M&A - PUTNAM FUNDS TRUST

Form Type: 497K

Filing Date: 2025-05-19

Corporate Action: Merger

Type: New

Accession Number: 000092881625000634

Filing Summary: On May 19, 2025, Putnam Funds Trust announced the proposed conversion of several mutual funds into exchange-traded funds (ETFs). This conversion, approved by the Board of Trustees on May 16, 2025, is set to occur in late 2025 or early 2026. If shareholders hold mutual fund shares in brokerage accounts compatible with ETFs, their shares will convert automatically, with no required actions from them. Shareholders with incompatible accounts will need to take specific steps to receive ETF shares. The conversion is part of a reorganization plan aimed at benefiting shareholders through lower expenses, greater trading flexibility, and increased transparency. The reorganization is expected to qualify as tax-free for federal income tax purposes. Additionally, effective July 19, 2025, certain sales charges for mutual fund shares will be waived. The mutual funds transitioning into ETFs include a range of tax-exempt income funds. Share class consolidations and share redemptions are also integral to the overall process, with emphasis on avoiding any dilution of shareholder interests.

Form Type: N-CSR/A

Filing Date: 2025-01-30

Corporate Action: Acquisition

Type: Update

Accession Number: 000092881625000183

Filing Summary: On January 1, 2024, Franklin Resources completed the acquisition of Putnam Holdings in a stock and cash transaction, which resulted in Putnam Investment Management and its sub-advisors becoming indirect, wholly-owned subsidiaries of Franklin Resources. This amendment of the Form N-CSR serves to replace the Performance Highlights for each class of shares as previously filed on October 28, 2024. The report reflects changes during the reporting period of September 1, 2023, to August 31, 2024. Class A shares returned 22.07% while Class B shares returned 21.10%, both outperforming the MSCI Emerging Markets Index-NR. The report includes important disclosures regarding fund performance, costs, and management changes. Shareholders approved new management contracts following the acquisition, indicating a strategic realignment in fund management under the new parent company.

Form Type: N-CSR

Filing Date: 2025-01-28

Corporate Action: Acquisition

Type: Update

Accession Number: 000092881625000158

Filing Summary: Putnam Funds Trust reports on significant changes arising from the acquisition of Putnam Holdings by Franklin Templeton, which was completed on January 1, 2024. The report details the transition of management and advisory roles from Putnam Management to Franklin Advisers following the transaction. New investment contracts were approved, modifying the management structure while keeping fundamental terms intact. It elaborates on investment performance for the fiscal year ending November 30, 2024, including an annual return of 4.01% for Class A shares against a benchmark and discusses the utilization of U.S. Treasury futures in managing interest rate exposure. The report highlights fund costs, performance drivers, and changes in ownership, particularly noting a merger that took place on November 1, 2024. The report encourages shareholders to seek further details through available resources.

Form Type: N-CSR

Filing Date: 2025-01-28

Corporate Action: Acquisition

Type: New

Accession Number: 000092881625000161

Filing Summary: Putnam Funds Trust filed a report detailing significant changes in its management and investment advisory structure due to the acquisition of Putnam Holdings by Franklin Templeton. This acquisition was completed on January 1, 2024, and involved Putnam Management and Putnam Investments Limited, which became subsidiaries of Franklin Templeton. A new management contract with Putnam Management has been approved, alongside a new sub-advisory contract with PIL. Following the acquisition, Franklin Advisers replaced Putnam Management as the investment advisor. Furthermore, a merger involving PIL and FTIML took place on November 1, 2024, which officially transitioned the advisory responsibilities within the framework of Franklin Templeton's management. The report also includes performance metrics for the period ending November 30, 2024, showcasing the financial health and investment results of the Putnam Intermediate-Term Municipal Income Fund, which achieved a return of 4.73% for the year.

Form Type: N-CSR

Filing Date: 2024-12-27

Corporate Action: Merger

Type: Update

Accession Number: 000092881624002161

Filing Summary: 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%.

Form Type: N-CSR

Filing Date: 2024-12-27

Corporate Action: Merger

Type: New

Accession Number: 000092881624002163

Filing Summary: 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.