| Prospectus Supplement | May 18, 2018 |
Putnam Emerging Markets Equity Fund
Prospectus dated December 30, 2017
Beginning on May 21, 2018, the fund will offer class R6 shares to:
• employer-sponsored retirement plans that are clients of third-party administrators (including affiliates of Putnam) that have entered into agreements with Putnam;
• investors purchasing shares through an asset-based fee program that is sponsored by a registered broker-dealer or other financial institution;
• investors purchasing shares through a commission-based platform of a registered broker-dealer or other financial institution that charges the shareholder additional fees or commissions, other than those described in the prospectus and statement of additional information, and that has entered into an agreement with Putnam Retail Management to offer class R6 shares through such a program;
• corporations, endowments, foundations and other institutional investors that have been approved by Putnam; and
• unaffiliated investment companies (whether registered or private) that have been approved by Putnam.
The prospectus is supplemented as follows to add information about class R6 shares.
The front cover page is supplemented to add class R6 shares to the list of shares to which the prospectus relates, and to indicate that the fund’s symbol for class R6 shares is PEMQX.
The following information is added to similar disclosure for the fund under Fund summary — Fees and expenses:
Shareholder fees (fees paid directly from your investment)
| Share class | Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) |
| Class R6 | NONE | NONE |
Annual fund operating expenses
(expenses you pay each year as a percentage of the value of your investment)
| Share class | Management fees† | Distribution and service(12b-1) fees | Other expenses | Total annual fund operating expenses | Expense reimbursement# | Total annual fund operating expenses after expense reimbursement |
| Class R6 | 0.93% | N/A | 0.68%= | 1.61% | (0.43)% | 1.18% |
† 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 (ND). For the most recent fiscal year, the fund’s management fee prior to any performance adjustment was 0.92%.
# Reflects Putnam Investment Management, LLC’s contractual obligation to limit certain fund expenses through December 30, 2019. This obligation may be modified or discontinued only with approval of the Board of Trustees.
= Other expenses are based on expenses of class A shares for the fund’s last fiscal year, restated to reflect the lower investor servicing fees applicable to class R6 shares.
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.
| Share class | 1 year | 3 years | 5 years | 10 years |
| Class R6 | $120 | $466 | $836 | $1,875 |
| Prospectus Supplement | May 18, 2018 |
Putnam Floating Rate Income Fund
Prospectus dated June 30, 2017
Beginning on May 21, 2018, the fund will offer class R6 shares to:
• employer-sponsored retirement plans that are clients of third-party administrators (including affiliates of Putnam) that have entered into agreements with Putnam;
• investors purchasing shares through an asset-based fee program that is sponsored by a registered broker-dealer or other financial institution;
• investors purchasing shares through a commission-based platform of a registered broker-dealer or other financial institution that charges the shareholder additional fees or commissions, other than those described in the prospectus and statement of additional information, and that has entered into an agreement with Putnam Retail Management to offer class R6 shares through such a program;
• corporations, endowments, foundations and other institutional investors that have been approved by Putnam; and
• unaffiliated investment companies (whether registered or private) that have been approved by Putnam.
The prospectus is supplemented as follows to add information about class R6 shares.
The front cover page is supplemented to add class R6 shares to the list of shares to which the prospectus relates, and to indicate that the fund’s symbol for class R6 shares is PFRZX.
The following information is added to similar disclosure for the fund under Fund summary — Fees and expenses:
Shareholder fees (fees paid directly from your investment)
| Share class | Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) |
| Class R6 | NONE | NONE |
Annual fund operating expenses
(expenses you pay each year as a percentage of the value of your investment)
| Share class | Management fees | Distribution and service (12b-1) fees | Other expenses | Total annual fund operating expenses |
| Class R6 | 0.57% | N/A | 0.11%= | 0.68% |
= Other expenses are based on expenses of class A shares for the fund’s last fiscal year, restated to reflect the lower investor servicing fees applicable to class R6 shares.
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. Your actual costs may be higher or lower.
| Share class | 1 year | 3 years | 5 years | 10 years |
| Class R6 | $69 | $218 | $379 | $847 |
| Prospectus Supplement | May 18, 2018 |
Putnam Global Industrials Fund
Putnam Global Technology Fund
Prospectus dated December 30, 2017
Beginning on May 21, 2018, the funds will offer class R6 shares to:
• employer-sponsored retirement plans that are clients of third-party administrators (including affiliates of Putnam) that have entered into agreements with Putnam;
• investors purchasing shares through an asset-based fee program that is sponsored by a registered broker-dealer or other financial institution;
• investors purchasing shares through a commission-based platform of a registered broker-dealer or other financial institution that charges the shareholder additional fees or commissions, other than those described in the prospectus and statement of additional information, and that has entered into an agreement with Putnam Retail Management to offer class R6 shares through such a program;
• corporations, endowments, foundations and other institutional investors that have been approved by Putnam; and
• unaffiliated investment companies (whether registered or private) that have been approved by Putnam.
