PGOF-SA2 06/24
Statement of Additional Information Supplement | June 4, 2024 |
George Putnam Balanced Fund | Putnam Retirement Advantage 2055 Fund |
Putnam California Tax Exempt Income Fund | Putnam Retirement Advantage 2060 Fund |
Putnam Convertible Securities Fund | Putnam Retirement Advantage 2065 Fund |
Putnam Core Bond Fund | Putnam Retirement Advantage Maturity Fund |
Putnam Core Equity Fund | Putnam Short Duration Bond Fund |
Putnam Diversified Income Trust | Putnam Short Term Investment Fund |
Putnam Dynamic Asset Allocation Balanced | Putnam Short-Term Municipal Income Fund |
Fund | Putnam Small Cap Growth Fund |
Putnam Dynamic Asset Allocation Conservative | Putnam Small Cap Value Fund |
Fund | Putnam Strategic Intermediate Municipal Fund |
Putnam Dynamic Asset Allocation Equity Fund | Putnam Sustainable Future Fund |
Putnam Dynamic Asset Allocation Growth Fund | Putnam Sustainable Leaders Fund |
Putnam Emerging Markets Equity Fund | Putnam Sustainable Retirement 2025 Fund |
Putnam Floating Rate Income Fund | Putnam Sustainable Retirement 2030 Fund |
Putnam Focused Equity Fund | Putnam Sustainable Retirement 2035 Fund |
Putnam Focused International Equity Fund | Putnam Sustainable Retirement 2040 Fund |
Putnam Global Health Care Fund | Putnam Sustainable Retirement 2045 Fund |
Putnam Global Income Trust | Putnam Sustainable Retirement 2050 Fund |
Putnam Global Technology Fund | Putnam Sustainable Retirement 2055 Fund |
Putnam Government Money Market Fund | Putnam Sustainable Retirement 2060 Fund |
Putnam High Yield Fund | Putnam Sustainable Retirement 2065 Fund |
Putnam Income Fund | Putnam Sustainable Retirement Maturity Fund |
Putnam Intermediate-Term Municipal Income | Putnam Tax Exempt Income Fund |
Fund | Putnam Tax-Free High Yield Fund |
Putnam International Capital Opportunities Fund | Putnam Ultra Short Duration Income Fund |
Putnam International Equity Fund | Putnam Ultra Short MAC Series |
Putnam International Value Fund | Putnam VT Core Equity Fund |
Putnam Large Cap Growth Fund | Putnam VT Diversified Income Fund |
Putnam Large Cap Value Fund | Putnam VT Emerging Markets Equity Fund |
Putnam Massachusetts Tax Exempt Income Fund | Putnam VT Focused International Equity Fund |
Putnam Minnesota Tax Exempt Income Fund | Putnam VT George Putnam Balanced Fund |
Putnam Money Market Fund | Putnam VT Global Asset Allocation Fund |
Putnam Mortgage Opportunities Fund | Putnam VT Global Health Care Fund |
Putnam Mortgage Securities Fund | Putnam VT Government Money Market Fund |
Putnam Multi-Asset Income Fund | Putnam VT High Yield Fund |
Putnam New Jersey Tax Exempt Income Fund | Putnam VT Income Fund |
Putnam New York Tax Exempt Income Fund | Putnam VT International Equity Fund |
Putnam Ohio Tax Exempt Income Fund | Putnam VT International Value Fund |
Putnam Pennsylvania Tax Exempt Income Fund | Putnam VT Large Cap Growth Fund |
Putnam Research Fund | Putnam VT Large Cap Value Fund |
Putnam Retirement Advantage 2025 Fund | Putnam VT Mortgage Securities Fund |
Putnam Retirement Advantage 2030 Fund | Putnam VT Research Fund |
Putnam Retirement Advantage 2035 Fund | Putnam VT Small Cap Growth Fund |
Putnam Retirement Advantage 2040 Fund | Putnam VT Small Cap Value Fund |
Putnam Retirement Advantage 2045 Fund | Putnam VT Sustainable Future Fund |
Putnam Retirement Advantage 2050 Fund | Putnam VT Sustainable Leaders Fund |
Effective immediately, the disclosure under the sub-section The Management Contract in the section MANAGEMENT of the Statement of Additional Information for each fund listed above is supplemented to include the following:
Franklin Templeton Services, LLC (“FT Services”) has entered into an agreement with Putnam Management to provide certain administrative services and facilities for the fund. FT Services is an indirect, wholly-owned subsidiary of Franklin Templeton and is an affiliate of Putnam Management, the fund's investment manager, and Putnam Retail Management, its principal underwriter. The administrative services FT Services provides include preparing and maintaining books, records, and tax and financial reports, and monitoring compliance with regulatory requirements. Putnam Management pays FT Services a monthly fee equal to the following:
0.150% of the fund’s daily net assets up to and including $200 million;
0.135% of the fund’s average daily net assets over $200 million, up to and including $700 million;
0.100% of the fund’s average daily net assets over $700 million, up to and including $1.2 billion;
0.075% of the fund’s average daily net assets in excess of $1.2 billion.
