Product Changes

The Board of Trustees for Putnam Income Fund approved the conversion of the fund into Franklin Core Plus ETF, a newly-organized series of Putnam ETF Trust, effective on or about January 25, 2027.

Below is important information about the timeline for the reorganization and actions that shareholders may need to take prior to the reorganization:

Important Dates

Date	Action
July 27, 2026	Front-end sales charges and contingent deferred sales charges (CDSC) waived.
October 22, 2026	All share classes close to purchases by new investors.1
December 31, 2026	Exchange of fund shares held in a retirement plan, individual retirement plan or other tax-advantaged account—for which Putnam Fiduciary Trust Company, LLC (PFTC) is the custodian—into Class A shares of Putnam Money Market Fund.2
January 14, 2027	All share classes close to purchases by all investors.
January 20, 2027	Last day for shareholders to engage in mutual fund transactions through the National Securities Clearing Corporation (NSCC).
January 21, 2027	Last day for shareholders to: Redeem or exchange mutual fund shares. Open a brokerage account that can accept ETF shares and transfer mutual fund shares to that brokerage account.
January 22, 2027	Redemption of mutual fund shares and/or fractional shares so that the shareholder receives a whole number of ETF shares upon the closing of the reorganization, with the proceeds being sent to shareholders.3
January 25, 2027	Each shareholder will receive ETF shares having the same aggregate NAV as the shares of the mutual fund. Listing of Franklin Core Plus ETF on Exchange and commencement of trading in ETF shares.4

Upcoming Communications

Date (2026)	Communication
September 25	Prospectus/information statement mailed to shareholders.
October 26	Letter mailed to financial professionals with client accounts serviced by Putnam Investor Services.
November 2	Letter mailed to shareholders with accounts serviced by Putnam Investor Services.
Late November/Early December	Reminder letters mailed to financial professionals and shareholders with accounts serviced by Putnam Investor Services.

A Few Reminders

The reorganization of this fund will consist of: 1) the transfer of all of the fund’s assets, subject to its liabilities, to the ETF in return for shares of the ETF; and 2) the distribution of the ETF shares to the fund’s shareholders in complete liquidation of the fund.

Franklin Core Plus ETF’s investment goal, principal investment strategies, investment adviser and portfolio management team are expected to be the same as those of the mutual fund.

Completion of the reorganization is subject to several conditions, but mutual fund shareholders are not required to approve and will not be asked to vote on the reorganization.

It is anticipated that the reorganization will qualify as a tax-free event for federal income tax purposes and that shareholders will not recognize any gain or loss in connection with the reorganizations, except to the extent that they receive cash in connection with the redemption of any shares before the reorganizations as described above.

How Mutual Fund Shareholders Can Receive ETF Shares

To receive shares of Franklin Core Plus ETF, mutual fund shareholders must hold their shares through a brokerage account that can accept ETF shares. Additional information will be sent to financial professionals in October regarding steps that shareholders who do not hold their mutual fund shares in a brokerage account will need to take.

Upon the closing of the reorganization, each shareholder will receive shares of Franklin Core Plus ETF having the same aggregate NAV as the mutual fund shares they held on the date of the reorganization and they will become a shareholder of the ETF.

Dates are subject to change.

Refer to the prospectus supplement for more information.

Putnam Income Fund product page.

All investments involve risks, including loss of principal.

ETFs trade like stocks, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and expenses will reduce returns. There is no guarantee that any strategy will achieve its objective.

Putnam Money Market Fund

Investors could lose money by investing in the fund. Because the share price of the fund will fluctuate, when shares are sold, they may be worth more or less than what was originally paid for them. The portfolio may impose a fee upon sale of its shares and the fund would be required to pass such fee through to you. The portfolio generally must impose a fee when net sales of portfolio shares exceed certain levels. An investment in the fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor is not required to reimburse the fund for losses, and investors should not expect that the sponsor will provide financial support to the fund at any time, including during periods of market stress.

1. The fund reserves the right to: make additional exceptions that, in its judgment, do not adversely affect the portfolio managers’ ability to manage the portfolio; reject any investment or refuse any exception that it believes will adversely affect the portfolio managers’ ability to manage the portfolio; and close and reopen to new or existing shareholders at any time.

2. This applies to shareholders that have a tax-advantaged account with PFTC as the custodian and who have not redeemed or exchanged their mutual fund shares for shares of another eligible Putnam mutual fund.

3. The distribution of redemption proceeds may be a taxable event, and shareholders are encouraged to consult their tax professionals to determine the effect of any such redemption.

4. Listing with Nasdaq Stock Market LLC is subject to approval.

Shareholders of Putnam Mortgage Opportunities Fund are being asked to approve a proposed conversion of the fund from a mutual fund to an exchange-traded fund through the reorganization of the fund with and into Franklin Multisector Bond ETF, a newly-created series of Putnam ETF Trust, pursuant to an Agreement and Plan of Reorganization. If approved by shareholders, the conversion is anticipated to occur in or around the first quarter of 2027.

