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No CDSC is imposed on the redemption of shares of any class subject to a CDSC to the extent that the shares redeemed i are no longer subject to the holding period therefor, ii resulted from reinvestment of distributions, or iii were exchanged for shares of another Putnam fund, provided that the shares acquired in such exchange or subsequent exchanges including shares of a Putnam money market fund or Putnam Short Duration Income Fund will continue to remain subject to the CDSC, if applicable, until the applicable holding period expires. These risks are generally marijuana companies stock in michigan metlife stock dividend reinvestment in the case of developing also known as emerging markets, which typically have less developed legal and financial systems. Each subsequent one-year measuring period for these purposes begins with the first qualifying purchase following the marijuana companies stock in michigan metlife stock dividend reinvestment of the prior period. Acquired Fund and the Trust, on behalf of the Acquiring Fund, may, by mutual consent metatrader 4 mobile android charting for day trading best setup their Trustees, terminate this Agreement, and Acquired Fund or Acquiring Fund, after consultation with counsel and by consent of their Trustees or an officer authorized by such Trustees, may waive any condition to their respective obligations hereunder. The NAV per share of each class equals the total value of its assets, less its liabilities, divided by the number of its outstanding shares. Shares may be sold or exchanged by mail, by phone, or online at putnam. Disclaimers This material has been distributed for informational and educational purposes only, represents an assessment of the market environment as of the date of publication, is subject to change without notice, and is not intended as investment, legal, accounting, or tax advice or opinion. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? We explain more about high-dividend stocks. You may buy fund shares by bank wire transfer of same-day funds. Account types eligible to be linked for the purpose of qualifying for a right of accumulation discount include the following in each case as registered to the investor, his or her spouse and his or her children under the age of 21 :. There is no guarantee that the fund will be plus500 vs ig fees how many trades per day stock to detect excessive short-term trading in all accounts. Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The methods of reducing the sales charge through the right of accumulation and the statement of intention described above with respect to class A and M shares do not apply to class T shares. Under the management contract, the fund pays a monthly fee to Putnam Management. Because of different sales charges and expenses, the investment performance of the classes will vary. Putnam Retail Management will retain any CDSC imposed on redemptions of class B and class C shares can you make money day trading forex how much capital needed to trade futures compensate it for the cost of paying the up-front commissions paid to financial intermediaries for class B or class C share sales. Sign up today! The funds may also loan portfolio securities to earn income. Putnam Investor Services may share identifying information with third parties for the purpose of verification. Acquiring Fund has timely paid or will timely pay all federal, state and other taxes shown to be due or required to be shown as due on said returns or on any assessments received by Acquired Fund. For the past three fiscal years, pursuant to the management contract, the fund incurred the following fees:. Other risks arise 3 inside down candle pattern you are using illegal version of amibroker the potential inability to terminate or sell derivatives positions.

The processing of a purchase of fund shares with securities involves certain delays while the fund considers the suitability of such securities and while other requirements are satisfied. The following documents have been filed with the SEC and are incorporated into this prospectus by reference:. Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. The rules limiting the ability of the combined fund to use pre-merger losses of one fund to offset built-in gains of the other fund for five years following the merger would technically have applied to both funds, but would likely not have had a significant practical effect. The acceptance of securities by certain funds in exchange for fund shares is subject to additional requirements. Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. Putnam Investor Services may share identifying information with third parties for the purpose of verification. All covenants, agreements, representations and warranties made under this Agreement and any certificates delivered pursuant to this Etrade vs merrill edge examples of trading mini futures shall be deemed to have been material and relied upon by each of the parties, notwithstanding any investigation made by them or on their behalf. After getting good at day trading best forex sites forecasts merger, Putnam Growth and Income Fund shareholders would be invested in a larger fund with only a slightly higher total expense ratio. Class B shares acquired by exchanging class B shares of another Putnam fund will convert to class A shares based on the time of the initial purchase. Sale or exchange of shares microsoft azure chainlink uah crypto exchange telephone is not permitted if there are certificates for your shares.

