PGOF-P10 07/26
SUPPLEMENT
DATED JULY 13, 2026
TO THE PROSPECTUS OF EACH
PUTNAM FUND LISTED IN SCHEDULE A
Effective immediately, the following is added as a sub-bullet
under the first bullet in the sections titled “How do I buy fund shares? ─ Here is a summary of the
differences among the classes of shares ─ Class R6 shares” and “How do I buy fund shares? ─ Here
is a summary of the differences among the classes of shares ─ Class Y shares” in the prospectus of
each fund listed in Schedule A:
- Achieving a Better Life Experience (ABLE) plans that offer Franklin Templeton affiliated funds.
SCHEDULE A
Fund
| Date of Prospectus |
George Putnam Balanced Fund | |
George Putnam Balanced Fund | December 1, 2025 |
Putnam Asset Allocation Funds | |
Putnam Dynamic Asset Allocation Growth Fund | February 1, 2026 |
Putnam Dynamic Asset Allocation Balanced Fund | February 1, 2026 |
Putnam Dynamic Asset Allocation Conservative Fund | February 1, 2026 |
Putnam Multi-Asset Income Fund | January 1, 2026 |
Putnam Convertible Securities Fund | |
Putnam Convertible Securities Fund | March 1, 2026 |
Fund
| Date of Prospectus |
Putnam Diversified Income Trust | |
Putnam Diversified Income Trust | February 1, 2026 |
Putnam Focused International Equity Fund | |
Putnam Focused International Equity Fund | March 1, 2026 |
Putnam Funds Trust | |
Putnam Floating Rate Income Fund | July 1, 2026 |
Putnam Core Equity Fund | September 1, 2025 |
Putnam Mortgage Opportunities Fund | October 1, 2025 |
Putnam International Value Fund | November 1, 2025 |
Putnam Small Cap Growth Fund | November 1, 2025 |
Putnam Ultra Short Duration Income Fund | December 1, 2025 |
Putnam Emerging Markets Equity Fund | January 1, 2026 |
Putnam Focused Equity Fund | January 1, 2026 |
Putnam Global Technology Fund | January 1, 2026 |
Putnam Core Bond Fund | March 1, 2026 |
Putnam Short Duration Bond Fund | March 1, 2026 |
Putnam Global Health Care Fund | |
Putnam Global Health Care Fund | January 1, 2026 |
Putnam Global Income Trust | |
Putnam Global Income Trust | March 1, 2026 |
Putnam High Yield Fund | |
Putnam High Yield Fund | April 1, 2026 |
Putnam Investment Funds | |
Putnam Small Cap Value Fund | July 1, 2026 |
Putnam Sustainable Future Fund | September 1, 2025 |
Putnam Large Cap Growth Fund | December 1, 2025 |
Putnam U.S. Research Fund | December 1, 2025 |
Putnam International Small Cap Fund | January 1, 2026 |
Fund
| Date of Prospectus |
Putnam International Equity Fund | |
Putnam International Equity Fund | November 1, 2025 |
Putnam Income Fund | |
Putnam Income Fund | March 1, 2026 |
Putnam Large Cap Value Fund | |
Putnam Large Cap Value Fund | March 1, 2026 |
Putnam Mortgage Securities Fund | |
Putnam Mortgage Securities Fund | February 1, 2026 |
Putnam Sustainable Leaders Fund | |
Putnam Sustainable Leaders Fund | November 1, 2025 |
Putnam Target Date Funds | |
Putnam Retirement Advantage 2030 Fund | January 1, 2026 |
Putnam Retirement Advantage 2035 Fund | January 1, 2026 |
Putnam Retirement Advantage 2040 Fund | January 1, 2026 |
Putnam Retirement Advantage 2045 Fund | January 1, 2026 |
Putnam Retirement Advantage 2050 Fund | January 1, 2026 |
Putnam Retirement Advantage 2055 Fund | January 1, 2026 |
Putnam Retirement Advantage 2060 Fund | January 1, 2026 |
Putnam Retirement Advantage 2065 Fund | January 1, 2026 |
Putnam Retirement Advantage 2070 Fund | January 1, 2026 |
Putnam Retirement Advantage Maturity Fund | January 1, 2026 |
Putnam Retirement Advantage Plus 2030 Fund | February 27, 2026 |
Putnam Retirement Advantage Plus 2035 Fund | February 27, 2026 |
Putnam Retirement Advantage Plus 2040 Fund | February 27, 2026 |
Fund
| Date of Prospectus |
Putnam Retirement Advantage Plus 2045 Fund | February 27, 2026 |
Putnam Retirement Advantage Plus 2050 Fund | February 27, 2026 |
Putnam Retirement Advantage Plus 2055 Fund | February 27, 2026 |
Putnam Retirement Advantage Plus 2060 Fund | February 27, 2026 |
Putnam Retirement Advantage Plus 2065 Fund | February 27, 2026 |
Putnam Retirement Advantage Plus 2070 Fund | February 27, 2026 |
Putnam Retirement Advantage Plus Maturity Fund | February 27, 2026 |
Putnam Tax-Free Income Trust | |
Putnam Strategic Intermediate Municipal Fund | December 1, 2025 |
Please retain this supplement for future reference.