The prospectus is supplemented as follows to add information about class R6 shares.
The front cover page is supplemented to add class R6 shares to the list of shares to which the prospectus relates, and to indicate that the fund symbols for class R6 shares are:
• Putnam Global Industrials Fund PGWTX
• Putnam Global Technology Fund PTTEX
The following information is added to similar disclosure for each fund under Fund summaries — Fees and expenses:
Putnam Global Industrials Fund
Shareholder fees (fees paid directly from your investment)
| Share class | Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) |
| Class R6 | NONE | NONE |
Annual fund operating expenses
(expenses you pay each year as a percentage of the value of your investment)
| Share class | Management fees | Distribution and service(12b-1) fees | Other expenses | Total annual fund operating expenses | Expense reimbursement# | Total annual fund operating expenses after expense reimbursement |
| Class R6 | 0.63% | N/A | 0.50%= | 1.13% | (0.25)% | 0.88% |
# Reflects Putnam Investment Management, LLC’s contractual obligation to limit certain fund expenses through 12/30/19. This obligation may be modified or discontinued only with approval of the Board of Trustees.
= Other expenses are based on expenses of class A shares for the fund’s last fiscal year, restated to reflect the lower investor servicing fees applicable to class R6 shares.
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.
| Share class | 1 year | 3 years | 5 years | 10 years |
| Class R6 | $90 | $334 | $598 | $1,352 |
Putnam Global Technology Fund
Shareholder fees (fees paid directly from your investment)
| Share class | Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) |
| Class R6 | NONE | NONE |
Annual fund operating expenses
(expenses you pay each year as a percentage of the value of your investment)
| Share class | Management fees | Distribution and service(12b-1) fees | Other expenses | Total annual fund operating expenses | Expense reimbursement# | Total annual fund operating expenses after expense reimbursement |
| Class R6 | 0.63% | N/A | 0.29%= | 0.92% | (0.04)% | 0.88% |
# Reflects Putnam Investment Management, LLC’s contractual obligation to limit certain fund expenses through 12/30/19. This obligation may be modified or discontinued only with approval of the Board of Trustees.
= Other expenses are based on expenses of class A shares for the fund’s last fiscal year, restated to reflect the lower investor servicing fees applicable to class R6 shares.
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.
| Share class | 1 year | 3 years | 5 years | 10 years |
| Class R6 | $90 | $290 | $507 | $1,131 |
Prospectus Supplement |
May 18, 2018 |
Putnam Multi-Cap Core Fund
Prospectus dated August 30, 2017
Beginning on May 21, 2018, the fund will offer class R6 shares to:
• employer-sponsored retirement plans that are clients of third-party administrators (including affiliates of Putnam) that have entered into agreements with Putnam;
• investors purchasing shares through an asset-based fee program that is sponsored by a registered broker-dealer or other financial institution;
• investors purchasing shares through a commission-based platform of a registered broker-dealer or other financial institution that charges the shareholder additional fees or commissions, other than those described in the prospectus and statement of additional information, and that has entered into an agreement with Putnam Retail Management to offer class R6 shares through such a program;
• corporations, endowments, foundations and other institutional investors that have been approved by Putnam; and
• unaffiliated investment companies (whether registered or private) that have been approved by Putnam.
The prospectus is supplemented as follows to add information about class R6 shares.
The front cover page is supplemented to add class R6 shares to the list of shares to which the prospectus relates, and to indicate that the fund’s symbol for class R6 shares is PMYTX.
The following information is added to similar disclosure for the fund under Fund summary — Fees and expenses:
Shareholder fees (fees paid directly from your investment)
| Share class | Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) |
| Class R6 | NONE | NONE |
Annual fund operating expenses
(expenses you pay each year as a percentage of the value of your investment)
| Share class | Management fees | Distribution and service (12b-1) fees | Other expenses | Total annual fund operating expenses |
| Class R6 | 0.56% | N/A | 0.12%# | 0.68% |
# Other expenses are based on expenses of class A shares for the fund’s last fiscal year, restated to reflect current fees and the lower investor servicing fees applicable to class R6 shares.
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. Your actual costs may be higher or lower.
| Share class | 1 year | 3 years | 5 years | 10 years |
| Class R6 | $69 | $218 | $379 | $847 |