Putnam Investments announced today that the Trustees of
the Putnam Funds have voted to recommend that shareholders of Putnam
Investment Grade Municipal Trust (NYSE: PGM), Putnam Master
Intermediate Income Trust (NYSE: PIM) and Putnam Premier Income Trust
(NYSE: PPT) vote, at their upcoming annual shareholder meetings,
against converting the funds to open-end investment companies.
In making this recommendation, the Trustees considered, among other factors, their belief that the closed-end structure affords these funds and their investors potential investment advantages not available to open-end funds.
As previously announced, shareholders of these three funds will be given an opportunity to vote on proposals to convert the funds to open-end investment companies. Pursuant to provisions in each fund's Agreement and Declaration of Trust, such proposals are submitted to fund shareholders when the fund's shares trade at average discounts of 10% or more from net asset value over the last 12 weeks of the fund's fiscal year.
The Trustees' recommendation for the 2006 annual meeting is consistent with their recommendations for similar proposals voted on in previous years by shareholders of these and other Putnam closed-end funds. Shareholders of Putnam closed-end funds have consistently defeated these proposals by substantial margins.
The annual meeting of shareholders of these three funds is currently scheduled for June 2006. Proxy statements containing more detailed information on the conversion proposals and the Trustees' recommendations will be mailed to fund shareholders in advance of the annual meeting and filed with the SEC. This announcement is not intended to constitute a solicitation of a proxy from any shareholder.
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 February 28, 2006, Putnam managed $190 billion in assets, of which $126 billion is for mutual fund investors and $64 billion is for institutional clients. Putnam has headquarters in Boston and offices in London and Tokyo. For more information, go to www.putnaminvestments.com.
In making this recommendation, the Trustees considered, among other factors, their belief that the closed-end structure affords these funds and their investors potential investment advantages not available to open-end funds.
As previously announced, shareholders of these three funds will be given an opportunity to vote on proposals to convert the funds to open-end investment companies. Pursuant to provisions in each fund's Agreement and Declaration of Trust, such proposals are submitted to fund shareholders when the fund's shares trade at average discounts of 10% or more from net asset value over the last 12 weeks of the fund's fiscal year.
The Trustees' recommendation for the 2006 annual meeting is consistent with their recommendations for similar proposals voted on in previous years by shareholders of these and other Putnam closed-end funds. Shareholders of Putnam closed-end funds have consistently defeated these proposals by substantial margins.
The annual meeting of shareholders of these three funds is currently scheduled for June 2006. Proxy statements containing more detailed information on the conversion proposals and the Trustees' recommendations will be mailed to fund shareholders in advance of the annual meeting and filed with the SEC. This announcement is not intended to constitute a solicitation of a proxy from any shareholder.
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 February 28, 2006, Putnam managed $190 billion in assets, of which $126 billion is for mutual fund investors and $64 billion is for institutional clients. Putnam has headquarters in Boston and offices in London and Tokyo. For more information, go to www.putnaminvestments.com.