VGOF- P17 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 replaces all references to Brett Kozlowski in the section titled “Your fund’s management – Portfolio managers” in each Fund’s Summary Prospectus and Prospectus: |
Neil Dhruv
Portfolio Manager, portfolio manager of the fund since 2024.
Paul Varunok
Portfolio Manager, portfolio manager of the fund since 2024.
| 2) | The following replaces all references to Brett Kozlowski in 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 |
| Neil Dhruv | 2024 |
Franklin Advisers 2002 - Present |
Portfolio Manager |
| Paul Varunok | 2024 |
Franklin Advisers 2001 - Present |
Portfolio Manager |
| 3) | The following replaces all references to Brett Kozlowski in 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 | |
| Neil Dhruv* | 5 | $3,542,800,000 | 2 | $908,900,000 | 3** | $3,454,300,000 |
| Paul Varunok* | 5 | $3,542,800,000 | 3 | $964,900,000 | 10*** | $4,895,300,000 |
* Information is provided as of August 31, 2024.
** 1 account, with total assets of $2,297,100,000, pays an advisory fee
based on account performance.
*** 2 accounts, with total assets of $3,523,900,000, pay an advisory fee based on account performance.
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| 4) | The following replaces all references to Brett Kozlowski in the section titled “PORTFOLIO MANAGERS – Ownership of securities” in each Fund’s SAI: |
| Portfolio manager(s) | Dollar range of fund shares owned |
| Neil Dhruv* | None |
| Paul Varunok* | None |
| *Information is provided as of August 31, 2024. |
Schedule A
|
Putnam Mortgage Opportunities Fund |
| Putnam Mortgage Securities Fund |
| Putnam VT Mortgage Securities Fund |
Shareholders should retain this Supplement for future reference.
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