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It's with Putnam & has been sitting there in that account for 5 months.

There's nothing inherently wrong with that except that the way you express it makes me think it is in a Money Market Fund or something earning a dollar or so a year.

HOw do I chose which funds to place it in?

Your plan administrator will have a Rollover form (for old 401K into new 401K) which will list the funds available in your new 401K and the percentages you want to allocate to them.

As for which funds to place the $50K in, that'll depend normally on the distribution of your other investments and the options available to you in your new 401K. Wish you access to VGENX :-)
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