M&A - PUTNAM VARIABLE TRUST

Form Type: N-CSR

Filing Date: 2025-02-26

Corporate Action: Acquisition

Type: Update

Accession Number: 000092881625000300

Filing Summary: The Putnam Variable Trust filed its N-CSR form for the reporting period ending December 31, 2024. This annual report provides key insights into the performance of the Putnam VT International Equity Fund, which recorded a return of 3.24% for the fiscal year. The report outlines significant changes to the fund, including the completion of Franklin Templeton's acquisition of Putnam Holdings on January 1, 2024. The fund's investment advisor now falls under Franklin Templeton, resulting in new management and sub-advisory contracts approved by shareholders. Key contributors to the fund's performance included Prysmian, CRH, and Mitsubishi Corporation, while detractors were Samsung Electronics and STMicroelectronics. The document also includes a comprehensive overview of the fund's costs, performance metrics, fund statistics, portfolio composition, and other related information for shareholders.

Form Type: N-CSR

Filing Date: 2025-02-26

Corporate Action: Acquisition

Type: Update

Accession Number: 000092881625000302

Filing Summary: This document reports the annual performance and changes of Putnam VT Emerging Markets Equity Fund for the fiscal year ending December 31, 2024. It highlights that the Fund experienced a return of 16.10% which surpassed its benchmarks. Significant contributors to this performance were positions in Taiwan Semiconductor Manufacturing, Tencent Holdings, and Indian Hotels Company, while detractors included Grupo Financiero Banorte, Samsung Electronics, and AIA Group. The document also details a notable acquisition where Franklin Templeton acquired Putnam Holdings, transforming the Fund’s management structure as of January 1, 2024. It outlines management fee details, fund statistics, and audit committee financial expert information. New sub-advisory agreements and management contracts were implemented following the acquisition, indicating shifts in oversight and management responsibilities. The report emphasizes ongoing compliance with the code of ethics and lays out audit-related fees for the previous fiscal years.,

Form Type: N-CSR

Filing Date: 2025-02-26

Corporate Action: Acquisition

Type: New

Accession Number: 000092881625000303

Filing Summary: As part of the acquisition transaction, Franklin Resources, Inc. and Great-West Lifeco Inc. completed a stock and cash deal for Putnam Holdings on January 1, 2024. This led to changes in the management and advisory structure of the Putnam VT George Putnam Balanced Fund as Putnam Management and PIL became indirect, wholly-owned subsidiaries of Franklin Templeton. Shareholders of the Fund approved a new management contract and sub-advisory contract in conjunction with this acquisition. Subsequent changes include the retention of Franklin Advisers, Inc. as a sub-advisor effective July 15, 2024, and a merger of PIL into Franklin Templeton Investment Management Limited as of November 1, 2024, resulting in significant organizational restructuring and new sub-advisory agreements.

Form Type: N-CSR

Filing Date: 2025-02-26

Corporate Action: Acquisition

Type: Update

Accession Number: 000092881625000304

Filing Summary: This document details the annual shareholder report for the Putnam VT International Value Fund, covering the fiscal year end on December 31, 2024. It discusses the acquisition transaction involving Franklin Templeton acquiring Putnam U.S. Holdings, which was completed on January 1, 2024. As part of this transaction, the investment advisor Putnam Investment Management transitioned to Franklin Templeton's ownership. Additionally, a merger occurred on November 1, 2024, between Putnam Investments Limited and Franklin Templeton Investment Management Limited, impacting the fund's sub-advisory arrangements. The report highlights key fund statistics, including a total net asset value of $189,529,512 and a portfolio turnover rate of 20%. Performance metrics indicate that the Class IA shares returned 5.44% over the past year, comparing unfavorably to the MSCI EAFE Value Index-NR at 5.68%. Contributors and detractors to performance are outlined, with a particular emphasis on the effective use of derivatives for risk management. Shareholders were notified of changes in management and sub-advisory contracts, reflecting adjustments due to the acquisition and subsequent merger.

