M&A: PUTNAM INCOME FUND

Form Type: N-CSR

Filing Date: 2024-12-27

Corporate Action: Merger

Type: Update

Accession Number: 000092881624002147

Comments: The document outlines significant changes related to the Putnam Income Fund, particularly regarding a merger and subsequent management contract adjustments. Franklin Resources, Inc. and Great-West Lifeco Inc. entered an agreement on May 31, 2023, for Franklin Templeton to acquire Putnam Holdings. This transaction was finalized on January 1, 2024, resulting in Putnam Investment Management and Putnam Investments Limited becoming indirect wholly-owned subsidiaries of Franklin Templeton. As part of this transition, shareholders approved a new management contract, effective July 15, 2024, under which Franklin Advisers takes over management duties from Putnam Management, who will continue as a sub-adviser. The document also discusses the impact of these changes on fund performance, reporting a 11.99% return for Class A shares for the year ending October 31, 2024, compared to the Bloomberg U.S. Aggregate Index return of 10.55%. It includes details about fees, fund statistics, and investment strategy adjustments due to the merger, asserting a strong outlook based on fund performance and market conditions.

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