M&A: PUTNAM FUNDS TRUST

Form Type: N-CSR

Filing Date: 2024-12-27

Corporate Action: Merger

Type: Update

Accession Number: 000092881624002161

Comments: Putnam Funds Trust reported significant changes following a merger transaction where Franklin Resources, Inc. acquired Putnam U.S. Holdings I, LLC, effective January 1, 2024. The report outlined the transition of investment management from Putnam Investment Management, LLC to Franklin Advisers, Inc., along with new sub-advisory agreements. The report also highlighted the strong performance of the Putnam Short Duration Bond Fund, Class A shares returning 7.82% for the year ending October 31, 2024. The fund had minimal detractors to performance, primarily leveraging interest rate swaps. It provided key statistics, including total net assets of $1.26 billion and a portfolio turnover rate of 41%.

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Form Type: N-CSR

Filing Date: 2024-12-27

Corporate Action: Merger

Type: New

Accession Number: 000092881624002163

Comments: This document highlights the annual shareholder report for Putnam Core Bond Fund for the period from November 1, 2023, to October 31, 2024. During this period, Class A shares returned 11.35%, outperforming both the Bloomberg U.S. Aggregate Index and the Putnam Core Bond Linked Benchmark, which returned 10.55%. Key contributions to performance included strong demand for Commercial Mortgage-backed securities (CMBS) and the health of the U.S. housing market benefiting non-agency residential mortgage-backed securities. The report also details a significant transaction that occurred on January 1, 2024, where Franklin Templeton acquired Putnam Holdings, affecting the Fund's management and structure. Following the transaction, new management and sub-advisory contracts were established, while legal merger into Franklin Templeton Investment Management Limited was set for November 1, 2024.

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