Putnam Announces Share Repurchase Program in Closed-End Funds
Mutual Funds - MA.
Description:
Putnam Announces Share Repurchase Program in Closed-End Funds
BOSTON--(BUSINESS WIRE)--Oct. 7, 2005--Putnam Investments announced today that the Trustees of the Putnam Funds have authorized Putnam Investments to implement a share repurchase program, under which each of the 12 closed-end Putnam funds may repurchase up to 5% of its outstanding shares over the next twelve months. The repurchase program applies to the following funds:
Putnam California Investment Grade Municipal Trust (PCA)
Putnam High Income Securities Fund (PCF)
Putnam High Yield Municipal Trust (PYM)
Putnam Investment Grade Municipal Trust (PGM)
Putnam Managed High Yield Trust (PTM)
Putnam Managed Municipal Income Trust (PMM)
Putnam Master Intermediate Income Trust (PIM)
Putnam Municipal Bond Fund (PMG)
Putnam Municipal Opportunities Trust (PMO)
Putnam New York Investment Grade Municipal Trust (PMN)
Putnam Premier Income Trust (PPT)
Putnam Tax-Free Health Care Fund (PMH)
This program is intended to enhance shareholder value, as repurchases made at a discount will have the effect of increasing the net asset value per share of the applicable fund's remaining shares. The Trustees have authorized the share repurchase program in the belief that repurchases of fund shares may at times represent attractive investment opportunities for the funds.
Putnam Investments and the Trustees of the Putnam Funds take actions and make recommendations that they believe are in the long-term best interests of fund shareholders. Over the last two years, the Trustees in conjunction with Putnam Investments have undertaken a number of voluntary initiatives on behalf of shareholders, including reducing fees and enhancing disclosures.
There is no assurance that the funds will purchase shares at any particular discount levels or in any particular amounts. There is also no assurance that the market price of a fund's shares, either absolutely or relative to net asset value, will increase as a result of any share repurchases. Some of Putnam's closed-end funds use leverage, which involves risk and may increase the volatility of the fund's net asset value.
About Putnam Investments: Founded in 1937, Putnam Investments is one of the nation's oldest and largest money management firms. As of September 30, 2005, Putnam managed $192 billion in assets, of which $129 billion is for mutual fund investors and $63 billion is for institutional clients. Putnam has headquarters in Boston and offices in London and Tokyo.
Contacts
Putnam Investments
SHAREHOLDERS
1-800-225-1581
or
MEDIA
Sinead Martin, 617-760-8515
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Date: 10/7/2005 7:01:07 PM
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