https://www.sec.gov/Archives/edgar/data/1005942/000092881618001879/a_emisupp.htm
497 1 a_emisupp.htm PUTNAM FUNDS TRUST
Prospectus Supplement September 14, 2018
Putnam Emerging Markets Income Fund
Prospectus dated March 30, 2018
At a meeting held on September 14, 2018, the Board of Trustees of Putnam Emerging Markets Income Fund (the “Fund”) approved a plan to liquidate the Fund upon recommendation by Putnam Investment Management, LLC, the Fund’s investment adviser. The liquidation of the Fund is expected to occur on or about November 16, 2018 (the “Liquidation Date”).
Effective as of November 2, 2018, the Fund will be closed to new purchases, other than the reinvestment of dividends, in anticipation of the liquidation. Shareholders can redeem their shares from the Fund at any time on or before the close of business on November 16, 2018 (the “Record Date”) at the then-current net asset value.
On the Liquidation Date, the Fund will liquidate its remaining assets and distribute cash pro rata to all remaining shareholders as of the Record Date, after the payment of (or provision for) all charges, taxes, expenses and liabilities, whether due or accrued or anticipated of the Fund, who have not previously redeemed all of their Fund shares or exchanged their Fund shares for those of another Putnam fund.
Shareholders should consult their tax advisors about the tax implications of the liquidation of the Fund.
313341 9/18

Updated at 3:58 PM CDST: IBD:

FYI: U.S. stocks fell in midday trading on Friday, with major indexes shedding an early advance to turn negative following a report that President Donald Trump still wants to impose tariffs on $200 billion of Chinese goods, the latest sign that the trade jitters will continue to hang over financial markets. The Dow and the S&P 500 turned positive just before the closing bell.
Stocks swung between gains and losses and then gains before the close after Bloomberg News reported that President Donald Trump instructed aides to proceed with tariffs on about $200 billion more in Chinese products. The dollar strengthened for the first time in three days as U.S. 10-year note yields briefly climbed past 3 percent.
Technology shares led declines, with Apple Inc. falling as much as 1.7 percent. The iPhone maker last week warned that new tariffs could increase the cost of its products. Financial markets have been whipsawed this week by conflicting reports on the status of trade relations between the world’s two largest economies.
For the week, the Dow was looking at a 0.8% gain, the S&P 500 a rise of 1.1% and the Nasdaq was poised for a 1.3% weekly rise. All three indexes were rebounding from last week's declines.
On the plus side of the eleven S&P 500 Sectors were Energy, Financials,and Industrials. The negatives were Real Estate, Technology, Utilities, Communication Services, Consumer Discretionary, Consumer Staples. and Materials.
Regards,
Ted
Bloomberg Evening Briefing:
https://www.bloomberg.com/news/articles/2018-09-14/your-evening-briefing
Barron's After The Bell:
https://www.barrons.com/articles/dow-ekes-out-a-gain-of-9-points-on-a-freaky-friday-1536960733
Bloomberg:
https://www.bloomberg.com/news/articles/2018-09-13/asia-stock-rally-set-to-extend-dollar-slips-markets-wrap?srnd=premium
WSJ:
https://www.wsj.com/articles/trade-prospects-lift-global-stocks-1536911221
Reuters:
https://www.reuters.com/article/us-usa-stocks/wall-street-falls-as-trump-greenlights-china-tariffs-idUSKCN1LU1LW
IBD:
https://www.investors.com/market-trend/stock-market-today/small-caps-outperform-trump-china-tariffs/
MarketWatch:
https://www.marketwatch.com/story/stock-futures-higher-as-sp-500-takes-aim-at-a-record-2018-09-14/print
CNBC:
https://www.cnbc.com/2018/09/14/us-markets-economic-data-and-trade-talks.html
Europe:
https://www.marketwatch.com/story/european-stock-inch-higher-set-for-first-weekly-gain-in-three-2018-09-14/print
Asia:
https://www.marketwatch.com/story/asian-markets-continue-to-rise-as-nikkei-nears-7-month-high-2018-09-13/print
Bonds:
https://www.cnbc.com/2018/09/14/us-bonds-and-fixed-income-economic-data-in-focus.html
Currencies:
https://www.cnbc.com/2018/09/14/forex-markets-dollar-emerging-market-currencies-us-china-trade-in-focus.html
Oil:
https://www.cnbc.com/2018/09/14/gold-markets-us-cpi-the-fed-us-china-trade-in-focus.html
Gold
https://www.cnbc.com/2018/09/14/gold-markets-us-cpi-the-fed-us-china-trade-in-focus.html
WSJ: Markets At A Glance:
http://markets.wsj.com/us
Major ETFs % Change:
https://www.barchart.com/etfs-funds/etf-monitor
SPDR's Sector Tracker:
http://www.sectorspdr.com/sectorspdr/tools/sector-tracker
SPDR's Bloomberg Sector Performance Pie Chart:
https://www.bloomberg.com/markets/sectors
Current Futures: Mixed
https://finviz.com/futures.ashx