Franklin Multisector Bond ETF’s Investment Goal, Policies, Strategies and Other Information

Franklin Multisector Bond ETF will have a different investment goal, investment policies, investment strategies and portfolio management team than Putnam Mortgage Opportunities Fund. The ETF would provide access to a diversified multi-sector fixed income strategy that can opportunistically allocate its investments across a wider range of income-producing sectors, including mortgage-backed securities, corporate credit, government securities and asset-backed securities. Given their different investment strategies, the funds are subject to different principal risks, although there is significant overlap in many of those risks. In addition, shareholders of Franklin Multisector Bond ETF would also be subject to risks related to its ETF structure.

Proxy Solicitation and Shareholder Meeting

Shareholders of record as of August 6, 2026, will be mailed additional information materials about this proposal in late September 2026, with the shareholder meeting being held on November 4, 2026.

Proxy statement

Sample proxy card

Broadridge Fund Solutions (BFS), the fund’s proxy solicitor, is actively soliciting votes from shareholders by phone and mail. Only shareholders who have not voted their proxy will receive these solicitation calls and mailings. Once a shareholder votes their proxy, they will no longer be contacted by BFS.

If you or your clients have any questions relating to the proxy, please contact BFS directly at (800) 914-4512. Proxy specialists are available Monday through Friday, 9 a.m. to 10 p.m. ET.

Reorganization Details if Approved by Shareholders

This reorganization, if approved, is anticipated to occur in or around the first quarter of 2027 and will consist of: 1) the transfer of substantially all of the fund’s assets, subject to its liabilities, to Franklin Multisector Bond ETF; and 2) the distribution of the ETF shares to the fund’s shareholders in complete liquidation of the mutual fund.

How mutual fund shareholders can receive ETF shares

To receive ETF shares, fund shareholders must hold their shares through a brokerage account that can accept ETF shares. Additional information will be sent if the reorganization is approved, regarding steps that shareholders who do not hold their mutual fund shares in a brokerage account will need to take.

Upon the closing of the proposed reorganization, each shareholder will receive shares of Franklin Multisector Bond ETF having the same aggregate NAV as the mutual fund shares they held on the date of the reorganization and they will become a shareholder of the ETF.

Redemption of fractional mutual fund shares

Before the proposed reorganization, the fund will redeem the number of shares and/or fractional shares as is necessary so that the shareholder will receive a whole number of ETF shares. Redemption proceeds may be a taxable event and shareholders are encouraged to consult their tax professional to determine the effect of any such redemption.

It is anticipated that the proposed reorganization will qualify as a tax-free event for federal income tax purposes and that shareholders will not recognize any gain or loss in connection with the reorganization, except to the extent that they receive cash in connection with the redemption of any shares before the reorganization as described above.

Important dates

Date	Action
July 27, 2026	Front-end sales charges and CDSC waived.
September 30, 2026	Prospectus/proxy statement mailed to shareholders.
November 4, 2026	Special meeting of shareholders.
November 5, 2026	Fund closes to new investors if the proposed reorganization is approved by shareholders.
First Quarter 2027	Conversion expected to occur if approved by shareholders.

Putnam Mortgage Opportunities Fund product page.

Dates are subject to change.

The foregoing is not a solicitation of any proxy. For more information regarding Putnam Mortgage Opportunities Fund or to receive a free copy of materials filed with the Securities and Exchange Commission (SEC), please visit the fund’s website at www.franklintempleton.com. A free copy of this material can also be found on the SEC’s website at https://www.sec.gov. Shareholders should read the Proxy Statement carefully because it will contain important information. The fund, its trustees, officers and other members of management may be deemed to be participants in any future solicitation of the fund’s shareholders in connection with the forthcoming meeting of shareholders. Shareholders may obtain information regarding the names, affiliations and interests of these individuals in the fund’s Proxy Statement.

 Effective on or about January 25, 2027, this fund will reorganize into Franklin Securitized Income ETF, a newly organized series of Putnam ETF Trust.

