Putnam Investments Announces Plan to Combine Funds

Fine, Jacob
December 2004
Bond Buyer;12/10/2004, Vol. 350 Issue 32027, p6
Trade Publication
The article reports on the Boston-based Putnam Investments's decision the merge municipal bond mutual fund and lower-rated bond funds. Putnam Investments combined a $754 million hybrid municipal bond mutual fund that invests in both investment grade and lower-rated bonds into the $983 million Putnam Tax-Free High Yield Fund. The plan to combine the two funds, outlined in a filing with the Securities and Exchange Commission, would create the fourth largest high-yield multi bond fund. By merging the fund into its high-yield fund--which takes on more credit risk, Putnam hopes that its portfolio managers will be able to concentrate their efforts and resources more efficiently.


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