M&A - PUTNAM HIGH YIELD FUND

Form Type: N-CSR

Filing Date: 2025-01-28

Corporate Action: Merger

Type: Update

Accession Number: 000092881625000164

Filing Summary: The report details significant changes to the management structure of Putnam High Yield Fund resulting from a merger and acquisition between Franklin Resources, Inc. and Putnam Holdings. Effective January 1, 2024, Putnam Management and Putnam Investments Limited became wholly-owned subsidiaries of Franklin Templeton following a stock and cash transaction. Shareholders approved a new management contract with Putnam Management and a new subadvisory contract with PIL. As of July 15, 2024, Franklin Advisers took over as investment advisor, and PIL was merged into Franklin Templeton Investment Management Limited, terminating the previous sub-advisory agreement. The report includes performance statistics, highlighting a return of 12.15% for Class A shares and detailing costs associated with investments. It serves as the annual report covering the fiscal year ending November 30, 2024, providing comparative performance against various benchmarks and updates on changes within the fund's investment strategy.