This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Putnam to Merge More Funds

Putnam Investments is moving to concentrate its closed-end funds by combining some of them while merging others into open-end funds.

The plans include merging five tax-exempt closed-end funds: (PGM) Putnam Investment Grade Municipal Trust (PGM) and (PMG) Putnam Municipal Bond Fund (PMG) would be merged into (PMO - Get Report) Putnam Municipal Opportunities Trust (PMO).

Additionally, (PYM) Putnam High Yield Municipal Trust (PYM) would be merged into (PMM - Get Report) Putnam Managed Municipal Income Trust (PMM).

The news comes as Marsh & McLennan (MMC) earlier this month announced that it had agreed to sell Putnam to Great-West Lifeco (GWO.TO), a unit of Power Financial (PWF.TO) of Canada for $3.9 billion.

Putnam says the mergers would increase the size of the resulting funds to assets of approximately $1 billion for the Putnam Municipal Opportunities Trust and $750 million for the Putnam Managed Municipal Income Trust.

The company says that the mergers likely would reduce fund expenses and increase the liquidity in the trading market for the shares of each surviving fund.

The company also approved a plan to merge the (PMH) Putnam Tax-Free Health Care Fund (PMH) into the Putnam Tax Exempt Income Fund.

The initiative expands on a recently announced merger of the (PCA) Putnam California Investment Grade Municipal Trust (PCA) and (PMN) Putnam New York Investment Grade Municipal Trust (PMN) into a similar open-end Putnam fund.

Each of the merger plans is subject to the approval of fund shareholders. As of Jan. 31, Putnam managed $191 billion in assets, of which $123 billion was for mutual fund investors and $68 billion for institutional accounts.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG
PGM $24.32 0.37%
PMM $7.31 0.00%
PMO $12.00 -0.33%
AAPL $128.70 -0.19%
FB $78.81 -0.23%

Markets

DOW 18,070.40 +46.34 0.26%
S&P 500 2,114.49 +6.20 0.29%
NASDAQ 5,016.9290 +11.5380 0.23%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs