SOURCE: Putnam Investments

Putnam Investments

April 20, 2011 17:44 ET

Putnam Investments Provides Statement on Closed-End Fund Demand Letter

BOSTON, MA--(Marketwire - Apr 20, 2011) - Putnam Investments announced today that Putnam Managed Municipal Income Trust (NYSE: PMM) (the "Fund") received a demand letter from a law firm on behalf of a purported common shareholder of the Fund. The demand letter, which is similar to demand letters received by other fund complexes over the past year, alleges that Putnam Investment Management, LLC, the Fund's investment manager, and certain of the Trustees of the Fund breached their fiduciary duties to the Fund in connection with the redemption of a portion of the Fund's preferred shares. The letter demands that the Fund's Board of Trustees take action to remedy those alleged breaches. The Fund's Board of Trustees has authorized the independent Trustees of the Fund to take all actions that may in their judgment be necessary or appropriate in response to the demand letter. The independent Trustees have formed a Special Committee to evaluate the allegations made and to make such recommendations as it deems appropriate.

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