font-weight:bold"></span><span style="font-weight:bold">Industry or sector concentration risk: </span>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 industries or sectors. For example, the fund may invest a significant portion of its assets in companies in the information technology sector that may be significantly affected by technological obsolescence or innovation, short product cycles, falling prices and profits, competitive pressures and general market conditions. <span style="font-weight:bold"> </span></div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:1%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Non-diversified fund risk:</span> 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, country or issuer, which may result in greater losses and volatility for the fund.<span style="font-weight:bold"> </span></div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:1%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Large shareholder transaction risk: </span>The fund is subject to the risk that shareholders will purchase or redeem large quantities of shares of the fund. The fund may be an investment option for mutual funds that are managed by the Investment Manager 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. In addition, a large number of shareholders may collectively purchase or redeem fund shares in large amounts rapidly or unexpectedly. Large shareholder transactions may adversely affect the fund’s liquidity and net assets. These redemptions may also adversely affect the fund’s performance if the fund is forced to sell securities, which may also increase the fund’s brokerage costs.<span style="font-weight:bold"> </span></div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Management and operational risk: </span>There is no guarantee that the investment techniques, analyses, or judgments that the Investment Manager applies in making investment decisions for the fund will produce the intended outcome or that the investments selected for the fund will perform as well as other securities that were not selected for the fund. The Investment Manager, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund.<span style="font-weight:bold"> </span></div> An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance <div style="margin-top:12pt;margin-bottom:0pt;margin-left:1%;font-size:9pt;font-family:arial;">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the Putnam Focused Equity Linked Benchmark, which represents the performance of the MSCI World Industries Index-NR through June 23, 2019, and the performance of the S&amp;P 500 Index thereafter. 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. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:1%;font-size:9pt;font-family:arial;"><span style="font-style:italic">The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </span></div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:1%;font-size:9pt;font-family:arial;">Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. </div> The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the Putnam Focused Equity Linked Benchmark, which represents the performance of the MSCI World Industries Index-NR through June 23, 2019, and the performance of the S&P 500 Index thereafter. www.franklintempleton.com The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. Annual total returns for class A shares before sales charges <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8.5pt;width:99%;border-spacing:0px;margin-left:auto"> <tr> <td style="width:81%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt;background-color:#cceeff"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">Best Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">Q2 2020</span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">    </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">22.95%</span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">Worst Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">Q1 2020</span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">-21.68%</span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt;background-color:#cceeff"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">As of September 30, 2025, the fund’s year-to-date return was 14.76%.</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> </tr> </table> Best Quarter: 2020-06-30 0.2295 Worst Quarter: 2020-03-31 -0.2168 2025-09-30 year-to-date return 0.1476 Average annual total returns after sales charges (for periods ended 12/31/24) 0.2169 0.1288 0.1179 0.1900 0.1128 0.1036 0.1489 0.0984 0.0923 0.2715 0.1337 0.1178 0.2879 0.1395 0.1218 0.2964 0.1469 0.1285 0.2946 0.1452 0.1274 0.2381 0.1386 0.1255 0.2502 0.1453 0.1310 0.2502 0.1453 0.1189 <div style="margin-top:18pt;margin-bottom:0pt;margin-left:1%;font-size:9pt;font-family:arial;">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. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:1%;font-size:9pt;font-family:arial;">Class C share performance reflects conversion to class A shares after eight years. </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:1%;font-size:8pt;font-family:arial;">Important data provider notices and terms are available at <span style="font-family:arial;font-size:8pt;color:#467886"><span style="text-decoration:underline">www.franklintempletondatasources.com</span></span><span style="font-family:arial">. Such information is subject to change. </span></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. 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. 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.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. Fund summary Goal <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial narrow;">The fund seeks capital appreciation. </div> Fees and expenses <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial narrow;">The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. <span style="font-weight:bold">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.</span> 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 <span style="font-style:italic">How do I buy fund shares?</span> beginning on page 21 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in <span style="font-style:italic">How to buy shares</span> beginning on page 28 of the fund’s Statement of Additional Information (“SAI”). </div> 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) 0.0060 0.0025 0.0019 0.0104 0.0060 0.0100 0.0019 0.0179 0.0060 0.0050 0.0019 0.0129 0.0060 0 0.0009 0.0069 0.0060 0 0.0019 0.0079 Example <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial narrow;">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 </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial narrow;"> 5% return on your investment each year and that the fund’s operating expenses remain the same (except that any applicable fee waiver or expense reimbursement is reflected only through its expiration date). Your actual costs may be higher or lower. </div> 675 887 1116 1772 282 564 970 1909 182 564 970 1909 131 408 707 1556 70 221 384 859 81 253 439 978 Portfolio turnover <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial narrow;">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 66%. </div> 0.66 Investments, risks, and performance Investments <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial narrow;">As a non‑diversified fund concentrating in the technology industries, the fund invests mainly in common stocks (growth or value stocks or both) of large and midsize companies worldwide that the Investment Manager, as defined below, believes have favorable investment potential. Under normal circumstances, the fund invests at least 80% of its 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. The fund may purchase stocks of companies with stock prices that reflect a value lower than that which that Investment Manager places on the company. The Investment Manager 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. The Investment Manager may also consider other factors that it believes will cause the stock price to rise. The fund 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, the fund typically uses 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. </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial narrow;">The use of the term “global” in the fund’s name is meant to emphasize that the Investment Manager looks for investment opportunities on a worldwide basis and that the fund’s 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 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). </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial narrow;">It is important to understand that you can lose money by investing in the fund. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial narrow;"><span style="font-weight:bold">Market risk: </span>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, asset class, 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. