0000928816-24-000880.txt : 20240708 0000928816-24-000880.hdr.sgml : 20240708 20240708160755 ACCESSION NUMBER: 0000928816-24-000880 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20240708 DATE AS OF CHANGE: 20240708 EFFECTIVENESS DATE: 20240708 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Putnam ETF Trust CENTRAL INDEX KEY: 0001845809 ORGANIZATION NAME: IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-253222 FILM NUMBER: 241104726 BUSINESS ADDRESS: STREET 1: 100 FEDERAL STREET CITY: BOSTON STATE: MA ZIP: 02111 BUSINESS PHONE: 6177601060 MAIL ADDRESS: STREET 1: 100 FEDERAL STREET CITY: BOSTON STATE: MA ZIP: 02111 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM FOCUSED INTERNATIONAL EQUITY FUND CENTRAL INDEX KEY: 0000081251 ORGANIZATION NAME: IRS NUMBER: 046145734 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-25258 FILM NUMBER: 241104734 BUSINESS ADDRESS: STREET 1: 100 FEDERAL STREET CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 6177601000 MAIL ADDRESS: STREET 1: 100 FEDERAL STREET CITY: BOSTON STATE: MA ZIP: 02110 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM GLOBAL EQUITY FUND DATE OF NAME CHANGE: 20030707 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM GLOBAL GROWTH FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM INTERNATIONAL EQUITIES FUND DATE OF NAME CHANGE: 19900722 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GEORGE PUTNAM BALANCED FUND CENTRAL INDEX KEY: 0000081259 ORGANIZATION NAME: IRS NUMBER: 046013677 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-10816 FILM NUMBER: 241104736 BUSINESS ADDRESS: STREET 1: 100 FEDERAL STREET CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 6177601000 MAIL ADDRESS: STREET 1: 100 FEDERAL STREET CITY: BOSTON STATE: MA ZIP: 02110 FORMER COMPANY: FORMER CONFORMED NAME: GEORGE PUTNAM FUND OF BOSTON DATE OF NAME CHANGE: 19940302 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM EQUITY INCOME FUND/NEW DATE OF NAME CHANGE: 19940302 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM GEORGE FUND OF BOSTON DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM LARGE CAP VALUE FUND CENTRAL INDEX KEY: 0000216934 ORGANIZATION NAME: IRS NUMBER: 046407893 STATE OF INCORPORATION: MA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-58869 FILM NUMBER: 241104731 BUSINESS ADDRESS: STREET 1: 100 FEDERAL STREET CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 6172921000 MAIL ADDRESS: STREET 1: 100 FEDERAL STREET CITY: BOSTON STATE: MA ZIP: 02110 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM EQUITY INCOME FUND DATE OF NAME CHANGE: 20190212 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM EQUITY INCOME FUND/NEW/ DATE OF NAME CHANGE: 19940302 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM STRATEGIC INCOME TRUST DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM GLOBAL HEALTH CARE FUND CENTRAL INDEX KEY: 0000357295 ORGANIZATION NAME: IRS NUMBER: 046471950 STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-75863 FILM NUMBER: 241104733 BUSINESS ADDRESS: STREET 1: 100 FEDERAL STREET CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 6177601000 MAIL ADDRESS: STREET 1: 100 FEDERAL STREET CITY: BOSTON STATE: MA ZIP: 02110 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM HEALTH SCIENCES TRUST DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM SUSTAINABLE LEADERS FUND CENTRAL INDEX KEY: 0000865177 ORGANIZATION NAME: IRS NUMBER: 043091455 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-35576 FILM NUMBER: 241104730 BUSINESS ADDRESS: STREET 1: 100 FEDERAL STREET CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 6172921000 MAIL ADDRESS: STREET 1: 100 FEDERAL STREET CITY: BOSTON STATE: MA ZIP: 02110 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM MULTI-CAP GROWTH FUND DATE OF NAME CHANGE: 20101004 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM NEW OPPORTUNITIES FUND DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM INTERNATIONAL EQUITY FUND CENTRAL INDEX KEY: 0000868648 ORGANIZATION NAME: IRS NUMBER: 046661045 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-37214 FILM NUMBER: 241104732 BUSINESS ADDRESS: STREET 1: 100 FEDERAL STREET CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 6172921000 MAIL ADDRESS: STREET 1: 100 FEDERAL STREET CITY: BOSTON