Message #13 From:
NewsBot Date: October 6, 2006 01:46:00 PM
PYM News Putnam Announces Suspension of Trading in Putnam Managed High Yield Trust Shares
BOSTON--(BUSINESS WIRE)--Putnam Investments today announced that trading in shares of Putnam
Managed High Yield Trust (NYSE: PTM) will be suspended at the close of
business on October 16, 2006 to facilitate the conversion of shareholder
accounts in connection with Putnam Managed High Yield Trust's merger
into Putnam High Yield Trust, an open-end fund pursuing similar
investment objectives and strategies. Shareholders desiring to sell
their shares of Putnam Managed High Yield Trust before the merger
becomes effective must place trades on or before October 16.
The merger of the two funds was approved at a special meeting of
shareholders of Putnam Managed High Yield Trust on August 25, 2006. The
merger transaction is currently expected to close on October 30, 2006,
subject to the satisfaction of certain conditions. In the transaction,
each shareholder of Putnam Managed High Yield Trust on the closing date
will receive Class A shares of Putnam High Yield Trust with an aggregate
net asset value equal to the aggregate net asset value of the Putnam
Managed High Yield Trust shares held.
Shares of Putnam High Yield Trust received in the merger will be subject
to a short-term redemption fee of 1.0% if redeemed during the 90 days
following completion of the merger. This fee would be retained by Putnam
High Yield Trust to offset potential costs associated with redemptions
of shares issued in the merger soon after completion of the merger.
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 September 30, 2006, Putnam managed
$182 billion in assets, of which $118 billion is for mutual fund
investors and $64 billion is for institutional accounts. Putnam has
offices in Boston, London and Tokyo. For more information, go to www.putnam.com