FYI: (If link doesn't work, Google article title.)
Ireland’s central bank has rebuffed calls for a relaxation of the rules relating to exchange traded funds that would have made it easier for investment managers to launch actively managed ETFs.
Regards,
Ted
https://www.ft.com/content/f502e030-b7f5-11e8-b3ef-799c8613f4a1

I won't disagree that rates may indeed remain low; but I don't see a trend yet for most i.g. bonds; although the declines for the most part have subsided.
A chart here for 4 i.g. bond groups.

Who now remembers Julius Baer International (BJBIX)? From 1995 to the start of the financial crisis in 2007, BJBIX outran its peers by a margin of more than 2:1. Then it lost 65% in the crash, which was still better than its peers. The problem was that its rebound off the market bottom was not as vigorous as its peers, and its performance sort of stalled. (Somewhere in there, some marketing genius rebranded Julius Baer as Artio because, he argued, Julius Baer was confusing. FundAlarm ridiculed the move, noting that naming your funds after the Celtic bear goddess wasn't like introducing a household name into the equation. Artio floundered.) Managers Rudolph-Riad Younes and Richard Pell were shown the door in 2013 and shortly thereafter launched RSQ International.
RSQ suffered from a lack of predictability: it sometimes offered downside protection, then would manage to lose money when the market was making money, but not make money when the market was losing. Since inception, the fund has averaged a loss of 0.1% annually while its peers made 4.0%. Mr. Younes left in 2016, and now Mr. Pell is left to turn off the lights, sweep out the shop and head home.
David

FYI: U.S. stock rose Thursday, putting the S&P 500 uptick to a fourth straight session, as technology stocks led the day’s advance. News that China may be receptive to overtures from the U.S. on new trade talks is also soothing trade-related jitters.
The gains brought the S&P 500 back into positive territory for the month, and investors are hopeful that Treasury Secretary Steven Mnuchin’s invitation to top Beijing officials for further trade talks marks a softening of the hostile rhetoric that had caused stocks to swing in recent weeks.
Technology, led by Apple, and Healthcare topped the eight S&P 500 Sectors that had a positive day. Consumer Staples, Energy, along with Financials provided a drag.
But while investors welcomed the recent easing of trade tensions, some said major indexes remain vulnerable to further flare-ups as the U.S. tries to hammer out deals with China, the European Union and others.
Regards,
Ted
Bloomberg:
https://www.bloomberg.com/news/articles/2018-09-12/asia-stocks-set-for-gains-dollar-slides-markets-wrap?srnd=premium
Bloomberg Evening Briefing:
https://www.bloomberg.com/news/articles/2018-09-13/your-evening-briefing
Barron's: After The Bell:
https://www.barrons.com/articles/dow-gains-140-points-on-positive-trade-and-inflation-news-1536857415?mod=hp_highlight_1
WSJ:
https://www.wsj.com/articles/global-stocks-buoyed-by-fresh-trade-hope-1536826250
Reuters:
https://www.reuters.com/article/us-usa-stocks/apple-leads-wall-street-higher-as-trade-worries-ease-idUSKCN1LT1RO
IBD:
https://www.investors.com/market-trend/stock-market-today/tech-stocks-china-stocks-lead-nasdaq/
MarketWatch:
https://www.marketwatch.com/story/us-stock-futures-inch-higher-as-sp-500-tries-for-4th-up-day-in-a-row-2018-09-13/print
CNBC:
https://www.cnbc.com/2018/09/13/us-markets-us-china-trade-discussions-and-data.html
Europe:
https://www.marketwatch.com/story/european-stocks-advance-as-central-banks-grab-the-spotlight-2018-09-13/print
Asia:
https://www.marketwatch.com/story/asian-markets-finally-pick-up-race-to-gains-2018-09-12/print
Bonds:
https://www.cnbc.com/2018/09/13/us-bonds-and-fixed-income-central-banking-news.html
Currencies:
https://www.cnbc.com/2018/09/13/forex-markets-us-china-trade-dollar-yuan-in-focus.html
Oil:
https://www.cnbc.com/2018/09/13/oil-slips-from-4-month-highs-on-economic-concerns.html
Gold
https://www.cnbc.com/2018/09/13/gold-markets-us-china-trade-dollar-fed-interest-rates-in-focus.html
WSJ: Markets At A Glance:
http://markets.wsj.com/us
Major ETFs % Change:
https://www.barchart.com/etfs-funds/etf-monitor
SPDR's Sector Tracker:
http://www.sectorspdr.com/sectorspdr/tools/sector-tracker
SPDR's Bloomberg Sector Performance Pie Chart:
https://www.bloomberg.com/markets/sectors
Current Futures: Positive
https://finviz.com/futures.ashx

