A Putnam news release said in each case, the
acquiring fund is the larger of the two funds and
shareholders in funds to be merged are generally expected
to benefit from reduced expense ratios.
Putnam said the mergers of these funds have been approved by the funds’ Board of Trustees and are expected to be completed over the next approximately 30 to 60 days. Shareholder approval is not required because of the similarity of the combining funds.
Fund to be merged/ Acquiring fund/ Fund manager(s) for both funds, effective November 17, 2008:
- Putnam Capital Appreciation Fund/ Putnam Investors Fund/ Gerard Sullivan and Robert Brookby
- Putnam Classic Equity Fund/ The Putnam Fund for Growth and Income/ Robert Ewing
- Putnam Discovery Growth Fund/ Putnam New Opportunities Fund/ Gerry Moore
- Putnam New Value Fund/ Putnam Equity Income Fund/ Bart Geer
- Putnam OTC & Emerging Growth Fund/ Putnam Vista Fund/ Ray Haddad
- Putnam Tax Smart Equity Fund/ Putnam Investors Fund/ Gerard Sullivan and Robert Brookby
Source: Putnam Investments