PGOF-P40 09/25
SUPPLEMENT DATED SEPTEMBER 30, 2025
TO THE SUMMARY PROSPECTUS, PROSPECTUS AND
STATEMENT OF ADDITIONAL INFORMATION (“SAI”)
OF EACH FUND LISTED IN SCHEDULE A
Effective September 30, 2025, the following supersedes any and all disclosure to the contrary in each fund’s Summary Prospectus, Prospectus and SAI:
| a. | The portfolio managers primarily responsible for the day-to-day management of Putnam Diversified Income Trust and Putnam VT Diversified Income Fund are Albert W. Chan, CFA, Patrick A. Klein, Ph.D., Michael V. Salm, and Matthew J. Walkup. |
| b. | The portfolio managers primarily responsible for the day-to-day management of Putnam High Yield Fund and Putnam VT High Yield Fund are Bryant Dieffenbacher, CFA, Robert L. Salvin, and Glenn Voyles, CFA. |
| c. | The portfolio managers primarily responsible for the day-to-day management of Putnam Short Duration Bond Fund are Andrew C. Benson, Albert W. Chan, CFA, Joanne M. Driscoll, CFA, and Michael J. Lima, CFA. |
| SCHEDULE A |
| Putnam Diversified Income Trust |
| Putnam High Yield Fund |
| Putnam Short Duration Bond Fund |
| Putnam VT Diversified Income Fund |
| Putnam VT High Yield Fund |
Please retain this supplement for future reference.