| UNITED STATES |
| SECURITIES AND EXCHANGE COMMISSION |
| WASHINGTON, DC 20549 |
| SCHEDULE 14A |
| (RULE 14A-101) |
| INFORMATION REQUIRED IN PROXY STATEMENT |
| SCHEDULE 14A INFORMATION |
| Proxy Statement Pursuant to Section 14(a) |
| of the Securities Exchange Act of 1934 |
| Filed by the Registrant / X / |
| Filed by a Party other than the Registrant / / |
Check the appropriate box:
| / / | Preliminary Proxy Statement. |
| / / | Confidential, for use of the Commission Only (as permitted by Rule 14a-6(e) (2)). |
| / / | Definitive Proxy Statement. |
| / X / | Definitive Additional Materials. |
| / / | Soliciting Material under § 240.14a-12. |
| PUTNAM ASSET ALLOCATION FUNDS |
| (for Putnam Dynamic Asset Allocation Balanced Fund |
| Putnam Dynamic Asset Allocation Conservative Fund |
| Putnam Dynamic Asset Allocation Growth Fund |
| Putnam Multi-Asset Income Fund) |
| PUTNAM CALIFORNIA TAX EXEMPT INCOME FUND |
| PUTNAM CONVERTIBLE SECURITIES FUND |
| PUTNAM DIVERSIFIED INCOME TRUST |
| GEORGE PUTNAM BALANCED FUND |
| PUTNAM GLOBAL HEALTH CARE FUND |
| PUTNAM GLOBAL INCOME TRUST |
| PUTNAM HIGH YIELD FUND |
| PUTNAM INCOME FUND |
| PUTNAM LARGE CAP VALUE FUND |
| PUTNAM SUSTAINABLE LEADERS FUND |
| PUTNAM ETF TRUST |
| (for Putnam Focused Large Cap Value ETF) |
| PUTNAM FUNDS TRUST |
| (for Putnam Core Equity Fund |
| Putnam Core Bond Fund |
| Putnam Emerging Markets Equity Fund |
| Putnam Floating Rate Income Fund |
| Putnam Focused Equity Fund |
| Putnam Global Technology Fund |
| Putnam Intermediate-Term Municipal Income Fund |
| Putnam International Value Fund |
| Putnam Small Cap Growth Fund |
| Putnam Mortgage Opportunities Fund |
| Putnam Short Duration Bond Fund |
| Putnam Short-Term Municipal Income Fund |
| Putnam Ultra Short MAC Series |
| Putnam Ultra Short Duration Income Fund) |
| PUTNAM INVESTMENT FUNDS |
| (for Putnam International Capital Opportunities Fund |
| Putnam Large Cap Growth Fund |
| Putnam Research Fund |
| Putnam Small Cap Value Fund |
| Putnam Sustainable Future Fund) |
| PUTNAM INTERNATIONAL EQUITY FUND |
| PUTNAM MASSACHUSETTS TAX EXEMPT INCOME |
| FUND |
| PUTNAM MINNESOTA TAX EXEMPT INCOME FUND |
| PUTNAM MORTGAGE SECURITIES FUND |
| PUTNAM NEW JERSEY TAX EXEMPT INCOME FUND |
| PUTNAM NEW YORK TAX EXEMPT INCOME FUND |
| PUTNAM OHIO TAX EXEMPT INCOME FUND |
| PUTNAM PENNSYLVANIA TAX EXEMPT INCOME |
| FUND |
| PUTNAM TARGET DATE FUNDS |
| (for Putnam Retirement Advantage 2025 Fund |
| Putnam Retirement Advantage 2030 Fund |
| Putnam Retirement Advantage 2035 Fund |
| Putnam Retirement Advantage 2040 Fund |
| Putnam Retirement Advantage 2045 Fund |
| Putnam Retirement Advantage 2050 Fund |
| Putnam Retirement Advantage 2055 Fund |
| Putnam Retirement Advantage 2060 Fund |
| Putnam Retirement Advantage Maturity Fund |
| Putnam Sustainable Retirement 2025 Fund |
| Putnam Sustainable Retirement 2030 Fund |
| -2- |
| Putnam Sustainable Retirement 2035 Fund |
| Putnam Sustainable Retirement 2040 Fund |
| Putnam Sustainable Retirement 2045 Fund |
| Putnam Sustainable Retirement 2050 Fund |
| Putnam Sustainable Retirement 2055 Fund |
| Putnam Sustainable Retirement 2060 Fund |
| Putnam Sustainable Retirement Maturity Fund) |
| PUTNAM TAX EXEMPT INCOME FUND |
| PUTNAM TAX-FREE INCOME TRUST |
| (For Putnam Strategic Intermediate Municipal Fund |
| Putnam Tax-Free High Yield Fund) |
| (Name of Registrant as Specified in its Charter) |
| (Name of Person(s) Filing Proxy Statement, |
| if Other Than the Registrant) |
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| -3- |
Putnam open-end funds proxy solicitation
[name here], before we break, just wanted to highlight our excitement around the expected closing of Putnam Investments. When complete, the Putnam acquisition will add new investment solutions as well as several value-add programs for your business. Have you worked with Putnam? (info gathering opportunity) That is excellent to hear, “…may I ask a favor? May I ask that you please give a reach out to your clients with a position in Putnam requesting that they vote their proxy if they have not already done so.
