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Putnam has announced that a proposal to open-end the Putnam High Yield Municipal Trust (PYM) will be presented to shareholders at the next annual meeting in September.

Rather than a shareholder submitting this proposal, the board was required to do it because of the fund's double-digit average discount over the first three months of 2006. Since the fund's board is recommending that shareholders vote against the proposal, and there are no shareholders who own a large percentage of the fund's outstanding shares, the proposal has little chance of being approved. So PYM should survive for at least another year as a closed-end fund.

Source: Another Putnam Fund To Vote on Open-ending (PYM)