Portfolio Update
Last month Putnam made an offer to buy back a certain number of shares of the Putnam Premier Income Trust at net asset value (NAV). The shares held in the conservative portfolio were tendered to this offer. Putnam eventually purchased back approximately 20% of the shares held. The cash received from Putnam and the cash accumulated from dividends was used to purchase the Eaton Vance Floating Rate Income Trust (EFT), a closed-end fund holding senior bank loans. To learn more about these funds read the linked article by Jonathan Hoenig, “Spreading the Risk,” http://www.smartmoney.com/tradecraft/index.cfm?story=20050131
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