Summary
The special meetings of shareholders scheduled for October 20, 2023 were adjourned to November 17, 2023 for certain Putnam open-end funds due to insufficient participation.
Shareholders of Putnam open-end funds with adjourned meetings are asked to vote to approve a new management contract and sub-advisory contract(s) for their fund(s) before special shareholder meetings scheduled for November 17, 2023.
A proxy statement with complete details about the proposals has been made available to shareholders of record as of July 24, 2023.
The Board of Trustees of the Putnam Funds unanimously recommends that shareholders vote for all proposals.
The vote is happening because, as announced on May 31, 2023, Franklin Templeton has entered into a definitive purchase agreement with Great-West Lifeco Inc. to acquire Putnam Investments, with the transaction expected to close in the fourth quarter of 2023.
Voting for new management contracts will provide you with: Continuity of your fund’s investment management and will allow a fund’s operations to continue uninterrupted after the transaction.
A combined organization with greater scale and resources, broader distribution capabilities, and new opportunities to grow.
How shareholders vote
Voting is easy by web, telephone, or mail. Putnam has hired Broadridge Financial Solutions, Inc., to assist in the proxy solicitation.
You may conveniently vote by:
Web: Visit www.proxyvote.com and enter the voting control number found in the proxy materials you received.
Telephone: Call toll-free at 800-690-6903 and vote by touch-tone phone (you will need the voting control number found in the proxy materials you received).
Mail: Sign and date the proxy card and return it in the enclosed postage-paid envelope. If you vote online or by phone, you do not need to mail your proxy card.
If you do not have your voting control number, or if you have any questions, please call toll-free at 833-501-4818 to speak with a proxy specialist.
Voting takes less than one minute. Once you vote either by phone, mail, or online, no additional reminders will be sent.
| PLEASE VOTE |
| 2 Putnam Investments | putnam.com |
Questions and Answers
Why is Putnam holding special shareholder meetings?
On May 31, 2023, it was announced that Franklin Templeton had entered into a definitive purchase agreement with Great-West Lifeco Inc. to acquire Putnam Investments, with the transaction expected to close in the fourth quarter of 2023. As required by this transaction, the Putnam open-end funds will hold special shareholder meetings on November 17, 2023, to seek approval for a new management contract and new subadvisory contracts, as applicable, for each fund.
What proposals are being presented to shareholders at the special meetings?
The Putnam open-end funds will hold special shareholder meetings on November 17. The Board of Trustees of the Putnam open-end funds unanimously recommends that shareholders vote “FOR” all proposals described below.
| Proposal | Proposal description | Affected funds |
| 1. | Approving a new Management | All funds |
| Contract with Putnam Investment | ||
| Management, LLC for your fund | ||
| 2a | Approving a new Sub-Management | All funds, other than Putnam PanAgora |
| Contract between Putnam Investment | ESG Emerging Markets Equity ETF and | |
| Management, LLC and Putnam | Putnam PanAgora ESG International | |
| Investments Limited for your fund | Equity ETF | |
| 2b | Approving a new Sub-Advisory | Putnam Core Bond Fund, Putnam |
| Contract among Putnam Investment | Dynamic Asset Allocation Balanced | |
| Management, LLC, Putnam | Fund, Putnam Dynamic Asset | |
| Investments Limited, and The Putnam | Allocation Conservative Fund, Putnam | |
| Advisory Company, LLC for your fund | Dynamic Asset Allocation Equity Fund, | |
| Putnam Dynamic Asset Allocation | ||
| Growth Fund, Putnam Emerging | ||
| Markets Equity Fund, Putnam Focused | ||
| Equity Fund, Putnam Focused | ||
| International Equity Fund, Putnam | ||
| Global Health Care Fund, Putnam | ||
| Global Technology Fund, Putnam | ||
| International Capital Opportunities | ||
| Fund, Putnam International Equity | ||
| Fund, Putnam International Value | ||
| Fund, Putnam Multi-Asset Income | ||
| Fund, Putnam Research Fund, Putnam | ||
| Short Duration Bond Fund, Putnam VT | ||
| Emerging Markets Equity Fund, | ||
| Putnam VT Focused International | ||
| Equity Fund, Putnam VT Global Asset | ||
| Allocation Fund, Putnam VT Global | ||
| Health Care Fund, Putnam VT | ||
| International Equity Fund, Putnam VT | ||
| International Value Fund, and Putnam | ||
| VT Research Fund | ||
| 2c | Approving a new Subadvisory | Putnam PanAgora ESG Emerging |
| Agreement between Putnam | Markets Equity ETF and Putnam | |
| Investment Management, LLC and | PanAgora ESG International Equity | |
| PanAgora Asset Management, Inc. for | ETF | |
| your fund | ||
