VGOF-P16 09/24
SUPPLEMENT DATED SEPTEMBER 26, 2024
TO THE SUMMARY PROSPECTUS, PROSPECTUS
AND STATEMENT OF ADDITIONAL INFORMATION (“SAI”)
OF EACH FUND LISTED IN SCHEDULE A
Effective September 30, 2024, the following changes are made to each Fund’s Summary Prospectus, Prospectus and SAI:
| 1) | The following is added to the section titled “Your fund’s management – Portfolio managers” in each Fund’s Summary Prospectus and Prospectus: |
Benjamin Barber, CFA
Portfolio Manager, portfolio manager of the fund since 2024.
James Conn, CFA
Portfolio Manager, portfolio manager of the fund since 2024.
Francisco Rivera
Portfolio Manager, portfolio manager of the fund since 2024.
Daniel Workman, CFA
Portfolio Manager, portfolio manager of the fund since 2024.
| 2) | The following is added to the section titled “Who oversees and manages the fund? – Portfolio managers” in each Fund’s Prospectus: |
| Portfolio managers | Joined fund | Employer | Positions over past five years |
| Benjamin Barber, CFA | 2024 |
Franklin Advisers 2020 – Present Goldman Sachs Asset Management 1999 – 2020 |
Portfolio Manager
Portfolio Manager |
| James Conn, CFA | 2024 |
Franklin Advisers 1996 – Present |
Portfolio Manager |
| Francisco Rivera | 2024 |
Franklin Advisers 1994 – Present |
Portfolio Manager |
| Daniel Workman, CFA | 2024 |
Franklin Advisers 2003 - Present |
Portfolio Manager |
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| 3) | The following is added to the table in the section titled “PORTFOLIO MANAGERS – Other accounts managed” in each Fund’s SAI: |
|
Portfolio managers |
Other SEC-registered open-end and closed-end funds | Other accounts that pool assets from more than one client | Other accounts (including separate accounts, managed account programs and single-sponsor defined contribution plan offerings) | |||
| Number of accounts | Assets | Number of accounts | Assets | Number of accounts | Assets | |
| Benjamin Barber* | 8 | $17,076,700,000 | 2 | $224,800,000 | 4 | $324,400,000 |
| James Conn* | 8 | $17,077,100,000 | 2 | $224,800,000 | 4 | $702,600,000 |
| Francisco Rivera* | 7 | $17,076,700,000 | 0 | $0 | 142 | $9,617,600,000 |
| Daniel Workman* | 7 | $17,076,700,000 | 0 | $0 | 4 | $868,500,000 |
*Information is provided as of August 31, 2024.
| 4) | The following is added to the section titled “PORTFOLIO MANAGERS – Ownership of securities” in each Fund’s SAI: |
| Portfolio manager(s) | Dollar range of fund shares owned |
| Benjamin Barber* | None |
| James Conn* | None |
| Francisco Rivera* | None |
| Daniel Workman* | None |
| *Information is provided as of August 31, 2024. | |
Schedule A
|
Putnam Short-Term Municipal Income Fund |
| Putnam Strategic Intermediate Municipal Fund |
| Putnam Tax Exempt Income Fund |
| Putnam Tax-Free High Yield Fund |
| Putnam Intermediate-Term Municipal Income Fund |
Shareholders should retain this Supplement for future reference.
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