Putnam to Pay June Dividend in Cash to All Shareholders of Closed-End Funds.Suspension of dividend reinvestment plan Dividend Reinvestment Plan (DRP) Plan which provides for automatic reinvestment of shareholder dividends in more shares of a company's stock, often without commissions. Some plans provide for the purchase of additional shares at a discount to market price. for the month of June BOSTON -- Putnam announced that it will suspend the dividend reinvestment plans of eight closed-end funds in June 2007 in connection with the previously announced tender offers. Instead, the June 2007 regular monthly dividends will be paid in cash to all shareholders of the following funds: Putnam High Income Securities Fund (NYSE NYSE See: New York Stock Exchange : PCF PCF - A simply typed, functional language. ["Fully Abstract Translations Between Functional Languages", J. Riecke, 18th POPL, pp. 245-254 (1991)]. ["LCF Considered as a Programming Language", Theor CS 5:223, 1977]. ) Putnam High Yield Municipal Trust (NYSE: PYM) Putnam Investment Grade Municipal Trust (NYSE: PGM PGM Program PGM Pragmatic General Multicast PGM Phosphoglucomutase PgM Program Manager PGM Platinum Group Metal PGM Pagemaker (software) PGM Portable Gray Map PGM Precision Guided Munition ) Putnam Managed Municipal Income Trust (NYSE: PMM PMM Purchase Money Mortgage PMM Project Management Methodology PMM Perpetual Motion Machine PMM Permanent Magnet Motor PMM Professional Murder Music (band) PMM Precision Measuring Machine PMM Power Management Mode ) Putnam Master Intermediate Income Trust (NYSE: PIM) Putnam Municipal Bond Fund Municipal Bond Fund A mutual fund that invests in municipal bonds, operating either as an investment trust or as an open-end fund. Notes: Because the bonds are local government issues, they usually help to maximize tax-exempt income. (NYSE: PMG) Putnam Municipal Opportunities Trust (NYSE: PMO) Putnam Premier Income Trust (NYSE: PPT) Putnam expects to resume the dividend reinvestment plans for subsequent regular monthly dividends. On February 15, 2007, the Trustees of the Putnam Funds announced that they had authorized each of these eight closed-end funds to conduct tender offers for up to 10% of its outstanding shares, at a purchase price equal to 98% of the fund's per-share net asset value (NAV See navigation system and navigation bar. ) as of the closing date of the offer. As previously disclosed, the funds will commence these tender offers in the second quarter of 2007. About Putnam Investments: Founded in 1937, Putnam Investments is one of the nation's oldest and largest money management firms. As of April 30, 2007, Putnam managed $192 billion assets. Mutual fund assets were $121 billion. Institutional assets were $71 billion. Putnam has offices in Boston, London, and Tokyo. For more information, go to www.putnam.com. This announcement is not a recommendation, an offer to purchase or a solicitation of an offer to sell shares of any fund. None of the funds has commenced any self-tender offer described in this press release. Upon commencement of each tender offer, the applicable fund will file with the Securities and Exchange Commission a tender offer statement on Schedule TO and related exhibits, including an offer to purchase, letter of transmittal Letter of Transmittal A document used by security holder to accompany certificates surrendered in an exchange or other corporate action. , and other related documents. Shareholders of each such fund should read the offer to purchase and the tender offer statement on Schedule TO and related exhibits when such documents are filed and become available, as they will contain important information about that fund's tender offer. Shareholders can obtain these documents when they are filed and become available free of charge from the Securities and Exchange Commission's website at www.sec.gov, or from Putnam Investments by directing a request to Putnam Investments' shareholder servicing group at 1-800-225-1581. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion