VGOF - P19 09/24
SUPPLEMENT DATED SEPTEMBER 26, 2024
TO THE SUMMARY PROSPECTUS, PROSPECTUS AND
STATEMENT OF ADDITIONAL INFORMATION (“SAI”)
OF PUTNAM INCOME FUND AND
PUTNAM VT INCOME FUND
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 and Andrew Benson in the section titled “Your fund’s management – Portfolio managers” in each Fund’s Summary Prospectus and Prospectus: |
Albert Chan, CFA
Portfolio Manager, portfolio manager of the fund since 2024.
Tina Chou
Portfolio Manager, portfolio manager of the fund since 2024.
Patrick Klein, Ph.D.
Portfolio Manager, portfolio manager of the fund since 2024.
Matthew Walkup
Portfolio Manager, portfolio manager of the fund since 2024.
| 2) | The following replaces all references to Brett Kozlowski and Andrew Benson 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 |
| Albert Chan, CFA | 2024 |
Franklin Advisers 2024 – Present Putnam Investments 2002 – 2024 |
Portfolio Manager
Portfolio Manager |
| Tina Chou | 2024 |
Franklin Advisers 2004 – Present |
Portfolio Manager |
| Patrick Klein, Ph.D. | 2024 |
Franklin Advisers 2005 – Present |
Portfolio Manager |
| Matthew Walkup | 2024 |
Franklin Advisers 2005 – Present Putnam Investments 2014 – 2024
|
Portfolio Manager
Portfolio Manager |
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| 3) | The following replaces all references to Brett Kozlowski and Andrew Benson 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 | |
| Albert Chan* | 13** | $5,085,500,000 | 10 | $2,462,700,000 | 2 | $259,100,000 |
| Tina Chou* | 5 | $7,954,600,000 | 2 | $357,100,000 | 0 | $0 |
| Patrick Klein* | 12 | $16,655,300,000 | 7 | $1,776,200,000 | 8** | $5,189,100,000 |
| Matthew Walkup* | 0 | $0 | 0 | $0 | 0 | $0 |
*Information is provided as of August 31, 2024.
**2 accounts, with total assets of $1,867,900,000, pays an advisory fee based on account performance.
***1 account, with total assets of $1,226,900,000, pays an advisory fee based on account performance.
| 4) | The following replaces all references to Brett Kozlowski and Andrew Benson in the section titled “PORTFOLIO MANAGERS – Ownership of securities” in each Fund’s SAI: |
| Portfolio manager(s) | Dollar range of fund shares owned |
| Albert Chan* | None |
| Tina Chou* | None |
| Patrick Klein* | None |
| Matthew Walkup* | None |
| *Information is provided as of August 31, 2024. |
Shareholders should retain this Supplement for future reference.
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