Below is important information about the timeline for the reorganization and actions that shareholders may need to take prior to the reorganization:

Important Dates

Date	Action
July 27, 2026	Front-end sales charges and contingent deferred sales charges (CDSC) waived.
October 22, 2026	All share classes close to purchases by new investors.1
December 31, 2026	Exchange of fund shares held in a retirement plan, individual retirement plan or other tax-advantaged account—for which Putnam Fiduciary Trust Company, LLC (PFTC) is the custodian—into Class A shares of Putnam Money Market Fund.2
January 14, 2027	All share classes close to purchases by all investors.
January 20, 2027	Last day for shareholders to engage in mutual fund transactions through the National Securities Clearing Corporation (NSCC).
January 21, 2027	Last day for shareholders to: Redeem or exchange mutual fund shares. Open a brokerage account that can accept ETF shares and transfer mutual fund shares to that brokerage account.
January 22, 2027	Redemption of mutual fund shares and/or fractional shares so that the shareholder receives a whole number of ETF shares upon the closing of the reorganization, with the proceeds being sent to shareholders.3
January 25, 2027	After the market close, each shareholder will receive ETF shares having the same aggregate NAV as the shares of the mutual fund. Listing of Franklin Securitized Income ETF on Exchange and commencement of trading in ETF shares.4

Communications

Date (2026)	Communication
September 15	Prospectus/information statement mailed to shareholders.
October 26	Letter mailed to financial professionals with client accounts serviced by Putnam Investor Services.
November 2	Letter mailed to shareholders with accounts serviced by Putnam Investor Services.
Late November/Early December	Reminder letters mailed to financial professionals and shareholders with accounts serviced by Putnam Investor Services.

A Few Reminders

The reorganization of this fund will consist of: 1) the transfer of all of the fund’s assets, subject to its liabilities, to the ETF in return for shares of the ETF; and 2) the distribution of the ETF shares to the fund’s shareholders in complete liquidation of the fund.

Franklin Securitized Income ETF’s principal investment strategies, investment adviser and portfolio management team are expected to be the same as those of the mutual fund. This ETF will adopt an 80% investment policy that differs from the mutual fund’s current 80% investment policy, but it is not expected to result in any immediate material change to the fund’s investment strategy or portfolio holdings upon the conversion.

Completion of the reorganization is subject to several conditions, but mutual fund shareholders are not required to approve and will not be asked to vote on the reorganization.

It is anticipated that the reorganization will qualify as a tax-free event for federal income tax purposes and that shareholders will not recognize any gain or loss in connection with the reorganization, except to the extent that they receive cash in connection with the redemption of any shares before the reorganization as described above.

How Mutual Fund Shareholders Can Receive ETF Shares

To receive shares of Franklin Securitized Income ETF, mutual fund shareholders must hold their shares through a brokerage account that can accept ETF shares. Additional information will be sent to financial professionals in October regarding steps that shareholders who do not hold their mutual fund shares in a brokerage account will need to take.

Upon the closing of the reorganization, each shareholder will receive shares of Franklin Securitized Income ETF having the same aggregate NAV as the mutual fund shares they held on the date of the reorganization and they will become a shareholder of the ETF.

Dates are subject to change.

Refer to the prospectus supplement for more information.

Putnam Mortgage Securities Fund product page.

All investments involve risks, including loss of principal.

ETFs trade like stocks, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and expenses will reduce returns. There is no guarantee that any strategy will achieve its objective.

Putnam Money Market Fund
Investors could lose money by investing in the fund. Because the share price of the fund will fluctuate, when shares are sold, they may be worth more or less than what was originally paid for them. The portfolio may impose a fee upon sale of its shares and the fund would be required to pass such fee through to you. The portfolio generally must impose a fee when net sales of portfolio shares exceed certain levels. An investment in the fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor is not required to reimburse the fund for losses, and investors should not expect that the sponsor will provide financial support to the fund at any time, including during periods of market stress.

1. The fund reserves the right to: make additional exceptions that, in its judgment, do not adversely affect the portfolio managers’ ability to manage the portfolio; reject any investment or refuse any exception, that it believes will adversely affect the portfolio managers’ ability to manage the portfolio; and close and reopen to new or existing shareholders at any time.

2. This applies to shareholders that have a tax-advantaged account with PFTC as the custodian and who have not redeemed or exchanged their mutual fund shares for shares of another eligible Putnam mutual fund.

3. The distribution of redemption proceeds may be a taxable event, and shareholders are encouraged to consult their tax professionals to determine the effect of any such redemption.

4. Listing with Nasdaq Stock Market LLC is subject to approval.

The Board of Trustees for Putnam Short Duration Bond Fund has approved the conversion of the fund into Franklin Short Term Bond ETF, a newly-organized series of Putnam ETF Trust, effective on or about January 25, 2027.

Below is important information about the timeline for the reorganization and actions that shareholders may need to take prior to the reorganization:

Important Dates

Date	Action
July 27, 2026	Front-end sales charges and contingent deferred sales charges (CDSC) will be waived.
October 22, 2026	All share classes close to purchases by new investors.1
December 31, 2026	Exchange of fund shares held in a retirement plan, individual retirement plan or other tax-advantaged account—for which Putnam Fiduciary Trust Company, LLC (PFTC) is the custodian—into Class A shares of Putnam Money Market Fund.2
January 14, 2027	All share classes close to purchases by all investors.
January 20, 2027	Last day for shareholders to engage in mutual fund transactions through the National Securities Clearing Corporation (NSCC).
January 21, 2027	Last day for shareholders to: Redeem or exchange mutual fund shares. Open a brokerage account that can accept ETF shares and transfer mutual fund shares to that brokerage account.
January 22, 2027	Redemption of mutual fund shares and/or fractional shares so that the shareholder receives a whole number of ETF shares upon the closing of the reorganization, with the proceeds being sent to shareholders.3
January 25, 2027	Each shareholder will receive ETF shares having the same aggregate NAV as the shares of the mutual fund. Listing of Franklin Short Term Bond ETF on Exchange and commencement of trading in ETF shares.

