Putnam Closed-End Fund Shareholders Vote to Keep Funds Closed-End
30 Juni 2006 - 10:21PM
Business Wire
The following five Putnam closed-end funds held their annual
meetings of shareholders on June 29, 2006: -- Putnam High Income
Securities Fund (NYSE: PCF) -- Putnam Investment Grade Municipal
Trust (NYSE: PGM) -- Putnam Managed Municipal Income Trust (NYSE:
PMM) -- Putnam Master Intermediate Income Trust (NYSE: PIM) --
Putnam Premier Income Trust (NYSE: PPT) At the meetings,
shareholders of Putnam Investment Grade Municipal Trust, Putnam
Master Intermediate Income Trust and Putnam Premier Income Trust
voted against converting the funds from closed-end to open-end
form. The proposal to convert to open-end form was submitted to the
shareholders of each fund as a result of provisions in each fund's
Agreement and Declaration of Trust that require that, if the fund's
shares trade at a certain discount to net asset value during the
last 12 weeks of the fund's fiscal year, a proposal to convert the
fund to open-end form must be presented to shareholders at the
fund's next annual meeting. As discussed in the definitive proxy
statement that the funds filed with the Securities and Exchange
Commission on May 12, 2006, the Trustees concluded that the funds
are afforded significant investment advantages as a result of their
closed-end status. The Trustees accordingly recommended that
shareholders of each fund vote to defeat the proposal. The
affirmative vote of more than 50% of the shares outstanding as of
the record date, April 3, 2006, was required to pass the proposal.
Fewer than 16% of each fund's outstanding shares were voted in
favor of the proposal. These results are consistent with the
results of shareholder voting on open-ending proposals in previous
years by these and other Putnam closed-end funds. At the annual
meeting, shareholders also elected each of the 11 nominees for
Trustees, who all currently serve as Trustees. In addition,
shareholders of Putnam High Income Securities Fund also voted, in
line with the Trustees' recommendations, to eliminate the fund's
investment restriction concerning investments in restricted
securities. Shareholders of Putnam High Income Securities Fund also
voted to defeat a proposal submitted by a shareholder calling for
the adoption of cumulative voting in the election of the fund's
Trustees. Shareholders of Putnam Premier Income Trust voted to
defeat a shareholder proposal to reduce the size of the fund's
Board of Trustees by one-third. About Putnam Investments: At Putnam
Investments, our top priority remains prudently managing money for
our more than 10 million individual and institutional investors
worldwide. Since 1937, our values have been rooted in a profound
sense of responsibility for the money entrusted to us. We use a
research-driven team approach to seek consistent, dependable,
superior investment results over time, although there is no
guarantee a fund will meet its objectives. We are committed to
doing what's right for investors, including maintaining stringent
investor protections for every Putnam fund. Founded in 1937, Putnam
Investments is one of the nation's oldest and largest money
management firms. As of May 31, 2006, Putnam managed $182 billion
in assets, of which $120 billion is for mutual fund investors and
$62 billion is for institutional accounts. Putnam has offices in
Boston, London and Tokyo. For more information, go to
www.putnam.com.
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