The monthly fees are paid by Putnam Management and are not additional expenses of the fund.
For all funds listed above except series of Putnam Variable Trust
Effective immediately, the sub-section Public Disclosures under the section DISCLOSURE OF PORTFOLIO INFORMATION is deleted and replaced in its entirety with the following:
Public Disclosures
The fund’s portfolio holdings are currently disclosed to the public through filings with the SEC and postings on the Putnam Investments website. The fund files its portfolio holdings with the SEC twice each year on Form N-CSR (with respect to each annual period and semi-annual period). In addition, money market funds file reports of portfolio holdings on Form N-MFP each month (with respect to the prior month), and funds other than money market funds file reports of portfolio holdings on Form N-PORT 60 days after each fiscal quarter (for the respective fiscal quarter), with the schedule of portfolio holdings filed on Form N-PORT for the third month of the first and third fiscal quarter made publicly available. Shareholders may obtain the Form N-CSR and N-MFP filings and the publicly available portions of Form N-PORT filings on the SEC’s website at http://www.sec.gov. Form N-CSR filings are available upon filing, Form N-MFP filings are available 60 days after each calendar month end, and information reported on Form N-PORT filings for the third month of a fiscal quarter is available 60 days after the end of the fiscal quarter. You may call the SEC at 1-800-SEC-0330 for information about the SEC’s website.
For Putnam Money Market Fund and Putnam Government Money Market Fund, the following information is publicly available on the Putnam Investments website, putnam.com/individual, as disclosed in the following table. This information will remain available on the website for six months thereafter, after which the information can be found on the SEC’s website at http://www.sec.gov.
Information | Frequency of Disclosure | Date of Web Posting |
Full Portfolio Holdings
Top 10 Portfolio Holdings and Other Portfolio Statistics |
Monthly
Monthly
|
No later than 5 business days after the end of each month.
|
For Putnam Mortgage Opportunities Fund, Putnam Management makes the fund’s portfolio information publicly available on the Putnam Investments institutional website, putnam.com/institutional, as disclosed in the following table.
Information | Frequency of Disclosure | Date of Web Posting |
Full Portfolio Holdings
Top 10 Portfolio Holdings and Other Portfolio Statistics
|
Monthly
Monthly
|
On or before 15 calendar days after the end of each month.
|
For Putnam Ultra Short Duration Income Fund and Putnam Ultra Short MAC Series, Putnam Management makes the fund’s portfolio information publicly available on the Putnam Investments website, putnam.com/individual, as disclosed in the following table.
Information | Frequency of Disclosure | Date of Web Posting |
Full Portfolio Holdings
Top 10 Portfolio Holdings and Other Portfolio Statistics
|
Monthly
Monthly
|
On or after 5 business days after the end of each month.
|
For all other funds, Putnam Management makes each fund’s portfolio information publicly available on the Putnam Investments website, putnam.com/individual, as disclosed in the following table.