Upcoming Communications

Date (2026)	Communication
September 7	Prospectus/information statement mailed to shareholders.
October 26	Letter mailed to financial professionals with client accounts serviced by Putnam Investor Services.
November 2	Letter mailed to shareholders with accounts serviced by Putnam Investor Services.

A Few Reminders

The reorganization of this fund will consist of: 1) the transfer of all of the fund’s assets, subject to its liabilities, to the ETF in return for shares of the ETF; and 2) the distribution of the ETF shares to the fund’s shareholders in complete liquidation of the fund.

Franklin Short Term Bond ETF’s investment goal, principal investment strategies, investment adviser and portfolio management team are expected to be the same as those of the mutual fund. 

Completion of the reorganization is subject to several conditions, but mutual fund shareholders are not required to approve and will not be asked to vote on the reorganization.

It is anticipated that the reorganization will qualify as a tax-free event for federal income tax purposes and that shareholders will not recognize any gain or loss in connection with the reorganizations, except to the extent that they receive cash in connection with the redemption of any shares before the reorganizations as described above.

How Mutual Fund Shareholders Can Receive ETF Shares

To receive shares of Franklin Short Term Bond ETF, mutual fund shareholders must hold their shares through a brokerage account that can accept ETF shares. Additional information will be sent to financial professionals in October regarding steps that shareholders who do not hold their mutual fund shares in a brokerage account will need to take.

Upon the closing of the reorganization, each shareholder will receive shares of Franklin Short Term Bond ETF having the same aggregate NAV as the mutual fund shares they held on the date of the reorganization and they will become a shareholder of the ETF.

Dates are subject to change.

Refer to the prospectus supplement for more information.

Putnam Short Duration Bond Fund product page.

ETFs trade like stocks, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and expenses will reduce returns. There is no guarantee that any strategy will achieve its objective.

1. The fund reserves the right to: Make additi onal exceptions that, in its judgment, do not adversely affect the portfolio managers’ ability to manage the portfolio; reject any investment or refuse any exception, that it believes will adversely affect the portfolio managers’ ability to manage the portfolio; and close and re-open to new or existing shareholders at any time.

2. This applies to shareholders that have a tax-advantaged account with PFTC as the custodian and who have not redeemed or exchanged their mutual fund shares for shares of another eligible Putnam mutual fund.

3. The distribution of redemption proceeds may be a taxable event, and shareholders are encouraged to consult their tax professionals to determine the effect of any such redemption.

Effective on or about November 3, 2026, BrandywineGLOBAL-Dynamic US Large Cap Value ETF will be liquidated and dissolved. In preparation for the liquidation, this fund will no longer accept creation orders after the close of business on October 6, 2026. Additionally, trading in the fund on the Nasdaq Stock Market LLC (NASDAQ) will be halted prior to market open on October 28, 2026. Proceeds of the liquidation are currently scheduled to be sent to shareholders on or about November 3, 2026.

Refer to the prospectus supplement for more information.

BrandywineGLOBAL-Dynamic US Large Cap Value ETF product page.

Dates are subject to change.

Effective on or about November 3, 2026, BrandywineGLOBAL-U.S. Fixed Income ETF will be liquidated and dissolved. In preparation for the liquidation, this fund will no longer accept creation orders after the close of business on October 6, 2026. Additionally, trading in the fund on the Nasdaq Stock Market LLC (NASDAQ) will be halted prior to market open on October 28, 2026. Proceeds of the liquidation are currently scheduled to be sent to shareholders on or about November 3, 2026.

Refer to the prospectus supplement for more information.

BrandywineGLOBAL-U.S. Fixed Income ETF product page.

Dates are subject to change.

Effective on or about November 3, 2026, Franklin Multisector Income ETF will be liquidated and dissolved. In preparation for the liquidation, this fund will no longer accept creation orders after the close of business on October 6, 2026. Additionally, trading in the fund on the Nasdaq Stock Market LLC (NASDAQ) will be halted prior to market open on October 28, 2026. Proceeds of the liquidation are currently scheduled to be sent to shareholders on or about November 3, 2026.

Refer to the prospectus supplement for more information.

Franklin Multisector Income ETF product page.

Dates are subject to change.

