Putnam Short Duration Bond Fund to Convert Into ETF

Putnam will convert the Putnam Short Duration Bond Fund into the Franklin Short Term Bond ETF through a reorganization expected to close on or about January 25, 2027. Existing shareholders will receive ETF shares with equivalent net asset value, although investors without brokerage accounts capable of holding ETFs may need to take action before the conversion. The mutual fund will gradually close to new purchases beginning in October 2026, with transaction deadlines in January 2027. The move reflects the continued industry shift from traditional mutual funds to the ETF structure.