STATE: MA ZIP: 02110 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM INTERNATIONAL EQUITY FUND /MA/ DATE OF NAME CHANGE: 20030430 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM INTERNATIONAL GROWTH FUND /MA/ DATE OF NAME CHANGE: 19960805 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM OVERSEAS GROWTH FUND DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM INVESTMENT FUNDS CENTRAL INDEX KEY: 0000932101 ORGANIZATION NAME: IRS NUMBER: 043251560 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-56339 FILM NUMBER: 241104728 BUSINESS ADDRESS: STREET 1: 100 FEDERAL STREET CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 6172921000 MAIL ADDRESS: STREET 1: 100 FEDERAL STREET CITY: BOSTON STATE: MA ZIP: 02110 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM EQUITY FUNDS DATE OF NAME CHANGE: 19941028 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM FUNDS TRUST CENTRAL INDEX KEY: 0001005942 ORGANIZATION NAME: IRS NUMBER: 043299786 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-00515 FILM NUMBER: 241104729 BUSINESS ADDRESS: STREET 1: 100 FEDERAL STREET CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 6177601000 MAIL ADDRESS: STREET 1: 100 FEDERAL STREET CITY: BOSTON STATE: MA ZIP: 02110 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM CONVERTIBLE SECURITIES FUND CENTRAL INDEX KEY: 0000081247 ORGANIZATION NAME: IRS NUMBER: 042493360 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-43384 FILM NUMBER: 241104735 BUSINESS ADDRESS: STREET 1: 100 FEDERAL STREET CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 6177601000 MAIL ADDRESS: STREET 1: 100 FEDERAL STREET CITY: BOSTON STATE: MA ZIP: 02110 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM CONVERTIBLE INCOME GROWTH TRUST DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM CONVERTIBLE FUND DATE OF NAME CHANGE: 19841212 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM CONVERTIBLE FUND INC /PRED/ DATE OF NAME CHANGE: 19821109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM VARIABLE TRUST CENTRAL INDEX KEY: 0000822671 ORGANIZATION NAME: IRS NUMBER: 046649095 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-17486 FILM NUMBER: 241104727 BUSINESS ADDRESS: STREET 1: 100 FEDERAL STREET CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 6172921000 MAIL ADDRESS: STREET 1: 100 FEDERAL STREET CITY: BOSTON STATE: MA ZIP: 02110 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM CAPITAL MANAGER TRUST /MA/ DATE OF NAME CHANGE: 19920703 0000081247 S000005511 PUTNAM CONVERTIBLE SECURITIES FUND C000015003 Class C Shares C000015004 Class A Shares PCONX C000015005 Class B Shares PCNBX C000015007 Class R Shares PCVRX C000015008 Class Y Shares PCGYX C000153039 CLASS I C000202780 Class R6 Shares 0000081251 S000005651 PUTNAM FOCUSED INTERNATIONAL EQUITY FUND C000015432 Class A Shares PEQUX C000015433 Class B Shares PEQBX C000015434 Class C Shares PUGCX C000015436 Class R Shares PGLRX C000015437 Class Y Shares PEQYX C000117974 Class R6 0000081259 S000005597 GEORGE PUTNAM FUND OF BOSTON C000015264 Class A Shares PGEOX C000015265 Class B Shares PGEBX C000015266 Class C Shares PGPCX C000015267 Class M Shares PGEMX C000015268 Class R Shares PGPRX C000015269 Class Y Shares PGEYX C000136854 Class R5 C000136855 Class R6 0000216934 S000005581 PUTNAM LARGE CAP VALUE FUND C000015218 Class A Shares PEYAX C000015219 Class B Shares PEQNX C000015220 Class C Shares PEQCX C000015222 Class R Shares PEQRX C000015223 Class Y Shares PEIYX C000118171 Class R5 C000118172 Class R6 0000357295 S000005666 PUTNAM GLOBAL HEALTH CARE FUND C000015515 Class A Shares PHSTX C000015516 Class B Shares PHSBX C000015517 Class C Shares PCHSX C000015519 Class R Shares PHSRX C000015520 Class Y Shares PHSYX C000221197 Class R6 Shares 0000822671 S000003873 Putnam VT Large Cap Growth Fund C000010841 Class IA Shares C000010842 Class IB Shares 0000822671 S000003874 Putnam VT Global Health Care Fund C000010843 Class IA Shares C000010844 Class IB Shares 0000822671 S000003877 Putnam VT International Equity Fund C000010849 Class IA Shares C000010850 Class IB Shares 0000822671 S000003878 Putnam VT International Value Fund C000010851 Class IA Shares C000010852 Class IB Shares 0000822671 S000003879 Putnam VT Emerging Markets Equity Fund C000010853 Class IA Shares C000010854 