Putnam Investments today announced preliminary results of issuer tender offers for 10% of the outstanding common shares of four closed-end funds: Putnam High Income Securities Fund (NYSE: PCF), Putnam High Yield Municipal Trust (NYSE: PYM), Putnam Investment Grade Municipal Trust (NYSE: PGM) and Putnam Managed Municipal Income Trust (NYSE: PMM). The offers for Putnam High Yield Municipal Trust and Putnam Investment Grade Municipal Trust expired at 5:00 p.m. Eastern Time on July 9, 2007, and the offers for Putnam High Income Securities Fund and Putnam Managed Municipal Income Trust expired at 5:00 p.m. Eastern Time on July 10, 2007.

The tender offer for each fund was oversubscribed, meaning that pursuant to the terms of the offers, which were commenced on June 4, 2007, each fund will repurchase the maximum number of shares covered by the offer (approximately 10% of its outstanding common shares) using the pro-ration procedures disclosed in the fund's tender offer materials provided to shareholders. Below are preliminary results of the tender offers for these funds.

Putnam High Income Securities Fund
Number of shares tendered and not withdrawn: 5,600,389
Shares tendered under a notice of guaranteed delivery: 303,860

Approximate percentage of common shares tendered:

25.99

%

Approximate per-share purchase price (98% of NAV as
of July 10, 2007: $ 9.31
Number of shares expected to be repurchased: 2,154,697
 
Putnam High Yield Municipal Trust
Number of shares tendered and not withdrawn: 6,426,912
Shares tendered under a notice of guaranteed delivery: 208,340
Approximate percentage of common shares tendered: 30.41 %
Approximate per-share purchase price (98% of NAV as
of July 9, 2007: $ 7.67
Number of shares expected to be repurchased: 2,113,198
 
Putnam Investment Grade Municipal Trust
Number of shares tendered and not withdrawn: 6,166,763
Shares tendered under a notice of guaranteed delivery: 203,526

Approximate percentage of common shares tendered:

30.48

%

Approximate per-share purchase price (98% of NAV as
of July 9, 2007: $ 10.44
Number of shares expected to be repurchased: 2,023,539
 
Putnam Managed Municipal Income Trust
Number of shares tendered and not withdrawn: 8,155,211
Shares tendered under a notice of guaranteed delivery: 66,667

Approximate percentage of common shares tendered:

18.26

%

Approximate per-share purchase price (98% of NAV as
of July 10, 2007: $ 8.04
Number of shares expected to be repurchased: 4,465,888

These results are approximate and preliminary and will be confirmed within five business days. The number of shares tendered for each fund reflects shares properly tendered and excludes fractional shares tendered. Proceeds of the tender offer are expected to be mailed to shareholders beginning in the week of July 16, 2007.

In approving the tender offer program for these funds, the Trustees considered that tender offers would give shareholders an opportunity to sell at least some of their shares at a price close to NAV, and that the tender offer price of 98% of NAV would help offset the costs that shareholders who retain their shares would otherwise bear in connection with the tender offers.

About Putnam Investments: Founded in 1937, Putnam Investments is one of the nation's oldest and largest money management firms. As of June 30, 2007, Putnam managed $193 billion assets. Mutual fund assets were $121 billion. Institutional assets were $72 billion. Putnam has offices in Boston, London, and Tokyo. For more information, go to www.putnam.com.

for Putnam Investments
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Sinead Martin: 617-760-8515