| Prospectus Supplement | September 29, 2021 |
| Putnam California Tax Exempt Income Fund | Putnam New York Tax Exempt Income Fund |
| Putnam Convertible Securities Fund | Putnam Ohio Tax Exempt Income Fund |
| Putnam Diversified Income Trust | Putnam Pennsylvania Tax Exempt |
| Putnam Dynamic Asset Allocation | Income Fund |
| Balanced Fund | Putnam PanAgora Risk Parity Fund |
| Putnam Dynamic Asset Allocation | Putnam Research Fund |
| Conservative Fund | Putnam Retirement Advantage 2025 Fund |
| Putnam Dynamic Asset Allocation | Putnam Retirement Advantage 2030 Fund |
| Growth Fund | Putnam Retirement Advantage 2035 Fund |
| Putnam Dynamic Risk Allocation Fund | Putnam Retirement Advantage 2040 Fund |
| Putnam Emerging Markets Equity Fund | Putnam Retirement Advantage 2045 Fund |
| Putnam Fixed-Income Absolute Return Fund | Putnam Retirement Advantage 2050 Fund |
| Putnam Floating Rate Income Fund | Putnam Retirement Advantage 2055 Fund |
| Putnam Focused Equity Fund | Putnam Retirement Advantage 2060 Fund |
| Putnam Focused International Equity Fund | Putnam Retirement Advantage 2065 Fund |
| George Putnam Balanced Fund | Putnam Retirement Advantage |
| Putnam Global Health Care Fund | Maturity Fund |
| Putnam Global Income Trust | Putnam RetirementReady 2025 Fund |
| Putnam Global Technology Fund | Putnam RetirementReady 2030 Fund |
| Putnam Growth Opportunities Fund | Putnam RetirementReady 2035 Fund |
| Putnam High Yield Fund | Putnam RetirementReady 2040 Fund |
| Putnam Income Fund | Putnam RetirementReady 2045 Fund |
| Putnam Intermediate-Term Municipal | Putnam RetirementReady 2050 Fund |
| Income Fund | Putnam RetirementReady 2055 Fund |
| Putnam International Capital | Putnam RetirementReady 2060 Fund |
| Opportunities Fund | Putnam RetirementReady 2065 Fund |
| Putnam International Equity Fund | Putnam RetirementReady Maturity Fund |
| Putnam International Value Fund | Putnam Short Duration Bond Fund |
| Putnam Large Cap Value Fund | Putnam Short-Term Municipal Income Fund |
| Putnam Massachusetts Tax Exempt | Putnam Small Cap Growth Fund |
| Income Fund | Putnam Small Cap Value Fund |
| Putnam Minnesota Tax Exempt Income Fund | Putnam Strategic Intermediate |
| Putnam Mortgage Opportunities Fund | Municipal Fund |
| Putnam Mortgage Securities Fund | Putnam Sustainable Future Fund |
| Putnam Multi-Asset Absolute Return Fund | Putnam Sustainable Leaders Fund |
| Putnam Multi-Cap Core Fund | Putnam Tax Exempt Income Fund |
| Putnam New Jersey Tax Exempt | Putnam Tax-Free High Yield Fund |
| Income Fund | Putnam Ultra Short Duration Income Fund |
Effective September 29, 2021 for the funds listed above, in the section How do I buy fund shares? – Which class of shares is best for me? – Here is a summary of the differences among the classes of shares – Class R6 shares (available only to investors listed below), the following language is added under the sub-heading “The following investors may purchase class R6 shares:”
• health savings accounts (HSAs) purchasing shares through a registered broker-dealer or other financial institution.
| 327551 9/21 |