Class IB Shares 0000822671 S000003880 Putnam VT Core Equity Fund C000010855 Class IA Shares C000010856 Class IB Shares 0000822671 S000003881 Putnam VT Sustainable Future Fund C000010857 Class IA Shares C000010858 Class IB Shares 0000822671 S000003883 Putnam VT Small Cap Growth Fund C000010861 Class IA Shares C000010862 Class IB Shares 0000822671 S000003884 Putnam VT Sustainable Leaders Fund C000010863 Class IA Shares C000010864 Class IB Shares 0000822671 S000003887 Putnam VT Research Fund C000010869 Class IA Shares C000010870 Class IB Shares 0000822671 S000003888 Putnam VT Small Cap Value Fund C000010871 Class IA Shares C000010872 Class IB Shares 0000822671 S000003894 Putnam VT Large Cap Value Fund C000010883 Class IA Shares C000010884 Class IB Shares 0000822671 S000003895 Putnam VT George Putnam Balanced Fund C000010885 Class IA Shares C000010886 Class IB Shares 0000822671 S000003897 Putnam VT Focused International Equity Fund C000010889 Class IA Shares C000010890 Class IB Shares 0000865177 S000006295 PUTNAM SUSTAINABLE LEADERS FUND C000017306 Class A Shares PNOPX C000017307 Class B Shares PNOBX C000017308 Class C Shares PNOCX C000017310 Class R Shares PNORX C000017311 Class Y Shares PNOYX C000202804 Class R6 Shares 0000868648 S000006181 PUTNAM INTERNATIONAL EQUITY FUND /MA/ C000017024 Class A Shares POVSX C000017025 Class B Shares POVBX C000017026 Class C Shares PIGCX C000017028 Class R Shares PIERX C000017029 Class Y Shares POVYX C000118015 Class R5 C000118016 Class R6 0000932101 S000003848 Putnam Large Cap Growth Fund C000010751 Class A Shares POGAX C000010752 Class B Shares POGBX C000010753 Class C Shares POGCX C000010755 Class R Shares PGORX C000010756 Class Y Shares PGOYX C000118093 Class R5 C000118094 Class R6 0000932101 S000003850 Putnam International Capital Opportunities Fund C000010763 Class A Shares PNVAX C000010764 Class B Shares PVNBX C000010765 Class C Shares PUVCX C000010767 Class R Shares PICRX C000010768 Class Y Shares PIVYX C000202882 Class R6 Shares 0000932101 S000003851 Putnam Sustainable Future Fund C000010770 Class A Shares PMVAX C000010771 Class B shares PMVBX C000010772 Class C Shares PMPCX C000010773 Class R Shares PMVRX C000010774 Class Y Shares PMVYX C000202883 Class R6 Shares 0000932101 S000003853 Putnam Research Fund C000010781 Class A Shares PNRAX C000010782 Class B Shares PRFBX C000010783 Class C Shares PRACX C000010785 Class R Shares PRSRX C000010786 Class Y Shares PURYX C000158892 Class R6 Shares 0000932101 S000003854 Putnam Small Cap Value Fund C000010787 Class A Shares PSLAX C000010788 Class B Shares PSLBX C000010789 Class C Shares PSLCX C000010791 Class Y Shares PYSVX C000049250 CLASS R C000135941 Class R6 0001005942 S000000775 Putnam International Value Fund C000002290 Class Y shares C000002291 Class A shares PNGAX C000002292 Class B shares PGNBX C000002293 Class C shares PIGRX C000002295 Class R shares PIIRX C000136806 Class R6 0001005942 S000000777 Putnam Small Cap Growth Fund C000002301 Class C shares C000002302 Class Y shares C000002303 Class A shares PNSAX C000002304 Class B shares PNSBX C000002306 Class R shares PSGRX C000158897 Class R6 Shares 0001005942 S000023000 PUTNAM EMERGING MARKETS EQUITY FUND C000066853 CLASS A C000066854 CLASS B C000066855 CLASS C C000066857 CLASS R C000066858 CLASS Y C000203063 Class R6 Shares 0001005942 S000024246 Putnam Focused Equity Fund C000071529 Class A C000071530 Class B C000071531 Class C C000071533 Class R C000071534 Class Y C000203064 Class R6 Shares 0001005942 S000024247 Putnam Global Technology Fund C000071535 Class A C000071537 Class C C000071539 Class R C000071540 Class Y C000203065 Class R6 Shares 0001005942 S000029796 PUTNAM CORE EQUITY FUND C000091525 CLASS A C000091526 CLASS B C000091527 CLASS C C000091529 CLASS R C000091530 CLASS Y C000203066 Class R6 Shares 0001845809 S000071709 Putnam Focused Large Cap Growth ETF C000227195 - 0001845809 S000071710 Putnam Focused Large Cap Value ETF C000227196 - 0001845809 S000071711 Putnam Sustainable Future ETF C000227197 - 0001845809 S000071712 Putnam Sustainable Leaders ETF C000227198 - 0001845809 S000077137 Putnam BDC Income ETF C000237307 - 0001845809 S000077138 Putnam BioRevolution ETF C000237308 - 0001845809 S000077139 Putnam Emerging Markets ex-China ETF C000237309 - 497 1 a_simsupp.htm PUTNAM SIM FUNDS