  Effective on or about November 6, 2026, ClearBridge Small Cap Fund will undergo the following changes:

	Current	Effective on or about November 6, 2026
Name	ClearBridge Small Cap Fund	ClearBridge Smaller Companies Fund
80% Investment Policy and Principal Investment Strategy (under normal circumstances)	The fund invests at least 80% of its net assets plus borrowings for investment purposes, if any, in common stocks and other equity securities of small capitalization companies or in other investments that the portfolio managers believe have similar economic characteristics.*   The fund may invest up to 20% of its net assets in equity securities of companies with larger market capitalizations. The fund’s investments may include equity securities of companies that the portfolio managers consider to be “special situations,” at the time of purchase. The portfolio managers define special situations as companies undergoing unusual or possibly one-time developments that, in the opinion of the portfolio managers, make them attractive for investment. The fund will not invest more than 20% of its total assets in securities of companies that, at the time of investment, are involved in reorganizations or restructurings in connection with bankruptcy proceedings. The portfolio managers follow a value discipline in selecting securities and therefore seek to purchase securities at discounts to the portfolio managers’ assessment of their intrinsic value. The fund may invest in foreign equity securities, including securities of emerging market issuers. *Small capitalization companies are those companies whose market capitalizations at the time of investment do not exceed the highest month-end market capitalization value of any stock in the Russell 2000 Index for the previous 12 months.	The fund will invest at least 80% of its net assets plus borrowings for investment purposes, if any, in common stocks and other equity securities of smaller capitalization companies or in other investments that the portfolio managers believe have similar economic characteristics.* Subject to the fund’s 80% investment policy, the fund may invest up to 20% of its net assets in equity securities of companies with larger market capitalizations. The fund will seek long-term capital appreciation by investing primarily in high-quality growth companies that are market leaders or have the potential to achieve leadership positions, possess substantial opportunities for sustainable expansion, generate strong free cash flow and demonstrate disciplined capital allocation, while employing a long-term, valuation-conscious investment approach focused on business fundamentals, cash flow generation and opportunistic position size management to capitalize on market volatility and compound earnings growth over time. The fund may invest in foreign equity securities, including securities of emerging market issuers. *Smaller capitalization companies are those companies whose market capitalizations fall within a market cap range of $500 million to the highest month-end capitalization value of any stock in the Russell 2500 Growth Index for the previous 12 months.
Performance Benchmark	Russell 2000 Index	Russell 2500 Growth Index
Portfolio Managers	Jeffrey Bailin, CFA Erich Frey, CFA	Brian M. Angerame Aram E. Green Matthew Lilling, CFA Jeffrey Bailin, CFA

Additionally, effective August 14, 2026, any contingent deferred sales charges (CDSC) applicable to fund redemptions will be waived. This CDSC waiver will be in effect through the effective date of the changes described above (November 6, 2026).

Refer to the prospectus supplement for more information. If you have any questions, please contact your Franklin Templeton representative.

Date is subject to change.

CFA^® and Chartered Financial Analyst^® are trademarks owned by the CFA Institute.

ClearBridge Small Cap Fund product page. 

Principal Risks as of November 6, 2026

Growth investing risk. The fund’s growth-oriented investment style may increase the risks of investing in the fund. Growth securities typically are very sensitive to market movements because their market prices tend to reflect future expectations. When it appears those expectations will not be met, the prices of growth securities typically fall. Growth securities may also be more volatile than other investments because they often do not pay dividends. The values of growth securities tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market while the market favors value stocks.

Industrials sector risk. The industrials sector may be adversely affected by changes in the supply of and demand for raw materials, products and services, product obsolescence, strikes or labor shortages, claims for environmental damage or product liability, trading and tariff arrangements, and general economic conditions, among other factors.

Franklin U.S. Large Cap Multifactor Index ETF’s (FLQL) Board approved changes to the fund’s name, investment goal and principal investment strategies, including its 80% investment policy, to reflect the fund’s new investment approach as an actively managed core U.S. equity product. In addition, the Board approved changes to the fund’s sub-advisors and portfolio management team. These changes are detailed in the table below and will be effective on or about December 1, 2026. 

Under its new investment approach, the fund will seek to invest in an enhanced portfolio of U.S. large-cap equity securities, combining a proprietary multi-factor investment process with insights from actively managed U.S. large-cap equity strategies across Franklin Templeton. The fund’s fees, including the 0.15% unitary management fee, and expenses will not change.