Sharing this for what value it may hold.
(September, 2018)
Dear Investor:
We are writing to inform you that after 25 successful years with the firm, David Lee has shared his intention to retire at the end of this year. Mr. Lee established our real estate franchise with the inception of the Real Estate Fund (TRREX) in 1997. He is a respected investor and mentor, and we are grateful for his many years of dedicated service to the firm and our clients.
Nina Jones will succeed Mr. Lee as portfolio manager of the Real Estate Fund on January 1, 2019. Ms. Jones has 10 years of investment experience, all of which have been with T. Rowe Price covering the real estate sector. She joined the firm in 2008 from Columbia Business School, after serving as a summer intern in 2007. Ms. Jones amassed a very strong track record as an analyst in the real estate sector before assuming her current responsibilities as portfolio manager of the Global Real Estate Fund in April 2015.
We are confident that Ms. Jones’ deep industry knowledge, strong analytical and portfolio management skills, and support from our global research platform will position her to carry on the success of the Real Estate Fund. Ms. Jones will continue to manage the Global Real Estate Fund and serve as the leader of our real estate sector strategy team.

There was a movie. 'Too Big To Fail' was based on Sorkin's book by the same name ... I just finished re-watching it this evening. Paulson is the central character.

I watched a different one a couple of times, about the crisis, too. Is it true to actual events? James Cromwell as Hank Paulson.
https://www.imdb.com/title/tt1495980/?ref_=nm_flmg_act_36

The culture at FMI funds is excellent. I first invested with Pat English and Andy Ramer in the Large Cap fund, FMIHX in 2006; then later in the international fund, FMIJX. FMI will close their fund when asset grew too large to manage in their concentrated portfolio. Also their fees are reasonable. Most of all, the institutional shares are assessable in major brokerages with reasonable $ minimum.
Ironically, FMI and Artisan are both based in Milwaukee, WI, but this corporate cultures are quite different.
Another consideration is Vanguard Global Minimum Volatility fund; ER 0.25% Investor shares and 0.17% Admiral shares. Both FMIJX and VFVFX are doing well this year despite the challenges in international and global funds.

