0001005942 2025-05-31 2025-05-31 0001005942 pft:S000024760Member 2025-05-31 2025-05-31 false 2025-05-31 497 0001005942 N-1A <div style="margin-top:10pt;margin-bottom:0pt;font-size:11pt;font-family:arial;font-weight:bold;">PUTNAM FUNDS TRUST </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:11pt;font-family:arial;font-weight:bold;">SUPPLEMENT DATED JULY 2, 2026 </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:11pt;font-family:arial;font-weight:bold;">TO THE PROSPECTUS DATED OCTOBER 1, 2025 OF </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:11pt;font-family:arial;font-weight:bold;">PUTNAM DYNAMIC ASSET ALLOCATION EQUITY FUND (the “Fund”) </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">Important Notice Regarding Change in Investment Policy </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6%;"> </td> <td style="width:6%;vertical-align:top;text-align:left;"><span style="font-weight:bold">I.</span></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:left;">Effective September 1, 2026 (the “Effective Date”), the Fund’s current policy to invest at least 80% of its net assets in common stocks will be replaced with the 80% investment policy described below. As of the Effective Date, the following replaces the second and third sentences of the first paragraph of the section entitled “Fund summary — Investments, risks, and performance” of the Fund’s Prospectus: </div> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;margin-left:12%;font-size:10pt;font-family:arial;">Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity and equity-related securities. This policy may be changed only after 60 days’ notice to shareholders. Equity and equity-related securities include exchange-traded and over‑the‑counter (“OTC”) common and preferred stocks, warrants and rights, securities convertible into common stocks, and securities of other equity-focused investment companies. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:11pt;font-family:arial;font-weight:bold;">PUTNAM FUNDS TRUST </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:11pt;font-family:arial;font-weight:bold;">SUPPLEMENT DATED JULY 2, 2026 </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:11pt;font-family:arial;font-weight:bold;">TO THE PROSPECTUS DATED OCTOBER 1, 2025 OF </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:11pt;font-family:arial;font-weight:bold;">PUTNAM DYNAMIC ASSET ALLOCATION EQUITY FUND (the “Fund”) </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">Important Notice Regarding Change in Investment Policy </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6%;"> </td> <td style="width:6%;vertical-align:top;text-align:left;"><span style="font-weight:bold">I.</span></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:left;">Effective September 1, 2026 (the “Effective Date”), the Fund’s current policy to invest at least 80% of its net assets in common stocks will be replaced with the 80% investment policy described below. As of the Effective Date, the following replaces the second and third sentences of the first paragraph of the section entitled “Fund summary — Investments, risks, and performance” of the Fund’s Prospectus: </div> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;margin-left:12%;font-size:10pt;font-family:arial;">Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity and equity-related securities. This policy may be changed only after 60 days’ notice to shareholders. Equity and equity-related securities include exchange-traded and over‑the‑counter (“OTC”) common and preferred stocks, warrants and rights, securities convertible into common stocks, and securities of other equity-focused investment companies. </div> PUTNAM FUNDS TRUST 2025-10-01