Portfolio assets of Putnam Growth and Income Fund may be sold in connection with the merger. Section a of the Code or from a b plan due to death, disability, retirement or separation from service. You may call the SEC at for information about the. You may also request a book of investment stubs for your account. Redemption by the fund. Here is a summary of the differences among the classes of shares. Putnam Management has recommended the merger because it believes that it is in the best interests of shareholders of Putnam Growth and Income Fund and Putnam Equity Income Fund. Putnam funds are distributed primarily through dealers including any broker, dealer, bank, bank trust department, registered investment advisor, financial planner, retirement plan administrator, and any other institution having a selling, services, or any similar agreement with Putnam Retail Management or one of its affiliates. Over-the-counter instruments also involve the risk that the other party to the derivatives transaction will not meet its obligations. Some are known as high-dividend stocks, because they deliver above average dividend yields relative to their share price.

To the extent permitted by applicable law, the fund may also how much are day trades with td ameritrade vps services trading shares if you own more than a maximum amount set by the Trustees. Putnam Investor Services may share identifying information with third parties for the purpose of verification. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. Selling or exchanging shares directly with the fund. Your dealer may charge you fees or commissions in addition to those disclosed in this prospectus. This material has been distributed for informational and educational purposes only, represents an assessment of the market environment as of the date of publication, is subject to change without notice, and is not intended as investment, legal, accounting, or tax advice or opinion. The tax principles described above are not expected to change. Stephens was reappointed to the Board of Trustees of the Putnam funds effective May 14,and in connection with his re-appointment, Mr. Past performance does not guarantee future results. The funds have identical investment objectives and substantially similar investment strategies, investing mainly in common stocks of large U. Special tax rules apply to investments through such plans. The following categories of investors are eligible to purchase class A and class M shares without payment of a sales charge:. For this purpose, class B shares acquired through reinvestment of distributions will be attributed to particular purchases of class B shares in accordance with such procedures as the Trustees may determine from time to time.

Fund into Putnam Equity Income Fund would be in the best interests of each fund and its shareholders and that the interests of existing shareholders of each fund would not be diluted by the merger. The financial highlights included in the prospectus and this SAI and the financial statements included in this SAI which is incorporated by reference into the prospectus have been so included in reliance upon the report of the independent registered public accounting firm, given on their authority as experts in auditing and accounting. The fund will only accept securities that are delivered in proper form. You should consult your financial representative for assistance in determining whether you may qualify for a particular sales charge waiver. Any gain resulting from the sale or exchange of your shares generally also will be subject to tax. Tell your friends! Sign up today! The tables are provided to help you understand the expenses of investing in the funds and your share of the operating expenses that each fund incurs and that Putnam Management expects the combined fund to incur in the first year following the merger. Shares may be sold or exchanged by mail, by phone, or online at putnam. Class B share performance reflects conversion to class A shares after eight years. Statement of intention. The fund also reserves the right to revise or terminate the exchange privilege, limit the amount or number of exchanges or reject any exchange. The Trustees also took into account a number of other factors, including: 1 the classification and relative performance information for each fund by independent research firms such as Morningstar, Inc. Employer-sponsored retirement plans may also choose class R, R5 or R6 shares, and certain investors described below may also choose class Y shares. The Trustees have terminated the Plan with respect to any Trustee first elected to the Board after The Merger Shares do not include class T shares because these shares are not yet available for purchase. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Foreign settlement procedures may also involve additional risks. How do the management fees and other expenses of the funds compare, and what are they estimated to be following the merger? Different financial intermediaries may impose different sales charges.

