Putnam Eliminates Six Equity Funds

Putnam Investments announced Monday the merge of half a dozen equity funds to remove product redundancies.

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.

Putnam also announced a restructuring of its equity teams as well some personnel reductions (see “Putnam Announces Equity Restructuring“).

Fund to be mergedAcquiring fundFund manager(s) for both funds
Putnam Capital Appreciation FundPutnam Investors FundGerard Sullivan and Robert Brookby
Putnam Classic Equity FundThe Putnam Fund for Growth and IncomeRobert Ewing
Putnam Discovery Growth FundPutnam New Opportunities FundGerry Moore
Putnam New Value FundPutnam Equity Income FundBart Geer
Putnam OTC & Emerging Growth Fund Putnam Vista FundRay Haddad
Putnam Tax Smart Equity Fund/Putnam Investors FundGerard Sullivan and Robert Brookby