39115-P1 05/25
SUPPLEMENT DATED MAY 1, 2025
TO THE SUMMARY PROSPECTUS, PROSPECTUS
AND STATEMENT OF ADDITIONAL INFORMATION (“SAI”)
OF PUTNAM FOCUSED EQUITY FUND (the “Fund”)
Effective May 1, 2025, the following changes are made to the Fund’s Summary Prospectus, Prospectus and SAI:
| 1) | The following replaces all references to Joshua Fillman in the section titled “Your fund’s management – Portfolio managers” in the Fund’s Summary Prospectus and Prospectus: |
William Rives, CFA
Portfolio Manager of Putnam Management and portfolio manager of the fund since May 2025.
| 2) | The following replaces all references to Joshua Fillman in the section titled “Who oversees and manages the fund? – Portfolio managers” in the Fund’s Prospectus: |
| Portfolio managers | Joined fund | Employer | Positions over past five years |
| William Rives, CFA | May 2025 |
Putnam Management 2013 – Present
|
Portfolio Manager, Analyst
|
| 3) | The following replaces all references to Joshua Fillman in the section titled “PORTFOLIO MANAGERS – Other accounts managed” in the Fund’s SAI: |
|
Portfolio managers |
Other SEC-registered open-end and closed-end funds | Other accounts that pool assets from more than one client | Other accounts (including separate accounts, managed account programs and single-sponsor defined contribution plan offerings) | |||
| Number of accounts | Assets | Number of accounts | Assets | Number of accounts | Assets | |
| William Rives* | 3 | $652,028,699 | None | None | None | None |
*Information is provided as of March 31, 2025.
| 4) | The following replaces all references to Joshua Fillman in the section titled “PORTFOLIO MANAGERS – Ownership of securities” in the Fund’s SAI: |
| Portfolio managers | Dollar range of shares owned |
| William Rives* | None |
| *Information is provided as of March 31, 2025 |
Shareholders should retain this Supplement for future reference.