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In the May 14 issue of Mutual Fund Market News, unnamed sources were quoted as saying that Putnam Lovell Securities of San Francisco was abandoning the 12b-1 financing business. At the time, the company did not return calls from the reporter seeking comment. Subsequent to the publication of the story, the company issued the following statement from Michael Llodra, a managing director at the company: "Putnam Lovell is still originating new B-share financing programs, and will maintain its presence in the fund-fee distribution sector. In fact, the firm has two mandates for new programs which will close this quarter."