The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Putnam Trustees Recommend Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, July 18, 2006

Putnam Trustees Recommend

by: Sean Hanna, Editor in Chief

Putnam's fund trustees are recommending a thumbs down vote on the possible open-ending of the firm's High Yield Municipal Trust (NYSE: PYM). Separately, they also said Tuesday that the annual meeting for the Putnam Managed High Yield Trust (NYSE: PTM) has been pushed back due to delays in the mailing of proxy materials relating to the proposed merger of the fund.

The annual meeting for the Managed High Yield Trust has been rescheduled from August 8, 2006 to August 25, 2006. The meeting has been called for shareholders to vote on a proposal to merge Putnam Managed High Yield Trust, a closed-end fund, into Putnam High Yield Trust, an open-end fund pursuing similar investment objectives and strategies.

Meanwhile, shareholders of the High Yield Municipal Trust will determine that fund's fate at its annual meeting scheduled for October 30. The trustees have recommended a "no" vote on the proposal that would open-end the fund. The trustees based their recommendation on the belief that the closed-end structures offers special advantages to shareholders.

The proposal was initialed by a provision in the fund's bylaws that require shareholders to consider a conversion if the fund has traded at a discount of more than 10 percent during the last 12 weeks of its fiscal year. This is not the first time the issue has been on the table. At last year's meeting just 11 percent of the funds shares voted in favor of open-ending the fund.  

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2022
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use