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial narrow;"><span style="font-weight:bold">Common stock risk: </span>Common stock represents an ownership interest in a company. The value of a company’s stock may fall or fail to rise as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company’s products or services. A stock’s value may also fall because of factors affecting not just the company, but also other companies in the same industry or in a number of different industries, such as increases in production costs. 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. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial narrow;"><span style="font-weight:bold">Industry focus risk:</span> Companies in the technology industries may be affected by technological obsolescence, short product cycles, falling prices and profits, competitive pressures and general market conditions. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial narrow;"><span style="font-weight:bold">Non‑diversified fund risk:</span> The fund’s 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, country or issuer, which may result in greater losses and volatility for the fund. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial narrow;"><span style="font-weight:bold">Foreign investments risk: </span>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 </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial narrow;"> imposition of economic sanctions or currency or other restrictions, or high levels of inflation), and may be or become illiquid. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial narrow;"><span style="font-weight:bold">Derivatives risk: </span>The fund’s 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 risk (e.g., insufficient legal documentation or contract enforceability issues). </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial narrow;"><span style="font-weight:bold">Short sales risk:</span> The fund may engage in short sales, which are transactions in which the fund sells a security it does not own to a third party by borrowing the security in anticipation of purchasing the same security at the market price on a later date to close out the short position. If the price of the security sold short increases between the time of the short sale and the time the fund replaces the borrowed security, the fund will incur a loss that is theoretically unlimited. The fund’s investment strategy of reinvesting proceeds received from selling securities short may effectively create leverage, which can amplify the effects of market volatility on the fund’s share price and make the fund’s returns more volatile. The use of leverage may also cause the fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial narrow;"><span style="font-weight:bold">Large shareholder transaction risk: </span>The<span style="font-weight:bold"> </span>fund is subject to the risk that shareholders will purchase or redeem large quantities of shares of the fund. The fund may be an investment option for mutual funds that are managed by the Investment Manager 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. In addition, a large number of shareholders may collectively purchase or redeem fund shares in large amounts rapidly or unexpectedly. Large shareholder transactions may adversely affect the fund’s liquidity and net assets. These redemptions may also adversely affect the fund’s performance if the fund is forced to sell securities, which may also increase the fund’s brokerage costs. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial narrow;"><span style="font-weight:bold">Management and operational risk: </span>There is no guarantee that the investment techniques, analyses, or judgments that the Investment Manager applies in making investment decisions for the fund will produce the intended outcome or that the investments selected for the fund will perform as well as other securities that were not selected for the fund. The Investment Manager, or the </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial narrow;"> fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund. </div> An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial narrow;">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the Putnam Global Technology Linked Benchmark, 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. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial narrow;"><span style="font-style:italic">The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </span></div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial narrow;">Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. </div> The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the Putnam Global Technology Linked Benchmark, 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. www.franklintempleton.com The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. Annual total returns for class A shares before sales charges <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:8.5pt;width:98%;border-spacing:0px;margin-left:auto"> <tr> <td style="width:79%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:6%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:13%;"></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:0.75pt solid #7f7f7f;height:1.5pt;"> </td> <td colspan="2" style="BORDER-TOP:0.75pt solid #7f7f7f;height:1.5pt;"> </td> <td colspan="2" style="BORDER-TOP:0.75pt solid #7f7f7f;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8.5pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">Best Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:top;text-align:right;"><span style="font-family:arial narrow">Q2 2020</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">     36.66%</span></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="2" style="height:1.5pt;"></td> <td colspan="2" style="height:1.5pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8.5pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">Worst Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:top;text-align:right;"><span style="font-family:arial narrow">Q4 2018</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">-19.72%</span></td> </tr> <tr style="font-size:1pt"> <td colspan="5" style="height:1.5pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8.5pt"> <td colspan="5" style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">As of September 30, 2025, the fund’s year‑to‑date return was 22.65%.</div> </td> </tr> </table> Best Quarter: 2020-06-30 0.3666 Worst Quarter: 2018-12-31 -0.1972 2025-09-30 year‑to‑date return 0.2265 Average annual total returns after sales charges (for periods ended 12/31/24) 0.1998 0.1872 0.1943 0.1808 0.1576 0.1708 0.1299 0.1405 0.1552 0.2534 0.1924 0.1942 0.2699 0.1984 0.1984 0.2775 0.2057 0.2053 0.2762 0.2044 0.2044 0.1749 0.1006 0.0923 0.3159 0.2050 0.1916 0.3159 0.2069 0.1950 <div style="margin-top:24pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial narrow;">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. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial narrow;">Class C share performance reflects conversion to class A shares after eight years. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial narrow;">Important data provider notices and terms are available at <span style="font-family:arial narrow;font-size:9pt;color:#388791"><span style="text-decoration:underline">www.franklintempletondatasources.com</span></span><span style="font-family:arial narrow">. Such information is subject to change. </span></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. 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. 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.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. 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 base management fee prior to any performance adjustment was 0.903%. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. The Investment Manager, as defined below, has contractually agreed to waive fees and/or reimburse operating expenses of the fund (exclusive of payments under the fund’s distribution plans, payments under the fund’s investor servicing contract, any performance-based upward or downward adjustment to the fund’s base management fee, brokerage, interest, taxes, investment-related expenses (including borrowing costs, i.e., short selling and lines of credit costs), extraordinary expenses, and acquired fund fees and expenses) so that the total annual fund operating expenses will not exceed 0.78% of the fund’s average net assets. Additionally, the Investment Manager has agreed to reduce its fees by an amount equal to the management fees paid by Franklin Templeton affiliated funds with respect to assets the fund invests in such affiliated funds. These obligations may not be modified or discontinued prior to December 31, 2026 without 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 been adjusted, returns would have been higher. 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 been adjusted, returns would have been higher. 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 been adjusted, returns would have been higher.