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 

(for Putnam Dynamic Asset Allocation Conservative Fund 

Putnam Multi-Asset Income Fund) 

PUTNAM CALIFORNIA TAX EXEMPT INCOME FUND 

PUTNAM CONVERTIBLE SECURITIES FUND 

PUTNAM DIVERSIFIED INCOME TRUST 

PUTNAM GLOBAL INCOME TRUST 

PUTNAM HIGH YIELD FUND 

PUTNAM INCOME FUND 

PUTNAM FUNDS TRUST 

(For 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 Mortgage Opportunities Fund 

Putnam Short Duration Bond Fund 

Putnam Short-Term Municipal Income Fund 

Putnam Ultra Short MAC Series) 

PUTNAM INVESTMENT FUNDS 

(for Putnam International Capital Opportunities 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 

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) 

-2- 

(Name of Registrant as Specified in its Charter) 

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if Other Than the Registrant)

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Hello everyone,

Putnam Investments is taking an exciting new step in our mission of helping you achieve your financial goals.

Putnam is slated to become part of Franklin Templeton gaining new resources to serve you and all of us as shareholders.

Our fund strategies and portfolio teams will stay the same upon the closing of this transaction.

Today we need your support to proceed.

Here is how you can help: Complete and mail in your proxy card, call our dedicated phone line, or click on proxyvote.com and input the control number on your card.

It will take less than a minute, and it will open a bright future for our partnership together.

From all of us at Putnam, thank you for being a shareholder and for your continuing trust in what we do.