Statement of Additional Information Supplement  May 26, 2017 

George Putnam Balanced Fund 

Putnam Absolute Return 300 Fund 

Putnam Absolute Return 500 Fund 

Putnam Absolute Return 700 Fund 

Putnam Capital Spectrum Fund 

Putnam Convertible Securities Fund 

Putnam Diversified Income Trust 

Putnam Dynamic Asset Allocation Balanced Fund 

Putnam Dynamic Asset Allocation Conservative Fund 

Putnam Dynamic Asset Allocation Growth Fund 

Putnam Equity Income Fund 

Putnam Equity Spectrum Fund 

Putnam Floating Rate Income Fund 

Putnam Global Equity Fund 

Putnam Global Health Care Fund 

Putnam Global Income Trust 

Putnam Global Technology Fund 

Putnam Growth Opportunities Fund 

Putnam High Yield Fund (formerly known as High Yield 

Advantage Fund) 

Putnam Income Fund 

Putnam International Equity Fund 

Putnam Investors Fund 

Putnam Multi-Cap Core Fund 

Putnam Multi-Cap Growth Fund 

Putnam Multi-Cap Value Fund 

Putnam Small Cap Value Fund 

Putnam U.S. Government Income Trust 

The most recent statement of additional information of each of the funds named above is supplemented as follows:

The subsection Right of accumulation under the section Ways to Reduce Initial Sales Charges — Class A and Class M Shares beneath the heading HOW TO BUY SHARES, is replaced in its entirety with the following:

Right of accumulation. A purchaser of class A shares or class M shares may qualify for a right of accumulation discount by combining all current purchases by such person with the value of certain other shares of any class (excluding class T) of Putnam funds already owned. The applicable sales charge is based on the total of:

(i) the investor's current purchase(s); and

(ii) the higher of (x) the maximum public offering price (at the close of business on the previous day) or (y) the initial value of total purchases (less the value of shares redeemed on the applicable redemption date) of:

(a) all shares held in accounts registered to the investor and other accounts eligible to be linked to the investor’s accounts (as described below) in all of the Putnam funds (except closed-end and money market funds and Putnam Short Duration Income Fund, unless acquired as described in (b) below); and

(b) any shares of money market funds or Putnam Short Duration Income Fund acquired by exchange from other Putnam funds.

For shares held on December 31, 2007, the initial value will be the value of those shares at the maximum public offering price on that date.

The following persons may qualify for a right of accumulation discount:

(i) an individual, or a "company" as defined in Section 2(a)(8) of the Investment Company Act of 1940, as amended (the “1940 Act”) (which includes corporations which are corporate affiliates of each other);

(ii) an individual, his or her spouse and their children under age 21, purchasing for his, her or their own account;

(iii) a trustee or other fiduciary purchasing for a single trust estate or single fiduciary account (including a pension, profit-sharing, or other employee benefit trust created pursuant to a plan qualified under Section 401 of the Code and Simplified Employer Pension Plans (SEPs) created pursuant to Section 408(k) of the Code);

(iv) tax-exempt organizations qualifying under Section 501(c)(3) of the Code, (not including tax-exempt organizations qualifying under Section 403(b)(7) (a "403(b) plan") of the Code; and

(v) employer-sponsored retirement plans of a single employer or of affiliated employers, other than 403(b) plans.

A combined purchase currently may also include shares of any class (excluding class T) of other continuously offered Putnam funds (other than money market funds and Putnam Short Duration Income Fund) purchased at the same time, if the dealer places the order for such shares directly with Putnam Retail Management.

For individual investors, Putnam Investor Services automatically links accounts the registrations of which are under the same last name and address. Account types eligible to be linked for the purpose of qualifying for a right of accumulation discount include the following (in each case as registered to the investor, his or her spouse and his or her children under the age of 21):

(i) individual accounts;

(ii) joint accounts;

(iii) accounts established as part of a plan established pursuant to Section 403(b) of the Code (“403(b) plans”) or an IRA other than a SIMPLE IRA, SARSEP or SEP IRA;

(iv) shares owned through accounts in the name of the investor’s (or spouse’s or minor child’s) dealer or other financial intermediary (with documentation identifying to the satisfaction of Putnam Investor Services the beneficial ownership of such shares); and

(v) accounts established as part of a Section 529 college savings plan managed by Putnam Management.

Shares owned by a plan participant as part of an employer-sponsored retirement plan of a single employer or of affiliated employers (other than 403(b) plans) or a single fiduciary account opened by a trustee or other fiduciary (including a pension, profit-sharing, or other employee benefit trust created pursuant to a plan qualified under Section 401 of the Code) are not eligible for linking to other accounts attributable to such person to qualify for the right of accumulation discount, although all current purchases made by each such plan may be combined with existing aggregate balances of such plan in Putnam funds for purposes of determining the sales charge applicable to shares purchased at such time by the plan.

To obtain the right of accumulation discount on a purchase through an investment dealer, when each purchase is made the investor or dealer must provide Putnam Retail Management with sufficient information to verify that the purchase qualifies for the privilege or discount. The shareholder must furnish this information to Putnam Investor Services when making direct cash investments. Sales charge discounts under a right of accumulation apply only to current purchases. No credit for right of accumulation purposes is given for any higher sales charge paid with respect to previous purchases for the investor’s account or any linked accounts.

The following disclosure is added after the first paragraph under the section Exchange privilege under the heading INVESTOR SERVICES:

Class T shares may not be exchanged for any other share class or for class T shares of another Putnam fund.

SAI supplement – 5/17