PGOF-P8 07/24

 

Statutory Prospectus Supplement  July 8, 2024

George Putnam Balanced Fund

Putnam BDC Income ETF

Putnam BioRevolutionTM ETF

Putnam Convertible Securities Fund

Putnam Core Equity Fund

Putnam Emerging Markets Equity Fund

Putnam Emerging Markets Ex-China ETF

Putnam Focused Equity Fund

Putnam Focused International Equity Fund

Putnam Focused Large Cap Growth ETF

Putnam Focused Large Cap Value ETF

Putnam Global Health Care Fund

Putnam Global Technology Fund

Putnam International Capital Opportunities Fund

Putnam International Equity Fund

Putnam International Value Fund

Putnam Large Cap Growth Fund

Putnam Large Cap Value Fund

Putnam Research Fund

Putnam Small Cap Growth Fund

Putnam Small Cap Value Fund

Putnam Sustainable Future ETF

Putnam Sustainable Future Fund

Putnam Sustainable Leaders ETF

Putnam Sustainable Leaders Fund

Putnam VT Core Equity Fund

Putnam VT Emerging Markets Equity Fund

Putnam VT Focused International Equity Fund

Putnam VT George Putnam Balanced Fund

Putnam VT Global Health Care Fund

Putnam VT International Equity Fund

Putnam VT International Value Fund

Putnam VT Large Cap Growth Fund

Putnam VT Large Cap Value Fund

Putnam VT Research Fund

Putnam VT Small Cap Growth Fund

Putnam VT Small Cap Value Fund

Putnam VT Sustainable Future Fund

Putnam VT Sustainable Leaders Fund

 

Effective July 15, 2024 (the “Effective Date”), Franklin Advisers, Inc. (“Franklin Advisers”) will be retained as a sub-adviser by Putnam Investment Management, LLC (“Putnam Management”) for the above-listed Putnam funds (each, a “fund” and together, the “funds”) pursuant to a new subadvisory agreement between Franklin Advisers and Putnam Management. Both Putnam Management and Franklin Advisers are wholly-owned subsidiaries of Franklin Resources, Inc. (“Franklin Resources”).

Also as of the Effective Date, fixed income investment personnel of Putnam Management will become employees of Franklin Advisers, continuing their integration with the broader fixed income investment teams of Franklin Advisers that they have been part of since the closing of Franklin Resources’ acquisition of Putnam Management on January 1, 2024. The retention of Franklin Advisers as sub-adviser to the funds is intended to allow those fixed income personnel, as employees of Franklin Advisers, to continue to provide certain advisory and related services that they had historically provided to the funds.

Putnam Management will continue to serve as each fund’s investment adviser, and Putnam Investments Limited and The Putnam Advisory Company, LLC will continue to serve as sub-advisers to the applicable funds, as disclosed in each fund’s current prospectus.

 

 

 
 

 

In connection with the foregoing, the following changes are made in each fund’s prospectus as of the Effective Date:

·In the sub-section Your fund’s management – Sub-advisor or Sub-advisors, as applicable, in the section Fund summary or Fund summaries, as applicable, Franklin Advisers, Inc. is added to the list of sub-advisors.
·For Putnam Convertible Securities Fund, the following disclosure is added in the sub-section The fund’s investment manager in the section Who oversees and manages the fund?:

