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.
Copyright Business Wire 2013