Putnam Provides Update on Closed-End Fund Mergers
26 Juni 2009 - 10:30PM
Business Wire
Putnam Investments and the Board of Trustees of the Putnam Funds
announced today that Putnam has advised the Trustees that current
market conditions make it inadvisable to implement the proposed
mergers of each of two closed-end funds into an open-end fund.
Putnam and the Trustees first announced in January 2009 that the
mergers of Putnam Municipal Opportunities Trust (NYSE: PMO) into
Putnam Tax Exempt Income Fund and of Putnam Managed Municipal
Income Trust (NYSE: PMM) into Putnam Tax-Free High Yield Fund would
be delayed in light of unsettled market conditions.
Following the significant changes in market conditions that have
occurred since the proposed mergers were first announced in
September 2008, the firm has concluded that implementation of the
proposed mergers in the near future would not be in the best
interests of PMO and PMM�s common shareholders. Accordingly, the
Trustees have authorized Putnam to suspend further efforts to
implement the proposed mergers at this time. It is not certain
when, or if, conditions may emerge that would make it advisable to
renew efforts to complete the mergers.
Additional details concerning this announcement may be found in
the �Message from the Trustees� letter included in PMO�s
forthcoming annual shareholder report for the fiscal year ended
April 30, 2009 and PMM�s forthcoming semiannual shareholder report
for the period ended April 30, 2009.
About Putnam
Founded in 1937, Putnam Investments is a leading global money
management firm with over 70 years of investment experience. At the
end of May 2009, Putnam had $102 billion in assets under
management. Putnam has offices in Boston, London, Tokyo, Singapore,
and Sydney. For more information, go to www.putnam.com.
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