Putnam Management has also retained its affiliate, Franklin Advisers, to make investment decisions for such fund assets as may be designated from time to time for its management by Putnam Management (the “portfolio management services”) and to provide certain other advisory and related services (together, the “other services”). With respect to the portfolio management services, Putnam Management (and not the fund) will pay a monthly fee to Franklin Advisers for its services equal to 50% of the “net investment advisory fee” payable by the fund to Putnam Management. For the purposes of this calculation, the net investment advisory fee is defined to equal: (i) 96% of an amount equal to the total investment management fees payable to Putnam Management minus any fund fees and/or expenses waived or reimbursed by Putnam Management, minus (ii) any fees payable by Putnam Management to the fund’s sub-administrator for administrative services. With respect to the other services, Putnam Management (and not the fund) will pay a monthly fee to Franklin Advisers based on the costs of Franklin Advisers in providing the other services to the fund, which may include a mark-up determined and revised from time-to-time in accordance with Franklin Resources’ transfer pricing policy, in line with applicable tax/transfer pricing regulations, but not to exceed 15% over such costs. Franklin Advisers is a wholly-owned subsidiary of Franklin Resources, Inc. and is a global investment management organization based in California, whose principal executive offices are at One Franklin Parkway, San Mateo, California 94403.

The basis for the Trustees' approval of the fund's contractual arrangements described above will be discussed in the fund's next Form N-CSR filed with the SEC.

·For George Putnam Balanced Fund and Putnam VT George Putnam Balanced Fund, the following disclosure is added in the sub-section The fund’s investment manager or The funds’ investment manager, as applicable, in the section Who oversees and manages the fund? or Who oversees and manages the funds?, as applicable:

Putnam Management has also retained its affiliate, Franklin Advisers, to make investment decisions for such fund assets as may be designated from time to time for its management by Putnam Management (the “portfolio management services”) and to provide certain other advisory and related services (together, the “other services”). With respect to the portfolio management services, Putnam Management (and not the fund) will pay a monthly fee to Franklin Advisers for its services equal to 35% of the “net investment advisory fee” payable by the fund to Putnam Management. For the purposes of this calculation, the net investment advisory fee is defined to equal: (i) 96% of an amount equal to the total investment management fees payable to Putnam Management minus any fund fees and/or expenses waived or reimbursed by Putnam Management, minus (ii) any fees payable by Putnam Management to the fund’s sub-administrator for administrative services. With respect to the other services, Putnam Management (and not the fund) will pay a monthly fee to Franklin Advisers based on the costs of Franklin Advisers in providing the other services to the fund, which may include a mark-up determined and revised from time-to-time in accordance with Franklin Resources’ transfer pricing policy, in line with applicable tax/transfer pricing regulations, but not to exceed 15% over such costs. Franklin Advisers is a wholly-owned subsidiary of Franklin Resources, Inc. and is a global investment management organization based in California, whose principal executive offices are at One Franklin Parkway, San Mateo, California 94403.

 
 

The basis for the Trustees' approval of the fund's contractual arrangements described above will be discussed in the fund's next Form N-CSR filed with the SEC.

·For each mutual fund listed above except Putnam Convertible Securities Fund, George Putnam Balanced Fund, and Putnam VT George Putnam Balanced Fund, the following disclosure is added in the sub-section The fund’s investment manager or The funds’ investment manager, as applicable, in the section Who oversees and manages the fund? or Who oversees and manages the funds?, as applicable:

Putnam Management has also retained its affiliate, Franklin Advisers, to provide certain advisory and related services. Putnam Management (and not the fund) will pay a monthly fee to Franklin Advisers based on the costs of Franklin Advisers in providing these services to the fund, which may include a mark-up determined and revised from time-to-time in accordance with Franklin Resources’ transfer pricing policy, in line with applicable tax/transfer pricing regulations, but not to exceed 15% over such costs. Franklin Advisers is a wholly-owned subsidiary of Franklin Resources, Inc. and is a global investment management organization based in California, whose principal executive offices are at One Franklin Parkway, San Mateo, California 94403.

The basis for the Trustees' approval of the fund's contractual arrangements described above will be discussed in the fund's next Form N-CSR filed with the SEC.

·For each exchange-traded fund listed above, the following disclosure is added in the sub-section Investment manager in the section Fund management:

Putnam Management has also retained its affiliate, Franklin Advisers, to provide certain advisory and related services. Putnam Management (and not the fund) will pay a monthly fee to Franklin Advisers based on the costs of Franklin Advisers in providing these services to the fund, which may include a mark-up determined and revised from time-to-time in accordance with Franklin Resources’ transfer pricing policy, in line with applicable tax/transfer pricing regulations, but not to exceed 15% over such costs. Franklin Advisers is a wholly-owned subsidiary of Franklin Resources, Inc. and is a global investment management organization based in California, whose principal executive offices are at One Franklin Parkway, San Mateo, California 94403.

The basis for the Trustees' approval of the fund's contractual arrangements described above will be discussed in the fund's next Form N-CSR filed with the SEC.

 

Shareholders should retain this Supplement for future reference.

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