(Due to a doctors appointment, I'm posting this at 1:30 PM CDST. I will update when I get home.)
FYI: The Nasdaq fell on Wednesday, weighed down by a drop in Apple on fears of further regulation, while a rise in energy stocks and a report of fresh U.S.-China trade talks helped keep the S&P afloat and boost Dow Industrials.
Regards,
Ted
Bloomberg:
https://www.bloomberg.com/news/articles/2018-09-11/asia-stocks-set-for-mixed-start-crude-oil-soars-markets-wrap?srnd=premium
Blooomberg Evening Briefing:
https://www.bloomberg.com/news/articles/2018-09-12/your-evening-briefing
Barron's After The Bell:
https://www.barrons.com/articles/dow-rises-28-points-on-hopes-for-a-u-s-china-trade-deal-1536786730
WSJ:
https://www.wsj.com/articles/trade-concerns-weigh-on-global-stocks-1536739873
Reuters:
https://www.reuters.com/article/us-usa-stocks/tech-stocks-pressure-wall-street-apple-down-ahead-of-event-idUSKCN1LS1UI
IBD:
https://www.investors.com/market-trend/stock-market-today/indexes-pare-losses-nasdaq-lags-sell-off-semiconductor-stocks/
MarketWatch:
https://www.marketwatch.com/story/us-stock-futures-inch-up-as-apples-iphone-event-grabs-the-spotlight-2018-09-12/print
CNBC:
https://www.cnbc.com/2018/09/12/us-markets-trade-conflicts-continue-to-fester.html
Europe:
https://www.reuters.com/article/europe-stocks/oil-and-mining-strength-helps-european-stocks-shrug-off-trade-rhetoric-idUSL5N1VY1BB
Asia:
https://www.reuters.com/article/japan-stocks-close/nikkei-drops-led-by-chip-stocks-machine-tool-makers-kubota-falls-idUSL3N1VY47W
Bonds:
https://www.cnbc.com/2018/09/12/us-bonds-and-fixed-income-fed-remarks.html
Currencies:
https://www.cnbc.com/2018/09/12/forex-markets-dollar-canada-us-trade-talks-us-china-trade-war-in-focus.html
Oil:
https://www.cnbc.com/2018/09/12/oil-markets-us-crude-inventories-sanctions-on-iran-hurricane-florence-in-focus.html
Gold
https://www.cnbc.com/2018/09/12/gold-markets-us-china-trade-dollar-fed-interest-rate-policy-in-focus.html
WSJ: Markets At A Glance:
http://markets.wsj.com/us
Major ETFs % Change:
https://www.barchart.com/etfs-funds/etf-monitor
SPDR's Sector Tracker:
http://www.sectorspdr.com/sectorspdr/tools/sector-tracker
SPDR's Bloomberg Sector Performance Pie Chart:
https://www.bloomberg.com/markets/sectors
Current Futures:
https://finviz.com/futures.ashx

FYI: If Hollywood decides to produce a movie about a government official who finds himself mired in the middle of a once-in-a-lifetime crisis, Hank Paulson could easily be cast in the lead role. He’s tall, bespectacled, ruggedly handsome, and still has pretty much the same athletic physique he had when he started 50 years ago on the varsity football team at Dartmouth. (His nickname was “Hank the Hammer.”)
He is also the former CEO of Goldman Sachs and of course was the Treasury secretary, under President George W. Bush, during the 2008 financial crisis.
Regards,
Ted
https://www.barrons.com/articles/hank-paulson-looks-backat-the-turmoil-of-2008-1536759000?mod=hp_highlight_2

O'Shaughnessy Funds rose to MFO's "Upper" Family Rating this past month, which is good to see. All its 5 funds have fared very well against their competition this past year.

If I would have lost confidence on US market, I would let my cash position build up and look for buying opportunities down the road.

Which for a 75 year old, might mean in the hereafter. (Hear there’s still high demand for coal down there.) :)

Hi Guys,
It is a universal truth that we love winning and hate losing. But those emotions are very asymmetric. Many studies reach that same conclusion. In my rough summary of these studies, they almost all conclude that we hate losing about twice as much as we like winning. Again, very generally, expected payoffs have to be double possible losses to induce an investment if the odds are an even 50-50.
"The stock market is not logical, it is psychological." That's a quote I extracted from an article that highlights and provides an approximate measure of our risk aversion. The article was written by David Fabian. Here is the Link to it:
https://seekingalpha.com/article/1289491-why-shorting-stocks-is-the-worst-investment-strategy-ever?page=3
His title fully tells the story: " ... Shorting Stocks is the Worst Investment Strategy Ever". That might just be a slight overstatement, but his position on the matter is never in doubt. A positive correlation between rewards and risks exist in just about every human endeavor.
Seeking Alpha in the markets is risky business. That's a lesson that all MFOers understand. Some of us have learned that hard lesson the very hard way.
Best Wishes

After reading discussions below on Artisan Partners I decided to check on son's holding of ARTMX. 20 yrs mfo gives it a 5 rating on return. 10 yrs = 3, 5 &3 yrs =1 , & 1 yr =2 rating. Does anyone care to chime in about this fund.
Thanks, Derf

FWIW saying, just saw this tweet that relates to the viability of shorting US stocks:
@IncomeDisparity
World Markets:
Japan - Below 50 and 200 DMA
China - Below 50 and 200 DMA (multi-year lows)
Germany - Below 50 and 200 DMA
France - Below 50 and 200 DMA
UK - Below 50 and 200 DMA
US - All Time Highs

