Putnam Provides Information on Putnam Managed Municipal Income Trust and Putnam Municipal Opportunities Trust Preferred Share Remarketings

BOSTON--(BUSINESS WIRE)--Putnam Investments today released a Questions and Answers commentary (Q&A) that outlines the firm’s and the Board of Trustees of The Putnam Funds’ perspective on the current market environment for remarketings of preferred shares issued by Putnam Managed Municipal Income Trust (NYSE: PMM) and Putnam Municipal Opportunities Trust (NYSE: PMO). Consistent with other closed-end funds with preferred shares outstanding in the marketplace, these Putnam closed-end funds have recently experienced unsuccessful remarketings of their preferred shares.

As noted in the Q&A, the remarketing failures appear to be driven by broad-based liquidity issues that are impacting the credit markets in general and do not affect the credit ratings of the funds’ preferred shares or their ability to pay dividends to preferred shareholders.

The Q&A document may be found on the closed-end fund portion of Putnam’s web site as follows: http://www.putnam.com/individual, then the “Investment Choices” tab, then the “Mutual Funds” link and then the “Overview” link under the “Closed-end Funds” section on the left side of the page. The Q&A document is posted along with an exhibit showing the results of Putnam fund preferred share remarketings over a recent period of time (July 1, 2007 – April 15, 2008). Updated information on remarketing results may appear from time to time on Putnam’s web site.

About Putnam

Founded in 1937, Putnam Investments is one of the nation's oldest and largest money management firms. As of March 31, 2008, Putnam managed $168 billion in assets, of which $99 billion is for mutual fund investors and $69 billion is for institutional accounts. Putnam has offices in Boston, London and Tokyo. For more information, go to www.putnam.com.

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