UNITED STATES

SECURITIES AND EXCHANGE COMMISSION 

WASHINGTON, DC 20549

SCHEDULE 14A

(RULE 14A-101)

INFORMATION REQUIRED IN PROXY STATEMENT 

SCHEDULE 14A INFORMATION

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of the Securities Exchange Act of 1934

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PUTNAM ASSET ALLOCATION FUNDS

PUTNAM CALIFORNIA TAX EXEMPT INCOME FUND 

PUTNAM CONVERTIBLE SECURITIES FUND

PUTNAM DIVERSIFIED INCOME TRUST

PUTNAM ETF TRUST

PUTNAM FOCUSED INTERNATIONAL EQUITY FUND 

PUTNAM FUNDS TRUST

GEORGE PUTNAM BALANCED FUND

PUTNAM GLOBAL HEALTH CARE FUND

PUTNAM GLOBAL INCOME TRUST

PUTNAM HIGH YIELD FUND

PUTNAM INCOME FUND

PUTNAM INTERNATIONAL EQUITY FUND

PUTNAM INVESTMENT FUNDS

PUTNAM LARGE CAP VALUE FUND

PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND 

PUTNAM MINNESOTA TAX EXEMPT INCOME FUND 

PUTNAM MONEY MARKET 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 SUSTAINABLE LEADERS FUND 

PUTNAM TARGET DATE FUNDS

PUTNAM TAX EXEMPT INCOME FUND

PUTNAM TAX-FREE INCOME TRUST

PUTNAM VARIABLE TRUST

(Name of Registrant as Specified in its Charter)

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-2- 

October 2023

URGENT: YOUR VOTE IS CRITICAL

Re: Your investment in one or more of The Putnam Funds

Dear Shareholder:

Your vote is needed on an important matter involving your investment in The Putnam Funds. We recently notified you, as a shareholder of record in one or more of The Putnam Funds, about a special meeting of shareholders that was scheduled for October 20, 2023. Your shareholder meeting has been adjourned due to insufficient participation. This meeting will instead convene on November 17, 2023, at 2:00 p.m. Eastern Time.

Your vote is important. It is urgent for you to vote as soon as possible. The proposals will determine the future of your Fund(s) and help to avoid disruption in the operation of your Fund(s). Your prompt vote will reduce the need for additional mailings and phone calls.

Vote today using one of three quick and easy methods:

• Visit the website listed on the enclosed proxy card

• Call using the toll-free number listed on the enclosed proxy card

• Sign, date, and mail the enclosed proxy card — use the enclosed postage-paid envelope

Regardless of how many shares you own, your vote is important. We truly appreciate your investment and regret any inconvenience as a result of this process. If you have any questions, please contact our Proxy Solicitor, Broadridge Financial Solutions, at 1-833-501-4818 Monday through Friday 9:00 a.m. – 10:00 p.m. Eastern Time.

Thank you for your help and support.

Sincerely,

335436 10/23