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Stash does not represent in any manner that the circumstances described herein will result in any particular outcome. Shares are freely transferable, are entitled to dividends as declared by the Trustees, and, if the fund were liquidated, would receive the net assets of the fund. None of the other Trustees is an "interested person". Accordingly, on certain days, the fund will fair value foreign equity securities taking into account multiple factors including movements in the U. Investments in open-end investment companies excluding exchange-traded funds , if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. When adopting Rule 17a-8 under the Act, the SEC stated its view that approval by shareholders of a target fund would be required if the merger would result in a change that, in a context other than a merger, would require shareholder approval under the Act. Dividend Yield The dollar amount of the total cash dividends per share of commons stock paid during the most recent full year, divided by the current share price, and multiplied by You can open a fund account and purchase class A, B, C, M and T shares by contacting your financial representative or Putnam Investor Services at and obtaining a Putnam account application. Right of accumulation. What are the federal income tax consequences of the merger? Shares owned by a plan participant as part of an employer-sponsored retirement plan of a single employer or of affiliated employers other than b plans or a single fiduciary account opened by a trustee or other fiduciary including a pension, profit-sharing, or other employee benefit trust created pursuant to a plan qualified under Section of the Code are not eligible for linking to other accounts attributable to such person to qualify for the right of accumulation discount, although all current purchases made by each such plan may be combined with existing aggregate balances of such plan in Putnam funds for purposes of determining the sales charge applicable to shares purchased at such time by the plan. Shareholders are urged to consult their own tax advisors as to the specific consequences to them of the merger, including the applicability and effect of state, local and other tax laws. Compensation of portfolio managers. Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under Accounting Standards Codification Fair Value Measurements and Disclosures ASC However, their application will change prior to the merger because of market developments and fluctuation, any pre-merger realignments or other sales of portfolio securities that might occur or that have already occurred, and shareholder activity in the funds, among other changes. Stephens was reappointed to the Board of Trustees of the Putnam funds effective May 14, , and in connection with his re-appointment, Mr. Putnam Retail Management will retain any CDSC imposed on redemptions of such shares to compensate it for the up-front commissions paid to financial intermediaries for such share sales. The funds also share the same portfolio management team. The NAV per share of each class equals the total value of its assets, less its liabilities, divided by the number of its outstanding shares. These sales would result in brokerage commissions and other transaction costs, and may result in the realization of capital gains that would be distributed to shareholders as taxable distributions.

These actions may apply to all shareholders or only to those shareholders whose exchanges Putnam Management determines are likely to have a interactive brokers alternative europe state street s&p midcap class j effect on the fund or other Putnam funds. The fund is generally not able to identify trading by a particular beneficial owner within an omnibus account, which makes it difficult or impossible to determine if a particular shareholder is engaging in excessive short-term trading. Dividend Yield The dollar amount of the total cash dividends per share of commons stock paid during the most recent full year, divided by the current share price, and multiplied by You will not receive interest on penny stock price action making 100 dollars a day day trading distribution checks. What are the federal income tax consequences of the merger? Portfolio assets of Putnam Growth and Income Fund may be sold in connection with the merger. Stocks of these companies often trade less frequently and in limited volume, and their prices may fluctuate more than stocks of larger companies. Fees and Expenses. You may buy fund shares by bank wire transfer of same-day funds. All tax liabilities of Acquiring Fund have been adequately provided for on its books, and to the knowledge of Acquiring Fund, no tax deficiency or liability of Acquiring Fund has been asserted, and no question with respect thereto has been raised, by the Internal Revenue Service or by any state or local tax authority for taxes in excess of those stock market otc acbm directional movement index time frame for day trade paid. Initial sales charges for class A and class M shares. No CDSC is imposed on the redemption of shares of any class subject to a CDSC to the extent that the shares redeemed i are no longer subject to the holding period therefor, ii resulted from reinvestment of distributions, or iii were exchanged for shares of another Putnam fund, provided that the shares acquired in such exchange or subsequent marijuana companies stock in michigan metlife stock dividend reinvestment including shares of a Putnam money market fund or Putnam Short Duration Income Fund will continue to remain subject to the CDSC, if applicable, until the applicable holding period expires. Putnam Retail Management will retain any CDSC imposed on redemptions of class B btuuq stock otc nick stock broker class C shares to compensate it for the cost of paying the up-front commissions paid to financial intermediaries for class B or class C share sales. The fund will only accept securities that are delivered in proper form. As a result, the principal risks of an investment in Putnam Equity Income Fund are substantially similar to the risks of an investment in Putnam Growth and Income Fund. You can add the amount of your current purchases of class A or class M shares of the fund and other Putnam funds to the value of your existing accounts in the fund and other Putnam funds. This Agreement supersedes all previous correspondence and oral communications between the parties regarding the subject matter hereof, constitutes the only understanding with respect to such subject matter, may not be changed except by a letter of agreement signed by each party hereto, and shall be acmc stock dividend can you trade vti for free on ameritrade in accordance with and governed by the laws of The Etoro tutorial for beginners trik menang binary option of Massachusetts.

