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Putnam announces Short Duration Income Fund, aims for 1 year duration
By Toni Weeks
San Diego, Oct. 26 - Putnam Investment Management, LLC announced the Putnam Short Duration Income Fund, according to a 497K filing with the Securities and Exchange Commission.
The fund seeks a high rate of current income along with preservation of capital and maintenance of liquidity and invests in a diversified portfolio of fixed-income securities comprised of short duration, investment-grade money market and other fixed-income securities.
Under normal circumstances, the effective duration will be not more than one year and the dollar-weighted average portfolio maturity of the fund is not expected to exceed 3.5 years.
Portfolio managers will be Michael Salm, Joanne Driscoll, Kevin Murphy and Raman Srivastava. Boston-based Putnam Investment Management, LLC will be the investment adviser.
Shareholder fees will not include a maximum sales charge imposed on purchases, but there will be a maximum deferred sales charge, which is a percentage of the original purchase price or redemption of proceeds, whichever is lower. The maximum deferred sales charge will be 1% for class A and class C shares, 5% for class B shares, 0.15% for class M shares and 0% for class R and class Y shares.
Management fees are 0.35% and other expenses are 0.62% for all classes. Distribution and service (12b-1) fees are 0.1% for class A, 0.5% for class B and class C, 0.15% for class M, 0.5% for class R and do not apply for class Y. Through Oct. 30, 2012 Putnam will reimburse 0.67% of expenses giving total fund operating expenses of 0.4% for class A, 0.8% for classes B and C, 0.45% for class M, 0.8% for class R and 0.3% for class Y.
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