Putnam manages five closed-end funds that feature a broad range of taxable and tax-exempt fixed-income strategies. Unlike open-end funds, which can issue an unlimited number of shares for direct purchase by investors, closed-end funds issue a fixed number of shares that are listed and traded on a national stock exchange. Putnam closed-end fund shares are available for purchase and sale on the New York Stock Exchange (NYSE).
Shares of closed-end funds trade at their market price, which may be higher or lower than a fund's net asset value (NAV) per share. Shares of open-end funds, by contrast, trade at NAV, though they may be subject to sales charges. The market price of closed-end fund shares generally reflects investment results of the underlying portfolio, but it may also be influenced by other factors, such as changes in investor perceptions of the fund or its investment advisor, market conditions, fluctuations in supply and demand for the fund's shares, and changes in fund distributions.
Daily Pricing as of market close 02/22/18
|Dividend Rate @ NAV||Dividend Rate @ Market Price|
High Income Securities Fund
Managed Municipal Income Trust
Master Intermediate Income Trust
Municipal Opportunities Trust
Premier Income Trust
Putnam High Income Securities Fund (NYSE: PCF)
The fund seeks to provide high current income as a primary objective and capital appreciation as a secondary objective. The fund pursues its objective by investing in a portfolio of high-yielding convertible and nonconvertible bonds.
Putnam Managed Municipal Income Trust (NYSE: PMM)
The fund seeks to provide high current income free from federal income tax. The fund pursues its goal by investing in a diversified portfolio of tax-exempt municipal securities. The fund currently uses investment leverage by issuing preferred shares. Leverage offers the potential for higher returns, but also involves increased risk.
Putnam Master Intermediate Income Trust (NYSE: PIM)
The fund seeks to provide high current income and relative stability of net asset value. The fund pursues its goal by investing in U.S. high-grade, high-yield, and international fixed-income securities with limited maturities.
Putnam Municipal Opportunities Trust (NYSE: PMO)
The fund seeks to provide as high a level of current income free from federal income tax as Putnam Management believes is consistent with the preservation of capital. The fund currently uses investment leverage by issuing preferred shares. Leverage offers the potential for higher returns, but also involves increased risk.
Putnam Premier Income Trust (NYSE: PPT)
The fund seeks to provide high current income. The fund pursues its goal through asset allocation across three different fixed-income sectors: U.S. high-grade, high-yield, and international securities.
Data is historical. Past performance is not a guarantee of future results. More recent returns may be less or more than those shown. Investment return, net asset value, and market price will fluctuate, and you may have a gain or a loss when you sell your shares. Each fund's shares trade on a stock exchange at market prices, which may be lower than the fund's net asset value. Performance does not reflect taxes.
Dividend rate at NAV is calculated by annualizing the most recent dividend paid and dividing it by the current NAV. Dividend rate at market price is calculated by annualizing the most recent dividend paid and dividing it by the current market price. Dividend rates are subject to change based on a fund's earnings and other factors.
Complete regulatory filings for Putnam closed-end funds are available through the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) database.
For more information about any Putnam closed-end fund, please call the Putnam Client Engagement Center at 1-800-354-4000.