FYI: With Hurricane Florence, possibly the largest-ever storm to hit as far north as the Carolinas, barreling toward the East Coast, close to a million people have begun evacuating their homes. Hurricane Florence is expected to make landfall early Thursday as a Category 4 storm with winds up to 150 miles an hour.
Companies including Boeing, Daimler, Cargill, and Pfizer have already closed manufacturing and processing plants in the Carolinas in anticipation of the weather and due to port closures up and down the Eastern Seaboard.
Here’s how investors can try to stay safe.
Regards,
Ted
https://www.barrons.com/articles/how-investors-can-prepare-for-hurricane-florence-1536687252?mod=hp_highlight_4

FYI: We laughed when we saw the headline below linked on the popular Drudge Report website this morning. “Apple becomes most shorted company ahead of iPhone launch…” Here’s a link to the story posted on Telegraph.co.uk.
For those reading this headline that aren’t familiar with the inner-workings of short selling, the assumption might be that investors are turning extremely negative on Apple (AAPL). This assumption would be completely wrong, however.
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/the-most-shorted-sp-500-stocks-apple-aapl-is-not-one-of-them/

FYI: U.S. stocks rose Tuesday, with the Dow climbing by triple digits, as the technology sector extended gains. Shares had been wobbly earlier as unresolved trade issues continued to dog the market.
The Dow Jones Industrial Average rose 114 points as Apple and Exxon Mobil outperformed. The Dow also got a boost from Nike shares. The S&P 500 gained 0.39 percent as tech shares climbed. Energy shares also boosted the S&P 500. The Nasdaq Composite advanced 0..63 percent as shares of some of the largest tech companies rose.
Of the eleven S&P 500 Sectors seven were up ,with Consumer Staples, Healthcare, Industrials, and Utilities in red territory.
Regards,
Ted
Bloomberg:
https://www.bloomberg.com/news/articles/2018-09-10/asia-futures-point-to-mixed-open-pound-advances-markets-wrap?srnd=premium
Bloomberg Evening Briefing:
https://www.bloomberg.com/news/articles/2018-09-11/your-evening-briefing
Barron's: After The Bell:
https://www.barrons.com/articles/dow-gains-114-points-as-trade-worries-fade-1536699943
WSJ:
https://www.wsj.com/articles/global-stocks-pause-as-investors-parse-trade-developments-1536653626
Reuters:
https://www.reuters.com/article/us-usa-stocks/tech-energy-stocks-lift-wall-street-idUSKCN1LR1C7
IBD:
https://www.investors.com/market-trend/stock-market-today/nasdaq-up-stock-market-breadth-fang-stock/
MarketWatch:
https://www.marketwatch.com/story/us-stock-futures-stumble-as-investors-turn-cautious-amid-september-blues-2018-09-11/print
CNBC:
https://www.cnbc.com/2018/09/11/us-markets-geopolitical-developments-and-data-on-the-agenda.html
Europe:
https://www.marketwatch.com/story/europe-stocks-struggle-with-ftse-100-dragged-by-pound-strength-2018-09-11/print
Asia:
https://www.marketwatch.com/story/nikkei-jumps-but-other-asian-markets-remain-sluggish-2018-09-10/print
Bonds:
https://www.cnbc.com/2018/09/11/us-bonds-and-fixed-income-economic-data-in-focus.html
Currencies:
https://www.cnbc.com/2018/09/11/forex-markets-euro-british-pound-brexit-in-focus.html
Oil:
https://www.cnbc.com/2018/09/11/oil-markets-us-sanctions-on-iran-global-oil-supply-in-focus.html
Gold
https://www.cnbc.com/2018/09/11/gold-markets-dollar-china-us-trade-fed-interest-rate-policy-in-focus-.html
WSJ: Markets At A Glance:
http://markets.wsj.com/us
Major ETFs % Change:
https://www.barchart.com/etfs-funds/etf-monitor
SPDR's Sector Tracker:
http://www.sectorspdr.com/sectorspdr/tools/sector-tracker
SPDR's Bloomberg Sector Performance Pie Chart:
https://www.bloomberg.com/markets/sectors
Current Futures: Positive
https://finviz.com/futures.ashx