Information (1) | Frequency of Disclosure | Date of Web Posting |
Full Portfolio Holdings | Monthly | On or before 15 calendar days after the end of each month. |
Top 10 Portfolio Holdings and Other Portfolio Statistics
|
Monthly
|
Beginning on or after 5 business days after the end of each month. |
(1) | Putnam mutual funds that are not currently offered to the general public (such as Putnam Short Term Investment Fund, Putnam Dynamic Asset Allocation Equity Fund, and Putnam Multi-Asset Income Fund) do not post portfolio holdings on the Putnam Investments website, except to the extent required by applicable regulations. The Putnam Retirement Advantage Funds and Putnam |
Sustainable Retirement Funds invest solely in other funds in the Putnam funds complex. Please see these funds’ prospectuses for their target allocations.
The scope of the information relating to the fund’s portfolio that is made available on the website may change from time to time without notice. In addition, the posting of fund holdings may be delayed in some instances for technical reasons.
Putnam Management or its affiliates may include fund portfolio information that has already been made public through a Web posting or SEC filing in marketing literature and other communications to shareholders, advisors or other parties, provided that, in the case of information made public through the Web, the information is disclosed no earlier than the day after the date of posting to the website.
For each fund listed above that is a series of Putnam Variable Trust
Effective immediately, the sub-section Public Disclosures under the section DISCLOSURE OF PORTFOLIO INFORMATION is deleted and replaced in its entirety with the following:
Public Disclosures
The fund’s portfolio holdings are currently disclosed to the public through filings with the SEC and postings on the Putnam Investments website. The fund files its portfolio holdings with the SEC twice each year on Form N-CSR (with respect to each annual period and semi-annual period). In addition, money market funds file reports of portfolio holdings on Form N-MFP each month (with respect to the prior month), and funds other than money market funds file reports of portfolio holdings on Form N-PORT 60 days after each fiscal quarter (for the respective fiscal quarter), with the schedule of portfolio holdings filed on Form N-PORT for the third month of the first and third fiscal quarter made publicly available. Shareholders may obtain the Form N-CSR and N-MFP filings and the publicly available portions of Form N-PORT filings on the SEC’s website at http://www.sec.gov. Form N-CSR filings are available upon filing, Form N-MFP filings are available 60 days after each calendar month end, and information reported on Form N-PORT filings for the third month of a fiscal quarter is available 60 days after the end of the fiscal quarter. You may call the SEC at 1-800-SEC-0330 for information about the SEC’s website.
For Putnam VT Government Money Market Fund, the following information is publicly available on the Putnam Investments website, putnam.com/individual, as disclosed in the following table. This information will remain available on the website for six months thereafter, after which the information can be found on the SEC’s website at http://www.sec.gov.
Information | Frequency of Disclosure | Date of Web Posting |
Full Portfolio Holdings
Top 10 Portfolio Holdings and Other Portfolio Statistics |
Monthly
Monthly |
No later than 5 business days after the end of each month.
|
For all other funds, Putnam Management makes each fund’s portfolio information publicly available on the Putnam Investments website, putnam.com/individual, as disclosed in the following table.
Information | Frequency of Disclosure | Date of Web Posting |
Full Portfolio Holdings | Monthly | On or before 15 calendar days after the end of each month. |
Top 10 Portfolio Holdings and Other Portfolio Statistics
|
Monthly
|
Beginning on or after 5 business days after the end of each month. |
The scope of the information relating to the fund’s portfolio that is made available on the website may change from time to time without notice. In addition, the posting of fund holdings may be delayed in some instances for technical reasons.
Putnam Management or its affiliates may include fund portfolio information that has already been made public through a Web posting or SEC filing in marketing literature and other communications to shareholders, advisors or other parties, provided that, in the case of information made public through the Web, the information is disclosed no earlier than the day after the date of posting to the website.
Shareholders should retain this Supplement for future reference.
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