Putnam Asset Allocation Funds

04/06/2026 | Press release | Distributed by Public on 04/06/2026 09:37

Prospectus by Investment Company (Form 497)

PGOF-P3 04/26



SUPPLEMENT DATED APRIL 6, 2026
TO THE PROSPECTUS OF EACH
PUTNAM FUND LISTED IN SCHEDULE A

Effective April 1, 2026, the following is added as a sub-bullet under the first bullet in the section titled "How do I buy fund shares? ─ Here is a summary of the differences among the classes of shares ─Class R6 shares" in the prospectus of each fund listed in Schedule A:

- Health reimbursement accounts purchasing shares through a registered broker-dealer or other financial institution

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

June 30, 2025

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

June 30, 2025

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

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

Fund

Date of

Prospectus

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.

Putnam Asset Allocation Funds published this content on April 06, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 06, 2026 at 15:37 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]