	Current	Effective on or about December 1, 2026
Name	Franklin U.S. Large Cap Multifactor Index ETF	Franklin Core U.S. Enhanced Equity ETF
Investment Goal	Seek to provide investment results that closely correspond, before fees and expenses, to the performance of the LibertyQ U.S. Large Cap Equity Index (the U.S. Large Cap Underlying Index).	Seek capital appreciation. The fund will no longer seek to track the investment results of an underlying index and will instead be actively managed.
80% Investment Policy (Under normal market conditions)	The fund invests at least 80% of its assets in the component securities of the U.S. Large Cap Underlying Index.	The fund will invest at least 80% of its net assets in US equity securities.
Broad-Based Benchmark	Russell 3000 Index	S&P 500 Index
Portfolio Managers	Dina Ting, CFA Hailey Harris Joe Diederich Basit Amin, CFA	Brett E. Risser Adrian H. Chan, CFA Jacqueline Kenney, CFA
Sub-Advisors	Franklin Templeton Institutional, LLC	Franklin Advisers, Inc. Putnam Investment Management, LLC (non-discretionary sub-advisor) ClearBridge Investments, LLC (non-discretionary sub-advisor)

Refer to the prospectus supplement for more information.

Date is subject to change.

CFA® and Chartered Financial Analyst® are trademarks owned by the CFA Institute.

Franklin U.S. Large Cap Multifactor Index ETF product page.

Shareholders of Putnam Sustainable Leaders Fund are being asked to approve a management contract that will eliminate the performance adjustment component of the fund’s management fee. If this proposal is approved, the fund is expected to undergo the following changes on or around January 15, 2027:

	Current	Proposed Change
Name	Putnam Sustainable Leaders Fund	Putnam Mid Cap Fund
Investment Strategy	Large-cap core fund	Mid-cap core fund
80% Investment Policy (Under normal circumstances)	Investing at least 80% of the fund’s net assets in investments that meet the investment manager’s sustainability criteria.	Investing at least 80% of the fund’s net assets, plus the amount of any borrowings for investment purposes, in equity securities or other investments with similar economic characteristics, of medium capitalization companies.
Benchmark	Russell 3000 Index S&P 500 Index	Russell 3000 Index Russell Midcap Index

If shareholder approval is obtained after January 15, 2027, the changes will be implemented on the first day of the month following shareholder approval.

Note: If the proposed new management contract is approved, there will be an 18-month transition period, which is intended to prevent the fund from being charged higher management fees immediately following the adoption of the new management contract than would have been payable under the current management contract.¹

Proxy Solicitation and Shareholder Meeting

The special shareholder meeting for the fund originally scheduled for October 8, 2026, has been adjourned to November 10, 2026.

EQ Fund Solutions (EQFS) is the proxy solicitor. If you or your clients have any questions relating to the proxy, please contact EQFS directly at (800) 290-6432. Proxy specialists are available Monday through Friday, 9 a.m. to 10 p.m. ET.

Important Dates

Date	Action
August 21, 2026	Email sent to financial professionals with client assets in the fund.
August 24, 2026	Proxy documents begin mailing to shareholders.
September 10, 2026	Outbound telephone solicitation to fund shareholders begins.
November 10, 2026	Shareholder meeting.
January 15, 2027	Changes are effective if approved by fund shareholders.

Refer to the proxy statement for more information.

Dates are subject to change.

1. During this transition period, the fund’s management fee will be the lesser of (i) the fund’s current base management fee without the application of a performance adjustment and (ii) the fee that the fund would have paid under the current management contract after giving effect to any performance adjustment.

The foregoing is not a solicitation of any proxy. For more information regarding Putnam Sustainable Leaders Fund or to receive a free copy of materials filed with the Securities and Exchange Commission (SEC), please visit the fund’s website at www.franklintempleton.com. A free copy of this material can also be found on the SEC’s website at https://www.sec.gov. Shareholders should read the Proxy Statement carefully because it will contain important information. The fund, its trustees, officers and other members of management may be deemed to be participants in any future solicitation of the fund’s shareholders in connection with the forthcoming meeting of shareholders. Shareholders may obtain information regarding the names, affiliations and interests of these individuals in the fund’s Proxy Statement.

Putnam Sustainable Leaders Fund product page.

 

Shareholders of Franklin Focused Dynamic Growth ETF (FFOG) are being asked to approve a proposed change to the fund’s fundamental policy regarding industry concentration under the Investment Company Act of 1940.

A proxy statement describing the proposed new policy will be sent to fund shareholders on or around October 5, 2026. If the proposed new concentration policy is approved, the change is expected to be effective on or around November 18, 2026.

Refer to the prospectus supplement for more information.

Dates are subject to change.

Franklin Focused Dynamic Growth ETF product page

Shareholders of Franklin Intelligent Machines ETF (IQM) are being asked to approve a change to the fund’s fundamental investment policy regarding industry concentration. If approved, the new policy will be effective November 1, 2026.