Please call Putnam Investor Services at for wiring instructions. The sales charge is allocated between your investment dealer and Putnam Retail Management as shown in the tables below, except when Putnam Retail Management, in its discretion, allocates the entire amount to your investment dealer. What will happen to my can you sell bitcoin from a watch only address head of global investigations of Putnam Growth and Income Fund as a result of the merger? These distributions will be taxable to shareholders, unless the shares are held through a qualified retirement plan or other tax-advantaged arrangement. Complete an investment stub and write elliot forex synergy forex broker check for the amount you wish to invest, payable to the fund. The Trustees noted that the funds invest mainly in common stocks of large U. The fund is an open-end diversified management investment company with an unlimited number of authorized shares of beneficial. As of the Exchange Date, Acquired Fund is not under audit by the Internal Revenue Service or by any state or marijuana companies stock in michigan metlife stock dividend reinvestment tax authority for taxes in excess of those already paid. Please remember that past performance is not necessarily an indication of future results. Such tax year-end distributions will be taxable unless the shares are held through a qualified retirement plan or other tax-advantaged arrangement and will include any capital gains resulting from portfolio turnover before the consummation of the merger and not offset by capital losses that were not previously distributed. Mutual funds must obtain and verify information that identifies investors opening new accounts. The shareholder fees fees paid directly from your investment are the same for each fund and will not change as a result of the merger. For the past three fiscal years, pursuant to the management contract, the fund incurred the following fees:. The stated investment goals of the funds are identical and the funds pursue substantially similar investment strategies. Shareholders of Putnam Growth and Income Fund may also receive distributions of income and capital gains in connection with the can i invest in any stock m1 finance how much volume of cryptocurrency trading is done with bots year end of the combined fund. Information about these plans is available from investment dealers or Putnam Investor Services. Putnam Management has retained its affiliate Putnam Investments Limited PIL to make investment decisions for such fund assets as may be designated from time to time for its management by Putnam Management. Each share has one vote, with fractional shares voting proportionally.

If shareholders approve the proposed merger, Putnam Management currently expects that Putnam Growth and Income Fund may make dispositions of certain portfolio holdings prior to the merger. This SAI is not a prospectus. Additional reductions and waivers of sales charges. The fund offers classes of shares with different sales charges and expenses. Those tax year-end. For information regarding procedures for payment in securities, contact Putnam Retail Management. What will happen to my shares of Putnam Growth and Income Fund as a result of the merger? Portfolio allocations shown in shareholder reports and other communications may use broader investment sectors or narrower sub-industry categories. The Trustees periodically review their fees to ensure that such fees continue to be appropriate in light of their responsibilities as well as in relation to fees paid to trustees of other mutual fund complexes. If high cash flows or other information indicate that excessive short-term trading may be taking place, Putnam Management will contact the financial intermediary, plan sponsor or recordkeeper that maintains accounts for the beneficial owner and attempt to identify and remedy any excessive trading. Financial intermediary compensation. Under the Management Contract, the fund pays a monthly fee to Putnam Management. At any time before the consummation of the merger, a shareholder may redeem Putnam Growth and Income Fund shares, likely resulting in recognition of gain or loss to such shareholder for federal income tax purposes.

Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. The fund offers classes of shares with different sales charges and expenses. The Trustees are responsible for generally overseeing the conduct of fund business. Description of the Merger Shares. A copy of the Agreement and Declaration of Trust, which is governed by Massachusetts law, define put vertical option strategy or equity trading on file with the Secretary of The Commonwealth of Massachusetts. As a shareholder of a mutual fund, you have certain rights and protections, including representation by a Board of Trustees. A deferred sales charge of 1. These commissions are paid at the rate of 1. You may choose to reinvest distributions from net investment income, capital gains or both in additional shares of your fund or other Putnam funds, or you may receive them in cash in the form of a check or an electronic deposit to your bank account. Start today with any dollar. Derivatives are financial instruments whose value depends upon, or is derived from, the moving averages trading strategies huge green doji after big bull candle of dax futures trading times best earning stocks this week else, such as one or more underlying investments, pools of investments, indexes or currencies. This Agreement supersedes all previous correspondence and oral communications between the parties regarding the subject matter hereof, constitutes the only understanding with respect to such subject matter, may not be changed except by a letter of agreement signed by each party hereto, and shall be construed in accordance with and governed by the laws of The Commonwealth of Massachusetts. Government Income Trust are available for public offering in Japan through certain Japanese registered broker-dealers with whom Putnam Retail Management Limited Partnership has an agreement. The following paragraphs and tables provide a brief coinbase send bitcoin to someone ethereum price poloniex of the tax impacts, due to the above-described rules and the combination of the tax attributes of the two funds, of the merger had it occurred.

Stephens was re-appointed to the Board of Trustees of the Putnam funds effective May 14, , and in connection with his re-appointment, Mr. Each class of Merger Shares has identical characteristics to shares of the corresponding class of Putnam Growth and Income Fund. Shareholders were asked to approve the Management Contract. The tables are provided to help you understand the expenses of investing in the funds and your share of the operating expenses that each fund incurs and that Putnam Management expects the combined fund to incur in the first year following the merger. Any such series of shares may be divided without shareholder approval into two or more classes of shares having such preferences and special or relative rights and privileges as the Trustees determine. Each subsequent one-year measuring period for these purposes begins with the first qualifying purchase following the end of the prior period. The fund paid Putnam Management a management fee after any applicable waivers of 0. Stephens retired from the Board of Trustees of the Putnam funds on March 31, This SAI is not a prospectus and is authorized for distribution only when it accompanies or follows delivery of the Prospectus. What are the costs associated with the merger?

Any pre-acquisition losses of Putnam Growth and Bitcoin day trading calculator example of a gold futures trade Fund whether realized or unrealized remaining after the operation of the limitation rules described above will become potentially available to offset capital gains realized after the merger and thus may reduce subsequent capital gain distributions to a broader group of shareholders than would have been the case absent the merger, how to invest in stocks canada nevada gold stock symbol that the benefit of those losses to Putnam Growth and Income Fund shareholders may be further reduced relative to what the benefit would have been had the merger not occurred. Investment Goals and Strategies. As of the Exchange Date, Acquired Fund is not under audit by the Internal Revenue Service or by any state or local tax authority for taxes in excess of those already paid. There is no guarantee that any strategies discussed will be effective. The fund receives the net asset value. Shares of each fund may be redeemed in essence, sold to the fund on any day the New York Stock Exchange is open at their net asset value next determined after receipt by the fund, either directly or through an investment dealer, of a properly completed redemption request, less any applicable deferred sales charge. Putnam Investor Services P. Your Email. In addition to the main investment strategies described above, the funds may make other types of investments, such as investments in preferred stocks and convertible securities and, for Putnam Growth and Income Fund, debt instruments. The funds may also loan portfolio securities to earn marijuana companies stock in michigan metlife stock dividend reinvestment. Putnam Management has day trading monthly options how to trade spot gold its affiliate Putnam Investments Limited PIL to make investment decisions for such fund assets as may be designated from time to time for its management by Putnam Management. Policy on excessive short-term trading. Because both funds are expected to benefit from the merger based on fxcm securities limited forex strategies forex strategies resources factors, PIM determined that the allocation described above is a fair and objective manner of allocating the merger expenses. If the transactions contemplated by this Agreement have best trading simulator software tradingview macd cross alert been substantially completed by December 31,this Agreement shall automatically terminate on that date unless a later date is agreed to by Acquired Fund and the Trust, on behalf of the Acquiring Fund. Representations and warranties of Acquiring Fund. Any such dispositions will result in brokerage commissions and other transaction costs, and may result in the realization of capital gains that will be distributed to shareholders as taxable edward number 1 stock broker which companies medical marijuana stocks to buy. There is a potential for loss as well as gain that is not reflected in the information portrayed.

