Message #16 From:
NewsBot Date: October 30, 2006 02:43:00 PM
PYM News Putnam Managed Municipal Income Trust Shareholders to Vote on Open-Ending
BOSTON--(BUSINESS WIRE)--Putnam Investments announced today that the agenda for the next annual
meeting of shareholders of Putnam Managed Municipal Income Trust (NYSE:
PMM) will include a vote on whether to convert the closed-end fund to an
open-end investment company. The next annual meeting is expected to be
held in April 2007, although it could occur at an earlier or later date.
The Fund’s Declaration of Trust requires the
submission of such a proposal to shareholders at the Fund’s
next annual meeting if the average discount of its share price to net
asset value exceeds 10% during the last 12 calendar weeks of its fiscal
year. Although the Fund’s discount was less
than 10% as of the last day of the 12-week period, October 27, 2006, the
requirement has been triggered for the fiscal year ending October 31,
2006. According to the Declaration of Trust, the conversion proposal
requires approval of a majority of the outstanding shares entitled to
vote.
In 2005, shareholders of the Fund voted, in accordance with the
recommendations of the Fund’s Trustees, to
defeat an identical proposal. Fewer than 10% of the Fund’s
outstanding shares were voted in favor of conversion. Similar conversion
proposals that other Putnam closed-end funds have submitted to their
shareholders in recent years likewise have consistently fallen well
short of the requirement for approval.
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. At the end of September 2006, Putnam had
$182 billion in assets under management. Mutual fund assets were $118
billion and institutional assets were $64 billion. Putnam has offices in
Boston, London and Tokyo. For more information, go to www.putnam.com.