Form Type: N-CSR

Filing Date: 2025-02-26

Corporate Action: Merger

Type: New

Accession Number: 000092881625000305

Filing Summary: Putnam Variable Trust, through its investment advisor Putnam Investment Management, LLC, underwent significant changes during the reporting period due to a merger executed on January 1, 2024. This merger was part of a deal where Franklin Resources, Inc. acquired Putnam Holdings, transforming Putnam Management and Putnam Investments Limited into indirect subsidiaries of Franklin Templeton. As a result, a new management contract and a sub-advisory agreement were established for Putnam Management and PIL, effective from the transaction date, with Franklin Advisers designated as a sub-advisor effective July 15, 2024. Following this, on November 1, 2024, PIL merged with Franklin Templeton Investment Management Limited, terminating the previous agreement with PIL. The report outlines various performance metrics for the Putnam VT Small Cap Value Fund for the period ending December 31, 2024, which reported a return of 6.48%, compared to the benchmark Russell 2000 Value Index's return of 8.05%. Key contributors to and detractors from performance were discussed, alongside new portfolio management strategies post-merger.

Form Type: N-CSR

Filing Date: 2025-02-26

Corporate Action: Acquisition

Type: New

Accession Number: 000092881625000306

Filing Summary: Putnam Variable Trust's N-CSR filing details the annual shareholder report for the Putnam VT Large Cap Growth Fund for the fiscal year ending December 31, 2024. During this period, the fund achieved a return of 33.71%, outperforming its benchmark, the Russell 1000 Growth Index, which returned 33.36%. The report highlights key contributors and detractors from the fund's performance, specifically noting the impact of positioning in stocks like Broadcom and NVIDIA versus Lululemon and Dexcom. Furthermore, the report discusses important organizational changes following the acquisition of Putnam Holdings by Franklin Templeton, which included a new management contract being approved by shareholders and changes in sub-advisory roles. The merger of sub-advisor Putnam Investments Limited into Franklin Templeton Investment Management Limited is officially recognized, signalling a strategic shift in fund management. Financials indicate total net assets of $1,245,528,965 with a portfolio turnover rate of 30%. Shareholders were encouraged to request further information directly or through their website, emphasizing transparency and support for investor inquiries.

Form Type: N-CSR

Filing Date: 2025-02-26

Corporate Action: Merger

Type: Update

Accession Number: 000092881625000308

Filing Summary: The Putnam Variable Trust's annual shareholder report details significant changes occurring during the period from January 1, 2024, to December 31, 2024. Key information includes the completion of a merger between Franklin Resources, Inc. and Great-West Lifeco Inc., leading to the acquisition of Putnam Holdings in a stock and cash transaction on January 1, 2024. As a result, Putnam Investment Management, LLC and Putnam Investments Limited became subsidiaries of Franklin Templeton. Shareholders approved a new management contract and a new sub-advisory contract, with the contracts being similar to previous agreements except for updates reflecting structural changes and non-substantive adjustments. A management transfer occurred on July 15, 2024, with Franklin Advisers taking over the investment advisory role, while Putnam Management was retained as a sub-advisor. Furthermore, effective November 1, 2024, Putnam Investments Limited merged with Franklin Templeton Investment Management Limited, leading to the termination of the prior sub-advisory agreement.

Form Type: N-CSR

Filing Date: 2025-02-26

Corporate Action: Acquisition

Type: Update

Accession Number: 000092881625000309

Filing Summary: Putnam Variable Trust filed an N-CSR form updating on the annual shareholder report for Putnam VT Sustainable Future Fund covering January 1, 2024 to December 31, 2024. The report includes updates about the fund's performance, costs associated with investments, significant holdings, and changes to the fund's advisory agreements. For the past year, Class IA shares returned 15.23%, trailing behind the Russell Midcap Growth Index which returned 22.10%. Top contributors to performance included Sprouts Farmers Market and NVIDIA, while detractors included not owning Palantir Technologies. Key statistics as of December 31, 2024, show total net assets of $32,652,815 and a portfolio turnover rate of 66%. Notably, a transaction completed on January 1, 2024, involved the acquisition of Putnam Holdings by Franklin Templeton, resulting in organizational changes in the fund management, including new contracts approved by shareholders. This document outlines the financial condition and investment strategies of the fund, reflecting its management adjustments and performance metrics.

