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OH Putnam CollegeAdvantage Savings |
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State Provider: Ohio; Net Assets ($mil):
$3,398.1 as of
12-31-09 |
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This broker-sold plan managed by Putnam Investments has made improvements, but investors should still steer clear of this offering. The plan has added a handful of solid investment options, such as Morningstar Analyst Pick Davis New York Venture, and has also trimmed away some lackluster Putnam options. However, we're not confident in most of the plan's remaining Putnam investment options. Manager and executive turnover has been high at the troubled investment shop, making the outlook for many of the firm's already mediocre-to-poor offerings even less certain. The plan has cut fees an appreciable amount, but it's not a bargain. Investors face annual program management and administrative fees of 0.25%, an Ohio Tuition Trust Authority levy of 0.20% (which can rise to 0.25%), and miscellaneous charges of 0.02% tacked on top of the cost of the underlying funds--resulting in overall yearly costs for the age-based tracks of 1.04% to 1.27% of assets. In stark contrast, consider that residents who opt to go directly through the state on their own pay annual rates of just 0.23% to 0.46% for proven Vanguard options. Ohio offers a state income-tax deduction on annual contributions of up to $2,000 per beneficiary--with unlimited carryforward in future years until the full amount is deducted. We think residents who want to take advantage of the tax breaks should look to the more proven Vanguard investment options included in the direct-sold plan, while nonresidents using a broker can do much better elsewhere. (Information as of 04/06/2009) |
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| Availability: Sales Channel |
Resident: Broker
Non-Resident: Broker
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| Annual State Tax Deduction |
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Up to $2,000 (S),
2,000 (J)
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| Max Investment/Beneficiary |
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$345,000 |
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(includes appreciation)
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| Mos. to Qualified Withdrawal |
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Public, Private & International
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| Age-Based, Aggressive, Conservative, Moderate |
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Age-Based Portfolios
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| Static Portfolios |
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| US Stock
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Bond |
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| Total International Funds: 241 |
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| Underlying Funds’ Ratings |
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| Overall Morningstar Rating |
# Equity
Funds |
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# Bond
Funds |
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| Ratings as of
12-31-09 |
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| Range |
0.35
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1.1 |
| 529 Plan Avg |
0.41 |
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| Portfolio Expense Ratio Range |
| Fee to Change Beneficiary |
| Share Classes: Sales Charge |
| A:
4 – 5.75% (front-load) |
| AX:
3.5% (front-load) |
| B:
2.5 – 5% (deferred-load) |
| BX:
2.5% (deferred-load) |
| C:
1 – 2.5% (deferred-load) |
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| Initial Purchase |
$25 |
$25 |
| Additional Purchase |
25 |
25 |
| Initial (AIP) |
25 |
25 |
| Additional (AIP) |
25 |
25 |
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