Putnam Funds Trust

04/17/2026 | Press release | Distributed by Public on 04/17/2026 07:35

Summary Prospectus by Investment Company (Form 497K)

39115-P3 04/26

PUTNAM FUNDS TRUST

SUPPLEMENT DATED APRIL 17, 2026 TO THE

SUMMARY PROSPECTUS, PROSPECTUS

AND STATEMENT OF ADDITIONAL INFORMATION ("SAI")

EACH DATED JANUARY 1, 2026 OF

PUTNAM FOCUSED EQUITY FUND (THE "FUND")

All changes described below are effective April 30, 2026.

I. The following is added to the sections titled "Your fund's management - Portfolio managers" and "Fund summary - Your fund's management - Portfolio managers" in the Fund's Summary Prospectus and Prospectus, respectively:

Kathryn Lakin

Portfolio Manager of Putnam Management and portfolio manager of the fund since April 2026.

Matthew LaPlant, CFA

Portfolio Manager of Putnam Management and portfolio manager of the fund since April 2026.

II. The following is added to the section titled "Who oversees and manages the fund? - Portfolio managers" in the Fund's Prospectus:

Kathryn Lakin, Portfolio Manager of Putnam Management
Ms. Lakin has been a portfolio manager of the fund since April 2026. She joined Putnam Management in 2012.

Matthew LaPlant, CFA, Portfolio Manager of Putnam Management
Mr. LaPlant has been a portfolio manager of the fund since April 2026. He joined Putnam Management in 2000.

III. The following is added to the table in the section titled "PORTFOLIO MANAGERS - Other Accounts Managed by the Portfolio Managers" in the Fund's SAI:

Portfolio

Manager

Type of

Account

Number of
Accounts
Managed

Total
Assets
Managed
(Millions)

($)

Number of
Accounts
Managed
for which
Advisory
Fee is
Performance-
Based

Assets
Managed
for which
Advisory
Fee is
Performance-
Based
(Millions)

($)

Kathryn Lakin*

Registered Investment Companies

4

3,379.10

None

None

Other Pooled Investment Vehicles

5

1,818.20

None

None

Other Accounts

4

206.20

None

None

Matthew LaPlant*

Registered Investment Companies

2

775.60

None

None

Other Pooled Investment Vehicles

3

1,498.40

None

None

Other Accounts

4

206.20

None

None

*Information provided as of February 28, 2026.

IV. The following is added to the table in the section titled "PORTFOLIO MANAGERS - Portfolio managers' securities ownership" in the Fund's SAI:

Portfolio Managers

Dollar Range of Ownership of Securities ($)

Kathryn Lakin*

50,001 - 100,000

Matthew LaPlant*

10,001 - 50,000

*Information provided as of April 15, 2026.

Shareholders should retain this Supplement for future reference.

Putnam Funds Trust published this content on April 17, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 17, 2026 at 13:35 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]