IQM’s Fundamental Investment Policy Regarding Industry Concentration

Under normal market conditions

Current	Proposed
The fund may not invest more than 25% of the fund’s net assets in securities of issuers in any one industry (other than securities issued by the US government or any of its agencies or instrumentalities).	The fund may not invest more than 25% of its net assets in securities of issuers in any one industry (other than securities issued or guaranteed by the US government or any of its agencies or instrumentalities), except that the fund will invest more than 25% of its net assets in securities issued by companies operating within information technology related industries.

Proxy Solicitation and Shareholder Meeting

Shareholders of record as of September 15, 2026, were mailed additional information materials about this proposal on October 12, 2026. The shareholder meeting will be held on October 30, 2026, at 11 a.m. ET.

Sodali Fund Solutions (SFS) is the proxy solicitor. If you have any questions relating to the proxy, please contact SFS directly at (800) 741-9946. Proxy specialists are available Monday through Friday, 10 a.m. to 11 p.m. ET.

Important Dates

Date (2026)	Action
October 12	Proxy documents begin mailing to shareholders.
October 16	Outbound telephone solicitation to fund shareholders begins.
October 30	Shareholder meeting.
November 1	Change effective if approved by fund shareholders.

Refer to the proxy statement for more information.

Sample proxy card.

Dates are subject to change.

The foregoing is not a solicitation of any proxy.

Shareholders of Putnam Mortgage Opportunities Fund are being asked to approve a proposed conversion of the fund from a mutual fund to an exchange-traded fund through the reorganization of the fund with and into Franklin Multisector Bond ETF, a newly-created series of Putnam ETF Trust, pursuant to an Agreement and Plan of Reorganization. If approved by shareholders, the conversion is anticipated to occur in or around the first quarter of 2027.

Franklin Multisector Bond ETF’s Investment Goal, Policies, Strategies and Other Information

Franklin Multisector Bond ETF will have a different investment goal, investment policies, investment strategies and portfolio management team than Putnam Mortgage Opportunities Fund. The ETF would provide access to a diversified multi-sector fixed income strategy that can opportunistically allocate its investments across a wider range of income-producing sectors, including mortgage-backed securities, corporate credit, government securities and asset-backed securities. Given their different investment strategies, the funds are subject to different principal risks, although there is significant overlap in many of those risks. In addition, shareholders of Franklin Multisector Bond ETF would also be subject to risks related to its ETF structure.

Proxy Solicitation and Shareholder Meeting

Shareholders of record as of August 6, 2026, will be mailed additional information materials about this proposal in late September 2026, with the shareholder meeting being held on November 4, 2026.

Proxy statement

Sample proxy card

Broadridge Fund Solutions (BFS), the fund’s proxy solicitor, is actively soliciting votes from shareholders by phone and mail. Only shareholders who have not voted their proxy will receive these solicitation calls and mailings. Once a shareholder votes their proxy, they will no longer be contacted by BFS.

If you or your clients have any questions relating to the proxy, please contact BFS directly at (800) 914-4512. Proxy specialists are available Monday through Friday, 9 a.m. to 10 p.m. ET.

Reorganization Details if Approved by Shareholders

This reorganization, if approved, is anticipated to occur in or around the first quarter of 2027 and will consist of: 1) the transfer of substantially all of the fund’s assets, subject to its liabilities, to Franklin Multisector Bond ETF; and 2) the distribution of the ETF shares to the fund’s shareholders in complete liquidation of the mutual fund.

How mutual fund shareholders can receive ETF shares

To receive ETF shares, fund shareholders must hold their shares through a brokerage account that can accept ETF shares. Additional information will be sent if the reorganization is approved, regarding steps that shareholders who do not hold their mutual fund shares in a brokerage account will need to take.

Upon the closing of the proposed reorganization, each shareholder will receive shares of Franklin Multisector Bond ETF having the same aggregate NAV as the mutual fund shares they held on the date of the reorganization and they will become a shareholder of the ETF.

Redemption of fractional mutual fund shares

Before the proposed reorganization, the fund will redeem the number of shares and/or fractional shares as is necessary so that the shareholder will receive a whole number of ETF shares. Redemption proceeds may be a taxable event and shareholders are encouraged to consult their tax professional to determine the effect of any such redemption.

It is anticipated that the proposed reorganization will qualify as a tax-free event for federal income tax purposes and that shareholders will not recognize any gain or loss in connection with the reorganization, except to the extent that they receive cash in connection with the redemption of any shares before the reorganization as described above.

Important dates

Date	Action
July 27, 2026	Front-end sales charges and CDSC waived.
September 30, 2026	Prospectus/proxy statement mailed to shareholders.
November 4, 2026	Special meeting of shareholders.
November 5, 2026	Fund closes to new investors if the proposed reorganization is approved by shareholders.
First Quarter 2027	Conversion expected to occur if approved by shareholders.

Putnam Mortgage Opportunities Fund product page.

Dates are subject to change.

