Putnam Investments Announces Special Shareholder Meetings for Putnam Closed-End Funds
25 November 2013 - 3:28PM
Business Wire
Putnam Investments and the Board of Trustees of the Putnam Funds
today announced that special shareholder meetings for each of the
five Putnam closed-end funds—Putnam High Income Securities Fund
(NYSE: PCF), Putnam Managed Municipal Income Trust (NYSE: PMM),
Putnam Master Intermediate Income Trust (NYSE: PIM), Putnam
Municipal Opportunities Trust (NYSE: PMO), and Putnam Premier
Income Trust (NYSE: PPT)—will be held on February 27, 2014 at 11:00
a.m., Boston time, at the principal offices of the funds, One Post
Office Square, Boston, Massachusetts.
The special meetings are being called to approve a new
management contract between each fund and the fund’s investment
manager, Putnam Investment Management, LLC (“Putnam Management”).
This is prompted by the passing on October 8, 2013 of The
Honourable Paul G. Desmarais, who, both directly and through
holding companies, controlled a majority of the voting shares of
Power Corporation of Canada, the ultimate parent company of Putnam
Management. Putnam Management has advised the Trustees that the
transfer of Mr. Desmarais’s voting control of shares of Power
Corporation of Canada to The Desmarais Family Residuary Trust,
which occurred following his death, may have constituted an
“assignment” within the meaning of the Investment Company Act of
1940, causing each fund’s management contract with Putnam
Management to terminate automatically.
Putnam Management is currently providing services to each fund
under an interim management contract, which, in accordance with
applicable regulation, may extend through March 7, 2014.
Shareholders will be asked at the special meetings to approve
permanent management contracts, so that there will be no disruption
in the services provided to the funds. The substantive terms
(including fees) of each fund’s interim management contract and
proposed new management contract are identical to the fund’s prior
management contract.
Shareholders of record at the close of business on December 2,
2013 will be eligible to attend and vote at the February meetings
(or any adjourned meetings). Proxy solicitation materials relating
to the proposal are expected to be filed with the Securities and
Exchange Commission and mailed to shareholders in the coming
weeks.
The annual meetings of shareholders of each fund are expected to
be held in the spring of 2014. At this time it is expected that
these meetings will consider election of Trustees and, in the case
of Putnam High Income Securities Fund, Putnam Master Intermediate
Income Trust, and Putnam Premier Income Trust, as required by each
fund’s declaration of trust, a “sunroofing” proposal relating to
conversion of the fund from a closed-end structure to an open-end
structure.
About Putnam Investments
Founded in 1937, Putnam Investments is a leading global money
management firm with over 75 years of investment experience. In
February, the firm was named #1 Mutual Fund Family by
Lipper/Barron’s based on the firm’s 2012 performance across asset
classes. At the end of September 2013, Putnam had $145 billion in
assets under management. Putnam has offices in Boston, London,
Frankfurt, Beijing, Amsterdam, Tokyo, Singapore and Sydney. For
more information, visit putnam.com.
Putnam Media Contacts:Jon Goldstein,
617-760-1127516-946-5598 (cell)jon_goldstein@putnam.comorLaura
McNamara, 617-760-1108978-505-0524
(cell)laura_mcnamara@putnam.com
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