PGOF-P13 09/24
| Statutory Prospectus Supplement |
September 3, 2024 |
For Putnam Dynamic Asset Allocation
Equity Fund and all Putnam retail open-end mutual funds except Putnam Convertible Securities Fund class I prospectus, Putnam Government
Money Market Fund class I prospectus and Putnam Mortgage Opportunities Fund class I prospectus.
Effective immediately, similar
disclosure in the Appendix under the heading EDWARD D. JONES & CO., L.P. (“EDWARD JONES”) is replaced in
its entirety with the following:
Policies Regarding Transactions Through Edward Jones
The following information has been provided by Edward Jones:
Effective on or after September 3, 2024,
the following information supersedes prior information with respect to transactions and positions held in fund shares through an Edward
Jones system. Clients of Edward Jones (also referred to as "shareholders") purchasing fund shares on the Edward Jones commission
and fee-based platforms are eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers,
which can differ from discounts and waivers described elsewhere in the mutual fund prospectus or statement of additional information ("SAI")
or through another broker-dealer. In all instances, it is the shareholder's responsibility to inform Edward Jones at the time of purchase
of any relationship, holdings of the Putnam funds, or other facts qualifying the purchaser for discounts or waivers. Edward Jones can
ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility
for these discounts and waivers.
| • | Breakpoint pricing, otherwise
known as volume pricing, at dollar thresholds as described in the prospectus. |
Rights of Accumulation ("ROA")
| • | The
applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money
market funds and any assets held in group retirement plans) of the Putnam funds held by the shareholder or in an account grouped by Edward
Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). If grouping assets
as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of
eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time
of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired
in exchange for shares purchased with a sales charge. |
| • | The
employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with
the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level. |
| • | ROA
is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV). |
Letter of Intent ("LOI")
| • | Through
a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period
from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings
at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end
sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge
and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent
on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward
Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not
met. |
| • | If
the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated
with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer. |
Sales Charge Waivers
Sales charges are waived for the following shareholders and in the
following situations:
| • | Associates
of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by Edward Jones under its policies and
procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward
Jones in good-standing and remains in good standing pursuant to Edward Jones' policies and procedures. |
| • | Shares
purchased in an Edward Jones fee-based program. |
| • | Shares
purchased through reinvestment of capital gains distributions and dividend reinvestment. |
| • | Shares
purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: the proceeds are
from the sale of shares within 60 days of the purchase, the sale and purchase are made from a share class that charges a front-end sales
charge and one of the following ("Right of Reinstatement"): |
| • | The
redemption and repurchase occur in the same account. |
| ○ | The
redemption proceeds are used to process an: IRA contribution, excess contributions, conversion, recharacterizing of contributions, or
distribution, and the repurchase is done in an account within the same Edward Jones grouping for ROA. |
| | The Right of Reinstatement excludes
systematic or automatic transactions including, but not limited to, purchases made through payroll deductions, liquidations to cover account
fees, and reinvestments from non-mutual fund products. |
| • | Shares
exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion
of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are
subject to the applicable sales charge as disclosed in the prospectus. |
| • | Exchanges
from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase
date or earlier at the discretion of Edward Jones. |
Contingent Deferred Sales Charge
("CDSC") Waivers
If the shareholder purchases shares that are subject to a CDSC and
those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:
| • | The death or disability of the shareholder. |
| • | Systematic
withdrawals with up to 10% per year of the account value. |
| • | Return
of excess contributions from an Individual Retirement Account (IRA). |
| • | Shares
redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the
shareholder reaches qualified age based on applicable IRS regulations. |
| • | Shares
redeemed to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones. |
| • | Shares
exchanged in an Edward Jones fee-based program. |
| • | Shares
acquired through NAV reinstatement. |
| • | Shares
redeemed at the discretion of Edward Jones for Minimum Balances, as described below. |
Other Important Information Regarding Transactions Through
Edward Jones
Minimum Purchase Amounts
| • | Initial
purchase minimum: $250 |
| • | Subsequent
purchase minimum: none |
Minimum Balances
| • | Edward
Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts
that are not included in this policy: |
| ○ | A
fee-based account held on an Edward Jones platform |
| ○ | A
529 account held on an Edward Jones platform |
| ○ | An
account with an active systematic investment plan or LOI |
Exchanging Share Classes
| • | At
any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holdings in a fund to Class A shares of
the same fund. |
Shareholders should retain this Supplement
for future reference.