DEFA14A 1 a_oefdefa14a.htm PUTNAM OPEN-END FUNDS a_oefdefa14a.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION 
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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 

 

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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) 

 

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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