Form Type: N-CSR

Filing Date: 2025-02-26

Corporate Action: Acquisition

Type: Update

Accession Number: 000092881625000310

Filing Summary: Putnam Variable Trust filed its annual shareholder report, detailing performance and changes within the Putnam VT Core Equity Fund. The report highlighted that for the fiscal year ending December 31, 2024, Class IA shares returned 27.32%, outperforming the Russell 3000 Index, which returned 23.81%. Key contributors to performance included overweight positions in Apollo Global Management, Constellation Energy, and NRG Energy. Detractors included Nucor, LAM Research, and ConocoPhillips. A significant update was the acquisition of Putnam Holdings by Franklin Templeton, which occurred on January 1, 2024. This acquisition led to changes in management contracts and sub-advisory agreements with Putnam Management and Franklin Advisers. Emphasis was placed on compliance updates to the Code of Ethics post-acquisition, along with a summary of key fund statistics, including total net assets of $170.19 million and a management fee of $891,491. The document also lists various financial and audit-related information for the fund.

Form Type: N-CSR

Filing Date: 2025-02-26

Corporate Action: Merger

Type: New

Accession Number: 000092881625000311

Filing Summary: Putnam Variable Trust's report highlights the merger involving Franklin Resources, Inc. and Great-West Lifeco Inc., which completed the acquisition of Putnam Holdings on January 1, 2024. This transaction resulted in Putnam Management and Putnam Investments becoming indirect, wholly-owned subsidiaries of Franklin Templeton. Shareholders approved a new management contract with Putnam Management along with a new sub-advisory contract with PIL, both of which mirror the previous agreements with adjustments for effective dates and names. Effective July 15, 2024, Franklin Advisers replaced Putnam Management as the investment advisor. The report discusses the investment strategies and performance of the Putnam VT Income Fund, including costs and contributions to performance during the reporting period. The Fund returned 2.56% for Class IA shares against a benchmark of 1.25%. Additionally, it outlines future changes including another merger with FTIML effective November 1, 2024, indicating a continued restructuring within the management firms associated with the Trust.

Form Type: N-CSR

Filing Date: 2025-02-26

Corporate Action: Merger

Type: Update

Accession Number: 000092881625000312

Filing Summary: Putnam Variable Trust, in compliance with Form N-CSR, details significant changes undergone by the Putnam VT Government Money Market Fund during the reporting period from January 1, 2024, to December 31, 2024. The most notable change is the completion of the merger of Putnam Holdings with Franklin Templeton, finalized on January 1, 2024. This merger resulted in Putnam Investment Management, LLC, and Putnam Investments Limited becoming subsidiaries of Franklin Templeton. The document outlines the structure of the new management contracts approved by shareholders, the transition of management to Franklin Advisers, and the rebranding of certain funds. Furthermore, the Fund’s yields, costs associated with a $10,000 investment, and performance indicators for Class IA and Class IB shares are provided, alongside overall fund statistics reflecting a total net asset of approximately $85.8 million and key investment strategies focused on U.S. Treasuries and repurchase agreements.

Form Type: N-CSR

Filing Date: 2025-02-26

Corporate Action: Acquisition

Type: Update

Accession Number: 000092881625000314

Filing Summary: The document is a certified shareholder report for Putnam Variable Trust that covers the period from January 1, 2024, to December 31, 2024. It provides details on the Fund's financial performance, management changes due to an acquisition, and other relevant updates. Notably, Franklin Resources, Inc. acquired Putnam U.S. Holdings I, LLC, completing the stock and cash transaction on January 1, 2024. The report emphasizes the performance of the Putnam VT Sustainable Leaders Fund Class IA, which returned 23.33%, compared to the S&P 500 Index at 25.02%. The report highlights significant contributors to performance including Constellation Energy, Walmart, and NVIDIA, alongside detractors like Tesla and Broadcom. Details on changes made to the management contracts of the Fund are discussed post-acquisition, involving new sub-advisory agreements. The report concludes with references to additional information available through Franklin Templeton.

Form Type: N-CSR

Filing Date: 2025-02-26

Corporate Action: Acquisition

Type: Update

Accession Number: 000092881625000315

Filing Summary: This report provides details on the Putnam VT Global Health Care Fund's operations for the fiscal year ending December 31, 2024. It highlights that the fund's performance was 1.70%, surpassing the MSCI World Health Care Index-NR by 0.57%. Key performance contributors included an overweight in Intuitive Surgical, Boston Scientific, and Argenx, while detractors involved Dexcom and Rocket Pharmaceuticals. The report outlines a significant acquisition where Franklin Templeton acquired Putnam Holdings, consolidating management under one roof, and involving updates to the fund's management contracts. Additional operational changes include the merger of PIL into Franklin Templeton Investment Management Limited, effective November 1, 2024. The report summarizes financial data, including total net assets of approximately $148 million and a portfolio turnover rate of 44%.

Form Type: N-CSR

Filing Date: 2025-02-26

Corporate Action: Acquisition

Type: Update

Accession Number: 000092881625000317

Filing Summary: The document is an annual shareholder report for the Putnam VT Research Fund for the fiscal year ending December 31, 2024. Notably, it details the acquisition transaction where Franklin Resources, Inc. acquired Great-West Lifeco Inc., the parent company of Putnam U.S. Holdings I, LLC, completed on January 1, 2024. This acquisition resulted in significant changes to the fund's management structure, whereby Putnam Investment Management and its sub-advisors became subsidiaries of Franklin Templeton. Shareholders approved a new management contract and sub-advisory contracts with updated effective dates. As part of the transition, new portfolio managers were appointed, and operational changes were implemented to align with Franklin Templeton policies. The report also includes details on fund performance, which saw Class IA shares return 26.61% over the past year, outperforming the S&P 500 Index. It discusses investment costs, fund statistics, and performance highlights including major contributors and detractors to fund performance. Lastly, the report covers the audit process and financial statements for transparency regarding the fund's operations during the reporting period.

Form Type: N-CSR

Filing Date: 2025-02-26

Corporate Action: Acquisition

Type: Update

Accession Number: 000092881625000319

Filing Summary: The document discusses the acquisition of Putnam U.S. Holdings I, LLC by Franklin Resources, Inc. (Franklin Templeton) which was completed on January 1, 2024. As part of the acquisition, Putnam Management and its subsidiaries became indirect, wholly-owned subsidiaries of Franklin Templeton. Following the acquisition, shareholders approved a new management contract with Putnam Management and new sub-advisory contracts with its subsidiaries. Changes to the fund's investment landscape, management adjustments, and updates regarding fees are outlined, including a new sub-advisory agreement effective July 15, 2024, with Franklin Advisers, Inc. The document highlights the fund’s cost structure, performance over the past year, key contributors and detractors to performance, and other historical data through December 31, 2024.

Form Type: N-CSR

Filing Date: 2025-02-26

Corporate Action: Acquisition

Type: Update

Accession Number: 000092881625000321

Filing Summary: This document is a certified shareholder report of Putnam Variable Trust, specifically for the Putnam VT Small Cap Growth Fund for the fiscal year ending December 31, 2024. It provides key financial information, investment performance, and operational updates. Notably, a significant acquisition occurred when Franklin Resources, Inc. announced the acquisition of Putnam U.S. Holdings I, LLC. This transaction was completed on January 1, 2024, resulting in changes to the Fund's management and advisory structure. The report summarizes fund performance, indicating a return of 23.67% for Class IA shares against the Russell 2000 Growth Index's 15.15%. The Fund's total net assets are reported at $34,644,596 and the management fee paid was $180,464, with a portfolio turnover rate of 61%. Recommendations are also made regarding the ongoing changes in compliance and the transition resulting from the acquisition.