The foregoing is not a solicitation of any proxy. For more information regarding Putnam Mortgage Opportunities Fund or to receive a free copy of materials filed with the Securities and Exchange Commission (SEC), please visit the fund’s website at www.franklintempleton.com. A free copy of this material can also be found on the SEC’s website at https://www.sec.gov. Shareholders should read the Proxy Statement carefully because it will contain important information. The fund, its trustees, officers and other members of management may be deemed to be participants in any future solicitation of the fund’s shareholders in connection with the forthcoming meeting of shareholders. Shareholders may obtain information regarding the names, affiliations and interests of these individuals in the fund’s Proxy Statement.

Shareholders of Putnam Sustainable Leaders Fund are being asked to approve a management contract that will eliminate the performance adjustment component of the fund’s management fee. If this proposal is approved, the fund is expected to undergo the following changes on or around January 15, 2027:

	Current	Proposed Change
Name	Putnam Sustainable Leaders Fund	Putnam Mid Cap Fund
Investment Strategy	Large-cap core fund	Mid-cap core fund
80% Investment Policy (Under normal circumstances)	Investing at least 80% of the fund’s net assets in investments that meet the investment manager’s sustainability criteria.	Investing at least 80% of the fund’s net assets, plus the amount of any borrowings for investment purposes, in equity securities or other investments with similar economic characteristics, of medium capitalization companies.
Benchmark	Russell 3000 Index S&P 500 Index	Russell 3000 Index Russell Midcap Index

If shareholder approval is obtained after January 15, 2027, the changes will be implemented on the first day of the month following shareholder approval.

Note: If the proposed new management contract is approved, there will be an 18-month transition period, which is intended to prevent the fund from being charged higher management fees immediately following the adoption of the new management contract than would have been payable under the current management contract.¹

Proxy Solicitation and Shareholder Meeting

The special shareholder meeting for the fund originally scheduled for October 8, 2026, has been adjourned to November 10, 2026.

EQ Fund Solutions (EQFS) is the proxy solicitor. If you or your clients have any questions relating to the proxy, please contact EQFS directly at (800) 290-6432. Proxy specialists are available Monday through Friday, 9 a.m. to 10 p.m. ET.

Important Dates

Date	Action
August 21, 2026	Email sent to financial professionals with client assets in the fund.
August 24, 2026	Proxy documents begin mailing to shareholders.
September 10, 2026	Outbound telephone solicitation to fund shareholders begins.
November 10, 2026	Shareholder meeting.
January 15, 2027	Changes are effective if approved by fund shareholders.

Refer to the proxy statement for more information.

Dates are subject to change.

1. During this transition period, the fund’s management fee will be the lesser of (i) the fund’s current base management fee without the application of a performance adjustment and (ii) the fee that the fund would have paid under the current management contract after giving effect to any performance adjustment.

The foregoing is not a solicitation of any proxy. For more information regarding Putnam Sustainable Leaders Fund or to receive a free copy of materials filed with the Securities and Exchange Commission (SEC), please visit the fund’s website at www.franklintempleton.com. A free copy of this material can also be found on the SEC’s website at https://www.sec.gov. Shareholders should read the Proxy Statement carefully because it will contain important information. The fund, its trustees, officers and other members of management may be deemed to be participants in any future solicitation of the fund’s shareholders in connection with the forthcoming meeting of shareholders. Shareholders may obtain information regarding the names, affiliations and interests of these individuals in the fund’s Proxy Statement.

Putnam Sustainable Leaders Fund product page.

 Effective October 2, 2026, Franklin Total Return Fund reorganized into Franklin Core Plus Bond Fund.

Franklin Core Plus Bond Fund product page.

Effective after market close on September 25, 2026, Putnam Focused Equity Fund reorganized into Putnam Focused U.S. Research ETF, a newly organized series of Putnam ETF Trust. Putnam Focused U.S. Research ETF’s investment goal, investment adviser and portfolio management team are expected to be the same as those of Putnam Focused Equity Fund, and the ETF’s principal investment strategies are expected to be substantially similar to those of the fund.

If you have any questions, please contact your Franklin Templeton representative. ETFs trade like stocks, fluctuate in market value and may trade at prices above or below the ETF’s net asset value. Brokerage commissions and expenses will reduce returns. There is no guarantee that any strategy will achieve its objective.

Putnam Focused U.S. Research ETF product page.

On August 28, 2026, Putnam Global Income Trust was reorganized into Putnam Diversified Income Trust.

Putnam Diversified Income Trust product page. 

On August 14, 2026, Putnam Sustainable Future Fund was reorganized into Putnam U.S. Research Fund.  

Putnam U.S. Research Fund product page.

Effective September 30, 2026, Royce Smaller-Companies Growth Fund was renamed Royce Small-Cap Growth Fund. Additionally, the fund updated its principal investment strategy. Refer to the prospectus for more information.

Royce Small-Cap Growth Fund product page.