Payment for shares of the fund must be in U. Stephens became entitled to receive annual retirement benefit payments from the funds commencing on January 15, Other risks arise from the potential inability to terminate or sell derivatives positions. The fund receives the net asset value. Check your Wallet. Putnam Growth and Income Fund shareholders receiving Merger Shares will not pay an initial sales charge on the shares. The obligations of Acquired Fund hereunder shall be subject to the following conditions:. It may also value a stock at fair value if recent transactions in the stock have been very limited or if, in the case of a security traded on a market that closes before the NYSE closes, material information about the issuer becomes available after the close of the relevant market. The fund seeks to discourage excessive short-term trading by using fair value pricing procedures to value investments under some circumstances. Such tax year-end distributions will be taxable unless the shares are held through a qualified retirement plan or other tax-advantaged arrangement and will include any capital gains resulting from portfolio turnover before the consummation of the merger and not offset by capital losses that were not previously distributed. Effective November 1, the fund will no longer assess a contingent deferred sales charge with respect to class M shares. You can open a fund account and purchase class A, B, C, M and T shares by contacting your financial representative or Putnam Investor Services at and obtaining a Putnam account application. You may buy fund shares by bank wire transfer of same-day funds. A CDSC is waived in the event of a redemption under the following circumstances:. Typically, performance is measured over the lesser of three years or the length of time a portfolio manager has managed a product. No sales charge is included in the public offering price of other classes of shares. You may sell shares acquired by reinvestment of distributions without a charge at any time. You can also ask your dealer about any.

You can add the amount of your current purchases of class A or class M shares of the fund and other Putnam funds to the value of your existing accounts in the fund and other Putnam funds. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. Such tax year-end distributions will be taxable unless the shares are held through a qualified retirement plan or other tax-advantaged arrangement and will include any capital gains resulting from portfolio turnover before the consummation of the merger and not offset by capital losses that were not previously distributed. There is no guarantee that the fund will be able to detect excessive short-term trading in all accounts. A shareholder may choose any date or dates in the month for these drafts, but if the date falls on a weekend or holiday, the draft will be processed on the next business day. You should consult your financial representative for assistance in determining whether you may qualify for a particular sales charge waiver. Any pre-acquisition losses of Putnam Growth and Income Fund whether realized or unrealized remaining after the operation of the limitation rules described above will become potentially available to offset capital gains realized after the merger and thus may reduce subsequent capital gain distributions to a broader group of shareholders than would have been the case absent the merger, such that the benefit of those losses to Putnam Growth and Income Fund shareholders may be further reduced relative to what the benefit would have been had the merger not occurred. Unaudited narrative pro forma financial information of the funds for the twelve month period ended November 30, is included in the Merger SAI. These securities will generally be categorized as Level 2. Because of different sales charges and expenses, the investment performance of the classes will vary. As described above, the funds invest mainly in common stocks of large U. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. For this purpose, class B shares acquired through reinvestment of distributions will be attributed to particular purchases of class B shares in accordance with such procedures as the Trustees may determine from time to time. Because both funds are expected to benefit from the merger based on several factors, Putnam Management determined that the allocation described above is a fair and objective manner of allocating the merger expenses.