Form Type: N-CSR

Filing Date: 2025-02-26

Corporate Action: Acquisition

Type: Update

Accession Number: 000092881625000323

Filing Summary: Putnam Variable Trust, through its Putnam VT Large Cap Value Fund, has undergone significant changes due to the acquisition of Putnam Holdings by Franklin Templeton. This transaction, completed on January 1, 2024, resulted in Putnam Management and Putnam Investments Limited becoming indirect, wholly-owned subsidiaries of Franklin Templeton. As part of the restructuring, new management and sub-advisory contracts were approved by shareholders, maintaining the previous terms but updating the effective dates and names accordingly. Following the merger of Putnam Investments Limited with Franklin Templeton Investment Management Limited, a new sub-advisory agreement was established with FTIML, effective November 1, 2024. The report details the Fund's performance for the year ended December 31, 2024, indicating a return of 19.46% for Class IA shares, outperforming the Russell 1000 Value Index. Key contributors and detractors to performance are noted, along with cost analysis and fundamental statistics for investor awareness. The report provides essential contact information for fund inquiries and directs readers to where additional information can be found.

Form Type: N-CSR

Filing Date: 2025-02-26

Corporate Action: Merger

Type: Update

Accession Number: 000092881625000325

Filing Summary: The document reports on the annual performance and operational changes of Putnam VT High Yield Fund for the period from January 1, 2024 to December 31, 2024. It provides details on fund costs, performance metrics, and significant changes that occurred during the year, notably the acquisition of Putnam Holdings by Franklin Templeton which was completed on January 1, 2024. This merger led to changes in the fund's management structure including the transfer of management contracts and the transition of investment professionals to Franklin Advisers, Inc. Significant performance details indicate that the Class IA shares returned 8.19% for the year, slightly below the benchmark of 8.68%. Changes in the management contract and sub-advisory agreements also took place as a result of the merger, with adjustments made to ensure compliance and alignment with Franklin Templeton’s policies. Additionally, management fees and operation statistics were detailed, alongside financial statements affirming the fund's net assets and portfolio composition.

Form Type: N-CSR

Filing Date: 2025-02-26

Corporate Action: Merger

Type: Update

Accession Number: 000092881625000327

Filing Summary: The document reports on Putnam Variable Trust and includes details regarding the completion of a merger transaction between Franklin Resources, Inc. and Putnam U.S. Holdings I, LLC that occurred on January 1, 2024. The merger resulted in the transfer of investment advisory responsibilities from Putnam Management to Franklin Advisers, a wholly-owned subsidiary of Franklin Templeton. In addition, it discusses the approval of new management contracts and sub-advisory agreements as part of the transition, and outlines changes to the fund's operational structure. The fund's performance for the year ending December 31, 2024, was stated, highlighting an annual return of 16.63% for Class IA shares, comparing this performance against key benchmarks. Important statistics about the fund's assets, holdings, and fees are also provided, along with the adoption of a Code of Ethics following the merger, ensuring compliance with regulatory standards.

Form Type: N-CSR

Filing Date: 2025-02-26

Corporate Action: Acquisition

Type: Update

Accession Number: 000092881625000329

Filing Summary: On January 1, 2024, a significant acquisition was completed between Franklin Resources, Inc. and Putnam U.S. Holdings I, LLC resulting in Putnam Management and Putnam Investments becoming subsidiaries of Franklin Templeton. This transition included the approval of new management contracts by shareholders, with Putnam Management transferring its management duties to Franklin Advisers on July 15, 2024. Additionally, on November 1, 2024, Putnam Investments Limited merged with Franklin Templeton Investment Management Limited, affecting sub-advisory agreements.