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On October 29, 2001, that Fund, a registered open-end investment company managed by Fifth Third Asset Management, Inc.
NYSE: KIF) (the "Fund") announced today that its Annual Meeting of Stockholders (the "Annual Meeting"), previously adjourned from August 2, 2001, was re-convened as scheduled on August 30, 2001 with respect to the proposed conversion of the Fund from a closed-end investment company to an open-end investment company (the "Conversion").
authorized the filing the Fund's registration statement on Form N-1A with the SEC to begin the review process to officially register the Fund as an open-end investment company (a mutual fund).
The Fund's stockholders also approved the following Proposals, each of which will take effect upon the Fund's conversion from a closed-end investment company to an open-end investment company (the "Conversion"): (i) the election of five directors; (ii) approval of a distribution plan pursuant to Rule 12b-1 under the Investment Company Act of 1940; and (iii) approval of an amended investment management agreement between the Fund and the Adviser to make certain changes relating to the Conversion.
BOSTON -- Putnam Investments announced today that the agenda for the next annual meeting of shareholders of Putnam Investment Grade Municipal Trust (NYSE: PGM) will include a vote on whether to convert the closed-end fund to an open-end investment company.
Among the alternatives the Fund may consider during the coming year to enhance shareholder values are converting to an open-end structure, combining with an open-end investment company, initiating a tender offer, or continuing the active share repurchase program.
The High Yield Bond Portfolio is an open-end investment company, which redeems its shares daily.